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NAV of $28.32 per Share
Firsthand Technology Value Fund, Inc. (Nasdaq:SVVC), a publicly-traded venture capital fund that invests in technology and cleantech companies, has announced financial results for the fiscal year ended December 31, 2013.
As of December 31, 2013, the Fund’s net assets were approximately $256.9 million, or $28.32 per share, compared with net assets of approximately $195.9 million, or $22.90 per share as of December 31, 2012. The Fund posted gains of 25.30% in 2013 on the basis of NAV, and 34.61% based on stock price.
“Our investment strategy is working well and delivered outstanding results in 2013,” noted Kevin Landis, Firsthand’s CEO. “We are focused on building off this momentum with new investments in areas such as mobile computing, cloud computing, and solar. With more than $30 million in pending investments, we’re excited about the high-quality companies in our pipeline.”
As of December 31, 2013, the Fund’s portfolio included public and private securities valued at approximately $181.9 million, or $20.05 per share, and approximately $83.2 million, or $9.17 per share, in cash.
During the fourth quarter of 2013, the Valuation Committee, which is composed of three independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 920 (formerly FAS 157), the Valuation Committee took into account many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors.
In fiscal year 2013, the Fund earned approximately $1,200,000 in investment income. The Fund reported a net investment loss of approximately $12.9 million. The Fund reported net realized and unrealized gains on investments of approximately $63.2 million for the year.
Throughout the year, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.
