Firsthand Technology Value Fund Announces Second Quarter Financial Results, NAV of $21.93 per share
August 09 2019 - 4:15PM
Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”),
a publicly traded venture capital fund that invests in technology
and cleantech companies, announced today its financial results for
the second quarter ended June 30, 2019.
As of June 30, 2019, the Fund’s net assets were approximately
$157.4 million, or $21.93 per share, compared with net assets of
approximately $188.8 million, or $26.30 per share as of March 31,
2019. As June 30, 2019, the Fund’s portfolio included public and
private securities valued at approximately $154.7 million, or
$21.55 per share, and approximately $0.11 in cash and cash
equivalents.
Portfolio Summary (as of 6/30/19)
Investment |
Fair Value1, |
|
Fair Valueper Share1,2 |
Equity/Debt Investments |
$154.73
million |
|
$21.55 |
Cash/Cash Equivalents |
$0.79
million |
|
$0.11 |
Other Assets |
$6.73 million |
|
$0.94 |
Total Assets |
$162.26
million |
|
$22.60 |
Total Liabilities |
$4.85 million |
|
$0.68 |
Net Assets |
$157.41 million |
|
$21.93 |
1 Numbers may not sum due to rounding.2 Total shares
outstanding: 7,178,770. |
|
|
|
During the second quarter of 2019, the Valuation Committee,
which was composed of four independent directors, adjusted the fair
values of the private companies in our portfolio. In arriving at
these determinations and consistent with the Fund’s valuation
procedures, and ASC 820 (formerly FAS 157), the Valuation Committee
took into account many factors, including the performance of the
portfolio companies, recent transactions in the companies’
securities, as well as the impact of changes in market multiples
within certain sectors.
For the three months ended June 30, 2019, the Fund reported
negative investment income of approximately $315,000, due to an
adjustment to accrued interest. The Fund reported a net investment
gain, net of deferred taxes, of approximately $6.69 million. The
Fund reported a net realized and unrealized loss on investments,
net of deferred taxes, of approximately $38.47 million for the
quarter.
Throughout the quarter, the Fund continued its efforts to manage
its portfolio prudently, including working with its portfolio
companies and their management teams to seek to enhance performance
and uncover potential exit opportunities.
About Firsthand Technology Value FundFirsthand
Technology Value Fund, Inc. is a publicly traded venture capital
fund that invests in technology and cleantech companies. More
information about the Fund and its holdings can be found online at
www.firsthandtvf.com.
The Fund is a non-diversified, closed-end investment company
that elected to be treated as a business development company under
the Investment Company Act of 1940. The Fund’s investment objective
is to seek long-term growth of capital. Under normal circumstances,
the Fund will invest at least 80% of its total assets for
investment purposes in technology and cleantech companies. An
investment in the Fund involves substantial risks, some of which
are highlighted below. Please see the Fund’s public filings
for more information about fees, expenses and risk. Past
investment results do not provide any assurances about future
results.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the
U.S. federal securities laws. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "will,"
and similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to materially differ from the Fund’s historical
experience and its present expectations or projections indicated in
any forward-looking statement. These risks include, but are not
limited to, changes in economic and political conditions,
regulatory and legal changes, technology and cleantech industry
risk, valuation risk, non-diversification risk, interest rate risk,
tax risk, and other risks discussed in the Fund’s filings with the
SEC. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The Fund
undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Fund’s investment objectives will be attained. We acknowledge
that, notwithstanding the foregoing, the safe harbor for
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 does not apply to investment companies such as
us.
Contact:
Phil MosakowskiFirsthand Capital Management, Inc. (408)
624-9526vc@firsthandtvf.com
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