Schroders Capital Global Innovation Trust (INOV) H1 2024 earnings summary

Executive summary

• NAV per share fell 17.1% to 20.99p as of 30 June 2024, with share price down 18.8% to 11.90p, widening the discount to NAV to 43.3%.

• Portfolio repositioned towards private equity, with two new investments in life sciences and AI data curation.

• £25.6m in realisations, including exits from Carmot Therapeutics, Immunocore, and reduction in Oxford Nanopore Technologies.

• £4.8m in cash, £25.2m in money market funds, and £14.8m in public equities to support buybacks and new investments.

• Share buyback programme continued, with 35m shares repurchased by 26 September 2024.

Financial highlights

• NAV per share: 20.99p (down from 25.32p at 31 Dec 2023); NAV total return: -17.1% for H1 2024.

• Share price: 11.90p (down from 14.65p at 31 Dec 2023); share price total return: -18.8%.

• Net loss after tax: £39.3m for H1 2024 (vs £34.5m loss H1 2023).

• Ongoing charges ratio: 1.09% (vs 1.08% at 31 Dec 2023).

• No dividend declared for 2023 or 2024.

Outlook and guidance

• Focus remains on portfolio rebalancing, maximizing sale proceeds, and supporting long-term growth.

• Capital available for new investments expected to be constrained in H2 2024 due to buyback and liquidity needs.

• Anticipated positive revaluation for Revolut and negative adjustments for Ada Health and Bizongo in Q3.

• Public equity holdings expected to remain volatile; regulatory milestones for Autolus and Oxford Nanopore in H2 2024.