Our financial report for 2Q24 is now published. In 2Q24, USD NAV decreased 2% QoQ. Portfolio performance remained strong, with continued robust company revenue and gross profit development YTD. Local currency weakness (BRL -10.4% and MXN -9.8% vs. USD) was the key counter-acting valuation headwind in the quarter.
VEF CEO, Dave Nangle, comments:
“If there is one message we want investors to take from our 2Q24 report, it is that we are confident with the quality of the companies that dominate our portfolio and NAV. Strengthening our balance sheet and getting back to investing remains the key focus for 2024, and we feel we are trending nicely towards achieving these goals. Our confidence in our ability to strengthen our balance sheet is a function of the quality and performance of our portfolio companies, coupled with improving markets.”
Access the report in the IR section of our website here.