Q3 update for the three months ended 31 October 2023

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Focused on risk-adjusted returns and defensive growth


  • NAV per Share of 1,959p (31 July 2023: 1,904p); NAV per Share Total Return of 3.3% during the quarter and 3.8% over the last twelve months (5 year annualised: 15.4%)
  • Portfolio Return on a Local Currency Basis of 0.1% during the quarter and 4.8% on an LTM basis (5 year annualised: 17.5%)
  • Portfolio was cashflow positive during the quarter, with Realisations of £39m and New Investments of £29m
  • Twelve Full Exits completed at a weighted average Uplift to Carrying Value of 33.7%
  • Third quarter dividend of 8p per share (Q3 FY23: 7p). Board intends to pay total dividends of at least 32p per share for FY24 (FY23: 30p)
  • £3.8m returned via share buybacks in 27 separate transactions during the quarter. £14.6m returned in aggregate so far via share buybacks at weighted average discount to last reported NAV of 39.7% since programme initiated in October 20221
  • Consistent with our active management of the Portfolio, post period-end we executed a secondary sale generating gross cash proceeds of £68m, crystallising an attractive 1.8x return on invested cost

1 Up to and including 19 January 2024


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