Firsthand Technology Value Fund Rate of Return on Investments

Fund Realizations

Rate of return on Fund exits

The Fund's strategy is to deliver NAV growth over time by investing in what we consider to be companies with potential for highly profitable exits. Since the Fund's inception in 2011, we have had several successful exits, including Facebook, Twitter, Solar City, Yelp, Mattson, and Tapad. Since inception, our investments in private companies have yielded net realized gains of $62.3 million. The Fund distributed a total of $6.18 per share in gains to shareholders in 2013 and 2014. The chart below shows the Fund's exits through the most recently reported quarter.

* Chart illustrates realized gains and losses from the Fund’s venture capital investments through September 2017.

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