Sterling slump post Brexit helps 3i boost Q1 NAV

Infrastructure investment group 3i said first quarter net asset value rose to 538p a share, up from 463p at the end of March as the company's portfolio benefited from the slump in sterling after the UK's vote to leave the European Union.

The company said its private equity portfolio continued to perform well in the quarter despite the “challenging macroeconomic and market conditions”.

“Overall, our decision to adjust multiples to reflect sector and multiple trends helped to mitigate the immediate impact of the market volatility caused by the result of the EU referendum,” 3i said.

“Our exposure to the sectors which have experienced the most obvious challenges over the last 12 months remains limited and, while we cannot be immune to what we expect will be a volatile and challenging period, we expect the portfolio to be generally resilient as the wider implications of Brexit unfold.”