Max has run through a number of slides that are in our webcast presentation. The deck itself will also be available on our website in the IR page. We'll run through about 15 slides, giving you an update on all things happening at VEF, and a guidance for what's happening in the future. We'll open up the Q&A as always. Moving on to slide number two, just key events for the quarter, what to highlight. I think stability is a key word here for us and what we're doing after what has been a volatile or a first half with a certain amount of headwinds. Our NAV was broadly stable quarter on quarter in dollar terms, a slight uptake less than 1% and more so in SEK because of the weakness in the currency.
It was basically a broadly flat quarter, and that was just a function of the inputs, whether it's share prices, currencies or company performance, which is a lot more stable in this window than before. What we'll do in this presentation again, similar to last time, is focus on our valuations and our valuation approach. I think it's very cognizant in a window like this, and our NAV is obviously off the basis of that. We've got quite a robust valuation framework here at VEF which we've honed over many years. Alexis Koumoudos will run through that in this call. Our key asset, Creditas, which is approximately 50% of our NAV, timely released first half 2022 IFRS numbers just before this call a couple of weeks back.
They were strong, as we've been updating the market on over time and strong from a growth point of view, but also from an operating performance point of view. The trends ahead look very strong. We'll talk about that. We're talking 150% portfolio year-on-year performance for the period and nearly 250% top line revenue performance in terms of growth, and we like that clearly as investors. From a capital position, very in focus in these kind of markets, and we're solid. From a capital point of view, we were $64 million at the end of Q2. As of the end of Q3, we sit on $56 million of capital. For a company of our size and shape, it's a comfortable level with controllables embedded.
Generally speaking, we're back on the front foot. We're not saying in the table that we're back to bull markets and we're loving life and this is a great time to be investing. What I will say is, having taken some medicine in the first half on steadying the ship, and we're feeling strong and good about ourselves and life, and we're starting to lean back in, notably buying back our own shares in the markets, which is one of the most obvious investment opportunities for us as investors that we've seen in a long time. Coupled with upping our IR and PR to attack that discount to NAV, which is something that we hate at VEF.
Moving on to some of the numbers, just highlighting, you know, the NAV in a dollar point of view was $444.9 million flat respectively quarter-over-quarter, as noted. From a SEK point of view, we were up 11% quarter-over-quarter, just above SEK 5 billion from a total NAV. Then from a per share point of view in SEK, at SEK 4.79 was the quarterly mark up from SEK 4.3 in Q2. As I say, majority of that is currency driven. Flattish is probably the underlying theme, and you should think of when you think about our NAV in Q3 versus Q2. On slide number four, you see an evolution of our NAV in dollar over time.
You kind of take out that, I won't say a blip, but you take out the 2001 highs and you've got a general gradual increase from left to right over time, which is probably what an investment company like us should be looking to achieve. We welcomed all that 2021 had to give us and we've given it back in the market this year, and we've all seen that. The last couple of quarters have been stable from a valuation point of view. We've taken our market impact and our market medicine in Q2 of this year, we feel. That's kind of reflected in slide five as we start to look at valuations and valuation impacts and methodology. But a lot of what impacts the valuation of our companies is what's happening in the broader markets.
There is individual micro level performance for companies in our portfolio. From a valuation point of view and from a currency point of view, we're slaves to the markets in that regard, to a certain extent. What we've seen after this sharp sell off in the first half of the year for stocks globally, but within that tech to a higher beta degree in fintech within that, we had a very stable Q3. You know, there was slight falls in the various indexes of -1% to -5% of the Global FinTech index as we look at. Which are not perfect proxies but they give or take a feel for the market. That's fed through to everything we do on the valuation front.
It provides a lot more stability and we're looking more on the underlying performance of companies and less on the market dramatic moves, whether left or right. Then from an individual portfolio point of view on slide six, I guess the main moves for us in this quarter, even though the macro effect at the bottom line was flat quarter on quarter, you had an uptick of 8% quarter on quarter from Creditas. A lot of that's the underlying performance of the company that's growing 20%-25% top line quarter on quarter, going against some of the multiple contractions we're seeing in the markets and a bit of a headwind single digit percentage on the currencies. Working against that uplift in the portfolio, a couple of names worth highlighting.
