reports
- Pedro Fonseca
HarbourVest Global Private Equity - Termination of coverage
Edison Investment Research is terminating coverage on China Water Affairs Group (855), CREALOGIX Group (CLXN), FCR Immobilien (FC9), HarbourVest Global Private Equity (HVPE), Marble Point Loan Financing (MPLF), Paion (PA8), PDL Biopharma (PDLI), Redhill Biopharma (RDHL) and Targovax (TRVX). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
- Pedro Fonseca
HarbourVest Global Private Equity - Rebounding NAV, liquidity remains ...
Following HVPE’s August update, its last-reported NAV is now largely based on end-June valuations and captures the rebound in equity markets following the March downturn. In recent months, capital calls from underlying general partners (GPs) moderated compared to March/April while distributions to HVPE resumed (although are still below historical average). Consequently, HVPE was able to partially repay its credit facility and maintained a stable coverage ratio versus April. While the ratio remai...
- Pedro Fonseca
HarbourVest Global Private Equity - Secured liquidity
HarbourVest Global Private Equity (HVPE) posted an NAV decrease of 0.7% between July 2019 (last interim results) and May 2020, largely due to the COVID-19 induced market downturn in March (ytd NAV performance since end-2019 was a 4.8% decline). Although increased capital calls left HVPE with a historically low coverage ratio, we perceive HVPE’s liquidity (supported by its US$600m credit facility) as sufficient to cover near-term commitments. HVPE withstood the 2008 global financial crisis (GFC...
- Pedro Fonseca
HarbourVest Global Private Equity - Opportunity amid UK market weaknes...
HarbourVest Global Private Equity (HVPE) has recorded a 12-month rise in NAV (based on a preliminary figure at end-July 2019) of 8.7%, which is a solid beat versus the public benchmark. Over the last six months, HVPE remained a net investor deploying US$202m into HarbourVest funds (compared to US$139m distributions), mostly on the back of the real assets deal in February. We note that despite HVPE’s limited UK portfolio exposure and long-term NAV outperformance vs UK equities, its short-term p...
- Milosz Papst
HarbourVest Global Private Equity - Stability in a late-cycle environm...
HarbourVest Global Private Equity (HVPE) has recorded an uplift in NAV since end-July 2018 of 4.9% and 5.6% in US dollar and sterling terms respectively, with limited impact from increased public market volatility of Q418. Following successful realizations, HVPE aims to rebuild its exposure to the primary strategy (44% vs target 55%), and to the US market (55% vs 65%). Moreover, HVPE looks at further diversification through investments in real assets which are characterized by low correlation wi...
- Andrew Mitchell
HarbourVest Global Private Equity - Diverse and selective
HarbourVest Global Private Equity’s (HVPE) first-half results showed good progress in NAV (+6.8% in US$ terms), ahead of its listed equity benchmark and a private equity index, both of which were negative over the period. Looking ahead, HVPE notes the high valuations prevailing in the private market and the risks of further listed market volatility. In this environment, the portfolio’s diversification and HarbourVest’s experience in manager selection are likely to be particularly valuable ...
- Gavin Wood
HarbourVest Global Private Equity - Robustly positioned, with a strong...
HarbourVest Global Private Equity (HVPE) aims to provide shareholders with access to the best private markets opportunities globally, through investing in a portfolio of HarbourVest funds. HVPE’s portfolio is broadly diversified by underlying manager, vintage, strategy, stage and regional exposure. Its recent performance has been strong in its US dollar functional currency, with a 16.2% NAV total return in FY18, although currency moves have weighed on its performance in sterling terms. After t...
- Gavin Wood
HarbourVest Global Private Equity - Accessing global megatrends in pri...
HarbourVest Global Private Equity (HVPE) offers broad, selected exposure to leading private equity managers globally, and has a highly diversified underlying portfolio. HVPE celebrated its 10th anniversary in December 2017, and its 10-year sterling NAV total return of 12% pa is ahead of its global listed equity benchmark’s 10% pa return, as well as the 6% pa return of the LPX 50 Index, representing its global listed private equity peers. However, an 11% gain in sterling versus the US dollar (...
- Gavin Wood
HarbourVest Global Private Equity - Celebrating its 10th anniversary
HarbourVest Global Private Equity (HVPE) is celebrating 10 years since its launch in December 2007. Over the period since its inception to end-October 2017, HVPE has outperformed global equity markets and its listed private equity peer group, represented by the LPX 50 index, in both NAV and share price terms. In this note, we analyse a series of alternative performance measures which show that, on a risk-adjusted basis, HVPE’s share price performance has tended to compare favourably to global ...
- Gavin Wood
Closing in on a successful decade
HarbourVest Global Private Equity (HVPE) gives investors access to selected private equity (PE) managers globally and a highly diversified portfolio of over 7,000 underlying companies. HVPE will celebrate its 10th anniversary in December 2017 and since inception its shares have outperformed global listed and unlisted equities, represented by the FTSE All-World and LPX 50 indices, by 11% and 36%, respectively. This solid performance is consistent with the mandate to generate long-term capital gro...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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