REG-MIGO Opportunities Trust plc: Half-Yearly Report for the six months ended 31 October 2025
16/12/2025 12:45
MIGO Opportunities Trust plc
Half-Yearly Report for the six months ended 31 October 2025
MIGO Opportunities Trust plc (the “Company” or “MIGO”) has today
released its Half-Yearly Report for the six months ended 31 October 2025.
The Half-Yearly Report and other information will be available via
www.migoplc.co.uk
A copy of the half-yearly report will also be submitted to the National
Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Enquiries:
Frostrow Capital LLP
Company Secretary
DDI: +44 (0)203 709 8732
Email: info@frostrow.com
Performance Summary
Financial Highlights
Six months ended 31 October 2025 Year ended % change
30 April 2025
Net asset value (“NAV”) per share* 398.4p 342.5p 16.3%
Share price 380.5p 327.0p 16.4%
Share price discount* to NAV per share (4.5)% (4.5)%
Net assets £71.5m £65.9m 8.5%
NAV volatility* 3.4% 8.9%
Gearing* 14.0% 15.2%
Ongoing charges ratio* 1.5% 1.7%
* Alternative Performance Measure (“APM”), see
Glossary.
For commentary in respect of the above figures and Company’s performance
during the year please see the Chairman’s Statement and the Investment
Manager’s Report.
Total Return Performance to 31 October 2025
6 months 1 year 5 years
% % %
Net Asset Value* 16.3% 10.6% 56.9%
Share price* 16.4% 7.2% 55.7%
SONIA plus 2% 3.1% 6.5% 27.9%
* Alternative Performance Measure, see Glossary.
Source: Morningstar.
Investment Objective
The objective of MIGO Opportunities Trust plc (the “Company” or
“MIGO”) is to outperform SONIA plus 2% (the “Benchmark”) over the
longer term, principally through exploiting inefficiencies in the pricing of
closed-end funds (SONIA being the Sterling Overnight Index Average, the
Sterling Risk - Free Reference Rate preferred by the Bank of
England for use in Sterling derivatives and relevant financial contracts).
This objective is intended to reflect the Company’s aim of providing a
better return to shareholders over the longer term than they would get by
placing money on deposit.
The Benchmark is a target only and should not be treated as a guarantee of the
performance of the Company or its portfolio.
Investment Policy
The Company invests in closed-ended investment funds traded on the London
Stock Exchange’s main market, but has the flexibility to invest in
investment funds listed or dealt on other recognised stock exchanges, in
unlisted closed-ended funds (including, but not limited to, funds traded on
AIM) and in open-ended investment funds. The funds in which the Company
invests may include all types of investment trusts, companies and funds
established onshore or offshore. The Company has the flexibility to invest in
any class of security issued by investment funds including, without
limitation, equity, debt, warrants or other convertible securities. In
addition, the Company may invest in other securities, such as non-investment
fund debt, if deemed to be appropriate to produce the desired returns to
shareholders.
The Company is unrestricted in the number of funds it holds.
The Company invests in listed closed-ended investment funds that themselves
have stated investment policies to invest no more than 15% of their gross
assets in other listed closed-ended investment funds. However, the Company may
invest up to 10%, in aggregate, of the value of its gross assets at the time
of acquisition in closed-ended investment funds that do not have such a stated
investment policy.
In addition, the Company will not invest more than 25%, in aggregate, of the
value of its gross assets at the time of acquisition in open-ended funds.
There are no prescriptive limits on allocation of assets in terms of asset
class or geography.
There are no limits imposed on the size of hedging contracts, save that their
aggregated value will not exceed 20% of the portfolio’s gross assets at the
time they are entered into.
The Board permits borrowings of up to 20% of the Company’s net asset value
(measured at the time new borrowings are incurred).
The Company’s investment objective may lead, on occasions, to a significant
amount of cash or near cash being held.
Chairman’s Statement
Overview of the period
Introduction
Welcome to MIGO’s half-yearly report for the six months ended 31 October
2025.
While movements in markets and share prices are always the most interesting
discussion point, the biggest news for your company in the first half of the
current financial year has been the changes to MIGO’s portfolio management
team, investment approach and fee structure that were mentioned in the Annual
Report released in July. At the time of writing that report, many details were
still under discussion whereas since then, an amended Investment Management
Agreement with AVI was signed on 9 July 2025. In the Board’s opinion, the
changes are important to cement MIGO’s position as one of the leaders in
investing across the investment trust sector and to strengthen alignment
between shareholders, the Investment Manager and the Board.
Despite some challenges for the whole UK investment trust sector, MIGO enjoyed
good performance in its first half of the financial year with the NAV
increasing from 342.5p to 398.4p, and the share price increasing from 327.0p
to 380.5p. MIGO has continued to trade at reasonably tight discounts, as
supportive regular buybacks and our Investment Manager’s value investment
approach which sees MIGO buying closed-ended funds at wide discounts, have
retained investor confidence.
An in-depth review of the performance of MIGO’s portfolio and developments
during the six months under review is provided in the Investment Manager’s
Report.