We reduced our valuation of our position in Finja in Pakistan, and that was a conservative move in a country which has gone through a lot of headwinds right now, both from a macro political and it's feeding through to the overall environment. Finja specifically within that was raising capital and that capital raise got delayed, which is now closed. It did impact its ability to get capital through the door and grow in quite a tough window. We went conservative with our valuation there, down 60% quarter-on-quarter. Also worth noting, Magnetis and BlackBuck, which also are down 26% and 29% respectively quarter-on-quarter. A lot of those are market moves, specifically BlackBuck. Its market multiples of pure comps in a direct correlation to us marking down that position.
No disrespect to the company which is performing on plan and as it was for the first half of this year. At this point of the call, I'm gonna pass over to Alexis for the next three slides, who's gonna talk a bit more about valuation, our valuation framework and approach, and give you a bit more detail on one of the very important and topical aspects of what investors in the markets are looking at today with investment companies like ours.
Great. Hello everybody, and thanks, Dave. As Dave mentioned, we just wanted to provide a bit more detail to our investors about how we think about the valuation approach at the end of each quarter and valuing our business at the fair value, and then also disclose a bit more information about portfolio performance. On this slide, what you can see is our valuation framework, which we try to lay out diagrammatically. Effectively, the way that we value our portfolio companies is we bucket them into two categories, those that have raised significant transactions within the last 12 months, and those have raised more than 12 months ago.
If a company in our portfolio has completed a transaction within the last 12 months, and a significant transaction, that includes, you know, high amount raised of equity funding and from new sources of capital, then we run a shadow mark to model analysis for that business. If the shadow mark to model valuation validates the latest transaction valuation, then we use the latest transaction valuation. If the shadow mark to model valuation indicates that the valuation requires adjustment, and that can be because there's been a change in the environment, i.e., peers, multiples have moved, currencies have moved, or the portfolio company has changed the traction and performance, then we will calibrate the methodology to reflect the current either environment or performance of the business.
That's how we get to latest transaction valuations and calibration methodology. Once a company is in mark to model, we are looking at a host of peers. We are using our own proprietary model for the business and forecasting the business out. We are taking into account, obviously, local currency moves, and that results and culminates in a multiple-based valuation approach for mark to model. What we're doing as well for our current portfolio today is we do not take into account some of the downside protection that is offered by preference shares. The reason that we do that is to err on the side of conservatism, given the current uncertainty in the environment. We value our portfolio based on a common equity basis.
On the next slide, what we wanted to disclose is just a bit more detail on dispersion of the portfolio, and the different valuation methodologies that the portfolio companies are utilizing. From a portfolio basis, we have 17 portfolio companies. One company is valued on a calibration methodology basis, and that is Creditas. We have seven marked at latest transaction, and the rest are on a mark to model or Revo, which is marked to zero given the situation in Russia today. That means that we have 49% of our portfolio, which is Creditas, marked to calibration methodology. They raised capital in January 2022 and again in the recent acquisition of Andbank in July 2022.
We have calibrated the valuation since January to today to reflect the change in market moves and market prices of the peer group in public markets. I think what we wanna highlight with the latest transaction, so latest transaction portfolio companies represent 26% of the portfolio is the significance in size of the transactions that we're using to mark these companies to and also the recency of the transactions. As you can see, five of the seven transactions were completed in June and onwards. The other two were in April and March of 2022. The rest are mark to model. The last slide that I wanted to present just gives a bit of color on our NAV and portfolio performance.
As we communicated, we have taken what we feel is a significant reset on our NAV to reflect the current environment, and hopefully the details on our valuation methodology has helped to give confidence in that, given that 74% of our portfolio today is now either mark to model or had valuations calibrated to the current environment, and the other 26% is based on very recent and significant transactions. On portfolio performance, I think the two points that we wanted to make, which I think helps give a bit of confidence in the performance on the portfolio is, number one, on a portfolio weighted basis, our portfolio companies are growing revenue a 120% this year, and that's an estimated number for 2022.
