Seraphim Space Investment Trust - Long-term structural growth drivers remain intact
Seraphim Space Investment Trust (SSIT) posted a 7.2% NAV TR decline in H123 (ended December 2022) following a valuation update that led to an enterprise value (EV) reduction in the case of four of its large private holdings by 25% or more. This led to a 15% EV decrease across SSIT’s top nine private holdings, though only a 3% fall in fair values, which were cushioned by liquidation preferences and anti-dilution protections within SSIT’s investments. Further negative impact came from lower share prices of listed holdings (Arqit most notably). That said, revenue across SSIT’s top nine private holdings held up well with 56% growth h-o-h in H123.
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