Change of Portfolio Manager, Investment Approach and Fee Structure
As noted previously, Nick Greenwood has stepped down as MIGO’s co-manager
after 20 years’ involvement with the Company. For a long time, his name has
been synonymous with MIGO, and he will be missed by all. He leaves MIGO with a
deserved win in the Investment Company of the Year Awards 2025. Nick’s work
as a long-standing investor in investment trusts led to him being one of two
special winners of the Jackie Beard Award for Outstanding Contribution to the
Industry. In particular, Nick was commended for years of engagement with
boards and managers, as well as broadening access to opportunities for
investors. I can’t think of a more deserving winner.
At the same time as Nick stepped down and with effect from 18 June 2025, Tom
Treanor joined Charlotte Cuthbertson as co-manager of MIGO. Tom is a Director
and Fund Manager at AVI that many shareholders will know from his role at AVI
Global. Charlotte and Tom have created a strong working relationship and the
Board feels very positively about the skills they bring together to MIGO.
During the period under review, the Board and AVI also decided to implement a
higher conviction approach to managing MIGO’s portfolio. Over time, MIGO’s
portfolio will concentrate and focus on 10 to 15 core holdings from
historically around 40 positions. The purpose remains to identify undervalued
attractive themes in the investment trust sector trading at a discount, but
the aim of a more targeted portfolio is to enable more influential engagement
with boards while still taking advantage of the wide discount opportunities in
the sector.
The Board has agreed a revised fee structure with AVI, reducing the management
fee from 0.65% per annum of MIGO’s market capitalisation to 0.35% per annum
on the lower of market capitalisation and net asset value (“NAV”). To
this, a performance fee has been added, of 15% of NAV total returns in excess
of a SONIA+3% hurdle, subject to a high watermark. Overall fees payable by the
Company in any year will be capped at 2.5% per annum of the lower of MIGO’s
market capitalisation and NAV. Your Board estimates that the fee payable to
AVI in any year will be lower under the new arrangement until NAV total return
exceeds approximately 9% per annum. Further details can be found on MIGO’s
website www.migoplc.co.uk
The Board also agreed with AVI that the Investment Manager, as part of the
revised fee structure, will reinvest 25% of any performance fee earned into
MIGO shares, subject to an aggregate 5% cap on AVI’s interest in MIGO shares
and a minimum 3-year hold period for shares acquired under this mechanism.
To ensure that MIGO remains nimble and is best able to exploit relevant
opportunities, the Board also expects to introduce a capital return mechanism
in the future to limit MIGO’s NAV rising above £150 million, in addition to
the ongoing commitment to the existing share buybacks, dividend policy and
three-yearly realisation opportunity. To be implemented at the Board’s
discretion to optimise shareholder alignment, this capital return mechanism
will also potentially provide liquidity for shareholders.
Further Cost Savings
Cost savings concern not only the Board’s relationship with the Investment
Manager but all service providers to the Company. As part of ongoing
discussions and following the Board’s new agreement with AVI, Frostrow
Capital LLP, provider of company secretarial, administration and marketing
services to MIGO, agreed to a reduction of its fees from 25 basis points to 20
basis points per annum on the adjusted market capitalisation of the Company up
to £100 million.
Furthermore, a competitive re-tendering of PR services for all investment
companies managed by AVI resulted in the appointment of Kaso Legg
Communications, MIGO’s existing PR agency, with an expanded mandate across
AVI’s business and the investment companies it manages, leading to economies
of scale for MIGO.
These changes benefited our ongoing charges ratio which reduced from 1.7% to
1.5% during the period.
In addition, the Board is delighted to report that the FCA has listened to
industry concerns and made substantial changes to its proposals for cost
disclosure. Under new rules, the ongoing cost figure (OCF) will be highlighted
as the key pre-sale retail cost disclosure and will no longer include
investment company costs of portfolio companies, gearing costs and the costs
of maintaining real assets. By removing a misleading disclosure that has been
a barrier to investment trust share purchases, the FCA is providing better
information to investors and making investment companies more attractive to
retail investors and funds.
Performance
Over the six months to 31 October 2025 the Company’s NAV per share total
return rose by 16.3% whilst the share price total return was up by 16.4%. In
comparison, the Company’s medium-term Benchmark, sterling SONIA +2%,
delivered a total return of 3.1%.
A review of the factors affecting the Company’s performance during the
period, and developments in the portfolio, can be found in the Investment
Manager’s Review. With the investment trust sector still experiencing wide
discounts, the breadth of opportunities available has encouraged the Portfolio
Managers to fully draw down the Company’s loan facility of £10 million and
current portfolio gearing sits at 14.0%.
Dividend Policy
The Company’s principal objective remains to provide shareholder returns
through capital growth in its investments and outperforming SONIA plus 2% over
the longer term. Therefore, the Board is maintaining its current policy to pay
only those dividends necessary to maintain UK investment trust status. Subject
to the investment trust rules, any dividends and distributions will continue
to be at the discretion of the Board. No dividend was proposed by the Board at
the Annual General Meeting for the year ended 30 April 2025.
Share Price, Share Issuances and Buybacks
From 1 May to 31 October 2025, the Company undertook buybacks of 1,289,835
shares in order to manage the share price discount (4.5% at period end) and
provide liquidity in the market. As at 31 October 2025, the Company had
17,956,542 (30 April 2025: 19,246,377) shares in issue. Since the period-end,
a further 470,000 shares were bought back.
