Honeycomb Investment Trust PLC NAV and Monthly Update - May 2021 (3889D)
June 29 2021 - 2:00AM
UK Regulatory
TIDMHONY
RNS Number : 3889D
Honeycomb Investment Trust PLC
29 June 2021
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29 June 2021
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 31
May 2021 is now available on its website at
http://www.honeycombplc.com .
Net Asset Value per Share
The Company announces that its unaudited Net Asset Value ("NAV")
per share as at 31 May 2021 on a cum-income basis was 1,029.3
pence, based on a NAV of GBP362.9 million, and on an ex-income
basis was 1,017.8 pence, based on a NAV of GBP358.9 million. The
NAVs have been calculated by Apex Fund Services (UK) Ltd.
Honeycomb Investment Trust plc (the "Company" or "HONY")
delivered a NAV return of 0.77% for the month of May, or 9.0%
annualised. NAV has increased from GBP360.2m in April, to GBP362.9m
at the end of May.
Investment Assets remained broadly flat in the month at GBP614m,
from GBP613m in April, as drawdowns on existing facilities were
largely offset by small partial paydowns.
Returns in the month were driven by a strong annualised credit
asset return of 9.6%. This trend has been consistent across asset
classes, particularly supported by strong performance in
property-backed investment returns.
In June, we sold Honeycomb's listed bond portfolio (including
Amigo Holdings Plc) realising a small profit with the sales
proceeds marginally exceeding the net book value of the
portfolio.
The pipeline of above-hurdle investment opportunities continues
to be strong, with the current pipeline standing at GBP1.2bn+. The
pipeline is well-diversified by asset class, with 37% relating to
SME lending, 36% to property-backed and 27% to consumer.
Impact and ESG Update
We continue to see increasing momentum across the sustainability
agenda in the run up to COP26 and as economies look to grow coming
out of Covid-19. We are excited to play our part in driving a
positive social and environmental impact, including working with
our partners to develop lending products that support financial
inclusion and a positive environmental impact. Some of our
near-term opportunities comprise a strong Impact agenda and we are
excited to partner with businesses with a strong environmental and
social focal point.
Pollen Street prides itself on its partnership approach;
bringing expertise to deliver performance and accelerate ESG
impact. This approach is set out in a series of articles in
Investment Week and Global Banking and Finance Review . The seven
practical steps cover collaboration, a common language and goals to
drive positive impact across the businesses that managers are
invested in as well as within their industry and wider society.
We are thrilled to share that Pollen Street Capital has been
shortlisted for Diversity and Inclusion Leader of the Year 2021 in
the Private Equity Awards. This recognises our commitment to
promote diversity and inclusion in our business and the wider
industry, including our recent involvement in initiatives to
accelerate female entrepreneurship.
For further information about this announcement please
contact:
Pollen Street Capital - Investment Manager
Matthew Potter / Julian Dale: +44 (0)20 3728 6750
Liberum Capital Limited - Joint Broker
Chris Clarke / Louis Davies: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
Michael Conway: +44 (0)20 7954 0567
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