In the three months to 30 June 2026, the Company's underlying NAV per share rose by 1.6p (3.4%) to 48.6p. The unquoted portfolio remained flat, as valuation uplifts at Orri, Equipsme, Patchworks and Pointr on strong trading were offset by softer trading elsewhere. There were no write-offs in the period. The quoted portfolio rose 2.0% whilst the Gresham House Managed Funds* increased in value by 12% during the quarter, reflecting a broader recovery in UK smaller companies following the first-quarter drawdown which was primarily driven by negative flows in from institutional UK-focused funds, US-Iran war and rising borrowing costs. The listed equity funds in particular benefitted from some larger market cap investments listed on the main market such as Halfords and Trustpilot (+78.7% and +34.5% respectively in the UK Smaller Companies fund) as well as a general recovery in technology and professional services names. In the quoted portfolio, several other holdings performed strongly over the period: Netcall continued to perform well following robust half-year results, while Property Franchise Group also performed well after reaffirming full-year expectations. Anpario also contributed positively after reporting resilient trading and reiterating guidance despite a challenging geopolitical environment and input cost inflation. These gains were partially offset by weakness in a small number of holdings. Skillcast, Eden Research and Cerillion declined despite reporting results in-line with market expectations and positive operational updates, with share price weakness reflecting short-term valuation movements rather than any deterioration in underlying company fundamentals.
