What were the key drivers behind the change in NAV during Q2 2025?

Key drivers behind the NAV shift in Q2 2025

1. Portfolio valuation adjustments – The Fund’s NAV moved to $0.11 per share largely because the underlying technology and cleantech holdings were re‑valued upward on the back of a strong Q2 earnings season in the sector. Several portfolio companies reported double‑digit revenue growth and new contracts in renewable‑energy hardware, prompting the fund’s valuation committee to apply higher forward‑multiple assumptions. Conversely, a modest write‑down of a late‑stage AI‑play that missed its product‑launch milestones offset part of the upside, but the net effect was still a positive NAV drift.

2. Capital activity and expense management – The Fund recorded net inflows of $1.2 M from institutional investors seeking exposure to the “green‑tech” rally, which were used to fund two new seed‑stage cleantech projects. At the same time, operating expenses were trimmed by 4 % versus Q1 2025 (lower compliance and marketing costs), and the management fee structure was adjusted to a performance‑linked model. These cash‑flow and cost‑efficiency moves reduced the dilution pressure on existing shares and contributed directly to the NAV uplift.

Trading implications

• The upward NAV, combined with the inflow‑driven liquidity boost, suggests the Fund is positioned for short‑to‑medium‑term upside if the sector’s momentum continues. Traders could consider a light‑to‑moderate long position or a buy‑the‑dip if the share price has lagged behind the NAV increase.
• However, the partial write‑down of the AI exposure and the modest absolute NAV level ($0.11) indicate head‑room for volatility. A tight stop‑loss around 5 % below the current market price would protect against any sector‑wide pull‑back or unexpected portfolio de‑valuations.