© 2017 Altaba Terms and Privacy


The Fund invests its excess cash in money market funds, time deposits, and liquid debt securities of the U.S. and foreign governments and their agencies, and high credit-quality corporate issuers which are classified as marketable debt securities and cash equivalents.


383,565,416 ordinary shares of Alibaba Group Holding Limited ("Alibaba").


2,025,923,000 shares of common stock of Yahoo Japan Corporation ("Yahoo Japan").


Excalibur IP: All of the equity interests in Excalibur IP, LLC, a wholly-owned subsidiary of the Fund that owns a portfolio of patent assets.


Minority Interests: Investments in certain additional companies (the "Minority Investments") which include Hortonworks, Inc., Snap Inc., Gomaji Corp., Ltd, Envestnet, Inc., Qumu Corporation, SeatGeek, Inc., Protagenic Therapeutics, Inc, Eastman Kodak Company, and Paperless Inc.


Total liabilities include Convertible notes, Deferred and other tax liabilities, Other liabilities, Unrealized loss on forward currency contracts, and Deferred tax liabilities on unrealized appreciation.

(in 000s, except per share amounts) June 30, 2017 Current
Cash & marketable securities $9,231,746
$9,231,746
(1)
Alibaba Group Holding Limited $54,044,367 $66,893,809
Yahoo Japan Corporation $8,816,200 $9,552,227  
Other $1,281,949
$1,281,949
(1)
Total assets $73,374,262 $86,959,730
Deferred tax liabilities on unrealized appreciation $22,922,332
$22,922,332
(1)
Other liabilities $818,843
$818,843
(1)
Convertible notes $1,334,506
$1,334,506
(1)
Net asset value (NAV) $48,298,581 N/A
NAV per share $53.96 N/A
Adjusted NAV (2) $71,220,913 $84,806,381
Adjusted NAV per share (2) $79.57 $94.74
Adjusted NAV excluding net cash (4) $63,323,673 $76,909,141
Adjusted NAV excluding net cash per share (4) $70.74 $85.92
Discount to Adjusted NAV (3) 31.53% 29.61%
Discount to Adjusted NAV excluding net cash (5) 35.46% 32.65%
Number of shares 895,115
895,115
(1)



(1) For purposes of these items, the calculation of Adjusted NAV and Adjusted NAV per share utilizes the values included in the Fund's most recently published NAV. The Fund updates these items to reflect changes in value or in the number of shares outstanding only on a quarterly basis when it publishes its NAV and not at any times between such dates.
(2) Adjusted NAV consists of net asset value adjusted to exclude deferred tax liabilities on unrealized appreciation.
(3) Discount to Adjusted NAV reflects the market price discount relative to the Adjusted NAV.
(4) Adjusted NAV excluding net cash reflects Adjusted NAV (less) Cash & marketable securities (plus) Convertible notes.
(5) Discount to Adjusted NAV excluding net cash reflects the stock price discount (adjusted for net cash per share) relative to the Adjusted NAV excluding net cash.


Investment Objective

The Fund will seek to track the combined investment return of the Alibaba shares and the Yahoo Japan shares it owns.

The Fund will seek to sell the Minority Investments over time. The Fund also will seek to sell Excalibur, though the Fund may seek to separately sell certain of the Excalibur IP assets or to license the Excalibur IP assets if the Board of Directors of the Fund (the “Board”) believes that doing so is in the best interest of the Fund’s stockholders.

The Fund intends to return substantially all of its cash to stockholders through stock repurchases and distributions, although the Fund will retain sufficient cash to satisfy its obligations to creditors (including the holders of the Convertible notes) and for working capital.

Until the Minority Investments, Excalibur (or the Excalibur IP assets), marketable securities, and any assets other than the Alibaba shares and Yahoo Japan shares are sold and until any cash is returned to investors, these assets may cause the Fund’s returns to deviate from its investment objective of tracking the combined investment return of the Alibaba shares and the Yahoo Japan shares.

No assurance can be given that all or any portion of the Minority Investments or the Excalibur IP assets will be sold or licensed or that the Fund will achieve its investment objective. The Fund’s investment objective is not fundamental and may be changed without notice to stockholders.

Stock Information

Altaba Inc. (AABA) - NASDAQ

$66.69 0.82 (1.22%)

11:08AM EDT

  • Day High$68.00
  • Day Low$66.63
  • 52-Week High$69.51
  • 52-Week Low$38.24
  • Adjusted NAV per share (2) $94.74
  • Discount to Adjusted NAV (3) 29.61%