Very much deliverable, based on our forecast and how the companies have delivered year to date. The second point is that 65% of our portfolio can reach breakeven with their existing capital position, including capital that's been raised over the last six to 12 months, giving us a comfortable position for 65% of the portfolio. The remaining 35% are either at early stages or in high growth mode, and they have a weighted runway of 17 months, which we feel gives our portfolio, again, just a great buffer to continue to deliver, grow, and then create opportunities and options for capital down the road.
Super. Thank you, Alexis. Look back to me and a few more slides. I'm gonna touch on a couple more items before we summarize and open up for Q&A. You know, Creditas, we can't pass a quarter without speaking about that, our key asset. What we have in the next two slides is a summary, effectively high level summary of their first half 2022 IFRS release, full with a strategic outlook. This is all public information out there in the public domain. I think just to grab a few highlights here, that Creditas is still very much a growth story and irrespective of the environment that we're all now operating in, with top line growing 250% year-on-year, that originations portfolio growing 150% year-on-year for the first half of 2022 period.
It wasn't all rosy in the first half of 2022, because they did see margin pressure. That margin pressure was basically led by the increasing rates in the Brazilian market, which was driven by higher inflation and Brazil was quick to raise rates, and also the front-loading acquisition costs in one of the high-growth environments under IFRS. You know, what we have there is a company, Creditas, that we've seen through many incarnations and cycles acting quickly. Lots of initiatives inside of Creditas that we thought is from the off, back in February when Sergio Furio, the Founder of that company, took the board by the scruff of the neck and told it's time to change, it was time to act.
We kept the machine growing, and we see the portfolio growing strong. Repricing on the asset side of the portfolio has been aggressive and quick, and that repricing is feeding through to top line. That's all feeding through to a margin bottoming in the first half at about 10%-11%. We're starting to trend back now towards those 40%-50% true cycle gross profit margins. They made an acquisition of a bank, which also brought in equity and cash into the business. The bank itself gives us access to deposits, a new line of funding for Creditas true cycle, and also dealing with costs such as customer acquisition costs or general costs. You know, from a business point of view, the analyst in us loves where Creditas is sitting today.
As we look at a company which is still at a very strong volume growth story, but with margins bottoming, they're also looking at margins widening from here and costs falling. These kind of, you know, supportive forces all coming together, they look quite beautiful in an Excel spreadsheet as we look into next year and the year after, which makes us very comfortable and confident in what is still very much our biggest asset. From an investor relations share price market cap point of view, our share price has been bottoming, let's say, over the last few months in line with our NAV per share. We've seen a slight uptick of late. I guess what's key on this, and it's really around the discount to NAV.
That's something that we've lived with on and off over time, as an investment company, sometimes at a premium, sometimes at a discount. We've never been at such a significant discount for such a significant period. While we understand the many reasons why that can happen to a company like us in a market like this, it doesn't make us happy about it as shareholders and people running this company for shareholders. Hence, we want to do something about it. We are very active on this front. Not that we can control the markets, but there are controllables within that. I think front and center is the buyback. This goes back to the robustness of the valuation approach. If we didn't believe in our NAV, we wouldn't be buying back our shares, and we certainly do.
We initiated a buyback program up to $10 million, and we started that back in the early part of Q3. We've done about $2 million and did about $1 million a month in that at the moment. We've been buying back our shares at very healthy levels. It's just simply the most obvious thing for us to do with our capital right now. It's the biggest hurdle for us with capital than anything else, given the IRR potential in our own shares and our own portfolio right now. Also on the investor relations and PR front, you know, we're very much on the front foot marketing our story. We feel confident enough again to do that. We've got new initiations of coverage from investment banks like KBW and Carnegie.
That's now five investment banks covering what effectively is a small-cap stock. It's great to have those guys covering our stock and marketing our story. We're leveraging off our portfolio companies, not only people like Creditas, Konfío, who are at investment bank events. We're putting out our own published research on some of our companies, which are the kind of rising stars like Rupeek in this quarter, Juspay we did in the first half of this year. This is all publicly available information on us and our story that we're getting out there to the market to bridge that gap from understanding of what can be at times quite an opaque structure because we're an investment company investing in private companies, and we want to give more on those private companies, and that's where we're finding ways to do that.
