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Seraphim Space Investment Trust
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== Risks and sensitivities == '''Comparators:''' SSIT has no direct competitors among open- and closed-ended funds, which makes direct comparison difficult for investors and there are no obvious benchmarks available. There are funds that invest in private growth-stage assets and technology and ETFs but these are invested in listed and largely mature ex-growth businesses of the sort that the SSIT portfolio seeks to disrupt. '''Portfolio valuations:''' SSIT publishes a quarterly NAV, which accounts for the value of the holdings less liabilities. A majority of the portfolio will be unlisted and valued via International Private Equity and Venture Capital Association methodology Thus, some companies will not be readily valued and are not likely to be immediately marketable in the event that liquidity were required in the fund. It should be noted that there are quoted holdings that could be realised. '''Past and future performance:''' whilst SSIT targets portfolio returns in excess of 20% pa over the long term, investors should not consider this to be a guaranteed or reliable estimation of actual return. '''Business and execution risk:''' it is in the nature of investing in early-stage technology companies that it provides both an opportunity and risk in that the portfolio companies are immature and often pre-revenue. This means that adverse macroeconomic, technological developments and competition could disrupt their business models and cause them to require additional capital, delay milestones or fail altogether.
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