Marwyn Value Investors Ltd (LSE:MVI) is not going to change its cautious stance of recent years just yet but said there are signs that a recalibration of market valuations and expectations is underway which will offer opportunities.
Net assets at the end of June were £93 million, a decrease of £5.1 million from 31 December 2022, with £2.5 million paid out in dividends.
NAV per share was 167.5p as of 30 June 2023, down 2.7% since the end of last year, while the shares currently stand at a 46% discount to NAV, little changed from six months ago.
“We firmly believe that our approach is attuned to the current market dynamics and economic environment,” said James Corsellis, chief investment officer.
The ‘look-through’ cash balance of £32.0 million on 30 June was held within the fund structure, said the statement, supplemented by significant capital available for investment within the portfolio entities.
Quarterly dividends of 2.265p per share were paid in February, May and August 2023, with a further quarterly dividend of 2.265p expected to be paid in November 2023.