That increased transparency is coming through in our valuation approach, communicating the growth of our portfolio, cash needs, Creditas. I think it's gonna be a leading light for us in this regard, and it's important with IFRS disclosure. That's all being fed through to the market. Just performance over time, of the portfolio, and of everything we do at that. From our point of view, we are grappling with this situation. We have controllables, we have levers, we're pulling them, we're working them. It does seem to be working in the share price, but we'll see where markets go. This is something that's very much in focus for us as management and as shareholders of the story. From a capital position point of view, we ended Q2 with $64 million. This is slide number 14.
We're now on $56 million at the end of Q3. We've done a kind of flow chart analysis out into the end of 2023 of the various moving parts whereby we set aside $10 million for portfolio needs. Most notably, we're looking at the top end of the portfolio from names like Konfío and Creditas, and buybacks $3 million to year end. We'll probably hold back $5 million, which is half the allotted amount, and then coupon payments and OpEx. I guess the message here is we've got comfort with our capital position and its controllables within that. The controllables, you know, they ebb and flow over time. For us, the main thing is our big companies, i.e. the top three, are well funded on a growth path to break even.
With the money we have set aside plus what they have, we're very comfortable that they are there, and that's key. Beyond that, we can choose or not to invest or support companies at various points in the cycle. We've got no obligations within that. You know, from an equity, debt, and exit positions, as money flows into the company, we're constantly looking at optionality around that over time. That's something we've done in the past and can do again in the future. We raised a bond earlier this year. We raised equity last year. We've had exits the year before that. These things come and go all through our cycle. The controllables around costs and buybacks is always there and up our sleeve, and we can maneuver them should we see fit over time.
I think on the right-hand side of the slide, I think the key things to note here, beyond the bond itself, which was a SEK 500 million bond translated into dollars and has fallen in value. The money we owe from a dollar point of view is less today than it was yesterday at $44 million versus $53 million. I think we've got quite a high liquidity position today at the end of Q3 of 13%. Our debt to NAV ratio is quite low, relatively speaking, at 10%. We've got a solid net cash positive position of $12 million as of the end of the quarter. One slide on ESG before I wrap up, and I think on this front, two things happened during the quarter, which we're very proud of. One is Mahaana.
We made an investment into Pakistan's first digital wealth management company, really focusing on the pension market opportunity that is in Pakistan. This is run by Shamoon, a friend, former Founder of Tundra, an asset manager in Swedish and emerging markets. A phenomenal opportunity for the pension market in the Pakistani market. Very early days in that. Shamoon is the person to build it, and we're very privileged to be asked to back him day one in that journey. That's clearly fit into the social financial play that we raised money for in our sustainable bond earlier this year. JUMO always front and center of everything on the sustainable finance front earned their B Corp certification, which is one of the highest level achievements you can in the sustainable finance world.
Their JUMO, once again, is just always a rising star in that regard within our portfolio. To wrap up before I open to Q&A, what I would say to investors and the market, you know, in the first half of this year, we very much played defense, and I think it was a time for defense. We strengthened our balance sheet with the bonds. It was the right thing to do, get capital in the door. In our portfolio level, we focused across the board, but you know, we had a lot of focus on the top three, because that's where the market's focused and that's a big part of our NAV and success story today and tomorrow. We make sure that they have enough capital, us and the other shareholders around the table.
They're in a strong position to have enough capital to grow at a healthy clip through to a planned break even and beyond. We addressed our NAV in Q2. We addressed that hard and directly, and we're very comfortable with our NAV position, hence the roll into Q3, which has been quite stable. Stable is the keyword in this regard. With our defense in place in Q3, we started to lean back on the front foot. As I say, this isn't the best of operating environments. It's not great choppy period. In fact, from a pipeline point of view, even though we're as busy as ever, it's not like we're seeing the opportunities we want to see in private investing, i.e., best in class private companies at public market valuations or below.
