Summer of love for Symphony sends portfolio values soaring

 
Michael Bow
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INVESTMENT firm Symphony International, which owns firms that sell lifestyle goods to people in Asia, yesterday reported a jump in fund value on the back of a stellar summer for its business investments.

The London listed company, which backs a host of companies owning beach resorts, fast food restaurants and television stations, said the net asset value of the fund had increased from $430.1m to $462.7m (£268.4m to £288.7m).

This translates to a 7.6 per cent rise in the three months between 30 June and 30 September.

The firm said the increase was driven by double digit revenue growth across its listed investments, which comprises 60 per cent of the portfolio.

Symphony, which floated in London in August 2007, currently has investments in 11 companies, which forms its fund portfolio.

These include AFC Network, which broadcasts food and lifestyle programming across Asia, and Maison Takuya, which makes hand crafted leather accessories.

On Monday the firm announced it had placed 60 per cent of a new share placing to raise $100m from investors.

It said it was exploring around 15 investment opportunities.