BlackRock Frontiers Investment Trust Plc - Half-year Financial Report
(LEI: 5493003K5E043LHLO706)
HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED
Performance record
The Company’s financial statements are presented in US Dollars. The Company’s shares are listed on the
As at As at
31 March 30 September % change
2026 2025
US Dollar
Net assets (US$’000) 1 385,723 446,738 -13.7
Net asset value per ordinary share (cents) 235.71 236.03 -0.1
Ordinary share price (cents) 2 223.52 226.17 -1.2
====== ======
British Pound Sterling
Net assets (£’000) 1,2 292,503 331,839 -11.9
Net asset value per ordinary share (pence) 2 178.74 175.32 +2.0
Ordinary share price (pence) 169.50 168.00 +0.9
Discount 3 5.2% 4.2%
====== ======
For the six months For the
ended year ended Since
Performance (on a total 31 March 30 September 2025 inception 4
return basis)
2026 % %
%
US Dollar
Net asset value per
share (with dividends +2.4 +15.1 +174.6
reinvested) 3
Benchmark Index 5 +4.3 +10.6 +89.7
MSCI Frontier Markets +5.6 +36.2 +119.8
Index
MSCI Emerging Markets +4.6 +17.3 +81.4
Index
Ordinary share price
(with dividends +1.4 +21.9 +159.3
reinvested) 3
====== ====== ======
British Pound Sterling
Net asset value per
share (with dividends +4.6 +14.7 +223.6
reinvested) 3
Benchmark Index 5 +6.5 +10.2 +122.6
MSCI Frontier Markets +7.8 +35.7 +159.9
Index
MSCI Emerging Markets +6.7 +16.9 +114.5
Index
Ordinary share price
(with dividends +3.6 +21.4 +205.0
reinvested) 3
====== ====== ======
1 The change in net assets reflects the cash exit tender offer, dividends paid and portfolio valuation movements during the period.
²
Based on an exchange rate of
³ Alternative Performance Measures, see Glossary in the half yearly report and financial statements.
4
Since date of incorporation on
5
Prior to
Sources:
Chair’s statement
Dear Shareholder,
I am pleased to present the Company’s Half Yearly Financial Report for the six months to
Period highlights
- NAV total return of +2.4% compared to the Benchmark Index return of +4.3% (in US Dollar terms with dividends reinvested);
- Share price total return of +1.4% (in US Dollar terms with dividends reinvested) or +3.6% (in British Pound Sterling terms with dividends reinvested);
-
Declared interim dividend of
-
Implementation of the five-yearly tender offer, following which 86.3% of shareholders chose to remain invested, and subsequent re-issuance of shares from
Performance and market overview
For much of the period under review, Emerging and Frontier Markets were supported by a more favourable global backdrop, with easing inflation and expectations of lower policy rates contributing to improved investor sentiment.
From the start of the current financial year and up to the end of
Against a backdrop of elevated geopolitical uncertainty, performance dispersion has increased, highlighting the importance of active asset management and a deep understanding of both company and country-specific fundamentals. Over the period under review, strong returns were recorded in a range of markets, including
We believe exposure to an opportunity set within uncorrelated markets offers strong growth potential against an ever more challenging macroeconomic backdrop globally and continues to represent a compelling investment opportunity. The portfolio managers’ focus on strongly performing, cash generative companies also provides shareholders with an attractive yield. As at
Our portfolio managers provide a detailed description of the key contributors to and detractors from performance during the period, portfolio activity and their views on the outlook for the second half of the financial year in their report which follows.
Revenue return and dividends
The Company’s revenue return per share for the six months ended
Nevertheless, recognising the importance of yield to shareholders, and reflecting the portfolio managers’ confidence in the broader outlook, the Board is pleased to declare an interim dividend of
During the period, the final dividend of
Share capital
For the period under review, the Company’s ordinary shares traded at an average discount to NAV of -2.4%. Although this widened to -5.2% on a cum-income basis as at
The Directors believe that it is in shareholders’ interests that the Company’s share price does not trade at a significant or volatile discount or premium to its underlying NAV. Accordingly, they have the authority to buy back shares in the market equivalent to 14.99% of the Company’s issued share capital and also to issue new shares equivalent to 10% of the Company’s issued share capital (excluding any shares held in treasury). The Directors, in conjunction with the Company’s broker, monitor the relationship between the share price and NAV closely and will consider the issue of ordinary shares at a premium or repurchase at a discount to help balance demand and supply in the market if they believe it is in shareholders’ interests to do so. In determining the merits, the Directors review a range of factors, including the ongoing attractiveness of the investment offering, the prevailing market conditions and the discount level in absolute terms and relative to that of the peer group.
The Board has devoted significant time and effort during the period under review to enhance the Company’s marketing strategy and improve communication in respect of the key features of the Company’s structure and investment strategy, including the diversification it offers against a volatile market backdrop.
The Board believes that this has contributed to increased demand for the Company’s shares and I am pleased to report that since the period end, as at
During the period under review, the Board did not consider it necessary to buy back any shares other than via the five-yearly return of capital discussed below.
Periodic opportunity for the return of capital
When the Company was launched in late 2010, the Board made a commitment that before the Company’s fifth AGM and at five yearly intervals thereafter, it would formulate and submit to shareholders proposals to provide them with an opportunity to realise the value of their ordinary shares at the applicable NAV per ordinary share less costs. Accordingly, in
It was pleasing to see that following the Tender Offer election period, the vast majority of the Company’s shareholders chose to retain their investment in the Company. 13.7% of the Company’s issued shares were tendered for total consideration of
We continue to believe that Frontier Markets offer significant opportunity and I would like to thank continuing shareholders for their vote of confidence in both the mandate and the investment managers as we move forward to the next chapter in the life of the Company. The Directors believe that shareholders value the five yearly exit opportunity and therefore intend to continue enabling them to realise Ordinary Shares at NAV less costs at five yearly intervals. The next event will take place around the time of the Company’s AGM in 2031.
Gearing
One of the advantages of the investment trust structure is that the Company can use gearing with the objective of increasing portfolio returns over the longer term. The Company generated leverage in the portfolio through its contracts for difference (CFD) exposure during the period which also provided more liquid exposure to certain Frontier Markets. As at
Board composition
As at
The Board is compliant with the recommendations of the Parker Review on ethnic diversity and the FTSE Women Leaders Review and, at the date of this report, we have a 60:40 female to male gender ratio. In accordance with the Listing Rules, we have also disclosed the ethnicity of the Board and our policy on matters of diversity in our annual report.
