We are delighted to finally release the September NAV.
On January 23rd, EPF did release the September NAV which had been approved by the new board of directors. EFA produced the September NAV but unfortunately took the decision not to release the related contract notes. EFA decided not to extend the service contract with LFP 1 and left the publication of the NAV and issuing of contract notes for new administrators.
We are pleased to announce that Amicorp is appointed as administrator of EPF. To select a new administrator, we first needed the approval of the regulator the CSSF which was duly granted. The new administrator had to import the complete EPF administration into their system including all historical data to produce the NAV’s. Unfortunately, but unsurprisingly this process took some time to complete.
We appreciate that many were worried about the late release of NAV”s, but we are happy to inform you that Amicorp is busily processing the outstanding NAVs on short notice. We expect further NAVs to be released in days and weeks and not months!
In the meantime, we are able to inform you that, in the middle of March, the fund invested €25 M in new transactions. Of course, we still had a cash drag for the calculation of September (52 %) which had an impact on the performance of the fund. The cash drag continued to affect performance until February 2019. However, despite this negative influence, the fund produced positive results for all months!
EPF has been very fortunate to experience a considerable inflow of funds during this period despite the difficulties we were encountering. These new funds will have a very positive influence on performance as they are allocated to investments.
We wish to put on record our appreciation of the new board of directors, namely, David Mapley, Tudor Fedeles and Jacques Bossuyt for their efforts and support that enabled us to overcome the unwarranted difficulties that we faced. Sincerest thanks to our investors for their support and trust in the EPF during our recent issues, your faith and confidence in EPF will be rewarded. We are very confident that EPF will produce excellent performance in 2019.