The Board’s policy is to be proactive in managing the share price premium or
discount. Share buybacks are always executed at a discount to NAV, which
enhances the NAV per share for those shareholders who remain invested and
reduces the overhang of shares in the market.
Outlook
The intention of the changes to the Portfolio Managers’ strategy and fees is
to strengthen MIGO’s future performance. The Board believes that the current
outlook is good for our shareholders, as a more activist investment approach
will give the Portfolio Managers leverage to obtain better results as sector
discounts remain wide with significant corporate activity within the sector.
Portfolio companies with wide discounts but solid fundamentals offer appealing
opportunities in a sector that may receive renewed interest now that a fair
outcome on cost disclosures has been achieved.
Richard Davidson
Chairman
16 December 2025
Investment Manager's Report
for the six months ended 31 October 2025
Performance
During the period from 30th April to 31st October the Company returned 16.3%
in net asset value (NAV) terms and the share price was up 16.4%. This is in
comparison to a strong wider market which benefited from a bounce back post
Liberation Day in April. The Company’s benchmark, SONIA + 2%, increased by
3.1% over the same time.
Markets have been dominated by the AI trade, and capex from companies into AI
has hit record levels. Although we believe AI will be ultimately
transformational for businesses and the economy, there are question marks over
how adequate the returns will be on this investment and which companies are
likely to be the ultimate beneficiaries.
Operational Changes
In June we announced that Nick Greenwood had stepped back from the Company and
Tom Treanor was replacing him as co-manager, alongside Charlotte Cuthbertson.
This change gave us the opportunity to reflect on changes we could make to
MIGO to position it as the best vehicle for the current market backdrop. In
portfolio management terms these can be broadly summarised into three
categories: concentration, reduction in equity exposure, and an increase in
activism and engagement. We will expand further on the progress we have made
on these areas later in the review. We also looked at the corporate side of
the Company and implemented two changes. Size is often the enemy of
performance when investing in closed-ended funds where liquidity can often be
poor and one of MIGO’s strengths is that it can invest across the market
capitalisation spectrum. As such, we have introduced a capital return
mechanism where capital will be returned to shareholders at the directors’
discretion once MIGO’s NAV is above £150m. We have also cut the base fee
and introduced a performance fee, a change which we believe aligns us more
with shareholders and rewards performance over asset gathering.
Contributors
Baker Steel Resources (BSRT) was our largest contributor. BSRT finds
interesting mining deposits across the world and secures financing for
development, frequently taking royalties as part of the process. In recent
years the portfolio has matured, and investors should begin to see dividends
and royalty payments come through. Their biggest assets, a coking coal mine in
Australia and a cement plant in Morocco are making steady progress. We believe
the time is right for the board to produce a robust capital allocation policy
to ensure that shareholders see the full benefit of NAV performance and
cashflows in the returns they experience.
Georgia Capital (CGEO) continued its good run with the share price up nearly
60% since our annual results in April. In 2025 preliminary economic growth
figures sit at nearly 8% for the Georgian economy and this is feeding through
to strong performance in the underlying assets. Georgia Capital’s underlying
companies are consumer facing, involved in sectors such as insurance,
education, and banking. The company has a best-in-class approach to capital
allocation, with 26% of share capital having been repurchased since the
Georgia Healthcare take-private deal in 2020.
Our holding in Chrysalis (CHRY) was up 29% during the period under review,
although we have seen some weakness post period end. One of Chrysalis’s
holdings, Klarna (the buy now, pay later platform that is growing into a
global payments business), had its long-awaited IPO in the US. Although the
IPO was at a significant discount to its listed peer Affirm, it does provide
Chrysalis with some liquidity once the six-month lock-up ends. Starling Bank,
now 48% of Chrysalis’s NAV, has had some exciting developments which could
be transformational for the company.
Starling’s business is split into two areas: its core banking business, and
its (much higher valuation multiple) banking-as-a-service offering, Engine.
Engine’s recent contract win with Scotia Bank is transformational for the
business, both materially increasing revenue and validating it in the
potentially huge North American market. With AVI being by far the largest
shareholder of CHRY, we have continued our close engagement with the board on
the company’s future.
Detractors
Aquila European Renewables (AERI) has been a poor investment. The company was
launched in 2019 and invested in a portfolio of wind, solar and hydro assets
across Europe. AERI was unable to grow to an acceptable size before interest
rates rose, and investors moved away from the renewables sector leaving the
sub-sized fund languishing at a discount. Our thesis was that there was a
credible manager who would be likely to take these assets into their private
funds at a modest discount to the then NAV. The wind-up process has been
excruciatingly slow with the creation of the data room taking an inordinate
amount of time, by which point the market backdrop in European renewables
deteriorated. Assets have therefore been sold at low prices, most recently the
Danish and Greek wind assets at a 17% discount to carrying values which had
already been written down.
Macau Property Opportunities (MPO) has been in long-term wind-down since 2016
but the process has been hampered by a deteriorating backdrop in Macanese
property, particularly since COVID. The trust’s gearing was reasonably high
and the fall in asset value has meant MPO has a much higher LTV and is having
to fire-sell assets in order to meet repayment deadlines. A failed emergency
equity raising post period end has made the future of the trust uncertain.
Although now a very small portion of MIGO’s portfolio, 0.46% of NAV, it has
been a drag on returns.
