Oakley’s half-year update – sensible but positive

230726 OCI

Oakley Capital has released it 6-month trading update for the period ending 30 June 2023.

  • Over the period Oakley reported a NAV total return of 0.5% and share price return of 5.3%.
  • OCI’s returns reflect a cautious approach by its team to the outlook and valuations of their holdings, as well a 3% currency loss due to unhedged exposures to the Euro. We note that half of OCI’s NAV was not subject to change in the 6-month period, held as cash or not subject to revaluation, which has also impacted the reported NAV growth.
  • OCI made investment worth £96m in the period, and received proceeds of £240m from realisations. Examples of recent investments include the acquisition of Fastcase, a legal intelligence business, and an investment in premium schools group Thomas’s London Day Schools.
  • OCI had net cash of £248m at the end of June. It also renewed and expanded its revolving credit facility to £175m for a 2-year term, though it remains undrawn.
  • OCI made a $100m commitment to the Oakley Touring Venture Fund, which invests in enterprise software companies powered by generative AI. Total outstanding  commitments, including this, are £893m (as at end June) are are expected to be drawn over the next 5 years.

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