Schroder Capital Global Innovation reports an 11.2% fall in its NAV over 2023, but is encouraged by the positive NAV move in the final quarter of the year. The share price fell by 5.3% as the discount narrowed, helped by buying back 45.1m shares.
The negative performance during the first three quarters of the year can largely be attributed to a fall in the value of holdings in AMO Pharma, BenevolentAI, Atom Bank and the largest public holding, Oxford Nanopore. In contrast, the strong performance during the final quarter was driven by the holding in Autolus Therapeutics, which achieved a share price increase of 239.5% over the year; Carmot Therapeutics which announced its acquisition by Roche; and the first milestone payment following the sale of Kymab to Sanofi.
As at 31 December 2023, the company had £12.6m in cash and liquid money market funds and £54.6m in liquid public equity investments, enabling further share buybacks and new investments, in addition to covering the funding requirements of the existing portfolio.
INOV : Schroder Capital Global Innovation encouraged by positive Q4 move