180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.40 as of September 30, 2024, and Will Host Conference Call to Discuss Results and Q4 2024 Updates on November 15, 2024
November 14 2024 - 3:05PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and
the “Company”), today reported its financial results as of
September 30, 2024, and noted additional developments from the
fourth quarter of 2024. The Company also published a letter to
shareholders that can be viewed at
https://ir.180degreecapital.com/financial-results.
“While the first three quarters of 2024 have
proven challenging for small and microcapitalization stocks on a
relative basis and our holdings on an absolute basis, we believe
that we are at an inflection point in the cycle where interest is
returning to our investment universe, particularly for companies
that are performing,” said Kevin M. Rendino, Chief Executive
Officer of 180 Degree Capital. “We continue to believe there is
significant opportunity going forward for small capitalization
stocks, particularly given the backdrop of their historically low
valuations in general and relative to large capitalization stocks.
I have seen this play out time and time again during my 35+ years
of experience through these types of investment cycles. While it is
always possible this time is different, recent market trends have
similar characteristics to those that, upon reflection, turn out to
be market bottoms heightened by excess pessimism that can be
followed by periods of strong growth.”
“The absence of information breeds uncertainty
and fear, particularly for the stocks in which we invest,”
continued Daniel B. Wolfe, President of 180 Degree Capital.
“Tax-loss selling and low liquidity result in significant
volatility that is often independent from the reality of the state
of these businesses. This is why we, as fundamental investors, get
to know management teams, understand markets, and position
ourselves to take advantage of market dislocations. We are
particularly encouraged by the reports from a number of our largest
holdings during this earnings cycle that we believe position them
for additional growth and stock price appreciation. We look forward
to discussing these updates on our shareholder call and with
investors throughout the quarter.”
The table below summarizes 180’s performance
over periods of time through the end of Q3 20241:
|
Quarter |
YTD |
1 Year |
3 Year |
5 Year |
Inception to Date |
|
Q3 2024 |
Q4 2023- Q3 2024 |
Q3 2023- Q3 2024 |
Q3 2021- Q3 2024 |
Q3 2019- Q3 2024 |
Q4 2016- Q3 2024 |
TURN Public Portfolio Gross Total Return (Excluding SMA Carried
Interest) |
-0.4% |
-6.3% |
0.2% |
-42.4% |
-10.7% |
165.1% |
TURN Public Portfolio Gross Total Return (Including SMA Carried
Interest) |
-0.4% |
-6.3% |
0.2% |
-40.9% |
-4.7% |
182.5% |
|
|
|
|
|
|
|
Change in NAV |
-2.2% |
-12.4% |
-10.4% |
-57.6% |
-51.9% |
-37.3% |
|
|
|
|
|
|
|
Change in Stock Price |
-11.0% |
-17.7% |
-20.4% |
-53.5% |
-47.4% |
-18.5% |
|
|
|
|
|
|
|
Russell Microcap Index |
8.3% |
7.4% |
24.7% |
-10.9% |
49.8% |
59.2% |
Russell Microcap Growth Index |
8.6% |
6.9% |
23.6% |
-27.2% |
31.5% |
37.4% |
Russell Microcap Value Index |
8.2% |
5.2% |
22.8% |
0.1% |
58.1% |
70.5% |
Russell 2000 Index |
9.3% |
11.2% |
26.7% |
5.5% |
56.4% |
82.1% |
Mr. Rendino and Mr. Wolfe will host a conference
call tomorrow, Friday, November 15, 2024, at 9am Eastern Time, to
discuss the results from Q3 2024 and developments to date during Q4
2024. The call can be accessed by phone at (609) 746-1082 passcode
415049 or via the web at
https://www.freeconferencecall.com/wall/180degreecapital.
Additionally, slides that will be referred to during the
presentation can be found on 180 Degree Capital’s investor
relations website at
https://ir.180degreecapital.com/ir-calendar.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds. Our goal
is that the result of our constructive activism leads to a reversal
in direction for the share price of these investee companies, i.e.,
a 180-degree turn. Detailed information about 180 Degree Capital
and its holdings can be found on its website at
www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500ir@180degreecapital.com
Mo ShafrothRF
Bindermorrison.shafroth@rfbinder.com
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website www.180degreecapital.com has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release. 180 Degree Capital is not responsible for the contents of
third-party websites.
1. Past performance is not an indication or
guarantee of future performance. Gross unrealized and realized
total returns of 180 Degree Capital's cash and securities of
publicly traded companies are compounded on a quarterly basis, and
intra-quarter cash flows from investments in or proceeds received
from privately held investments are treated as inflows or outflows
of cash available to invest or withdrawn, respectively, for the
purposes of this calculation. 180 Degree Capital is an internally
managed registered closed-end fund that has a portion of its assets
in legacy privately held companies that are fair valued on a
quarterly basis by the Valuation Committee of its Board of
Directors, and 180 Degree Capital does not have an external manager
that is paid fees based on assets and/or returns. Please see 180
Degree Capital's filings with the SEC, including its 2023 Annual
Report on Form N-CSR for information on its expenses and expense
ratios.
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