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Last web conference here (2021): https://schroders.wistia.com/medias/nwc9pu3gpc
"On Friday, 1 October 2021, fund managers Roger Doig and Tim Creed presented the Trust's Interim Results for the period ending 30 June 2021. The live presentation was followed by Q&A. "
Review of 2021 Presentation and some reference links for research:
[9:36] Kymab: "Sold at £1.3bn...Original invested £8m, £1m extra increased by 9 or 10 times"
https://www.thisismoney.co.uk/money/markets/article-9135357/Cambridge-scientists-bonanza-firm-sold-815m.html
[10:41] Oxford Nanopore IPO (ONT): "Held 2bn, financing round was about 2.5bn...IPO opened at £4.25. We sold 10% ..at that price, generating about £11m proceeds for us...Post dilution, we now own 2.9%(25.9M shares) ONT...6 mth lock-up. https://www.thetimes.co.uk/article/oxford-nanopore-receives-50m-as-dispute-is-settled-9j3ghzhrq
https://www.theaic.co.uk/aic/news/citywire-news/oxford-nanopore-ipo-move-lifts-schroder-uk-public-private
pasajero, with all respect to you, why are you posting link after link relating to the June 30th Interims? They were out months ago and we've all read them.
You're also turning this board into a bit of an echo chamber, which is a pity.
I think it's incredible that the NAV is still holding at 38-39p considering the doldrums that ONT finds itself in.
From memory they revalue non public traded portfolio 6 monthly so perhaps we'll see a painful revision downwards soon (or not?) and that is why this remains on a >40% discount to NAV?
I've topped up here (and on IPO) as I believe ONT has a bright future and patience will be rewarding. The cross read from IPO suggests the private portfolio could be stronger than the market perceives?
The recent rebound (15%) of JMAT which SUPP bought in at just over £20 is now priced at £22. This equates to a £0.5m uplift to NAV in Tuesday's results..... about 0.25% of NAV so fairly irrelevant but it's important because it is one of Schroder's "new" investments.
Meanwhile there's been a drop of 20% of NAV since 31/12/21 (£113m) and a drop of NAV from 48p to 38p. Given the large number of biotech holdings (65% is "health" in the annual report) this is not unusual across that vertical.
Of particular note ONT suggests the remaining portfolio is performing extremely strongly. To put it in perspective the SP of ONT has dropped by around £64m since 31/12/21 so about 14% of NAV.
What's interesting is Biotech is clearly in the "despair" phase and suffering overhang from covid testing and vaccine euphoria - and anti-Cathie Wood rhetoric...... Meanwhile gene therapy and various breakthroughs are incredibly exciting and genuinely game changing. I'm very excited about what ONT will bring. So I remain positive here but recognise and acknowledge the poor sector results. However the ghost of Woodford isn't the reason this is doing poorly. The drops are less than I'm seeing elsewhere e.g. BIOG, ARIX