NEARLY six years after its debut on the Jamaica Stock Exchange, QWI Investments Limited is contemplating a fresh capital raise, but says it’s in no rush.

Chairman John Jackson told shareholders at the company’s recent annual general meeting that a return to the market is under consideration but unlikely to happen before the end of this year.

“At best, it’s 2026,” Jackson told the Jamaica Observer in a follow-up interview. “It wouldn’t happen before 2026 at the earliest. We’re not prepared to go at the moment, but it’s one of the thought processes to get more funds.”

QWI last raised capital during its 2019 IPO, bringing in just under $800 million at a price of $1.35 per share. Since then, the stock has consistently traded below its net asset value (NAV), closing at $0.75 on Thursday, while NAV declined to $1.20 at the end of March 2025. The company’s performance in recent quarters has been mixed, with market volatility eroding portfolio value despite ongoing efforts to rebalance holdings.

Still, Jackson made clear that any decision to raise funds would depend not only on internal strategy, but also on investor sentiment and share price recovery.

“I wouldn’t [go back] until the stock price is trading above where we went public,” he told the BusinessWeek. “That’s some distance away.”

He added that if the company can execute a raise at the right time, the additional capital could allow QWI to expand its investment portfolio both locally and overseas, with the potential to generate stronger returns for shareholders.

“If the portfolio expands physically — in terms of dollars and cents — and the market’s doing well, then we have resources to pay dividends and what have you,” he said.

Although the board has yet to determine the route it will take, Jackson indicated a preference for issuing new shares over debt, pointing to the cost burdens associated with loans and bonds. As a main market company on the Jamaica Stock Exchange, QWI is not subject to the fund-raising caps that restrict junior market firms, giving it more flexibility should it proceed with an additional public offering (APO).

The potential capital raise comes as QWI reassesses its portfolio strategy amid a more volatile investment climate. After finishing Q1 on relatively stable footing, the company reported unrealised investment losses of $141 million in the March quarter, driven by a downturn in both the local and US markets. Net asset value per share fell 9.8 per cent from $1.33 in September 2024 to $1.20 in March 2025.

QWI noted that, in Jamaica, several of its holdings, including Access Financial, Caribbean Cement, Dolphin Cove, General Accident, Jamaica Broilers and TransJamaican Highway, posted sharp price declines, stemming from issues ranging from data breaches and overhangs from share offers to profit dips and corporate governance concerns.

“Our Jamaican holdings underperformed the market,” the company reported. “The Jamaican market has not really delivered for us the way we expected it to. We keep our fingers crossed that that will change later in the year. We see some signs, but they are embryonic at this point in time.”

In contrast, the company remains confident about its US positions, which include stakes in firms such as Nvidia, Meta, Microsoft and Alphabet — companies Jackson described as having strong long-term upside. While US share prices fell during the March quarter following the announcement of new trade tariffs, Jackson believes the US remains QWI’s most familiar and liquid international market.

Asked about venturing into other markets, such as the UK or Asia, Jackson dismissed the idea, noting that the company has no direct exposure or operational familiarity with those regions.

“My belief in investment is that people should go to places they’re familiar with,” he said. “You can find just as many opportunities in the US market.”

Although the company reported a net loss of $130.7 million in the March quarter, the board remains optimistic that the second half of the year could bring some recovery — particularly as local companies begin reporting earnings for the June and September quarters.

“It’s very embryonic, but I think we’re seeing signs,” he said. “If you look historically, the market tends to sell off around April, then starts to rebound around July or August. We saw that pattern last year and again this year.”

Jackson noted that QWI is actively rebalancing its portfolio to favour higher quality stocks with lower risk, and remains focused on generating consistent profits over time.