REG - Smithson Inv.Trust - Half-year Report
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RNS Number : 1122U Smithson Investment Trust PLC 06 August 2025
SMITHSON INVESTMENT TRUST PLC
LEI: 52990070BDK2OKX5TH79
Date: 6 August 2025
INTERIM RESULTS ANNOUNCEMENT
Results for the six months ended 30 June 2025
The full Interim Report for the six months ended 30 June 2025 (the "Interim
Report") can be found on the Company's website at www.smithson.co.uk
(http://www.smithson.co.uk/)
Performance Highlights
At At At
30 June 2025 30 June 2024 31 December 2024
Net assets £1,914,539,000 £2,274,421,000 £2,129,897,000
Net asset value ("NAV") per
ordinary share ("share") 1,670.0p 1,569.5p 1,631.8p
Share price 1,498.0p 1,378.0p 1,484.0p
Share price discount to NAV(1) 10.3% 12.2% 9.1%
For the period from
Company's listing on
Six months ended Six months ended 19 October 2018 to
30 June 2025 30 June 2024 30 June 2025
% Change % Change % Change
NAV total return per share(1) 2.4% -1.8% 67.1%
Share price total return(1) 1.0% -2.6% 49.9%
Comparator index total return(2) -0.3% 3.4% 63.6%
Ongoing charges ratio(1) 0.9% 0.9% 1.0%
Source: Bloomberg.
This report contains terminology that may be unfamiliar to some readers. The
Glossary section gives definitions for frequently used terms.
(1) These are Alternative Performance Measures ("APMs"). Definitions of these,
together with how these measures have been calculated, are disclosed at the
end of this report, where it is made clear how these APMs relate to figures
disclosed and calculated under IFRS.
(2) MSCI World SMID Cap Index, £Net Source: www.msci.com.
Chairman's Statement
Introduction
I am pleased to present this Interim Report of Smithson Investment Trust plc
(the "Company") for the six months ended 30 June 2025.
Investment Performance
The Company's net asset value (NAV) per share total return for the period was
+2.4% compared with the -0.3% return from the MSCI World SMID Index. Equity
markets have been volatile this year and it is encouraging that during this
period our investment manager has delivered a positive performance which is
ahead of the comparator index.
The investment manager's review goes into more detail on the changes made to
the Company's portfolio and the factors driving performance of the portfolio.
There is no doubt that good returns can be delivered by investing in an
actively managed portfolio investing in global small and mid-cap stocks. The
Company aims to deliver long-term value growth for shareholders. Since
inception to the end of June 2025, the Company's NAV per share has grown at an
annualised rate of +8.0%, outperforming the MSCI World SMID Index by 0.4
percentage points.
The Company's shares continue to trade at a discount to NAV, and despite the
positive performance of the portfolio and the Board's efforts to try to reduce
the discount through its buyback programme, the share price performance has
lagged the NAV per share in the period, with the share price total return
being +1.0% for the first half.
Discount and Share Buybacks
The share price discount to NAV was 10.3% at the end of the period. The Board
believes that investors are best served when the Company's share price trades
close to the Company's NAV per share. The Board has sought to mitigate the
discount through a share buyback programme that commenced in April 2022. Up to
the end of December 2024 the Company had bought back 46.6 million shares,
representing 26% of the issued share capital. The buybacks have continued in
2025 and a further 15.9 million shares (12% of the number in issue at the
start of the year) bought back in the first half of the year. The Company has
therefore now bought back 35% of the total shares in issue before the buyback
programme began.
While the buyback programme has not yet materially reduced the Company's
discount to single digits - which is the Board's objective - the Board remains
confident this can be achieved over the medium term. Although buybacks
gradually reduce the size of the Company, with a market capitalisation of
approximately £1.7 billion, this is not expected to impact share liquidity.
The Company continues to be one of the largest and most liquid in its
investment trust sector. The Board intends to maintain the buyback programme
while the discount persists at current levels. Shareholders have expressed
support for the approach, which also enhances NAV per share.
Results and Dividends
The Company's revenue earnings per share for the half year was 4.46p. The
income the Company receives from its investments tends to be higher in the
first half of the year than in the second half, whereas its expenses are more
evenly split between the half years, and, as in previous years, it is expected
that in the second half of the year revenue profit will be lower than in the
first half. In line with prior interim periods, the Board is not proposing a
dividend at this stage.
AGM and Shareholder Engagement
The Company held its Annual General Meeting on 23 April 2025. It was
encouraging to see so many shareholders attend in person and to hear directly
from Simon Barnard, our portfolio manager, and his team. Simon's presentation
is available on the Company's website.
An ordinary resolution proposing the continuation of the Company was included
in the AGM Notice, and the resolution was passed with 96% of the votes cast in
favour. The Board has committed to put such a vote to shareholders at each AGM
if the average discount in the preceding calendar year is over 10%.
A General Meeting was held on 15 May 2025 at which shareholders approved the
resolution to give the Directors the ability to reduce the Company's share
premium account by £500 million. This reduction increases the Company's
distributable reserves and supports the continuation of the share buyback
programme. The capital reduction was confirmed by the High Court on 10 June
2025 and registered by Companies House on 13 June 2025.
Governance and Board Composition
Diana Dyer Bartlett, who joined the Board as a non-executive director at the
launch of the Company in October 2018, and who served as Chair of the Audit
Committee until February 2022 and then as Chair of Board until January 2025,
did not seek re-election at the AGM in April. The Board extends its sincere
thanks to Diana for her considerable contribution and dedicated service to the
Company and its shareholders.
On 3 July 2025, the Board announced the appointment of Sarika Patel as a
non-executive director and Chair of the Audit Committee. Sarika is an
experienced business leader, and she brings extensive experience in investment
trusts and the wider financial services sector, having served as Chair and
Audit & Risk Committee Chair across several boards. Her expertise and
insight will be a valuable addition to the Smithson Board. The Board intends
to appoint a fifth director before the end of the year.
Outlook
The Company's investment manager remains focused on the matters within its
control, continuing to apply a disciplined and systematic approach to
identifying high-quality, long-term investment opportunities.
