By Jithendra Antonio
The Net Asset Value of Namal Acuity Value Fund (NAVF) unit has fallen from Rs.122.74 in October 2010 to Rs.105.65 as at 1 April 2011, a company filing to the stock exchange outlines.
Earlier, Namal Acuity Value Fund (NAVF) had said that the Net Asset Value of a unit had dipped from Rs.109.97 (January 31) to Rs.109.63 (February 28) this year.
The highest ever value for Namal Acuity Value Fund unit was reported in October last year which was Rs.122.74, whilst the value drastically fell in November 2010 to Rs.103.34.
Though the net asset value of a NAVF unit shot up from Rs.49.70 (November 2009) to its highest level of Rs.122 per unit in October 2010, NAVF claims on a Year-on-Year basis, the fund increased by 107.93 % (October 2009 to October 2010) since its inception. During the corresponding period, the All Share Price Index (ASPI) of the Colombo bourse increased by 124.33% as per company’s financials.
As at December 2010, NAVF had mainly invested the Rs.1 billion worth fund money in Diversified Holdings stocks (35.18%), Hotels & Travels stocks (17.14%), and Banks & Finance stocks (16.61%). According to financials, the company had decreased its asset allocation percentage on equity from 98% (October 2010) to 90.96% (December 2010). NAVF financials also said that company’s net current asset value stood at Rs.1.113 billion as at 31 December 2010.
NAVF which is a 10 year, closed-ended unit trust fund, launched its Initial Public Offering (IPO) in early September 2009. The fund raised Rs. 537.56 million through the IPIO and commenced investment activities in end-September 2009. The primary objective of the fund is to provide long-term capital appreciation by investing in a portfolio of listed shares. In accordance with this objective, investments were carried out, and the fund had invested 82.5% of the portfolio in listed shares by the end of December 2009.
source - www.dailymirror.lk
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