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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�).


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


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.


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.


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.

(in 000s) Opening Balance Sheet Current
Cash & marketable securities $12,689,632
$9,254,078
(1)
Alibaba Group Holding Limited $51,812,016 $65,106,394
Yahoo Japan Corporation $8,674,961 $9,319,246  
Other $1,243,719
$870,000
(1)
Total assets $74,420,328 $84,923,437
Deferred tax liabilities on unrealized appreciation $21,497,318
$21,497,318
(1)
Other liabilities $1,390,292
$1,390,292
(1)
Convertible notes $1,331,594
$1,299,945
(1)
Net asset value (NAV) $50,201,124 N/A
NAV per share $52.33 N/A
Adjusted NAV (2) $71,698,442 $82,201,551
Adjusted NAV per share (2) $74.75 $91.88
Adjusted NAV excluding net cash (4) $60,340,404 $74,279,067
Adjusted NAV excluding net cash per share (4) $62.91 $83.03
Discount to Adjusted NAV (3) 29.66% 30.52%
Discount to Adjusted NAV excluding net cash (5) 35.24% 33.82%
Number of shares 959,227
894,649
(1)



(1) For purposes of these items, the calculation of Adjusted NAV and Adjusted NAV per share utilizes the values as of the date the Fund most recently calculated its NAV. In addition, the impact of the tender offer is reflected in the cash (reduction of $3.436 billion) and number of shares (reduction of 64.6 million shares). However, the Fund makes no assurance that there have not been interim changes in value since these valuations were determined.
(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

$63.84 0.77 (1.22%)

11:38AM EDT

  • Day High$64.00
  • Day Low$62.90
  • 52-Week High$63.70
  • 52-Week Low$38.24
  • Adjusted NAV per share (2) $91.88
  • Discount to Adjusted NAV (3) 30.52%