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(Alliance News) - Apax Global Alpha Ltd said its net asset value per share fell in the first half of the year as a result of Covid-19 disruption in the first quarter.
Shares in Apax were up 4.7% at 168.00 pence in London on Tuesday morning.
The closed-ended investment company reported a decline in NAV per share to EUR2.16 as at June 30 from EUR2.24 at the end of 2019. The NAV total return for half year was negative 0.5%, recovering from a first quarter negative return of 12% on market weakness.
Chair Tim Breedon said: "Following negative returns during Q1 2020 due to the immediate Covid-19 related disruptions, the investment portfolio recovered well during the second half of the reporting period."
The company declared an interim dividend of 4.87p per share, up 3.8% from 4.69p per share the year before.
Breedon said: "As we look into an uncertain economic future, we draw confidence from the robustness our portfolio has so far shown during the crisis and believe that the sector-focused approach provides long-term value generation opportunities and an attractive yield to our shareholders."
By Anna Farley; annafarley@alliancenews.com
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