Commentary on SVB and Symvan portfolio
On Friday we saw the collapse of Silicon Valley Bank. As of writing this, it is uncertain what actions governments in the US, UK and other countries will take, but there will probably be some initiatives to help start up and scale up technology companies announced over the next few days.
The good news for Symvan's fund investors is that these developments have little effect on the performance of portfolio companies. Although a few of the businesses bank with SVB, this does not impair balance sheets or harm the future prospects of their businesses.
This is not to say that 2023 will not be a challenging year for the technology sector, but investors in Symvan's funds should rest assured that any effect on fund performance will not be linked directly to any exposure of the portfolio to SVB.