The Board has recently engaged Stogdale St James to undertake its first externally facilitated Board evaluation. Whilst this is not a governance requirement, this exercise will provide an independent and objective assessment of the Board’s effectiveness, complementing the Board’s internal evaluation process and bringing additional insight into Board dynamics, decision - making, processes and culture, helping to identify areas of strength as well as opportunities for further enhancement. It will support continuous improvement, reinforce good governance practice and help ensure the Board remains effective, appropriately skilled and well positioned to oversee the long - term success of the Company. The review will be completed in advance of the year end and relevant findings and conclusions will be set out in the Company’s annual report.
Outlook
Subsequent to the end of the period and as at
Looking ahead, frontier and smaller emerging markets continue to offer a distinctive and attractive opportunity set for long-term investors, supported by favourable structural trends, ongoing economic reform and attractive valuations in many markets. While global growth remains uneven and multiple geopolitical risks persist, a number of the economies in which your Company invests are benefiting from improving macro stability, easing inflationary pressures and strengthening external balances, which in turn are supporting corporate earnings and investor confidence.
The asset class remains characterised by low levels of analyst coverage and limited foreign investor participation, creating inefficiencies that our skilled, active managers are well placed to exploit. In a number of the markets, reform momentum, demographic tailwinds and rising domestic consumption continue to underpin structural growth prospects, while selective exposure to energy and commodity exporters may offer resilience in markets that are likely to remain unpredictable for some time.
The Company’s longer term performance is indicative of the investment opportunities offered by the Frontier Markets universe; since launch in 2010, the Company’s NAV per share increase of 174.6% has outperformed its Benchmark Index (which increased by 89.7%) as well as the MSCI Frontier Markets Index (+119.8%) and the MSCI Emerging Markets Index (+81.4%).
Frontier Markets are inherently volatile and can be sensitive to shifts in global risk appetite, currency movements and local political developments. Against this backdrop, the portfolio managers’ skill at identifying and exposing the portfolio to exciting and uncorrelated ideas through disciplined stock selection, careful country allocation and a focus on balance sheet strength is, we believe, a key competitive advantage and provides shareholders with unique diversification benefits. An uncertain global outlook reinforces the importance of our portfolio managers’ selective, fundamentally driven approach, seeking to capture long-term opportunities while actively managing near-term risks.
In addition, your Company’s closed-end structure avoids our portfolio managers needing to sell investments at the wrong price to manage redemptions when sentiment is weak. We therefore believe long-term shareholders will continue to benefit from a combination of uncorrelated capital growth and a reliable income stream. Thank you for your ongoing support.
Chair
Investment Manager’s report
Market Review
The majority of the six months to
Against this backdrop, performance dispersion across Frontier Markets increased - reinforcing the value of selectivity and country-specific fundamentals, areas where we believe our approach is well placed to generate alpha.
In terms of performance, a variety of different markets did well, with particularly strong contributions from markets where we were meaningfully overweight. In EMEA,
Latin American markets also performed well.
Elsewhere,
Across
Portfolio Review
In the six months to
Stocks which contributed to performance were from a diverse set of markets.
Elsewhere, Argentina’s state-controlled oil and gas company
YPF Sociedad Anonima
(+18.0%) rose sharply in March after a US appeals court overturned a
On the flipside,
We made some changes to the portfolio over the six-month period. We initiated a position in electronic payments network
Fawry for Banking Technology and
Elsewhere, we rotated from
Bank of Georgia
into
We initiated
Bank of the Philippine Islands
, where a shift toward faster growing consumer lending supports structurally higher net interest margins, offsetting pressure from rate cuts. We exited
Ayala
on concerns around persistent oversupply in Philippine real estate and structurally low return prospects. We also exited
Frontken
, a
From the Road
In a period marked by heightened geopolitical uncertainty and increased dispersion across Emerging and Frontier Markets, on the ground engagement remains a critical part of our investment process. Travelling and meeting companies directly allows us to gauge local sentiment, policy dynamics and how businesses are adapting to a shifting global environment. Over the past six months, we visited a number of countries across our investment universe, with these trips providing valuable insights that help inform our investment decisions and support long-term alpha generation.
From our trip to
A recent trip to
Our trip to
Outlook
Recent market conditions have reinforced our view that accelerating geopolitical polarisation is reshaping global investment flows, increasing competition among the world’s largest economies while creating new opportunities across a range of sectors, industries and geographies within our investment universe. Whilst this environment is likely to generate periods of volatility, we believe it also rewards patience and discipline, particularly in markets outside the core of global portfolios, where staying invested through the cycle is often key to capturing long-term value.
We continue to believe that frontier and smaller emerging markets, which remain underrepresented in global indices, offer attractive alpha potential. In an environment characterised by elevated uncertainty and episodic risk off moves, this creates an opportunity not only to enhance returns but also to diversify risk and reduce overall portfolio volatility.
Looking ahead, we expect frontier and smaller emerging markets to continue operating on distinct and asynchronous cycles, shaped primarily by domestic policy choices, local liquidity conditions and internal demand dynamics rather than global growth alone.
Whilst geopolitical developments, particularly in the
In summary, we remain constructive on the outlook for frontier and smaller emerging markets. With inflation easing across many of our core markets and US bond yields relatively stable, we believe the conditions are in place for a cyclical recovery in domestically driven economies and for continued generation of high conviction, alpha driven opportunities.
Ten largest investments 1
as at
Together, the Company’s ten largest investments represented 39.7% of the Company’s portfolio as at
1 SC Kaspi (2025: 34th)
Financials (
Portfolio value:
Percentage of net assets: 4.9% (2025: 1.8%)
JSC Kaspi provides payments, marketplace, and fintech solutions for consumers and merchants in
2 Commercial International Bank 2 (2025: 3 2nd)
Financials (
Portfolio value:
Percentage of net assets: 4.4% (2025: 1.9%)
Commercial International Bank provides retail, corporate, and investment banking services in
3 Bank Pekao (2025: n/a)
Financials (
Portfolio value:
Percentage of net assets: 4.3% (2025: n/a)
Bank Pekao provides banking products and services to retail and corporate clients in
4
Financials (
Portfolio value:
Percentage of net assets: 4.3% (2025: 2.0%)
5 Etihad Etisalat 2 (2025: 6th)
Portfolio value:
Percentage of net assets: 4.1% (2025: 3.7%)
Etihad Etisalat is also known as Mobily and is a
6
Financials (
Portfolio value:
Percentage of net assets: 3.9% (2025: 1.9%)
7 OTP Bank (2025: 4th)
Financials (
Portfolio value:
Percentage of net assets: 3.6% (2025: 3.9%)
OTP Bank is a leading financial institution in
8
Financials (
Portfolio value:
Percentage of net assets: 3.5% (2025: 3.9%)
9 YPF Sociedad Anónima (2025: n/a )
Energy (
Portfolio value:
Percentage of net assets: 3.4% (2025: n/a)
YPF Sociedad Anónima engages in oil and gas upstream and downstream activities in
10 Equity Group (2025: 21st)
Financials (
Portfolio value:
Percentage of net assets: 3.3% (2025: 2.3%)
