Onward Opportunities - Half-Year Update
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Half-Year Update
Continued inflows despite impact of market volatility, growing signs of recovery in NAV in recent weeks
Onward Opportunities Limited (LSE: ONWD), the investment company targeting opportunities in
Company Update
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· HY26 NAV performance
· Net Asset Value ("NAV") of
· The share prices of the Company's mark to market portfolio of under-owned investments suffered materially during Q1 in response to global market volatility, in similar fashion to Q1 2025. The fund's top 10 holdings saw an average share price decline of 28.6% during the first quarter - but only two went on to issue profit warnings
· Share prices of all portfolio investments lagged the global recovery in risk assets, again a repeat of the trend seen in 2025. Micro caps typically require company specific updates to trigger price recoveries. Many of these are due in H2 and have started to come through in July with NAV recovering further to 131.5p. The majority of investments currently offer higher profits at lower share prices.
· Consistent long-term outperformance since inception was maintained despite persistent headwinds - NAV performance of +29.1% since inception in
· Encouraging further NAV recovery post-period end
· Reassuring extension of the recovery in Q3 with the NAV closing July at 131.5p, a +19.3% rally from the 31 March lows. However most holdings remain well below 12-month highs despite good updates, so further NAV growth is expected throughout the remainder of Q3 due to a number of idiosyncratic catalysts.
· Continued inflows as the Company capitalises on its recent main market listing
§ To date this year, the Company has issued 4.4m shares, raising
§ The Company successfully completed its move to the Main Market from AIM on
Performance Table to
Portfolio Update
· A number of investee companies have announced profits that are either higher, or ahead of expectations, in recent weeks with notable examples including: Audioboom, Rent Guarantor, Mincon, Likewise, Pebble Beach Systems, The Mission Group, and Fintel. Notwithstanding this strong operating performance, all ended June with share prices materially lower than their 52-week highs, leaving room for future portfolio returns.
· Setbacks included Alumasc and Light Science Technologies, as construction sector weakness and building safety regulator delays combined to trigger profit warnings by both
· Similarly, Synectics struggled with
· New core holdings of Fintel and Mincon added, two new nursery holdings initiated but not yet disclosed |
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"Ah, the
Post period end, a number of our investee companies have announced strong updates which has initiated a recovery in their share prices toward levels seen 'pre-crisis'. We have a number of investments where despite profits growing by double digits, share prices have declined by double digits. In one extreme example, profits are doubling but the shares have almost halved in value. This is why we are looking onward; there are value opportunities abound for the long-term investor.
Before the closure of the
For further information, please contact:
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Onward Opportunities Limited
Dowgate Wealth Limited (Portfolio Manager)
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Via
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Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
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Tel: +44 (0)20 7220 0500 |
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Dowgate Capital Limited (Joint Broker) Russell Cook /
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Tel: +44 (0)12 9351 7744 |
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Tel: +44 (0)77 3303 2695
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About Onward Opportunities
Onward Opportunities Limited ("Onward" or the "Company") is a closed-end investment company listed on
Onward Opportunities was launched by lead fund manager
Onward Opportunities has been an outperforming and one of the fastest growing
Onward has an investment committee (IC) that has a combined experience of c.120 years and a history of value creation for clients. Collectively, IC members have over
For more information please visit: www.onwardopportunities.co.uk
About Dowgate Wealth (Onward Opportunities' portfolio manager):
Dowgate Wealth is a fast-growing independent
Dowgate Wealth is proud to be a firm where employees own a stake in the company. This underpins the firm's culture of entrepreneurialism and long-term thinking, which is further supported by taking an asset agnostic approach to investing.
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