Oakley Capital Investments – Getting down to business

In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an 18% total shareholder return (TSR) during the period, extending the long run of performance delivered by the company (five-year TSR CAGR of 24%). The same macro uncertainty may also be creating opportunities. OCI’s investment mana

Oakley Capital Investments

Despite broader economic challenges, Oakley Capital Investments (OCI) continues to deliver market beating shareholder returns. A focus on cash-generative companies with recurring revenues and asset-light business models means the portfolio appears to be well insulated as financial conditions have tightened, which the managers note is highlighted by double digit earnings growth over the last financial year. The staggered nature of its investments appears to provide a consistent stream of realisat

Oakley Capital Investments

Despite broader economic challenges, Oakley Capital Investments (OCI) continues to deliver outstanding, market beating shareholder returns. Its focus on cash-generative companies with recurring revenues and asset-light business models means the portfolio remains well insulated as financial conditions have tightened, highlighted by double digit earnings growth over the last financial year. The staggered nature of its investments has provided a consistent stream of realisations (at an average prem

LIBERUM: Oakley Capital Investments: NAV growth outlook remains bright

Oakley Capital Investments – The best-performing UK-listed private equity fund

Oakley Capital Investments (OCI) invests in private equity funds managed by Oakley Capital Limited (Oakley). OCI is, as we show on page 21, the best-performing fund in its peer group over five years. As evidenced by its latest full-year results, this has been achieved in spite of what might be described as a difficult macro backdrop. OCI’s manager believes that this can be attributed to three core factors: the expertise that it has built in a focused group of sectors (technology, consumer, educ

Oakley Capital Investments – The best-performing UK-listed private equity fund

Oakley Capital Investments (OCI) invests in private equity funds managed by Oakley Capital Limited (Oakley). OCI is, as we show on page 21, the best-performing fund in its peer group over five years. As evidenced by its latest full-year results, this has been achieved in spite of a difficult macro backdrop. OCI believes that this can be attributed to three core factors: the expertise that it has built in a focused group of sectors (technology, consumer, education) over 20 years of investing; a

Oakley Capital Investments Ltd (OCI): 2022: NAV returns driven by EBITDA growth

The January trading statement announced NAV (662p per share), total NAV return (24%), NAV growth driven by EBITDA growth (65%), modest multiple expansion (35%), investments (£271m), realisations (£244m), available finance, including cash (£210m), and commitments (£929m). The detailed results announcement highlighted i) 2022 exits, on average, 70% above carrying value, ii) 22% investee company average earnings growth, iii) weighted average EV/EBITDA of 15.9x, below listed market levels, iii) a PE

Oakley Capital Investments

OCI’s focus on high-growth companies has delivered strong NAV returns over five years…

LIBERUM: Oakley Capital Investments* - Delivering leading NAV growth

Hardman & Co Monthly: March 2023

Feature article: Higher interest rates overshadow IIC/REIF prospects We focus on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our ‘Quoted UK Infrastructure and Renewable Energy – Prospects for 2023’ publication, we have addressed the three key issues of recent months – higher inflation, extremely volatile power prices and risin

Hardman & Co Monthly: February 2023

Feature article: Asset manager valuations Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year?

Hardman & Co Monthly: January 2023

Feature article: Hardman & Co Healthcare Index - Review of 2022 The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sal

Oakley Capital Investments Ltd (OCI): Evolution of the high-growth drivers in 2023

In this note, we explore the factors that have driven the market-beating 22% YTD 2022 NAV growth, the 15% growth we expect in 2023 and the 35% NAV discount. In addition to fuelling returns, further exits with uplifts to carrying value (long-run average 50%) should reinforce confidence that portfolio valuations are conservative. Cash realisations from the portfolio give additional comfort – as do the £302m of liquidity and £474m of investments held for more than three years – that investment comm