Apax Global Alpha records double-digit NAV growth in 2020

British investment trust Apax Global Alpha said on Tuesday that its adjusted net asset value per share had grown by double-digits in 2020.

Apax's adjusted NAV grew from £924.0m to £1.07bn, delivering a total NAV return of 14.8%, or 21.6% at constant currency rates.

The company said it benefitted from its sector-driven strategy and portfolio weighting towards tech and digital business, which proved "more resilient" against the impact of Covid-19.

Apax also continued to increase its exposure to private equity, making up 71% of its investment portfolio at the year-end after deploying €69.4m into private equity over the year - 45% of which was in the technology sector.

Apax declared a dividend of 5.28p per share for the full year, in line with its stated policy of distributing 5% of NAV per annum.

Chairman Tim Breedon said: "While progress in developing and deploying a range of vaccines against Covid-19 is encouraging, the outlook remains uncertain.

"Against the current market backdrop, the resilience of the portfolio and AGA's sector-driven strategy means the Company should continue to provide long-term value generation opportunities and attractive income for shareholders."

As of 0945 GMT, Apax shares were up 1.14% at 218.46p.