The emerging markets-focused investment fund reported in its annual review that its year-to-date return as of 31 December was -18.1%, while it had also paid out a dividend of around 1.5p, with a book value of 98 US cents per share at the end of the year.
APQ said towards the end of the year, it had gradually decreased its exposure, mainly in equities and local markets, although its fund remained fully deployed albeit in more defensive instruments.
By asset class, APQ’s credit exposure reported returns of -2.4%, with equities returning -4.9% while FX and rates exposures were -8% and -2.8% respectively.
However, the company said the medium-term outlook would be “supportive” for the emerging market equities, although ongoing trade wars, political and economic uncertainty in Italy and increased tensions in the Middle East and the Gulf were likely to “dampen” investor sentiment.
APQ added that it had maintained its investments in the City of London Investment Group as well as its stake in London-listed Anglo Pacific Group PLC (LON:APF), which make up 7% and 1.5% of its book value respectively.
The group also said in December it had invested 1% of its book value for a 40% stake in BARTR Holdings, a start-up seeking to disrupt the wholesale telecommunications market.
In mid-afternoon trading Wednesday, APQ shares were changing hands at 80p.