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Parallel Tangent Capital. Releases Monthly Net Asset Value and Performance As Of 30 November 2024.

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Parallel Tangent Capital. (‘PTC” or the “Company”) today released its regular monthly Net Asset Value (“NAV”) and performance returns for the month of November on its website. The NAV and performance returns were calculated as of the close of business on 30 November 2024.

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Highlights Include :

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Share Price :                        $95.78

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Month To Date :                  4.27%

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Year To Date :                      26.39%

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Beta :                                      0.8853

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Dividend :                              2.61%

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Cash Position :                    17.66%

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Further details of Net Asset Values and Returns can be accessed on the website here.

Further details of all Monthly performance can be accessed here.

Specific details of Novembers can be accessed here 

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Management Commentary :

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Negatives : The fund experienced headwinds this month due to a strengthening U.S. dollar. As the fund is reported in USD, the nominal value of these currencies has been negatively impacted (for reporting purposes only), however, no material loss was incurred, furthermore, any positions that are USD denominated but primarily generate revenue in a currency other than USD have experienced a drop in share price. We expect this to be transitory and correct over the coming months. This was due to the US elections, worries over what the incoming president's policies may have on inflation, and the concern that rates may be higher for longer. We do not share this opinion at the current time and believe this is a result of opportunistic currency traders moving the price around—the announcement of RFK's appointment as HHS secretary pushed an already fragile biotech industry to new lows.

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Positives : The fund was underweight in health care and the appointment of RFK to HHS secretary permitted the opportunity to increase the fund's exposure to this sector, we are confident with this addition and took the opportunity to add some of the leaders in the Pharma industry to the portfolio, these have already proven to be promising additions to the fund, having waited a sustained period to make these purchases. Currently, we have very little exposure to China or any countries President Trump is expected to target with tariffs. We took profits primarily in Tech, Consumer Services and Consumer Cyclical and despite reducing our cash position we have decreased the overall volatility of the fund with a decrease in our Beta, which is still significantly lower than the SP500.

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Conclusion : We are pleased with the fund's performance this month and remain confident about the fund's continued success. It is challenging to compete with the SP500 in a rising market, which we continue to do, however, when the market pulls back, given our low-risk score, low beta and cash position we should not see the same pullback and given our cash reserves be well positioned to add stocks trading at a discount.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

 

All investments involve the possibility of profit and the risk of loss, including the loss of principal. This document does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. All information is current as of the date hereof and is subject to change in the future.

 

  1. Performance results are presented on a net-of-fee basis. Net returns reflect the deduction of, among other expenses, management fees, brokerage commissions and administrative fees, and include the receipt or reinvestment of all dividends, interest, and capital gains from our underlying portfolio companies. Parallel Tangent Capital (the“Company”) is not a Public Company and is structured as a private investment fund. The Net Asset Value ("NAV')per share is calculated using a constant formula to assist the reader in understanding the Net returns generated by the company and the NAV of the fund. The author believes this is an accurate representation of the performance of the Company. Depending on the timing of an individual investor’s specific investment, net performance for an investor may vary from the net performance as stated herein. Performance data and other information contained herein are unaudited but the author has undertaken to ensure the information is accurate except where decimal rounding is used. Performance is based on the dollar return for the specific period, including any dividend, interest or bond payments received by the Company, calculated from the beginning to the end of such period on a non-accrual basis, the aforementioned is only recorded upon receipt of payment.

  2. For the purpose of determining the equity and debt exposures, investments are valued based on stock price after the market closes on the last day of the month, should the market be closed on this date, the close price on the previous trading day will be used. 

  3. Large Cap is defined by companies with a Market Capitalisation of greater than $5 Billion, Mid Cap is defined by companies with a Market Capitalisation of no greater than $5 Billion but greater than $1 Billion and Small Cap is defined by companies with a Market Capitalisation less than $1 Billion. 

  4. Portfolio composition is calculated using the publicly disclosed sector allocation for each holding as of the date of this report. A position in an issuer is only assigned to a sector once it has been publicly disclosed.

  5. Where the Company holds shares in an ETF or a Publicly Traded Investment Holding Company, given the complex composition of those holdings it is not possible for the percentage allocated per sector to be valued precisely, therefore the combined value of these positions has been pro-rated based on the SP500 sector composition. These will be recalculated in January each year. For any ETF holding using the NSDAQ 100 or similar as its benchmark, given its Tech sector bias, the full amount has been allocated to the Tech percentage of the Company composition. The company may provide weightings for any ETF or similar upon request and no assumptions should be made regarding the weighting in the sector allocation. 

  6. Further information on how Beta and Interest is calculated can be accessed here.

  7. No assumptions should be made from any of the information provided on the PTC website and clarification should be prior to making any investment decisions.

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