SVG announces 2004 first half results

SVG has announced a 4.7% increase in the value of the investment portfolio. The portfolio valuation was adversely affected by particularly large foreign exchange movements, resulting in fully diluted net assets per share increasing by 1.0% to 463.4p. Realisations during the period showed an average of 63% premium to December 2003 valuation. The group has shown compound growth in net assets per share over five years of 7.3%, compared to negative compound return of -5.4% in the FTSE All-Share. The SVG fund advisory business now advises six funds with combined third-party funds under management and commitments of over E1bn, compared to E500m in the year to June 2003. Schroders Private Equity Fund of Funds II closed ahead of target at E285m.

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