- Portfolio Update
Jan 9, 2026
Octopus AIM VCT plc
Portfolio Update
The investment portfolio of Octopus AIM VCT plc (the "Company") as at 9 January 2026 is as follows (the valuations being the unaudited valuations, at bid price, as at 30 November 2025):
Investee Company Sector Book cost (£000)Movement in valuation (£000)Fair Value
(£000)Hasgrove Limited *&***Unquoted Investment 889,6729,760Popsa Holdings Limited *Unquoted Investment 1,5902,3793,969Netcall plcSoftware and Computer Services 3083,0973,405Craneware plcHealth Care Providers 1832,8122,995Idox PLCSoftware and Computer Services 3112,5682,879Brooks Macdonald Group plc **Investment Banking and Brokerage Services 7461,8672,613Aurrigo International plcTechnology Hardware and Equipment 1,6577892,446GB Group plc **Software and Computer Services 5051,5922,097Judges Scientific plcElectronic and Electrical Equipment 2361,8102,046Diaceutics plcHealth Care Providers 9309051,835Abingdon Health plcMedical Equipment and Services 2,515(775)1,740Beeks Financial Cloud Group plcSoftware and Computer Services 4051,3221,727Vertu Motors plcRetailers 1,2654341,699PCI-Pal plcSoftware and Computer Services 1,2943671,661SDI Group plcElectronic and Electrical Equipment 1791,4281,607Animalcare Group plcPharmaceuticals and Biotechnology 3061,0591,365Windar Photonics plcElectronic and Electrical Equipment 9362111,147Haydale Graphene Industries plcIndustrial Materials 1,857(722)1,135Gear4music Holdings plcLeisure Goods 5295671,096Ixico plcPharmaceuticals and Biotechnology 1,651(589)1,062EKF Diagnostics Holdings plcMedical Equipment and Services 7672741,041Equipmake Holdings plcElectronic and Electrical Equipment 2,121(1,112)1,009Nexteq plcTechnology Hardware and Equipment 507462969Strip Tinning Holdings plc (Loan) *Unquoted Investment 900-900Ilika plcElectronic and Electrical Equipment 1,058(172)886The Beauty Tech Group plc **Personal Care, Drug and Grocery Stores 8634867JTC plc **Investment Banking and Brokerage Services 601196797Applied Nutrition plc **Food Producers 505227732Itaconix plcGeneral Industrials 1,588(872)716Oberon Investments Group plcInvestment Banking and Brokerage Services 864(165)699Cranswick plc **Food Producers 60691697Wise plc **Industrial Support Services 545134679Gamma Communications plc **Telecommunications Service Providers 274.00401675GENinCode plcMedical Equipment and Services 2,481(1,815)666Cambridge Cognition Holdings plcHealth Care Providers 1,075(462)613Tan Delta Systems plcElectronic and Electrical Equipment 45370523Eden Research plcChemicals 1,620(1,121)499KRM 22 plcSoftware and Computer Services 927(435)492Bloomsbury Publishing plc **Media 629(181)448Mears Group plc **Industrial Support Services 139295434DP Poland plcTravel and Leisure 1,016(661)355Bytes Technology Group plc **Software and Computer Services 489(184)305Haydale Graphene Industries Plc (Loan) *Unquoted Investment 300-300Alusid Limited *Unquoted Investment 300-300GETECH Group plcOil, Gas and Coal 300(15)285MyCelx Technologies CorporationElectronic and Electrical Equipment 1,470(1,242)228Rosslyn Data Technologies plcSoftware and Computer Services 1,169(966)203TPXimpact Holdings plcSoftware and Computer Services 979(780)199Staffline Group plcIndustrial Goods and Services 334(169)165Gelion plcElectronic and Electrical Equipment 1,140(987)153Velocity Composites plcAerospace and Defense 799(649)150Crimson Tide plcSoftware and Computer Services 567(444)123Creo Medical Group plcMedical Equipment and Services 1,471(1,354)117Fusion Antibodies plcHealth Care Providers 745(638)107Verici Dx plcPharmaceuticals and Biotechnology 1,500(1,416)84XP Factory plcTravel and Leisure 988(907)81Feedback plcMedical Equipment and Services 1,500(1,422)78ENGAGE XR Holdings plcSoftware and Computer Services 1,879(1,802)77Strip Tinning Holdings plcElectronic and Electrical Equipment 506(438)68DXS International plcSoftware and Computer Services 300(255)45Northcoders Group plcSoftware and Computer Services 380(338)421Spatial plcSoftware and Computer Services 300(260)40TheraCryf plcPharmaceuticals and Biotechnology 1,050(1,026)24Tasty plcTravel and Leisure 516(511)5Genedrive PlcPharmaceuticals and Biotechnology 217(214)3Metir plcElectronic and Electrical Equipment 1,384(1,384)-Sorted Group Holdings plcSoftware and Computer Services 763(763)-Trackwise Designs plcTechnology Hardware and Equipment 1,934(1,934)-Cloudified Holdings LimitedSoftware and Computer Services 900(900)-Airnow Limited *Unquoted Investment 1,257(1,257)-Enteq Upstream plcOil, Gas and Coal 1,032(1,032)-Rated People Ltd *Unquoted Investment 354(354)-ReNeuron Group plcPharmaceuticals and Biotechnology 1,485(1,485)-The British Honey Company plcGeneral Retailers 1,321(1,321)-Verici Dx PlcPharmaceuticals and Biotechnology 51(51)-The Food Marketplace Ltd *Unquoted Investment 300(300)-LungLife AI IncPharmaceuticals and Biotechnology 2,079(2,079)-Libertine holdings plcIndustrial Engineering 3,000(3,000)-
Since 30 November 2025 Octopus AIM VCT plc has made £3.7 million investments and £9.6 million disposals.
Unless otherwise stated, all the investments set out above:
are not quoted on regulated markets for the purpose of the Prospectus Regulation (AIM is not a regulated market for this purpose); represent equity investments except in the case of Strip Tinning Holdings plc and Haydale Graphene Industries plc which include investment through loan stock; and are in portfolio companies incorporated in the UK with the exception of:
Cloudified Holdings Limited - British Virgin Islands
ENGAGE XR Holdings plc - Republic of Ireland
JTC plc - Jersey
LungLife AI Inc – USA - USA
MyCelx Technologies Corporation – USA
Windar Photonics – Denmark
* Denotes unlisted company
** Denotes company listed on the main market of the London Stock Exchange
*** Sale completed post 30 November 2025
Current Asset Investments (unaudited)
Portfolio Company Book cost (£’000)Fair Value (£’000)FP Octopus UK Microcap Growth Fund 8,1188,212FP Octopus UK Multi Cap Income Fund 2,6973,406FP Octopus UK Future Generations Fund 2,5262,431JPMorgan Sterling Liquidity Fund 10,14110,141BlackRock ICS Sterling Liquidity Fund 10,20210,202HSBC Sterling Liquidity Fund 10,18810,188
Since 30 November 2025 the Company has disposed of £0.9m from current asset investments.
The capitalisation of Octopus AIM VCT plc as at 30 November 2025 was as follows:
Shareholders' Equity £’000sCalled up Equity Share Capital 2,317Legal reserves 0Other reserves 110,671Total 112,988
There has been no material change to the capitalisation since 30 November 2025.
For further information please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
LEI: 213800C5JHJUQLAFP619
- European Dividend Stocks To Consider In November 2025
Nov 5, 2025
As the European market experiences mixed performance, with the pan-European STOXX Europe 600 Index recently pulling back after reaching a new high, investors are closely watching for opportunities amid shifting interest rate expectations and steady inflation rates. In this environment, dividend stocks can offer stability and income potential, making them an attractive consideration for those looking to navigate the current economic landscape.
Top 10 Dividend Stocks In Europe
Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.46% ★★★★★★ UNIQA Insurance Group (WBAG:UQA) 4.76% ★★★★★☆ Scandinavian Tobacco Group (CPSE:STG) 9.86% ★★★★★★ Holcim (SWX:HOLN) 4.42% ★★★★★★ HEXPOL (OM:HPOL B) 5.04% ★★★★★★ Evolution (OM:EVO) 4.88% ★★★★★★ DKSH Holding (SWX:DKSH) 4.24% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.63% ★★★★★★ CaixaBank (BME:CABK) 6.24% ★★★★★☆ Bravida Holding (OM:BRAV) 4.75% ★★★★★★
Click here to see the full list of 230 stocks from our Top European Dividend Stocks screener.
Let's explore several standout options from the results in the screener.
Sea1 Offshore
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Sea1 Offshore Inc., along with its subsidiaries, owns and operates offshore support vessels serving the offshore energy service industry, with a market cap of NOK3.14 billion.
Operations: Sea1 Offshore Inc. generates revenue by owning and operating offshore support vessels for the energy service sector.
Dividend Yield: 21.7%
Sea1 Offshore's dividend payments are well covered by earnings and cash flows, with a payout ratio of 39.9% and a cash payout ratio of 31.9%. Despite having only two years of dividend history, the dividends have been stable but not growing. The company faces challenges with declining revenues and earnings forecasts, alongside high debt levels. However, it trades at good value compared to peers and analysts expect a price increase. Recent contract awards bolster its backlog to $743 million.
Navigate through the intricacies of Sea1 Offshore with our comprehensive dividend report here. Our comprehensive valuation report raises the possibility that Sea1 Offshore is priced lower than what may be justified by its financials.OB:SEA1 Dividend History as at Nov 2025
VERBUND
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: VERBUND AG, with a market cap of €23.97 billion, operates in the generation, trading and sale of electricity to various markets and customers both in Austria and internationally.
Operations: VERBUND AG's revenue segments include €1.62 billion from Grid, €3.12 billion from Hydro, €6.78 billion from Sales, and €323.30 million from New Renewables.
Dividend Yield: 4.1%
繼續閱讀
VERBUND's dividend payments are covered by earnings and cash flows, with payout ratios of 55% and 62.7%, respectively. However, the dividends have been volatile over the past decade, showing instability despite some growth. The current yield of 4.06% is below Austria's top tier for dividend payers. Earnings are projected to decline by an average of 10.9% annually over the next three years, which could impact future payouts. VERBUND trades at a discount to its estimated fair value.
