REG-New Star Investment Trust PLC Half-year Financial Report
20/03/2026 07:02
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New Star Investment Trust PLC (NSI)
Half-year Financial Report
20-March-2026 / 07:00 GMT/BST
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NEW STAR INVESTMENT TRUST PLC
This announcement constitutes regulated information.
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31st DECEMBER 2025
INVESTMENT OBJECTIVE
The Company’s objective is to achieve total return through capital growth
and income.
FINANCIAL HIGHLIGHTS
31st December 30th June %
2025
2025 Change
PERFORMANCE
Net assets (£ ‘000) 130,889 121,140 8.05
Net asset value per Ordinary 184.29p 170.56p 8.05
share
Mid-market price per Ordinary 124.00p 110.00p 12.7
share
Discount of price to net asset 32.71% 35.5%
value
Six months ended Six months ended
31st December 2025 31st December 2024
Total Return* 9.13% 0.41%
IA Mixed Investment 40-85% 8.79% 2.89%
Shares (total return)
MSCI AC World Index (total 13.46% 6.76%
return, sterling adjusted)
MSCI UK Index (total return) 13.79% 1.64%
Six months ended Six months ended
31st December 31st December
2025 2024
REVENUE
Return (£’000) 1,638 1,801
Return per Ordinary share 2.31p 2.54p
Proposed dividend per Ordinary share 1.70p 1.70p
Dividend paid per Ordinary share 1.85p 1.70p
TOTAL RETURN*
Return (£’000) 11,062 689
Net assets (dividend and B Share issue 9.13% 0.41%
added back)
Net assets 8.05% (12.84)%
* The total return figure for the Company represents the revenue and capital
return shown in the Statement of Comprehensive Income before dividends
paid. The 2024 percentages are before B Share redemption payment and after
deducting B Share issue costs, as a percentage of opening net assets. The
total return performance basis is the industry standard and is considered a
more appropriate measure than just the revenue return. This is an
alternative performance measure.
INTERIM REPORT
CHAIRMAN’S STATEMENT
PERFORMANCE
Your Company generated a total return of 9.13% over the six months to 31st
December 2025, taking the net asset value (NAV) per ordinary share to
184.29p. By comparison, the Investment Association’s Mixed Investment 40-85%
Shares Index gained 8.79%. The MSCI AC World Total Return Index gained
13.46% in sterling while the MSCI UK Total Return Index rose 13.79%. Over
the period, UK government bonds returned 2.45%. Further information is
provided in the investment manager’s report.
Your Company made a revenue profit for the six months of £1,638,000 (2024:
£1,801,000).
GEARING AND DIVIDENDS
Your Company has no borrowings. It ended the period under review with cash
representing 11.50% of its NAV and is likely to maintain a significant cash
position. In respect of the six months to 31st December 2025, your Directors
have declared an interim dividend of 1.70p per share (2024: 1.70p).
DISCOUNT
Your Company’s shares continued to trade at a significant discount to their
NAV during the period under review. The Board keeps this issue under review.
OUTLOOK
Equities fell and some safe haven assets rose as US-led air strikes against
Iran triggering a war in the Middle East. Over the longer term, however,
equity market prospects appear positive although highly valued US stocks
appear less attractive than equities in Europe and emerging markets. Middle
East conflict and US tariff and immigration policies may result in inflation
remaining higher for longer, affecting some lower-risk assets. Selected
areas of the bond markets, cash deposits and lower risk multi-asset funds
offer income and diversification should equities retreat.
NET ASSET VALUE
Your Company’s unaudited NAV at 28th February 2026 was 195.52p.
Geoffrey Howard-Spink
Chairman
19th March 2026
INVESTMENT MANAGER’S REPORT
MARKET REVIEW
The Federal Reserve cut its policy interest rate from a range of 4.25-4.5%
to 3.5-3.75% over the six months to 31 December 2025 despite US inflation
rising from 2.70% to 3.00%,before falling back. The Fed eased policy in
response to weaker jobs data but the pace of cuts was slower than in
previous rate cutting cycles because of the inflation uptick and
expectations that President Trump’s tariffs and immigration restrictions
would increase inflationary pressures. The President’s call for interest
rate cuts provoked fears that political pressure would compromise Fed
independence.
Donald Trump’s April 2025 tariff rises caused nervousness but subsequent
talks led to less punitive rates for most trading partners. Tariffs
constrain trade but may ensure greater US economic security as companies
shift to making components locally. In February 2026, the Supreme Court
ruled Trump’s tariff measures illegal but Trump said he would impose tariffs
by another route.
UK consumer price inflation rose from 3.6% to 3.8% before falling to 3.0% in
January 2026. The Bank of England cut its Bank Rate from 4.25% to 3.75%
because of faltering economic growth and rising unemployment. The European
Central Bank held its policy rate as eurozone inflation remained at or
marginally above its 2% target.
Bonds rose in response to monetary easing. Within the bond markets,
corporate bonds appeared fully valued relative to government bonds, with
credit spreads close to historically low levels, offering investors little
compensation for taking credit risk. Andrew Bailey, the Bank of England
governor, raised concerns about opaque private credit markets as two
companies backed by US private credit filed for bankruptcy.
