Honeycomb Investment Trust PLC Monthly Update - March 2022 (4241J)
April 27 2022 - 2:01AM
UK Regulatory
TIDMHONY
RNS Number : 4241J
Honeycomb Investment Trust PLC
27 April 2022
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE
EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
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27 April 2022
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 31
March 2022 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 March 2022 on a cum-income basis was 1,019.0
pence, based on a NAV of GBP358.9 million, and on an ex-income
basis was 1,018.0 pence, based on a NAV of GBP358.5 million. The
NAVs have been calculated by Apex Fund Services (UK) Ltd.
Honeycomb delivered a NAV return of 0.66% for the month, which
is equivalent to 7.8% per annum. NAV return was driven by strong
risk adjusted yield of 9.0%. This is in-line with the Q1 total risk
adjusted yield, driving a 7.9% NAV return for the quarter.
Net Investment Assets increased in the month to GBP586m, from
GBP580m at the end of Feb. This was driven by drawdowns on a senior
electric vehicle fleet financing facility as well as net deployment
of GBP7.3m across the senior real estate debt facilities.
The pipeline of new opportunities is strong with cGBP400m of
well progressed deals across Europe and is diversified across a
range of sub sectors including micro mobility, small balance SME
loans and insurance run off financing. Whilst the outlook for our
target market remains positive, the manager Pollen Street Capital
remains very focused on the broader macro-economic environment. PSC
also continues to see opportunities in sustainability-oriented
sectors offering attractive risk adjusted returns whilst also
making a positive impact from an ESG perspective.
Despite the more challenging macro-outlook, PSC believes that
asset backed direct lending represents a resilient asset class that
delivers strong relative value versus other private credit
opportunities and publicly traded comparables. The combination of
asset backing via large diverse pools of financial and hard assets
along with bespoke structuring delivers strong downside protection
with a significant margin of safety as well as premium returns.
Proprietary data systems and comprehensive data collection
provide the manager with regular and detailed data, and strong
transparent relationships with our lending partners enable the
manager to closely monitor underlying performance. Detailed
monitoring of the portfolio provides reassurance that, despite
broader economic concerns, the investment portfolio remains in a
strong position.
In response to the unfortunate events in Ukraine, the Honeycomb
Board reported, on 11 March 2022, that the Company does not have
any direct exposure to Russia. Further, the Company announced, via
an RNS on 21 March, that it now intends to commence a share buyback
programme, commencing on that date and expected to end no later
than 29 April 2022. The policy is to consider conducting share
buybacks when trading at a discount of more than 5%. Details of the
ongoing programme are updated through RNS postings on the London
Stock Exchange.
Finally, the Board was pleased to note that Capital Finance
International magazine has named Pollen Street Capital Best
Responsible Alternative Investment Team UK for the second
consecutive year. The judging panel also noted Pollen Street
Capital's prioritisation of lasting impact backing companies and
credit partners that help consumers to make greener choices,
increase their access to finance and SMEs to promote job creation
and socioeconomic growth.
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: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
hitcosec@linkgroup.co.uk
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END
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