The Board retains strong confidence in the investment manager's ability to
execute this strategy successfully. The Board believes the Company offers
investors a compelling opportunity to access a carefully curated portfolio of
some of the world's most dynamic and innovative small and mid-cap growth
companies, with the potential to deliver attractive returns over the long
term.
Mike Balfour
Chairman
5 August 2025
Investment Manager's Review
Dear Fellow Shareholder,
The performance of Smithson Investment Trust ('Smithson', 'Trust', or 'Fund'),
along with comparators, is laid out below. For the first half of 2025 the Net
Asset Value per share (NAV) of the Company increased by 2.4% and the share
price increased by 1.0%. Over the same period, the MSCI World Small and Mid
Cap Index ('SMID'), our reference index, decreased by 0.3%. We also provide
the performance of UK bonds and cash for comparison.
The first half of this year has generated satisfactory relative performance,
especially given that the MSCI World SMID index was down slightly during the
period.
Inception to 30.06.25
Total Return 01.01.25 to Cumulative Annualised
30.06.25
%
%
%
Smithson NAV(1) +2.4 +67.1 +8.0
Smithson Share Price +1.0 +49.9 +6.2
SMID Equities(2) -0.3 +63.6 +7.6
UK Bonds(3) +3.8 -3.5 -0.5
Cash(4) +2.2 +15.4 +2.2
(1) Source: Bloomberg, starting NAV 1000, net of fees.
(2) MSCI World SMID Index, £ Net, source: www.msci.com.
(3) Bloomberg Series-E UK Govt 5-10 yr Bond Index, source: Bloomberg.
(4) £ Interest Rate, source: Bloomberg.
While there have been some recent improvements in the macroeconomic
environment for our strategy, our performance so far this year has been
boosted by some exciting developments in the portfolio - more on which later.
One benefit to performance has been the headwind of increasing interest rates
abating during the last six months, with the United States 10 year bond yield
down 34 basis points over the period to 4.23%.
It is also worth noting that the significant underperformance of small and mid
cap equities relative to large cap equities since the Trust's inception in
2018 appears to have stabilised over the last year.
It is perhaps worth commenting on what our companies are telling us about the
current tariff regime which has been preoccupying investors since President
Trump's so called 'Liberation Day' announcement. As it stands at the time of
writing - which is a large caveat - the import tariffs levied on other
countries by the US have been easily accommodated by our portfolio companies.
Most tell us that they have already passed through the associated cost to
their customers by applying a one-off "surcharge" to their prices. The good
news, of course, is that everyone in the world already knows that tariffs are
being applied, so charging for them has met with little resistance. This is
also helped by our companies, with desirable products and strong, defensible
competitive positions, having the power to enact such price increases on
customers while losing little business. One indicator of this is their gross
margins, or the difference between the selling price of their products and
what it cost to make them, which is 62% on average for our portfolio companies
compared to 30% for the average company in the MSCI SMID index. This gives us
the confidence that whatever happens next in terms of tariff policy, our
companies will be able to handle it far better than the average company in the
index.
What would be more concerning to our companies would be a recession in the US
brought about by reduced consumer spending due to the higher prices caused by
tariffs, or lower investment spending from businesses due to the uncertain
policy environment. At this point, while there are some signs of stress and
reduced spending from the lowest income consumers in the US, it appears
overall that current tariff rates are not high enough to push the whole US
economy into recession. Of course, if tariffs increased substantially from
this point, then the probability of a US recession will rise with them.
Portfolio turnover adjusted for share buybacks was 25% in the six months
ending 30 June 2025, a little higher than the 20% for the same period last
year. Annualised costs were similar to last year, however, with an Ongoing
Charges Figure of 0.88% of NAV (including the annualised Management Fee).
Costs of dealing, including taxes, amounted to just 0.03% of NAV in the
period, similar to that incurred over the same period last year, which meant
that the annualised Total Cost of Investment was 0.91%.
The first six months of the year provided a number of buying opportunities due
to the continued price weakness for high quality small and mid cap companies.
We added five new companies to the portfolio and funded these by selling out
of five existing positions, all of which I describe below. To provide
context, it is perhaps worth making the point that in a closed end vehicle
such as an investment trust, capital has to be generated first by selling part
or all of an existing position to enable a new position to be acquired. In
this way, a new holding of say 2% of the portfolio actually creates 4%
portfolio turnover, as 2% of another position has to be sold before it can be
redeployed.
The first acquisition was Doximity, a US based online professional network for
medical practitioners, (essentially a "LinkedIn for doctors"). It is the
largest of its kind, with over 80% of US medical practitioners enrolled.
Doctors provide their medical accreditation to sign up, which gives Doximity
all of their professional data including areas of specialty and published
research. This data allows Doximity to sell targeted advertising campaigns to
pharmaceutical companies and is the main source of Doximity's revenue. As only
one advert per advertiser is shown to each doctor per month, there is still an
enormous amount of advertising 'inventory' for Doximity to use, which we
expect will drive strong growth for at least the next few years. The outlook
for this company has recently been further improved as politicians in the US
are becoming increasingly hostile towards direct to consumer prescription drug
advertisements on TV (the US is one of only two countries in the world - the
other being New Zealand - where this is permitted). Should this advertising
channel be constrained or banned, it would make Doximity's ability to
advertise prescription drugs directly to doctors even more attractive to its
pharmaceutical clients.
This position was funded by selling Addtech, a Swedish industrial company that
makes frequent small acquisitions, continually bolstering its organic growth
with acquired revenue. The company had performed extremely well during our
ownership, up over 110% in three years, recently reaching a valuation that we
could no longer justify.
The second acquisition was Catalyst Pharmaceuticals, a US producer of
prescription drugs for rare diseases including autoimmune neuromuscular
disorders. While the existing business is demonstrating strong growth and
profitability, the greater potential for the company comes from management
acquiring and commercialising new compounds. With $1 billion of balance sheet
capacity to invest into new deals, we are optimistic regarding this avenue of
future growth.
