REG - Schroders Cap Glbl - Quarterly NAV Announcement - 30 September 2025

Schroders Capital Global Innovation TrustAnnouncement

28/11/2025 07:00

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RNS Number : 3607J  Schroders Capital Gbl Inn Tst PLC  28 November 2025

Schroders Capital Global Innovation Trust plc

Q3 2025 Quarterly Net Asset Value

Schroders Capital Global Innovation Trust plc (the "Company") today announces
its net asset value ("NAV") as of 30 September 2025.

Summary

 * As of 30 September 2025, NAV per share stands at 21.42p, which is flat
relative to the NAV per share as of 30 June 2025 (21.42p).

 * Performance over the quarter benefited from an upward revaluation of Revolut,
reflecting continued strong performance. This was offset by negative
revaluations to companies including Bizongo, Ada Health and AgroStar.

 * On 27 February 2025, shareholders voted in favour of the discontinuation
resolution and adoption of the revised investment objective and policy to
provide for the managed wind-down of the Company with an orderly realisation
of the Company's assets, including an initial return of capital to
shareholders.

 * In July, the Company completed its planned initial capital return to
shareholders of £37 million through a tender offer, purchasing 173,220,974
Ordinary Shares at a final tender price of 21.119983 pence per share.

 * As of 30 September 2025, the Company held £19.2 million in cash and money
market (sterling liquidity) funds, representing 14.1% of NAV.

Performance

As at 30 September 2025, the Company's NAV stood at £136.1 million, down from
£173.2 million at 30 June 2025. The reduction mainly reflects the £37
million initial capital return to shareholders (before costs). The NAV per
share was unchanged over the period at 21.42p.

 

 Attribution analysis (£m)           Private equity                      Public equity  Money market funds  Cash & cash equivalents      Other assets/liabilities  NAV
                                     Life sciences  Venture  Growth
 Fair value as at 30.06.25           19.9           27.1     66.7        2.8            47.6                9.7                          (0.6)                       173.2
 + Investments                        1.2           -          -          -             7.8                 (9.0)                         -                          -
 - Realisations                      (0.1)            -        -           -            (37.8)              37.9                           -                         -
 +/- Fair value gains/(losses)       (0.2)          0.3      0.8         (0.8)          0.3                                                -                       0.4
 - Capital returned to shareholders  -               -          -          -            -                   (36.6)                        -                        (36.6)
 +/- Expenses                         -              -       -             -            -                   (0.7)                        (0.2)                     (0.9)
 Fair value as at 30.09.25           20.8           27.4     67.5        2.0            17.9                1.3                          (0.8)                        136.1

 

Overall, portfolio performance was broadly flat, with a slight increase of
£0.2 million during the quarter.

 * Growth holdings increased by £0.8 million (+0.5% contribution to NAV), driven
by continued strong performance at Revolut, partially offset by declines in
AgroStar, Ada Health and Bizongo.

 * Venture holdings increased by £0.3 million (+0.2% contribution), primarily
reflecting the strengthening of USD-denominated assets.

 * Life science holdings decreased by £0.2 million (+0.1% contribution), due to
revised valuations of contingent milestone payments from prior exits to
reflect greater uncertainty around timing and probability.

 * The remaining public equity holding, Autolus Therapeutics, declined by £0.8
million (-0.5% contribution), following a 30.6% fall in share price during the
quarter.

Foreign Exchange

Foreign exchange movements had a modest positive impact on NAV, as USD, EUR,
and CHF-denominated assets benefited from the depreciation of sterling over
the period.

Cash

As at 30 September 2025, the Company held £19.2 million in cash and sterling
liquidity funds.

Investment activity

Realisations

During the quarter, realisations totalled £0.1 million, reflecting deferred
proceeds from a prior exit.

Investments

The Company made investments of £1.2 million, primarily related to existing
commitments within the life sciences portfolio.

Following the change in investment policy, no new investments will be
undertaken other than those arising from pre-existing contractual commitments,
and any further investments require Board approval.

Top 10

The Company's top 10 holdings as of 30 September 2025 compared with the
respective value and percentage weighting as of 30 June 2025.

 Holding                                 Strategy       Fair value as of 30 June 25 (£m)   % of NAV  Fair value as of 30 September 25 (£m)   % of NAV
 Atom Bank                               Growth         23.1                               13.3%     23.1                                    17.0%
 Revolut                                 Growth         14.5                               8.4%      18.8                                    13.8%
 Nexeon                                  Venture        7.8                                4.5%      7.8                                     5.7%
 Back Market                             Growth         7.7                                4.4%      7.8                                     5.7%
 Salica Environmental Technologies Fund  Growth         7.2                                4.1%      7.2                                     5.3%
 AI Company II(1)                        Growth         6.2                                3.6%      6.3                                     4.6%
 AgroStar                                Growth         6.0                                3.4%      4.3                                     3.2%
 CeQur                                   Life sciences  3.9                                2.3%      4.0                                     2.9%
 Securiti                                Venture        3.6                                2.1%      3.7                                     2.7%
 AI Company III(1)                       Venture        3.6                                2.1%      3.7                                     2.7%

 ¹Actual name not disclosed due to confidentiality.

 

Outlook

Following shareholder approval of the discontinuation resolution, the Company
has transitioned to a managed wind-down, focusing on the orderly realisation
of its existing portfolio. The objective remains to maximise value while
returning capital to shareholders efficiently.

In October, after the period end, the Company announced that its portfolio
company, Securiti AI, had signed a definitive agreement to be acquired by
Veeam Software for a total consideration of $1.725 billion. Full details of
the transaction have not been disclosed. However, in accordance with the
Company's valuation policy, the Manager currently estimates that the holding
will be valued at £7.7 million post transaction, representing a positive
valuation adjustment of approximately £4.0 million relative to the holding
value as at 30 September 2025.

In November, Revolut announced the completion of a share sale valuing the
company at $75 billion, alongside a series of global expansion milestones,
including its final banking authorisation and upcoming launch in Mexico, its
banking incorporation licence in Colombia, and upcoming launch in India. As at
30 September 2025, the Company's holding in Revolut remains valued at a
discount to this recent transaction.

Looking ahead, further realisations are expected to occur primarily via trade
sales and IPOs, although many potential exits may involve deferred
consideration, either through lock-up arrangements or structured payment
terms. Proceeds generated during the wind-down will be retained in cash or
liquid funds pending subsequent capital returns to shareholders.

 

Past performance is not a guide to future performance and may not be repeated.
The value of investments and the income from them may go down as well as up
and investors may not get back the amounts originally invested. The securities
shown above are for illustrative purposes only and are not to be considered a
recommendation to buy or sell.

 

Enquiries:

Kirsty Preston / Charlotte Banks (PR)        020 7658 6000

Francesca Davis / Katherine Fyfe                020 7658 6000

Schroder Investment Management Limited

 

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