Equity Group is the largest financial services conglomerate in East and
1 Gross market exposure as a % of net assets.
2 Exposure gained via contracts for difference (CFDs) only.
The market value shown is the gross exposure to the shares through equity investments and long derivative positions. For equity investments, the market value is the fair value of the shares. For long derivative positions, it is the market value of the underlying shares to which the portfolio is exposed via the contract.
Percentages in brackets represent the portfolio holding as at
Portfolio analysis
Country allocation: Absolute weights (Gross market exposure as a % of net assets) 1
Saudi Arabia 14.40%
United Arab Emirates 12.10%
Kazakhstan 11.30%
Egypt 8.50%
Indonesia 7.40%
Poland 7.30%
Thailand 5.20%
Kenya 4.80%
Greece 4.40%
Vietnam 4.40%
Philippines 4.20%
Pakistan 3.90%
Georgia 3.90%
Bangladesh 3.70%
Hungary 3.60%
Argentina 3.40%
Turkey 2.50%
Global 1.50%
Chile 1.30%
Nigeria 0.50%
Saudi Arabia 16.00%
United Arab Emirates 11.30%
Turkey 10.60%
Poland 9.50%
Indonesia 6.90%
Greece 6.80%
Kazakhstan 6.10%
Thailand 6.00%
Pakistan 5.90%
Hungary 5.60%
Vietnam 4.60%
Kenya 4.20%
Georgia 4.10%
Bangladesh 3.80%
Philippines 3.40%
Global 2.70%
Malaysia 2.30%
Egypt 1.90%
Chile 1.40%
Czech Republic 0.90%
Country allocation relative to the Benchmark Index (%) 1
as at
Kazakhstan 10.4%
Egypt 8.0%
Kenya 4.3%
Georgia 3.9%
Bangladesh 3.5%
Argentina 3.4%
United Arab Emirates 3.3%
Pakistan 3.3%
Philippines 1.8%
Global 1.5%
Hungary 1.4%
Indonesia 1.4%
Greece 1.1%
Vietnam 0.8%
Nigeria 0.5%
Sri Lanka -0.1%
Mauritius -0.1%
Lithuania -0.1%
Estonia -0.1%
Tunisia -0.2%
Bahrain -0.2%
Jordan -0.3%
Poland -0.3%
Croatia -0.4%
Turkey -0.6%
Other -0.8%
Slovenia -0.8%
Oman -0.8%
Czech Republic -0.9%
Colombia -1.2%
Morocco -1.4%
Romania -1.6%
Chile -2.3%
Thailand -2.4%
Peru -2.9%
Qatar -4.0%
Kuwait -4.4%
Saudi Arabia -6.2%
Malaysia -8.2%
Sector allocation: Absolute weights (Gross market exposure as a % of net assets) 1
Financials 52.70% Energy 10.80%Communication Services 10.00% Consumer Discretionary 7.70% Real Estate 7.30% Industrials 4.70% Materials 4.70% Consumer Staples 4.10% Information Technology 2.30% Health Care 2.20% Utilities 1.80%
Financials 49.90% Real Estate 11.00% Consumer Discretionary 10.50% Industrials 8.60% Materials 8.10%Communication Services 8.00% Information Technology 4.90% Consumer Staples 4.30% Health Care 4.30% Energy 3.50% Utilities 0.90%
Sector allocation relative to the Benchmark Index (%) 1
as at
Financials 5.9% Consumer Discretionary 4.6%Communication Services 2.8% Real Estate 2.4% Energy 1.6% Consumer Staples 0.2% Information Technology 0.0% Health Care -0.2% Industrials -1.4% Utilities -3.2% Materials -4.4%
1 Includes exposure gained through equity positions and long and short CFD positions.
Sources:
Investments
as at
Equity portfolio by country of exposure
Gross market
Principal Fair value 1
Company country of Sector exposure as a
operation US$’000
% of net assets
2
Emaar Properties United Arab Real Estate 11,444 3.0
Emirates
Dana Gas United Arab Energy 8,783 2.3
Emirates
Emirate Integrated United Arab Communication 8,727 2.3
Emirates Services
Air Arabia United Arab Industrials 8,212 2.1
Emirates
Emaar Development United Arab Real Estate 6,638 1.7
Emirates
Aldar Properties United Arab Real Estate 2,508 0.7
Emirates
---------- ----------
46,312 12.1
---------- ----------
JSC Kaspi Kazakhstan Financials 19,080 4.9
Halyk Savings Bank Kazakhstan Financials 16,640 4.3
Kazatomprom Kazakhstan Energy 8,120 2.1
---------- ----------
43,840 11.3
---------- ----------
Bank Mandiri Indonesia Financials 13,635 3.5
Perusahaan Gas Indonesia Utilities 7,028 1.8
Negara
Mitra Adiperkasa Indonesia Consumer 4,842 1.3
Discretionary
Ciputra Indonesia Real Estate 3,190 0.8
Development
---------- ----------
28,695 7.4
---------- ----------
Bank Pekao Poland Financials 16,799 4.3
PKO Bank Polski Poland Financials 7,200 1.9
---------- ----------
23,999 6.2
---------- ----------
CP All Thailand Consumer 10,592 2.8
Staples
True Corporation Thailand Communication 4,994 1.3
Services
AMATA Corporation Thailand Real Estate 4,434 1.1
---------- ----------
20,020 5.2
---------- ----------
Fawry for Banking
Technology and Egypt Financials 6,903 1.8
Electronic
Payments
EFG Holding Egypt Financials 4,752 1.2
GB Auto Egypt Consumer 4,283 1.1
Discretionary
Commercial Egypt Financials 3,890 1.0
International Bank
---------- ----------
19,828 5.1
---------- ----------
Equity Group Kenya Financials 12,798 3.3
Kenya Commercial Kenya Financials 5,736 1.5
Bank
---------- ----------
18,534 4.8
---------- ----------
Athens
International Greece Industrials 9,965 2.6
Airport*
Hellenic Communication
Telecommunications Greece Services 6,821 1.8
Organisation*
---------- ----------
16,786 4.4
---------- ----------
DigiPlus Philippines Consumer 8,151 2.1
Interactive Corp Discretionary
Bank of the Philippines Financials 7,943 2.1
Philippine Islands
---------- ----------
16,094 4.2
---------- ----------
MCB Bank Pakistan Financials 7,509 2.0
Lucky Cement Pakistan Materials 7,503 1.9
---------- ----------
15,012 3.9
---------- ----------
BRAC Bank Bangladesh Financials 8,107 2.1
Square Bangladesh Health Care 6,276 1.6
Pharmaceuticals
---------- ----------
14,383 3.7
---------- ----------
OTP Bank Hungary Financials 13,802 3.6
---------- ----------
13,802 3.6
---------- ----------
YPF Sociedad Argentina Energy 13,287 3.4
