Welcome to the presentation of the annual results of Sofina for the year 2022. My name is Xavier Coirbay, and I'm a member of the executive committee. As a reminder, Sofina is a purpose-driven investment firm with a clear mission statement. To set the scene, let's see how this is translated in our investment strategy. Sofina is a leading growth investment company with a net asset value of EUR 9.3 billion at the end of 2022. We invest with an equity mandate focused on four sectors: consumer and retail, digital transformation, education, and healthcare and life sciences. 51% of the net asset value is in Sofina Direct, which regroups situations where we own shares directly in portfolio companies. Sofina Direct combines two investment styles.
The long-term minority investments in mature growth companies, 30% of the net asset value. The Sofina Growth portfolio of earlier stage innovative businesses, 21% of the net asset value. 46% of the net asset value is in Sofina Private Funds or third investment style, where we partner with a selection of top-tier General Partners managing venture and growth capital funds. Sofina has a global footprint balanced between Europe, Asia, and the United States. The historical chart of the evolution of the NAV shows a long track record of value creation for shareholders, which is intertwined with a strong ESG mindset, aiming at positive contributions to the United Nations Sustainable Development Goals, or SDGs, for the benefit of all stakeholders. The foundation of our business model relies on three strong beliefs. The first one, innovation drives progress for both the economy and society.
The second one, a long-term investment horizon generates better benefits over time for everyone. Finally, societal value creation and durable financial success are tied to each other. All our stakeholders are well aligned around those beliefs. The multi-generational reference shareholder from an entrepreneurial family, the purpose-driven team incentivized on a single performance pool, the trusted investment partners forming our network of long-lasting relationships, the owners and management teams of portfolio companies focusing more and more on the endurance and sustainability of their business. Aligning all stakeholders to back long-term growth and innovation requires, in our view, a strong ESG mindset at the core of investment and portfolio management processes. Sofina is working to lead by example as a company in terms of environmental footprint, diversity and inclusion, and governance practices, and more importantly, as a responsible investor.
Our ambition is to become an SDG contributor by deploying more and more capital on companies contributing to one or more specific SDG within our four sectors of focus. The profile of our investments over the last few years is in line with such an ambition, as illustrated by the company logos on the slide. Biobest, for instance, participates in safekeeping soil and food quality through its sustainable crop management. Another example is everdrop, with its mix-at-home dry soaps, which significantly reduce waste. The investment team is also working step by step with the management teams of portfolio companies to discuss their ESG priorities and ultimately agree on milestones to monitor their progress. For Sofina Private Funds, an ESG framework developed internally is used to assess the ESG performance of existing and future General Partners.
Let's now have a look at the key figures of the year 2022. Considering turbulent market conditions, Sofina's NAV, the true measure of our performance, has been resilient in a context where many growth companies lost more than 1/3 of their value. After a progression of 28% in 2021, Sofina's NAV has lost 18% in 2022 and 17% on a partial basis. Without taking into account the 3.13 growth dividend, about 1% distributed in May 2022. The final NAV is EUR 0.2 billion lower than the estimate released in January 2023, as we have now taken into account 67% of the Q4 reports for Sofina Private Funds. Our financial structure and cash position is sound.
The loan- to-v alue is at -0.26% safely within the informal guidance given to investors for the EUR 700 million, seven-year senior bond issued in 2021. At year-end, we have EUR 233 million of net cash and EUR 925 million of undrawn revolving credit facilities covering the lion's share of uncalled commitments, which usually take a few years to be activated. Available financing is around EUR 1.9 billion. The breakdown of the portfolio by investment style, region, and sector presents a well-balanced and diversified profile. 87% of the total portfolio value is not listed. The following tables present the figures used in the charts on the previous slides compared to 2021.
The NAV being down, the net result is negative at - EUR 1,872 million, or - EUR 55.85 per share versus positive numbers for 2021. A growth dividend of EUR 3.24 per share, EUR 0.11 higher than last year, will be proposed to the annual general meeting. Looking at our cash flow statement in transparency, the cash invested in the portfolio in 2022 is 20% lower than in 2021, whereas cash proceeds generated through exits are similar to the year before. Liquidity generation represented 11% of the NAV at the beginning of the year. Let's now have a look at the historical evolution of our NAV and share price. The recent evolution of the NAV reflects the challenging 2022 environment.
This trend has been amplified in the evolution of the stock price by the reversal of the premium into a discount. The stock, which traded with a premium of 28% versus NAV per share at the end of 2021, closed the year 2022 with a discount of 26% or 9% lower than the 10-year average discount. Looking at the NAV bridge for the period between end of 2021 and end of 2022, we can see the impact of the value correction in the portfolio is explaining the bulk of the variation. The movement of the year at portfolio level generated enough liquidity to compensate other cash movements, essentially related to dividend distributions, operational and financial expenses, and the usual share buyback covering the issuance of stock options for the management.
