jamesm
29 May 2019
Results Video
Dino78
18 Oct 2018
Results TV Afternoon. Short TV Clip with HVPE following this morning’s Half Year results announcement: Five Minute Pitch TV – 18 Oct 18 FTSE 250 Harbourvest increase NAV per share - Five Minute Pitch TV FTSE 250 Harbourvest increase NAV per share. A video update from Richard Hickman on Five Minute Pitch TV. The video is intended for professional investors.
petethenovice
12 May 2018
Re: Results TV Clip Had this fund for a year or so really done nothing. The video did not convince me of future growth and I will sell next week..
holland44
11 May 2018
Re: Results TV Clip Thanks! The new 2017 Annual Report is useful reading too. On the face of it, a 16.2% increase in NAV in dollar terms in 2017 sounds like a good result, except the rising pound and a widened discount (to an estimated 21%) means the actual returns for sterling-denominated investors have been paltry (3%). Basically this trust has seen very little return for UK shareholders since January 2017, and no dividends either. As someone who started investing in HVPE in Dec 2016, after the worst of the post-Brexit fall in sterling, I've been caught between a rising discount and a rising pound, so my timing's been terrible!The AR discusses this problem on page 8, but states that "for an ongoing company investing in illiquid assets, options [to reduce the discount] that will have a long-term effect are limited." One could object that the trust's assets aren't *that* illiquid, and they do have regular realisations of capital throughout the year, and they do have $257 million sitting in cash balances, so why can't some of this be returned to shareholders from time to time? The UK investment trust market shows time and again that if you introduce a dividend, even intermittent special ones taken mainly from capital, people sit up and notice, and persistent discounts start to narrow. Look at SLPE, for example: a similar fund-of-funds PE trust to HVPE, albeit more in Europe than the US - it is sterling -denominated and has a 1-year NAV return of 12.8%, plus a yield of 5.4%, and a discount of only 12.8%. Or another private equity trust is Princess (PEY): euro-denominated, so poor NAV returns over 1 year, but a yield of 5.5%, and a discount of just 6%. Or Pantheon (PIN), sterling-denominated but a similar geographical distribution of assets of HVPE (55% in the US for example), has a zero dividend, but somehow manages to be on a 12.8% discount.The question is, if getting the discount down is really so hard, why are all these other private equity trusts doing so much better than HVPE on this score? HVPE has amongst the highest discount of any of the larger PE trusts, excluding special cases like Electra which is being wound up.The Board has instead decided to invest in more marketing, to try and encourage more investors to recognise the merits of HVPE. I wish them good luck with that, but in my view nothing beats visible returns in people's portfolio spreadsheets or in data tables at the likes of Trustnet; unfortunately an investment in HVPE just looks like dead money over the last 18 months, at a time when other global trusts like Scottish Mortgage or EWI, which have substantial private equity holdings, saw their sterling-denominated NAVs up by 30%.
Dino78
11 May 2018
Results TV Clip Morning. Short TV clip following this morning's announcement:www.fmp-tv.co.uk/company/harbourvest-global-private-equity-investor-videos-on-five-minute-pitch-tv/
Dino78
11 Sep 2017
TV Clip Short TV clip with management[link]
Ripley94
02 Sep 2017
Re: American ( boston ) Looks like it might of gone "out again" to 16% by end of July according to wineberry.
wineberry
21 Jul 2017
NAV etc I make the discount 16% based on the 1477p NAV just announced and the sale price of 1263p.These private equity funds have been gaining in popularity with some positive comments by newspaper & tip sheet writers recently (I've been watching the Standard Life Private Equity Fund as another good fund).I was attracted to HVPE initially by its holdings of Uber and Snapchat. Overall, pick your fund in the sector which has given good returns over the long term.
Tadpol52
09 Dec 2016
Excellent performance this year and still useful discount