Anónima
---------- ----------
13,287 3.4
---------- ----------
Yanbu National
Petrochemical Saudi Arabia Materials 8,455 2.2
Company
---------- ----------
8,455 2.2
---------- ----------
Akbank Turkey Financials 2,599 0.7
MLP Saglik Turkey Health Care 2,352 0.6
Hizmetleri AS
Eldorado Gold Turkey Materials 2,122 0.6
---------- ----------
7,073 1.9
---------- ----------
Optasia Global Financials 5,862 1.5
---------- ----------
5,862 1.5
---------- ----------
Cervecerias Chile Consumer 3,085 0.8
Uni-Spon Staples
Cervecerias Unidas Chile Consumer 2,082 0.5
Staples
---------- ----------
5,167 1.3
---------- ----------
Mobile World Consumer
Investment Vietnam Discretionary – 0.0
Corporation
– 0.0
---------- ----------
Equity investments 317,149 82.2
---------- ----------
BlackRock’s Institutional Cash
Series plc - US Dollar Liquid 56,190 14.6
Environmentally Aware Fund (Cash
Fund) #
---------- ----------
Total equity investments 373,339 96.8
(including Cash Fund )
====== ======
* Euro currency exposure.
See notes on page 19 of the half yearly report and financial statements.
CFD portfolio by country of exposure
Gross Gross market
Principal market
Fair value exposure as
Company country of Sector 1 exposure a
US$’000 2
operation US$’000 % of net
assets 2
Long
positions
Etihad Saudi Arabia Communication 15,832 4.1
Etisalat Services
Al Rajhi Bank Saudi Arabia Financials 11,874 3.1
ADES Holdings Saudi Arabia Energy 11,651 3.0
Derayah Saudi Arabia Financials 7,672 2.0
Financial
------------ ------------
47,029 12.2
------------ ------------
Mobile World Consumer
Investment Vietnam Discretionary 12,478 3.2
Corporation
FPT Vietnam Information 4,727 1.2
Technology
------------ ------------
17,205 4.4
------------ ------------
TBC Bank Georgia Financials 14,919 3.9
Group
------------ ------------
14,919 3.9
------------ ------------
Commercial
International Egypt Financials 13,212 3.4
Bank
------------ ------------
13,212 3.4
------------ ------------
Akbank Turkey Financials 2,140 0.6
------------ ------------
2,140 0.6
------------ ------------
Total long 2,429 94,505 24.5
CFD positions
------------ ------------ ------------
Total short (1,264) (6,189) (1.6)
CFD positions
------------ ------------ ------------
Total CFD 1,165 88,316 22.9
portfolio
======= ======= =======
See notes on page 19 of the half yearly report and financial statements.
Fair value and gross market exposure of investments
as at
Gross
Fair value market Gross market exposure as
1 exposure a % of net assets 3
2,3
31 March 31 March 30
Portfolio US$’000 US$’000 2026 2025 September
2025
Long equity
investment
positions
(excluding
BlackRock’s
Institutional 317,149 317,149 82.2 95.9 89.8
Cash Series plc
- US Dollar
Liquid
Environmentally
Aware Fund)
Long CFD 2,429 94,505 24.5 22.7 22.5
positions
Short CFD (1,264) (6,189) (1.6) (4.3) (1.7)
positions
------------ ------------ ------------ ------------ ------------
Subtotal of
long and short 318,314 405,465 105.1 114.3 110.6
investment
positions
------------ ------------ ------------ ------------ ------------
Cash Fund 56,190 56,190 14.6 5.2 11.9
------------ ------------ ------------ ------------ ------------
Total
investment and 374,504 461,655 119.7 119.5 122.5
derivatives
------------ ------------ ------------ ------------ ------------
Cash and cash
equivalents 2,270 (84,881) (22.0) (18.1) (19.7)
including bank
overdraft
Other net
current 8,968 8,968 2.3 (1.4) (2.8)
liabilities
Non-current (19) (19) 0.0 0.0 0.0
liabilities
------------ ------------ ------------ ------------ ------------
Net assets 385,723 385,723 100.0 100.0 100.0
======= ======= ======= ======= =======
The nature of the Company’s portfolio and the fact the Company gains significant exposure to a number of markets through long and short CFDs means that the Company will aim to hold a level of cash (or an equivalent holding in a
The Company was geared through the use of long and short CFD positions and gross and net gearing as at
1 Fair value is determined as follows:
Long equity investment positions are valued at bid prices where available, otherwise at latest market traded quoted prices.
The exposure to securities held through long CFD positions directly in the market would have amounted to
The notional exposure of selling the securities via the short CFD positions would have been
2 Gross market exposure for equity investments is the same as fair value; bid prices are used where available and, if unavailable, latest market traded quoted prices are used. For both long and short CFD positions, the gross market exposure is the market value of the underlying shares to which the portfolio is exposed via the contract.
3 The gross market exposure column for cash and cash equivalents has been adjusted to assume the Company traded direct holdings rather than gaining exposure through long and short CFDs.
Interim management report and responsibility statement
The Chair’s Statement and the Investment Manager’s Report above give details of the important events which occurred during the period and their impact on the financial statements.
Principal risks and uncertainties
A detailed explanation of the risks relating to the Company can be divided into various areas as follows:
- Investment Performance Risk;
- Income/Dividend Risk;
- Legal and Regulatory Risk;
- Counterparty Risk;
- Operational Risk;
- Political Risk;
- Financial Risk; and
- Market Risk.