RM Infrastructure Income (RMII) hampered returns as its discount widened. The
vehicle is in a managed run-off, with proceeds from its property loans being
returned to shareholders at NAV. While the portfolio is increasingly
concentrated and has increased idiosyncratic risks, we believe the range of
return scenarios is attractively asymmetric.
Disposals
We have reduced the equity exposure of MIGO. We have sold out of VinaCapital
Vietnam Opportunity (VOF), Rockwood Strategic (RKW), and Baillie Gifford Shin
Nippon (BGS) amongst others. The arrival of deep-pocketed US activist Saba has
driven discounts in equity trusts to a single digit average and we believe the
opportunity set here is not as compelling as in the alternatives sector.
We sold our holding in Life Sciences REIT (LABS). This has been a decent,
albeit short, investment for MIGO. Although the discount was still very wide
when we sold it, our ongoing research caused us to reassess the quality of the
assets and likely buying interest. Aberdeen European Logistics (ASLI) had been
a profitable wind-down play for MIGO, and we sold our remaining shares into an
above-market bid from a Polish investment firm. We had previously taken
advantage of several opportunities in the real estate sector which we saw as
the likely epicentre of heightened M&A. Much of the low hanging fruit has now
gone in this sector but we see opportunities on a more selective basis.
Additions
We have added some new names to the portfolio. As part of a listed private
equity theme, we bought Harbourvest Global Private Equity (HVPE) as well as
adding to our holding in Pantheon International (PIN). This is a sector where
discounts have remained very wide despite keen pricing in the secondaries
market. In the case of HVPE, the company will hold a continuation vote in July
2026 – if the discount at that time has not narrowed materially from its
current 30% level, it is questionable whether it will pass. More generally
across the listed private equity sector, we believe the rise of evergreen
vehicles raises existential questions given the sector has failed to get to
grips with persistently wide discounts to NAV. While many would mourn the loss
of a sector that we agree is fundamentally a better structure than evergreens,
boards will only have themselves to blame if this comes to pass for failing to
grasp the nettle and introduce much more robust capital allocation policies
that make full use of the liquidity available in the secondary market.
Outlook
Looking forward, we are extremely positive on the outlook for MIGO. Discounts
remain wide in the sector and corporate activity is heightened. Increasing
activism and engagement as part of our investment process means we can also
help facilitate a catalyst to narrow discounts. In terms of portfolio
transition, the hard yards have been done. We have reduced the portfolio to a
smaller core of names with what we believe are compelling return prospects.
The top ten now accounts for 60.5% of NAV having been 40.9% a year ago and
45.4% at the start of the period.
There has been much commentary about whether a bubble exists in the US-listed
AI complex. Whether we will see a market setback in the near future, or it
will take much longer to burst is not for us to predict. What MIGO does offer
is idiosyncratic returns from a very different area of the market and low
correlation to mainstream indices.
Charlotte Cuthbertson and Tom Treanor
Asset Value Investors Limited
16 December 2025
Average Underlying Discount
AVERAGE UNDERLYING DISCOUNT
Top Ten Holdings Weight (% of NAV) Discount (%)
Gresham House Energy Storage Fund 7.8 (33.0)
Chrysalis Investments 7.7 (30.0)
Baker Steel Resources Trust 6.6 (34.3)
GCP Asset Backed Income Fund 6.5 (15.2)
VH Global Sustainable Energy Opportunities 6.2 (37.0)
Harbourvest Global Private Equity 6.0 (30.9)
The PRS REIT 5.4 (21.5)
US Solar Fund 4.9 (43.4)
SDCL Efficiency Income Trust 4.8 (33.8)
Sherborne Investors (Guernsey) 4.6 (23.4)
Average Discount of Top Ten Holdings 60.5 (30.2)
Average Discount of Total Portfolio (34.3)
Source: Bloomberg, 31 October 2025.
Portfolio Valuation
As at 31 October 2025
The percentage of portfolio figures represent the value of an investment as a
proportion of the portfolio’s total market value. Percentage of NAV, as
presented on the Average Underlying Discount table shown on page 8, represents
the value of an investment as a proportion of the fund’s Net Asset Value,
which reflects total assets less liabilities.
