Parallel Tangent Capital. Releases Monthly Net Asset Value and Performance As Of 31 January 2025.
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Parallel Tangent Capital. (‘PTC” or the “Company”) today released its regular monthly Net Asset Value (“NAV”) and performance returns for the month of November on its website. The NAV and performance returns were calculated as of the close of business on 31 January 2025.
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Highlights Include :
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Share Price : $97.82
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Month To Date : 4.49%
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Year To Date : 29.08%
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Beta : 0.9723
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Dividend : 2.18%
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Cash Position : 10.97%
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Further details of Net Asset Values and Returns can be accessed on the website here.
Further details of all Monthly performance can be accessed here.
Specific details of January can be accessed here
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Management Commentary;
Negatives: The fund continued to experience headwinds this month due to the strength of the U.S.D. Positions that are USD-denominated but primarily generate revenue ina currency other than USD have experienced a drop in share price over the previous months. This has now affected on our pro-rate dividend rate which has decreased by13.84% to 2.18%. This is under the target rate of 2.48% for February. The Beta for the fund is 0.97 and remains below the maximum target rate of 1 but only slightly. We expect these changes to be transitory and correct over the coming months. DeepSeek, whether credible or not has created some headwinds for the technology sector.
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Positives: We continue to outperform the SP500 and this month is no different. Since inception we have consistently beat the index, paying a higher dividend and having a lower Beta despite the aforementioned headwinds. We have 11% cash reserves ready to take advantage of opportunities and volatility this year. The notable changes this month include; cash decreasing by 35%, Small Cap holding -8.8%, Utilities +58.86%, Industrials +59.31% & Healthcare -7.55%. We added to many of our preferred Healthcare positions during the month, LLY, ABV etc, but, we took the opportunity to exit a long-time Small Cap holding Vir Biotech, this company was a legacy stock and was overweight in our portfolio given its size. We believe that many of our new additions are positioned to take advantage of the new administration and change in the investing landscape. We have very little exposure to China, Canada or Mexico, with the exception of a small amount of Suncor (SU) and so do not expect to be disproportionately disadvantaged by President Trumps’ tariffs. The overall volatility of the fund remains constant with a Beta of .97, which is still lower than the SP500 and a dividend of 2.18% greater than the SP500’s 1.236%
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Conclusion: We are pleased with the fund's ongoing performance and remain confident about the fund's continued success. We will be monitoring the DeepSeek and tariff situation and will aim to capitalise on opportunities if they present.
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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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All investments involve risk including the loss of principal.
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All information contained herein is unaudited unless otherwise noted. PTC is not a Public Company and is structured as a private investment fund. The NAV per share is calculated using a constant formula to assist the reader in understanding the Net returns generated by the company and the NAV of the fund. The author believes this to be a true representation of the performance of the Company.
Depending on the timing of an individual investor’s specific investment, net performance for an individual investor may vary from the net performance as stated herein. Performance data and other information contained herein are unaudited but the author has undertaken to ensure the information is accurate except where decimal rounding is used. Performance is based on the USD return for the specific period, including any, and all dividend, interest or bond payments received by the Company, calculated from the beginning of such period to the end of such period.
Where N.R. or - is stated as an abbreviation of Not Recorded, this is due to the company not recording these figures before 31 October 2024 and so are not available for periods before this time. It would not be possible to calculate these figures with accuracy retrospectively and so to avoid any misrepresentation they have been excluded.
Dividends are calculated using the value of each position based on stock prices published from reputable sources and by using equally reputable sources' publicly published divided returns for each company or investment. As the share price and dividend both fluctuate, PTC can not ensure complete accuracy when producing these figures but has undertaken to do so diligently using both its current value and dividend rate, not the purchase cost, and believes that any errors would be insignificant. Likewise, beta's are calculated using the same metrics and procedure and thus the company is confident that any errors would be insignificant for reporting purposes.