The Portfolio extended its gains during the month of September, closing with a Net Asset Value of 167.56p/share, +10.7% and in the process generated the Company's best quarter since inception; +35.7%. Investments in RentGuarantor, The Mission Group, and Aurrigo again stole the show, but are now pleasingly being supported by great results at Pebble Beach Systems and Mincon. There are other investments which we believe may have the potential to contribute to performance in the final quarter. Onward is currently sat on a portfolio NAV return of +75.1% since inception, outperforming the AIC UK Smaller Companies sector by 47% and the IA UK Smaller Companies sector by 49.6%; the Company's annualised return since inception remains above its 15% per annum target. Capital has started to build up following materially profitable realisations of the RentGuarantor investment, which has been reduced from c.30% NAV to c.20% NAV following discussion with the Board and the Investment Committee. A portion of these liquid reserves have been redeployed into new nursery holdings, with the remainder and anticipated portfolio realisations to be held back for the winter. Unfortunately, the costs of both energy and money are spiking in the UK, again.