This position was funded by selling IDEX, the US industrial company that also
relies on acquisitions to supplement its organic growth, but over the last
couple of years the organic growth of the group became increasingly
lacklustre, which was not offset by further deals.
Manhattan Associates was the third new acquisition in the period. This US
provider of logistics and supply chain software is a company that we have
followed and admired for over seven years but never had the chance to buy at a
reasonable valuation. However, during the six months leading up to our
acquisition the share price halved, primarily due to lower short term growth
guidance provided by management. We felt this was likely to be a short lived
blip as new trade tariffs around the world should prompt companies to acquire
more sophisticated supply chain software to help manage the shift of their
supply chains to new locations.
This acquisition was funded by selling Geberit, the Swiss toilet systems
manufacturer, which had achieved very little revenue growth over the last five
years, yet had recently attained a high rating from the boost in share price
it received from the recent German government's intention to set up a €500
billion fund to spend on public infrastructure over the next few years.
Vertiv Holdings was the fourth acquisition. This US company is the clear
leader in liquid cooling technology for data centre servers, which is becoming
increasingly important as high powered, and more heat producing, GPU
semiconductor chips used for AI are deployed. The company has an exciting
opportunity ahead as the pipeline of data centres in the US continues to
expand rapidly, while other regions such as Europe and the Middle East are
starting to contribute to this growth. It is quite possible that as AI demand
develops, governments around the world will start to consider the sovereignty
of the data within their countries and come to realise the risks associated
with relying on data centres located in the US and China, leading to further
international expansion opportunities. We were able to buy the shares at an
attractive rating because they had declined by 60% in the three months
following the revelation of the powerful, yet low cost AI reasoning model from
Deepseek in China.
The capital for this position was generated by selling Equifax, the US credit
bureau. Another successful investment for us over the last few years, it was
finally sold because of its high rating, as well as indications that growth
had slowed, particularly in its mortgage credit checking business, which we
believe is unlikely to pick up again until US interest rates are materially
lower than they are now.
Finally, we bought Napco Security Technologies, a producer of access control
products including panels, locks and alarms. Napco is the smallest company we
have ever acquired and while access control products are typically not the
most dynamic market, this business has two aspects that are allowing it to
grow much faster than the industry, and one of these has nothing to do with
locks.
Back in 2019, the US Federal Communications Commission (FCC) reached a
decision to allow telecom companies to stop maintaining the copper phone lines
running to all buildings in the US. While this didn't have an immediate
effect, over time these lines have degraded and become unreliable. One
unintended consequence is that the fire alarms in commercial buildings which
rely on copper lines to get the alarm signal out to fire departments are
starting to fail, requiring them to be replaced with radio alarms which
instead use mobile network signals. Napco has one of the best commercial radio
fire alarms on the market, and selling them comes with a new added benefit for
the business in the form of a monthly fee to maintain the wireless
communication service. Thus, Napco's revenue base has been transformed over
the last few years, from 100% product revenue at a 25% gross margin, to now
50% recurring subscription revenue at a 90% gross margin. The effect on group
profitability has been dramatic, with group operating margin improving from 9%
in 2018 to 28% in 2024, and it is set to continue given the low penetration of
radio alarms. Second, while we are all aware of violent events in American
schools, few realise the true number of occurrences each year, which has been
steadily increasing and hit a high of 83 in 2024. For this reason, schools in
the US have been given a federal budget for improving security which is
benefitting Napco's advanced remote locking and control products, and which
hopefully means you will hear less about teachers having to barricade
classroom doors with desks and chairs in the future.
We also sold out of Fevertree Drinks in January. The company had been
underperforming for some time due to logistics issues in the US, its largest
and fastest growing market. Getting bottling plants in the US up to productive
capacity had been a struggle for them during and after the pandemic, and so
much of the product required to serve this market was coming from Europe,
which was clearly inefficient and meant profit margins in this large market
were non-existent. We continued to hold the position through this period with
the expectation that once the logistical issues were resolved, the US market
would generate strong profits and vastly improve the margin profile of the
group from the current low levels. However, in January 2025 Fevertree entered
an exclusive licensing deal with Molson Coors whereby Molson Coors takes over
the running of the Fevertree US business, including production and
distribution, and pays a royalty fee equal to 50% of the US profits to
Fevertree, some of which is guaranteed to 2030. While this clearly removes a
lot of operational risk in the US market for Fevertree management, it also
gives away 50% of the future profits. Any improvement in profitability has
also been delayed for another two years as the companies jointly agreed to
increase investment into the US business.
The top five contributors to first half performance are shown below.
Security Country Contribution %
Oddity US 1.8%
Verisign US 1.2%
Diploma UK 1.0%
Nemetschek Germany 0.9%
Halma UK 0.6%
Source: Northern Trust
Oddity was our best performing stock in the first half of the year, up 76%.
This holding had been somewhat of a conundrum up to now, as despite profits in
the last 12 months being twice as much as the 12 months before its IPO in
2023, the share price had been resolutely flat. It then increased dramatically
in April and May 2025 after another strong earnings report. This provides yet
another example of stock market performance arriving like ketchup out of a
glass bottle: first not very much, and then, all at once.
Verisign was also a strong performer, but for very different reasons. This is
a company we have held since inception due to its very consistent growth and
extremely high margins. As the registry operator for the .com internet domain,
its business is reliant on a management contract from the Internet Corporation
for Assigned Names and Numbers (ICANN), the non-profit organisation that
coordinates internet domains and addresses. This contract is typically 6 years
in length and has a presumptive right of renewal, which means it will
automatically renew unless Verisign materially breaches the agreement by
allowing an internet outage or becoming insolvent. The first situation hasn't
happened in all 30 years of its operation and, I will go out on a limb here,
and say with the level of cash kept in the business, the second situation is
virtually impossible. I provide this detail only to explain that the contract
was practically guaranteed to be ratified when it came up for renewal in
November 2024, but when it was duly extended for another 6 years the shares
went on a +60% run. While I am tempted to say this is another blow to the
efficient market hypothesis, I could be more generous and suggest that other
contributing factors to this positive reaction could include the price
increases allowable by the prior contract being maintained and also that a
significant number of shares in the company were recently acquired by none
other than Berkshire Hathaway.
