• Castelnau Group Limited (CGL) has released its investment report for the first quarter of 2025, highlighting a 3.5% increase in net asset value (NAV) per share, reaching £1.02 as of 31 January 2025. This performance was primarily driven by the revaluation of Valderrama, the holding entity for Dignity, following a sale-and-leaseback transaction and the acquisition of Farewill. Despite the NAV uplift, CGL’s share price declined by 4.3% during the same period, resulting in a discount of approximately 11.8% to NAV. The portfolio’s composition remains concentrated, with Valderrama accounting for 83.2% of NAV, Hornby at 5.0%, and Cambium Group at 3.0%. In January, Dignity completed a crematoria sale-and-leaseback transaction, generating net proceeds that facilitated the repayment of a loan from Phoenix UK Fund. The report also notes that Hornby released a trading update on 8 January, and Cambium is experiencing a 25% year-on-year increase in registrations since Christmas.
• Apax Global Alpha (APAX) has published its report for the first quarter of 2025, with a NAV total return of -2.5% (or +0.5% in constant currency), reflecting solid portfolio performance offset by adverse FX movements. NAV per share declined to €2.38 (£2.00), down from €2.51 at the end of 2024. Private equity – 86% of NAV – continues to show robust operating performance with average LTM EBITDA growth of 16%. Notably, Apax XI investments delivered 25% average EBITDA growth, underlining their importance to future NAV expansion. The quarter saw €52m deployed into new private equity investments, including S&W and CohnReznick, while exits such as Paycor and Lexitas are expected to contribute €55m in distributions. APAX’s debt portfolio – 14% of NAV – was also impacted by currency shifts, delivering a -0.8% total return in euros but +2.5% in constant currency. Six positions were exited during and shortly after the period, realising €51m at near-par valuations. APAX remains fully invested, with €417m in available liquidity and balance sheet strength supported by 1.8x coverage of expected capital calls. The revolving credit facility was fully repaid in early May. APAX says that, despite strong operational fundamentals across the portfolio, macro volatility – notably US tariff announcements – and FX pressures weighed on short-term performance. However, management notes that 90% of the portfolio is unlikely to face direct tariff exposure. The board continues to monitor the discount to NAV, with €36m returned to shareholders in the first quarter via dividends and buybacks. Nadya Wells will join the board from 1 July 2025, bringing additional governance expertise.
• Third Point (TPOU/TPOS) has released its investor letter for the first quarter of 2025, reporting a 3.7% decline for its Master Fund, outperforming the S&P 500 Total Return Index, which fell 4.3%. Market volatility driven by escalating US trade tariffs and rising concerns over a global trade war weighed on performance, though Third Point comments that its active positioning helped limit losses. The manager reduced net and gross exposures to multi-year lows early in the quarter, raising liquidity for future opportunities. Notably, the portfolio’s top performers included Meta Platforms, Rolls-Royce, and ICE, while detractors included PG&E, TSMC, and Amazon. Third Point initiated a new position in CoStar Group and engaged with management on capital allocation reforms. The company has since agreed to add three new directors, establish a Capital Allocation Committee, and review executive incentives. Third Point sees significant EBITDA expansion potential as CoStar’s core commercial real estate business remains strong, while efforts are made to rein in residential losses. Elsewhere, structured credit delivered a 1.1% net return in the first quarter, driven by resilient residential mortgage exposure. Corporate credit fell modestly (-0.3%), with Third Point staying positioned in liquid, large-cap names. The manager expects new opportunities to arise as markets digest the tariff impact on leveraged borrowers. The integration of Birch Grove, completed in February, has added US$8bn in credit-focused capital and enhanced research depth across strategies. Third Point plans to launch new private credit strategies starting in the second quarter of 2025.
• Picton Property Income (PCTN) has announced the successful refinancing of its £50m revolving credit facility (RCF) with NatWest, ahead of the facility’s original maturity in May 2025. The new agreement runs for an initial three-year term, with two optional one-year extensions. Interest is charged at 165bps above SONIA for the first £25m drawn, rising to 170bps thereafter. A commitment fee of 40% of the margin applies to undrawn amounts. The facility remains undrawn at present. The remainder of Picton’s debt, totalling £210m, is fully fixed at a competitive average interest rate of 3.7%, with the earliest maturity not due until 2031. Saira Johnston, CFO, commented that the refinancing maintains Picton’s financial flexibility and supports its ongoing investment strategy.
• Geiger Counter (GCL) has announced that it will not proceed with issuing new ordinary shares following its 2025 subscription rights exercise, despite receiving applications for 101,658 shares at a price of 74.58p each. The Board determined that issuing new shares at a significant premium to the current market price would not be in the best interests of shareholders. Since the beginning of April, the company’s shares have traded between 28p and 36p – materially below the subscription price. As a result, no new shares will be issued, and applicants will receive refunds from the registrar in due course.

[QD comment MR: This marks a rare instance where a subscription exercise has been declined on valuation grounds and reflecting the sharp disconnect between the pre-set subscription terms and prevailing market conditions. Clearly GCL’s board are looking after its shareholders.]

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