Dive into the specifics of VERBUND here with our thorough dividend report. The valuation report we've compiled suggests that VERBUND's current price could be inflated.WBAG:VER Dividend History as at Nov 2025
Dom Development
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Dom Development S.A. operates in Poland, focusing on the development and sale of residential and commercial real estate properties, with a market cap of PLN6.50 billion.
Operations: Dom Development S.A.'s revenue primarily stems from its residential and commercial home building activities, amounting to PLN3.09 billion.
Dividend Yield: 5.2%
Dom Development's dividend yield of 5.16% is below the top tier in Poland and not well supported by cash flows, with a high cash payout ratio of 113.9%. However, dividends are well covered by earnings due to a low payout ratio of 30.9%. Despite this, dividends have been stable and growing over the past decade. Recent earnings show growth with net income rising to PLN 97.28 million in Q2 2025 from PLN 93.82 million a year prior, suggesting potential for continued dividend reliability amidst fair valuation.
Click to explore a detailed breakdown of our findings in Dom Development's dividend report. In light of our recent valuation report, it seems possible that Dom Development is trading behind its estimated value.WSE:DOM Dividend History as at Nov 2025
Summing It All Up
Investigate our full lineup of 230 Top European Dividend Stocks right here. Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks. Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.
Curious About Other Options?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OB:SEA1 WBAG:VER and WSE:DOM.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- 3 European Dividend Stocks Offering Up To 7.4% Yield
Oct 7, 2025
As European markets rally, with the STOXX Europe 600 Index reaching record levels amid optimism for lower U.S. borrowing costs, investors are increasingly turning their attention to dividend stocks as a potential source of steady income. In such an environment, selecting dividend stocks with strong fundamentals and consistent payout histories can be a prudent strategy for those looking to navigate the current economic landscape while potentially benefiting from attractive yields.
Top 10 Dividend Stocks In Europe
Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.29% ★★★★★★ UNIQA Insurance Group (WBAG:UQA) 4.72% ★★★★★☆ Scandinavian Tobacco Group (CPSE:STG) 9.82% ★★★★★★ Holcim (SWX:HOLN) 4.77% ★★★★★★ HEXPOL (OM:HPOL B) 4.95% ★★★★★★ freenet (XTRA:FNTN) 6.92% ★★★★★☆ DKSH Holding (SWX:DKSH) 4.26% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.63% ★★★★★★ Bravida Holding (OM:BRAV) 4.01% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 4.65% ★★★★★☆
Click here to see the full list of 223 stocks from our Top European Dividend Stocks screener.
We're going to check out a few of the best picks from our screener tool.
AB SKF
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: AB SKF (publ) is a global company that designs, manufactures, and sells bearings and units, seals, lubrication systems, condition monitoring, and services with a market capitalization of approximately SEK110.51 billion.
Operations: AB SKF's revenue is derived from two main segments: Automotive, contributing SEK27.82 billion, and Industrial, generating SEK67.73 billion.
Dividend Yield: 3.2%
AB SKF's dividend yield of 3.19% is below the top quartile in Sweden, and its dividend history has been volatile over the past decade. However, dividends have shown growth and are supported by earnings (65.7% payout ratio) and cash flows (57.7% cash payout ratio). Recent strategic expansions, including a new Super-precision centre in Italy, align with their focus on operational excellence and sustainability. Leadership changes aim to enhance business segments' strategic direction amidst plans for an automotive division separation.
Get an in-depth perspective on AB SKF's performance by reading our dividend report here. Our valuation report unveils the possibility AB SKF's shares may be trading at a discount.OM:SKF B Dividend History as at Oct 2025
VERBUND
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: VERBUND AG, with a market cap of €22.18 billion, operates in the generation, trading and sale of electricity to various markets and customers both in Austria and internationally.
Operations: VERBUND AG's revenue segments include Grid (€1.62 billion), Hydro (€3.12 billion), Sales (€6.78 billion), and New Renewables (€323.30 million).
Story Continues
Dividend Yield: 4.4%
VERBUND's dividend payments have been volatile over the past decade, though they have increased overall. The company's dividends are supported by earnings (55% payout ratio) and cash flows (62.7% cash payout ratio), indicating a sustainable distribution despite an unstable track record. Recent earnings show a slight decline in sales for Q2 2025 to €1.67 billion, with net income stable at €406 million, reflecting consistent profitability amidst market fluctuations.
Click to explore a detailed breakdown of our findings in VERBUND's dividend report. Our valuation report here indicates VERBUND may be undervalued.WBAG:VER Dividend History as at Oct 2025
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna offers a range of banking products and services in Poland and abroad, with a market cap of PLN91.60 billion.
Operations: Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna generates revenue primarily from its Retail Segment, which contributes PLN21.96 billion, and the Corporate and Investment Segment, which adds PLN7.98 billion.
Dividend Yield: 7.5%
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's dividend is among the top 25% in Poland, though it has experienced volatility over the past decade. The payout ratio of 68.2% suggests dividends are adequately covered by earnings now and in three years. Despite high bad loans at 3.7%, recent financials show strong net interest income growth to PLN 12.15 billion for H1 2025, indicating robust profitability supporting future dividend payments amidst an unstable track record.
Delve into the full analysis dividend report here for a deeper understanding of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna. Our comprehensive valuation report raises the possibility that Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is priced lower than what may be justified by its financials.WSE:PKO Dividend History as at Oct 2025
Make It Happen
Explore the 223 names from our Top European Dividend Stocks screener here. Have a stake in these businesses? Integrate your holdings into Simply Wall St's portfolio for notifications and detailed stock reports. Simply Wall St is your key to unlocking global market trends, a free user-friendly app for forward-thinking investors.
Ready To Venture Into Other Investment Styles?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OM:SKF B WBAG:VER and WSE:PKO.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Final results
Jul 30, 2025
FORESIGHT VENTURES VCT PLC
LEI: 213800R88MRC4Y3OIW86
29 July 2025
Final results
31 March 2025
Foresight Ventures VCT plc, managed by Foresight Group LLP, today announces the final results for the year ended 31 March 2025.
These results were approved by the Board of Directors on 29 July 2025.
The Annual Report will shortly be available in full at www.foresightgroup.eu. All other statutory information can also be found there.
FINANCIAL HIGHLIGHTS
During the year the Company completed a merger with Thames Ventures VCT 2 plc, increasing net assets by £36.9 million.Two new investments costing £1.6 million and six follow-on investments costing £3.3 million were made during the year.The Company fully exited its investments in Bulbshare Limited, DSTBTD Limited, Data Centre Response Limited and SF Renewables (Solar) Limited, realising gains of £1.7 million in the year and returning proceeds of £4.2 million to the Company.The Company partially exited its investments in 19 quoted investments, realising a loss of £1.6 million and returning proceeds of £4.4 million to the Company.In the year, the value of the investment portfolio rose by £8.5 million. This increase was made up of acquisitions of £31.4 million (including the assets acquired in the merger with Thames Ventures VCT 2 plc), investment losses of £14.3 million and disposals of £8.6 million.Interim dividends were paid on 26 July 2024 and 14 March 2025 of 2.6p1 per share (rebased post merger) and 2.0p per share respectively, returning £4.1 million to Shareholders.The offer for subscription launched on 11 October 2024 and raised a total of £0.9 million after expenses during the year ended 31 March 2025. An additional £2.5 million was raised post year end.The Board is proposing to pay a final dividend of 1.8p per share, to be paid on 17 October 2025.
Figures have been rebased following the share redesignation on 15 November 2024 using a conversion ratio of 0.426292370240712.
CHAIR’S STATEMENT
“Whilst this year has presented challenges, the Board believes that recent strategic measures have strengthened the Company’s foundations, thereby helping to support the potential for long‑term value creation for Shareholders.”
Atul Devani
Chair of Foresight Ventures VCT Plc
Introduction
On 15 November 2024, the Company successfully completed its merger with Thames Ventures VCT 2 plc (“TV2”). Following this significant milestone, the Company has been renamed Foresight Ventures VCT Plc, marking an exciting new chapter for our investors despite the near-term challenges. As part of this positive development, TV2 was placed into members’ voluntary liquidation and I was pleased to welcome Andrew Mackintosh, formerly a director of TV2, to our Board.
The Board believes the merger will bring a number of benefits to the Company, such as greater scale to raise and deploy capital into new and existing portfolio companies, as well as improved liquidity for dividends and buybacks. We are confident these strategic changes will position the Company to progress steadily and deliver long-term value for Shareholders. Going forward, our focus will be on Unquoted Growth investments, with our Yield Focused and Quoted portfolios being realised over time.
Net Asset Value and dividends
As at 31 March 2025, the Company’s NAV per share stood at 90.1p (2024: 108.1p (rebased post merger)), a decrease of 18.0p (or 16.7%) over the year. After adding back the dividends paid in the year of 4.6p per share (rebased), the decrease was 12.4%. The comparatives from the prior year have been rebased in order to provide Shareholders a comprehensive view of the performance of the Company.
The Company’s policy is to seek to pay annual dividends of at least 4% of net assets per annum. During the year, on 26 July 2024, the Company paid an interim dividend of 2.6p (rebased) and paid a further interim dividend of 2.0p on 14 March 2025, taking total dividends paid in the year ended 31 March 2025 up to 4.6p per share (rebased), equivalent to 4.3% of the opening net assets of the previous financial year.
This took the total dividends paid since the merger with Downing Absolute Income VCT 1 plc, Downing Absolute Income VCT 2 plc, Downing Income VCT plc, Downing Income VCT 3 plc and Downing Income VCT 4 plc in November 2013 to 113.3p per share (rebased).
The Board is also proposing to pay a final dividend of 1.8p per share, subject to Shareholder approval.
The Company offers its Shareholders the opportunity to participate in a dividend reinvestment scheme, whereby they may elect to receive shares, credited as fully paid, instead of receiving dividends in cash. If you wish to participate, please contact the registrar, City Partnership, on the details provided on page 102 of the Annual Report.
