‘s ( ) a private markets . Having mostly gone sideways in 2024, shares in the member currently trade at around £24.50.
The firm has some impressive businesses with strong growth potential in its portfolio. But the most interesting thing might be the price at which the stock’s trading. Harbourvest’s portfolio Harbourvest offers a way of getting exposure to some really interesting businesses.
Its portfolio includes some companies that investors have probably heard of, but aren’t able to invest in. One example is Shein – the online fashion retailer that seems to be taking the world by storm. The firm’s rumoured to be exploring a potential listing on the UK stock market in 2025.
Another is Action, a European discount retailer that’s been growing impressively. Its success is one of the key reasons ‘s been one of the best-performing UK stocks over the last decade. There are others, such as Discord, Databricks, and Figma.
But despite having some very interesting assets, shares in Harbourvest are trading below their net value. Buying at a discount Harbourvest’s net asset value (NAV) is estimated to be around £40.50 a share, but the stock’s trading at around 60% of this.
That means every 60p invested buys assets with a net value of £1. By itself, this doesn’t make the stock an opportunity. In theory, the discount to NAV can persist indefinitely, meaning investors have no way of realising the underlying value of what they own.
In practice, this might be unlikel.