Diploma has been a consistently strong performer for us over the last seven
years and has now become our largest holding, having compounded at 24% per
annum over that time. Its performance was improved further when the company
released results in May that showed organic revenue growth accelerating to 9%,
with total revenue growth of 14% including acquisitions, sending the share
price up 15% in one day.
Nemetschek also delivered strong results, with revenue growing by 26% in Q1,
including acquisitions. As the company is a German provider of software for
construction companies, sentiment has been further boosted by the
aforementioned intention for government infrastructure spending.
Halma also continued its run of good results, the latest report showing
organic growth remaining at over 9%. Halma shares thus achieved a new all time
high in June 2025.
The largest detractors of first half performance are shown below.
Security Country Contribution %
Clorox US -1.2%
Choice Hotels US -0.8%
Sabre US -0.7%
Exponent US -0.7%
Spirax Group UK -0.5%
Source: Northern Trust
It may be surprising that Clorox is the leading detractor, as the steady
nature of demand for its household staple products typically lends it a more
stable share price. However, the company confirmed it has suffered from a
weakening in US consumer sentiment over the last six months due to the
macroeconomic and geopolitical uncertainties mentioned earlier, which led to a
2% decline in revenue, as well as a potential $100 million (or 9.6% of
operating profit) increase in costs due to tariffs. I suspect the weakness in
consumer spending has been exacerbated by the excess personal savings created
in the US during the pandemic starting to deplete. Since 2022, the US personal
savings rate has been running at around half the long term average, suggesting
consumers have been more stretched, or at least dipping into these savings,
for some time.
In contrast, Sabre has the most volatile share price in the portfolio on
account of it being the only company with any meaningful financial leverage.
For instance, the shares were up 22% on the day the full year results were
released in February. However, the share price for the travel technology
company is down year to date due to weakness in demand for airline tickets as
well as the uncertainty regarding international travel to the US since
'Liberation Day'. It is also the case that new wars, such as those in the
Middle East, while not good news for anyone, are typically bad for the travel
sector.
Choice Hotels, having been a strong performer for us last year, has been
caught between the intersection of both of the prior issues, namely a less
certain US consumer and a weaker travel sector. Choice has a range of branded
hotels from Rodeway Inn for its most basic accommodation up to the more
luxurious Radisson brand. However, we have seen both ends of the spectrum
suffer recently, with RevPAR (revenue per available room) expectations from
management declining, clearly not a positive sign, and something we are
worried about.
Exponent and Spirax Group, while very different businesses with one being a
consultancy and the other an industrial products manufacturer, both suffered
from weaker than expected results in the period due to a lack of spending by
their corporate clients owing to the macroeconomic uncertainty. We believe
both businesses have a strong competitive position in their respective markets
and should stand to gain from improved demand once customer confidence
returns.
The positioning of the Fund is described below, with a breakdown of the
portfolio in terms of sector and geography at the end of the period. The
median year of foundation of the companies in the portfolio was 1969.
As at 30 Jun 2025 by NAV - GICS(®) Categories % As at 28 Jun 2024 by NAV - GICS(®) Categories %
Industrials 33.7 Industrials 40.8
Information Technology 25.1 Information Technology 25.7
Health Care 17.5 Health Care 10.7
Consumer Discretionary 10.6 Consumer Discretionary 9.4
Consumer Staples 6.9 Consumer Staples 8.3
Financials 3.7 Financials 2.8
Materials 1.8 Materials 2.1
Cash(◊) 0.7 Cash(+) 0.1
Source: Northern Trust
Our largest sector weight, Industrials, declined significantly with the sales
of Addtech, IDEX, Geberit and Equifax, while Health Care increased with the
acquisitions of Doximity and Catalyst Pharmaceuticals. The other sectors
remained relatively stable.
As at 30 Jun 2025 by Listing % As at 28 Jun 2024 by Listing %
USA 51.3 USA 47.7
UK 14.5 UK 16.3
Italy 11.5 Italy 8.7
Germany 7.6 Germany 6.3
Denmark 3.2 Switzerland 5.0
New Zealand 3.1 Sweden 4.9
Sweden 2.5 New Zealand 3.9
Japan 2.4 Denmark 3.6
Switzerland 1.8 Australia 2.6
Belgium 1.6 Belgium 1.0
Cash 0.7 Cash 0.1
Source: Northern Trust
Regarding geographic exposure, I have been asked often in the last few weeks
whether I will be allocating capital away from the US in response to the
unpredictable policy making in the country, potential economic weakness and
recent declines in the value of the US dollar. The simple fact is that the US
is still the largest single market in the world and one of the most attractive
places to do business and has the largest number of small, fast growing, high
quality companies to invest in. This is because small and mid size companies
tend to be more domestically focused than large international conglomerates,
and so the home market is more important. There are currently many questions
surrounding the US, its leadership status in the world and the potential end
of so-called "US exceptionalism". Is erratic policymaking reducing US
credibility? Will the new US tariffs cause declining trade and geopolitical
conflict? Will the dollar lose its reserve currency status to the Euro, Yuan
or even a digital currency?
We don't have a crystal ball with which to answer these, and despite
increasingly popular opinions, no one can be sure that any of this will
actually occur. Instead, we simply try to take advantage of such uncertainty
by acquiring high quality growing businesses that are likely to weather most
storms at the lower valuations now offered to us. For this reason, our
allocation to the US actually went up and not down over the last 12 months.
Source of Revenue 30 Jun 2025 30 Jun 2024
(%) (%)
North America 54 44
Europe 24 32
Asia Pacific 16 19
Eurasia, Middle East, Africa 4 3
Latin America 2 2
Source: Fundsmith
In terms of the location where our companies generate their sales, the changes
to the portfolio outlined above mean that North America has increased as a
source of revenue, while Europe has declined. This is because several of the
new acquisitions have almost all their revenue coming from the US.
In closing, we can assure you that despite the current macroeconomic and
geopolitical issues we continue to remain steadfast in our focus on the
fundamentals of our high quality companies and are confident that this will
ultimately drive our performance. We greatly appreciate your continued support
of Smithson and, as always, hope you will be well rewarded for it over time.
