Monthly Update - March 2022
27/04/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220427:nRSa4241Ja&default-theme=true
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR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
UNLAWFUL
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
(http://www.honeycombplc.com/documents/) .
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
£358.9 million, and on an ex-income basis was 1,018.0 pence, based on a NAV
of £358.5 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 £586m, from £580m at the end
of Feb. This was driven by drawdowns on a senior electric vehicle fleet
financing facility as well as net deployment of £7.3m across the senior real
estate debt facilities.
The pipeline of new opportunities is strong with c£400m 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 (mailto:hitcosec@linkgroup.co.uk)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NAVBUGDSSXDDGDL