Harbourvest Global Priva... Share Discussion Threads

[rambutan2] 02/5/2023 15:28

So, 2022 cleared with no big nav write down - Mr Mkt 0, believers 1. But the battle continues into 2023 with that huge discount telling us that Mr Mkt remains deeply sceptical. I remain trenchant in my view that Mr Mkt is wrong, confused about what PE really is, too lazy to do his homework, and that the current share price offers both big upside but also a huge moat of downside protection.

[chc15] 29/3/2023 15:50

Thanks skyship, so far I've not averaged down here yet! Although my NBPE purchase was a bit early, hoping that recovers too.

[skyship] 25/3/2023 13:42

1910 - good trade that; followed by a c4% bounce.

Feb'23 NAV shown as 4015p; so at the 1984p close the discount at a remarkable 50.6%.

The REITs & PEITs showing some really crazy prices; is this a sign of sector capitulation rather than Market capitulation.

Of course, HVPE (in common with PIN) pays no dividend; so perhaps nothing to stop the fall. When will those two outliers wake up and follow all other PEITs with a dividend based upon a fixed %age of NAV. NBPE pays 3.4% of NAV; APAX pays 5%.

PIN the more egregious as the BoD states they are astounded at the discount level and can't understand why! The world & his wife knows why - NO DIVIDEND.

HVPE & PIN prefer not to make payments to shareholders, as by not doing so they can maximise their fees.

Still, there's a price for everything; so may make a trade here soon...hopefully will be holding when an activist appears to shake this up.

[chc15] 20/3/2023 16:10

cratering here, added at 19.10, hope I'm not averaging down for too long..

[donald pond] 20/3/2023 08:50

Pretty much a 50% discount to a NAV that has historically been pretty conservative.

[chc15] 16/3/2023 10:00

Yes and making a loss, may buy here soon too, 2 yr lows

[rambutan2] 15/3/2023 22:02

Anulika Ajufo precisely uses up this year's ISA allowance:

[rambutan2] 20/2/2023 23:10

A quiet January:

"At 31 January 2023, HVPE's estimated NAV per share was $48.43 (GBP39.31), compared to the 31 December 2022 estimate of $48.04 (GBP39.76). This represents a 0.8% increase in US dollar terms over the previous month and was mainly driven by an increase in the public market portion of the fund of funds portfolio."

[rambutan2] 23/12/2022 20:51

Sept valuations kick in, without waves:

"At 30 November 2022, HVPE's estimated NAV per share was $47.93 (GBP39.73), compared to the 31 October 2022 estimate of $47.31 (GBP41.19). This represents a 1.3% increase in US dollar terms over the previous month. This was driven by FX movements and valuation gains as the majority of the portfolio was updated for Q3 valuations.

The valuation breakdown of the HVPE portfolio as reported here is as follows: 7% actual 30 November 2022 (representing the public companies in the portfolio), 89% actual 30 September 2022, and 4% actual 30 June 2022. Consistent with previous estimated NAV reports, valuations are also adjusted for foreign exchange movements, cash flows, and any known material events to 30 November 2022. This compares to 7% actual 31 October 2022 (representing the public companies in the portfolio), 6% actual 30 September 2022, and 87% actual 30 June 2022, used in the 31 October 2022 estimated NAV per share calculation."

[skyship] 30/11/2022 08:47

2275 - The weakening $ knocking this back down. 2100 likely...

[makinbuks] 04/11/2022 09:17

I very much doubt they will weaken their liquidity position by further buy backs when that is the main concern at the moment driving discounts. Philosophically HVPE is very much in favour of reinvesting rather than distributing proceeds

[rambutan2] 28/10/2022 04:38

Interim presentation, with a bit more granularity re portfolio positioning:

[apple53] 27/10/2022 23:26

I have written to Charlotte to check what that key line "Proceeds allocated to the buyback from the sale of tail-end assets now deployed" means.

[ts21] 27/10/2022 17:38

Is that update saying buybacks are complete..seems a small amount.

[skyship] 13/10/2022 16:23

Bit of a roller-coaster at the moment - could be trading the swings; but prefer just to hold at the moment. Even though expecting much lower markets...

[skyship] 12/10/2022 10:14

Ahh - that is why the temporary (hopefully!) cessation of buybacks. We're in a close period ahead of the Interims:

SEMI-ANNUAL RESULTS ON THURSDAY 27 OCTOBER 2022

HarbourVest Global Private Equity Limited ("HVPE" or the "Company") will announce its semi-annual results for the six months ended 31 July 2022 on Thursday 27 October 2022.

[the real stan] 06/10/2022 23:07

As a past PE executive I can tell you there is no incentive to inflate valuations. The worst thing you can do is lose money whilst second worst is value up and then subsequently disappoint people. You only make money on exit. Key metric is uplift on exits which seems to remain strong.

[skyship] 06/10/2022 13:02

HVPE has Net Assets of £3.25bn - so would be bizarre if they stopped buybacks after spending (investing!) just £17m...0.52%

[madmix] 06/10/2022 12:46

Yes, it's a tough call.

On one hand, the 50% NAV discount is huge, so there's probably decent value here on a long term view.

On the other hand, you have to question the valuation of the unlisted investments. Furthermore, if they have stopped buying back stock, there's less of a short term catalyst here.

[nimbo1] 06/10/2022 12:17

yeah you are probably right - just feeling jumpy at the mo

[riverman77] 06/10/2022 12:11

Well I'm adding, back on a 50% discount. A bit of patience required - these funds don't move in lockstep with equity indices. NAV may need to be reduced a bit, but 50% discount leaves a very very large margin for error. Remember NAVs were pretty resilient during the financial crisis and unless we get a major economic meltdown would expect them to hold up reasonablly well this time.

[nimbo1] 06/10/2022 11:47

Im out I think all these PE trusts are headed lower, none enjoyed a bounce with the indexes and you cant trust the valuations imo.

[skyship] 05/10/2022 07:42

Surprised that no buyback RNS this morning.

NBPE joins in with buybacks

NB Private Equity Partners Limited (the “Company”; or “NBPE”) announces it has entered into a new share buyback agreement with Jefferies International Limited (“Jefferies221;). This will allow Jefferies at its discretion, based on criteria set by the board, to repurchase NBPE Class A Shares on behalf of NBPE based on multiple factors, including the absolute level of discount, NBPE’s discount compared with a peer group as well as broader equity market movements, among other factors. The board believes that under the criteria it has set, any share buybacks will be an attractive use of NBPE’s capital in the current market environment. Share buybacks will be immediately accretive to net asset value to the benefit of shareholders.

[madmix] 04/10/2022 15:59

Also picked up some of these earlier.

Made a nice turn on PIN in July, so hopefully this will be a good trade also.

Thanks for the heads-up, Skyship.

[nimbo1] 04/10/2022 14:57

joined you here sky ship hoping for a £1-£2 profit