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The 2Q trading update noted i) NAV per share of 630p and NAV of £1,119m, ii) a total NAV return per share of 11% since 31 March 2022 (+61p) and of 17% since 31 December 2021 (+94p), iii) £30m in new investments during the period, iv) ca.£112m share of sale proceeds expected post period-end, and v) new £100m revolving credit facility adds flexibility and liquidity. 67% of the increase in the portfolio's value came from EBITDA growth and 33% from multiple expansion, the latter driven by signed exits in the period, all of which were at significant premiums to prevailing book value. Of the 63p NAV gain, 46p came from valuation gains, 11p from forex and 2p from dividends, and share buybacks added 1p.
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