Simon Barnard
Fundsmith LLP
Investment Manager
5 August 2025
Investment Portfolio
Investments held as at 30 June 2025
Security Country of incorporation Fair value %
£'000
of investments
Diploma UK 113,186 5.9
Moncler Italy 86,010 4.5
Rational Germany 85,333 4.5
Recordati Italy 82,694 4.3
Oddity Israel 77,975 4.1
Qualys USA 74,873 3.9
MSCI USA 70,040 3.7
Paycom Software USA 69,802 3.7
Choice Hotels USA 67,929 3.6
Vertiv USA 67,887 3.6
Top 10 Investments 795,729 41.8
Spirax-Sarco Engineering UK 65,965 3.5
Halma UK 62,931 3.3
Rollins USA 60,867 3.2
Doximity USA 60,665 3.2
Ambu Denmark 60,664 3.2
Nemetschek Germany 59,294 3.1
Fisher & Paykel Healthcare New Zealand 59,067 3.1
Verisign USA 57,036 3.0
Graco USA 56,464 3.0
Clorox USA 53,750 2.8
Top 20 Investments 1,392,432 73.2
Reply Spa Italy 51,340 2.7
Sabre USA 49,420 2.6
HMS Networks AB Sweden 47,793 2.5
Monotaro Japan 45,700 2.4
Catalyst Pharmaceuticals USA 42,880 2.3
Manhattan Associates USA 41,539 2.2
Exponent USA 40,699 2.1
Verisk Analytics USA 40,034 2.1
Croda UK 35,184 1.9
Inficon Switzerland 34,149 1.8
Melexis Belgium 30,451 1.6
Medpace USA 29,170 1.5
Napco Security Technologies USA 20,661 1.1
Total Investments 1,901,452 100.0
Investment Objective and Policy
Investment Objective
The Company's investment objective is to provide shareholders with long term
growth in value through exposure to a diversified portfolio of shares issued
by listed or traded companies.
Investment Policy
The Company's investment policy is to invest in shares issued by small and
mid-sized listed companies globally that (at the time of initial investment)
have a market capitalisation within the range of the constituents of the MSCI
World SMID Index. The Company's approach is to be a long-term investor in its
chosen shares. It will not adopt short-term trading strategies. Accordingly,
it will pursue its investment policy by investing in approximately 25 to 40
companies as follows:
(a) the Company can invest up to 10 per cent. in value of its gross
assets (as at the time of investment) in shares issued by any single body;
(b) not more than 20 per cent. in value of its gross assets (as at the
time of investment) can be in deposits held with a single body. This limit
will apply to all uninvested cash (except cash representing distributable
income or credited to a distribution account that the depositary holds);
(c) not more than 20 per cent. in value of its gross assets (as at the
time of investment) can consist of shares issued by the same group. When
applying the limit set out in (a) this provision would allow the Company to
invest up to 10 per cent. in the shares of two group member companies (as at
the time of investment);
(d) the Company's holdings in any combination of shares or deposits
issued by a single body must not exceed 20 per cent. in value of its gross
assets (as at the time of investment);
(e) the Company must not acquire shares issued by a body corporate and
carrying rights to vote at a general meeting of that body corporate if the
Company has the power to influence significantly the conduct of business of
that body corporate (or would be able to do so after the acquisition of the
shares).
The Company is to be taken to have power to influence significantly if it
exercises or controls the exercise of 20 per cent. or more of the voting
rights of that body corporate; and
(f) the Company must not acquire shares which do not carry a right to
vote on any matter at a general meeting of the body corporate that issued them
and represent more than 10 per cent. of the shares issued by that body
corporate.
The Company may also invest cash held for working capital purposes and
awaiting investment in cash deposits and money market funds.
For the purposes of the investment policy, certificates representing certain
shares (for example, depositary interests) will be deemed to be shares.
Hedging Policy
The Company will not use portfolio management techniques such as interest rate
hedging and credit default swaps.
The Company will not use derivatives for purposes of currency hedging or for
any other purpose.
Borrowing Policy
The Company has the power to borrow using short-term banking facilities to
raise funds for short-term liquidity purposes or for discount management
purposes including the purchase of its own shares, provided that the maximum
gearing represented by such borrowings shall be limited to 15 per cent. of the
net asset value at the time of drawdown of such borrowings. The Company may
not otherwise employ leverage.
Interim Management Report
The Directors are required to provide an Interim Management Report in
accordance with the FCA's Disclosure Guidance and Transparency Rules. The
Directors consider that the Chairman's Statement and the Investment Manager's
Review of the Interim Report respectively, provide details of the important
events which have occurred during the period and their impact on the condensed
set of financial statements. The following statements on principal risks and
uncertainties, related party transactions and the Directors' responsibility
statement below, together constitute the Interim Management Report for the
Company for the period from 1 January 2025 to 30 June 2025.
Principal Risks and Uncertainties
The Board considers that the principal risks and uncertainties faced by the
Company can be summarised as (i) investment objective and policy risk, (ii)
market risks, (iii) outsourcing risks, (iv) key individuals' risk and (v)
regulatory risks. A detailed explanation of risks and uncertainties can be
found on pages 19 to 22 of the Company's most recent Report and Accounts for
the year ended 31 December 2024. The Board also considers the risks
associated with the macroeconomic backdrop such as uncertainty over inflation,
higher interest rates, possibility of a recession, the continuing wars in
Ukraine and the Middle East. The Board monitors the potential risks to the
Company and its portfolio and receives regular updates and assurance from the
Investment Manager and other key service providers on operational resilience
and portfolio exposure and impact.
Related Party Transactions
The Company's Investment Manager, Fundsmith LLP, is considered a related party
in accordance with the Listing Rules. There have been no changes to the nature
of the Company's related party transactions since the Company's most recent
Report and Accounts for the period ended 31 December 2024 were released.
Details of the amounts paid to the Company's Investment Manager and the
Directors during the period are detailed in the notes to the financial
statements.
