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” or the “Company”) has recently shared its financial results for the period ending June 30, 2024, along with updates and strategies for the third quarter of 2024. The Company is committed to enhancing shareholder engagement by providing detailed insights into its progress and developments.
“Our portfolio has not been immune to the market challenges that emerged in the second quarter of 2024, especially affecting small and micro-cap stocks,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “We are seeing capital moving away from these sectors and concentrating in a few large-cap companies. Throughout my 35-plus years in this industry, I have witnessed similar periods of market dislocation. Historically, these dislocations eventually lead to a return of market breadth, allowing capital to flow back into smaller stocks. Such shifts can be rapid and volatile, as we observed in the early part of the third quarter of 2024. While past trends do not guarantee future results, we believe our portfolio companies are well-equipped to execute their business strategies, and a resurgence of capital into micro-cap companies could significantly boost our net asset value in the current and future investment cycles.”
Daniel B. Wolfe, President of 180 Degree Capital, added, “We used the second quarter of 2024 to reposition 180 Degree Capital, aiming to take advantage of certain catalysts we anticipate will materialize in the latter half of 2024 or early 2025. Part of our strategy involved increasing our stakes in companies that we believe hold the highest potential for value appreciation, including a new investment in Aviat Networks, Inc. (AVNW). As we have stated before, we are long-term investors, not traders. We prefer that catalyst events unfold more swiftly than they typically do, which is where our proactive activism comes into play, helping management teams unlock value.”
Performance Overview Through Q2 2024
In its report, 180 Degree Capital highlighted several key performance metrics up to the end of Q2 2024:
For the TURN Public Portfolio Gross Total Return (excluding SMA Carried Interest): -10.2% for Q2 2024 Year-to-Date: -5.9%, 1 Year: -12.3%, 3 Year: -46.0%, 5 Year: 14.6%, Inception to Date: 166.2%.
For the TURN Public Portfolio Gross Total Return (including SMA Carried Interest): -10.2% for Q2 2024, Year-to-Date: -5.9%, 1 Year: -12.3%, 3 Year: -44.5%, 5 Year: 22.3%, Inception to Date: 183.6%.
The change in NAV showed a decline of -12.8%, while the stock price reflected a decrease of -11.7%. In comparison, the Russell Microcap and Growth Indices experienced declines of -5.3% and -7.2%, respectively, during Q2 2024.
Conference Call Announcement
Mr. Rendino and Mr. Wolfe will host a conference call to discuss the Q2 2024 results and developments for Q3 at 9 AM Eastern Time. Participants can join the call by dialing (609) 746-1082 and using passcode 415049. Additional details and reference slides will be 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 that focuses on investing in and providing strategic support to what it identifies as significantly undervalued small publicly traded companies with potential for substantial turnarounds. The Company aims to use its activism to drive 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 encountered market turmoil, particularly affecting small and micro-cap stocks, which has led 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 investing in companies with promising potential, all aimed at enhancing 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 reach out to Daniel B. Wolfe at 973-746-4500 or via email at ir@180degreecapital.com for any further inquiries.
