Firsthand Technology Value Fund Reports Decrease in Net Asset Value to $837.2 Million

Firsthand Technology Value Fund, Inc. reported a net asset value of $837.2 million as of March 31, 2025, a decrease from $1.06 billion at the end of the previous fiscal year. The fund's total assets also fell to $1.49 billion from $1.80 billion, primarily due to a decline in the market value of its investments. The total market value of investments decreased to $698.2 million from $1.06 billion, reflecting a significant drop in the value of both affiliated and controlled investments. The net asset value per share decreased to $0.12 from $0.15, indicating a challenging quarter for the fund.

In terms of operational performance, Firsthand reported total investment income of $5,965 for the three months ended March 31, 2025, a substantial decline from $32,045 in the same period last year. This decrease was attributed to a reduction in accrued interest from investments. Operating expenses for the quarter totaled approximately $119,183, a significant increase compared to the negative expenses of $2.78 million in the prior year, which included a substantial management fee waiver. The net investment loss for the quarter was $(113,218), contrasting sharply with a net investment income of $2.82 million in the previous year.

The fund's investment strategy remains focused on technology and cleantech sectors, with at least 80% of its assets allocated to these areas. As of March 31, 2025, the portfolio was primarily composed of equity and equity-like securities, with a notable portion in advanced materials and medical devices. The fund's management continues to evaluate its investment strategy in light of current market conditions, which have been impacted by inflation and geopolitical events.

Looking ahead, Firsthand Technology Value Fund, Inc. faces challenges related to market volatility and the performance of its portfolio companies. The fund's management has indicated that it will continue to monitor economic conditions and adjust its investment strategies accordingly. The company has also noted the potential for future losses due to the speculative nature of its investments in small, privately-held companies. The outlook remains cautious as the fund navigates these uncertainties while aiming to achieve long-term capital growth.