Directors' Responsibility Statement
The Directors confirm to the best of their knowledge that:
· the Interim Management Report includes a fair review of
the information required by Disclosure and Transparency Rule 4.2.7R
(indication of important events during the first six months, 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 year); and
· the Interim Financial Statements includes a fair review
of the information required by Disclosure and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein).
On behalf of the Board of Directors
Mike Balfour
Chairman
5 August 2025
Condensed Statement of Comprehensive Income (Unaudited)
Notes Unaudited Unaudited Audited Year ended
Six months ended
Six months ended
31 December 2024
30 June 2025
30 June 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income from investments held at fair value through profit or loss 4 17,026 - 17,026 19,422 - 19,422 28,699 - 28,699
Gains/(losses) on investments held at fair value through profit or loss 3 - 15,341 15,341 - (76,434) (76,434) - (11,179) (11,179)
Foreign exchange losses (32) (128) (160) - (546) (546) (72) (668) (740)
Investment management fees (8,190) - (8,190) (9,472) - (9,472) (18,505) - (18,505)
Other expenses and transaction costs (758) (254) (1,012) (733) (309) (1,042) (1,546) (636) (2,182)
Profit/(loss) before tax 8,046 14,959 23,005 9,217 (77,289) (68,072) 8,576 (12,483) (3,907)
Irrecoverable Overseas Tax (2,534) - (2,534) (3,059) - (3,059) (4,205) - (4,205)
Profit/(loss) for the period/year 5 5,512 14,959 20,471 6,158 (77,289) (71,131) 4,371 (12,483) (8,112)
Return/(loss) per share (basic and diluted) (p) 5 4.46 12.10 16.56 4.00 (50.20) (46.20) 3.00 (8.57) (5.57)
The "Total" column of this statement represents the Company's Income
Statement, prepared in accordance with International Financial Reporting
Standards ("IFRS"). The "Revenue" and "Capital" columns are supplementary to
this and are prepared under guidance published by the Association of
Investment Companies ("AIC").
All items in the above statement derive from continuing operations.
The accompanying notes below are an integral part of these financial
statements.
Condensed Statement of Financial Position (Unaudited)
Notes Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 3 1,901,452 2,271,338 2,127,041
Current assets
Trade and other receivables 12,144 12,303 5,080
Cash and cash equivalents 4,428 3,814 3,036
16,572 16,117 8,116
Total assets 1,918,024 2,287,455 2,135,157
Current liabilities
Trade and other payables (3,485) (13,034) (5,260)
Total assets less current liabilities 1,914,539 2,274,421 2,129,897
Equity attributable to equity shareholders
Share capital 7 1,771 1,771 1,771
Share premium 1,219,487 1,719,487 1,719,487
Capital reserve 687,739 550,630 407,893
Revenue reserve 5,542 2,533 746
Total equity 1,914,539 2,274,421 2,129,897
Net asset value per share (p) 6 1,670.0 1,569.5 1,631.8
The accompanying notes below are an integral part of these financial
statements.
Condensed Statement of Changes in Equity (Unaudited)
For the six months ended 30 June 2025 (Unaudited)
Share Share Capital Revenue Total
Capital Premium Reserve Reserve £'000
£'000 £'000 £'000 £'000
Balance at 1 January 2025 1,771 1,719,487 407,893 746 2,129,897
Ordinary shares bought back and held in treasury - - (233,978) - (233,978)
Costs on buybacks - - (1,087) - (1,087)
Transfer of share premium(#) - (500,000) 500,000 - -
Expenses in relation to share premium transfer - - (48) - (48)
Equity dividends paid - - - (716) (716)
Profit for the period - - 14,959 5,512 20,471
Balance at 30 June 2025 1,771 1,219,487 687,739 5,542 1,914,539
(#) On 13 June 2025, High Court approval was obtained to reduce the
Company's share premium by £500 million. The capital reduction, resulted in a
corresponding increase in the Company's distributable reserves.
For the six months ended 30 June 2024 (Unaudited)
Share Share Capital Revenue Total
Capital Premium Reserve Reserve £'000
£'000 £'000 £'000 £'000
Balance at 1 January 2024 1,771 1,719,487 834,305 (3,625) 2,551,938
Ordinary shares bought back and held in treasury - - (205,333) - (205,333)
Costs on buybacks - - (1,053) - (1,053)
(Loss)/profit for the period - - (77,289) 6,158 (71,131)
Balance at 30 June 2024 1,771 1,719,487 550,630 2,533 2,274,421
For the year ended 31 December 2024 (Audited)
Share Share Capital Revenue Total
Capital Premium Reserve Reserve £'000
£'000 £'000 £'000 £'000
Balance at 1 January 2024 1,771 1,719,487 834,305 (3,625) 2,551,938
Ordinary shares bought back and held in treasury - - (411,747) - (411,747)
Costs on buybacks - - (2,182) - (2,182)
(Loss)/profit for the year - - (12,483) 4,371 (8,112)
Balance at 31 December 2024 1,771 1,719,487 407,893 746 2,129,897
The accompanying notes below are an integral part of these financial
statements.
Condensed Statement of Cash Flows (Unaudited)
Notes Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2024
2025 2024 £'000
£'000 £'000
Operating activities
Profit/(loss) before tax 23,005 (68,072) (3,907)
Adjustments for:
(Gains)/losses on investments held at fair value through profit or loss 3 (15,341) 76,434 11,179
Increase in receivables (223) (669) (242)
Decrease in payables (139) (270) (230)
Irrecoverable overseas taxation (2,534) (3,059) (4,205)
Net cash generated from operating activities 4,768 4,364 2,595
Investing activities
Purchase of investments 3 (255,285) (244,667) (423,193)
Sale of investments 3 489,374 430,545 819,465
Net cash generated from investing activities 234,089 185,878 396,272
Financing activities
Purchase of shares held in treasury (235,614) (199,837) (410,228)
Costs relating to buy backs (1,087) (3,170) (2,182)
Expenses in relation to share premium transfer (48) - -
Equity dividends paid (716) - -
Net cash used in financing activities (237,465) (203,007) (412,410)
Net increase/(decrease) in cash and cash equivalents 1,392 (12,765) (13,543)
Cash and cash equivalents at start of the period/year 3,036 16,579 16,579
Cash and cash equivalents at end of the period/year 4,428 3,814 3,036
Comprised of:
Cash at bank 4,428 3,814 3,036
The accompanying notes below are an integral part of these financial
statements.
