Saga Iv Eur-A K/S

Performance in the financial yearThe financial year resulted in a loss of EUR 3.4 million, corresponding to an IRR of -21.6%. Losses on investments in portfolio funds amounted to EUR 3.8 million. Administrative expenses in the form of management fee and fund operating expenses amounted to EUR 0.1 million and adjustment of carried interest amounted to an income of EUR 0.4 million.This year's result is influenced by negative value adjustments. The result is below management's expectations.An aggregate amount of EUR 0.1 million was contributed to the portfolio funds during the financial year, bringing total contributions to the portfolio funds to EUR 138.0 million, corresponding to 92.7% of the commitments to the portfolio funds.An aggregate amount of EUR 1.0 million was distributed from portfolio funds during the financial year, bringing total distributions from portfolio funds to EUR 281.9 million, corresponding to 204.3% of the capital contributed to portfolio funds.Interest rate riskSaga IV EUR-A is less sensitive to the changes in interest rate levels.Foreign exchange currency riskSaga IV EUR-A’s investments in portfolio funds have been made in EUR and GBP. As the capital in Saga IV EUR-A is in EUR, Saga IV EUR-A is influenced by currency fluctuations. The currency risk is therefore considered as material. In accordance with Saga IV EUR-A’s investment policy Saga IV EUR-A does not hedge its exposure toward currency rate fluctuations.Investment activityIn the period from inception to 30 September 2023 Saga IV EUR-A has invested in eight portfolio funds. One of the portfolio funds has been liquidated and one has been sold as of 30 September 2023.Since inception the portfolio funds have in general performed above expectations.Cash resourcesSaga IV EUR-A’s cash resources as of 30 September 2023, include cash and cash equivalents and outstanding commitments from the limited partners and are estimated as satisfactory to cover Saga IV EUR-A’s liabilities.