On 15 November 2024, the Company launched an offer for subscription to raise £5 million (with an over-allotment facility of a further £5 million). During the year to 31 March 2025 the Company raised £0.9 million, with a further £2.5 million raised post year end. The Company also raised £0.5 million under the dividend reinvestment scheme, bringing the total funds raised in the year to £1.4 million.
Investment performance and portfolio activity
A detailed analysis of the investment portfolio performance over the year is given in the Manager’s Review.
In brief, during the year under review, the Company invested £4.9 million in eight Unquoted Growth companies, two of which were new to the portfolio, and received proceeds of £8.6 million from the full and partial realisations of investments across our unquoted and quoted portfolios.
The whole portfolio showed net valuation losses of £14.3 million. £7.1 million of this arose from the Quoted Growth investments, the current year being an extremely unforgiving year for the AIM market as a whole, with the changes in policy brought in by the incumbent Labour government and the Trump administration being the major drivers of this.
The Manager is, however, making steady progress in realising the remainder of the Quoted and Yield Focused portfolios, which should help mitigate volatility and enable greater focus on higher-conviction growth investments going forward.
The remaining £7.2 million loss was from the unquoted investments. Within the current portfolio, valuation increases of £6.2 million were offset by valuation losses of £13.4 million. The largest decrease in the year was for Maestro Media Limited (£2.0 million) which was as a result of a round closing in the year at a discount. Maestro Media Limited is currently under offer, with the value recognised in this set of accounts being the expected proceeds, which is a disappointing result for this asset. Similarly, Cambridge Touch Technologies Ltd saw a decrease in value of £1.5 million. Unfortunately, Masters of Pie Limited went into administration in the year, after it was unable to access additional capital following the loss of a major contract. The result for the Company was a valuation decrease of £1.8 million as it was written down to £nil. While this has been disappointing for Shareholders, we remain encouraged by the progress in realising non-core assets and by the positive performance of other holdings that continue to deliver strong value creation, notable examples being Ayar Labs Inc and Rated People Limited, which both saw valuation increases at £2.5 million and £1.6 million respectively, reflecting the potential of a number of companies within our portfolio.
The Company completed the sale of Data Centre Response Ltd, which was sold to management for proceeds of £2.9 million, generating a 5.2x return for the Company.
Further details on the investment portfolio can be found within the Manager’s Review and the Portfolio Overview on pages 10 to 27 of the Annual Report.
Responsible investing
The Board notes the commitment of the Manager to being a “Responsible Investor”. Foresight places environmental, social and governance (“ESG”) criteria at the forefront of its business and investment activities in line with best practice and in order to enhance returns for their investors. Further detail can be found on page 36 of the Annual Report.
Special administration of the Company’s custodian of quoted assets
As previously reported, since September 2020 the Company has used IBP Capital Markets Limited (“IBP”) as custodian for its quoted investments. Appointing a custodian is a requirement of the FCA, and IBP was an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company).
On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed.
As noted in the prior year’s Annual Report, on 19 July 2024, around 80% of the quoted investment portfolio was returned to the Company, meaning normal management and trading of these positions has resumed. The remaining 20% will be returned following the conclusion of court proceedings, the timing of which is currently anticipated to take place during 2026, unless additional claims are submitted or the outcome of the court proceedings in terms of a final distribution is any different. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report. Please refer to note 14 of the of the Annual Report for further information.
Share buybacks
Since the merger, the Company now operates a policy of buying back its own shares that become available in the market at a 2.5% discount to NAV. Pre-merger the target discount was 5.0%.
During the year, the Company purchased and subsequently cancelled 13,072,899 shares at an average discount of 3.9% to the prevailing NAV per share. The Board and the Manager consider that the ability to offer to buy back shares at this level of discount is fair to both continuing and selling Shareholders.
Share buybacks, whenever offered, are timed to avoid the Company’s closed periods. Buybacks will generally take place, subject to demand, during the following times of the year:
January, after the Half-Yearly Report has been publishedMarch, prior to the end of the financial yearAugust, after the Annual Report has been publishedSeptember, prior to the Half-Yearly reporting date of 30 September
The Company retains Panmure Liberum as its corporate broker to assist in operating the share buyback process and ensuring that the quoted spread on the Company’s shares remains at a reasonable level. Contact details for Panmure Liberum are on page 103 of the Annual Report.
Management charges and performance incentive
The annual management fee is an amount equal to 2.0% of net assets, for the year ended 31 March 2025 this equated to
£1.8 million (2024: £1.7 million).
From 1 October 2024, the Manager took over responsibility for management of the Quoted Growth portfolio from Downing LLP. The team at Downing LLP continued to advise the Company on the Yield Focused portfolio until June 2025, under a subcontract agreement with Foresight Group LLP. Subsequently, Downing LLP are no longer involved with the management of the investment portfolio.
A new performance incentive scheme was formally approved by Shareholders as part of the merger on 15 November 2024. This scheme, in brief, means a performance fee would be payable to the Manager at the end of each performance period, subject to a total return hurdle. The fee would be equal to the lesser of: (i) 20% of distributions attributable to the relevant performance period; or (ii) 20% of the increase in the total return which is higher than the hurdle. The Board believes this new scheme will provide additional motivation for the Manager to drive enhanced shareholder value.
There is no performance incentive accrued in respect of the year ended 31 March 2025 (2024: £nil).
Board composition
As noted in the previous Annual Report, Chris Kay resigned as a Director of the Company on 6 June 2024. On 15 November 2024, Andrew Mackintosh joined the Board from TV2. Andrew is chair of UKI2S, a government-backed venture capital fund supporting companies from the UK’s scientific research base. He is a Fellow of the Royal Academy of Engineering and was awarded a CBE in the 2024 New Year Honours for services to Science and Technology, and to Enterprise Development. We are delighted to have him on board.
The Board comprises four Non-Executive Directors, which the Board considers to be an appropriate number for the current size of the VCT. All of the Directors are independent, with the exception of Chris Allner who is considered non-independent by virtue of being a partner at Downing LLP, the previous investment adviser to the Company, which still provided some services to Foresight Group up until June 2025.
Barry Dean will be retiring as a Director of the Company at the upcoming AGM, having served on the Board since 2013. The Board would like to thank Barry for his significant contribution and dedication to the Company over the years.
In light of Barry’s departure, the Board is looking to recruit a replacement in due course.
VCT Sunset Clause
I am pleased to report that new regulations have been made to extend the UK’s VCT scheme by ten years to April 2035, following the European Commission’s confirmation that they would not oppose the continuation of the scheme. This now removes any recent uncertainty and will help support further investment by the VCT sector in early-stage companies.
Annual General Meeting
The Company’s Annual General Meeting will take place at the Company’s registered office on 22 September 2025 at 1.00pm and we look forward to meeting as many of you as possible in person. Please refer to the formal notice on pages 96 and 97 of the Annual Report for further details in relation to the format of this year’s meeting. We would encourage you to submit your votes by proxy ahead of the deadline of 1.00pm on 19 September 2025 and to forward any questions by email to InvestorRelations@foresightgroup.eu in advance of the meeting.
Outlook
Whilst the macroeconomic environment has been challenging for the last two years, the Manager is cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates, compared to what the UK has seen over the previous years, should lead to increasing confidence and encourage increased UK deal activity.
In light of our disappointing short-term performance, the Board has taken decisive action to sharpen our focus and align incentives with Shareholders’ interests. With funds raised during the recent offer for subscription, in addition to the cash boost on acquiring the assets of TV2 and a refreshed performance incentive scheme to greater motivate the Manager, we look forward to seeing an increase in deployment to enhance the portfolio and returns to Shareholders.
Atul Devani
Chair
29 July 2025
MANAGER’S REVIEW – UNQUOTED GROWTH
As at 31 March 2025, the Company’s Unquoted Growth portfolio comprised 35 investments (27 active) with a total cost of £64.7 million and a valuation of £54.9 million.
Portfolio diversification
Consumer (cost 20% | valuation 24%)
Deep Tech (cost 24% | valuation 30%)
Software (cost 38% | valuation 30%)
Healthcare (cost 18% | valuation 16%)
Portfolio summary
At 31 March 2025, the Company held total unquoted investments of £65.7 million, split £54.9 million Unquoted Growth and £10.8 million Unquoted Yield Focused. Details of the Unquoted Yield Focused portfolio performance are set out on page 13 of the Annual Report.
As discussed in the Chair’s Statement on page 4 of the Annual Report, the merger between the Company and Thames Ventures VCT 2 plc (“TV2”) completed on 15 November 2024, resulting in the transfer of the TV2 Unquoted Growth assets valued at £21.6 million.
The Unquoted Growth portfolio now comprises 35 companies, across a range of sectors. From 1 April 2024 to the date of the merger, the Unquoted Growth portfolio had an unrealised investment valuation loss of £2.2 million. The macroeconomic environment in the last year has continued to be volatile, including the UK budget, US elections and geopolitical unrest coupled with the depreciation of the US Dollar and this has contributed to challenging circumstances for the portfolio. As a result, the unrealised investment valuation has reported a £4.3 million loss in the period to 31 March 2025, resulting in a total unrealised investment valuation loss for the year ended 31 March 2025 of £6.5 million. The Manager will continue to focus on a proactive management approach and the Company remains committed to supporting the portfolio through these challenging times.
New and follow-on investments
The pace of deal activity across the market has steadily grown throughout the year, suggesting confidence is tentatively returning, although the economic picture in the UK remains finely balanced. Interest rates have remained high, with inflation reducing more slowly than anticipated and the Autumn Budget tax changes have not been supportive for UK SMEs. Careful management remains crucial to steer portfolio companies through this environment.
We have continued to invest in our deal origination capabilities and have identified a number of potentially attractive investment opportunities during the year. Over the course of the year, two new investments were completed in advertising AI enabler Alison.AI and predictive analytics platform Dragonfly Technology Solutions for a total of £1.6 million. Both new investments are tech‑enabled services. Behind these, there continues to be a strong pipeline of opportunities that we are working to convert during the next 12 months. Follow-on investments totalling £3.3 million were also made in six existing investee companies showing continuing support for growth initiatives.
Alison.AI Limited
In November 2024, the Company invested £1.0 million into Alison.AI, a transformative AI technology that aims to revolutionise advertising strategies. The technology enables customers to analyse creative assets and highlight the best performing elements.