Notes to the Condensed Financial Statements (Unaudited)
1. General information
Smithson Investment Trust plc is a company incorporated on 14 August 2018 in
the United Kingdom under the Companies Act 2006.
The condensed interim financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting and the Disclosure Guidance and
Transparency Rules ("DTRs") of the UK's Listing Authority.
Principal activity
The principal activity of the Company is that of an investment company within
the meaning of Section 833 of the Companies Act 2006.
The Company commenced activities on admission to the London Stock Exchange on
19 October 2018.
Going concern
The Directors have adopted the going concern basis in preparing the Condensed
Interim Financial Statements (unaudited) for the period ended 30 June 2025.
The following is a summary of the Directors' assessment of the going concern
status of the Company, which included consideration of macroeconomic
conditions such as uncertainty over inflation, higher interest rates, a
possible recession and the continuing wars in Ukraine and the Middle East.
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for at least twelve months from
the date of this report. In reaching this conclusion, the Directors have
considered the liquidity of the Company's portfolio of investments as well as
its cash position, income and expense flows. At the date of approval of this
report, the Company has substantial operating expenses cover and a suitably
liquid portfolio with which to continue share buybacks.
2. Significant accounting policies
The Company's accounting policies are set out below:
Accounting convention
The financial statements have been prepared under the historical cost
convention (modified to include investments at fair value through profit or
loss) on a going concern basis and in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act
2006 and IFRSs as issued by the International Accounting Standards Board
("IASB") and with the Statement of Recommended Practice ("SORP") 'Financial
Statements of Investment Trust Companies and Venture Capital Trusts' issued by
the Association of Investment Companies ("AIC") in November 2014 (and updated
in July 2022). They have also been prepared on the assumption that approval as
an investment trust will continue to be granted.
The Directors believe that it is appropriate to continue to adopt the going
concern basis for preparing the financial statements for the reasons stated
above. The Company is a UK listed company with a predominantly UK shareholder
base. The results and the financial position of the Company are expressed in
sterling, which is the functional and presentational currency of the Company.
The accounting policies in this Interim Report are consistent with those
applied in the Annual Report for the year ended 31 December 2024 and have been
disclosed consistently and in line with Companies Act 2006.
Critical accounting judgements and sources of estimation uncertainty
The Board confirms that no significant accounting judgements or estimates have
been applied to the financial statements and therefore there is not a
significant risk of a material adjustment to the carrying amounts of assets
and liabilities.
3. Investments held at fair value through profit or loss
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2024
2025 2024 £'000
£'000 £'000
Opening book cost 1,941,263 2,232,394 2,232,394
Opening investment holding gains 185,778 306,559 306,559
Opening fair value at start of the period/year 2,127,041 2,538,953 2,538,953
Purchases at cost 255,285 249,147 421,719
Sales - proceeds (496,215) (440,328) (822,452)
Gains/(losses) on investments 15,341 (76,434) (11,179)
Closing fair value at end of the period/year 1,901,452 2,271,338 2,127,041
Closing book cost at end of the period/year 1,790,413 1,999,024 1,941,263
Closing unrealised gain at end of the period/year 111,039 272,314 185,778
Valuation at end of the period/year 1,901,452 2,271,338 2,127,041
The Company received £496,215,000 excluding transaction costs from
investments sold in the period (30 June 2024: £440,328,000, 31 December 2024:
£822,452,000). The book cost of the investments when they were purchased was
£406,389,000 (30 June 2024: £482,687,000, 31 December 2024: £713,486,000).
These investments have been revalued over time until they were sold and
unrealised gains/losses were included in the fair value of the investments.
All investments are listed.
4. Dividend income
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
UK dividends 3,645 3,880 5,865
Overseas dividends 13,225 15,245 22,165
Overseas dividends - special 70 - 75
Bank interest 76 297 594
Total 17,026 19,422 28,699
5. Return/(loss) per share
Return/(loss) per ordinary share is as follows:
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Profit/(loss) for the period/year (£'000) 5,512 14,959 20,471 6,158 (77,289) (71,131) 4,371 (12,483) (8,112)
Return/(loss) per ordinary share (p) 4.46 12.10 16.56 4.00 (50.20) (46.20) 3.00 (8.57) (5.57)
Return per share is calculated based on returns for the period and the
weighted average number of 123,610,243 shares in issue (excluding treasury
shares) in the six months ended 30 June 2025 (30 June 2024: 153,957,461; 31
December 2024: 145,572,236).
6. Net asset value per share
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
Net asset value £1,914,539,000 £2,274,421,000 £2,129,897,000
Shares in issue 114,645,417 144,917,958 130,527,069
Net asset value per share 1,670.0p 1,569.5p 1,631.8p
7. Share capital
Unaudited
30 June 2025
Ordinary Treasury Total Nominal
Shares Shares Shares Value
Issued, allotted and fully paid (ordinary) Number Number Number £'000
Ordinary shares in issue at 1 January 130,527,069 46,580,889 177,107,958 1,771
Ordinary shares bought back and held in treasury (15,881,652) 15,881,652 - -
114,645,417 62,462,541 177,107,958 1,771
Unaudited
30 June 2024
Ordinary Treasury Total Nominal
Shares Shares Shares Value
Issued, allotted and fully paid (ordinary) Number Number Number £'000
Ordinary shares in issue at 1 January 159,692,958 17,415,000 177,107,958 1,771
Ordinary shares bought back and held in treasury (14,775,000) 14,775,000 - -
144,917,958 32,190,000 177,107,958 1,771
Audited
31 December 2024
Ordinary Treasury Total Nominal
Shares Shares Shares Value
Issued, allotted and fully paid (ordinary) Number Number Number £'000
Ordinary shares in issue at 1 January 159,692,958 17,415,000 177,107,958 1,771
Ordinary shares bought back and held in treasury (29,165,889) 29,165,889 - -
130,527,069 46,580,889 177,107,958 1,771
During the six months ended 30 June 2025, the Company issued no ordinary
shares (30 June 2024: nil, 31 December 2024: nil).
