Biotech Growth (BIOG) rebounded from July’s 3% pullback with net asset value (NAV) recovering with a 7.9% gain in August. This drove the shares 8.5% higher although the £308m investment trust fell behind the 9.8% advance in the Nasdaq Biotechnology due to not holding Moderna. Its shares surged 150% last month after a late-stage trial showed its individualised cancer therapy intisemeran was successful in treating melanoma patients when used with Merck’s existing blockbuster cancer drug Keytruda. “The results helped drive a meaningful influx of generalist interest into biotechnology, reinforcing the sector’s appeal as a source of differentiated growth that is relatively insulated from potential AI-related disruption,” said Orbimed fund managers Geoff Hsu and Josh Golomb. BIOG shares have rallied nearly 88% in the past year and stand on a 7% discount to asset value.
Oryx International (OIG) chief executive Chris Mills says the proposed £189.3m acquisition of education software provider Tribal Group by Dutch private equity group Main Capital Partners will generate estimated proceeds of 86p per share. This will add about 44p to Oryx’ net asset value (NAV) per share which stood at £20.17 on 4 September. This 2.2% gain will be reflected in the next weekly NAV statement on Friday. At £13.45 shares in the £185m UK smaller companies fund stand on a wide 33% discount to the latest £20.25 NAV per share. Oryx’ annual report showed that at 31 March it held a £13.9m position in Tribal, its sixth-largest position at 5.5% of NAV. Harwood Capital, Mills’ investment management firm, holds 14.9% of Tribal through Oryx and its other funds and has committed to accept the deal.
GCP Asset Backed Income (GABI), the £64m debt fund in wind-down, has reiterated its commitment to pay 6.325p per share a year while the company remains “substantially invested” for as long as is “practicable”. The 10%-yielder received £46.4m of repayments in the first half of the year, enabling it to return £45m to shareholders in July through a fourth compulsory redemption of shares, half-year results show.
Richard Williams, senior analyst at QuotedData, said: “The wind-down continues to make good progress, with £266.6m now returned since the realisation programme began, reducing the share count by 75.9%. With the portfolio now down to just 14 loans valued at £61.1m, attention will increasingly focus on the quality of the remaining assets and the values at which they can ultimately be realised. The board intends to maintain the 6.325p annual dividend while the company remains substantially invested, but at this stage the more important measure of success is how much of the remaining net asset value (NAV) can be returned to shareholders, and how quickly.”
Vietnam Holding Limited (VNH) has reported a strong August with net asset value rising 7.6%, ahead of the Vietnam All Share Index’s 6.6% gain, despite no exposure to Vingroup, Vietnam’s largest conglomerate and around a fifth of the index, which gained 11.2%. Banks, which make up close to 40% of the £61m portfolio, and retailers led gains. Techcombank rallied 16.4%, MB Bank rose 13.9% and VPBank gained 13.1%. Retail holdings also performed well, led by FPT Retail, up 18.3%, and Digiworld up 16.3%. Vietnam’s economy stayed robust: exports rose 26% year-on-year, retail sales grew 14.9%, manufacturing PMI strengthened to 53.3 (above the level of 50 that separates growth from contraction). “Corporate earnings have been equally impressive: after growing 36.6% in the second quarter, market earnings are still expected to grow by around 20% for 2026 as a whole,” said fund manager Dynam Capital. VNH shares stand on a 9% discount after falling 16% in the past year.