Dragonfly Technology Solutions Limited
In November 2024, the Company invested £0.6 million into Dragonfly Technology Solutions, a predictive analytics platform. The company uses neuroscience to optimise marketing efficacy by predicting how the visualisation of marketing content is consumed by individuals. The investment round is expected to enable the company to build on its growth trajectory and continue to target international customers, principally in the US.
FundingXchange Limited
In May 2024, the Company invested a further £0.8 million into FundingXchange, a fintech platform delivering SME lenders insights into their portfolios. This investment was made concurrently with a £5.0 million investment from Barclays as part of a £6.0 million round. This transformational investment is expected to enable the company to build on early commercial success and deepen the strategic and commercial relationship with Barclays.
Rated People Limited
In August 2024, the Company invested a further £0.4 million into Rated People, an online marketplace connecting homeowners and local tradespeople. This investment aims to enable the strengthened management team to implement the necessary product and operational changes to return to growth and a cash-generative business model.
Maestro Media Limited
In October 2024, the Company invested a further £0.8 million into Maestro Media, a company that has developed a video streaming platform that distributes celebrity-led educational courses directly to consumers via an online platform. Over the last year, the business has started to generate corporate revenue, offsetting challenges around consumer confidence in the current economic environment.
Virtual Class Limited
In October 2024, the Company invested a further £0.3 million into Virtual Class, a leading provider of online maths tuition with a long history of delivering sessions in accordance with the school curriculum. Given the uncertainty over UK school budgets, the company is migrating to AI tutors, enabling it to offer a more flexible and scalable product.
Flock Limited
In December 2024, the Company invested a further £0.3 million into Flock. Flock is an industry-leading fleet insurance portal helping to reduce motor fleet insurance premiums and running costs over time. This investment was made as part of a £3.3 million round and is expected to enable the company to build on commercial success as it continues to onboard capacity providers.
Cambridge Touch Technologies Limited
In January 2025, the Company invested a further £0.3 million into Cambridge Touch Technologies, with a further £0.5 million round in February 2025. Cambridge Touch Technologies has developed innovative touch technology enabling interaction with smart devices. Use cases include consumer electronics, healthcare and industrial applications. The funding round is expected to enable the company to secure early commercial revenues.
Realisations
There were two realisations during the year ended 31 March 2025:
Bulbshare Limited
Bulbshare was sold to US-based and PE-backed Service Management Group, generating a 1.5x return for VCT investors and generating proceeds of £1.1 million for the Company.
DSTBTD Limited (trading as Distributed)
DSTBTD Limited was sold for £1 to ILX Group after a proposed funding round failed to materialise. No proceeds were returned to the Company, which was a disappointing result for the team.
Further information on the realisations can be found on page 16 of the Annual Report.
Key portfolio movements
Due to ongoing market turbulence, there have been some material write downs in the Unquoted Growth portfolio during the year. However, there have also been some positive movements in valuation. This has resulted in a net total realised and unrealised investment valuation loss of £6.9 million in the year, including £0.3 million in unrealised foreign exchange losses.
Of the total unrealised investment loss, losses of £12.1 million were offset by gains of £5.6 million. The most significant movements are noted in the Chair’s Statement on page 5 of the Annual Report.
Post year end activity
Post year end, the Company completed one new investment into Spaceflux Ltd (£400,000) and follow-on investments into Audioscenic Limited (£667,000), Flock Limited (£285,000), Virtual Class Limited (£350,000) and Dragonfly Technology Solutions Limited (£700,000).
Outlook
Whilst the macroeconomic environment has been challenging in recent years, there are early signs of positivity in Q2 2025 as markets begin to process tariffs and new trading arrangements. There continues to be interest from later stage investors in some of the Company’s assets, albeit completion risk and uncertainty remains.
From an operational perspective, we believe the November 2024 merger with Thames Ventures VCT 2 plc has created a more scalable platform to both raise capital and to support underlying assets to improve outcomes for investors.
MANAGER’S REVIEW – YIELD FOCUSED
The subcontracted management agreement with Downing LLP was terminated on 27 June 2025, after a three-month handover period. Foresight Group LLP is now the sole adviser to the Company on the Yield Focused portfolio.
It is the Manager’s view that the transition of these assets to Foresight management is in the best interests of investors. The new arrangement provides clear lines of Manager accountability and allows the Company to benefit from Foresight’s previous experience in these asset classes.
Portfolio summary
As at 31 March 2025, the Yield Focused portfolio comprised seven investments (six active) with a total cost of £14.0 million and a valuation of £10.8 million.
As discussed in the Chair’s Statement on page 4 of the Annual Report, the merger between the Company and Thames Ventures VCT 2 plc (“TV2”) completed on 15 November 2024, resulting in the transfer of the TV2 Yield Focused assets valued at £1.4 million.
From 1 April 2024 to the date of the merger, the Yield Focused portfolio had an unrealised investment valuation loss of £2.2 million, which was offset by realised gains of £2.1 million. Since the merger the portfolio saw a further unrealised investment valuation loss of £0.2 million, resulting in a total unrealised investment valuation loss of £2.4 million for the year ended 31 March 2025.
Key portfolio movements
During the year, £3.1 million was generated from two exits. The first was from Data Centre Response Limited, a provider of power solutions and maintenance services to data centres. The business was sold to management, generating a 5x return for investors and proceeds of £2.9 million for the Company.
This was followed by SF Renewables (Solar) Limited, which built and operated a solar plant in India. SF Renewables (Solar) Limited was realised for proceeds of £187,000, generating a return of 0.4x on capital invested, reflecting the plant’s underperformance in recent years due to low irradiance.
Post year end activity
Post year end the Company completed the sale of Gatewales Limited, a company offering loan facilities, generating a return of 1.1x and proceeds of £0.6 million.
The sale of Kimbolton Lodge, a nursing and care home in Bedfordshire, completed on 18 July 2025, with the Company receiving £1.0 million of proceeds.
Outlook
With two exits during the year and two post year end, there are now four active investments remaining in the Yield Focused portfolio. The Company is considering strategic options for these remaining portfolio companies. Given current market conditions, sales of the higher value, hotel-related investments, Baron House Developments and Cadbury House Holdings, are expected to take some time to complete. The recovery of value from Doneloans is linked largely to the sale of Pilgrim Trading, which is the lender’s largest loan, but additional recoveries are anticipated from other borrowers over the next 12 months.
MANAGER’S REVIEW – QUOTED GROWTH
Portfolio summary
For the six months to 30 September 2024 the Quoted Growth portfolio was managed by Downing LLP, under a subcontract from Foresight Group LLP. From 1 October 2024, Foresight Group LLP took on full responsibility for management of the Quoted Growth portfolio.
IBP Capital Markets Limited
As previously noted in the 2024 Annual Report, on 19 July 2024, the Company recovered access to c.80% of its total Quoted Growth portfolio.
From October 2023 to June 2025, the Company had been locked out of accessing its Quoted Growth portfolio assets following the decision to place its custodian, IBP Capital Markets Limited into Special Administration by the Financial Conduct Authority (“FCA”). This was through no fault of the Company. On 19 July 2024 the Company recovered access to c.80% of its total Quoted Growth portfolio. Teneo Financial Advisory, the Special Administrator appointed by the FCA, estimates that the remaining c.20% will be recovered following legal proceedings during 2026.
During the year, the Company appointed a new custodian, Third Platform Services Limited, to enable successful trading. Please refer to note 14 of the Annual Report for further information.
Investment activity There were no direct investments in the year ended 31 March 2025. As a result of the merger, assets worth £3.5 million were acquired on 15 November 2024. There were investment disposals in the year generating proceeds of £4.4 million (please see page 16 of the Annual Report for further information on the Company’s realisations in the year).
Market background
The AIM equity market continued to be volatile throughout the reporting period, buffeted by proposed changes to Business Relief and increased taxes levied on UK businesses in the October 2024 Budget, stubbornly high inflation and unpredictable US economic policy. Over the reporting period the FTSE AIM All Share index fell 8.2% on a total return basis.
Key portfolio developments
At 31 March 2025, the Quoted Growth portfolio was valued at £10.1 million, comprising 27 active investments.
Over the year, the portfolio produced net valuation losses of £7.1 million, offset by £4.0 million received in dividends from the portfolio.
The most significant movement, illustrating the direct effects of recent UK and US political turmoil on businesses, was at Tracsis plc, a provider of transport technology, which saw its valuation fall by £3.6 million during the year. The company was hampered by pre-election restrictions temporarily impacting central government, local authority and train operating company decision-making and spending.
This resulted in the rescheduling of certain higher-margin projects and a short-term contraction of new order activity, that was previously expected to occur in the group’s Q4 financial period. Furthermore, the company encountered delays in contract awards in its US business.
The Manager continues to believe Tracsis has strategic value which is not recognised in its share price. It is a leading provider of software, hardware, data analytics/GIS and services for the rail, traffic data and wider transport industries. Management is working to rebuild profits and some of the delayed spending has already started to return.
The company has a strong balance sheet and net cash position and generates free cash flow, which is being reinvested back into strengthening the business.
Better news came from Anpario plc, a specialist manufacturer and distributor of natural, sustainable feed additives for animal health, nutrition and biosecurity. The company reported a substantial improvement in trading following supply chain issues experienced during the inflationary period post Covid-19. Revenues, gross margins and profits all rebounded and the company acquired a ruminant feed specialist in the United States. The valuation increased by £0.8 million and a further £58,000 of dividends were received. The Company reduced its position following share price appreciation in order to realise this gain.
A return of capital was received from Downing Strategic Micro‑Cap Investment Trust plc, relating to a special dividend of £3.9 million. During the year, the Trust’s Board managed a wind down of assets after prolonged underperformance. The Trust has now been liquidated, with all capital returned to shareholders.
Finally, Cohort plc reported positive activity during the year. Cohort plc provides a wide range of services and products for British, Portuguese and other international customers in defence and security markets. The company continued to capitalise on increased defence spending from both British and overseas customers. Revenues in H1 2025 grew 25% and the record order book continued to keep pace with revenue growth. Post year end, Cohort acquired EM Solutions Pty Ltd, an Australian designer and constructor of satellite on-the-move terminals for defence and government customers. During the year the Company sold part of its position generating £0.7 million of proceeds, with a £0.5 million gain on sale.
