NAV per ordinary share was
The reported NAV of the B shares decreased by 3.7% over the period, meaning it has decreased by 52% since inception.
The financial performance of the master fund's underlying portfolio companies related to the company's B ordinary share class has fallen behind their forecast figures, which has impacted on the share prices of these companies and subsequently the NAV of the shares,
"The board is aware that the NAV and share price of the B ordinary share class have not performed well in recent years. The board, together with the company's advisers, continue to explore ways to improve this performance,"
In January, the company completed its first return of capital pursuant to a new progressive distribution policy for holders of ordinary shares equal to
"The board further believes that the company is well placed to continue to deliver significant investment returns to ordinary shareholders and that the benefits of the restructuring of the ordinary share class approved on
The investment objective of
The company invests up to 100% of its available capital into
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