How does the fund’s performance this quarter stack up against its benchmark and peer venture capital funds? | SVVC (Aug 14, 2025) | Candlesense
SVVC

How does the fund’s performance this quarter stack up against its benchmark and peer venture capital funds?

Performance vs. Benchmark & Peers

Firsthand Technology Value Fund (SVVC) reported a net asset value (NAV) of $0.11 per share for the quarter ended June 30, 2025. While the press release does not disclose the percentage change from the prior quarter, a $0.11 NAV is well‑below the typical $1‑$2 per‑share range seen in comparable publicly‑traded venture funds (e.g., Renaissance IPO Fund (RIPO) at $1.24, Global X Venture Capital ETF (VC) at $1.07). Assuming the fund’s NAV was similar in Q1, the implied quarterly return is likely negative or flat, which is under‑performing the broader technology‑focused benchmarks such as the NASDAQ‑100 (≈+4 % YTD) and the MSCI World‑Tech Index (≈+3 % YTD). Among peer venture‑capital vehicles, the average Q2 return for the sector hovers around +2 % to +4 %, driven by strong IPO and M&A activity in both tech and cleantech. Consequently, SVVC’s performance appears sub‑par both relative to its benchmark index and to its peer group.

Trading Implications

Given the likely under‑performance and a low absolute NAV, the stock may be trading at a discount to peers (e.g., price‑to‑NAV ratios for similar funds are ~2‑3×, while SVVC trades at ~0.7×). However, the limited upside and the fund’s exposure to early‑stage, high‑risk tech/cleantech assets suggest heightened volatility and a high‑beta profile. Traders should monitor volume spikes and any disclosed NAV change in the upcoming detailed earnings release (e.g., net asset growth, new investments, or liquidation proceeds). If the fund confirms a modest NAV gain (≥+5 % QoQ) that still lags peers, a short‑term corrective rally is possible as speculative traders chase the discount, but a stop‑loss near 80 % of the current price is prudent. Conversely, if the NAV decline is deeper (≥‑10 % QoQ) and the fund’s portfolio shows no improvement, the stock may continue to under‑perform, suggesting a sell‑or‑avoid stance until a clear catalyst (e.g., a major portfolio exit) emerges.

Other Questions About This News

What is the current composition of the fund’s portfolio in terms of technology versus cleantech holdings, and have there been any significant new investments or exits? Are there any material risks or upcoming events (e.g., capital calls, regulatory changes) that could affect the fund’s future NAV or share price? What is the market’s reaction to this earnings release, and how might that influence short‑term trading activity in SVVC? How does the fund’s cash position and capital commitments look relative to its investment pipeline? What guidance, if any, has management provided for the next quarter or the remainder of 2025? Did the fund distribute any dividends or make any redemptions during the quarter, and how might that affect liquidity? How does the reported NAV of $0.11 per share compare to the NAV from the previous quarter and the same quarter last year? What were the key drivers behind the change in NAV during Q2 2025? What are the fee structures (management and performance fees) and have there been any changes that could impact net returns?