Honeycomb Investment Trust reported a NAV return of 8% in the first half of 2022, in spite of the challenging underlying backdrop.
The trust, which specialises in asset-backed, senior secured loans, said the performance of its underlying credit assets remained consistent throughout the six months, with investment assets broadly stable at £583mln at the end of the half-year against £615mln six months earlier.
Capital from realised deals was redeployed into new as well as existing investments, it said.
The dividend target of 20p per quarter was met, it added, along with the target of an 8% dividend yield.
Profits for the half year were £13.7mln, with NAV of 1,019.7p against 1,019.1p at the end of 2021.
Honeycomb is in the process of merging with its manager Pollen Street Capital, with completion expected this month.
Pollen Street increased its assets under management to £3.2bn from £3bln at the end of 2021.