VPC Specialty net asset value falls, hit by foreign exchange headwinds
VPC Specialty Lending Investments PLC on Friday announced a decline in net asset value as it was impacted by the depreciation of the US dollar.
The investor in asset-backed loans to businesses originated by non-bank lenders said net asset value per share fell 40% to 28.26 pence each as at June 30, from 47.13p at March 31.
NAV total return in the second quarter to June 30 was minus 6.09%, compared to minus 4.51% a year prior.
‘The portfolio has increased exposure to movements in foreign currency exchange rates, and during the quarter, movements in GBP/USD exchange rates negatively impacted the portfolio. The impact
from F/X and other returns totaled -4.35% of the total net NAV return of -6.09% for the quarter,’ the firm said.
VPC Specialty shares rose 0.8% to 16.00 pence each on Friday afternoon in London.
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