Cordiant Digital Infrastructure (CORD) shares have jumped 5% after the £752m investment company chalked up a stronger-than-expected 10% underlying total return in the six months to 30 September. Currency gains in Poland and Czech Republic helped, but excluding these the half-year growth in net asset value (NAV) was still 5.6%, ahead of a 9% annual target return. NAV per share rose from 127.4p at 31 March to 140p largely driven by earnings growth at Emitel, Poland’s leading operator of terrestrial radio and television infrastructure, and CRA, the Czech telecom and digital platform. At 103p the shares stand on a 26% discount and yield 4.2% on the 4.35p annual dividend target yield that has been covered 1.7 times by adjusted funds from operations in the past 12 months. With dividends reinvested, shareholders received a 14.7% total return. Chair Shonaid Jemmett-Page said the board remained disappointed with the persistent share price discount which it said was a market not a company specific issue. “The board believes the valuation gap remains unwarranted considering the company’s ongoing performance and strong prospects.” CORD launched a £20m share buyback programme in February 2023 and has spent £5.9m since then although no shares were bought back in the half-year period.

Seraphim Space (SSIT) paused for breath in the first quarter of its financial year. After the 18% rise in net asset value in the previous fourth quarter, the growth capital fund added just 0.9% in the three months to 30 September. Currency gains of £3.8m and £1.5m of follow-on investments helped lift the portfolio of unquoted space commercialisation companies from £281.1m to £283.6m with NAV per share of 119.55p up from 118.52p at 30 June. ICEYE, the Finnish satellite constellation operator that accounts for 34.7% of the portfolio after a 70% valuation hike in the previous quarter saw its fair value lowered 6% to £98.5m from £105.1m at 30 June. It said this was to “reflect the terms of corporate activity currently underway” which analysts said was a reference to a funding round. Stifel believed this showed “the previous write-up was a touch too strong”. SSIT shares have rebounded 39% over one year but today dipped 0.4p to 77.6p on a 36% discount. Around half of the portfolio, representing 69% of fair value, has a “robust cash runway”, with 58% fully funded and a further 11% funded for 12 months or more from 30 September. The company said cash reserves stood at £19.4m, down from £21.5m, with £8.7m of additional liquidity in listed company holdings.

Caledonia Investments (CLDN), the £2bn multi-equity fund backed by the Cayzer shipping dynasty, made a 4.4% investment return in the half year to 30 September. Net asset value (NAV) per share rose 18p to 566p, valuing the portfolio at £2.9bn and leaving the shares at 375p on a 34% discount. The company bought back £13.5m of shares in the six-month period, adding 1.29p to NAV per share. Public companies were the best performing part of the portfolio, returning 9.9% to end the period at 35.4% of assets. Of this the capital investments returned 12.6% driven by AI-related investments in Oracle, Microsoft and Alibaba, while an income portfolio made just 2.4%. Private capital provided a 7.7% return, which did not include the £288.4m cash sale of its stake in family office Stonehage Fleming in September, and comprised 30.1% of net assets. The third sub-portfolio of private equity funds in North America and Asia dropped 2.2% in a subdued macroeconomic backdrop and made up 29.4% of assets. The company declared an interim dividend of 3.68p per share and said it had £430m of cash and credit to invest in new opportunities. Chief executive Mat Masters said: “While the macroeconomic uncertainty that characterised the end of the last financial year has continued into the first half, our objective remains, as ever, on preserving and growing capital in real terms, looking through short-term market cycles and positioning Caledonia for sustained long-term value creation.” Over 10 years the company has made a 9.8% annualised underlying investment return, slightly higher than the annualised 8.7% shareholders received. That beat 3.3% inflation and the 8.1% annualised FTSE All-Share return over the period.

Molten Ventures (GROW), the £741m technology venture capital fund on a 39% discount, says a strong first half to its financial year saw net asset value (NAV) per share rise 7.9% to 724p from 671p at 31 March with 14p of the 53p gain coming from its expanded £50m share buyback programme that has seen £24m returned to shareholders since April. Chief executive Ben Wilkinson said: “HY26 sustained strong momentum, marked by continued growth in our portfolio value and NAV per share, ongoing strong level of realisations, and effective delivery on our capital allocation policy. We are pleased with the progress we made on the strategic priorities outlined in February 2025, and remain committed to delivering against these.

Macau Property Opportunities (MPO) says its emergency fund raise will close at 4pm tomorrow. Last week it announced plans to issue up to 12.3m shares at a price below net asset value to raise a minimum of £1.7m. The strike price is not expected to be less than 13.75p

Premier Miton Global Renewables Trust (PMGR) has requested the temporary suspension of its shares ahead of its voluntary winding up.