Harbourvest Global Priva... Share Discussion Threads

[arja] 01/8/2021 11:16

still hitting ATHs but a pain that IG will not allow me to buy with CFD !

[its the oxman] 21/7/2021 12:37

Yes , expect to see this settling over 2300p very soon.

[skyship] 21/7/2021 11:54

Another excellent NAV result by another PE trust.

I've never really liked HVPE as they stand out as a non-dividend payer; so their NAV returns have to reflect the zero dividend, versus, say, NBPE on a 4% yield.

Still, HVPE is very popular with the institutions, so rare to see that at 2230p it can be bought on a 23.7% discount.

A price of 2338p would reduce that to a still high figure (for HVPE) of 20% discount.

Discount/Sp targets:

20% - 2338p
19% - 2365p
18% - 2395p

Clearly looking cheap for a run higher...

[makinbuks] 21/7/2021 10:14

Encouraging to see so many realisations too

[its the oxman] 21/7/2021 09:28

Nav update, up another 5%

[arja] 01/7/2021 11:35

actually I think the discount to NAV is fairly irrelevant in this case because the nornmal, conventional method of ascertaining the NAV is not used . However , just trust the chart I guess as it tells the story

[arja] 30/6/2021 09:00

thanks daemonfunds and much appreciated . Hard to say how much more it will rise as NOR situation on chart with no target to aim for . IG will not allow CFD buys and I had to use a spreadbet - what a pain !

[daemonfunds] 29/6/2021 23:54

@arja: they value their private company holdings using a number of methods. For ecample, if they pay 6x earnings for a company and then a comparable company is later bought for 8x earnings, they might revalue their holding up. Whether to the 8x or some other more conservative number is a judgement call. Hence the significsnt discount.

[skyship] 29/6/2021 16:28

2182 did it for me - sure they're headed higher; but the gain irresistible...

[arja] 29/6/2021 13:48

fairly academic maybe as chart is a thing of beauty and now again a NOR situation

[arja] 29/6/2021 13:39

thanks makinbuks but that does not make sense to me . If 100% unlisted, how is it possible to give a NAV figure periodically as no market value available ? Sorry if I have totally missed the point

[makinbuks] 28/6/2021 13:02

HVPE is a private equity fund of funds so its 100% unlisted

[arja] 26/6/2021 22:19

is it because of the unlisted securities and what % of the portfolio does it represent please ?

[skyship] 23/6/2021 09:38

Indeed; and at the slightly improved 2120p the discount is 21.7% - rather high for HVPE, so would expect these to be challenging the 2200p level in relatively short order.

[its the oxman] 23/6/2021 09:35

Nice nav update today and with a significant portion still valued as of 31st Dec , should more to come next month.

[sharesoc] 21/6/2021 11:59

In case you missed our webinar with HarbourVest the recording and stockopedia report can be found here:

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[its the oxman] 18/6/2021 11:34

Nav update any day now.

[sharesoc] 09/6/2021 15:36

We are hosting a webinar with HarbourVest Global Private Equity (HVPE) on the 17 June, which may be of interest to current shareholders and potential investors. Richard Hickman (Director, Investment and Operations) and Charlotte Edgar (Vice President, Head of Investor Relations) both present.

[rambutan2] 01/6/2021 16:07

Makinbuks, the house style is that they don't have best ideas, but invest systematically through the cycle. A little bit on everything because it is all very good. What they do have, due to their history stretching back to the start of the PE/VC industry, is access to the very best funds and managers. In partic the great VC funds, which have been closed to outsiders for many years. This makes them unique among the London listed funds and is not really appreciated by the mkt. Perhaps it will be one day, but probably not. Mr Mkt likes it simple, a multi strategy pe fund of funds is not that. However, I am confident that HVPE will continue with its sector topping returns and should be a core trust for any investor.

[makinbuks] 01/6/2021 10:30

Yes, no complaints from me to be fair. I'm happy to hold into the very long term. And the double discount phenomenon provides a considerable Graham style cushion. Its a bit of an academic debate but I just feel if they placed bigger bets on their best ideas, their alpha would be more highly rated. At the moment I believe the market perceives the manager as simply riding the PE wave with those performance figures

[makinbuks] 01/6/2021 10:08

Deserves a narrower discount. Would it help if they were a little less diverse? Concentrate more on your best ideas?

[daemonfunds] 28/5/2021 23:29

you here as well @rambutan2?

[rambutan2] 28/5/2021 15:32

Delivers, as always:

Highlights - Year to 31 January 2021

-- Increase in NAV per share of 30.4% to $35.97 (31 January 2020: $27.58)
-- Largest 12-month NAV per share increase in HVPE's 13-year history
-- Strong rebound in the middle of the year recovered Q1 pandemic-driven declines
-- Weighting to venture and growth equity investments, in particular technology, a key performance driver

-- Represents outperformance of the FTSE All World Total Return Index of 4.0% on an annualised basis since inception

-- Net investor during period
-- A net $141.4 million cash invested (2020: $16.0 million)
-- Total of $289.5 million cash distributions received (2020: $308.2 million)
-- Total of $430.9 million capital calls paid (2020: $324.2 million)
-- Record level of calls and distributions in cash terms from HarbourVest funds in December 2020, following strong investment and exit activity

-- Successful navigation of COVID-19 environment
-- Commitment plan re-commenced in Q4 following pause from April 2020
-- Credit facility $120.0 million drawn at 31 January 2021, with a further $480.0 million available as required

-- Year-end cash balance of $98.4 million (2020: $130.6 million)
-- Encouraging trends post period end as global economies begin to reopen
-- NAV per share of $36.62 at 30 April 2021, a 1.8% increase from 31 January 2021
-- Cash flows have returned to trend, while the number of liquidity events in the portfolio has increased in recent months

Ed Warner, Chair of HVPE, said:

"I am pleased to report that HVPE's NAV per share increased by 30.4% over 12 months, a record growth figure made even more impressive by the turbulent backdrop. This reflects the expertise of our Investment Manager and the robust nature of HVPE's structure.

"I would like to thank shareholders for their support throughout the pandemic. We now look forward with cautious optimism, confident that HVPE is well-placed to deliver a long-term private markets solution to investors otherwise unable to access the many high-quality and exciting private companies that are our investment focus."

Presentation:


The full three courses:

[macc1] 28/5/2021 09:03

morning all, here's a video for this mornings results: