The fund reported a marginal decline in NAV to 702.5p (-0.2% TR), on limited new data; sterling strength reduced the portfolio valuation by c1%. The Q1 dividend (+2.4%) was declared at 6.95p (xd 6th July). Hamish Mair, the portfolio manager, reports that valuations have held up well. Companies offering innovative products and services, often underpinned by technological foundations, with well-defined growth trends are achieving good exits. The flow of realisations in Q1’23 is up YoY, exit premiums in Q1 remain robust and the momentum demonstrated by the portfolio in 2022 has continued. Management is guiding that a number of processes are on-going which, in our opinion, bodes well for Q2’23.
