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Seraphim Space Investment Trust
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== Performance: Very early days == '''Exhibit 4: NAV and share price return since launch'''<ref name=":0">Source: Refinitiv.</ref> [[File:NAV and share price return since launch.png|600px]] SSIT is a relatively new investment vehicle, having launched in July 2021. SSIT reports its NAV on a quarterly basis. The 31 December 2021 NAV was 104.7p per share at 31 December 2021 (end September: 104p), which is a 6.8% increase on 98p NAV (net of costs) in July 2021. The fair value of SSIT’s portfolio at end December 2021 was £183m, which is an increase of £18.6m compared with the value of the portfolio that was acquired by SSIT at launch in July 2021. The listed component of SSIT, accounting for 21.3% of NAV, saw a mixed performance from Q321. Weak performance (Exhibit 8) from the listed AST Space Mobile and Spire Global, two small holdings within the portfolio, was more than offset by a strong performance from Arqit (reflecting share price return plus issuance to the company of earn-out shares). In a portfolio of early-stage companies at the cutting edge of space technology, it is inevitable that not all investments will succeed. The manager has demonstrated its disciplined approach to follow-on investment by ceasing to invest in two companies, both have been written down to zero as a consequence of missing technical and commercial milestones, with SSIT making a provision of £1.9m against these businesses. === NAV valuation methodology === An unaudited NAV is calculated quarterly in pounds sterling for end September, December, March and June. Publicly listed securities are valued at their bid price or last traded price (these currently comprise Arqit (ARQQ), Spire (SPIR) and AST SpaceMobile (ASTS)). However, the majority of the portfolio is unquoted. These assets are valued using International Private Equity and Venture Capital Association methodology including earnings multiples, discounted cash flow analysis or use of the value at the most recent funding round. More recent purchases may be held at cost until such time that alternative measures become more appropriate. Assets yet to generate profit or revenue are typically valued at the most recent funding round cost. The above factors, and the nature of the portfolio, containing early stage and unquoted assets, mean that there is likely to be an inherent element of lag in the quarterly reported NAV.
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