OREANDA-NEWS. Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the first quarter ended ended March 31, 2016.

As of March 31, 2016, the Fund’s net assets were approximately $167.6 million, or $21.75 per share, compared with net assets of approximately $175.6 million, or $22.79 per share as of December 31, 2015. As of March 31, 2016, the Fund’s portfolio included public and private securities valued at approximately $167.2 million, or $21.71 per share, and approximately $19.4 million, or $2.52 per share, in cash.

Portfolio Summary (as of 3/31/16)

Investment Fair Value1 Fair Value 
per Share1,2
Equity/Debt Investments $167.23 million $ 21.71  
Cash $19.42 million $ 2.52  
Other Assets $1.39 million $ 0.18  
Total Assets $188.05 million $ 24.41  
Total Liabilities $20.48 million $ 2.66  
Net Assets $167.56 million $ 21.75  
 
1Numbers may not sum due to rounding.
2Total shares outstanding: 7,702,705
 

During the first quarter of 2016, the Valuation Committee, which is composed of four 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 the first quarter of 2016, the Fund earned approximately $159,915 in interest income. The Fund reported a net investment loss of approximately $1.04 million. The Fund reported net realized and unrealized losses on investments of approximately $6.97 million for the quarter.

The Fund benefited from the sale of Tapad to Telenor during the quarter. The acquisition, announced in February and closed in March, generated proceeds of  $17.3 million to the Fund in the first quarter. The Fund booked a realized gain of $7.2 million on the sale, representing a 70% gain on its investment. The Fund also liquidated a portion of its holdings in Mattson Technologies during the quarter, realizing a modest gain. The Fund realized a loss during the quarter on the sale of Gilt Groupe to Hudson’s Bay Company. As of March 31, 2016, the Fund’s net realized gain for the year stood at approximately $3.3 million.

Throughout the quarter, 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.

About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies.