Oryx International Growth reports that for the six months ended 30 September 2016 its net asset value rose by 10.7%, beating the Small Cap Index by over 4.5%. The rise in the NAV over the last five years now equals 114% as against 77% for the index.
The report says that the increase in the net asset value was assisted by the takeover of some of the major holdings in the portfolio and in particular Source Bioscience and Journey Group. Cyprotex also performed strongly and since the end of the period has also had a takeover approach. Minds & Machines and EKF saw their share prices rise by 35% and 30% respectively. Minds & Machines operations have gone from strength to strength and a large Chinese investment company has taken a strategic stake in the business. EKF benefitted from a profit upgrade and the weakness of Sterling relative to the Dollar and Euro. Assetco share price rose 19% due to good recent trading and the substantial claim against third parties. Goals Soccer was however disappointing, although a new management team and a refinancing gives grounds for optimism over the medium term. Since the end of the period Redcentric has announced that its balance sheet has been misstated resulting in a significant fall in the share price.
Within the unquoted portfolio, they took a small holding which is the management buyout of Source Bioscience. Indoor Bowls performed well but this was offset by the need to write down Team Rock following disappointing results.
The report runs through each of the fund’s holdings but, for the sake of brevity, we have not reproduced this here. You’ll be able to see the full report under the documents tab of the company’s page on QuotedData soon.
OIG : Oryx run of outperformance continues