Overview
Onward Opportunities Limited targets a return on investments of at least 2.0x invested capital over a three-to-five-year hold period, aggregating into a total annualised return of at least 15 per cent, per annum in smaller companies. The company will typically target meaningful minority stakes in investee companies of between 5% and 25%.
Whilst the company has no limitation on the size of the market capitalisation of the companies in which it can invest, the company typically expects to invest in companies with market capitalisations of no more than £250m, with a particular focus on those below £100m, at the time of investment. The company will therefore focus on investments in the ‘micro’ smaller companies sector, and on companies admitted to trading on AIM.
you can find the company’s website here
Fundamentals
Price
News
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08 Sep 2026 2 min read
Morning briefing: Fidelity European’s Sam Morse to retire next year, Partners Private Equity ups exit opportunity to 40%, plus RGL and ONWD
Sam Morse, who has been managing Fidelity European since 2011, has said that he intends to retire next year. Ahead of that, Alexander Laing will work alongside Sam and existing co-manager Marcel Stötzel, to ensure a smooth transition. The trust’s half-year returns (covering the first six months of 2026) lagged its benchmark, returning 6.4% in […]
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07 Sep 2026 6 min read
Trust Spot: Dollar “debasement” fuels 20%-34% gains in top mining funds; SpaceX rebound lifts Baillie Gifford trusts
August was a glittering month for mining investment companies as geopolitical turmoil and concerns about the “debasement” of the US dollar saw gold rally 10% while industrial metals continued to enjoy booming demand from the worldwide rollout of artificial intelligence and the transition to clean energy. As a result, four of the five biggest investment […]
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01 Sep 2026 2 min read
Onward Opps rallies 20% in August as its AIM stocks shine
A 20% share price rally last month has tipped Onward Opportunities (ONWD) above £50m of assets for the first time since launch over three yeas ago. The UK smaller companies investment company, which came to market with less than £20m in March 2023, said a string of positive company results had helped propel the portfolio […]
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07 Aug 2026 3 min read
Is there an opportunity in squeezed UK small caps?
If you read our recent note on Temple Bar (TMPL), you’ll have seen that we included a section entitled “Compelling UK valuation opportunity”. Below is one of the tables we used to back that up. As you can see, UK stocks are cheap relative to peers, and especially US stocks on a price to earnings […]
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2 min read
Morning briefing: Murray International makes 10.5% return in first half; TRIG to continue share buybacks while discount “elevated”; Onward Opps says “value opportunities abound” in AIM stocks after first half slump
Murray International (MYI), the £2.2bn investment trust flagship run by Aberdeen, delivered a 10.5% investment return in the first half of the year with shareholders receiving 9.9% as the shares saw their premium over net asset value dip to 2.4% from 3%. Although the half-year result underperformed the 12.4% increase in the MSCI ACWI High […]
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16 Apr 2026 3 min read
Morning briefing: Nick Train says “dismantling” Finsbury Growth would be wrong; Schroder Japan cuts fee; Seraphim seeks approval for C-share issue; Onward moves on from AIM; plus LMP
Schroder Japan (SJG), the best performer in its sector over one and ten years, has announced a cut in the annual management fee it pays Schroders. From August the £382m investment trust will pay 0.7% of its first £200m of assets, down from 0.75%, and 0.65% above that. More importantly, the fee will be applied […]
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02 Mar 2026 2 min read
Morning briefing: Holders of nearly half of Baillie Gifford Shin Nippon shares try to sell in its 15% tender; Home REIT exchanges on £123m asset sale to Patron; plus ONWD, MUT
Baillie Gifford Shin Nippon (BGS) says its 15% tender offer was more than three times over-subscribed with holders of over 122m shares offering to sell compared to the 36.8m shares the company said could be sold in December. That’s nearly half the 245m shares the the underperforming £365m investment trust has in issue, excluding the […]
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21 Jan 2026 3 min read
Morning briefing: Literacy Capital clears debts with Tyrefix sale; Saba target Workspace “on the right path”; City of London finds new boss; RTW predicts “stand-out” year for biotech M&A; plus IGET, FRGT, JEMA, ONWD, BGFD, MTE
Literacy Capital (BOOK), the £236m UK private equity fund on a 22% discount, will pay off its remaining debts after selling Tyrefix, a provider of plant tyre repair services, to Nordic rival Citira AB. BOOK is selling its entire stake in the company, which it first backed in November 2020, for £14.7m in cash at […]
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12 Jan 2026 3 min read
Morning briefing: RTW backs first biotech flotation of 2026; Herald publishes circular for Saba tender offer; British Land boss takes P3 job; plus ONWD, HICL, ASLI
RTW Biotech Opportunities (RTW), the tenth-best performing investment company last year, has backed the first biotech flotation of 2026. Atkis Oncology raised $318m by listing on Nasdaq on Friday at $18 a share, giving RTW a 12.6% uplift on the cancer specialist that accounted for 0.6% of its assets at 30 November. The stock rose […]
