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180 Degree Capital Corp. (NASDAQ:TURN) reported an increase in its Net Asset Value per Share (NAV) to $5.16 as of March 31, 2024, up from $5.02. This growth was driven by a 4.7% gross total return in their public portfolio. Despite market pressures on microcapitalization stocks since mid-March 2024, the company views this period as an opportunity to realign and strengthen their portfolio. TURN's unique strategy involves constructive activism and a concentrated portfolio of 10-15 microcap companies. Long-term performance shows varying results with a notable 196.3% gross total return since Q4 2016. However, NAV declined by 37.7% since inception.
The company also highlighted the ongoing disparity between large-cap and microcap stocks, considering it a chance for long-term value creation. A conference call to discuss the results and developments is scheduled for May 14, 2024, at 9am ET.
180 Degree Capital Corp. (NASDAQ: TURN) will report its first quarter 2024 financial results on May 13, 2024, followed by a conference call on May 14, 2024, to discuss updates. The company's investor relations website will host presentation materials and a replay of the call.
180 Degree Capital Corp. noted a 14% average discount between its estimated daily net asset value per share and stock price in April 2024, and a 20% discount year-to-date. The company plans to evaluate discounts as part of a Discount Management Program. Kevin M. Rendino discussed challenging market conditions but expressed confidence in the value creation potential for shareholders.