NPIF Reports 7.25% Return Year-To-Date

NPIF Reports 7.25% Return Year-To-Date Friday, August 16, 2013 THE New Providence Income Fund Ltd (NPIF) launched by Sterling Financial Group last January, has reported a year-to-date return of 7.25 percent to its investors. Sterling Financial Group (SFGI) has also announced that the real estate and mortgage fund has generated a cumulative net return of 27.80 percent to its investors. The Bahamas-based financial services provider headed by David Kosoy also said in its July 2013 results for the Cayman Island domiciled and regulated fund NPIF, that it had returned 1.8 percent net to its investors for the month ended July 31. Executives said that the fund continues to perform well, delivering net returns within the target return range for the year of between 10 and 15 percent. “We extended our positive performance streak yet another month as we have every month since the introduction of the fund. The fund has generated a cumulative net return to our investors of 27.80 percent, since inception in January of 2012 while the trailing 12 month net return currently stands at 14.20 percent. In most markets where we are active, we have witnessed stabilisation and growth of the real estate market. We expect the real estate market will continue to improve for some time to come as overall economic indicators continue on a positive trend. The resulting increase in real estate transaction volume is having a measurable positive impact on the pipeline of loan opportunities for the fund,” Sterling Financial executives said. Executives told Tribune Business that while there has been a “steady flow” of loan applications over the last few years, there had not been a measurable increase as of late. Sterling has a total of $141.5M under management, including three loan funds and Managed Real Estate Investments. By Natario MckenzieThe TribunePublished: Friday, August 16, 2013