180 Degree Capital (TURN) - 2023 Q1 - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company achieved a 5.7% increase in the value of public-related securities, contributing to a 3% increase in NAV for the quarter [4] - The book value increased to $6.52, with public assets representing nearly 88% of the total book value, approximately $6 per share [4][5] Business Line Data and Key Metrics Changes - The private portfolio experienced a slight decline, with AgBiome being the only notable holding that saw no change in value [5] - The company has made significant progress towards having 100% of its portfolio in easily valued public-related securities, with nearly 90% now in liquid assets [5][6] Market Data and Key Metrics Changes - The company's public holdings outperformed the Russell Microcap Index, achieving a 5.7% positive return compared to a 2.9% decline for the index [14] - The company noted a significant discount in its stock price, trading at 67% of its book value, prompting a share buyback of over 370,000 shares [7][8] Company Strategy and Development Direction - The primary focus remains on investing in mispriced equities while also executing a $5 million share repurchase program [8] - The company aims to narrow the discount at which its stock trades relative to NAV by increasing the proportion of liquid assets in its portfolio [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround in public holdings, despite ongoing challenges in the financial markets [4][7] - The company anticipates that the restructuring of its private portfolio will lead to improved performance and shareholder value in the long term [9][12] Other Important Information - The company reported regular operating expenses of approximately $910,000 for Q1 2023, an increase from $859,000 in the prior year [17] - The Board of Directors approved EisnerAmper as the independent auditor for fiscal year 2023, expected to result in cost savings [18] Q&A Session Summary - No questions were recorded during the Q&A session, indicating a lack of immediate inquiries from participants [20][22]