Smithson Investment Trust (SSON) H1 2025 earnings summary

Executive summary

• NAV per share total return was +2.4% for the six months ended 30 June 2025, outperforming the MSCI World SMID Index, which returned -0.3% over the same period.

• Share price total return was +1.0%, with shares trading at a 10.3% discount to NAV at period end.

• Since inception in 2018, NAV per share has grown at an annualised rate of +8.0%, ahead of the index by 0.4 percentage points.

• The Board remains committed to reducing the share price discount to NAV through ongoing buybacks, with 35% of shares bought back since 2022.

• No interim dividend proposed; revenue earnings per share for the half year was 4.46p.

Financial highlights

• Net assets at 30 June 2025 were £1,914.5m, down from £2,129.9m at 31 December 2024 and £2,274.4m at 30 June 2024.

• NAV per share at 30 June 2025 was 1,670.0p, compared to 1,631.8p at 31 December 2024 and 1,569.5p at 30 June 2024.

• Profit for the period was £20.5m (6 months to 30 June 2024: £(71.1)m loss).

• Ongoing charges ratio annualised at 0.88%; total cost of investment ratio at 0.91%.

• Portfolio turnover (adjusted for buybacks) was 25% for the period.

Outlook and guidance

• The investment manager remains focused on disciplined, long-term investment in high-quality small and mid-cap companies.

• Board and manager express confidence in the strategy and expect attractive long-term returns despite macroeconomic and geopolitical uncertainties.