The dollar rose 1.88% against the pound but prior weakness supported
developing economy markets overall. Chinese economic growth slowed from 5.2%
in the second quarter of 2025 to 4.5% in the fourth quarter, partly due to
punitive US tariffs. Near zero inflation and weakness in China’s
over-indebted property market contributed to rising household deposits and
low consumer confidence. Previous cuts to the reserve ratio requirements
that govern bank lending failed to buoy the economy and more stimulus is
expected.
Shortly after the period end, US forces seized Venezuela’s president,
Nicolas Maduro, and President Trump said America would take control of the
country’s oil reserves, the world’s largest, and invest in infrastructure to
increase production, potentially reducing the oil price. In the longer term,
lower oil prices could boost global growth and lower inflation, but it may
take years for production to ramp up after decades of under-investment.
PORTFOLIO REVIEW
Your Company’s net asset value rose 9.13% over the six months to 31 December
2025. By comparison, the Investment Association (IA) Mixed Investment 40-85%
Shares sector, a peer group of multi-asset funds with allocations to
equities in the 40-85% range, rose 8.79%. The MSCI AC World Index returned
13.46% in sterling while global bonds returned 2.73% and UK government bonds
returned 2.45%.
US equities marginally underperformed, rising 13.08% in sterling, but
technology stocks outperformed, up 20.05% in response to investor enthusiasm
for artificial intelligence (AI). Polar Capital Global Technology, your
Company’s largest investment, accounting for 6.82% of its net assets at the
start of the period, did even better, rising 36.66%. Polar Capital Global
Technology has focused on the enablers and beneficiaries of AI such as
semiconductor manufacturers rather than the so-called “magnificent seven”
major US technology companies. US software stocks account for less than 10%
of the Polar Capital portfolio because AI may commoditise software code and
produce alternative ways of managing and accessing data.
Equities in emerging markets and Asia excluding Japan also outperformed,
rising 18.44% and 18.07% respectively in sterling. Some developing economies
have higher economic growth rates, lower levels of public sector
indebtedness and more favourable demographics than developed countries.
Their equity markets were trading on lower valuations and offering higher
dividend yields than many developed markets over the period yet some of the
world’s largest technology hardware companies are located in the developing
world such as Taiwan Semiconductor Manufacturing Company (TSMC), the
global market leader. In South Korea, SK Hynix and Samsung Electronics
are the world’s leading manufacturers of memory. These businesses benefit
from vast capital investment in datacentres and produce high-end products
required for AI.
Your Company’s bias towards Asia ex-Japan and emerging market funds with
income mandates contributed to its ability to pay a reasonable dividend.
Within the portfolio, two investment trusts, Schroder Oriental Income and JP
Morgan Global Emerging Markets Income, rose 21.40% and 20.01% respectively.
Investment trusts may typically invest up to 15% of their assets in a single
stock whereas many open-ended funds are restricted to 10%. At the period
end, Schroder Oriental Income had 13.6% of its assets in TSMC, which
accounts for more than 10% of some Asian and emerging market equity indices.
Investment trusts may also increase their portfolio size through borrowing,
and the two trusts had borrowings of about 4% of net assets at 31 December,
showing their confidence in market prospects. JP Morgan Emerging Markets
Income, Schroder Asian Income Maximiser and Prusik Asian Equity Income
underperformed, however, rising 15.97%, 15.47% and 14.97% respectively.
Indian equities were conspicuously weak, falling 0.28% in sterling as
investors sought more lowly-valued opportunities elsewhere, and Stewart
Investors Indian Subcontinent, one of the portfolio’s largest investments at
the start of the period, did even worse, falling 8.88%. Cusana Emerging
Markets Equity also suffered from its holdings in smaller Indian stocks,
rising only 7.24%.
Vietnam Enterprise Investments rose 30.83% but lagged the local market,
which gained 47.93% in sterling. Your Company participated in a tender offer
through which the investment trust bought back 10% of its shares at a narrow
discount to net asset value.
Two more tender offers will be made during 2026, each for up to 10% of the
shares. The investment case for Vietnam remains strong because its economy
is growing rapidly while the government’s fiscal policies have resulted in
relatively low inflation and low foreign indebtedness.
UK equities marginally outperformed, rising 13.79% as investors returned to
a market trading on a lower valuation and with a higher dividend yield than
many overseas markets. The London stock market has heavy weightings in such
sectors as financials, industrials, healthcare and consumer staples, which
include many globally diversified companies with little sensitivity to the
domestic economy. Smaller companies gained only 5.27%, however, in response
to lacklustre domestic conditions. Should equity markets weaken elsewhere,
the London market’s relatively high dividend yield and the diversification
provided by its sector weightings may prove defensive.
Within the portfolio, Man GLG Income gained 14.05% but two small-company
investments, Aberforth Geared Value & Income and Chelverton UK Equity
Income, fell 1.84% and 0.81% respectively. Equities in Europe excluding the
UK rose 11.32% in sterling. Your Company added Lightman European, which has
a value focus, to its Europe ex-UK holdings.
Your Company’s global investments produced mixed results. All the EF
Brompton Global funds outperformed their respective benchmarks, delivering
top quartile performance versus peers. Baillie Gifford Global Income Growth
lagged, however, returning just 1.75% as a result of its focus on quality
growth stocks, which were relatively weak. The holding was reduced in early
2026 to fund purchases elsewhere. Aquilus Inflection also lagged, falling
9.58% as a result of its bias towards growth stocks, particularly data and
software companies that came under pressure amid concerns about AI-driven
disruption, and its underweight position in cyclical sectors such as banks.
