NAV and Monthly Update - May 2022
28/06/2022 07:00
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RNS Number : 3635Q Honeycomb Investment Trust PLC 28 June 2022
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28 June 2022
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb") announces that
the Investment Manager's monthly factsheet for 31 May 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 May 2022 on a cum-income basis was 1,032.6 pence, based on a NAV of
£361.0 million, and on an ex-income basis was 1,018.6 pence, based on a NAV
of £356.1 million. The NAVs have been calculated by Apex Fund Services (UK)
Ltd.
Honeycomb delivered a NAV return of 0.69% for the month, which is equivalent
to 8.1% per annum. NAV return was driven by strong risk adjusted yield of
9.1%.
Net Investment Assets remained broadly stable in the month at £586m with cash
being recycled into several existing senior facilities as borrowers drew down
to fund growth in their asset base.
Performance across the portfolio remains strong with a small net release in
impairments in the month following a reduction in arrear balances in the
secured consumer portfolio. Despite robust performance we have seen borrowers
proactively adjust new customer underwriting to reflect the high inflationary
environment with increases in debt service coverage ratios, higher income
requirements and higher pricing.
The pipeline of opportunities remains strong which allows the Investment
Manager to be selective in the investments it pursues. The Manager is also
seeing opportunities to increase returns on new facilities as global central
banks increase interest rates.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)
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