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HVPE Harbourvest Global Private Equity Limited

2,270.00
-35.00 (-1.52%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harbourvest Global Private Equity Limited LSE:HVPE London Ordinary Share GG00BR30MJ80 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -35.00 -1.52% 2,270.00 2,275.00 2,285.00 2,295.00 2,275.00 2,285.00 206,176 16:35:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -50.86M -65.22M -0.8245 -34.95 2.28B
Harbourvest Global Private Equity Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker HVPE. The last closing price for Harbourvest Global Priva... was 2,305p. Over the last year, Harbourvest Global Priva... shares have traded in a share price range of 2,015.00p to 2,450.00p.

Harbourvest Global Priva... currently has 79,104,622 shares in issue. The market capitalisation of Harbourvest Global Priva... is £2.28 billion. Harbourvest Global Priva... has a price to earnings ratio (PE ratio) of -34.95.

Harbourvest Global Priva... Share Discussion Threads

Showing 501 to 525 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
17/5/2024
08:26
Finals on 30th May; and an IM Presentation a few days later.

I've bought back in today, hoping that they may finally announce a fairer deal for shareholders. Forlorn hope perhaps; but the 42.8% discount represents outstanding value nevertheless.

skyship
16/5/2024
11:16
Last NAV was £40.11 (not a typo)
spangle93
16/5/2024
10:21
Still looking forgotten here. Perhaps a catch up rally over results.
its the oxman
24/4/2024
04:21
I note that last month was the first for a year in which distributions were higher than calls. During that period calls totalled $590m, with distributions at $312m, so a $278m deficit. Fund level borrowing has remained at around $500m throughout the period. But the credit facility was undrawn a year ago, with net cash of $140m. Now it is $325m drawn, with $110m cash. So gearing is currently approx $720m ie in the high teens. I wouldn't have thought most shareholders or the board would want it much higher in the current uncertain climate. So, like it or not, fond imaginings of big buybacks ala Pantheon can be forgotten about for the time being.
rambutan2
12/4/2024
10:14
Added sub 2300p. Bit late but still looking low relative to a lot of other things that are moving up. Catch up to come hopefully.
its the oxman
08/4/2024
16:02
I've written a piece. Please read and comment in support https://x.com/donaldpond6/status/1777337279679275449?s=46&t=YfR7OyhMlqZLtI-h86iCxA
donald pond
08/4/2024
11:03
Need an activist PE firm to take a huge shareholding and start chasing the weasels on the board.
mozy123
08/4/2024
08:56
dp - absolutely, said it all along, by maximising AUM (no dividends and parsimonious buybacks) they maximise their fees. Sod the shareholders...
skyship
08/4/2024
08:43
Very critical comments about HVPE from the head of research at DB/Numis on this weekends money makers podcast. Talks of buybacks being "grudging" and how compared to PIN and others they have "shot themselves in the foot".The board seem to be failing here: it appears (we obviously don't have the full story) that they are simply allowing the manager to focus on maintaining AUM rather than maximising shareholder returns.
donald pond
04/4/2024
17:35
It's been a real disappointment. As I say all the time, do buybacks in size or not at all.
donald pond
04/4/2024
17:09
Discount is seriously depressing now. Where are the activists!! LOL
mozy123
17/3/2024
20:57
Note the buybacks had started last week. Small pull back on Friday. A rise this week depends on the US sentiment however downside somewhat protected with these buybacks. Discount now 40%. Slow and hopefully steady 10 year investment.
mrscruff
07/3/2024
10:41
Bit of catch up here, can see these nearer 2500p fairly soon if markets hold steady.
its the oxman
02/3/2024
21:11
Hope you got some below 2250 Oxman. I was too slow/busy, despite having sold some HRI ie had a little cash.

And MrScruff I reckon that's as good a guess as any, especially relative to US and global indices - world MSCI is 21% higher than the last time HVPE was around £22.

And Donald good point about IPO market.

apple53
01/3/2024
12:12
2250p , time to top up i reckon
its the oxman
29/2/2024
22:49
CousinIT, of course APEO has 50% of the shares held by Phoenix, and its shares have always been relatively illiquid, hence the nice jump on v little buyback.

Meanwhile, PIN has no problem buying back decent amounts even after the tender. With the share price still around the tender strike price.

rambutan2
29/2/2024
22:39
apple53, I very much agree with you re excess cash buybacks. And I don't think HVPE has helped its cause with its slightly ostrich head in the ground approach to the market realities of sitting on a 40-50% discount. I don't see why they couldn't have trimmed new commitments a little last year and given themselves a bit more flexibility. They always have access to plenty of deal flow.
rambutan2
29/2/2024
22:20
All this noise is now reflected in the discount of 43 percent. I call bottom 🤙
mrscruff
28/2/2024
10:30
There was some useful discussion on the Money Makers podcast this week.

The general views were (as we know) that the sector needs to shrink and without cash bids that this could take some time. Buybacks and capital returns help but is a slow process. Demand should improve if the cost disclosure issues are fixed but unlikely to be transformational.

This would suggest that eventually the tide will start lifting all (credible) boats, including HVPE. Recognise that fewer buybacks aren't as accretive to NAV, but even at these wide discounts that may be in the 2-3% region.

Interested to see how the APEO buyback progresses. The discount has tightened in quite significantly so you'd suspect that money will be recycled from there into other names.

cousinit
28/2/2024
09:33
But FWIW my view is the new policy was launched after discussions with shareholders. I assume mainly wealth managers. And the lack of buying since (compared to PIN) suggests those shareholders were hoping for more. A couple of exits are needed to show how it works in practice
donald pond
28/2/2024
09:22
The Russell index looks to be breaking out of a long weak period. With other indices at all time highs we should expect the IPO market to open up. That's the final piece in the jigsaw imo
donald pond
28/2/2024
09:05
I get what you are saying, rambutan, but one thing is possibly a non-sequiteur. Buybacks do not have to be a drag on NAV growth - quite the opposite. Regular dividends require a margin of safety, but buybacks don't if you only do them out of 'excess' cash, and can increase marginally your investment discipline as you can slightly raise your return targets when you have an alternative 'investment' for your marginal dollar.
However, your points about calls before distributions and the existing relatively lean structure are well made and taken, and may indeed mean buybacks are delayed. I will buy more if we dip further, even though I am heavy.

apple53
28/2/2024
04:56
Until distributions really pick up, I don't see them doing anything much in buybacks. Currently they are over 15% geared and if calls pick up before distributions then that figure could easily go over 20%. The allocated pipeline is $1.8bn.

Now I'm not saying that they are going to get into trouble, as they've been through plenty of cycles before, but the reason HVPE has performed so well, say compared to Pantheon, is 1) it has access to the very best managers, and 2) it is tuned for high performance and runs lean. So no cash drag/big margin of safety. The single objective was capital growth. This (Porsche) model will have to be gradually detuned and back seats added (BMW?) in order to fit in the likes of dividends, buybacks and the stuff that shareholders currently think they want. It will take time. And it will cost (nav) performance.

Personally, I would prefer HVPE to stick to its proven formula for outperformance. As a long term shareholder it has served me very well. I hold other PEITs for divs and particular exposures that they offer.

rambutan2
27/2/2024
23:56
Does feel oversold and probably a good buying level.
its the oxman
27/2/2024
21:51
Well no buy backs yet just small but significant director buy. Let's see what happens to the DP when the buybacks come in.
mrscruff
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older

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