US monetary easing fuelled gains for global bonds. Within the portfolio,
Franklin Templeton Emerging Markets Bond benefitted from interest in
developing economy assets, rising 12.19%. Schroder Strategic Credit and the
sterling-hedged holding in the iShares Treasury Bond 7-10 years
exchange-traded fund also did relatively well, returning 3.88% and 3.26%
respectively.
The lower risk EF Brompton Global Conservative Fund, up 5.77% over the
period, and deposits in dollars, which strengthened 1.88% against the pound,
and sterling provided diversification.
OUTLOOK
In March 2026, US-led air strikes against Iran led to war in the Middle
East. Markets responded to heightened risk in typical fashion as equities
fell and some safe-haven assets rose. There are grounds, however, to remain
positive on the prospects for equities overall despite the uncertainty
although equities on lower valuations in Europe and emerging markets look
more attractive than highly valued US stocks. Inflation may prove stubborn
because of President Trump’s tariff and immigration policies and a higher
oil price in the wake of the US-Iran war. This may mean the pace of Federal
Reserve monetary easing will be slower than expected. Your Company’s
investments in bond funds, dollar and sterling cash and low risk multi-asset
funds provide diversification and may prove defensive at times of equity
market falls.
Brompton Asset Management Limited
19th March 2026
DIRECTORS’ REPORT
PERFORMANCE
In the six months to 31st December 2025 the total return per Ordinary share
was 9.13% (2024: 0.41% before the 2024 return of capital). The NAV per
Ordinary share increased to 184.29p, whilst the share price increased to
124.00p. The increase in the NAV per Ordinary share was due primarily to
overweight positions in the United Kingdom, Europe and Emerging Markets and
being underweight in US software (see the Investment Manager’s report). The
total return compares to an increase of 8.79% in the IA Mixed Investment
40-85% Shares Index.
The Company made a revenue profit for the six months of £1,638,000 (2024:
£1,801,000). Costs rose slightly as a result of some non-recurring legal
costs, but income decreased by £116,000 following the £17 million reduction
in assets arising from the previous year’s B Share redemption. Interest
income fell by £37,000 as both interest rates and the level of deposits
fell.
The management fee charged directly by Brompton is allocated to the capital
account.
DIVIDEND
The Directors have declared an interim dividend of 1.70p per Ordinary share
in respect of the six months ended 31st December 2025 (2024: 1.70p). The
dividend will be paid on 29th April 2026 to shareholders on the register at
the close of business on 7th April 2026 (ex-dividend 2nd April 2026).
INVESTMENT OBJECTIVE
The Company’s investment objective is to achieve total return through
capital growth and income.
INVESTMENT POLICY
The Company’s investment policy is to allocate assets to global investment
opportunities through investment in equity, bond, commodity, real estate,
currency and other markets.
The Company’s assets may have significant weightings to any one asset class
or market, including cash.
The Company will invest in pooled investment vehicles, exchange traded
funds, futures, options, limited partnerships and direct investments in
relevant markets. The Company may invest up to 15% of its net assets in
direct investments in relevant markets.
The Company will not follow any index with reference to asset classes,
countries, sectors or stocks. Aggregate asset class exposure to any one of
the United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or
Emerging Markets and to any individual industry sector will be limited to
50% of the Company’s net assets, such values being assessed at the time
of investment and for funds by reference to their published investment
policy or, where appropriate, their underlying investment exposure.
The Company may invest up to 20% of its net assets in unlisted securities
(excluding unquoted pooled investment vehicles), such values being assessed
at the time of investment.
The Company will not invest more than 15% of its net assets in any single
investment, such values being assessed at the time of investment.
Derivative instruments and forward foreign exchange contracts may be used
for the purposes of efficient portfolio management and currency hedging.
Derivatives may also be used outside of efficient portfolio management to
meet the Company’s investment objective. The Company may take outright short
positions in relation to up to 30% of its net assets, with a limit on short
sales of individual stocks of up to 5% of its net assets, such values being
assessed at the time of investment.
The Company may borrow up to 30% of net assets for short-term funding or
long-term investment purposes.
No more than 10%, in aggregate, of the value of the Company’s total assets
may be invested in other closed-ended investment funds except where such
funds have themselves published investment policies to invest no more than
15% of their total assets in other listed closed-ended investment funds.
SHARE CAPITAL
The Company’s share capital comprises 305,000,000 Ordinary shares of 1p
each, of which 71,023,695 (2024: 71,023,695) have been issued and fully
paid. No Ordinary shares are held in treasury, and none were bought back or
issued during the six months ending 31st December 2025.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks identified by the Board, and the steps the Board takes
to mitigate them, are discussed below. The Audit and Risk Committee reviews
existing and emerging risks on a six-monthly basis. The Board has closely
monitored the societal, economic and market focused implications of recent
events.
Investment strategy: Inappropriate long-term strategy, asset allocation and
fund selection could lead to underperformance. The Board discusses
investment performance at each of its meetings and the Directors receive
reports detailing asset allocation, investment selection and performance.
Business conditions and general economy: The Company’s future performance is
heavily dependent on the performance of different equity and currency
markets. The Board cannot mitigate the risks arising from adverse market
movements. However, diversification within the portfolio will reduce the
impact. Further information is given in portfolio risks below.
Macro-economic event risk: The scale and potential adverse impact of a
macro-economic event, such as a pandemic and the outbreak of localised wars
has highlighted the possibility of a number of identified risks such as
market risk, currency risk, investment liquidity risk and operational risk
having an adverse impact at the same time. The risk may impact on the value
of the Company’s investment portfolio, its liquidity, meaning investments
cannot be realised quickly, or the Company’s ability to operate if the
Company’s suppliers face financial or operational difficulties. The
Directors closely monitor these areas and currently maintain a significant
cash balance.
Portfolio risks - market price, foreign currency and interest rate risks:
The largest investments are listed above. Investment returns will be
influenced by interest rates, inflation, investor sentiment,
availability/cost of credit and general economic and market conditions in
the UK and globally. A significant proportion of the portfolio is in
investments denominated in foreign currencies and movements in exchange
rates could significantly affect their sterling value. The Investment
Manager takes all these factors into account when making investment
decisions, but the Company does not normally hedge against foreign currency
movements. The Board’s policy is to hold a spread of investments to reduce
the impact of the risks arising from the above factors, investing in a
spread of asset classes and geographic regions.
Net asset value discount: The discount in the price at which the Company’s
shares trade to net asset value means that shareholders cannot realise the
real underlying value of their investment. For a number of years, the
Company’s share price has been at a significant discount to the Company’s
net asset value. The Directors regularly review the level of discount,
however given the investor base of the Company, the Board is very restricted
in its ability to influence the discount to net asset value.
Investment Manager: The quality of the team employed by the Investment
Manager is an important factor in delivering good performance and the loss
of key staff could adversely affect returns. A representative of the
Investment Manager attends each Board meeting and the Board is informed if
any major changes to the investment team employed by the Investment Manager
are proposed. The Investment Manager regularly informs the Board of
developments and any key implications for either the investment strategy or
the investment portfolio.
Tax and regulatory risks: A breach of The Investment Trust (Approved
Company) (Tax) Regulations 2011 (the ‘Regulations’) could lead to capital
gains realised within the portfolio becoming subject to UK capital gains
tax. A breach could occur as a result of factors outside the Board’s
control. A breach of the FCA Listing Rules could result in suspension of
the Company’s shares, while a breach of company law could lead to criminal
proceedings, financial and/or reputational damage. The Board employs
Brompton Asset Management Limited as Investment Manager, and Apex Fund
Administration Services (UK) Ltd as Secretary and Administrator, to help
manage the Company’s legal and regulatory obligations.
Operational: Disruption to, or failure of, the Investment Manager’s or
Administrator’s accounting, dealing or payment systems, or the Custodian’s
records, could prevent the accurate reporting and monitoring of the
Company’s financial position. The Company is also exposed to the operational
risk that one or more of its suppliers may not provide the required level of
service. The Board monitors its major service providers, with an emphasis on
their business interruption procedures.
The Directors confirm that they have carried out a robust assessment of the
risks and emerging risks facing the Company, including those that would
threaten its business model, future performance, solvency and liquidity.
INVESTMENT MANAGEMENT ARRANGEMENTS AND RELATED PARTY TRANSACTIONS
In common with most investment trusts the Company does not have any
executive directors or employees. The day-to-day management and
administration of the Company, including investment management, accounting
and company secretarial matters, and custodian arrangements are delegated to
specialist third party service providers.
Details of related party transactions are contained in the Annual Report.
There have been no unusual material transactions with related parties during
the period which have had a significant impact on the performance of the
Company.
GOING CONCERN AND VIABILITY
The Directors believe that it is appropriate to continue to adopt the going
concern basis in preparing the interim report as the assets of the Company
consist mainly of securities that are readily realisable or cash and bank
deposits and it has no significant liabilities and limited financial
commitments. Investment income has exceeded annual expenditure and current
liquid net assets cover current annual expenses for several years.
Accordingly, the Board is of the opinion that the Company has adequate
financial resources to continue in operational existence for the foreseeable
future, which is considered to be in excess of five years. Five years is
considered a reasonable period for investors when making their investment
decisions. In reaching this view the Directors reviewed the anticipated
level of expenditure against the cash and liquid assets within the
portfolio. The Directors have also considered the risks the Company faces.
RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:
As disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with UK adopted international accounting standard.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting". The Chairman’s
statement, the Investment Manager’s report and the Directors’ report include
a fair review of important events that have occurred during the first six
months of the financial year and their impact on the financial statements.
The Chairman’s statement and the Investment Manager’s report include a fair
review of the potential risks and uncertainties for the remaining six months
of the year.
The Director’s report and note 9 to the interim financial report include a
fair review of the information concerning transactions with the investment
manager and changes since the last annual report.