Security Investment Region Valuation % of portfolio
Sector £’000
Gresham House Energy Storage Fund Alternatives UK 5,572 7.0
Chrysalis Investments Alternatives Global 5,537 7.0
Baker Steel Resources Trust Mining Global 4,737 6.0
GCP Asset Backed Income Fund† Private Debt UK 4,637 5.8
VH Global Sustainable Energy Opportunities Equity Global 4,454 5.6
Harbourvest Global Private Equity Private Equity Global 4,303 5.4
The PRS REIT† Property UK 3,894 4.9
US Solar Fund Alternatives North America 3,516 4.4
SDCL Efficiency Income Trust Alternatives Global 3,405 4.3
Sherborne Investors (Guernsey) Equity Global 3,250 4.1
Top ten investments 43,305 54.5
Georgia Capital Equity Europe 3,228 4.1
Pantheon International Private Equity Global 2,839 3.6
Aquila European Renewables† Alternatives Europe 2,788 3.5
Phoenix Spree Deutschland† Property Europe 2,604 3.3
RM Infrastructure Income Private Debt UK 2,438 3.1
Augmentum Fintech Private Equity Europe 2,381 3.0
GCP Infrastructure Income Alternatives UK 2,326 2.9
Real Estate Investors* Property UK 2,268 2.9
Schroder British Opportunities Trust Equity UK 2,050 2.6
Tufton Assets Equity Global 1,929 2.4
Top twenty investments 68,156 85.9
Ecofin US Renewables Infrastructure Trust Alternatives North America 1,800 2.3
Hansa Investment Co Equity Global 1,673 2.1
Bluefield Solar Income Fund Alternatives UK 1,642 2.1
Taylor Maritime Alternatives Global 1,525 1.9
Marwyn Value Investors Private Equity UK 1,348 1.7
Ground Rents Income Fund Property UK 1,069 1.3
River UK Micro Cap Equity UK 929 1.2
Dunedin Enterprise Investment Trust†^ Private Equity Global 488 0.6
Macau Property Opportunities Fund† Property Asia Pacific 327 0.4
CEPS* Equity UK 180 0.2
Top thirty investments 79,137 99.7
Better Capital PCC†^ Private Equity UK 167 0.2
Abrdn Property Income Trust Property UK 111 0.1
Reconstruction Capital II†^ Equity Europe 30 <0.01
Total investments in the portfolio 79,445 100.0
Other current liabilities (including net debt) (7,907)
Net asset value 71,538
* AIM/NEX Listed.
† In liquidation.
# Includes both Ordinary and Convertible Preference share
holdings.
^ Unlisted or trading of shares currently suspended.
Capital Structure
As at the date of this report, the Company’s share capital comprises
17,486,542 Ordinary shares of 1p each with one vote per share.
The Company’s Articles of Association contain provisions enabling
shareholders to elect at three-year intervals for the realisation of all or
part of their shareholding (the “Realisation Opportunity”). At the
discretion of the Company, shareholders may request that all or part of the
Ordinary shares they hold be placed, repurchased, or purchased out of the
proceeds of an issue of new Ordinary shares, or purchased under a tender offer
or by a market maker. If realisation elections cannot be satisfied in their
entirety through the placing and/or repurchase mechanism, all remaining
Elected shares shall be converted into Realisation shares.
Also in the event that the Company does not make available to members an
opportunity to effect such a realisation at the appointed time, shareholders
may serve a realisation election requesting that all or part of their Ordinary
shares be converted into Realisation shares.
The portfolio would then be split into two separate and distinct pools pro
rata as between the Continuing Ordinary shares (the “Continuation Pool”)
and the Realisation shares (the “Realisation Pool”). The Continuation Pool
would be managed in accordance with the Company’s investment objective and
policy, while the assets comprising the Realisation Pool would be managed in
accordance with an orderly realisation programme with the aim of making
progressive returns of cash to holders of Realisation shares as soon as
practicable. The precise mechanism for any return of cash to holders of
Realisation shares would depend on the relevant factors prevailing at the time
and would be at the discretion of the Board. If the net asset value of the
Company’s Continuing Ordinary shares is more than £30 million, then the
Company would continue in operation.
In September 2024, the Company offered a Realisation Opportunity, giving
shareholders the option either to retain or to realise their investment in the
Company. Realisation elections were received in respect of 5.3% of shares in
issue at the time, and these shares were subsequently repurchased by the
Company. There are currently no Realisation shares in issue.
It is expected that the next Realisation Opportunity will be offered to
shareholders in 2027. The Board intends to put forward tailored proposals in
relation to each Realisation Opportunity to ensure it can be delivered
efficiently and in accordance with the best interests of the Company, at the
relevant point in time.
Interim Management Report
Principal Risks and Uncertainties
A review of the half year and the outlook for the Company can be found in the
Chairman’s Statement and in the Investment Manager’s Review. The principal
risks and uncertainties facing the Company fall into the following broad
categories: investment risks (including market and discount risk, cash,
interest rate, other price, currency, liquidity and credit risk), strategic
and business risks (including the Company’s business objectives and
strategy, key person risk, company duration risk, global risk and ongoing
charges risk), operational risks (in particular service provider risk) and
legal, regulatory and tax risks (including ESG and climate change risk and UK
legal and regulatory risk). These principal risks and uncertainties and
emerging risks were explained in detail on pages 21 to 25 in the Annual Report
for the year ended 30 April 2025 and have not changed materially during the
six months ended 31 October 2025.
Related Parties Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place, which have materially affected the
financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company’s investment objective,
risk management policies, capital management policies and procedures, the
nature of the portfolio and expenditure projections, that the Company has
adequate resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future and, more specifically, that there are no material uncertainties
pertaining to the Company that would prevent its ability to continue in such
operational existence for at least twelve months from the date of the approval
of this Half-Yearly Report. For these reasons, the Directors consider there is
reasonable evidence to continue to adopt the going concern basis in preparing
the Half-Yearly Report.
