|Tera Global Innovation Fund||Price: $57.57|
(Tera Innovation LP Distributions: ’19-$43.45- Return of Capital)
The Innovation Fund finished the year at $57.57.
The LP continues to winddown holding no public holdings and 5 private companies. ViceCrop, Pesa and Solace have larger positions in the portfolio with Redwolf and Iotum being small. There were no additional investments in either existing holdings or new opportunities. As each company becomes liquid, the capital will be returned to the unitholders.
There was no change in value to the portfolio companies in 2020. All 5 companies remain in full operation in a disruptive and uncertain time. The primary assets in the portfolio are ViveCrop (www.vivecrop.com), PESA (www.pesa.com), and Solace (www.solace.com). We encourage you, if interested, to take a look at the websites of the investments. While these companies have been in the portfolio for many years (two were start-ups), the opportunity for a cash-out from at least one in 2021 exists.
The 1.8% drop in NAV was driven primarily from one time yearend accounting, audit, legal and regulatory costs.
As the LP contains private companies only, comments and pricing will be distributed and updated quarterly, unless there is a material transaction in the interim. Distributions will occur with liquidity events.
*Commissions, management fees, performance fees and expenses all may be associated with investment funds. Please read the limited partnership/trust agreements before investing. The returns are the simple rates of return (1 month, year to date) or the historical annual compounded total returns (2 yr, 3 yr and 5yr). All returns are net of fees and in Cdn$. Rates of return shown do not take into account income taxes payable by any security holder or other charges that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.