P2P Global Investments (P2PGI) wrote off an equity investment worth around £5.5m in Urica last week after the firm put itself into liquidation following a fraud attack in France earlier in the year.
P2PGI saw its net asset value (NAV) decline by 0.14% in June due to its exposure to defunct supply chain platform Urica.
Excluding the one-off write-down of Urica equity, the investment trust’s annualised NAV returns were 6.38 per cent, or 5.3 per cent excluding share buybacks, P2PGI said.
“This is still below the six per cent target set out in the strategy update in November, however, strong progress has been made in transitioning the portfolio to more attractive asset classes and reducing the exposure to the low yielding and volatile legacy assets,” P2PGI said.