Directors Responsibility Statement
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained
within the Half-Yearly Report has been prepared in accordance with United
Kingdom Generally Accepted Accounting Principles (“UK
GAAP”) including Financial Reporting Standard 104 (Interim Financial
Reporting);
(ii) The Half-Yearly Report and condensed financial
statements give a true and fair view of the assets, liabilities, financial
position and return of the Company as at 31 October 2025 as required by the UK
Listing Authority Disclosure Guidance and Transparency Rules (DTR) 4.2.4R; and
(iii) The Interim Management Report includes a fair
review of the information required by:
(a) DTR 4.2.7R, being an indication of important events
that have occurred during the first six months of the financial year and their
impact on the condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of the
financial year ending 30 April 2026; and
(b) DTR 4.2.8R, being related party transactions that
have taken place in the first six months of the current financial year and
that have materially affected the financial position or performance of the
entity during that period; and any changes in the related party transactions
described in the last annual report that could do so.
The Half-Yearly Report has not been reviewed or audited by the Company’s
auditor.
This Half-Yearly Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
For and on behalf of the Board of Directors
Richard Davidson
Chairman
16 December 2025
Condensed Income Statement
Six months to Six months to
31 October 2025 31 October 2024
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Gains/(losses) on investments – 10,075 10,075 – (671) (671)
Income 4 1,188 – 1,188 1,256 – 1,256
Investment management fee (158) – (158) (248) – (248)
Other expenses (398) – (398) (451) – (451)
Return before finance costs and taxation 632 10,075 10,707 557 (671) (114)
Finance costs (316) – (316) (321) – (321)
Return before taxation 316 10,075 10,391 236 (671) (435)
Taxation – – – – – –
Return after taxation 316 10,075 10,391 236 (671) (435)
Return per Ordinary share (pence) 1.7 53.8 55.5 1.1 (3.0) (1.9)
The Total column of this statement is the Income Statement of the Company. The
supplementary revenue and capital columns have been prepared in accordance
with guidance issued by the AIC.
All revenue and capital items in the above statement derive from continuing
operations. There are no recognised gains or losses other than those passing
through the Income Statement and therefore no Statement of Total Comprehensive
Income has been presented.
The notes form an integral part of these financial statements.
Condensed Statement of Changes in Equity
Called up Capital Share
share redemption premium Capital Revenue
capital reserve account reserve reserve Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Six months to
31 October 2025 (Unaudited)
Balance at 30 April 2025 192 162 29,088 35,313 1,162 65,917
Buyback of shares for cancellation (13) 13 – (4,770) – (4,770)
Return for the period – – – 10,075 316 10,391
Balance at 31 October 2025 179 175 29,088 40,618 1,478 71,538
Six months to 31 October
2024 (Unaudited)
Balance at 30 April 2024 225 129 29,088 51,320 952 81,714
Buyback of shares for cancellation (18) 18 – (6,605) – (6,605)
Dividends paid 6 – – – – (127) (127)
Return for the period – – – (671) 236 (435)
Balance at 31 October 2024 207 147 29,088 44,044 1,061 74,547
The notes form an integral part of these financial statements.
Condensed Statement of Financial Position
As at As at
31 October 2025 30 April 2025
(unaudited) (audited)
Note £’000 £’000
Non-current assets
Investments 5 79,445 68,867
Current assets
Debtors 252 892
Cash 2,861 7,843
3,113 8,735
Creditors: amounts falling due within one year
Current liabilities
Creditors (11,020) (11,685)
– (11,685)
Net current liabilities (7,907) (2,950)
Net assets 71,538 65,917
Share capital and reserves:
Share capital 179 192
Share premium account 29,088 29,088
Capital redemption reserve 175 162
Capital reserve 40,618 35,313
Revenue reserve 1,478 1,162
Total shareholders’ funds 71,538 65,917
Net asset value per Ordinary share (pence) 398.4 342.5
Number of shares in issue 17,956,542 19,246,377
The notes form an integral part of these financial statements.
Condensed Statement of Cash Flow
Six months to Six months to
31 October 2025 31 October 2024
(unaudited) (unaudited)
£’000 £’000
Net cash inflow from operating activities 562 1,198
Investing activities
Purchases of investments (40,332) (17,216)
Sales of investments 39,808 19,504
Net cash (outflow)/inflow from investing activities (524) 2,288
Financing activities
Buyback of shares for cancellation (4,770) (6,605)
Revolving credit facility drawdown – 5,000
Dividends paid – (127)
Finance costs paid (227) (122)
Net cash outflow from financing activities (4,997) (1,854)
(Decrease)/increase in cash (4,959) 1,632
Reconciliation of net cash flow movement in funds:
Cash at beginning of period 7,843 2,365
Exchange rate movements (23) (3)
(Decrease)/increase in cash (4,959) 1,632
Increase/(decrease) in net cash (4,982) 1,629
Cash at end of period 2,861 3,994
The notes form an integral part of these financial statements.
Notes to the Condensed Interim Financial Statements
For the six months ended 31 October 2025
1 Accounting policies
These condensed financial statements have been prepared on a going concern
basis in accordance with the Disclosure Guidance and Transparency Rules of the
Financial Conduct Authority, FRS 104 ‘Interim Financial Reporting’, the
Statement of Recommended Practice ‘Financial Statements of Investment Trust
Companies and Venture Capital Trusts’ updated in July 2022 and using the
same accounting policies as set out in the Company’s Annual Report for the
year ended 30 April 2025.
2 Financial statements
The condensed financial statements contained in this interim financial report
do not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The financial information for the six months to 31 October
2025 and 31 October 2024 has not been audited or reviewed by the Company’s
external auditors.