The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended
In the view of the Board, developments in the global macroeconomic and geopolitical environment since the year end have continued to influence the nature and assessment of the Company’s principal risks. The Board remains mindful of heightened geopolitical and political uncertainty arising from ongoing international conflicts, including military conflict in the
In the view of the Board, other than those noted above, there have not been any material changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties, as summarised, are equally applicable to the remaining six months of the financial year as they were to the six months under review.
Going concern
The Directors, having considered the nature and liquidity of the portfolio, the Company’s investment objective and the Company’s projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the period to
When the Company was launched in late 2010, the Board made a commitment that before the Company’s fifth AGM and at five yearly intervals thereafter, it would formulate and submit to shareholders proposals to provide them with an opportunity to realise the value of their ordinary shares at the prevailing NAV per ordinary share less applicable costs. The most recent exit event occurred in
Based on the above, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The Company has a portfolio of investments which are considered to be readily realisable and is able to meet all of its liabilities from its assets and income generated from them. Ongoing charges (excluding performance fees, finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation, prior year expenses written back and certain non-recurring items) were approximately 1.42% of average daily net assets for the year ended
Related party disclosures and transactions with the AIFM and Investment Manager
Directors’ Responsibility Statement
The Disclosure Guidance and Transparency Rules (DTR) of the
The Directors confirm to the best of their knowledge that:
-
the condensed set of financial statements contained within the Half Yearly Financial Report has been prepared in accordance with the
-
the Interim Management Report, together with the Chair’s Statement and Investment Manager’s Report, includes a fair review of the information required by 4.2.7R and 4.2.8R of the
The Half Yearly Financial Report has been reviewed by the Company’s Auditors.
The Half Yearly Financial Report was approved by the Board on
For and on behalf of the Board
Statement of comprehensive income
for the six months ended
Six months ended Six months ended Year ended
31 March 2025
31 March 2026 30 September 2025
(unaudited)
(unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Income from
investments
held at fair 3 3,922 63 3,985 4,937 – 4,937 19,995 305 20,300
value through
profit or loss
Net income from 3 1,087 – 1,087 146 – 146 4,041 – 4,041
derivatives
Other income 3 87 – 87 67 – 67 131 – 131
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Total income 5,096 63 5,159 5,150 – 5,150 24,167 305 24,472
Net profit on
investments
held at fair – 25,054 25,054 – 5,292 5,292 – 49,852 49,852
value through
profit or loss
Net loss on
foreign - (25) (25) – (172) (172) – (93) (93)
exchange
Net loss from – (4,624) (4,624) – (4,296) (4,296) – (1,577) (1,577)
derivatives
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Total income
and net profit 5,096 20,468 25,564 5,150 824 5,974 24,167 48,487 72,654
on investments
Expenses
Investment
management and 4 (501) (3,031) (3,532) (439) (3,382) (3,821) (904) (9,598) (10,502)
performance
fees
Other operating 5 (896) (37) (933) (556) (49) (605) (1,317) (71) (1,388)
expenses
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Total
operating (1,397) (3,068) (4,465) (995) (3,431) (4,426) (2,221) (9,669) (11,890)
expenses
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net profit/
(loss) before 3,699 17,400 21,099 4,155 (2,607) 1,548 21,946 38,818 60,764
finance costs
and taxation
Finance costs 6 (14) (58) (72) (5) (21) (26) (12) (50) (62)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net profit/
(loss) before 3,685 17,342 21,027 4,150 (2,628) 1,522 21,934 38,768 60,702
taxation
Taxation 7 (624) 192 (432) (559) (43) (602) (2,729) 894 (1,835)
(charge)/credit
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
for the 3,061 17,534 20,595 3,591 (2,671) 920 19,205 39,662 58,867
period/year
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Earnings/
(loss) per 9 1.66 9.51 11.17 1.90 (1.41) 0.49 10.15 20.95 31.10
ordinary share
(cents)
====== ====== ====== ====== ====== ====== ====== ====== ======
The total columns of this statement represent the Company’s Statement of Comprehensive Income, prepared in accordance with
The Company does not have any other comprehensive income (
Statement of changes in equity
for the six months ended
Called up Capital Special Capital Revenue
share redemption reserve reserves reserve Total
capital reserve
Note US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
For the six
months ended
31 March 2026
(unaudited)
At 30
September 2,418 5,798 308,697 115,479 14,346 446,738
2025
Total
comprehensive
income:
Net profit
for the – – – 17,534 3,061 20,595
period
Transactions
with owners,
recorded
directly to
equity:
Ordinary
shares – – 675 – – 675
reissued from
treasury
Ordinary
shares – – (69,878) – – (69,878)
repurchased
into treasury
Share
repurchase – – (388) – – (388)
costs
Dividends 8 – – – – (12,019) (12,019)
paid 1
---------- ---------- ---------- ---------- ---------- ----------
At 31 March 2,418 5,798 239,106 133,013 5,388
2026 385,723
====== ====== ====== ====== ====== ======
For the six months ended31 March 2025 (unaudited) At 30 2,418 5,798 308,804 75,817 13,406 406,243 September 2024 Total comprehensive (loss)/income: Net (loss)/profit – – – (2,671) 3,591 920 for the period Transactions with owners, recorded directly to equity: Ordinary shares – – (106) – – (106) repurchased into treasury Share repurchase – – (1) – – (1) costs Dividends 8 – – – – (11,356) (11,356) paid 2 ---------- ---------- ---------- ---------- ---------- ---------- At 31 March 2,418 5,798 308,697 73,146 5,641 395,700 2025 ====== ====== ====== ====== ====== ======
For the year ended30 September 2025 (audited) At 30 September 2,418 5,798 308,804 75,817 13,406 406,243 2024 Total comprehensive income: Net profit – – – 39,662 19,205 58,867 for the year Transactions with owners, recorded directly to equity: Ordinary shares – – (106) – – (106) repurchased into treasury Share repurchase – – (1) – – (1) costs Dividends 8 – – – – (18,265) (18,265) paid 3 ---------- ---------- ---------- ---------- ---------- ---------- At 30 September 2,418 5,798 308,697 115,479 14,346 446,738 2025 ====== ====== ====== ====== ====== ======
1
Final dividend of
2
Final dividend of
3
Final dividend of
For information on the Company’s distributable reserves, please refer to note 11 below.
