As of Friday, November 20, QWI emerged as the top JSE listed fund, beating the performance of local stocks by a huge margin, after outperforming the market in 2019. QWI also has the highest discount to Net Asset Value (NAV) currently.
QWI Investments announced its NAV per share as of November 20, at $1.06, a gain of 2 cents for the past week. At the same time, the stock closed at 72 cents, on the Jamaica Stock Exchange for a discount of 32 percent to the Net Asset Value. While the NAV increased, the stock price has fallen to stretch the already overly deep discount. A return of the stock price to NAV would provide a return of 41 percent on the current stock price.
Since the start of the year, QWI Investments’ NAV has outperformed local stocks with the NAV down 16.5 percent while local stocks are down on average 31 percent, with investors marking the price down more than other equity funds.
The discount to Net Asset Value for QWI narrowed in June, widened in August but narrowed again in September and has now widened once more, with the value rising and the price dropping. The average discount from the start in October 2019 is 21 percent, with a low of 5 percent on March 27 and a high of 33 percent in July. The average discount from the start of trading was 18 percent up to the end of June, which is closer to the discount of the others.