Welcome to the presentation of our half year financial report. My name is Xavier Coirbay, and I'm a Member of the Executive Committee. As a reminder, our organization is purpose-driven, and our mission has been the same for many years. We aspire to be the preferred partner of entrepreneurs and families who lead growing companies by backing them with patient capital and supportive advice. The statement implies that we're backing long-term growth and innovation with a strong ESG mindset, beneficial for society as a whole. Before moving into the details, let me begin with a few general comments. Our portfolio has shown some resilience in the first half of 2022, as the impact of the market downturn has been mitigated so far by the diversification of our assets and the quality of our partners.
The evolution of our NAV is still outperforming against the MSCI All Country World Index, which we use as a reference. The stock, which traded with a premium of 27.9% versus NAV per share at the end of December 2021, was trading at a discount of 33.9% at the end of the first half. This reversal of the premium into a discount amplified the impact on the market adjustment on our stock price. Our valuation approach has not changed. It is solid, consistent, and validated by independent third parties. We apply the international private equity valuation guidelines. For the portfolio of Sofina private funds, more than 80% of the valuations are based on reports or market prices as of June 30. We have continued our efforts to allow a better understanding of the evolution, challenges, and opportunities of our business.
The look and feel of the half year report has been aligned with the improved reading experience implemented in the annual report over the last few years. The management report is now composed of graphics and tables to provide a quick overview of the essentials. For the sake of clarity, the two investment styles where Sofina invest directly are now regrouped under a common umbrella called Sofina Direct. We have also included additional data in the notes to the financial statements, giving, among others, a better insight on the evolution of the business and the concentration of the portfolio. The main characteristics of our business are captured in the highlights presented on this slide. We are controlled by an entrepreneurial family and differentiated by a long-term investment horizon, which has always implied an ESG mindset that will be more explicitly outlined later in the presentation.
We have four focus sectors, three complementary investment styles, of which two direct and one through funds. Our footprint is global, and we have a long history of creating value for shareholders. The net asset value of the business is still close to EUR 10 billion. Our strategy is implemented by a large and diverse team of investment professionals based in Europe and Asia. Let's now have a look at the key figures of the first half of 2022. The NAV has lost 13% in the first half of 2022, and 12.7% on a per share basis, without taking into account the EUR 3.13 growth dividend, about 1% of NAV, decided by the AGM in May 2022.
The loan to value is close to zero, safely inside the informal guidance given to investors for the bond issued last year. The NAV being down, the net result is negative at -EUR 1,336 million or -EUR 39.8 per share versus positive numbers for the same period in 2021. Looking at the balance sheet in transparency, which gives a high level breakdown of the NAV, we can see that Sofina Direct represents 49% of the net asset value and the funds 51%. Net cash is close to zero as gross cash is almost equal to financial debt. Again, the NAV amounts to EUR 9.9 billion as of June 30, 2022 versus EUR 11.4 billion six months earlier.
As discussed in previous slides, the long term evolution of NAV shows a positive trend and long term outperformance versus MSCI All Country World Index over long periods of time, including in the last 12 months. In terms of concentration, the 10 largest investments of Sofina Direct represent 25% of its NAV. In the funds portfolio, there is no concentration risk, as most general partners have several funds covering different stages and vintages, and each fund has a diversified portfolio of underlying companies. The top 10 GPs represent 26% of the total NAV. The next 2 slides give a view of the evolution of the direct portfolio in the period.
Looking at the different elements explaining the variation of the NAV in the period, we can see that we've been active on the investment side with EUR 505 million of new investments and reinvestments in the portfolio, and that divestments of EUR 425 million through full or partial exits have been covering a large part of it. The adjustment of valuations in line with market metrics remains the most material impact, while positive foreign exchange is less meaningful. Overall, the value creation is at -17% for Sofina Direct. Here is the split of the direct portfolio by sector and between quoted and non-quoted companies. Our four focus sectors represent almost 80% of the Sofina Direct portfolio. Investments in other sectors were mostly made prior to the introduction of our focus sectors.