Statement of financial position
as at
31 March 31 March 30 September
2026 2025 (unaudited) 2025 (audited)
(unaudited)
Notes US$’000 US$’000 US$’000
Non current assets
Investments held at fair
value through profit or 12 373,339 400,153 454,153
loss
Current assets
Current taxation asset 397 713 734
Other receivables 15,124 2,492 3,837
Derivative financial
assets held at fair value 12 2,429 1,244 5,872
through profit or loss –
contracts for difference
Cash and cash equivalents 2,271 1,591 745
– cash at bank
Cash collateral pledged 6,589 3,952 940
with brokers
----------- ----------- -----------
Total current assets 26,810 9,992 12,128
----------- ----------- -----------
Total assets 400,149 410,145 466,281
====== ====== ======
Current liabilities
Other payables (13,142) (11,941) (14,400)
Derivative financial
liabilities held at fair
value through profit or 12 (1,264) (1,765) (1,509)
loss – contracts for
difference
Cash and cash equivalents (1) – –
– bank overdraft
Liability for cash – (720) (3,615)
collateral received
----------- ----------- -----------
Total current liabilities (14,407) (14,426) (19,524)
----------- ----------- -----------
Total assets less current 385,742 395,719 446,757
liabilities
----------- ----------- -----------
Non current liabilities
Management shares of £1.00 (19) (19) (19)
each (one quarter paid up)
----------- ----------- -----------
Net assets 385,723 395,700 446,738
====== ====== ======
Equity attributable to
equity holders
Called up share capital 10 2,418 2,418 2,418
Capital redemption reserve 5,798 5,798 5,798
Special reserve 239,106 308,697 308,697
Capital reserves 133,013 73,146 115,479
Revenue reserve 5,388 5,641 14,346
----------- ----------- -----------
Total equity 385,723 395,700 446,738
====== ====== ======
Net asset value per 9 235.71 209.07 236.03
ordinary share (cents)
====== ====== ======
Cash flow statement
for the six months ended
For the six months For the six months For the
ended ended
year ended
31 March 31 March
2026 (unaudited) 2025 (unaudited) 30 September
2025 (audited)
US$’000 US$’000 US$’000
Operating activities
Net profit before 21,027 1,522 60,702
taxation 1
Changes in working
capital items:
Decrease/(increase) in
other receivables 1,481 195 (696)
(excluding amounts due
from brokers)
(Decrease)/increase in
other payables (6,148) 227 5,069
(excluding amounts due
to brokers)
(Increase)/decrease in
amounts due from (12,768) 1,247 793
brokers
Increase/(decrease) in 4,890 (953) (3,336)
amounts due to brokers
(Increase)/decrease in
cash collateral pledged (5,649) (2,647) 365
with brokers
(Decrease)/increase in
cash collateral (3,615) (2,180) 715
received from brokers
Other adjustments:
Finance costs 72 26 62
Net profit on
investments held at (25,054) (5,292) (49,852)
fair value through
profit or loss
Net loss from 4,624 4,296 1,577
derivatives
Net financing costs on (1,805) (1,683) (3,527)
derivatives
Net loss on foreign 25 172 93
exchange
Sales of investments
held at fair value 285,641 85,480 192,884
through profit or loss
Purchases of
investments held at (176,645) (115,853) (200,348)
fair value through
profit or loss
Sales of Cash Fund 2 146,127 97,433 175,042
Purchases of Cash Fund (149,255) (49,594) (159,571)
2
Amounts paid for losses
on closure of (26,304) (15,621) (32,784)
derivatives
Amounts received on
profit on closure of 26,683 14,705 31,566
derivatives
Taxation paid (95) (512) (1,766)
----------- ----------- -----------
Net cash inflow from 83,232 10,968 16,988
operating activities
====== ====== ======
Financing activities
Interest paid (72) (26) (62)
Shares reissued from 675 – –
treasury
Ordinary shares
repurchased into (69,878) (106) (106)
treasury
Share repurchases costs (388) (1) (1)
Dividends paid (12,019) (11,356) (18,265)
----------- ----------- -----------
Net cash outflow from (81,682) (11,489) (18,434)
financing activities
====== ====== ======
Increase/(decrease) in
cash and cash 1,550 (521) (1,446)
equivalents
Effect of foreign (25) (172) (93)
exchange rate changes
Change in cash and 1,525 (693) (1,539)
cash equivalents
Cash and cash
equivalents at the 745 2,284 2,284
start of the
period/year
----------- ----------- -----------
Cash and cash
equivalents at end of 2,270 1,591 745
the period/year
Comprised of:
Cash at bank 2,271 1,591 745
Bank overdraft (1) – –
----------- ----------- -----------
2,270 1,591 745
====== ====== ======
1
Dividends and interest received in cash during the period amounted to
2
Notes to the financial statements
for the six months ended
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Basis of preparation
The half yearly financial statements for the period ended
Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, issued by the
The Directors, having considered the nature and liquidity of the portfolio, the Company’s investment objective and the Company’s projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the period to
3. Income
Six months Six months Year
ended ended ended
31 March 31 March 30 September 2025
(audited)
2026 (unaudited) 2025 (unaudited)
US$’000 US$’000 US$’000
Investment income:
UK dividends – – 462
Overseas dividends 2,897 3,690 17,607
Overseas special – 283 85
dividends
Interest from Cash Fund 1,025 964 1,841
-------- -------- --------
Total investment income 3,922 4,937 19,995
-------- -------- --------
Net income from contracts 1,087 146 4,041
for difference
-------- -------- --------
Total income from 1,087 146 4,041
derivatives
-------- -------- --------
Other income:
Interest received on cash 22 30 69
collateral
Deposit interest 65 37 62
-------- -------- --------
Total other income 87 67 131
-------- -------- --------
Total 5,096 5,150 24,167
===== ===== =====
Dividends and interest received in cash during the period amounted to
Special dividends from equity investments of
No special dividends from long contracts for difference have been recognised in capital for the six months ended
4. Investment management fee and performance fees
Six months ended
Six months ended 31 March Year ended 30 September
31 March 2026 2025 (unaudited) 2025 (audited)
(unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Investment
management 501 2,002 2,503 439 1,755 2,194 904 3,618 4,522
fee
Performance – 1,029 1,029 – 1,627 1,627 – 5,980 5,980
fee
------ ------ ------ ------ ------ ------ ------ ------ ------
Total 501 3,031 3,532 439 3,382 3,821 904 9,598 10,502
==== ==== ==== ==== ==== ==== ==== ==== ====
The investment management fee is levied quarterly on a tiered basis: 1.10% per annum of the Company’s daily net asset value (NAV) up to and including
In addition, the Manager is entitled to receive a performance fee at a rate of 10% of any increase in the NAV at the end of a performance period over and above what would have been generated had the NAV since launch performed in line with the Benchmark Index, which, since
For the purposes of the calculation of the performance fee, the performance of the NAV total return (including the reinvestment of dividends and before the deduction of performance fees) since launch has been measured against the performance of the Benchmark Index (net total return including reinvestment of dividends net of withholding taxes) on a blended basis.
