In the three months to 31 December 2025, the Company's underlying NAV per share fell 2.1p (3.9%) to 52.0p. Post period end, the NAV per share increased 2.4% to 53.3p per share as at 28 February 2026 before the deduction of 2.25p dividend. The unquoted portfolio increased by 0.1% in the quarter, with gains from strong trading across more than half the portfolio, including Patchworks, Orri and Fu3e. The quoted portfolio and Gresham House Managed Funds* decreased 5.2%, reflecting broad weakness in UK small caps amid uncertainty surrounding the 2025 Autumn Budget. Idox contributed strongly following a recommended cash offer from Long Path Partners, and Tan Delta Systems (2023 IPO) performed well on new contract wins and product trial progress. These gains were offset by wider sector de-rating, with holdings such as Cerillion, Netcall and Property Franchise Group seeing valuations soften despite positive operational updates, driven largely by short-term macro and budget-related sentiment rather than fundamentals.
