Molten’s portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed new funding rounds, as well as Molten’s recent exits (representing aggregate proceeds of c £124m), all of which were completed at or slightly above previous carrying values. While the valuations of listed cloud businesses compressed somewhat between end-March 2024 and end-September 2024, they rebounded visibly after the US election. Moreover, Molten expects its core holdings to deliver weighted average revenue growth of 71% in 2024 and 48% in 2025. Its H125 NAV TR decline of 2.4% came largely from FX headwinds, while the 1.4% constant currency increase in gross portfolio value was driven by the revaluation of Revolut, partly offset by a markdown of Thought Machine.