Zooming on the two components of the portfolio, Sofina Direct and Sofina Private Funds, this is a view of their respective evolutions during the period. For Sofina Direct, the value impact on the listed portion of the portfolio is around -40%, while the non-listed portion was more resilient with a loss in value of about 16%. Actually, the average economic performance of these non-listed companies was still positive in 2022 and acted as a mitigator of market movements. To illustrate the point, we estimated the impact of the economic performance of the underlying companies on the value of our investments by applying the market metrics at the beginning of the period to their parameters at the end of the period. In other words, we estimated the value at unchanged market conditions.
The rest of the value change was attributed to market conditions, unless there were other explanations, like a change in ownership level, for instance. Based on this exercise, it looks like the impact of market conditions on the value was actually similar in magnitude compared to listed investments, but was indeed mitigated by the positive weighted performance of private companies in terms of top-line growth or results improvement for those already profitable. Overall, the value creation is at - 18% for Sofina Direct. For Sofina Private Funds, investments have been lower than in previous years at EUR 445 million as funds have slowed down capital deployment in the second part of the year. Liquidity events of EUR 788 million have been helped by the previously announced secondary transaction, representing 7% of the Sofina Private Funds portfolio.
Here, the negative market impact of 17% is mitigated by a positive currency effect of 5% explained by the USD exposure of the portfolio. Overall, the value creation is at -11% for Sofina Private Funds. In terms of concentration, the 10 largest investments for Sofina Direct represent 27% of the fair value of the portfolio in transparency. The six largest investments represent more than 50%, but less than 20% of the portfolio in transparency, whereas the seven largest investments represent more than 20% of the portfolio in transparency. Out of the above-listed investments taken individually when taking into account all combined holdings through Sofina Direct and Sofina Private Funds when applicable, ByteDance is the sole asset representing more than 5% of the fair value of the portfolio in transparency.
In the Sofina Private 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 25% of the fair value of the portfolio in transparency. Let's now review the key events in the Sofina Direct portfolio in the year 2022 and the year- to- date until the end of March. New investments were well spread across our three geographies and four sectors and well-aligned with our strategy. We also made additional investments, mostly to support promising portfolio companies. On the exit side, we signed the sale of Biotech Dental and closed the disposal of our shares in HealthKart and Hillebrand. We also reduced our ownership in Pine Labs and exited from Missfresh.
In the portfolio of Sofina Private Funds, most of the activities were focused on new commitments in existing relationships. You have a selected list on the slide. A limited number of high-quality General Partners have been added as well, like Accel, Point Nine, or Matrix to name a few. As discussed earlier, we also closed the secondary sale of funds in line with our strategic objectives. If we now step back, 2022 may have been a challenging year, it does not change the relevance of our business model built on purpose and patience. The key investment highlights remain the same irrespective of market context. I will cover five of the most important aspects of what makes us unique in the following slides. First, Sofina has a proven track record of long-term outperformance enabled by robust risk investment management processes.
Four of the last six four-year rolling performance figures were above MSCI All Country World Index or reference benchmark since the strategic inflection towards global growth investing in 2014. In spite of the market correction in 2022, Sofina's net asset value has grown by EUR 2.8 billion over the last four years, broadly in line with the performance of the MSCI All Country World Index. The portfolio grew organically with virtually no leverage while generating consistent liquidity flows, generously covering year after year steady distributions and modest operating and financial expenses. Purpose and patience have clearly delivered. Diversification and consistency in portfolio construction are reducing the risk of excessive exposure to one single investment. We balance operations across three regions of the globe with a multi-stage model.
Earlier stages are mostly covered by our portfolio of private funds, exposing our shareholders to thousands of underlying companies picked by more than 80 first-in-class investors. When companies emerge from infancy, we can partner directly with their owners to support growth, help them scale, and then reach profitability. We can stay around as long as there is an investment thesis that makes sense for a growth investor. We remain consistent year after year to diversify vintages and reduce the influence of unpredictable valuation cycles. The result is a well-balanced portfolio by region, by sector, by strategy, and by vintage, as illustrated in the pie chart on this slide. Access to top-tier private businesses is the name of the game in venture and growth investing. Sofina has nurtured for many years a global network of high-quality investors, entrepreneurs, and families feeding sector knowledge and identification of the best target companies.
A number of enablers related to experience, long-term mindset, sector expertise, active support, and global reach are improving differentiation and triggering better access to the most competitive situations. In line with our core beliefs, we're backing innovative growth businesses globally. We're using privileged access to domain expertise and data from our network to identify early-stage trends in each sector with an overlaying requirement of positive societal impact. There are many examples in our portfolio, like Vinted in the circular economy, CRED in Fintech, Birdie in digital health, or CoachHub in talent management. We're not always right, but at portfolio level, our strategy provides material exposure to a sample of future-proof businesses riding the waves of innovation and more likely to stand the test of time.
We can rely on a deep bench of talented investors with diverse backgrounds, many years of experience in investment management and company support, well-grounded in our markets, highly collaborative, and fully aligned with all stakeholders. In conclusion, our approach is creating better agility to navigate the markets and sustain responsible growth. We can offer resilient performance and exposure to innovative growth companies driving societal and economic progress. We're active owners supporting portfolio companies to deliver ESG contributive long-term outcomes. As a testimony, you will find in appendix a few case studies from our portfolio, which we will scroll down to conclude the presentation. Thank you very much for listening.