Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you provide more details on the impact of foreign exchange on the NAV return per share? A: Ralf Russ, Partner, explained that while the total NAV return per share was up 1.7% on a constant currency basis, foreign exchange headwinds resulted in a slightly negative total NAV return per share of 0.2% for the quarter.
Q: What is the current exposure to listed holdings in the Private Equity portfolio? A: Ralf Russ noted that following recent exits, the exposure to residual listed holdings has reduced significantly. Pro forma for ThoughtWorks, the listed exposure was approximately 4% of AGA's net asset value at the end of September.
Q: Could you elaborate on the new capital allocation framework? A: The framework includes regular semi-annual dividends set at 11p per share per annum, equivalent to 5.4% of AGA's September NAV. Additionally, a distribution pool was created for buybacks, initially funded with EUR30 million, with EUR2.2 million worth of shares bought back in Q3.
Q: What is the investment thesis for the recent acquisition of ThoughtWorks? A: The Apax XI fund plans to take ThoughtWorks private to accelerate transformation and operational improvements, which are believed to be more effectively accomplished in a private setting. AGA's total indirect look-through exposure in ThoughtWorks is expected to be EUR54 million once the transaction closes.
Q: How has the debt portfolio performed in Q3 2024? A: The debt portfolio achieved a return of minus 2.2% or positive 0.3% on a currency-adjusted basis, primarily impacted by foreign exchange headwinds. Despite this, the portfolio maintains a strong income yield of approximately 9%, with an average yield to maturity of 11% at the end of the quarter.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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