Tern’s FY24 results highlight the strength of the core portfolio, delivering progress with major key accounts and strategic partnerships. Tern’s exposure to Sure Ventures plc is already providing an additional source of income. We see a strong similarity with Tern’s strategy in the proactive investment style of Sure Ventures plc, now leveraging Tern’s hands-on approach. Valuations across the technology landscape remain depressed and therefore portfolio companies have not looked to raise funds from new VC investors. Tern reported a modest £1.6m decrease in net assets, predominantly due to Wyld and the costs of being AIM listed. However, Tern is well placed to benefit from an increased appetite for early-stage software and generative AI, providing a unique proposition that creates value via access to disruptive start-ups not generally available to AIM investors. The three core portfolio companies are firmly into growth stage, and leaders in sectors poised for substantial growth. In terms of the board, chairman Ian Ritchie has announced his retirement after the AGM (30 June).