In QuotedData’s morning briefing 9 December 2024:

• JPMorgan European Discovery Trust (JEDT) has released its interim results for the six months ended 30 September 2024, during which it provided an NAV total return of -0.5% compared with 1.0% for its MSCI Europe (ex UK) Small Cap Index benchmark. The share price return was 2.2%, due to a narrowing of the discount during the period. Easing inflation pressures, declining interest rates and more buoyant consumer sentiment were favourable tailwinds to European small caps during the period. However, portfolio underperformance was driven by some major political and macroeconomic events during the period, including the announcement of the French legislative elections in June, the sudden unwinding of the yen carry trade in early August, and the announcement of Chinese stimulus measures over September. Each of these events led to a significant increase in the stock market’s risk premium, and this subsequently weighed on the performance of Europe’s smaller companies. JEDT declared an interim dividend of 3.0p per share (2023: 2.5p per share), which will be paid on 5th February 2025 to shareholders on the register as at 20th December 2024 (the ex-dividend date will be 19th December 2024) and 6,734,095 shares were repurchased into treasury. JEDT also undertook a tender offer that saw 15% of its issued share capital (excluding treasury shares) repurchased.
• Bellevue Healthcare (BBH) says that its board has decided to withdraw the proposals set out on 2 December to amend the articles of association covering the redemption facility (click here to read our coverage of these proposals). BBH says that, prior to putting forward the proposals, its board undertook a shareholder consultation indicating support for a revision of the redemption facility. However, it now says that subsequent engagement, alongside changed shareholder feedback, has led the board to consider that the proposals do not have sufficient support from shareholders. Accordingly, the general meeting at which shareholder approval was to be sought will be opened and adjourned indefinitely.
• Oryx International Growth (OIG) has published its interim results the six months ended 30 September 2024, during which its NAV increased by 6.5% which it says builds on the 12.2% growth achieved in the full year ended 31 March 2024.On the quoted equity side, OIG received circa £12.25m from Pendragon Plc after it sold its automotive retailing business, leaving behind its Pinewood Technologies Plc platform, which OIG continues to hold. OIG’s manager says that the top ten holdings in the portfolio performed well, with Avingtrans Plc, Hargreaves Services Plc, Carr’s Group Plc and Trifast Plc making material contributions to the NAV. The primary disappointment was Centaur Media Plc, which had two consecutive downgrades following industry headwinds in its Xeim Plc business. On the unquoted side, OIG’s manager sys that the portfolio performed well over the period and since the end of the period, GYG Limited has received an offer of 64p per share plus the possibility of an earn out of a further 11p per share. Sourcebio International Plc was written up following very good operating results whilst Journey Group Plc has recently had an offer at a significant premium to the end of September 2024 valuation. Finally, Fulcrum Utility Services Limited has had a return to positive earnings before interest, taxes, depreciation and amortisation (EBITDA) which bodes well for a recovery in the value of this investment.
• Syncona’s (SYNC’s) portfolio company Beacon Therapeutics has announced positive three-month interim safety and efficacy data from its from the Phase II DAWN trial of its lead asset, laru-zova (AGTC-501), in patients with X-linked retinitis pigmentosa (XLRP), at the FLORetina-ICOOR Meeting 2024 in Florence, Italy. According to SYNC, the publishing of this data is a key value inflection point for Beacon. The DAWN study treats patients with XLRP who have previously been treated with an AAV gene therapy in their other eye. The purpose of DAWN is to assess two different doses of laru-zova for efficacy, safety, and tolerability in the untreated eye of participants who previously received gene therapy for XLRP. SYNC says that the key highlights from the announcement include: The three-month data demonstrate that laru-zova has been well-tolerated by all participants; The data also show promising early improvements in low luminance visual acuity (LLVA), which is a critical measure of visual function and a marker of early disease progression; and the data support the ongoing development of laru-zova in XLRP, a severe, aggressive, inherited retinal disease that impacts boys and young men and often leads to blindness by middle age, with no treatment options available. SYNC says that Beacon Therapeutics is currently enrolling for its Phase II/III pivotal VISTA trial of laru-zova in XLRP, with a data readout expected in CY2026, a key value inflection point for the company.