By order of the Board
Apex Fund Administration Services (UK) Limited
19th March 2026
SCHEDULE OF TOP TWENTY INVESTMENTS at 31st December 2025
Purchases/ Market
Market Movement Market
Value at (Sales) Value at
30th 31st Dec % of
June 2025 Distributions Net
2025 Assets
£’000
£’000 £’000
£’000
Polar Capital
Global Technology
8,290 - 2,913 11,203 - 8.56
Man GLG UK Income 6,550 - 754 7,304 157 5.58
Fund
iShares Core S&P
500 UCITS ETF $
5,845 - 786 6,631 31 5.07
TM Redwheel
Global Equity
Income Fund 6,106 - 500 6,606 111 5.05
Baillie Gifford
Global Income
Growth 6,014 - 40 6,054 67 4.63
Vietnam
Enterprise
Investments 3,610 - 1,110 4,720 - 3.61
EF Brompton
Global Equity
Fund 3,767 - 463* 4,230 14 3.23
Aquilus 4,568 - (429) 4,139 - 3.16
Inflection
EF Brompton
Global
Conservative Fund 3,861 - 224* 4,085 66 3.12
Stewart Investors
Indian
Subcontinent 4,241 - (359) 3,882 - 2.97
FTF Clearbridge
Global
Infrastructure 3,655 - 209 3,864 99 2.95
Income Fund
MI Chelverton UK
Equity Income
Fund 3,990 - (204) 3,786 154 2.89
EF Brompton
Global
Adventurous Fund 3,391 - 394* 3,785 24 2.89
Schroder Asian
Income Maximiser
Fund 3,289 - 374 3,663 144 2.80
EF Brompton
Global Growth
Fund 3,195 - 356* 3,551 26 2.71
MI Brompton UK
Recovery Fund
3,100 - 392 3,492 43 2.67
WS Lightman - 3,000 201 3,201 - 2.45
European Fund
Schroder
Strategic Credit 3,106 - 24 3,130 92 2.39
Fund
iShares $
Treasury Bond
7-10yr UCITS ETF 2,980 - 33 3,013 66 2.30
Aberforth Geared
Value & Income
Trust 2,998 - (18) 2,980 159 2.28
82,556 3,000 7,763 93,319 1,253 71.30
Accumulate income - 206 (206) - - -
Balance not held
in investments
above 20,486 109 2,156 22,751 327 17.38
Total investments 103,042 3,315 9,713 116,070 1.580 88.68
Cash 18,220 (3,266) 95 15,049 304 11.50
Net Current (122) (118) - (230) - (0.18)
Liabilities
Net Assets 121,140 (59) 9,808 130,889 1,884 100.00
* Accumulated income included in
market movement
All of the above investments are investment funds with the exception of
Aberforth Geared Value and Income Trust and Vietnam Enterprise Investments
which are investment companies.
The investment portfolio, excluding cash, can be further analysed £’000
as follows:
Investment funds 88,981
Unquoted investments 3,521
Investment companies and exchange traded funds 22,901
Other quoted investments 667
116, 070
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31st December 2025 (unaudited)
Six months ended
31st December 2025
(unaudited)
Total
Revenue Return Capital Return
£ ‘000 Return
£ ‘000 £ ‘000
Notes
INCOME
Investment income 1,581 - 1,581
Other operating income 302 - 302
Total income 2 1,883 - 1,883
GAINS AND LOSSES ON INVESTMENTS
Gains/(losses) on investments at
fair value through profit or loss
5 - 9,713 9,713
Other exchange (losses)/gains - 95 95
- 9,808 9,808
EXPENSES
Management fees 3 - (384) (384)
Other expenses (245) - (245)
(245) (384) (629)
PROFIT/(LOSS) BEFORE FINANCE 1,638 9,424 11,062
COSTS AND TAX
Finance costs - - -
PROFIT/(LOSS) BEFORE TAX 1,638 9,424 11,062
Tax - - -
PROFIT/LOSS FOR THE PERIOD 1,638 9,424 11,062
EARNINGS PER SHARE
Ordinary shares 4 2.31p 13.27p 15.58p
The total return column of this statement represents the Group’s profit and
loss account, prepared in accordance with IFRS. The supplementary Revenue
Return and Capital Return columns are both prepared under guidance published
by the Association of Investment Companies. All items in the above statement
derive from continuing operations. No operations were acquired or
discontinued during the period.
All income is attributable to the equity holders of the Company. There are
no minority interests.
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31st December 2024 and the year ended 30th June
2025
Six months ended Year ended
31st December 2024 30th June 2025
(unaudited) (audited)
Revenue Capital Total Revenue Capital Total
Notes Return Return Return Return Return Return
£’000 £’000 £’000 £’000 £’000 £’000
INCOME
Investment income 1,662 - 1,662 2,693 - 2,693
Other operating income 337 - 337 705 - 705
Total income 2 1,999 - 1,999 3,398 - 3,398
GAINS AND LOSSES ON
INVESTMENTS
Gains/(losses) on
investments at fair
value through profit or 5 - (808) (808) - 1,115 1,115
loss
Other exchange - 70 70 - (529) (529)
gains/(losses)
Trail rebates - - - - 5 5
1,999 (738) 1,261 3,398 591 3,989
EXPENSES
Management fees 3 - (374) (374) - (742) (742)
Other expenses (198) - (198) (377) - (377)
(198) (374) (572) (377) (742) (1,119)
PROFIT/(LOSS) BEFORE 1,801 (1,112) 689 3,021 (151) 2,870
TAX
- - - - - -
Tax
PROFIT/(LOSS) FOR THE
PERIOD
1,801 (1,112) 689 3,021 (151) 2,870
EARNINGS PER SHARE
Ordinary shares 4 2.54p (1.56)p 0.98p 4.25p (0.21)p 4.04p
The total return column of this statement represents the Group’s profit and
loss account, prepared in accordance with IFRS. The supplementary Revenue
Return and Capital Return columns are both prepared under guidance published
by the Association of Investment Companies. All items in the above statement
derive from continuing operations. No operations were acquired or
discontinued during the periods.
