Oryx International Growth Fund Ltd on Thursday said its net asset value has fallen with global markets continuing to face turbulence.

Oryx International, a Guernsey-based investment fund, said its net asset value per share on March 31 was down 5.9% to 14.75 pence from 15.67p at the same time the year prior.

‘2023 was a difficult year with the well trailed problems of the world impacting on the investment world. In the light of this background,’ said Chair Nigel Cayzer.

‘During the company’s lifetime, the board has often been faced with the question of where our next opportunities are going to be found. As you can see from the investment manager’s report below, the year under review has seen some successful disposals with our cash position increasing by £5 million to £15.5 million during the course of the year.’

The company did not declare a dividend in its financial year, which it said was standard policy.

Oryx International noted that energy prices had started to fall and sea freight costs had normalised which was stimulating the global supply chain.

‘The war in Ukraine rages on and China has made disturbing motions towards Taiwan, though has not materialised into a serious concern as it stands,

‘We have continued to target companies with a high level of cash generating ability alongside existing healthy balance sheets that are better suited to navigate a difficult macro environment,’ the company said.

Shares in Oryx International Growth Fund were down 1.4% at 1,134.40p in London on Thursday morning.

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