Since the early trade today, Navigator Global Investments Limited (ASX: NGI) has been hitting the ground on Australian Securities Exchange. The market got bearish as the listed investment manager pitched the update on its Assets Under Management. At the time of writing, Navigator’s share price has nosedived 4.948% or $0.240 to stand at $4.610.
In today’s announcement to ASX, Navigator Global provided an update on its Investment performance, Net cash flows, Assets Under Management, and the justification to the change.
As at 30 September 2018, NGI’s total Assets Under Management has been estimated to USD 16.14 billion, comprising of USD 6.31 billion in Commingled Funds and USD 9.83 billion in Single Investor Customized Solutions. These figures are said to be the estimates as they are subject to the change that may occur corresponding to the revision undertaken with the 20 business days of the month, and upon final audit.
Meanwhile, the net cash flows for September 2018 quarter have gone down by USD 0.65 billion on the back of redemption of Mesirow Advanced Strategies (MAS) assets. It comes after the Navigator Global Investments has acquired $5.39 billion assets from Mesirow Advanced Strategies, the multi-manger hedge fund segment of US-based Mesirow Financial. The acquisition bid was first out in the market in May this year and has taken a final close on 1st July 2018 with the contingent consideration estimated to around US$ 10 Million, to be paid over the period of 7 years.
Navigator Global, the holding of US-based Lighthouse Investment Partners, LLC, stated that net flows resulting into outflow of USD 0.40 billion in Commingled Funds and USD 0.25 billion in Single Investor Customised Solutions, includes advance payments received by hedge fund manager Lighthouse in respect of applications and redemptions effective 1 October 2018. Further, the company expects higher level of investor redemption activity from transition of MAS assets.
On the performance front, company has reported upswing of USD 0.07 billion in September quarter which includes USD 0.09 billion improvement in Single Investor Customised Solutions performance, utilized to set off USD 0.02 billion decline in Commingled Funds. The performance data includes investment performance of the Lighthouse Funds, market movement and the impacts of foreign exchange. Further, the company has posted performance estimates of 0.30% and -0.35% for select Lighthouse Commingled Funds including Lighthouse Diversified Fund Limited and Lighthouse Global Long/Short Fund Limited, respectively. The returns from these Lighthouse funds are net of all fees and expenses, including reinvestment of earnings.
Whereas the opening balances of Assets Under Management as on 1 July 2018 has been adjusted for reclassification. Approximately USD 300 million of AUM have been reclassified from Single Investor Customised Solutions to Commingled Funds on the review of assets undertaken at the time of assets acquisition from Mesirow Advanced Strategies (‘MAS’).
The stock of Navigator Global Investments Limited is trading at $4.610, down 4.948%, as at 16 October 2018 (2:19 PM AEST) with market capitalization of $786.42 million, before market close. However, the stock has seen a performance change of attractive +57.98% over the past one year.
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