During the six months ended
The performance fee payable in any year is capped at 2.5% of the net assets of the Company if there is an increase in the NAV per share, or 1.0% of the net assets of the Company if there is a decrease in the NAV per share, at the end of the relevant performance period. Any outperformance in excess of the cap for a period may be carried forward for the next two performance periods, subject to the then applicable annual cap. The performance fee is also subject to a high watermark such that any performance fee is only payable to the extent that the cumulative outperformance of the NAV relative to the Benchmark Index is greater than what would have been achieved had the NAV increased in line with the Benchmark Index since the last date in relation to which a performance fee had been paid. This mechanism requires the Manager to catch up any cumulative underperformance against the Benchmark Index since launch before a performance fee can be earned.
The investment management fee is allocated 20% to the revenue account and 80% to the capital account and the performance fee is wholly allocated to the capital account of the Statement of Comprehensive Income. There is no additional fee for company secretarial and administration services.
5. Other operating expenses
Six months
Six months ended Year
ended
31 March 31 March ended
30 September 2025
2026 2025 (unaudited) (audited)
(unaudited)
US$’000 US$’000 US$’000
Allocated to revenue:
Custody fee 1 195 175 411
Auditor’s remuneration:
– audit services 47 30 65
– other assurance services 5 5 9
2
Registrar’s fee 34 16 42
Directors’ emoluments 3 131 102 257
Broker fees 25 34 61
Depositary fees 4 17 18 42
Marketing fees 238 31 157
Marketing fees - under 92 – –
accrual for prior periods 5
AIC fees 17 15 29
FCA fees 15 14 29
Printing and postage fees 32 27 67
Employer NI contributions 15 9 24
Stock exchange listings 12 10 20
Legal and professional fees 10 9 20
Director search fees 3 – 29
Write back of prior year – (1) (1)
expenses 5
Other administrative costs 8 62 56
------ ------ ------
Total revenue expenses 896 556 1,317
=== === ===
Allocated to capital:
Custody transaction charges 37 49 71
6
------ ------ ------
Total capital expenses 37 49 71
------ ------ ------
Total 933 605 1,388
=== === ===
1
For the six months ended
2
Fees for other assurance services of £3,550 (
3
For the six months ended
4 All expenses other than depositary fees are paid in British Pound Sterling and are therefore subject to exchange rate fluctuations.
5
No prior year expenses have been written back during the six months ended
6
For the six months ended
The transaction costs incurred on the acquisition of investments amounted to
6. Finance costs
Six months ended
Six months ended 31 March Year ended 30 September
31 March 2026 2025 (unaudited) 2025 (audited)
(unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Interest
paid on 3 11 14 – – – – – –
bank
overdraft
Interest
paid on 11 47 58 5 21 26 12 50 62
cash
collateral
----- ----- ----- ----- ----- ----- ----- ----- -----
Total 14 58 72 5 21 26 12 50 62
=== === === === === === === === ===
7. Taxation
Analysis of charge/(credit) for the period
Six months ended
Six months ended 31 March Year ended 30 September
31 March 2026 2025 (unaudited) 2025 (audited)
(unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Current
taxation:
Corporation 195 (195) – 43 (43) – 940 (940) –
taxation
Overseas 429 3 432 516 – 516 1,789 46 1,835
taxation
Overseas
capital – – – – 86 86 – – –
gains
taxation
----- ----- ----- ----- ----- ----- ----- ----- -----
Total
taxation 624 (192) 432 559 43 602 (894)
charge/ 2,729 1,835
(credit)
=== === === === === === === === ===
8. Dividends
The Board has declared an interim dividend of
9. Earnings and net asset value per ordinary share
Revenue earnings, capital earnings/(loss) and net asset value per ordinary share are shown below and have been calculated as follows:
Six months Six months ended Year
ended 31 March ended
31 March 30 September 2025
2025 (unaudited) (audited)
2026 (unaudited)
Net revenue profit
attributable to ordinary 3,061 3,591 19,205
shareholders (US$’000)
Net capital profit/(loss)
attributable to ordinary 17,534 (2,671) 39,662
shareholders (US$’000)
---------- ---------- ----------
Total profit
attributable to ordinary 20,595 920 58,867
shareholders (US$’000)
====== ====== ======
Equity shareholders’ 385,723 395,700 446,738
funds (US$’000)
Weighted average number
of ordinary shares in
issue during the period, 184,341,646 189,288,710 189,279,453
on which the earnings per
ordinary share was
calculated
Actual number of ordinary
shares in issue at the
period-end on which the 163,641,520 189,270,248 189,270,248
net asset value per
ordinary share was
calculated
Earnings per share
Revenue earnings per
share (cents) – basic and 1.66 1.90 10.15
diluted
Capital earnings/(loss)
per share (cents) – basic 9.51 (1.41) 20.95
and diluted
---------- ---------- ----------
Total earnings per share
(cents) – basic and 11.17 0.49 31.10
diluted
====== ====== ======
As at As at As at
31 March 31 March 30 September 2025
(audited)
2026 (unaudited) 2025 (unaudited)
Net asset value per 235.71 209.07 236.03
ordinary share (cents)
Ordinary share price 223.52 189.74 226.17
(cents) 1
Net asset value per 178.74 161.98 175.32
ordinary share (pence) 1
Ordinary share price 169.50 147.00 168.00
(pence)
====== ====== ======
1
Based on an exchange rate of
10. Called up share capital
Ordinary
Treasury Nominal
shares Total shares value
shares
in issue
number number number US$’000
Allotted,
called up
and fully
paid share
capital
comprised:
Ordinary
shares of 1
cent each:
At 30
September 189,325,748 52,497,053 241,822,801 2,418
2024
(audited)
Ordinary
shares
repurchased (55,500) 55,500 – –
into
treasury
----------------- ----------------- ----------------- -----------------
At 31
March 2025 189,270,248 52,552,553 241,822,801 2,418
(unaudited)
----------------- ----------------- ----------------- -----------------
At 30
September 189,270,248 52,552,553 241,822,801 2,418
2025
(audited)
----------------- ----------------- ----------------- -----------------
Ordinary
shares
repurchased (25,878,728) 25,878,728 – –
into
treasury 1
Ordinary
shares
reissued 250,000 (250,000) – –
from
treasury
----------------- ----------------- ----------------- -----------------
At 31
March 2026 163,641,520 78,181,281 241,822,801 2,418
(unaudited)
========== ========== ========== ==========
1
A total of 25,878,728 ordinary shares of
The Company has in issue 50,000 management shares which carry the right to a fixed cumulative preferred dividend. Additional information is given in note 14 to the Annual Report and Financial Statements for the year ended
During the six months ended
Since the period end and up to
11. Reserves
The capital redemption reserve of
At
In
In
In
12. Financial risks and valuation of financial instruments
The Company’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial statements.