85% of the direct portfolio is non-quoted as our strategy leads us to invest more often in less mature companies that are not listed yet. Same analysis for the evolution of the portfolio of private funds. Investments and divestments are still well balanced. Here, the negative market impact is mitigated by a positive currency effect explained by the geographical split displayed on the next slide. Many funds are indeed dollar-denominated. Value creation is -3% and 11% without foreign exchange impact. Here is the breakdown of the funds portfolio. It is intentionally skewed towards venture and growth strategies, and that will be even more so after closing of the announced secondary transaction representing 7% of NAV taken from LBO and other strategies. We will come back on this transaction when discussing the activities of the Sofina private funds portfolio.
In terms of geography, the split is stable with two thirds in North America, 25% in Asia, and the rest in Europe. Let's now focus on the key events of the first half in the Sofina Direct portfolio, including post-closing events until September sixth, 2022. We made a few new investments in our three geographies. We took a 3.7% stake in Biobest alongside Floridienne. The company is a global leader in biological crop protection and natural pollination. This is part of our long-term minority investment style. Rohlik is a leading European online grocery with a focus on convenience, assortment, and local sourcing. Our stake is 8.2%. CoachHub is a German B2B online platform providing coaching for enterprises. We took an 8.8% stake.
Cleo is an AI assistant providing tools necessary to supercharge long-term financial well-being. Our stake is 12.4%. Typeform is a Spanish company which developed a cloud-based web application designed to offer engaging and conversational online forms. Our stake is 6.9%. Birdie is a UK home healthcare technology company which reinvents care at home. Our stake is 15.4%. Labster is the world's leading platform for virtual labs and science simulations. We took a stake of 4.5%. Skillmatics is a digital education brand helping kids to develop skills through games. We took a 10.3% stake. Fission is a US life science company dedicated to improving health through genomics information. Our stake is 4.2%. We also closed the disposal of our shares in Hillebrand, announced last year, reducing our ownership.
We also reduced our ownership in Fine Labs and exited from MissFresh. I should also mention that we made additional investments in Vinted, MedGenome, Verily, CRED, Mamaearth, and Fauna. In the portfolio of Sofina private funds, most of the activities were focused on new commitments in existing relationships, and you have selected list on the slide. A limited number of high-quality general partners have been added as well, like Accel, Point Nine Capital, or Matrix, to name a few. We also decided to proceed with the secondary sale of funds representing 7% of the Sofina private funds NAV, in line with our strategic objectives. The impact of the sale is reflected in the half-year figures and will close in stages over the next quarters by the first half of 2023. It will also reduce the uncalled commitment by more than EUR 100 million.
As explained at the beginning of the presentation, we are a mission-driven organization, and our long-term approach implies a strong ESG mindset, which is more and more formalized and explicit. This has been translated in our responsible investment policy. We believe there is no trade-off between responsible investing and financial returns. We are also convinced that we need to grow the value that our activities bring to all stakeholders to achieve sustainable long-term returns. As an investor and owner, our ambition is to be a contributor to the United Nations Sustainable Development Goals or SDGs. In this framework, we intend to continuously support our portfolio companies to ensure they make progress on ESG matters.
When investing in new companies or increasing our stake, we focus on companies which can contribute positively to SDGs, either through their products or services themselves, or through the way they operate in their market compared to their competitors. A review of our Sofina Direct portfolio and an assessment of the ESG performance of potential investments has enabled us to map new investment opportunities, as well as existing portfolio companies along those lines to inform our decision-making and track the progress of the ESG performance of our portfolio. As an illustration, you can find on the right-hand side of the slide a few examples of recent investments which, based on our assessment, contribute to specific United Nations SDGs. Biobest, for instance, participates in safekeeping soil and food quality through its sustainable crop management.
Another example is Birdie, which empowers and promotes the inclusion of the elderly by supporting them in staying longer in the comfort of their homes. Regarding Sofina private funds, we are also evaluating to what extent general partners incorporate ESG into their investment strategy and operations. This concludes the presentation. Thank you very much for your attention.