Firsthand Technology Value Fund Reports Third Quarter Insights
Firsthand Technology Value Fund, Inc. (OTCQB: SVVC), recognized for investing in technology and cleantech sectors, recently shared its financial performance for the quarter ending September 30, 2024. As the tech landscape evolves, the Fund remains committed to its mission of fostering growth within this dynamic industry.
Financial Highlights and Asset Growth
As of the end of September 2024, the Fund boasts net assets amounting to approximately $1.5 million, translating to a net asset value of $0.22 per share. This marks a notable increase from roughly $1.0 million, or $0.15 per share, reported at the end of June 2024. The portfolio comprises both public and private securities valued at about $1.4 million, or $0.21 per share, which includes around $0.15 per share held in cash and equivalents.
Detailed Portfolio Summary
Within its diverse investment landscape, several key figures emerged. The Fund's equity and debt investments were evaluated at $0.43 million, yielding a per share value of $0.06. Meanwhile, the cash and cash equivalents stood at $1.00 million, equating to $0.15 per share. Additionally, other assets contributed approximately $0.78 million, or $0.11 per share. Collectively, total assets reached $2.21 million, corresponding to a value of $0.32 per share, while total liabilities accounted for about $0.67 million with a per share measurement of $0.10. Ultimately, the Fund's net assets exhibited a healthy rise, encapsulated by the earlier-mentioned figures.
Valuation Committee Actions
In the third quarter, the Valuation Committee, comprised of independent directors, undertook significant deliberations to adjust the fair values of the private companies within the Fund's portfolio. Their evaluations were carefully guided by comprehensive procedures and ASC 820 standards, factoring in insights from an independent valuation firm. Vital to this process were considerations such as portfolio companies' performance, recent trading activities, and shifts in market multiples affecting specific sectors.
Investment Income and Overall Performance
For the quarter concluding September 30, 2024, the Fund reported a total investment income of around $36,000. However, following the deduction of fees and expenses, the Fund recorded a net investment loss near $0.4 million. On a more favorable note, the Fund realized net gains—both realized and unrealized—amounting to about $0.9 million during the quarter, showcasing resilience and potential in its investment strategy.
Strategic Portfolio Management
Throughout the quarter, the Fund remained dedicated to managing its portfolio astutely, collaborating closely with portfolio companies and their respective management teams to enhance overall performance and identify prospective exit strategies.
Understanding Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. operates as a publicly traded venture capital entity focused on technology and cleantech investments. This unique approach allows the Fund to tap into innovation while seeking long-term growth. Additional insights and details regarding the Fund and its holdings can be accessed via their official website.
Contact Information for Inquiries
If you have questions or require further information, please reach out to:
Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com
Frequently Asked Questions
1. What is the current net asset value of Firsthand Technology Value Fund?
The net asset value is reported at $0.22 per share as of September 30, 2024.
2. How did the Fund's net assets change from the previous quarter?
Net assets rose from approximately $1.0 million to around $1.5 million from June 30 to September 30, 2024.
3. What were the total investment income and losses reported?
The Fund reported a total investment income of about $36 thousand and a net investment loss of approximately $0.4 million.
4. How does the Fund value its portfolio companies?
The Valuation Committee determines fair values based on independent evaluations, company performance, and market trends.
5. Where can I find more information about the Fund?
More details about Firsthand Technology Value Fund can be found on their official website.
