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Seraphim Space Investment Trust
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== Peer group comparison: A lone wolf == SSIT has an investment focus solely on space technology, which makes it unique within the AIC group of companies. It sits within the Growth Capital category, which stipulates that the companies ‘invest in unquoted shares and that they generally [like SSIT] take non-controlling stakes in early to maturing companies’. There are six companies within this sector and while the other constituents may have some investments in space related technology, it is not their main focus as it is for Seraphim. This makes peer group comparison a moot point within this esoteric and diverse group of companies. There is a small group of relatively recently listed US ETFs that are focused on this area but the methodology or criteria for inclusion can be quite broad with exposure via listed equities that may have multiple revenue streams, diluting pure play exposure. They are also dominated by incumbents and include significant holdings in companies such as Trimble, Sirius and Lockheed Martin, which are in a different market and life cycle position compared to the small disruptors and potential winners of the future, which are SSIT’s focus. The SPDR S&P Kensho Final Frontiers ETF shares some commonality with SSIT in terms of seeking to invest in innovation in space (as well as other final frontiers such as deep sea), but, unlike SSIT, it invests in established (average $37bn market cap) profit-making companies such as Lockheed Martin, Raytheon Technologies and Northrop Grumman. Despite the divergence in investment approach and short investment history, it is perhaps illustrative to see the performance characteristics versus broad US equities and the Nasdaq. Fundamentally, a passive approach based on quoted equities and historical metrics does not seem the best way to play this theme. '''Exhibit 5: Passive and listed strategies have failed to capture the growth'''<ref name=":1">Source: Morningstar.</ref> [[File:Passive and listed strategies have failed to capture the growth.png|600px]] Edison Investment Research also notes that there are a number of listed private equity, VC and early-stage unquoted growth investors that invest in space technology, albeit generally not with the same specific focus on the sector that SSIT has. Exhibit 6 illustrates the historical returns, drawdown and standard deviation from a selected group of companies that invest in largely unquoted growth-stage companies. While potential returns can be high, investors should be cognisant that they are likely to experience significant volatility. {| class="wikitable" |+Exhibit 6: Illustrative group of private growth-stage investments<ref>Source: Morningstar.</ref> !Name !Domicile !Total return 1 year !Total return 3 years (ann) !Total return 5 years (ann) !Total return 10 years (ann) !Latest discount (cum fair) !Std dev 3 years !Max drawdown 3 years |- |Schiehallion Fund |Guernsey |8.9 |n/a |N/A |N/A |37.4 |N/A |N/A |- |Molten Ventures |United Kingdom |11.0 |13.0 |17.0 |N/A |N/A |38.3 |<nowiki>-33.6</nowiki> |- |Augmentum Fintech |United Kingdom |19.1 |11.0 |N/A |N/A |5.6 |9.7 |N/A |- |Agronomics |Isle of Man |43.2 |73.4 |22.8 |N/A |N/A |96.0 |<nowiki>-47.4</nowiki> |- |Oakley Capital Investments |Bermuda |26.8 |22.9 |18.4 |12.4 |<nowiki>-19.0</nowiki> |22.1 |<nowiki>-7.4</nowiki> |- |HgCapital Trust |United Kingdom |35.2 |27.0 |23.6 |17.3 |5.3 |16.1 |<nowiki>-6.1</nowiki> |- |Allied Minds |United Kingdom |<nowiki>-35.7</nowiki> |<nowiki>-23.4</nowiki> |<nowiki>-40.1</nowiki> |N/A |N/A |39.7 |<nowiki>-69.6</nowiki> |- |IP Group |United Kingdom |3.0 |<nowiki>-2.6</nowiki> |<nowiki>-12.6</nowiki> |1.0 |N/A |40.6 |<nowiki>-52.7</nowiki> |- |FTSE All-share |United Kingdom |18.90 |6.75 |5.42 |7.41 |N/A |15.68 |<nowiki>-25.13</nowiki> |- |S&P 500 |United States |23.29 |20.71 |16.78 |15.43 |N/A |17.54 |<nowiki>-19.60</nowiki> |- |Nasdaq Inc |United States |34.04 |28.11 |21.69 |22.72 |N/A |21.33 |<nowiki>-18.07</nowiki> |}
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