All income is attributable to the equity holders of the parent company.
There are no minority interests.
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31st December 2025 (unaudited)
Share Share Special Capital Revenue
premium reserve Capital reserve reserve
capital redemption Total
reserve
£ ‘000 £ ‘000 £’000 £’000 £ ‘000
£ ‘000 £ ‘000
AT 30TH JUNE 2025 710 4,527 56,908 17,046 38,722 3,227 121,140
Total
comprehensive
income for the - - - - 9,424 1,638 11,062
period
Dividend paid - - - - - (1,313) (1,313)
AT 31ST DECEMBER 710 4,527 56,908 17,046 48,146 3,552 130,889
2025
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31st December 2024 (unaudited)
Share Share Special Capital Revenue
premium reserve Capital reserve reserve
capital redemption Total
reserve
£ ‘000 £ ‘000 £’000 £’000 £ ‘000
£ ‘000 £ ‘000
AT 30TH JUNE 710 21,573 56,908 - 56,049 2,621 137,861
2024
Total
comprehensive
income for - - - - (1,112) 1,801 689
the period
Dividend paid - - - - - (1,207) (1,207)
Issue of B 17,046 (17,046) - - - - -
Shares
B Share issue
costs - - - - (130) - (130)
Redemption of (17,046) - - 17,046 (17,046) - (17,046)
B Shares
AT 31ST 710 4,527 56,908 17,046 37,761 3,215 120,167
DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
for the year ended 30th June 2025 (audited)
Share Share Special Capital Revenue
premium reserve Capital reserve reserve
capital redemption Total
reserve
£ ‘000 £ ‘000 £’000 £’000 £ ‘000
£ ‘000 £ ‘000
AT 30TH JUNE 710 21,573 56,908 - 56,049 2,621 137,861
2024
Total
comprehensive
income for - - - - (151) 3,021 2,870
the period
Dividend paid - - - - - (2,415) (2,415)
Issue of B 17,046 (17,046) - - - - -
Shares
B Share issue - - - - (130) - (130)
costs
Redemption of (17,046) - - 17,046 (17,046) - (17,046)
B Shares
AT 30TH JUNE 710 4,527 56,908 17,046 38,722 3,227 121,140
2025
BALANCE SHEET
at 31st December 2025
31st December 30th June
31st December
2025 2025
Notes 2024 (unaudited)
(unaudited) (audited)
£ ‘000
£ ‘000 £ ‘000
NON-CURRENT ASSETS
Investments at fair value
through profit or loss
5 116,070 104,031 103,042
CURRENT ASSETS
Other receivables 88 161 203
Cash and cash equivalents 8,040 16,292 11,405
Other financial assets
(longer-term deposits)
7,009 - 6,815
15,137 16,453 18,423
TOTAL ASSETS 131,207 120,484 121,465
CURRENT LIABILITIES
Other payables (318) (317) (325)
TOTAL ASSETS LESS CURRENT
LIABILITIES
130,889 120,167 121,140
NET ASSETS 130,889 120,167 121,140
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS
Called-up share capital 710 710 710
Share premium 4,527 4,527 4,527
Special reserve 56,908 56,908 56,908
Capital redemption reserve 6 17,046 17,046 17,046
Capital reserve 7 48,146 37,761 38,722
Revenue reserve 3,552 3,215 3,227
TOTAL EQUITY 130,889 120,167 121,140
NET ASSET VALUE PER ORDINARY 8 184.29p 169.19p 170.56p
SHARE
The interim report was approved and authorised for issue by the Board on
19th March 2026.