The information for the year ended 30 April 2025 has been extracted from the
latest published audited financial statements. Those statutory financial
statements have been filed with the Registrar of Companies and included the
report of the auditors, which was unqualified and did not contain a statement
under Sections 498(2) or (3) of the Companies Act 2006.
3 Going concern
After making enquiries, and having reviewed the investments, Statement of
Financial Position and projected income and expenditure for the next 12
months, the Directors have a reasonable expectation that the Company has
adequate resources to continue in operation for the foreseeable future. The
Directors have therefore adopted the going concern basis in preparing these
financial statements.
4 Income
Six months to Six months to
31 October 2025 31 October 2024
(unaudited) (unaudited)
£’000 £’000
Income from investments:
UK dividend income 646 655
Non UK dividend income 426 571
Property income dividends 97 16
Total income from investments 1,169 1,242
Bank interest 19 14
Total income 1,188 1,256
5 Fair value hierarchy
The methods of fair value measurement are classified into a hierarchy based on
reliability of the information used to determine the valuation.
Classification Input
Level 1 Quoted prices in an active market.
Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data), either directly or indirectly.
Level 3 Inputs are unobservable (i.e. for which market data is unavailable).
The table below sets out the Company’s fair value hierarchy of investments.
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
As at 31 October 2025 (unaudited)
Investment – Equities 78,759 – 686 79,445
Total 78,759 – 686 79,445
As at 30 April 2025 (audited)
Investment – Equities 68,265 – 602 68,867
Total 68,265 – 602 68,867
6 Dividends
No dividend relating to the year ended 30 April 2025 was paid during the six
months ended 31 October 2025 (2024: 0.6p per ordinary
share which was paid during the six months ended 31
October 2024).
Glossary of Terms and Alternative Performance Measures (“APMs”)
Adjusted Market Capitalisation
The average of the mid market prices for an Ordinary share as derived from the
Daily Official List of the London Stock Exchange on each business day in the
relevant calendar month multiplied by the number of Ordinary Shares in issue
on the last business day of the relevant calendar month, adjusted by adding
the amount per Ordinary Share of all dividends declared in respect of which
Ordinary Shares have gone “ex div” in the relevant calendar month,
excluding any Ordinary Shares held in treasury.
Alternative Performance Measures
Alternative Performance Measures (‘APMs’) are numerical measures of
current, historical or future financial performance, financial position or
cash flow that are not GAAP measures. APM’s are intended to supplement the
information in the financial statements providing useful industry -
specific information that can assist shareholders to better understand
the performance of the Company.
Discount/Premium (APM)
A description of the difference between the share price and the net asset
value per share. The size of the discount or premium is calculated by
subtracting the share price from the net asset value per share and is usually
expressed as a percentage (%) of the net asset value per share. If the share
price is higher than the net asset value per share, the shares are trading at
a premium. If the share price is lower than the net asset value per share, the
shares are trading at a discount.
As at As at
31 October 30 April
2025 2025
Closing NAV per share (p) 398.4 342.5
Closing share price (p) 380.5 327.0
Discount (4.5)% (4.5)%
Gearing (APM)
Gearing amplifies the impact of gains or losses on the net asset value of the
Company. It can be positive for a company’s performance, although it can
have negative effects on performance when underlying assets fall in value. It
is the Company’s policy to determine the adequate level of gearing
appropriate to its own risk profile.
Gearing is calculated in accordance with guidance from the AIC as follows
The amount of borrowings as a proportion of net assets, expressed as a
percentage.
As at As at
31 October 30 April
2025 2025
Total borrowings 10,000 10,000
Total net assets 71,538 65,917
Gearing 14.0% 15.2%
Net Asset Value per share (“NAV”) (APM)
The NAV is shareholders’ funds expressed as an amount per individual share.
Shareholders’ funds are the total value of all the Company’s assets, at
current market value, having deducted all liabilities and prior charges at
their par value (or at their asset value).
Ongoing Charges (APM)
Ongoing charges are calculated by taking the Company’s annualised revenue
and capitalised expenses (excluding finance costs and certain non-recurring
items) expressed as a percentage of the average monthly net assets of the
Company during the year.
Six months to Year to
31 October 30 April
2025 2025
£’000 £’000
Total expenses per Income Statement 556 1,318
Less non-recurring expenses (15) (37)
Total expenses – annualised 1,082 1,281
Average net assets 71,537 76,098
Ongoing charges ratio 1.5% 1.7%
The ongoing charges percentage reflects the costs incurred directly by the
Company which are associated with the management of a static investment
portfolio. Consistent with AIC Guidance, the ongoing charges percentage
excludes non-recurring items.
Total Returns (APM)
The combined effect of any dividends paid, together with the rise or fall in
the share price or NAV. Total return statistics enable the investor to make
performance comparisons between trusts with different dividend policies. Any
dividends (after tax) received by a shareholder are assumed to have been
reinvested in either additional shares of the trust at the time the shares go
ex-dividend (the share price total return) or in the assets of the trust at
its NAV per share (the NAV total return).
