Pollen Street praised as Honeycomb NAV return grows
Honeycomb has praised its investment manager Pollen Street Capital after increasing its net annual return (NAV) for the first six months of 2021.
The alternative finance-focused trust posted an 8.7 per cent NAV return for the first half of this year, up from 8.2 per cent in the same period of 2020.
Honeycomb said in its half-year report that this was due to the investment manager’s “intensive portfolio management approach” during the pandemic.
Read more: Honeycomb shareholders vote against company wind-down
Pollen Street focused on supporting companies in the portfolio throughout last year’s coronavirus outbreak rather than on new investments.
“The company’s strong performance through the first six months of 2021 builds on a successful 2020,” Robert Sharpe, chair of Honeycomb, said.
“The investment manager’s decisions early on during the 2020 Covid-19 pandemic and proactive approach to managing the portfolio, put the company in a strong position going into 2021 and we are pleased to see the strategy continue to deliver targeted returns and dividend yields.”
PSC said in the half-year report that it would continue to work with the board to support the discount management programme, which is aiming to reduce the discount between the NAV and share price.
Honeycomb is currently trading at a discount to NAV of 6.1 per cent.
Read more: Honeycomb hailed for “extremely impressive” performance