Post year end activity
Post year end, the Company reduced its holdings in Arecor, GENinCode, Tracsis, Verici, VSA Capital, Eneraqua and SysGroup generating proceeds of £1.0 million.
Outlook
It has become clear that a number of the Quoted Growth companies in the portfolio have not achieved milestones for product development, revenues and ultimately profits. Given competition for capital amongst the wider portfolio of venture capital holdings, Foresight took the difficult decision to reduce a number of these positions. Achieving a total sale of individual holdings has not been possible, given that 20% of the Company’s Quoted Growth assets continue to be tied up in the custodian IBP Capital Market Limited (“IBP”), which remains in special measures. Whilst this does not allow for portfolio management to be conducted across the entire portfolio in the event changes are required, we are able to make them to substantially all of the holdings.
The Quoted Growth holdings have reduced as a percentage of the Company’s total assets, but we firmly believe that by making these changes we have increased the portfolio’s overall quality and see an encouraging future, despite an uncertain macroeconomic background.
Foresight Group LLP
29 July 2025
MANAGER’S REVIEW – REALISATIONS
Realisations in the year ended 31 March 2025
Valuation at Accounting Realised31 March InvestmentcostProceeds1gain/(loss)2024CompanyDetailtype£’000£’000£’000£’000Bulbshare LimitedFull disposalUnquoted
Growth7491,1273781,498DSTBTD Limited (trading as Distributed)Full disposalUnquoted
Growth775—(775)775Data Centre Response LimitedFull disposalYield
Focused5572,9172,3592,423SF Renewables (Solar) LimitedFull disposalYield
Focused422187(234)204Angle plcPart disposalQuoted45645(410)75Anpario plcPart disposalQuoted8661,283417833Impact Healthcare REIT plcPart disposalQuoted1,2141,037(177)984Craneware plcPart disposalQuoted121488367572Feedback plcPart disposalQuoted320100(220)232Fireangel Safety Technology Group plcPart disposalQuoted43623(413)6Genincode plcPart disposalQuoted657122(536)226Let's Explore Group plcPart disposalQuoted14094(47)78Pennant International Group plcPart disposalQuoted26892(176)106Pressure Technologies plcPart disposalQuoted20018(182)21Strip Tinning Holdings plcPart disposalQuoted8415(69)15Sysgroup plcPart disposalQuoted12252(69)65Trellus Health plcPart disposalQuoted1402(138)7Verici Dx plcPart disposalQuoted12217(106)32Eneraqua Technologies plcPart disposalQuoted182(15)2Frontier IP Group plcPart disposalQuoted24381468One Media IP Group plcPart disposalQuoted14080(60)76Cohort plcPart disposalQuoted140685545446Arecor Therapeutics plcPart disposalQuoted477178(299)525Total 8,4488,6021549,269
Proceeds on exit excluding interest, dividends and exit fees where applicable.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
Year ended 31 March 2025Year ended 31 March 2024 RevenueCapitalTotalRevenueCapitalTotal Notes£’000£’000£’000£’000£’000£’000Losses on investments8—(14,488)(14,488)—(4,550)(4,550)Income24,802—4,802906—906Investment management fees3(907)(907)(1,814)(863)(863)(1,726)Other expenses4(1,211)—(1,211)(1,346)—(1,346)Return/(loss) on ordinary activities before taxation 2,684(15,395)(12,711)(1,303)(5,413)(6,716)Taxation5——————Return/(loss) on ordinary activities after taxation 2,684(15,395)(12,711)(1,303)(5,413)(6,716)Return/(loss) per share71.8p(10.3)p(8.5)p(0.7)p(3.1)p(3.8)p
The total columns of this statement are the profit and loss account of the Company, and the revenue and capital columns represent supplementary information.
All revenue and capital items in the above Statement of Comprehensive Income are derived from continuing operations. On 15 November 2024 the Company completed a merger with Thames Ventures VCT 2 plc, for further information on this please refer to the Chair's Statement on page 4 of the Annual Report.
The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total comprehensive income has been presented. The Company has only one class of business and one reportable segment, the results of which are set out in the Statement of Comprehensive Income and Balance Sheet.
There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
The notes on pages 78 to 95 of the Annual Report form part of these financial statements.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
For the year ended 31 March 2025
ShareCapital Called-uppremiumredemptionDistributableCapitalRevaluation share capitalaccountreservereservereservereserveTotal £’000£’000£’000£’000£’000£’000£’000At 1 April 20231,7744283287,157—2,59291,983Issue of new shares291,556————1,585Share issue costs—(7)————(7)Shares issued under the dividend reinvestment scheme11545————556Repurchase of own shares(39)—39(1,912)——(1,912)Dividend paid———(1,660)(1,913)—(3,573)Total comprehensive income———(1,303)(8,878)3,465(6,716)At 31 March 20241,7752,5227182,282(10,791)6,05781,916Thames Ventures VCT 2 plc merger86736,066————36,933Share redesignation(1,475)—1,475————Issue of new shares9878————887Share issue costs—(10)————(10)Shares issued under the dividend reinvestment scheme9526————535Repurchase of own shares(131)—131(8,447)——(8,447)Dividend paid————(4,102)—(4,102)Total comprehensive income———2,684140(15,535)(12,711)At 31 March 20251,05439,9821,67776,519(14,753)(9,478)95,001
Total distributable reserves at 31 March 2025 were £29,202,000 (2024: £58,151,000) which includes the distributable reserve of £76,519,000 (2024: £82,282,000), the capital reserve of (£14,753,000) (2024: (£10,791,000)), and unrealised losses on investments (excluding unrealised unquoted gains) held at the year end of (£32,564,000) (2024: (£13,340,000)).
The notes on pages 78 to 95 of the Annual Report form part of these financial statements.
BALANCE SHEET
At 31 March 2025
As atAs at 31 March31 March 2025 2024 Notes£’000£’000Fixed assets Investments held at fair value through profit or loss875,84567,393Current assets Debtors99,6617,570Cash at bank 11,2227,559 20,88315,129Creditors Amounts falling due within one year10(1,727)(606)Net current assets 19,15614,523Net assets 95,00181,916Capital and reserves Called-up share capital111,0541,775Share premium account 39,9822,522Capital redemption reserve 1,67771Distributable reserve 76,51982,282Capital reserve (14,753)(10,791)Revaluation reserve (9,478)6,057Equity shareholders’ funds 95,00181,916Net Asset Value per Share1290.1p108.1p1
Rebased following the share resignation on 15 November 2024, using a ratio of 0.426292370240712.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2025 and were signed on its behalf by
Atul Devani
Chair
29 July 2025
Registered number: 01350868
CASH FLOW STATEMENT
For the year ended 31 March 2025
Year ended Year ended 31 March 31 March 2025 2024 Notes£’000£’000Cash flow from operating activities Loan interest received from investments2—103Dividends received from investments24,160415Deposit and similar interest received225167Investment management fees paid3(2,356)(1,780)Secretarial fees paid4(207)(156)Other cash payments (975)(1,645)Net cash inflow/(outflow) from operating activities 873(2,996)Cash flow from investing activities Purchase of investments8(4,888)(4,394)Proceeds on sale of investments88,6023,433Proceeds on deferred consideration8837637Cash acquired on merger with Thames Ventures VCT 2 plc 9,630—Net cash inflow/(outflow) from investing activities 14,181(324)Cash flow from financing activities Proceeds of fundraising —1,585Expenses of fundraising (305)(7)Repurchase of own shares (7,519)(2,964)Equity dividends paid6(3,567)(3,017)Net cash outflow from financing activities (11,391)(4,403)Net inflow/(outflow) of cash for the year 3,663(7,723)Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash and cash equivalents for the year 3,663(7,723)Net cash and cash equivalents at start of year 7,55915,282Net cash and cash equivalents at end of year 11,2227,559
The notes on pages 78 to 95 of the Annual Report form part of these financial statements.
Notes
1 These are not statutory accounts in accordance with S436 of the Companies Act 2006. The full audited accounts for the year ended 31 March 2025, which were unqualified and did not contain statements under S498(2) of the Companies Act 2006 or S498(3) of the Companies Act 2006, will be lodged with the Registrar of Companies. Statutory accounts for the year ended 31 March 2025 including an unqualified audit report and containing no statements under the Companies Act 2006 will be delivered to the Registrar of Companies in due course.
2 The audited Annual Financial Report has been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year ended 31 March 2025. All investments held by the Company are classified as ‘fair value through the profit and loss’. Unquoted investments have been valued in accordance with IPEV guidelines. Quoted investments are stated at bid prices in accordance with the IPEV guidelines and Generally Accepted Accounting Practice.
3 Copies of the Annual Report will be sent to shareholders and can be accessed on the following website: www.foresight.group/products/foresight-ventures-vct-plc.
4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the year and on the number of shares in issue at that date.
31 March 2025 31 March 2024Net assets£95,001,000£81,916,000No. of shares at year end105,395,983177,546,529Net Asset Value per share90.1p108.1p1
Rebased following the share redesignation on 15 November 2024 using a conversion ratio of 0.426292370240712.
5 Return per share
Year ended Year ended 31 March 31 March 2025 2024 £’000£’000Total loss after taxation(12,711)(6,716)Total loss per share (note a)(8.5)p(3.8)pRevenue return/(loss) from ordinary activities after taxation2,684(1,303)Revenue return/(loss) per share (note b)1.8p(0.7)pCapital loss from ordinary activities after taxation(15,395)(5,413)Capital loss per share (note c)(10.3)p(3.1)pWeighted average number of shares in issue in the year (note d)149,786,977178,234,061
Notes:
a) Total loss per share is total return after taxation divided by the weighted average number of shares in issue during the year.
b) Revenue return/(loss) per share is revenue return after taxation divided by the weighted average number of shares in issue during the year.
c) Capital loss per share is capital return after taxation divided by the weighted average number of shares in issue during the year.
d) The weighted average number of shares is calculated by taking the number of shares issued and bought back during the year, multiplying each by the percentage of the year for which that share number applies and then totalling with the number of shares in issue at the beginning of the year.
6. Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of Foresight Group LLP, The Shard, 32 London Bridge Street, SE1 9SG on 22 September 2025 at 1.00pm. Details will be published on both the Manager’s website at www.foresight.group/products/foresight-ventures-vct-plc.
7 Income
Year endedYear ended 31 March 31 March 2025 2024 £’000£’000Dividend income4,042415Loan stock interest509424Deposit and similar interest received25167 4,802906
8 Investments held at fair value through profit or loss
Unquoted GrowthYield FocusedQuoted³Total £’000£’000£’000£’000Book cost at 1 April 202439,76013,65123,24176,652Unrealised and foreign exchange losses(3,374)(751)(5,134)(9,259)Valuation at 1 April 202436,38612,90018,10767,393Movements in the year: Acquired on Thames Ventures VCT 2 plc merger121,6231,3593,49626,478Purchases at cost4,888——4,888Disposal proceeds(1,127)(3,104)(4,371)(8,602)Realised (losses)/gains on disposals2(398)2,124(1,572)154Foreign exchange losses2(284)——(284)Unrealised losses2(6,210)(2,437)(5,535)(14,182)Valuation at 31 March 202554,87810,84210,12575,845Book cost at 31 March 202564,74614,03020,79499,570Unrealised and foreign exchange losses(9,868)(3,188)(10,669)(23,725)Valuation at 31 March 202554,87810,84210,12575,845
On 15 November 2024 the Company acquired the investment portfolio of Thames Ventures VCT 2 plc at fair value.Losses on investments of (£14,488,000) for the year ended 31 March 2025 include the realised gains on disposal of £154,000, foreign exchange losses of (£284,000), unrealised losses of (£14,182,000), and net impact amounting to (£176,000) of deferred consideration receipts of £893,000 and deferred consideration debtor decrease of £1,069,000 which has been elaborated further in Note 9 of the Annual Report.At 31 March 2025 a portion of the Quoted portfolio was held with IBP Capital Markets Limited (“IBP”) with a value of £3,632,000. IBP was placed into special administration by the FCA. The assets relating to IBP are withheld and will be distributed as part of a Final Court Approved Distribution Plan. For further information please refer to note 14 of the Annual Report.
9 Related party transactions
No Director has an interest in any material contract to which the Company is a party other than their appointment and remuneration as Directors. Please refer to page 63 of the Annual Report for the Directors’ remuneration tables.
10 Transactions with the Manager
Foresight Group LLP earned fees of £1,814,000 in the year ended 31 March 2025 (2024: £1,726,000).
Foresight Group LLP is the Company Secretary and received accounting and company secretarial services fees of £161,000 during the year (2024: £156,000). Foresight Promoter LLP, a related party to the Manager, earned fees of £5,000 (2024: £nil) in respect of costs incurred related to share allotments in the year.
As at 31 March 2025, the amount due from Foresight Group LLP was £7,000 (2024: £9,000).
No amounts have been written off in the year in respect of debts due to or from the Manager.
A copy of the Annual Report and Accounts will be submitted to the National Storage Mechanism in accordance with UK Listing Rules (“UKLR”)11.4.1 / UKLR 6.4.1 and UKLR 6.4.3.
END
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Andrew James Tel: 0203 667 8181
- Long-Term Returns of Keith Meister’s Activist Targets
Aug 25, 2023
In this article, we discuss long-term returns of Keith Meister's activist targets. If you want to see more stocks in this selection, check out Long-Term Returns of Keith Meister's 5 Activist Targets.
Keith Meister has risen to become one of the most feared and revered activist investors on Wall Street. Having mastered his trade as a right-hand man of billionaire and activist investor Carl Icahn, he started his hedge fund Corvex Capital in 2011 with the help of $250 million from George Soros.
Assets under management in Corvex Capital doubled by 2013, benefiting Meister's opportunistic investment strategy. The strategy focused on investing in stocks in particular situations in addition to value investing. Nevertheless, the aggressive approach that Meister had learned from Icahn's philosophy has allowed him to succeed on Wall Street in recent years.
As an activist investor, he always looks for highly undervalued stocks that can generate significant value through activism. The strategy entails pushing for company management changes or asset sales to unlock underlying value. In some cases, the activist investor calls for the sale of the business or divestments of some units.
Meister's style of activism has earned him a legion of fans and critics in the financial media and corporate boards. nevertheless, he is also a respected activist investor in the fund community because of the value he always generates from his plays.
Some of Meister's activist targets have included CenturyLink, where he pushed for a management shakeup with the appointment of new CEO. He also partnered with old pal Icahn to make for a sale of Energen Corporation to unlock shareholder value.
Nevertheless, Corvex Capital is a fundamentally driven hedge fund that only uses activism as a last-resort tool. Meister has always strived to avoid activism or proxy fights and often prefers to be amicably invited into boards. His engagement with MDU Resources is a perfect example of how activism can sometimes take a back seat and still unlock strategic moves that involve asset sales or spinoffs.
Story continues Long-Term Returns of Keith Meister's Activist Targets
Keith Meister of Corvex Capital
In the most recent past, Meister has scooped up shares in tech giants Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOG), and Microsoft Corporation (NASDAQ:MSFT) to benefit from the artificial intelligence boom. After acquiring a 13.1 million stake in Amazon stock, the e-commerce giant surged by 23%, generating significant returns for the activist investor. Meister has also invested in Endeavor Group Holdings, Inc. (NYSE:EDR) and Uber Technologies, Inc. (NYSE:UBER) as part of its diversification strategy.
While Meister has been posting solid returns over the years, the assets under management in the activist hedge fund have declined. Assets have wavered from a peak of $9.1 billion in 2015 to about $1.8 billion in the second quarter of 2023. Over the past three years, Meister has delivered an average of 2.70% annualized return with a gain of 30.7% since 2013.
Our Methodology
Meister is one of the most respected activist investors given his success in acquiring stakes in companies and pushing for drastic changes aimed at unlocking value. With a gain of over 30% since 2013, Meister is always looked upon when it comes to stock activism. We have compiled a list of some of Meister's biggest Stock activism plays on wall street and the returns his actions generated. We have ranked the stocks based on the activist investment SEC filings.
16. AboveNet
Long Term Returns: 54.41% S&P 500 Returns: 7.99%
Activist Investment: 2011
AboveNet provided high-bandwidth telecommunication circuits for large corporate enterprises and communication carriers. Activist investor Meister confirmed a 6.7% stake in the company in 2011 and reiterated that it was highly undervalued despite its strong competitive position, loyal customer base, and robust cash flow.
As part of his activism in the company, Meister pushed for a merger of AboveNet with Zayo Group Holdings as one of the ways of unlocking value. He expected the merger to create synergies and help the combined company enjoy scale advantages in the connectivity industry.
In 2012 a deal was struck that saw AboveNet acquired by Zayo Group for $2.2 billion, representing a 13% premium. Meister is believed to have made a $100 million profit from the transaction just as his activist investor hedge fund was starting.
15. Ralcorp Holdings, Inc. (NYSE:RAH)
Long Term Returns: 25.97% S&P 500 Returns: 17.61%
Activist Investment: 2012
Ralcorp Holdings, Inc. (NYSE:RAH) manufactures food products, including breakfast cereal, cookies, crackers, and chocolate snack foods. Before ConAgra Foods's acquisition in 2012 for $90 a share, it was one of the hottest prospects on Wall Street.
Meister took a 5.1% stake in the company in 2012 and alleged that the company suffered from poor governance and misaligned incentives. The activist investor also embarked on a proxy fight, insisting it was a wrong move to spin off the company's Post cereal business.
The activist investor had suggested the company put itself up for sale or line up some serious acquisitions as one of the ways of reinvigorating its prospects and generating shareholder value. Following his appointment to the board, Meister pushed for a merger between the company and ConAgra Foods, insisting it would create synergies and scale advantages in the food industry.
In November, a $6.8 billion deal was struck that saw ConAgra acquire Ralcorp Holdings, Inc. (NYSE:RAH), and was completed in January. Meister allegedly made a profit of $300 million from the deal.
14. ADT Inc. (NYSE:ADT)
Long Term Returns: 6.85% S&P 500 Returns: 31.57%
Activist Investment: 2012
ADT Inc. (NYSE:ADT) provided electronic security interactive home and business automation. It also offered alarm monitoring services. Meister disclosed a 5.02% stake in the company in 2012. At the time, the activist investor believed the company was fundamentally undervalued and ought to have taken advantage of the low-interest rates to acquire 45% of outstanding shares.
Meister worked his way into the company's board and pushed for stock buybacks as one of the ways of unlocking shareholder value. The activist investor had also criticized the company's conservative approach to debt, calling its capital structure indefensible.
Nevertheless, barely a year later, Corvex Capital sold off most of its ADT Inc. (NYSE:ADT) holdings for about $450 million and walked away with a remarkable 20% return on its investment. ADT agreed to be acquired by an affiliate of certain funds managed by Apollo Global Management for $42 a share in 2016 for $6.9 billion.
13. Corrections Corp of America
Long Term Returns: -23.44% S&P 500 Returns: 53.11%
Activist Investment: 2013
CoreCivic, Inc. (NYSE:CXW), the new name of Corrections Corp of America, is the leading provider of high-quality services for corrections and detention management in the nation. The company works with state and federal criminal justice systems to supervise individuals in states of incarceration.
Activist Investor Meister declared a 9.9% stake in the company in 2013 and expressed plans to engage the board and management to explore ways to unlock underlying value. Following the investment, the hedge fund, in partnership with Marcato Capital Management, tried to convince management to convert the company into a real estate investment trust for tax purposes.
Meister also pushed for a merger with GEO Group, another private prison that had successfully converted into a REIT. The merger was expected to create synergies and scale advantages. The company budged under pressure and confirmed in September 2013 that it would convert into a REIT and start paying a special dividend.
Meister saw his activism pay off as CCA increased its quarterly dividend by 6% to $0.54 a share in 2014, affirming booming businesses under the REIT structure. In 2016 the company changed its name to CoreCivic, Inc. (NYSE:CXW) to reflect its diversified range of services.
