Odyssean Investment Trust PLC on Thursday reported an increase in net asset value during its half-year, despite enduring ‘another volatile period’.
The Exeter, England-based investor in small-cap companies said net asset value per share was 169.50 pence at its September 30 half-year end, rising 9.8% jump from 154.40p on March 31.
The rise topped the 7.6% advance in the Deutsche Numis Smaller Companies Plus AIM, excluding investment companies, index.
Odyssean reported net assets totalling £221.0 million as at the half-year end, up 18% from £187.6 million six months prior.
‘Many of our portfolio companies have significant levers to drive shareholder value outside a broader sentiment towards UK smaller companies or takeover interest. The share prices of these situations rarely show straight line improvement and sentiment can vary wildly during a 2-4 year transformation, as the marginal buyer/seller oscillates between excitement and disappointment on the pace of progress,’ Odyssean Investment Trust Fund Manager Stuart Widdowson said.
‘However, in a number of cases the market is taking a very pessimistic view of the ability of these companies to execute a successful transformation, and valuations often are not reflective of the strategic value of assets. As more progress is made in each situation over the next period, we believe that there is the prospect of some material upside, particularly where those holdings are small and the shares illiquid.’
Odyssean shares were down 0.7% at 152.98 pence each on Thursday morning in London.
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