Private Equity Holding AG (PEH) reported a loss of  5,0 million euro in the first half of its fiscal year, according to the half-year report released on Thursday. In the same period of the previous year, a profit of 7,3 million euro was reported.

Positive valuation changes in various portfolio positions and new investments were not sufficient to offset negative currency effects of EUR 6.4 million during the reporting period, stated Hans Baumgartner, Chairman of the Board, in a letter to shareholders. «Even though the market did not improve as anticipated at the beginning of the year, the performance of PEH during the reporting period underscores the resilience of the portfolio.»

Decline in NAV

The net asset value (NAV) of PEH shares was 156,71 euro, or 147,59 euro, as of September 30. Compared to the value as of the end of the 2023/24 fiscal year on March 31, this represents a decline of 1,3 percent in euro and 4,4 percent in francs. This calculation includes the 1,00 francs per share distribution paid out in June 2024, the report added.

Several valuation adjustments were made during the reporting period. The portfolio was cash flow positive, with total distributions of 23,1 million euro compared to 15,7 million euro in capital calls.

PEH allows institutional and private investors to participate in a private equity portfolio consisting of direct investments in companies and funds. The portfolio is managed by Alpha Associates.