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19 Nov 2025 1 min read
Morning briefing: British Land rents rise 4%; Workspace working hard to stabilise; plus TMT, GRIO, FGEN, ONWD
British Land (BLND), the £3.7bn real estate investment trust, says it delivered a good operational and financial performance in the half year to 30 September with its core sectors of prime London office campuses and retail parks delivering 4% like-for-like net rental income growth. “This, combined with a 12% reduction in admin expenses, more than […]
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10 Oct 2025 2 min read
Morning briefing: Saba lifts Smithson stake to 15%; biotech “on a tear” as $5.2bn Akero deal aids IBT and RTW; plus RSE, TMPL, CGT, ONWD, JADE
Saba Capital has increased its position in Smithson (SSON) to 15% from the 14.1% the activist hedge fund revealed a month ago. It now holds over 16.4m voting rights in Terry Smith’s £1.7bn global smaller companies investment trust on a 9% discount. International Biotechnology Trust (IBT) and RTW Biotech Opportunities have benefited from another acquisition […]
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08 Sep 2025 5 min read
Morning briefing: Ruffer benefitting from surge in gold mining equities; plus GSF, TIR/TIG, PEY, GRI, WHR, JARA, MAJE & ONWD
Ruffer Investment Company (RICA) reported another month of positive NAV performance in August, driven primarily by gold mining equities. The manager said strong free cash flow generation at higher gold prices continues to provide attractive opportunities, even after the sector’s strong rally this year. Gold bullion resumed its upward trajectory during the month, hitting a […]
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24 Jul 2025 2 min read
QuotedData’s morning briefing 24 July: CLDN, CORD, SUPR, AEWU, GABI, ONWD, CREI, HVPE, WINV, PAIM, SJG
Caledonia Investments confirms its 10-for-one share split will take place tomorrow and Cordiant Digital Infrastructure shares part of its Datacenter investment with a sister fund. Plus updates from AEW UK REIT, Onward Opportunities and GCP Asset Backed Income. Caledonia Investments (CLDN) confirms its 10-for-one share split will take place tomorrow. Cordiant Digital Infrastructure (CORD) confirms […]
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30 May 2025 3 min read
Betting on a small cap revival
It was great this week to talk to three managers who are investing in UK small and medium-sized companies – if you missed it, you can watch the recording back here. Their message seems to be that portfolio companies are trading well, and coping with a macroeconomic environment that has at times been unhelpful, yet […]
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18 Mar 2025 2 min read
Onward Opportunities delivers best in class returns for 2024
Onward Opportunities Limited (ONWD) announced its annual results for the 12 months to 31 December 2024. The company delivered a NAV total return of 21.5%, comfortably outperforming the benchmark UK AIM All-Share’s total return by 25.4%, which fell during the same period. ONWD’s share price total return was 34.2%. During the financial year, the company […]
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06 Sep 2024 2 min read
QuotedData’s morning briefing 6 September 2024 – TENT, ONWD, VNH
In QuotedData’s morning briefing 6 September 2024: Triple Point Energy Transition (TENT) has declared a special dividend of 25p per share (£25m in aggregate), which is a distribution that is part of the managed wind-down approved by shareholders on 22 March 2024. TENT says this has been possible because of timely realisations to date. The […]
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22 Jul 2024 3 min read
QuotedData’s morning briefing 22 July 2024 – CYN, BPCR, ONWD, TMI, BCPT
In QuotedData’s morning briefing 22 July 2024: CQS Natural Resources Growth and Income (CYN) has declared its fourth interim dividend of 1.82p per share for the year ended 30 June 2024 (2023: 1.82 pence per share). It has also declared an additional special interim dividend of 1.00p per share, reflecting the fact that underlying core […]
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11 Apr 2024 1 min read
QuotedData’s morning briefing 11 April 2024 – ONWD, AEIT, GPE, SERE
In QuotedData’s morning briefing 11 April 2024: Onward Opportunities (ONWD) says its NAV total return from IPO on 30 March 2023 to end December 2023 was 11.3%. This compares to a 3.7% fall in the value of the UK AIM All Share index. The company trades at a premium and raised more money last month, […]
In The Press
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24 Jun 2026 1 min read
James Carthew comments on demand for bigger trusts in Wealthwise
James Carthew comments on consolidation in the industry in Cherry Reynard’s article: “The main impetus for trust consolidation is coming from the wealth managers – who are themselves consolidating,” Read the article here
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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22 Jun 2023 2 min read
Home Truths
James Carthew for Portfolio Adviser, 21 June 2023: For many years, there was a tendency among UK-based investment managers and financial advisers to overweight domestic stocks within client portfolios. As a result, we saw a proliferation of investment companies with a narrow focus on UK-listed businesses. Today, 54 investment companies have a listed UK equity […]
