The top stocks that helped AIM-listed Onward Opportunities see its net asset value (NAV) surge by 20.6 per cent over the last year, despite a weak UK smaller companies market, have been revealed.
The trust, which invests in smaller companies within the UK, smashed the performance of its benchmark, the UK AIM All Share index, which grew just 3.1 per cent over the last 12 months.
In a stock exchange notice today, the trust reported that its NAV had grown 9.2 per cent over the last six months, with its share price rocketing up 21 per cent in the same time period.
Onward Opportunities reported that performance growth came from both the trust’s core holdings, as well as its ‘nursery’ holdings, which it takes a smaller share in and works to ‘cultivate’.
Team 17, Northcoders and Vainest Group help drive growth for Onward Opportunities
Top contributors to performance included packaging company MPAC Group, which has seen its stock price double since the start of the year, data group Vianet Group, indie game developer Team17, coding camp Northcoders and sensor tech firm Transense Technologies.
The £20m investment trust is one of the few on the market trading at a premium to its underlying assets as the sector has struggled to attract investment.
Throughout the last six months, the trust completed two additional capital raises during the period, totalling £4.7m, increasing its capital base by 25 per cent and bringing in a number of new shareholders.
Laurence Hulse, lead fund manager of Onward Opportunities, said the team was “delighted” with the trust’s performance.
“Onward Opportunities is all about truly active management; Company resource is deployed analysing high conviction opportunities and then engaged to help unlock the value identified,” said Hulse.
“We look forward to the portfolio developing further with the additional funds raised this year. Onwards.”
In June, the trust also was awarded ‘IPO of the Year’ award at the Small Cap Awards.