Portfolio company The Vaccine Group (TVG), a University of Plymouth spin-out developing next-generation animal vaccines using a novel bovine herpesvirus delivery platform, has achieved outstanding results in government-run cattle trials for its BRSV (bovine respiratory syncytial virus) vaccine. Vaccinated calves showed full protection - no clinical disease, no viral shedding, and minimal lung damage - marking the first demonstration that the platform can safely prevent a global livestock disease. Crucially, TVG’s vaccine works even in newborn calves with maternal antibodies, overcoming a key limitation of current products. FIP holds a 16.7% stake, valued at £3.7m (5.4p per share) as of the last balance sheet. The trial strongly validates TVG’s technology and opens a clear path to commercialisation and strategic partnerships across species. We see the news as incrementally positive, reinforcing the quality of FIP’s portfolio and likely to support share price gains. The shares are currently trading at a steep 64% discount to adj. NAV of 70p and 44% vs the value of the 6 key portfolio companies (42p NAV). Today’s news is value affirming and shows good progress towards a crystallisation event. Next formal news is finals slated for this month.