CASH FLOW STATEMENT
for the six months ended 31st December 2025
Six months Six months Year
ended ended ended
31st December 31st December 30th June
2025 2024 2025
(unaudited) (unaudited) (audited)
£ ‘000 £ ‘000 £ ‘000
NET CASH INFLOW FROM OPERATING 1,168 1,719 1,500
ACTIVITIES
INVESTING ACTIVITIES
Purchase of investments (3,456) (720) (2,241)
Sale of investments 141 17,597 22,030
(3,315) 16,877 19,789
NET CASH (OUTFLOW)/INFLOW FROM
INVESTING ACTIVITIES
(2,147) 16,877 21,289
FINANCING ACTIVITIES
B Share issue redemption - (17,046) (17,046)
B Share issue costs - (130) (130)
Equity dividend paid (1,313) (1,207) (2,415)
NET CASH (OUTFLOW) / INFLOW FROM
FINANCING ACTIVITIES
(1,313) (18,383) (19,591)
INCREASE/( DECREASE) IN CASH (3,460) 213 1,698
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN CASH AND CASH EQUIVALENTS
(Decrease)/ Increase in cash resulting (3,460) 213 1,698
from cash flows
Exchange movements 95 70 (592)
Movement in net funds (3,365) 283 1,169
Net funds at start of period/year 11,405 16,009 10,236
CASH AND CASH EQUIVALENTS AT END OF 8,040 16,292 11,405
PERIOD/YEAR
RECONCILIATION OF PROFIT BEFORE
FINANCE COSTS AND TAXATION TO NET CASH
FLOW FROM OPERATING ACTIVITIES
Total return before finance costs and 11,062 689 2,870
taxation*
(Gains)/losses on investments (9,713) 808 (1,115)
Exchange movements (95) (70) 529
Capital trail rebates - - (5)
Net revenue gains before taxation 1,254 1,427 2,279
Decrease/(increase) in debtors 115 318 276
(Decrease)/increase in creditors (7) (26) (18)
(Increase) in Longer term deposits (194) - (1,042)
Capital trail rebates - - 5
NET CASH INFLOW FROM OPERATING 1,168 1,719 1,500
ACTIVITIES
* Includes dividends received in cash of £1,277,000 (30th June 2025:
£2,041,000) (2024: £1,315,000), accumulation income of £206,000 (30th June
2025: £269,000) (2024: £253,000) and interest received of £216,000 (30th
June 2025: £726,000) (2024: £805,000).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the six months ended 31st December 2025
1. ACCOUNTING POLICIES
The condensed interim financial statements comprise the unaudited results of
the Company for the six months ended 31st December 2025. The comparative
information for the six months ended 31st December 2024 and the year ended
30th June 2025 are a condensed set of accounts and do not constitute
statutory accounts under the Companies Act 2006. Full statutory accounts for
the year ended 30th June 2025 included an unqualified audit report, did not
contain any statements under section 498 of the Companies Act 2006, and have
been filed with the Registrar of Companies.
The half year financial statements have been prepared in accordance with
International Accounting Standard 34 ‘Interim Financial Reporting’, and are
presented in pounds sterling, as this is the Company’s functional currency.
The same accounting policies have been followed in the interim financial
statements as applied to the accounts for the year ended 30th June 2025,
which were prepared in accordance with IFRSs.
No segmental reporting is provided as the Company is engaged in a single
segment.
2. TOTAL INCOME
Year ended
Six months ended 31st 30th June
December 2025 Six months ended
31st December 2024 2025
£’000
£’000
£’000
Income from
Investments
UK net dividend 1,393 1,434 2,093
income
Unfranked investment 31 31 205
income
UK fixed interest 157 197 395
1,581 1,662 2,693
Other Income
Bank interest 302 337 705
302 337 705
Year ended
Six months ended 31st December 30th June
2025 Six months ended
31st December 2024 2025
£’000
£’000
£’000
Total income
comprises
Dividends 1,424 1,465 2,298
Interest income 459 534 1,100
1,883 1,999 3,398
3. MANAGEMENT FEES
Year ended
Six months ended 31st December 30th June
2025 Six months ended
31st December 2024 2025
£’000
£’000
£’000
Investment 384 374 742
management fee
384 374 742
The Investment Manager receives a management fee, payable quarterly in
arrears, equivalent to an annual 0.75 per cent of total assets after the
deduction of the value of any investments managed by the Investment Manager
or its associates (as defined in the investment management agreement).
4. RETURN PER ORDINARY SHARE
Six months ended Year ended 30th
31st December 2025 Six months ended June
31st December 2024
£’000 2025
£’000
£’000
Revenue return 1,638 1,801 3,021
Capital return 9,424 (1,112) (151)
Total return 11,062 689 2,870
Weighted average
number of Ordinary 71,023,695 71,023,695 71,023,695
shares
Revenue return per 2.31p 2.54p 4.25p
Ordinary share
Capital return per 13.27p (1.56)p (0.21)p
Ordinary share
Total return per 15.58p 0.98p 4.04p
Ordinary share
5. INVESTMENTS AT FAIR VALUE THROUGH PROFIT AND LOSS
At
At At
30th June
31st December 31st December
2025 2024 2025
£’000 £’000
£’000
COMPANY 116,070 104,031 103,042
ANALYSIS OF INVESTMENT
PORTFOLIO
Six months ended 31st
December 2025
Quoted* Total
Unquoted**
(level 1 and
2) (level 3)
£’000
£’000 £’000
Opening book cost 76,996 11,580 88,576
Opening investment holding 23,298 (8,832) 14,466
gains/(losses)
Opening valuation 100,294 2,748 103,042
Movement in period:
Purchases at cost 3,294 162 3,456
Sales
- Proceeds - (141) (141)
- Realised losses on sales - (3,324) (3,324)
Movement in investment 8,961 4,076 13,037
holding gains/(losses)
Closing valuation at 31st 112,549 3,521 116,070
December 2025
Closing book cost 80,290 8,277 88,567
Closing investment holding 32,259 (4,756) 27,503
gains/(losses)
Closing valuation 112,549 3,521 116,070
* Quoted investments include unit trust and OEIC funds totalling £87,971,000
(30th June 2025: £74,535,000) which are valued at quoted prices. Included
within quoted investments is one monthly valued investment fund of
£4,139,000 (30th June 2025 £4,568,000) (2024: £4,294,000).
