Oakley Capital Investments announced its quarterly trading update for the three months ended 31 March 2023. Total NAV return per share for the period, including dividends, was +1.25% while total shareholder returns were 9%. The company also made £27 million in new investments. The update noted that the increase in the portfolio reflects a cautious approach to both trading outlook and valuation multiples, which contributed in equal measure to the uplift.
During the period, OCI made new investments of £27 million which were attributable to look-through fund investments in technology and education businesses. They include an investment in premium schools group Thomas’s London Day Schools, and the acquisition of legal intelligence business Fastcase which will be combined with Oakley portfolio company vLex.
Regarding the outlook, the company noted that its underlying portfolio of tech-enabled businesses is expected to continue to deliver robust trading performances in the challenging macroeconomic environment as customers continue to shift spending online, switch to SaaS solutions and invest in education, thereby underpinning NAV and demonstrating the enduring power of the long-term megatrends that Oakley invests behind.
OCI : Trading update for Oakley Capital