The closed-ended fund recently disposed of its largest holding Castlehaven Finance, an Irish alternative development and bridging finance lender, raising €250m.
Equity stakes were a drag on returns for the £1.1bn P2P Global Investments portfolio in the month of July, according to an investor update.
The investment trust's manager Pollen Street Capital said: "Performance in the month was disappointing. While performance of the continuing portfolio remains strong and in line with target, the returns were impacted by a write-down in value in two legacy listed equity assets of £1.26m driven by movements in the share price of two legacy listed investments."
In addition, the firm said that the performance of Funding Circle assets saw a significant step up in bad debts as well as a small impact from FX hedging.
The fund saw a net asset value (NAV) total return of 0.33 per cent in the month. NAV total return to date in 2019 is 2.9 per cent. Analysts at investment bank Liberum say aside from the equity stakes, loan assets are performing in line with the fund’s strategy.
"The NAV gain in the month would have been c.0.5% if the equity writedown was stripped out. This is close to the run-rate required to meet the 15p dividend target."
“Given July's relatively low return and the potential for short-term cash drag following the Castlehaven disposal, we expect the dividend to remain unchanged at 12p for Q3.”