(Alliance News) - Schiehallion Fund Ltd on Tuesday said net asset value per share had dropped at the year-end, as its investee companies saw "significant" value declines.

The Guernsey-based investment company reported that NAV per ordinary share at January 31, the end of its financial year, was 119.42 US cents, down 25% from 158.20 cents a year ago.

NAV per C share was 79.37 cents at January 31, down 18% from 97.26 cents.

The company said NAV total return for ordinary shares and C shares was negative 25% and negative 18% respectively.

Schiehallion said the poor NAV performance was a result of "significant declines in the value of our holdings that had entered the public markets," as well as markdowns in private company values and poor performances from some companies in the portfolio.

The company did not declare a dividend for 2022.

Looking ahead, the firm said it is positive about the growth prospects of the companies in its portfolio, and confident in Schiehallion's investment outlook.

Investment Manager Peter Singlehurst said: "The path to long-term capital growth is never straight, and periods of volatility and underperformance are inevitable. However, even in this context, 2022 was a year in which we stepped backwards rather than forwards. We are conscious that this has been particularly felt by newer investors, who did not experience the strong performance of the ordinary shares in the previous two financial years.

"We believe shareholder's capital is invested in some of the best private companies in the world, capable of delivering outsized investment returns over the long run."

Schiehallion ordinary shares fell 1.1% to USD0.65 each in London on Tuesday morning, while Schiehallion C shares rose 0.8% to USD0.41 per share.

By Harvey Dorset, Alliance News reporter

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