Investment vehicle Reinet has reported a 1.6% rise in its net asset value (NAV) in the quarter to end-June from the previous quarter.
NAV at end-June 2024 reflected an increase of €99m to €6.3bn from the previous quarter’s €6.18bn, translating to €34.56 per share from €34.02 at end-March and €31.06 a year ago.
The company, which is chaired by Johann Rupert, said in a statement on Tuesday that commitments totalling €71m were funded during the quarter and no significant new commitments were made.
The dividend received from British American Tobacco (BAT) amounted to €34m, while Pension Insurance Corporation Group’s dividend amounted to €85m.
The rise in the NAV reflected increases in the estimated fair value of its investments, including BAT, Trilantic Capital Partners, TruArc Partners and Coatue funds, together with dividends from BAT and PICG, it said.
Offsetting these increases were decreases in the estimated fair value of certain investments, including Pension Corporation and NanoDimension funds, and accrued expenses in respect of management and performance fees.
The group said during the quarter that geopolitical uncertainty increased as many countries held elections and global markets battled the effects of the war in Ukraine, turmoil in the Middle East, high interest rates and inflation.
Reinet had no direct exposure to Russia, Ukraine or the Middle East through its underlying investments, it said.
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