IMF Bentham (IMF) continues to build operational momentum as the company seeks to further grow its investment portfolio while also diversifying by jurisdiction. Recent results suggest management are executing well, with IMF’s investment portfolio now standing at a record $3.44bn. We continue to like the evolving strategy of diversifying by geography, which acts to mitigate concentration risks. IMF has a substantial investment portfolio in North America, which at $1.6bn now accounts for 46.5% of IMF’s total portfolio.
The company remains well placed with a strong balance sheet. As at 30 June 2016, IMF had net cash of $63m. Management noted that a substantial amount of cash has been received since balance date, so IMF’s net cash balance at the time of writing is likely closer to $100m. This provides IMF with the financial strength to continue investing for growth over the medium term.
