(Alliance News) - Ashmore Global Opportunities Ltd on Friday reported a drop in assets over the first half, as the fund continues its managed wind-down.
Ashmore Global is currently in the process of a managed wind-down, and its main holding remains Latin America-focused power generator AEI and a number of smaller fund investments managed by the company's investment manager, which include a further indirect interest in AEI. AEI makes up 88% of Ashmore's assets.
At June 30, Ashmore's NAV per share stood at USD2.73, down from USD2.89 at December 31.
Net assets fell to USD11.9 million from USD14.2 million.
Ashmore said: "The main detractor from performance during the period was a mark-down in the value of ZIM Laboratories. ZIM Laboratories is listed on the BSE in India and its falling share price in the second half of 2019 was only recognised in the semi-annual valuation as at December 31, 2019 of the AADCI Fund through which Ashmore Global Opportunities has exposure to this company. Covid-19 led to a mark-down in GZ Industries in Nigeria-South Africa, but otherwise valuations were not significantly affected."
"The investment manager is working towards the sale of the remaining assets, with a particular focus on the largest exposure of the company, namely AEI," Ashmore said.
There were no realisations during the reporting period, Ashmore noted, but expects to make further progress on this in the next 12 to 18 months.
Ashmore Global Opportunities USD shares were untraded in London at USD1.42 on Friday.
By Paul McGowan; paulmcgowan@alliancenews.com
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