Editing Seraphim Space Investment Trust
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== Performance: Very early days == | == Performance: Very early days == | ||
'''Exhibit 4: NAV and share price return since launch'''<ref name=":0">Source: Refinitiv.</ref> | '''Exhibit 4: NAV and share price return since launch'''<ref name=":0">Source: Refinitiv.</ref> | ||
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. | 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. |