12. CommonWealth REIT
Long Term Returns: 64.04% S&P 500 Returns: 30.74%
Activist Investment: 2013
CommonWealth REIT was a real estate investment trust that owned and operated office buildings across the United States. Meister disclosed a 6.3% stake in the REIT in 2013, making his first activist play in the real estate sector. At the time of the investment, the activist investor believed the company had a substantial property portfolio but was undervalued and suffered from poor governance.
Meister waged a proxy battle, first criticizing a plan to issue 27 million shares of new stock to raise $450 million to retire some of the company's debt. He insisted that such a move would only dilute existing shareholders and lower net asset value.
Meister and Related Cos merged to push for a deal to acquire the company for $25 a share, which they said was a superior offer. The two activist investors also launched a proxy fight to remove the entire board, insisting they were not independent and had failed to act in the best interest of shareholders. In 2014 they got their wish as shareholders voted to remove the entire board and elect a new slate of directors.
In 2014 Meister engineered a sale of the company to Equity Commonwealth, another REIT, for $2.6 billion or $26 a share, with Meister ending up with a profit of $300 million from his investment in the company.
11. TW Telecom Inc (NASDAQ:TWTC)
Long term Returns: 56.58% S&P 500 Returns: 32.54%
Activist Investment: 2013
Headquartered in Littleton, Colorado, TW Telecom Inc (NASDAQ:TWTC) was a business telecommunication company. It has since evolved to become a leader in delivering hybrid networking cloud connectivity and security. Activist investor Meister first acquired a 6% stake in the company in 2013 and intends to engage the board and management on various strategic initiatives to unlock value.
Backed by a loyal customer base, robust cash flow, and strong competitive position, the activist investor believes TW Telecom Inc (NASDAQ:TWTC) was highly undervalued and termed it a prime acquisition target. Therefore he pushed for a share buyback program to return value to shareholders while also pushing for a potential merger with other telecom providers.
In 2014 Meister pushed for the acquisition of TW Telecom Inc (NASDAQ:TWTC) by Level 3 in a deal that valued the company at $5.7 billion. He made a profit of about $400 million from his investment.
10. Signet Jewelers Limited (NYSE:SIG)
Long Term Returns: -23.58% S&P 500 Returns: -1.03%
Activist Investment: 2014
Signet Jewelers Limited (NYSE:SIG) is one of the world's largest retailers of diamond jewelry, with brands in the US and Canada. Through Corvex Management, Meister acquired a 6.26 million share of the specialty retailer in 2014 for a 7.8% stake. The acquisition came amid a strong belief that the stock was undervalued and offered an attractive investment on the upside.
The hedge fund engaged the management on various strategic alternatives, including leveraging credit receivables, optimizing capital structure, and accelerating mergers and acquisitions to unlock value.
In 2017, Signet Jewelers Limited (NYSE:SIG) reached a deal to acquire R2Net, owner of JamesAllen.com, for $328 million as it sought to accelerate its customer-first omnichannel strategy.
9. Fidelity National Financial, Inc. (NYSE:FNF)
Long Term Returns: 12.67% S&P 500 Returns: 10.79%
Activist Investment: 2014
Fidelity National Financial, Inc. (NYSE:FNF) is an insurance company that provides various insurance products across the United States. It offers title insurance, escrow, and other title-related services, including trust activities, trustee sales guarantees, recordings and conveyances, and home warranty products.
Fidelity National Financial, Inc. (NYSE:FNF) was targeted by activist investor Meister in 2014 as he acquired a 7.6% stake and started pushing for its sale or spinoff of non-core business. The activist investor got seats on the board and helped push for the sale of the company stake in Remy International, an auto parts manufacturer, to BorgWarner for $1.2 billion. The deal helped reduce the company's debt and improve efficiency in the remaining businesses.
With the blessing of Activist Investor, Meister Fidelity National Financial, Inc. (NYSE:FNF) reached an agreement to spin off its majority-owned subsidiary Black Night Financial, into a publicly traded company. In 2018 Meister pushed for acquiring rival title insurance company Stewart Information Services Corp for $1.2 billion as the Activist Investor insisted it would help create shareholder value.
8. American Realty Capital Properties, Inc.
Long Term Returns: 384.52% S&P 500 Returns: 109.34%
Activist Investment: 2014
American Reality Capital Properties (ARCP) was a real estate investment trust that owned and operated single-tenant commercial properties across the US. In 2014, activist investor Meister confirmed a 7.1% stake in the company. He waged a proxy battle inside the company, believing that the company, with its loyal tenant base, was in a position to pay a strong dividend yield. The proxy war sought to address the company's accounting challenges and management turnover.
Meister also pushed for the REIT to partner with a more giant REIT or private equity firm to provide core resources stability and credibility. Some potential buyers that Meister eyed included Blackstone Group, Starwood Capital Group, and Realty Income Corp.
In 2015 ARCP reached a deal to sell its Cole Capital business for $700 million with the blessing of the activist investor. In 2016 the REIT changed its name to Vereit Inc (NYSE:VER) and focused on portfolio diversification, balance sheet improvement, and operational excellence. The activist investor approved the changes.
7. Pandora Media Inc (NYSE:P)
Long term Returns: 39.13% S&P 500 Returns: 21.45%
Activist Investment: 2016
Pandora Media Inc (NYSE:P) is a music streaming company that offers personalized playlists. It also operates as an internet radio company. In 2016 activist investor Meister confirmed a 9.9% stake in the company as he sought to push for the sale of the company to unlock value.
With the massive stakes in Pandora Media Inc (NYSE:P), he got the right to nominate four candidates for the board. Being part of the management team, he believed the company was better off merging with a larger media or technology company to compete better against Spotify, Apple Music, and Amazon Music.
In 2017 he engineered a sale of a 19% stake in the company to Sirius XM for $480 million and received an additional $200 million. In 2019, Sirius XM Holdings Inc. (NASDAQ:SIRI) acquired the company for $3.5 billion or $10.14 a share, creating one of the largest audio entertainment companies with over 100 million listeners.
6. The Williams Companies, Inc. (NYSE:WMB)
Long Term Returns: -51.15% S&P 500 Returns: 10.79%
Activist Investment: 2016
The Williams Companies, Inc. (NYSE:WMB) is an energy infrastructure company that operates through Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services segments. As a natural gas pipeline operator, it is engaged in the processing and transporting of natural gas and natural gas liquids in the US.
Meister confirmed a 10% stake in the company in 2016 but was forced to resign from the board in June after questioning the abilities of CEO Alan Armstrong and failing on an ouster motion. He suggested ten new directors for the board that will act as placeholders until the company selects the best permanent directors.
The proxy battle between the hedge fund manager and the energy infrastructure company ensued when The Williams Companies, Inc. (NYSE:WMB) was an acquisition target of pipeline competitor Enterprise Products Partners. Meister insisted that the company was better off partnering with a larger energy company or a private equity firm to address various challenges, from regulatory scrutiny to litigation risk and shareholder lawsuits.
In 2017, The Williams Companies, Inc. (NYSE:WMB) budged under pressure from the activist investor and agreed to add three new independent directors, two nominated by Meister. In 2018, the company acquired all outstanding units of Williams Partners, its limited partnership subsidiary, for $10.5 billion. It also agreed to sell certain assets in the Four Corners area to Harvest Mainstream for $1.125 billion as part of a push to unlock value.
Click to continue reading and see Long-Term Returns of Keith Meister's 5 Activist Targets.
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- Did Hedge Funds Get Natera Inc (NTRA) Right?
Feb 2, 2022
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do. However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, let’s examine the smart money sentiment towards Natera Inc (NASDAQ:NTRA) and determine whether hedge funds skillfully traded this stock.
Natera Inc (NASDAQ:NTRA) was in 50 hedge funds' portfolios at the end of the third quarter of 2021. The all time high for this statistic is 52. NTRA has seen a decrease in enthusiasm from smart money in recent months. There were 52 hedge funds in our database with NTRA holdings at the end of June. Our calculations also showed that NTRA isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind we're going to view the fresh hedge fund action surrounding Natera Inc (NASDAQ:NTRA).
Andre Perold of HighVista Strategies
Do Hedge Funds Think NTRA Is A Good Stock To Buy Now?
At the end of September, a total of 50 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -4% from the second quarter of 2021. By comparison, 43 hedge funds held shares or bullish call options in NTRA a year ago. With hedgies' positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
Story continues
The largest stake in Natera Inc (NASDAQ:NTRA) was held by OrbiMed Advisors, which reported holding $175.3 million worth of stock at the end of September. It was followed by Marshall Wace LLP with a $151.5 million position. Other investors bullish on the company included Farallon Capital, Millennium Management, and Sculptor Capital. In terms of the portfolio weights assigned to each position Bridger Management allocated the biggest weight to Natera Inc (NASDAQ:NTRA), around 5.13% of its 13F portfolio. Hudson Executive Capital is also relatively very bullish on the stock, designating 4.62 percent of its 13F equity portfolio to NTRA.
Seeing as Natera Inc (NASDAQ:NTRA) has experienced declining sentiment from the smart money, logic holds that there were a few hedge funds who sold off their entire stakes last quarter. At the top of the heap, Ken Griffin's Citadel Investment Group dropped the largest stake of the "upper crust" of funds followed by Insider Monkey, worth about $27.3 million in stock, and Jim Tananbaum's Foresite Capital was right behind this move, as the fund cut about $14.5 million worth. These transactions are interesting, as total hedge fund interest dropped by 2 funds last quarter.
