In QuotedData’s morning briefing 4 April 2025:
- Seraphim Space Investment Trust (SSIT) has released its March 2025 sector newsletter, highlighting a wave of positive momentum across its portfolio, with several key holdings benefiting from high-profile launches, strategic partnerships, and rising global defence budgets. Portfolio companies feature prominently in SpaceX’s Transporter-13 mission, with ICEYE, Spire Global, and D-Orbit all deploying satellites as part of the rideshare launch on 14 March. Spire added seven new satellites, while ICEYE and D-Orbit continue expanding their SAR and orbital logistics offerings, respectively. AST SpaceMobile announced a major partnership with Vodafone to roll out a European direct-to-device satellite network, while Voyager Technologies is participating in the US Pentagon’s large-scale ‘Golden Dome’ missile defence programme, partnering with Lockheed Martin and Palantir. Elsewhere, Spire Global achieved a key milestone with a successful two-way optical link between satellites – enhancing low-latency data capabilities for weather and environmental monitoring. Sector sentiment received a further boost from the EU’s €800bn ‘ReArm Europe’ defence programme, driving a rally in European space and defence stocks. SSIT’s top holdings, including ICEYE and D-Orbit, are well positioned to benefit, with growing demand from both US and European government clients.
- Partners Group Private Equity (PEY) reported a 1.2% decline in NAV in February, ending the month at €1,031.4m or €14.91 per share. The decrease was primarily driven by portfolio revaluations amid volatility in public markets, which contributed -1.0% to performance. Currency movements had a neutral impact. Despite the broader market headwinds, certain private holdings saw positive momentum, notably United States Infrastructure Corporation, which benefitted from operational efficiency gains and improved cost management. Management initiatives focused on pricing, contract optimisation, and digital transformation continue to underpin its outlook. PGPE received €7.9m in distributions during the month, the majority of which (€7.5m) came from the successful exit of TOUS, the Spanish affordable luxury brand. Partners Group had held the position since 2015, supporting growth through brand elevation, digital expansion, and international rollout, helping TOUS evolve into a global omni-channel retailer with more than 720 stores across 40 countries. PEY reinvested €3.6m across its portfolio during the month.
- EPE Special Opportunities (ESO) has announced plans to commence share buybacks, targeting up to 2% of its issued ordinary share capital, subject to market conditions and the availability of shares at attractive levels. The buybacks will be funded from existing cash reserves and any shares purchased will be held in treasury. ESO notes that the low level of trading liquidity in its shares may affect the pace of repurchases and, as such, repurchases may exceed 25% of the average daily trading volume on a given platform. ESO’s board also says that buybacks may be undertaken at prices exceeding the higher of the last independent trade and the highest current independent bid, in line with regulatory provisions. Purchases will be carried out by the Company’s broker, Numis Securities (Deutsche Numis).
- Home REIT (HOME) has published historical half-year results for the period 1 September 2022 to 28 February 2023 – you can view these by clicking here. The company has already published accounts for the year to 31 August 2023 (which supersede these results), so nothing new has been revealed. The sale of the company’s remaining portfolio is continuing as previously announced and the company expects to publish its accounts for the year to 31 August 2024 in the second quarter of this year (before the end of June), along with half-year results to 29 February 2024. Interim results to 28 February 2025 will be published as soon as is practical thereafter. [It remains highly frustrating that the company has yet to publish up-to-date accounts and restore the listing of its shares.]
- AIRNA, a portfolio company of RTW Biotech Opportunities (RTW), has completed a US$155m Series B financing round, which was oversubscribed. AIRNA is developing next-generation RNA-editing therapeutics and the capital raised will be used to support the advancement of AIRNA’s lead candidate AIR-001 into Phase 1/2 trials for Alpha-1 antitrypsin deficiency (AATD), a genetic disorder that can cause serious lung and liver complications. AIRNA is also building out a broader pipeline targeting cardiometabolic and other chronic diseases, using RNA-editing technology to repair harmful genetic mutations or enhance protective ones. RTW CIO Roderick Wong highlighted AIRNA’s best-in-class potential in AATD and praised the company’s “pioneering work in precise RNA editing” as a significant step forward in genetic medicine.
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