Impressive performance from Oryx

Oryx International Growth Fund reports a 15.5% increase in its NAV and a 25.4% increase in its share price over the six months ended 30 September 2015. This is a great result considering the FTSE AIM Index rose by just 1.3% and the FTSE Small Cap. fell be 2.5% over the same period.

The managers says Gleeson (M.J.) Group rose 18% following better than expected results whilst Source Bioscience rose 31% following a successful acquisition. Innovation Group and Synergy Health both rose nearly 40% as a result of takeover bids.  Bioquell also performed strongly following the sale of a major part of its business, as did OMG following the sale of its defence division and significant return of cash. Journey Group benefitted from a significant new contract with Federal Express.

The only major disappointment during the period was Goals Soccer Centres which fell following disappointing trading figures.

Within the unquoted portfolio, they had to write off Tagos Group due to collapsing demand from its oil and gas clients. However the sale of Celsis AG to Charles River Laboratories generated a decent uplift for the fund. Oryx also participated in the taking private of, bowling alley operator, Essenden one of its investee companies which, it is hoped, will add significant value over the next few years.

OIG : Impressive performance from Oryx

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