Net asset value per share grew by 9.8 percent, while the company’s share price climbed 7.8 percent. Management noted that the current 21 percent discount to net asset value suggests additional upside potential. The portfolio’s private holdings delivered steady performance, bolstered by successful financing rounds and asset sales, while listed companies experienced a strong first-quarter rally followed by a period of market consolidation.
Currency fluctuations played a significant role in these results, as the dollar appreciated 4.5 percent against the Swiss franc. Because the majority of the company’s investments are denominated in dollars, this shift provided a tailwind, though active currency hedging offset the gains by 28 million Swiss francs. The listed portfolio contributed 111 million Swiss francs in value, with established, revenue-generating entities serving as the primary drivers. Private holdings added a further 138 million Swiss francs.
Looking toward future quarters, the company anticipates that strategic takeovers and initial public offerings will persist despite market volatility. The firm remains committed to its capital allocation strategy, having repurchased 67,016 shares for 16.1 million Swiss francs during the reporting period.
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