Aberdeen Private Equity Fund Ltd APEF

Page 1 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise
Aberdeen Private Equity Fund Ltd
APEF
Morningstar Peer Group Classification
Private Equity
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To generate long-term capital gains through investment in a diversified
portfolio of private equity funds.
Valuation statistics (NAVs estimated1) GBX
13 Oct 2014
Price
84.88
Fair Cum NAV
114.59
Fair Ex NAV
114.59
Par Cum NAV
114.59
Par Ex NAV
114.59
Fair Cum Discount
-25.93
Fair Ex Discount
-25.93
Par Cum Discount
-25.93
Par Ex Discount
-25.93
Peer Group Discount
-13.22
-0.58
Z-Statistic2
12 m High
88.00
Low
74.00
114.59
100.67
-20.13
-28.88
Last Actual NAVs (GBX) as at 29 Aug 2014
Fair Cum NAV
112.59
Fair Ex NAV
Par Cum NAV
112.59
Par Ex NAV
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2014)
Market Capitalisation (GBP)
Net Dividend Yield6
Guernsey
09 Jul 2007
31 Mar
London (LSE)
Sep 2015
Monthly
Annual
135.1m
125.1m
109,131,199
108
90
0.026m
0.036m
1.99%
92.6m
2.36%
Performance (Total Return %)8 GBP
1 month 3 months
Price
-2.16
+6.78
NAV
0.00
+9.88
Peer Group (Price)
-4.72
-4.08
Peer Group (NAV)
-0.45
+1.49
Benchmark
-8.61
-6.11
6 months
+9.81
+6.34
-1.68
+6.48
-5.21
1 year
+5.48
+12.60
+2.92
+9.98
-2.20
YTD
+12.65
+15.88
-1.86
+8.49
-7.02
3 years
+65.33
+20.56
+64.03
+26.26
+59.77
5 years
+72.31
+40.45
+68.30
+49.94
+76.14
Peer Group: Morningstar IT Private Equity P
Morningstar Benchmark: LPX Composite Index
Fund distributions reinvested on ex-dividend date8
Dividend Yields over 5 years (or since inception)
Dividend Policy
The fund intends to pay annual dividends
Year-on-Year Dividend Growth % (financial year 31 Mar)
2015
0.00
2014
0.00
2013
0.00
2012
-
2011
-
Distributions (GBP) over 5 years (or since inception)
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.00
3 years
0.00
4 years
0.00
5 years
0.00
Directors
Howard Myles (Chairman), David Copperwaite, Philip Hebson, David
Staples
Fund Manager: Alex Barr (19 Nov 2009) / David Boyle (19 Nov 2009)
Aberdeen SVG
Bow Bells House, London, UK, EC4M 9HH
Telephone: +44 (0)20 7463 6000
Website: www.aberdeenprivateequity.co.uk
Stockbroker: N/A
Management Fee Summary
Management fee equal to 1.5% of the Net Asset Value per Share Class.
Performance Fee will be 10% of the total increase in the Net Asset Value,
subject to an 8% return and a high watermark.
Latest Dividend History (GBp)
Type
Income
Income
Income
Dividend Declared Date
2.000
24 Jun 14
2.000
04 Jul 13
2.000
20 Jun 12
Ex Div Date
20 Aug 14
14 Aug 13
15 Aug 12
Record Date
22 Aug 14
16 Aug 13
17 Aug 12
Payment Date
19 Sep 14
27 Sep 13
20 Sep 12
Financial Year
2014
2013
2012
Initial Public Offering
130,142,311 Ordinary shares at 1.00 GBP on 09 Jul 2007 raising 130.1m gross and 126.2m net of expenses
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Page 2 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise
Aberdeen Private Equity Fund Ltd
APEF
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
0.12
-0.50
0.14
3.17
14
11
11
9
3
6 months
0.04
-0.17
0.04
1.32
12
8
10
10
5
1 year
0.78
-0.26
0.05
0.58
12
8
11
10
4
3 years
0.55
-0.01
0.75
16
8
13
11
4
5 years
0.61
0.01
0.00
0.81
18
9
16
13
6
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 31 Jul 2014
Northzone VI LP
Thomas H Lee Fund VI
Lion Capital Fund III LP
Tenaya Capital V LP
Silver Lake Partners III LP
Thoma Bravo Fund IX LP
Rho Ventures VI LP
Pine Brook Capital Partners LP
HIG Bayside Debt & LBO
StepStone International Investors III LP
Total
Capital Structure
Number of Shares
109,131,199
Loan CCY
GBP
10.8%
9.0%
7.0%
6.9%
6.3%
5.8%
5.4%
5.1%
4.6%
4.5%
65.1%
Share Type
Ord
£m
10.0
Redemption
Coupon
-
Price
+12.65
+13.72
+37.08
-25.36
+34.62
+18.86
+117.18
-3.67
-2.64
NAV Peer Price
+15.88
-1.86
+0.05
+38.60
+5.61
+24.46
+11.20
-18.52
+7.92
+24.53
-17.51
+29.06
+25.54
+218.00
+22.50
-21.85
+24.47
-23.31
Peer NAV Benchmark
+8.49
-7.02
+12.94
+37.88
+3.03
+25.99
-3.53
-17.40
+17.98
+37.42
-20.52
+34.17
+26.68
+291.19
-11.86
+13.79
-12.11
+1.79
Wind-up Provisions/Buy Back Policy
The Company has no fixed wind up date. A continuation resolution was passed at the 2013 AGM and will be
proposed at every third AGM thereafter. As part of the discount control mechanisms, the Board may consider
implementing a Share buy-back at each quarterly Board meeting should the Shares have been trading at a discount
to NAV of 10% or greater for more than 90 days. The Company has the authority to purchase in the market up to
14.99% of its own issued Shares of each class. The Directors intend to seek annual renewal of this authority from
Shareholders at each AGM. Any shares bought back may be cancelled by the Company or, subject to applicable
laws, held in treasury for re-sale.
Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions
respectively.
2
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included).
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
3
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
4
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns.
5
The figure shown is the annualized Sharpe Ratio.
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
1
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an
estimation of its value calculated using points over gilt methodology.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of
warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more
detailed methodology document please contact FD.Support@morningstar.com
Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the
past year, calculated as (Current Discount – Mean) / Std Dev
Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a
percentage. Cash and fixed interest represents not-equity exposure.
Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
Average Net Assets
Period
2014
2013
2012
2011
2010
2009
Since FTSE 2009 Low (13 Mar 09)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
6
7
8
9