Highlights from the quarter ending 30 June 2023

Punakaiki Fund’s report for the quarter to 30 June 2023 showed an uptick in valuations as our companies emerged out of post-Covid gloom.

Punakaiki Fund Total Asset Value ($ millions)

PFL June Asset Value Chart

Here are some of the highlights from the report:

      • Our asset value per share rose from $32.88 as at 31 March, 2023 to $33.45 as at 30 June, 2023. The investor net asset value per share, which is the net asset value less the impact of the performance fee, was $32.29 per share, up from $31.67 at year end

      • Our top 10 investments all recorded annualised revenue of over $2.5 million, with the three non-SaaS businesses easily exceeding $100 million in revenues collectively, while the seven SaaS businesses combining to be over $42 million

      • The trailing 12-month revenue from all companies set another record, at $170.9 million, and the equity-weighted revenue was $58.5 million. We have always seen that growth and size are the two output measures that show the value of a company, and are very happy with the portfolio 

      • We were also happy, after the quarter-end, to receive just under $500,000, mainly from the escrowed returns from the sale of Moxion, as well as a payment from the sale of our Everedge shares.

    Outsized Returns

    Of course, success is not true for every company (as we saw with Melon Health being placed into receivership earlier this year). It’s natural for companies to experience periods of stagnated revenue, and while we proactively account for such periods with corresponding markdowns of those companies’ valuations in our portfolio, our long-term buy-and-hold strategy remains largely unaffected.


    Pleasingly, Punakaiki Fund was approved as an ‘Acceptable Managed Fund’ for the New Zealand Government’s Active Investor Plus Visa. This is a fantastic opportunity to amplify our reach. See our story about it here.


    Shareholders can read the quarterly report here.