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LONDON (Alliance News) - Livermore Investments Group Ltd said Wednesday it increased its exposure in the first half of the year to US credit markets, where it continues to see attractive returns despite worries about slow global growth.
Livermore reported its net asset value per share grew over the six months to June 30 to USD0.86 from USD0.77 at the end of 2015. However the total NAV of the fund dropped to USD148.6 million from USD160.0 million over the period, due to a USD7.9 million buyback and USD7.6 million in investment impairments offsetting income in the period.
Livermore said it currently has USD91.1 million invested in US credit and fixed income securities, including leverage, generating USD12.9 million in cash distributions over the period. Livermore said it maintains a positive view on the US loan market, with corporate defaults expected to remain below average and a healthy US economy, though it acknowledged worries about continued "below trend growth globally".
Livermore also said it has a USD48.7 million investment in the mixed-use Wyler Park property in Bern, Switzerland of which it is the sole owner with the commercial rights leased to the Swiss train transportation authority and the residential property fully rented. It said it continues to evaluate its additional commercial development rights attached to the property.
Livermore also has an investment in SRS Charminar, previously an Indian real estate company which collapsed in 2009 amid charges of criminal conspiracy by its promoters, and is now under new management. Livermore said its current valuation of the investment is USD5.8 million based on discounted expected cash flows. Livermore's original investment was USD20.0 million. Livermore received a USD2.9 million repayment in 2015 and expects another tranche later in 2016, with further repayments scheduled for 2019 but expected to be delayed.
Shares in Livermore were up 5.1% at 36.80 pence Wednesday.
By Adam Clark; adamclark@alliancenews.com
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