Market risk arising from price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, climate change or other events could have a significant impact on the Company and the market price of its investments and could result in increased premiums or discounts to the Company’s net asset value.
Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value (investments and derivatives) or at an amount which is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note 2(g) as set out on page 93 of the Company’s Annual Report and Financial Statements for the year ended
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.
The fair value hierarchy has the following levels:
Level 1 – Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Company does not adjust the quoted price for these instruments.
Level 2 – Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less than active, or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
Valuation techniques used for non–standardised financial instruments such as options, currency swaps and other over–the–counter derivatives include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.
As at the period end the CFDs were valued using the underlying equity bid price and the inputs to the valuation were the exchange rates used to convert the CFD valuation from the relevant local currency in which the underlying equity was priced to US Dollars at the period end date. There have been no changes to the valuation technique since the previous year or as at the date of this report.
Contracts for difference and forward currency contracts have been classified as Level 2 investments as their valuation has been based on market observable inputs represented by the market prices of the underlying quoted securities to which these contracts expose the Company.
Level 3 – Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The Investment Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability including an assessment of the relevant risks including but not limited to credit risk, market risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in measurement of Level 3 assets or liabilities.
Fair values of financial assets and financial liabilities
For exchange listed equity investments, the quoted price is the bid price. Substantially, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be assessed or adjusted for any business risks, including climate risk, in accordance with the fair value related requirements of the Company’s financial reporting framework.
The table below sets out fair value measurements using the IFRS 13 fair value hierarchy.
Financial assets/(liabilities) Level 1 Level 2 Level 3 Total at fair value through profit or loss US$’000 US$’000 US$’000 US$’000 at31 March 2026 (unaudited) Assets: Equity investments 317,149 – – 317,149 Cash Fund 56,190 – – 56,190 Contracts for difference – 2,429 – 2,429 Liabilities: Contracts for difference – (1,264) – (1,264) ----------- ----------- ----------- ----------- Total 373,339 1,165 – 374,504 ======= ======= ======= =======
Financial assets/(liabilities) Level 1 Level 2 Level 3 Total at fair value through profit or loss US$’000 US$’000 US$’000 US$’000 at31 March 2025 (unaudited) Assets: Equity investments 379,465 – – 379,465 Cash Fund 20,688 – – 20,688 Contracts for difference – 1,244 – 1,244 Liabilities: Contracts for difference – (1,765) – (1,765) ----------- ----------- ----------- ----------- 400,153 (521) – 399,632 ======= ======= ======= =======
Financial assets/(liabilities) Level 1 Level 2 Level 3 Total at fair value through profit or loss US$’000 US$’000 US$’000 US$’000 at30 September 2025 (audited) Assets: Equity investments 401,078 – – 401,078 Cash Fund 53,075 – – 53,075 Contracts for difference – 5,872 – 5,872 Liabilities: Contracts for difference – (1,509) – (1,509) ----------- ----------- ----------- ----------- 454,153 4,363 – 458,516 ======= ======= ======= =======
There were no transfers between levels of financial assets and financial liabilities during the six months ended
The Company held no Level 3 assets or liabilities during the six months ended
13. Related party disclosure
Directors’ emoluments
The Board currently consists of five non–executive Directors, all of whom are considered by the Board to be independent of the Manager. None of the Directors has a service contract with the Company. With effect from
As at
At the period end, the Directors, including any connected persons, held ordinary shares in the Company as set out below:
Six months Six months Year ended
30 September
ended ended
31 March 31 March 2025
2026 2025 (audited)
(unaudited) (unaudited)
Katrina Hart (Chair) 49,110 2 48,912 1 49,110 2
Stephen White 3 n/a 30,000 30,000
Elisabeth Airey 100,000 75,000 75,000
Lucy Taylor–Smith 30,852 4 30,852 4 30,852 4
Hatem Dowidar 60,000 25,000 40,000
Christopher Casey 5 14,500 nil nil
====== ====== ======
1 11,898 ordinary shares are held on behalf of Katrina Hart’s dependents.
2 12,096 ordinary shares are held on behalf of Katrina Hart’s dependents.
3
Retired with effect from
4 20,730 ordinary shares are held on behalf of Lucy Taylor-Smith’s dependents.
5
Appointed with effect from
Since the period end and up to the date of this report there have been no changes in Directors’ holdings.
The transactions with the Investment Manager and AIFM are stated in note 14.
Significant holdings
The following investors are:
a. funds managed by the
b. investors (other than those listed in (a) above) who held more than 20% of the voting shares in issue in the Company and are as a result, considered to be related parties to the Company (
Total % of shares Number of
Total % of shares held by Significant Significant
held by Related Investors who are Investors who are
BlackRock Funds not affiliates of not affiliates of
BlackRock Group or BlackRock Group or
BlackRock, Inc. BlackRock, Inc.
As at 31 March 2026 3.3 n/a n/a
As at 31 March 2025 5.0 n/a n/a
As at 30 September 3.3 n/a n/a
2025
===== ===== =====
14. Transactions with the Investment Manager and AIFM
The investment management fee due for the six months ended
At the period end,
In addition to the above services, BIM (
The Company has an investment in the
The ultimate holding company of the Manager and the Investment Manager is
15. Contingent liabilities
There were no contingent liabilities at
16. Publication of non statutory accounts
The financial information contained in this half yearly report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended
The information for the year ended
17. Annual results
The Board expects to announce the annual results for the year ending
Copies of the annual results announcement can be obtained from the Secretary on 020 7743 3000 or at
FOR FURTHER INFORMATION, PLEASE CONTACT:
Sarah Beynsberger, Director, Investment Trusts,
Tel: 020 7743 3000
Press enquiries:
Email:
Tel: 020 7490 8828
END
Release
