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Symphony hits the right notes
EMERGING market money manager Symphony International, which taps into Asia’s growing consumer spending, yesterday said it boosted fund value by almost 12 per cent last quarter due to surging revenues from its companies.
Symphony, based in Hong Kong, invests in a vast array of consumer staples across Japan, Singapore, Thailand and Vietnam, including hotels and chain restaurants.
The company increased its net asset value by 31.8 per cent between September and December. Stripping out the effects of a $100m (£66m) rights issues made in October, net asset value (Nav) increased 11.7 per cent. Its UK-listed shares currently trade at about a 43 per cent discount to the Nav, Symphony said.