LCA makes first consecutive NAV growth returns since its launch

Low Carbon Accelerator (LCA) has announced the first two consecutive quarters of NAV growth since its launch in 2006.

For the year ended 30 November 2009, the vehicle enjoyed a NAV per share of 50.3p in Q4, up from 44.9p in Q3. Overall NAV increased 14% during the second half of the year to £43.28m. Two portfolio holdings account for £10.2m of this uplift. Chief investment officer Steve Mahon says the improved returns were the result of taking a more concentrated approach to the portfolio at the end of 2008. “In September 2008, we decided to no longer make new investments and reduce our portfolio to focus on the best performers,” he says. “The better companies take three to four years to reach ...