Onward Opportunities Limited Portfolio Update (1639Z)
10 Janvier 2024 - 8:00AM
UK Regulatory
TIDMONWD
RNS Number : 1639Z
Onward Opportunities Limited
10 January 2024
10 January 2024
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Portfolio Update
Onward Opportunities Limited (AIM: ONWD), the investment company
targeting opportunities in smaller companies within the UK,
provides an update for the financial year ended 31 December 2023
("FY23").
Company Update
* FY23 unaudited Net Asset Value (NAV) Total Return of
+11.3% to 106.5p/share over the period from 30 March
2023 to 31 December 2023
* Encouraging first financial year ahead of target
returns in difficult market conditions, delivering
investment outperformance (NAV growth) relative to:
o Indices - Outperformed UK AIM All Share by 16.6%; +11.3% Company
NAV increase versus decline of 5.3% for UK AIM All Share
o Peers - Top decile performance in AIC UK Smaller Companies sector
since inception; and
o The Company's target returns of >15% IRR stated at the time
of IPO - The portfolio delivered an aggregated IRR of 22.6% and
the invested portfolio as at year-end had generated an unrealised
IRR of 40.2%
* In March 2023, the Company completed its IPO
notwithstanding challenging market conditions. The
Company successfully completed a further capital
raise in September 2023, increasing the Company's
capital base by 25% and welcoming a number of new
shareholders to the Company.
Portfolio Update
* Significant early contributions from both the core
stable and nursery holdings; top five contributors to
unrealised return were Angling Direct, MPAC Group,
EKF Diagnostics, Windward and Springfield Properties
* This early IRR performance is indicative of further
upside within the existing portfolio, as well as the
attractive pipeline of portfolio investments the
manager is identifying in current markets over the
medium to long term
* DX Group was the first takeover of an investee
company, generating an IRR of 197%
* Portfolio has captured an income stream, that at FY24
dividend levels, is expected to offset the majority
of the total expense ratio of the Company in the
forthcoming year
* Intense period of investment activity capitalising on
the value opportunity in UK smaller companies; the
Company was over 90% invested by year-end. The top 10
holdings represent 60% of NAV
Laurence Hulse, Investment Director & Founder, said:
"The team is delighted to have delivered a NAV return of +11.3%
net of launch costs in our first 9-months of operation, comparing
favourably to the rest of the peer group and comparator indices. It
was particularly pleasing to quickly earn back the IPO launch costs
for shareholders who supported us.
"Onward Opportunities is all about truly active management; we
are building a portfolio of specialist investment ideas for
existing and prospective shareholders to access. Company resource
is deployed analysing high conviction opportunities and then
engaged to help unlock the value identified. We look forward to the
portfolio developing further in the coming months. Onwards."
For further information, please contact:
Onward Opportunities Limited Tel: +44 (0)20 3416
Andrew Henton, Chairman 9143
hello@dowgate.co.uk
Dowgate Wealth Limited (Portfolio Manager)
Laurence Hulse, Investment Director Tel: +44 (0)20 3416
9143
hello@dowgate.co.uk
Apex Administration (Guernsey) Limited Tel: +44 (0) 203
(Company Secretary) 5303 150
Martin Baxter / Harry Rouillard ool@maitlandgroup.com
Cavendish Capital Markets Limited (Nominated Tel: +44 (0)20 7397
Adviser and Joint Broker) 8900
Ben Jeynes/Camilla Hume
Dowgate Capital Limited (Joint Broker) Tel: +44 (0)12 9351
Russell Cooke / Nicholas Chambers 7744
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END
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(END) Dow Jones Newswires
January 10, 2024 02:00 ET (07:00 GMT)
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