Schroders Capital Global Innovation Trust (INOV) has published its annual results for the year ended 31 December 2024. The period marked a pivotal shift in strategy, with shareholders voting overwhelmingly in favour of a managed wind-down at a general meeting in February 2025.
The trust’s NAV fell by 21.2% over the year to 19.94p per share, with the share price down 24.9%, reflecting continued pressure on valuations – particularly from the legacy portfolio, which accounted for 97% of the total fair value loss. Public holdings in Oxford Nanopore, Autolus Therapeutics, and BenevolentAI were among the largest detractors. The position in Reaction Engines was written down to zero after the company entered administration.
That said, there were bright spots. A revaluation of Revolut (+85%) contributed positively to performance, while private equity investments in Neurona Therapeutics and MMC SPV 3 also added value. Three new investments were made across venture, growth, and life sciences strategies, in line with Schroders Capital’s long-standing approach.
Realisation efforts are underway, with £39.4m of assets exited during the year. Following the period end, it was announced that Araris Biotech and Anthos Therapeutics will be acquired in separate trade sales, expected to generate significant returns. The Araris deal alone is projected to deliver a 7.2x upfront multiple with further milestone upside, while Anthos could deliver up to 3.2x with milestones included.
The trust ended 2024 with £31.6m in cash and liquid money market funds and £3.1m in liquid public equity holdings, providing runway to cover portfolio needs, fund the final stages of its share buyback programme, and support the initial capital return of £30m, expected by 30 June 2025. This is is expected to be the first of several as the realisation phase unfolds.
The capital discipline policy was concluded in early 2025, with 5.3m shares repurchased during 2024 at an average 36.3% discount to NAV, returning £5.3m to shareholders. In total, 25% of net cash realisations from the legacy portfolio have now been returned, meeting the policy target.
Going forward, the trust will focus solely on an orderly realisation of remaining assets, including the newer investments made under Schroders Capital. Management does not expect meaningful further exits until 2026–2027, and any new investments will only be made to honour existing commitments.