We're not there yet, and we probably will get there next year. Hence, the money that we have on board, we're putting to work towards buying back our own shares, which is, as I say, the most obvious value accretive thing we can do. Added to that then, we're marketing our story and working on that discount to NAV. From a capital position, I've dealt with that. We're comfortable with controllables within that at $56.3 million. Then our key asset is Creditas, and that one is a company that is now, you know, producing its IFRS results, growing off a strong base. It's very much set up in terms of volume growth, widening margins and falling relative costs, which are a normal stream when it comes to looking at the financial companies and beyond.
I will stop there, Operator Sharon, and very happy to open up the Q&A at this point.
Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. Once again, star one and one, if you would like to ask a question. We'll take our first question. Please stand by. Your first question today comes from the line of Adnan Karic from Carnegie. Please go ahead. Your line is open.
Hi, gents. Thanks for the presentation. Three questions, if I may. The first one would just be, you obviously mentioned that several of the holdings are now sort of trying to accelerate the pace to profitability. Could you give us any flavor for how large part of the portfolio is expected to be cash flow positive by the, let's say, by the end of next year? And then if you could talk a bit more on the outlook for Juspay. It sounds in the report like you're quite optimistic on that holding and the value creation from that going forward. Lastly, just on Finja. You mentioned that the macro headwind in Pakistan and so on. I think I heard that you're also saying that there's an ongoing round there.
Should we take it that you're not participating in that? How should we see the impact on your other investments in Pakistan?
Super. Hey Adnan, how you doing? Thanks for that. Let's work it backwards. I'll do Finja, and Alexis will jump in on Juspay. I don't know if you also want to talk about past profitability, given how it was kind of in your slides. L ook, so on Finja and Pakistan in general, there's a macro overlay and then there's a micro story within that. We've got three holdings in Pakistan. From a macro overlay, I think geographically, and I'll leave it broad here, we're quite lucky, or good, depending on how you look at it, with the geographic exposure that we have today.
The countries where we're heavy are Brazil, Mexico and India, and each of them have a strong economic case to be made within an emerging market or global context today, because there are some crashes out there, as we all know, from the Russias, the Turkeys, even the U.K., for that matter. Pakistan is the one country that's seen a lot of stress within our portfolio, and that's been stress at a macro level, whether it's importing commodity inflation or food inflation for what is an importing country. Those obviously play havoc with the current account and the balances at economic level. That's put pressure on the currency and the debt levels and the bonds and all that good stuff that you see in emerging markets.
You add to that a political, let's call it crisis overlay, and we've had the ousting of one PM and the incoming of another, and some political infighting in between. You overlay that with floods, where I think at one point up to a quarter of the country was underwater, so you had a humanitarian crisis. A lot of weight, or pressure on that country stroke ecosystem. Hence there's gonna be some fallout from that for anybody who's investing in that country, and we're investors in that country. Within that the, you know, the FinTechs we invest in mostly focus on the cities, and the cities have been broadly untouched from the floods. I mean, economically they're still broadly resilient.
Hence to answer the last part of that Finja question, you know, Mahaana we just invested in, day one stuff and it's actually profitable, but a very early stage and very small. Abhi raised at an exceptionally good time, and sometimes you're lucky with timing. They're sitting on, I'm gonna pick a number, about $15 million of hard currency sitting offshore, while they're growing their business onshore. Very robust business positioning and growth story there, from the last investment round. Finja was unlucky, I guess, with its timing in terms of raising money, was kind of the eye of the storm as it was trying to raise money in the summer of this year. That meant.
That just kind of led to them slowing down growth and slowing down projections and plans and tightening up a bit, which is the logical thing to do, in a window like this. Hence we pulled back with our forecast and valuation of that, and it's got a lot more conservative unlike the other two names in that country. That said, that funding round has closed. I won't give too much details on it yet. We are not part of that. It is a direct investment from one entity that we've been working with as a partner for Finja. That's welcome news, and that will mean the company will get back onto a growth footing as they've kind of pulled off the throttle for the last three to six months.
Hence the valuation decrease there, but not in Abhi or Mahaana. Moving on to Juspay, Alexis, do you wanna grab that one?