** The Unquoted investments, representing 2.7% of the Company’s NAV, have
been valued in accordance with IPEVC valuation guidelines. Approximately
1.5% relates to two investments in private equity funds. The largest
investment (£1,420,000) is an illiquid private equity fund which has been
valued at Net Asset Value, based on fair value valuations. The second
largest unquoted investment amounting to £1,094,000 (30th June 2025:
£749,000) (2024: £1,215,000) is fair valued taking into consideration the
last transaction value. A 10% increase or decrease in the earnings of
either of these investments would not have a material impact on the
valuation of those investments.
Year
Six months Six months ended
ended ended
30th June
31st December 31st December
2025 2024 2025
£’000 £’000
£’000
ANALYSIS OF CAPITAL (LOSSES)/GAINS
Realised (losses)/gains on sales of (3,324) 7,404 8,266
investments
Increase/(decrease) in investment
holding gains
13,037 (8,212) (7,151)
9,713 (808) 1,115
6. CAPITAL REDEMPTION RESERVE
Year
ended
Six months ended Six months ended
30th June
31st December 2025 31st December 2024
2025
£’000 £’000
£’000
Capital redemption reserve 17,046 17,046 17,046
17,046 17,046 17,046
On 8th August 2024 the Company returned £17,046,000 to its shareholders by
way of a B share scheme. A bonus issue of one new B Share was made for each
Ordinary share which was then redeemed for cash.
17,046,000 B Shares of £1 each were allotted and paid up out of the share
premium account. 17,046,000 B Shares were redeemed out of realised capital
profits. A Capital Redemption Reserve (‘CRR’) of £17,046,000 was created.
The CRR is not a distributable reserve, but it can be used to pay up new
shares allotted to shareholders as fully paid bonus shares or reduced or
cancelled in a similar way to Share Premium.
7. CAPITAL RESERVE
At At
At
31st December 30th June
2025 31st December
2024 2025
£’000
£’000
£’000
Realised gains brought forward 24,256 34,432 34,432
Realised during the period (3,324) 7,404 8,266
Management fees (384) (374) (742)
Foreign currency 95 (70) (529)
Trail fees - - 5
Redemption of B Shares - (17,046) (17,046)
B share issue costs - (130) (130)
Realised gains carried forward 20,643 24,356 24,256
Unrealised gains brought forward 21,617 19,291 19,291
(Decrease)/increase in investment
holding gains
(8,212) (1,157) 2,326
Unrealised gains carried forward 13,405 18,134 21,617
Total 37,761 47,017 56,049
The Memorandum and Articles were amended at the 2024 General Meeting. The
Realised gains of £20,643,000 are now available for distribution (30th June
2025: £24,256,000) (31st December 2024: £24,356,000).
8. NET ASSET VALUE PER ORDINARY SHARE
30th June
31st December 2025
31st December 2024 2025
£’000
£’000
£’000
Net assets attributable to
Ordinary shareholders
130,889 120,167 121,140
Ordinary shares in issue at
end of period 71,023,695 71,023,695 71,023,695
Net asset value per 184.29p 169.19p 170.56p
Ordinary share
9. TRANSACTIONS WITH THE INVESTMENT MANAGER
During the period there have been no significant new related party
transactions that have affected the financial position or performance of the
Group.
Since 1st January 2010 Brompton has acted as Investment Manager to the
Company. This relationship is governed by an agreement dated 17th May 2018.
Mr Duffield is the Chairman of Brompton Asset Management Group Limited the
ultimate parent of Brompton. Mr Duffield owns a majority (59.9%) of the
shares in the Company.
In September 2025 Mr Duffield increased his shareholding from 59.1% to
59.9%.
Mr Gamble has an immaterial holding in Brompton Property Management Group
LLP and Brompton Asset Management Group Limited.
The total investment management fee payable to Brompton for the half year
ended 31st December 2025 was £384,000 (30th June 2025: £811,000) (2024:
£374,000) and at the half year £184,000 (30th June 2025: £212,000) (2024:
£237,000) was accrued.
The Company’s investments include seven funds managed by Brompton or its
associates valued at £24,169,000 (30th June 2025: £22,011,000) (2024:
£21,255,000). No investment management fees were payable directly by the
Company in respect of these investments.
The Company has an equity investment of £185,000 (30th June 2025: £170,000)
(2024: £100,000) in an investment management company in which a related
party of Mr Duffield holds a minority stake. The Company has an investment
in a private equity fund valued at £1.4 million managed by this investment
company (30th June 2025: £1.2 million) (2024: £1.1 million). The company
has further capital commitments of £0.8 million.
10. CAPITAL COMMITMENTS
The Company has made capital commitments of £1.0 million at 31 December
2025.
11. CONTINGENCIES
The annual report and accounts stated that it was not possible to determine
with certainty, whether throughout the year-ended 30th June 2025 the Company
had met all the Close Company requirements to maintain investment trust
status. During the period, Mr Duffield increased his shareholding to ensure
that the Close Company requirements are met. Confirmation has been sought
from HMRC.
No provision has been made for any capital gains tax on capital gains
realised since July 2024.
════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by 1 EQS Group.
The issuer is solely responsible for the content of this announcement.
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════════════════════════════════════════════════════════════════════════════
ISIN: GB0002631041
Category Code: IR
TIDM: NSI
LEI Code: 213800RT2OZF83G5N590
Sequence No.: 421604
EQS News ID: 2294820
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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