Honeycomb Investment Trust reports 8.4% annualised NAV return for August

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Honeycomb Investment Trust PLC said its performance continues to be robust as it delivered a net asset value return of 0.71% for the month of August, or 8.4% on an annualised basis. NAV return was driven by risk adjusted returns on underlying credit assets of 9.03%. Investment assets, consisting predominantly of senior lending to non-bank lenders secured on their underlying loan portfolios, remained relatively flat in the month, totalling £619.5mln at the end of August from £620.0m at end July. The trust’s manager reported that the pipeline of European credit opportunities is currently around £850mln, “enabling a high degree of selectivity when progressing deals to execution”. The pipeline includes a number of transactions expected to complete by the end of the quarter, it added. Broker Liberum noted that this past month’s return brings the year-to-date NAV return to 5.9% and means the company remains on track to exceed NAV returns in recent years. “We bel
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