Augmentum Fintech (AUGM) aims to generate capital growth over the long term through investing in fast-growing and high-potential financial services technology businesses based predominantly in the UK and continental Europe. Currently the portfolio constitutes investments in 18 companies, loosely grouped into banking services, ‘rails & infrastructure’ and asset/wealth management. This is in line with the objectives made at launch, with the anticipated number of holdings being between 15 and 20. The managers of the trust are Tim Levene, Richard Matthews and Perry Blacher. They provided an update on the portfolio on 20 March, discussing the potential impact of COVID-19 on a number of their investee companies. They noted that companies representing c. 40% of NAV have experienced higher demand than in previous months. As with any portfolio, there are likely to be those negatively and positively affected by the current crisis. Given the likely fall in overall business activity, our view is that it is perhaps fair to say that Zopa and iwoca – as lenders – could potentially be negatively affected by business failures. On the other hand, BullionVault and Grover look likely to be beneficiaries. AUGM formally values its portfolio twice a year, the next valuation date being 31 March 2020, with the results expected to be announced in mid-June. The share price has been seriously impacted by recent market falls so that the discount, compared to the 30 September 2019 NAV, has reached c. 50%. The board has very recently exercised its buy-back powers for the first time, and bought back 50,000 shares.