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ALTUS is an entrepreneurial team of resource professionals. Our business is to develop exceptional opportunities and our approach is to be an innovator, an investor and a valued partner. We are powered by the inspiration, the enthusiasm and the vision of our talented team members, who we are proud to work alongside and who combine to create an energetic and lateral thinking mindset in everything we seek to achieve.
Altus Resource Capital reports 71.9 pct NAV growth in H1
Altus Resource Capital (LON:ARCL), a closed-ended investment company run by Altus Strategies, reported strong net asset value (NAV) growth as a result of strengthening gold and commodity prices.
In the six months ended 31 December 2010 the fund's NAV increased by 71.9 percent to £91.7 million - which equates to £2.31 per share.
The fund is currently outperforming both the gold price and major indices.
Altus highlighted that gold prices reached all-time highs during the period and it closed up 14.3 percent, while the FTSE Gold Mines Index and the FTSE 350 Mining Index gained 16.3 percent and 46.2 percent respectively.
“With the continued strength of gold and other commodity prices, the outlook for the company remains positive,” Altus said.
The also emphasised that it has continued to benefit from it selective investment strategy in the junior resources sector.
Altus’ investment manager is expecting more significant growth in the next 12 to 24 months.
According to Altus this will be driven by the continued strength of gold and commodity prices, active portfolio management, selected investments, profit taking and reinvesting in portfolio companies.
Furthermore Altus belies the ‘value gap’ that was created during the 2008-2009 financial crisis and increasing merger and acquisition activity will also boost the portfolio, as larger companies look to replenish their reserves.
