RE: Our skin in their game30 Jun 2022 20:51
From CRS RS Final Results Tue, 28th Sep 2021
Portfolio and Strategy
At 30 June 2021, the Fund held equity investments in ten companies (2020: 15), including three unlisted companies. The Fund also held a debt instrument in GI Dynamics, an unlisted company at the year end.
The Fund's month-end average net cash and accruals position was 0.3% of NAV (2020: 2%), meaning that it has remained fully invested throughout the year. Cash realisations were principally utilised to fund share buybacks and pay an interim dividend.
The Fund's strategy remains focused on a limited number of special situations where the Fund believes value can be realised regardless of market direction. By its nature as an activist fund, the Fund needs to hold sufficiently large stakes to facilitate engagement as a significant shareholder. Therefore, the Fund is exposed to concentration risk but levels of investment in individual companies are closely monitored and parameters are set to ensure this risk is managed and kept to an appropriate level.
As at 30 June 2021, the weighted average market capitalisation of the Fund's listed investee companies was £229 million (30 June 2020: £171 million).
The table below lists the Fund's top five shareholdings as at 30 June 2021, the equity stake that those positions represent in the investee company and their percentage contribution to NAV performance over the year.
Five largest shareholdings
Pence per share
Percentage of NAV
Percentage of investee equity held
Contribution to NAV performance(1)
De La Rue plc
53.2
36.2%
12.3%
19.8%
GI Dynamics Inc.
23.9
16.3%
(2)
8.7%
Equals Group plc
22.4
15.3%
22.4%
8.6%
Hurricane Energy plc
19.3
13.2%
22.6%
(0.2)%
Allied Minds plc
11.4
7.8%
19.0%
(6.0)%
Total of five largest shareholdings
130.2
Other investments
15.1
Cash and accruals
1.5
Total NAV
146.8
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