Yeah, sure. Hi, Adnan. On Juspay, as you mentioned, we're very bullish on the outlook for Juspay and its potential to create value for us and our shareholders. Juspay is delivering on all fronts. They are becoming more and more core as a payment service provider and a payments platform in India. UPI and mobile payments in India is really taking hold, and digital payments are becoming a larger portion of payments within India, getting higher penetration. On all aspects, we're very bullish on the outlook for Juspay. They still serve some of the largest merchants in India. The big enterprises have very low churn. They're broadening the product suite and showing their ability to charge higher and higher prices.
All of that being said, I think one of the key things as well at Juspay is that it's becoming a very strategic asset in India. You know, there aren't many large payment companies. Payments in India have thin take rates and low revenues. Juspay has shown the ability to grow a very substantial strategic business for India despite those challenges. They have a very large market share of digital payments in India. You know, it's one of those companies that on our it's marked to last transaction. You know, when we have also mark to model in the last transaction, this is one that we could see adding real shareholder value in the coming quarters.
Yeah. That's a nice way of putting it, Alexis. to answer your first question, maybe I'll start and Alexis feel free to overlay. I guess how do we think about it? We want comforts that our companies can get to breakeven with or without more capital. That would be the ideal. I think as Alexis showed in the slide there, 65% can and 35% can't or are needy. Within that 35% is Konfío and they have a capital solution at play, to get to that breakeven. We're comfortable they can be layered into that. Will they be cash flow positive next year or the year after? Do we care? Do we not care?
We just care once they have the capital and the business model and the economics to get to breakeven in the current environment. I guess specifically names like Nibo, names like Revo, some of the bottom, smaller names in the portfolio are profitable, as is Mahaana. Abhi's actually profitable, give or take, right now. Names like Creditas and Juspay could be profitable next week if they wanted, but they choose not to, given the resources that they have. I think that 65%-35% allocation ex-Konfío is a good one to focus on from a risk/reward point of view right now. Some of that will ebb and flow over time, Ermin. If markets get better, companies may feel more bullish and want to grow faster and burn more.
If markets get worse, you know, companies might just never see another dollar coming through the door, and they'll have to get to breakeven or they'll die. That's the reality for these markets.
Yeah. I don't have much else to add. I think, you know, this is. We're not saying that 65% of the portfolio will be cash flow positive next year. I think it's that the idea is that these guys have the ability to, and they have the resources to. Then the decision comes down to the company, and they have the luxury of that decision.
Got it. Thank you. That's super helpful.
Super. Thanks, Adnan.
Thank you. Once again, if you would like to ask a question, please press star one and one on your telephone keypad. We will now go to our next question. Your next question comes from the line of Andrew Simpson from KBW. Please go ahead.
Afternoon, guys. Two questions from me, please. One on cash, and then one just on the broader Fintech landscape, please. The first one on cash. That slide, I think it was the penultimate one that you showed on the cash position is really, really helpful. I guess it also then as you'd expect for the nerdy analyst, it also then raises some other questions. I just wanna be clear here, because you've spoken about a net cash position before. That slide sort of suggests that you'll shift into a very positive cash position, but a negative net cash position of about SEK 17 million by the end of 2023. Is that something you're comfortable with? And what kind of level do you start thinking it's too low?
I'm aware that's a particularly tricky question. Just wondering how you would invite us to think about that slide would be helpful. Then secondly, just on the broader fintech landscape, what are you seeing from the other FinTechs out there? Because I guess, you know, it's very encouraging that again that 65-35 split and showing how well-funded your holdings are. That's, again, very welcome information. I guess not every not all the firms out there are so well funded as your holdings. I'd expect some of them to be knocking on your door asking for some fresh investments. I'm just wondering, have I got that wrong? What else are you seeing out there?
You know, the reason why I'm asking, I'm just trying to judge how, you know, what a kind of advantage that is. You know, how special are the ones that you hold that they have actually thought ahead, and funded ahead versus all the other, FinTechs out there, please. Thank you.
