180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.50 as of June 30, 2024
19 Agosto 2024 - 3:05PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and
the “Company”), today reported its financial results as of June 30,
2024, and noted additional developments from the third quarter of
2024. The Company also published a letter to shareholders that can
be viewed at https://ir.180degreecapital.com/financial-results.
“Our portfolio holdings were not immune to the
market turmoil that resumed in Q2 2024, particularly for small and
microcapitalization stocks,” said Kevin M. Rendino, Chief Executive
Officer of 180 Degree Capital. “Capital continues to flow out of
small and microcapitalization stocks and into a small number of
large capitalization companies. I’ve seen similar periods of
dislocation like this during my 35-plus-year career. If history
repeats itself, at some point each of these dislocations is likely
to revert to more normalized market breadth and capital returns to
small and microcapitalization stocks. These moves can be quick and
volatile, like we saw in the first part of Q3 2024. While past
trends are not a guarantee of what the future will hold, we believe
this time is not different. We believe our portfolio companies are
well positioned to execute on their businesses and that, coupled
with capital returning to small and microcapitalization companies,
could lead to material appreciation in our net asset value during
this and future investment cycles.”
“We used Q2 2024 to position 180 Degree Capital
to take advantage of certain catalysts that we believe have the
potential to occur in the second half of 2024 or early 2025,”
continued Daniel B. Wolfe, President of 180 Degree Capital. “These
steps include adding to positions that we believe have the best
opportunities for value appreciation, including a new position in
Aviat Networks, Inc. (AVNW). As we have said in the past, we are
investors, not traders. We would always like the catalysts
identified to occur more quickly than they often do in real life.
This is where our constructive activism is used to try to help
management teams and boards drive to outcomes that unlock value,
and it is where we are spending significant amounts of time.”
The table below summarizes 180’s performance
over periods of time through the end of Q2 20241:
|
Quarter |
YTD |
1 Year |
3 Year |
5 Year |
Inceptionto Date |
|
Q2 2024 |
Q4 2023-Q2 2024 |
Q2 2023-Q2 2024 |
Q2 2021-Q2 2024 |
Q2 2019-Q2 2024 |
Q4 2016-Q2 2024 |
TURN Public Portfolio Gross Total Return (Excluding SMA Carried
Interest) |
-10.2% |
-5.9% |
-12.3% |
-46.0% |
14.6% |
166.2% |
TURN Public Portfolio Gross Total Return (Including SMA Carried
Interest) |
-10.2% |
-5.9% |
-12.3% |
-44.5% |
22.3% |
183.6% |
|
|
|
|
|
|
|
Change in NAV |
-12.8% |
-10.4% |
-27.7% |
-57.9% |
-46.8% |
-35.9% |
|
|
|
|
|
|
|
Change in Stock Price |
-11.7% |
-7.6% |
-14.8% |
-53.0% |
-35.8% |
-8.5% |
|
|
|
|
|
|
|
Russell Microcap Index |
-5.3% |
-0.9% |
6.0% |
-21.8% |
30.8% |
47.0% |
Russell Microcap Growth Index |
-7.2% |
-1.6% |
0.0% |
-39.0% |
8.9% |
26.5% |
Russell Microcap Value Index |
-6.1% |
-2.7% |
7.2% |
-9.2% |
43.2% |
57.6% |
Russell 2000 Index |
-3.3% |
1.7% |
10.0% |
-7.6% |
39.7% |
66.6% |
Mr. Rendino and Mr. Wolfe will host a conference
call tomorrow, Tuesday, August 20, 2024, at 9am Eastern Time, to
discuss the results from Q2 2024 and developments to date during Q3
2024. The call can be accessed by phone at (609) 746-1082 passcode
415049 or via the web at
https://www.freeconferencecall.com/wall/180degreecapital.
Additionally, slides that will be referred to during the
presentation can be found on 180 Degree Capital’s investor
relations website at
https://ir.180degreecapital.com/ir-calendar.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds. Our goal
is that the result of our constructive activism leads to a reversal
in direction for the share price of these investee companies, i.e.,
a 180-degree turn. Detailed information about 180 Degree Capital
and its holdings can be found on its website at
www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500ir@180degreecapital.com
Mo ShafrothRF
Bindermorrison.shafroth@rfbinder.com
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website www.180degreecapital.com has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release. 180 Degree Capital is not responsible for the contents of
third-party websites.
1. Past performance is not an indication or
guarantee of future performance. Gross unrealized and realized
total returns of 180 Degree Capital's cash and securities of
publicly traded companies are compounded on a quarterly basis, and
intra-quarter cash flows from investments in or proceeds received
from privately held investments are treated as inflows or outflows
of cash available to invest or withdrawn, respectively, for the
purposes of this calculation. 180 Degree Capital is an internally
managed registered closed-end fund that has a portion of its assets
in legacy privately held companies that are fair valued on a
quarterly basis by the Valuation Committee of its Board of
Directors, and 180 Degree Capital does not have an external manager
that is paid fees based on assets and/or returns. Please see 180
Degree Capital's filings with the SEC, including its 2023 Annual
Report on Form N-CSR for information on its expenses and expense
ratios.
180 Degree Capital (NASDAQ:TURN)
Gráfica de Acción Histórica
De Jul 2024 a Ago 2024
180 Degree Capital (NASDAQ:TURN)
Gráfica de Acción Histórica
De Ago 2023 a Ago 2024