NAV and Monthly Update - November 2020
07/01/2021 07:00
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RNS Number : 8355K Honeycomb Investment Trust PLC 07 January 2021
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7 January 2021
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company") announces that the Investment
Manager's monthly factsheet for 30 November 2020 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 30 November 2020 on a cum-income basis was 1,006.4 pence, based on a NAV of
£354.9 million, and on an ex-income basis was 1,017.9 pence, based on a NAV
of £358.9 million. The NAVs have been calculated by Apex Fund Services (UK)
Ltd.
November Factsheet
Honeycomb Investment Trust plc (the "Company") delivered a NAV return of 0.62%
for the month, which is equivalent to 7.5% per annum. The portfolio continues
to perform well with NAV returns rising to pre-Covid-19 levels.
The Manager deployed £30m of investment into Credit Assets over the course of
November including the acquisition of a portfolio of performing short term
real estate loans. This increased the investment portfolio to £576.9m.
The larger investment portfolio has increased returns with NAV return for
November at 7.5% per annum. The investment yield was 9.7% per annum with a
modest impairment charge of 0.3% per annum. The low impairment charge
reflects the increasing proportion of structurally secured loans, which given
the seniority, generally have lower impairments and the low levels of new
forbearance requests. Third party servicing costs remain at 0.6% per
annum. This is expected to reduce over time as the Company reduces its
exposure to consumer direct and reduces the corresponding service charge.
Buybacks
In November the Company repurchased 210,000 of its shares at an average price
of 922.7p. The total buybacks year to date now total 4,190,178 or 10.6% of the
share capital. The Company has reduced the level of buybacks recently as the
share price has performed well.
This document is made available for information purposes only and does not
contain any representations or constitute an offer to sell or the solicitation
of an offer to acquire or subscribe for any securities of the Company. All
investments are subject to risk. Prospective investors are advised to seek
expert legal, financial, tax and other professional advice before making any
investment decision. The value of investments may fluctuate and past
performance is no guarantee of future results.
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 / Rob Naylor: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
Paul Johnston: +44 (0)20 7954 9552
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