Super. Look, thanks, Andrew, and we welcome the questions. Generally speaking, when I say we're leaning forward and we're feeling comfortable, we haven't got everything in our favor, and we've still got some challenges. That goes without saying in a window like this. Our capital position, you're correct. We laid it out to be clear on slide 14 for everybody to see. We are comfortable going to, you know, net cash negative position. I think that's the extrapolation of what we're seeing from the plan from here for the investment portfolio needs, the buybacks, that will take us both to net cash positive 12 months or into Q3 towards zero and then towards negative as we extrapolate towards the back end of next year.
This becomes, you know, quite fluid then as opposed to managing the company at, you know, capital level and liquidity level. I guess there's a number of forces on this that are more capital into the company in due course, and that will have to happen, clearly. Speaking of if we're looking at, you know, over time, whether it's exits of positions, and that's something that we're always working on, from the top right through to the bottom. You know, we got a bond out there in Easter, just before Easter of this year when the markets opened up in a very small window. It was the right thing to do. It obviously brought debt onto the balance sheet, but in terms of strengthening the balance sheet with a three-year duration, it was very clear and key.
Slightly touched on your second one, but we talk to our investors a lot. Our key investors, our top shareholders. The communication is strong, and their support for us through the cycle has been there. You know, we told them openly that it's not the right time to give us more capital. Some have been leaning in, others been leaning out, depending on their position. It's not the right time to give us capital because we don't see the opportunities except buyback our shares as to put that capital to work. That's the second part of your question, which I'll deal with in a second. Just to extrapolate on the cash point of view, we're constantly looking at the solutions of bringing capital in, and we're constantly stress testing capital going out.
We think the money put to work in our portfolio on buyback is so value accretive that it would be wrong not to do given the context of the capital that we have today. Albeit the decisions that we make will evolve over the next 12, 18 months with markets, conversations with shareholders, and then the activity of the money in, our money out, as we go. To the second question, to your point, it's interesting. Once again, we're not saying we're great and everybody else is rubbish. We have a strong track record. I guess right now we have the top end of our portfolio in very good shape, and that's key. You know, where are we fighting fires? We talked about, you know, names like Finja and Magnetis, where we've marked down positions.
You know, nothing's on fire, but it's more work at that end. That's where we're doing our work from valuation point of view. At the top end, these are companies that are more mature, in fairness. They've been around for 10 years, so it's not start-up investing in three years and kids who develop an app and burn money and no unit economics. These are quite robust through-cycle emerging market businesses as well. That's the other thing, you know, emerging market founded or built in crisis, and this is just another one.
Yeah.
to go with the rest. We like that robustness of it. I guess it depends where you're sitting, whether it's region or stage of investing, and if you know and what prices you invested at and what you got into. You know, we made mistakes like everybody else, but I think on average we have been good. You know, I think our 65/35 ratio is on average better. There will be pain out there, I'm sure, as we go. The flip side about this is our cash position, the first part of your question. The second part is, you know, is there blood in the streets? Is this a great vintage? Is it a great time to go shopping?
I guess what I've been telling our investors who have been leaning in from a capital point of view is no. It's coming. I believe next year could be a very good year for investing for people like us, where relationships, track records, opportunities where we can get best in class private fintech companies at quite robust valuations. Right now, most of the best companies have enough capital to see them through at least till next year. Nobody wants to touch the markets. I mean, those that have to touch the markets are, and they're probably the ones you don't wanna touch at the price they're looking for. It's very inefficient, the private markets, unlike the public ones, but therein lies some of the opportunities.
That's great. Thank you very much.
Cool.
Thank you. There are currently no further questions. I will hand the call back to you.
Super. Thank you very much, Sharon. Look, thank you everybody for taking the time to be with us this quarter. Thanks for your support and looking at our stock, be it from the analyst community or from the investor side. I think the key message here from us in the quarter is stability, comfort, confidence. We're feeling good about life at VEF, irrespective of what is still a very tough environment. That's the message we're portraying that's come through in the numbers, and it comes through on the buyback, and it comes through from the results in credit. That's most importantly for us. Any specific questions or anything you need from us, always feel inclined to lean in direct to myself, Alexis, or our CFO and Head of Investor Relations, Henrik who sits in Stockholm.
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.