Quarterly NAV Announcement - 30 June 2023

Schroders Capital Global Innovation

07 September 2023

 

Schroders Capital Global Innovation Trust plc

Q2 2023 Quarterly Net Asset Value - 30 June 2023

Schroders Capital Global Innovation Trust plc (the "Company") today announces its net asset value ("NAV") as of 30 June 2023. This will enable the Company to commence its share repurchase programme, which will be detailed in a separate announcement to be made on 8 September 2023.

·          NAV of 24.73p per share as of 30 June 2023, a decrease of 6.1% relative to the NAV per share as of 31 March 2023 (26.35p) and a decrease of 5.4% relative to the indicative unaudited NAV per share as of 30 June 2023 published on 3 July 2023 (26.14p).

·          The main detractors to performance over the quarter included AI-enabled drug discovery and development company, BenevolentAI, whose listed share price declined by 38.6% and where the Company's AIFM opted to increase the appropriate level of discount applied to the listed share price in its fair value assessment (from 10.0% to 34.1%)¹ , and clinical-stage private biopharmaceutical company, AMO Pharma, who reported that its Phase 3 REACH-CDM clinical trial for AMO-02, a clinical stage investigational medicine for the treatment of Congenital Myotonic Dystrophy, did not meet its primary efficacy endpoint. Regarding the latter, more information can be found in AMO Pharma's announcement, dated 6 September 2023.

·         On the positive side, the Company received an additional deferred cash consideration of £2.9 million over the quarter as part of the sale of a basket of seven assets to Rosetta Capital, which originally completed in March 2021.

The updated private equity valuations reflected in the NAV as of 30 June 2023 announced here will be incorporated in the daily unaudited NAV per share as of 6 September 2023 due to be published on 7 September 2023. The Company's Half Year Report and Accounts for the six months ended 30 June 2023 is due to be published on 26 September 2023.

There will be a live webcast presentation for analysts and investors at 2pm on 27 September 2023. Please sign up using the link below:

https://registration.duuzra.com/form/INOVinterim23

¹ The updated valuation methodology for BenevolentAI has been included in the daily indicative unaudited NAV per share which was included in the 4 July 2023 NAV and has been backdated as of 30 June 2023.

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:

Schroder Investment Management Limited

Shilla Pindoria (Company Secretary)	0207 658 6000
Augustine Chipungu (Press)	0207 658 2106
John Spedding (Head of Investment Trusts)	0207 658 3206

 

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