Let's now take a look at hedge fund activity in other stocks similar to Natera Inc (NASDAQ:NTRA). These stocks are The Toro Company (NYSE:TTC), Vereit Inc (NYSE:VER), Carlisle Companies, Inc. (NYSE:CSL), BorgWarner Inc. (NYSE:BWA), Pegasystems Inc. (NASDAQ:PEGA), IAC/InterActiveCorp (NASDAQ:IAC), and Aegon N.V. (NYSE:AEG). This group of stocks' market caps resemble NTRA's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TTC,29,894310,-3 VER,22,946495,0 CSL,14,89365,-3 BWA,21,170260,-6 PEGA,25,1891439,-2 IAC,47,1426626,-3 AEG,5,12525,-1 Average,23.3,775860,-2.6 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 23.3 hedge funds with bullish positions and the average amount invested in these stocks was $776 million. That figure was $1800 million in NTRA's case. IAC/InterActiveCorp (NASDAQ:IAC) is the most popular stock in this table. On the other hand Aegon N.V. (NYSE:AEG) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Natera Inc (NASDAQ:NTRA) is more popular among hedge funds. Our overall hedge fund sentiment score for NTRA is 81.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 29.6% in 2021 and still beat the market by 3.6 percentage points. Unfortunately, NTRA wasn't nearly as popular as these 5 stocks and hedge funds that were betting on NTRA were disappointed as the stock returned -36.6% since the end of the third quarter (through 1/31) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as all of these stocks already outperformed the market since 2019.
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- Realty Income Announces 2021 Common Stock Dividend Tax Allocation And Estimated Market Value Of VEREIT Notes Exchanged For Realty Income Notes
Jan 28, 2022 · prnewswire.com
SAN DIEGO, Jan. 28, 2022 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced the final calculation of the dividend tax status for its 2021 common stock dividends. Also, Realty Income announced today the final calculation of the dividend tax status for VEREIT, Inc.'s (VEREIT, formerly NYSE: VER) 2021 common stock dividends and 6.70% Seres F Cumulative Redeemable Preferred Stock (Series F Preferred Stock, formerly NYSE: VER-PF) dividends.
- REALTY INCOME ANNOUNCES 2021 COMMON STOCK DIVIDEND TAX ALLOCATION AND ESTIMATED MARKET VALUE OF VEREIT NOTES EXCHANGED FOR REALTY INCOME NOTES
Jan 28, 2022
SAN DIEGO, JAN. 28, 2022 /PRNEWSWIRE/ -- REALTY INCOME CORPORATION (REALTY INCOME, NYSE: O), THE MONTHLY DIVIDEND COMPANY®, TODAY ANNOUNCED THE FINAL CALCULATION OF THE DIVIDEND TAX STATUS FOR ITS 2021 COMMON STOCK DIVIDENDS. ALSO, REALTY INCOME ANNOUNCED TODAY THE FINAL CALCULATION OF THE DIVIDEND TAX STATUS FOR VEREIT, INC.'S (VEREIT, FORMERLY NYSE: VER) 2021 COMMON STOCK DIVIDENDS AND 6.70% SERES F CUMULATIVE REDEEMABLE PREFERRED STOCK (SERIES F PREFERRED STOCK, FORMERLY NYSE: VER-PF) DIVIDENDS.
- Is The Toro Company (TTC) A Good Stock To Buy?
Dec 10, 2021
After several tireless days we have finished crunching the numbers from nearly 900 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of September 30th. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards The Toro Company (NYSE:TTC).
Is TTC a good stock to buy? The Toro Company (NYSE:TTC) was in 29 hedge funds' portfolios at the end of September. The all time high for this statistic is 32. TTC shareholders have witnessed a decrease in hedge fund interest lately. There were 32 hedge funds in our database with TTC holdings at the end of June. Our calculations also showed that TTC isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. With all of this in mind we're going to take a look at the fresh hedge fund action regarding The Toro Company (NYSE:TTC). CHILTON INVESTMENT COMPANY
Richard Chilton of Chilton Investment Company
Do Hedge Funds Think TTC Is A Good Stock To Buy Now?
At third quarter's end, a total of 29 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -9% from one quarter earlier. On the other hand, there were a total of 32 hedge funds with a bullish position in TTC a year ago. With hedgies' sentiment swirling, there exists a few key hedge fund managers who were adding to their stakes substantially (or already accumulated large positions).
The largest stake in The Toro Company (NYSE:TTC) was held by Select Equity Group, which reported holding $447.5 million worth of stock at the end of September. It was followed by Impax Asset Management with a $197.6 million position. Other investors bullish on the company included Fisher Asset Management, Chilton Investment Company, and AQR Capital Management. In terms of the portfolio weights assigned to each position Select Equity Group allocated the biggest weight to The Toro Company (NYSE:TTC), around 1.5% of its 13F portfolio. Bishop Rock Capital is also relatively very bullish on the stock, earmarking 1.41 percent of its 13F equity portfolio to TTC.
Story continues
Due to the fact that The Toro Company (NYSE:TTC) has witnessed a decline in interest from hedge fund managers, it's easy to see that there lies a certain "tier" of funds that elected to cut their full holdings last quarter. Intriguingly, Seth Cogswell's Running Oak Capital cut the biggest investment of the 750 funds followed by Insider Monkey, worth an estimated $5.9 million in stock. John Brennan's fund, Sirios Capital Management, also dropped its stock, about $2.1 million worth. These moves are intriguing to say the least, as total hedge fund interest dropped by 3 funds last quarter.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as The Toro Company (NYSE:TTC) but similarly valued. We will take a look at Vereit Inc (NYSE:VER), Carlisle Companies, Inc. (NYSE:CSL), BorgWarner Inc. (NYSE:BWA), Pegasystems Inc. (NASDAQ:PEGA), IAC/InterActiveCorp (NASDAQ:IAC), Aegon N.V. (NYSE:AEG), and Tapestry, Inc. (NYSE:TPR). This group of stocks' market values match TTC's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position VER,22,946495,0 CSL,14,89365,-3 BWA,21,170260,-6 PEGA,25,1891439,-2 IAC,47,1426626,-3 AEG,5,12525,-1 TPR,41,887231,0 Average,25,774849,-2.1 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $775 million. That figure was $894 million in TTC's case. IAC/InterActiveCorp (NASDAQ:IAC) is the most popular stock in this table. On the other hand Aegon N.V. (NYSE:AEG) is the least popular one with only 5 bullish hedge fund positions. The Toro Company (NYSE:TTC) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for TTC is 57.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.6% in 2021 through November 30th and beat the market again by 5.6 percentage points. Unfortunately TTC wasn't nearly as popular as these 5 stocks and hedge funds that were betting on TTC were disappointed as the stock returned 3.5% since the end of September (through 11/30) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
Get real-time email alerts: Follow Toro Co (NYSE:TTC)
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- Should I Avoid Natera Inc (NTRA)?
Dec 8, 2021
In this article we will check out the progression of hedge fund sentiment towards Natera Inc (NASDAQ:NTRA) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also employ numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably at times, but their consensus picks have historically outperformed the market after risk adjustments.
Natera Inc (NASDAQ:NTRA) was in 50 hedge funds' portfolios at the end of the third quarter of 2021. The all time high for this statistic is 52. NTRA shareholders have witnessed a decrease in activity from the world's largest hedge funds of late. There were 52 hedge funds in our database with NTRA holdings at the end of June. Our calculations also showed that NTRA isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind let's take a look at the fresh hedge fund action surrounding Natera Inc (NASDAQ:NTRA). James Dondero Highland Capital Management
James Dondero of Highland Capital Management
Do Hedge Funds Think NTRA Is A Good Stock To Buy Now?
Heading into the fourth quarter of 2021, a total of 50 of the hedge funds tracked by Insider Monkey were long this stock, a change of -4% from one quarter earlier. On the other hand, there were a total of 43 hedge funds with a bullish position in NTRA a year ago. With hedgies' capital changing hands, there exists an "upper tier" of notable hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
Story continues
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, OrbiMed Advisors has the biggest position in Natera Inc (NASDAQ:NTRA), worth close to $175.3 million, corresponding to 1.9% of its total 13F portfolio. Coming in second is Marshall Wace LLP, managed by Paul Marshall and Ian Wace, which holds a $151.5 million position; 0.6% of its 13F portfolio is allocated to the stock. Some other professional money managers that hold long positions include Farallon Capital, Israel Englander's Millennium Management and Jimmy Levin's Sculptor Capital. In terms of the portfolio weights assigned to each position Bridger Management allocated the biggest weight to Natera Inc (NASDAQ:NTRA), around 5.13% of its 13F portfolio. Hudson Executive Capital is also relatively very bullish on the stock, dishing out 4.62 percent of its 13F equity portfolio to NTRA.
Judging by the fact that Natera Inc (NASDAQ:NTRA) has experienced falling interest from the aggregate hedge fund industry, logic holds that there was a specific group of fund managers that elected to cut their entire stakes by the end of the third quarter. Intriguingly, Ken Griffin's Citadel Investment Group said goodbye to the largest position of the "upper crust" of funds monitored by Insider Monkey, comprising an estimated $27.3 million in stock. Jim Tananbaum's fund, Foresite Capital, also sold off its stock, about $14.5 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest dropped by 2 funds by the end of the third quarter.
Let's now review hedge fund activity in other stocks similar to Natera Inc (NASDAQ:NTRA). We will take a look at The Toro Company (NYSE:TTC), Vereit Inc (NYSE:VER), Carlisle Companies, Inc. (NYSE:CSL), BorgWarner Inc. (NYSE:BWA), Pegasystems Inc. (NASDAQ:PEGA), IAC/InterActiveCorp (NASDAQ:IAC), and Aegon N.V. (NYSE:AEG). This group of stocks' market caps are similar to NTRA's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position TTC,29,894310,-3 VER,22,946495,0 CSL,14,89365,-3 BWA,21,170260,-6 PEGA,25,1891439,-2 IAC,47,1426626,-3 AEG,5,12525,-1 Average,23.3,775860,-2.6 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 23.3 hedge funds with bullish positions and the average amount invested in these stocks was $776 million. That figure was $1800 million in NTRA's case. IAC/InterActiveCorp (NASDAQ:IAC) is the most popular stock in this table. On the other hand Aegon N.V. (NYSE:AEG) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Natera Inc (NASDAQ:NTRA) is more popular among hedge funds. Our overall hedge fund sentiment score for NTRA is 81.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.6% in 2021 through November 30th and still beat the market by 5.6 percentage points. Unfortunately NTRA wasn't nearly as popular as these 5 stocks and hedge funds that were betting on NTRA were disappointed as the stock returned -17.9% since the end of the third quarter (through 11/30) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.
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Disclosure: None. This article was originally published at Insider Monkey.
