• Well-diversified portfolio 

• A dividend of 6p per share

• APQ eyes further private investments

What APQ Global does

APQ Global PLC (LON:APQ) is an investment firm with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa.

The company manages a portfolio of bonds, equities and currencies with a focus on emerging markets (EM).

The bulk of the company’s emerging markets exposure is in financials, followed by energy and basic materials.

How it's doing

The company ended the final quarter of 2019 with what it said was with robust positioning in EM currencies and equities.

APQ paid a quarterly dividend of $1.94 cents (1.5p) and the book value was $0.94 at quarter-end.

During the quarter the company slightly increased its exposure to risk assets across the board, particularly equities and EM currencies.

It also maintained a very healthy cash (and cash equivalents) position (94.4% of Book Value).

During the fourth quarter, exposure to credit markets made 0.9%, local currency bond exposure returned 1.6%. EM Currency exposure contributed 2.8% and the equity portfolio  4.3%.

In January, APQ added to its directly held portfolio with the acquisition of Parish Group for £2.7mln.

Parish provides a full range of fiduciary and corporate services from offices in Guernsey and Alderney and has customers in over 30 jurisdictions, including Israel, South Africa, the United Arab Emirates and Qatar.

What the broker says: Bart Turtleboom 

“We now see that real value is appearing in that space, they tend to be very expensive but across financial services, corporate services we see very interesting opportunities,” Turtelboom said.

Inflexion points:

• Emerging markets recover after a difficult two years
• More direct acquisitions similar to Parish Group 
• The dividend currently is 6p per share
• NAV 94c per share at end December

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