Seraphim Space Investment Trust - Spacetech enjoying sustained secular tailwinds
Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted in a further widening of the discount to NAV to c 65%, which is now wider than for other listed venture capital (VC)/growth capital trusts and limited partner (LP) VC portfolios trading on the secondary market in H123. Both SSIT’s holding-level and portfolio-level liquidity look solid, with end-September cash of £29.7m (13% of NAV) and an average 18-month cash runway across its material holdings.
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