Schroders Capital Global Innovation Trust says that its NAV as of 30 June 2023 was 24.73p per share, a decrease of 6.1% relative to the NAV per share as of 31 March 2023 (26.35p) and a decrease of 5.4% relative to the indicative unaudited NAV per share as of 30 June 2023 published on 3 July 2023 (26.14p).
The main detractors to performance over the quarter included AI-enabled drug discovery and development company, BenevolentAI, whose listed share price declined by 38.6% and where the company’s AIFM opted to increase the appropriate level of discount applied to the listed share price in its fair value assessment (from 10.0% to 34.1%), and clinical-stage private biopharmaceutical company, AMO Pharma, who reported that its Phase 3 REACH-CDM clinical trial for AMO-02, a clinical stage investigational medicine for the treatment of Congenital Myotonic Dystrophy, did not meet its primary efficacy endpoint.
On the positive side, the company received an additional deferred cash consideration of £2.9m over the quarter as part of the sale of a basket of seven assets to Rosetta Capital, which originally completed in March 2021.
The company plans to make an announcement about buying back stock tomorrow.
INOV : Schroders Capital Global Innovation NAV dives again