Closed ended investment company AcenciA Debt Strategies has reported a net asset value (NAV) per share at 30 June 2013 of 107.03p (taking account of dividends paid), an increase of 5.3 per cent.
AgenciA has also declared an interim dividend of 1.87p, representing an annualised dividend yield of 3.8 per cent based on the closing share price of the company of 97.5p on 15 August 2013.
Total shareholder return for the six month period ended 30 June 2103 was 14.9 per cent, which exceeded the HFR Distressed Index (2.5 per cent) as well as the S&P Leveraged loan index (-1.8 per cent) and the Merrill Lynch High Yield Index (1.5 per cent).
James Le Pelley, chairman of AcenciA, says: "The opportunity set for our managers remains robust with pockets of value emerging in a number of European capital structures as well as certain asset-backed securities. While defaults remain muted globally there are growing opportunities to purchase distressed assets in various sectors of the economy, in particular shipping, coal and other energy related areas impacted by changes in demand and new sources of natural gas supply. A growing number of event-driven credit and equity situations may also present investment opportunities for our managers who are seeing greater success as activist investors where shareholder value creation and strong corporate governance are being ignored.
“Finally, AcenciA remains extremely well placed to benefit from any slow-down in quantitative easing, where those companies with leveraged capital structures are only able to sustain themselves in an environment of ultra-liquidity and low rates.”