VGI Partners Global posts $62 million loss
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The news: VGI Partners Global Investments fund has posted a $61.9 million operating loss before tax, in a half marred by poor performance.
The numbers: The loss was almost 10 times larger than the $6.5 million recorded 12 months prior. It came as the portfolio lost 9.7% net of fees and the listed fund's share price declined 4.4%.
VG1 continues to trade at a discount, with net assets finishing the year at $2.01 with a share price of just $1.81, recovering to $1.88 at last close.
To close the gap, the company received shareholder approval to continue buying back up to 25% of VG1 shares on market at its November AGM.
Its net assets declined from $643 million to $528 million over the half. Profit reserves fell by $13 million to finish the year at $261 million.
The context: The fund and its manager VGI Partners was acquired by Regal in mid 2022 at the end of a tumultuous period for the hedge fund.
Eighteen months after the merger, founder Rob Luciano quit the fund, leaving it in the hands of Regal and the remaining VGI stock pickers who were absorbed into the business.
The source: ASX announcement
