180 Degree Capital Corp. Announces NAV of $4.50 as of June 2024
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180 Degree Capital Corp. Reports NAV of $4.50 as of June 30, 2024
MONTCLAIR, N.J. — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”) recently reported its financial results as of June 30, 2024, while also discussing its strategies and updates from the third quarter of 2024. The Company is keen on improving shareholder engagement through detailed reports on their progress and developments.
“Our portfolio holdings were not immune to the market turmoil that resumed in the second quarter of 2024, particularly for small and micro-cap stocks,” stated Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “Capital continues to flow out of these sectors and into a limited number of large-cap companies. Throughout my 35-plus-year career, I have witnessed similar periods of dislocation. If history is a guide, every dislocation eventually returns to normalized market breadth, and capital will find its way back to smaller stocks. Such movements tend to be rapid and volatile, as observed in the early part of the third quarter of 2024. While historical trends do not guarantee future outcomes, we are confident that our portfolio companies are well-positioned to execute their business strategies, and the return of capital to micro-cap companies could significantly enhance our net asset value in this and upcoming investment cycles.”
Daniel B. Wolfe, President of 180 Degree Capital, added, “We utilized the second quarter of 2024 to reposition 180 Degree Capital to capitalize on certain catalysts anticipated to occur in the latter half of 2024 or early 2025. Part of our strategy included increasing stakes in companies we believe present the highest potential for value appreciation, including a new investment in Aviat Networks, Inc. (AVNW). As reiterated previously, we are long-term investors rather than traders. We prefer catalyst events to unfold more quickly than they usually do, which is where our proactive activism comes into play, assisting management teams in unlocking value.”
Performance Overview Through Q2 2024
As part of the report, 180 Degree Capital highlighted key performance metrics through the end of Q2 2024:
TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest): -10.2% for Q2 2024 YTD: -5.9%, 1 Year: -12.3%, 3 Year: -46.0%, 5 Year: 14.6%, Inception to Date: 166.2%.
For TURN Public Portfolio Gross Total Return (Including SMA Carried Interest): -10.2% for Q2 2024, YTD: -5.9%, 1 Year: -12.3%, 3 Year: -44.5%, 5 Year: 22.3%, Inception to Date: 183.6%.
Change in NAV exhibited a decline of -12.8%, while the change in stock price reflected a decrease of -11.7%. In comparison, the Russell Microcap and Growth Indices saw declines of -5.3% and -7.2%, respectively, throughout Q2 2024.
Conference Call Announcement
Mr. Rendino and Mr. Wolfe will lead a conference call to discuss Q2 2024 results and Q3 developments at 9 AM Eastern Time. Participants can access the call at (609) 746-1082 with passcode 415049. Further details and reference slides will be made available on the Company's investor relations website.
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund dedicated to investing in and providing strategic assistance to what it identifies as substantially undervalued small publicly traded companies with potential for significant turnarounds. The Company aims for its activism to facilitate a turning point in the share price of its investments.
For more information, please contact:
Daniel B. Wolfe
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com
Frequently Asked Questions
1. What is the current NAV per share for 180 Degree Capital Corp.?
The current net asset value (NAV) per share for 180 Degree Capital Corp. is $4.50 as of June 30, 2024.
2. What challenges has 180 Degree Capital faced recently?
180 Degree Capital has faced market turmoil, particularly with small and micro-cap stocks, leading to capital flowing towards larger companies.
3. What strategies is 180 Degree Capital implementing for future growth?
The Company is focusing on constructive activism and is investing in companies with promising potential, aiming to enhance shareholder value.
4. When will the conference call discussing the Q2 results take place?
The conference call regarding the Q2 results is scheduled for 9 AM Eastern Time on August 20, 2024.
5. How can I contact 180 Degree Capital for more information?
You can contact Daniel B. Wolfe at 973-746-4500 or email at ir@180degreecapital.com for further inquiries.
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