Alternative Liquidity Fund Ltd on Friday reported a decline in net asset value in its half-year results, as it continues the managed wind-down of its illiquid portfolio and prepares for a potential liquidation in the second half of 2025.
The Guernsey-based investment company, which focuses on the realisation of side pockets and illiquid fund holdings, said its NAV fell to $9.09 million as of December 31, down from $9.89 million on June 30. NAV per share declined to 6.22 cents from 6.75 cents.
However, the fund’s share price recovered significantly to 4.70 cents at the end of the period, up from 2.75 cents in June, narrowing the discount to NAV from 59% to 24%.
Total comprehensive loss for the six months was $796,487, reversing a profit of $146,882 a year prior, due largely to a $1.0 million loss on financial assets. Other income rose to $36,573 from $29,380, while a reduction in wind-down cost provisions helped limit total operating expenses to $189,530.
Chair Quentin Spicer said the board remains committed to an orderly wind-up of the company, with a proposal for liquidation expected to be put to shareholders by the end of July 2025.
Around 97% of the fund’s remaining NAV is tied up in three Brazil-based investments managed by Vision Brazil Investments. The board said it expects most of these assets to be realised and distributed within the next nine months.
Cash at the end of the period stood at $40,000, with a further $472,000 received post-period end from investment realisations, including partial loan repayments and fund sales.
Shares in Alternative Liquidity Fund closed up 4.6% at $0.052 in London on Friday.
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