Net Asset Value (“NAV”) Total Return (APM)
Six months to One year to Five years to
31 October 31 October 31 October
2025 2025 2025
Closing NAV per share (p) 398.4 398.4 398.4
Dividends reinvested (p) 0.0 0.0 4.0
Dividend adjusted closing NAV per share (p) 398.4 398.4 402.4
Opening NAV per share (p) 342.5 360.1 256.5
Dividend adjusted NAV per share returns 16.3% 10.6% 56.9%
Share Price Total Return (APM)
Six months to One year to Five years to
31 October 31 October 31 October
2025 2025 2025
Closing share price (p) 380.5 380.5 380.5
Dividends reinvested (p) 0.0 0.0 4.0
Dividend adjusted closing share price (p) 380.5 380.5 384.5
Opening share price (p) 327.0 355.0 247.0
Dividend adjusted share returns 16.4% 7.2% 55.7%
NAV Volatility (APM)
Volatility is related to the degree to which NAVs or prices differ from their
mean (the standard deviation). Volatility is calculated by taking the daily
NAV or closing prices over the relevant year and calculating the standard
deviation of those prices. The daily standard deviation is then multiplied by
an annualisation factor being the square root of the number of the trading
days in the year.
Six months to Year ended
31 October 30 April
2025 2025
£’000 £’000
Standard deviation of daily NAV (A) 0.3% 0.6%
Number of trading days 129 253
Square root of the number of trading days (B) 11.4 15.9
Annualised volatility (A*B) 3.4% 8.9%
Shareholder Information
Share Dealing
Shares can be traded through a stockbroker or other authorised intermediary.
The Company’s Ordinary shares are traded on the London Stock Exchange. The
Company’s shares are fully qualifying investments for Individual Savings
Accounts (“ISAs”).
Share Register Enquiries
The register for the Company’s ordinary shares is maintained by
Computershare Investor Services PLC. If you would like to notify a change of
name or address, please contact the registrar in writing to Computershare
Investor Services PLC, the Pavilions, Bridgwater Road, Bristol BS99 6ZZ.
With queries in respect of your shareholdings, please contact Computershare on
0370 889 3231 (lines are open from 8.30 am to 5.30 pm, UK time, Monday to
Friday). Alternatively, you can email WebCorres@computershare.co.uk or contact
the Registrar via www.investorcentre.co.uk.
Share Capital and Net Asset Value Information
Ordinary 1p shares 17,956,542 as at 31 October 2025
SEDOL number 3436594
ISIN number GB0034365949
Bloomberg symbol MIGO
The Company releases its net asset value per Ordinary share to the London
Stock Exchange daily.
Annual and Half-Yearly Reports
Copies of the Annual Reports are available from the Company Secretary and on
the Company’s website, www.migoplc.co.uk. Copies of the Half -
Yearly Reports are only available on the Company’s website.
AIFM and Investment Manager: Asset Value Investors Limited
The Company’s Alternative Investment Fund Manager (“AIFM”) and
Investment Manager is Asset Value Investors Limited (“AVI”) which was
appointed with effect from close of business on 15
December 2023. AVI is an experienced manager of investment trusts with assets
under management (including debt) of over £1.8 billion as at 31 January 2025,
deep sector expertise and supportive analyst resource.
Investor updates in the form of monthly factsheets are available from the
Company’s website, www.migoplc.co.uk
Association of Investment Companies
The Company is a member of the Association of Investment Companies.
Legal Entity Identifier
21380075RRMI7D4NQS20
Directors and Advisers
Directors (all non-executive)
Richard Davidson (Chairman of the Board and the Management Engagement
Committee)
Caroline Gulliver (Chair of the Audit Committee and Senior Independent
Director)
Lucy Costa Duarte
Ian Henderson
Registered Office
25 Southampton Buildings
London WC2A 1AL
Company Secretary, and Administration
Frostrow Capital LLP
25 Southampton Buildings
London WC2A 1AL
Telephone: 0203 008 4910
Website: www.frostrow.com
Email: info@frostrow.com
AIFM and Investment Manager
Asset Value Investors Limited
2 Cavendish Square
London W1G 0PU
Website: www.assetvalueinvestors.com
Stockbroker
Deutsche Bank AG, London Branch
(trading for these purposes as Deutsche Numis)
45 Gresham Street
London EC2V 7BF
Registrar
Computershare Investor Services PLC
The Pavilions
Bridgewater Road
Bristol BS99 6ZZ
United Kingdom
Telephone: (0) 370 889 3231**
Email: WebCorres@computershare.co.uk
Website: www.investorcentre.co.uk
Please contact the Registrars if you have a query about a certificated holding
in the Company’s shares.
** Calls are charged at the standard geographic rate and
will vary by provider. Calls outside the United Kingdom will be charged at the
applicable international rate. Lines are open between 8.30am to 5.30pm, Monday
to Friday excluding public holidays in England and Wales.
Depositary
JP Morgan Europe Limited
25 Bank Street
London E14 5JP
Custodian
JP Morgan Chase Bank, N.A., London Branch
25 Bank Street
London E14 5JP
Independent Auditors
PricewaterhouseCoopers LLP
7 More London
Riverside
London SE1 2RT
A member of the Association of Investment Companies
MIGO Opportunities Trust plc
An investment company as defined under Section 833 of the Companies Act 2006
Registered in England and Wales No. 05020752
END
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this
announcement
(or any
other
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