MONTCLAIR, N.J., Aug. 19, 2024 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) ("180 Degree Capital" and the "Company"), today reported its financial results as of June 30, 2024, and noted additional developments from the third quarter of 2024. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.
"Our portfolio holdings were not immune to the market turmoil that resumed in Q2 2024, particularly for small and microcapitalization stocks," said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. "Capital continues to flow out of small and microcapitalization stocks and into a small number of large capitalization companies. I've seen similar periods of dislocation like this during my 35-plus-year career. If history repeats itself, at some point each of these dislocations is likely to revert to more normalized market breadth and capital returns to small and microcapitalization stocks. These moves can be quick and volatile, like we saw in the first part of Q3 2024. While past trends are not a guarantee of what the future will hold, we believe this time is not different. We believe our portfolio companies are well positioned to execute on their businesses and that, coupled with capital returning to small and microcapitalization companies, could lead to material appreciation in our net asset value during this and future investment cycles."
"We used Q2 2024 to position 180 Degree Capital to take advantage of certain catalysts that we believe have the potential to occur in the second half of 2024 or early 2025," continued Daniel B. Wolfe, President of 180 Degree Capital. "These steps include adding to positions that we believe have the best opportunities for value appreciation, including a new position in Aviat Networks, Inc. (AVNW). As we have said in the past, we are investors, not traders. We would always like the catalysts identified to occur more quickly than they often do in real life. This is where our constructive activism is used to try to help management teams and boards drive to outcomes that unlock value, and it is where we are spending significant amounts of time."
The table below summarizes 180's performance over periods of time through the end of Q2 20241:
Quarter
YTD
1 Year
3 Year
5 Year
Inceptionto Date
Q2 2024
Q4 2023-Q2 2024
Q2 2023-Q2 2024
Q2 2021-Q2 2024
Q2 2019-Q2 2024
Q4 2016-Q2 2024
TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest)
-10.2%
-5.9%
-12.3%
-46.0%
14.6%
166.2%