During the six months ended 30 June 2025, the Company bought back to hold in
treasury 15,881,652 shares (30 June 2024: 14,775,000, 31 December 2024:
29,165,889) at a total cost of £235,065,000 (30 June 2024: £206,386,000, 31
December 2024: £413,929,000). At the period end, the Company held 62,462,541
(30 June 2024: 32,190,000, 31 December 2024: 46,580,889) shares in treasury.
Since 30 June 2025 and up to 18 July 2025, a further 1,122,192 ordinary shares
have been bought back to hold in treasury at a total cost of £17,176,649.
8. Related party transactions
Fees payable to the Investment Manager are shown in the Condensed Statement of
Comprehensive Income. As at 30 June 2025, the fee outstanding to the
Investment Manager was £1,286,000 (30 June 2024: £1,331,000, 31 December
2024: £1,430,000).
Fees are payable at an annual rate of £60,000 to the Chair of the Board,
£46,000 to the Chair of the Audit Committee, £40,000 to the Chair of the
Management Engagement Committee and £36,000 to directors. Diana Dyer Bartlett
resigned on 23 April 2025 and Sarika Patel was appointed as a non-executive
Director and Chair of the Audit Committee with effect from 3 July 2025. The
remuneration for the Chair of the Audit Committee has been set at £50,000
with effect from that date.
The Directors had the following shareholdings in the Company.
As at As at As at
30 June 30 June 31 December
Director 2025 2024 2024
Mike Balfour 7,000 - -
Jeremy Attard-Manche 2,500 2,500 2,500
Denise Hadgill 2,578 2,578 2,578
As at 30 June 2025, Terry Smith and other founder partners and key employees
of the Investment Manager directly or indirectly and in aggregate, held 2.18%
of the issued share capital of the Company (30 June 2024: 1.91%, 31 December
2024: 2.30%).
9. Events after the reporting period
There were no post-period events requiring disclosure other than those
included in these interim financial statements.
10. Status of this report
These interim financial statements are not the Company's statutory accounts
for the purposes of section 434 of the Companies Act 2006. They are unaudited.
The Interim Report will be made available to the public at the registered
office of the Company. The report will also be available in electronic format
on the Company's website, http://www.smithson.co.uk.
The financial information for the year ended 31 December 2024 has been
extracted from the statutory accounts which have been filed with the Registrar
of Companies. The auditors' report on those accounts was not qualified and did
not contain statements under sections 498 (2) or (3) of the Companies Act
2006.
The Interim Report was approved by the Board of Directors on 5 August 2025.
Alternative Performance Measures ("APMs")
APMs are often used to describe the performance of investment companies
although they are not specifically defined under IFRS. APM calculations for
the Company are shown below. The Board believes that each of the APMs, which
are typically used within the investment trust sector, provide additional
useful information to shareholders in order to assess the Company's
performance between reporting periods and against its peer group.
Discount
The amount, expressed as a percentage, by which the share price is less than
the NAV per ordinary share.
As at As at As at
30 June 30 June 31 December
2025 2024 2024
NAV per ordinary share a 1,670.0p 1,569.5p 1,631.8p
Share price b 1,498.0p 1,378.0p 1,484.0p
Discount (b-a)÷a 10.3% 12.2% 9.1%
Total return
A measure of performance that includes both income and capital returns. In the
case of share price total return, this takes into account share price
appreciation and dividends paid by the Company. In the case of NAV total
return, this takes into account NAV appreciation (net of expenses) and
dividends paid by the Company.
Six months ended 30 June 2025 Share price NAV
Opening at 1 January 2025 a 1,484.0p 1,631.8p
Closing at 30 June 2025 b 1,498.0p 1,670.0p
Increase 0.9% 2.3%
Impact of reinvested dividends 0.1% 0.1%
Total return (b÷a)-1 1.0% 2.4%
Six months ended 30 June 2024 Share price NAV
Opening at 1 January 2024 a 1,415.0p 1,598.0p
Closing at 30 June 2024 b 1,378.0p 1,569.5p
Total return (b÷a)-1 (2.6)% (1.8)%
Period from Company's listing on 19 October 2018 to 30 June 2025 Share price NAV
Opening at 19 October 2018 a 1,000.0p 1,000.0p
Closing at 30 June 2025 b 1,498.0p 1,670.0p
Total return (b÷a)-1 49.9% 67.1%
Annualised total return 6.2% 8.0%
Annualised total return
The annualised total return for a period is the average return earned on an
investment in the Company's shares for each year in that period, expressed by
reference to either share price or NAV.
Alternative Investment Fund Managers Directive Disclosures
Ongoing charges ratio and total cost of investment
A measure, expressed as a percentage of average NAV, of the regular, recurring
annual costs of running an investment company. The Total Cost of Investment
measures cost to investors incurred through the Company's portfolio
transaction costs and the recurring annual costs of running the Company.
Period from
Company's
listing on
Six months Six months 19 October
ended ended 2018 to
30 June 2025 30 June 2024 30 June 2025
Average NAV (£'000) a 2,044,677 2,420,069 2,146,228
Annualised expenses (£'000) b 18,047 20,750 19,874
Ongoing charges ratio (b÷a) 0.88% 0.86% 0.93%
Annualised investment transaction costs (£'000) c 511 628 693
Annualised investment transaction costs ratio (c÷a) 0.03% 0.03% 0.03%
Total Cost of Investment ratio 0.91% 0.89% 0.96%
Company Secretary & Registered Office
Apex Listed Companies Services (UK) Limited
4th Floor
140 Aldersgate Street
London
EC1A 4HY
For further information please contact the company secretary at:-
Email: smithsoncosecmailbox@apexgroup.com
(mailto:smithsoncosecmailbox@apexgroup.com)
Phone: +44 20 3994 7161
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