TIDMARR
RNS Number : 1238N
Aurora Investment Trust PLC
21 September 2023
Aurora Investment Trust plc
Half Yearly Report
for the six months ended 30 June 2023
.
FINANCIAL AND PERFORMANCE HIGHLIGHTS
Performance
At At
30 June 2023 31 December 2022
(unaudited) (audited)
------------------------------- --------------- -------------------
Net asset Value ("NAV") per
Ordinary Share(1) 225.6p 203.5p
------------------------------- --------------- -------------------
Ordinary Share price 200.0p 194.5p
------------------------------- --------------- -------------------
Share price discount to NAV
per share(1) (11.3)% (4.4)%
------------------------------- --------------- -------------------
Annualised ongoing charges(1) 0.44% 0.45%
------------------------------- --------------- -------------------
Gearing (net) - -
------------------------------- --------------- -------------------
The total returns in sterling for the period/year were as
follows:
Six months Year to
to
30 June 2023 31 December 2022
(unaudited) (audited)
% %
------------------------------- --------------- -------------------
NAV total return per Ordinary
Share(1,2) 12.4 (19.1)
------------------------------- --------------- -------------------
Ordinary Share price total
return(1,2) 4.3 (16.3)
------------------------------- --------------- -------------------
FTSE All-Share Index total
return ("Benchmark") 2.5 0.3
------------------------------- --------------- -------------------
1 Definitions of these Alternative Performance Measures ("APMs")
together with how these have been calculated can be found on pages
28 and 29.
2 Including dividend reinvested.
.
CHAIR'S STATEMENT
This report covers your Company's activities over the six months
to 30 June 2023 and its financial position at that date.
Performance
I am pleased to report performance over the period was very
encouraging. Over the six months the Company's net asset value
("NAV") per share increased from 203.5p at 31 December 2022 to
225.6p at 30 June 2023, giving a total return for the period of
+12.4% (2022: -17.3%). The price at which the Company's shares
traded rose from 194.5p per share at 31 December 2022 to 200.0p at
30 June 2023, giving a share price total return of +4.3% (2022:
-17.7%). These compare with the total return over the six months
for the FTSE All-Share Index, the Company's benchmark, of +2.5%
(2022: -4.6%). At the end of June the share price stood at an 11.3%
discount to the NAV per share.
Top contributors were easyJet, Ryanair, Netflix, Wayfair,
Castelnau, AO World and Barratt Developments. Notable detractors
included Hotel Chocolat and Hornby. The Investment Manager's
Review, starting on page 5, provides further details on activity
and outlook.
Investment Manager Presentation Event
Shareholders are invited to Aurora's inaugural Investment
Manager Presentation Event, being held at 4 p.m. on 10 October 2023
at the Queen Elizabeth II Centre, Broad Sanctuary, Westminster,
London SW1P 3EE. Both existing and prospective Aurora shareholders
are welcome and the event will include multiple speakers from the
Investment Manager. We plan to record the event and publish it on
the Company's website. If you would like to attend the event,
please contact phoenix@pamp.co.uk to register.
Share Price Discount
The discount to NAV per share widened over the period from 4.4%
at the end of 2022 to 11.3% as at 30 June. This is particularly
frustrating in light of strong performance over the period.
Investment trusts as a whole have seen discounts widen
significantly, however the Board is fully aware this provides
little solace for shareholders.
Closing the discount is one of the Board's key objectives for
2023, and marketing is a key part of the strategy. To raise the
Company's profile, marketing materials including the website will
be refreshed, and more regular opportunities for existing and
prospective shareholders to meet with the Manager have been
introduced, including the presentation referenced above. Phoenix,
Liberum, and Frostrow Capital continue to promote the Company
proactively.
Outlook
After a difficult 2022, performance so far in 2023 has been
promising. We believe there is significant untapped value in UK
shares and, with the Manager's strategy to invest in great
businesses at attractive prices, the Company's shares offer an
excellent opportunity to access this.
Lucy Walker
Chair
20 September 2023
.
OBJECTIVE AND INVESTMENT POLICY
Investment Objective
Aurora Investment Trust plc's (the "Company") objective is to
provide Shareholders with long-term returns through capital and
income growth.
Investment Policy
The Company seeks to achieve its investment objective by
investing predominantly in a portfolio of UK listed companies. The
Company may from time to time also invest in companies listed
outside the UK and unlisted securities. The investment policy is
subject to the following restrictions, all of which are at the time
of investment:
-- The maximum permitted investment in companies listed outside
the UK at cost price is 20% of the Company's gross assets.
-- The maximum permitted investment in unlisted securities at
cost price is 10% of the Company's gross assets.
-- There are no pre-defined maximum or minimum sector exposure
levels but these sector exposures are reported to and monitored by
the Board in order to ensure that adequate diversification is
achieved.
-- The Company's policy is not to invest more than 15% of its
gross assets in any one underlying issuer (measured at the time of
investment) including in respect of any indirect exposure through
Castelnau Group Limited.
-- The Company may from time to time invest in other UK listed
investment companies, but the Company will not invest more than 10%
in aggregate of the gross assets of the Company in other listed
closed-ended investment funds.
-- Save for Castelnau Group Limited, the Company will not invest
in any other fund managed by the Investment Manager.
While there is a comparable index for the purposes of measuring
performance over material periods, no attention is paid to the
composition of this index when constructing the portfolio and the
composition of the portfolio is likely to vary substantially from
that of the index. The portfolio will be relatively
concentrated.
The exact number of individual holdings will vary over time but
typically the portfolio will consist of holdings in 15 to 20
companies. The Company may use derivatives and similar instruments
for the purposes of capital preservation.
The Company does not currently intend to use gearing. However,
if the Board did decide to utilise gearing the aggregate borrowings
of the company would be restricted to 30% of the aggregate of the
paid-up nominal capital plus the capital and revenue reserves.
Any material change to the investment policy of the Company will
only be made with the approval of Shareholders at a general
meeting. In the event of a breach of the Company's investment
policy, the Directors will announce through a Regulatory
Information Service the actions which will be taken to rectify the
breach.
.
INVESTMENT MANAGER'S REVIEW
Performance
On a total return (dividends inclusive) basis, the NAV per share
rose by 12.4% over the half year with the share price rising 4.4%.
At the end of June, the shares were trading at an 11.3% discount to
NAV. The FTSE All Share Index total return over the same period was
2.5%.
At the end of August performance continued to be strong, with
the daily published NAV(1) total return up 15.0% year to date,
versus a 2.7% increase in the FTSE All Share Index total
return.
The positive performance for the year is pleasing but it should
be taken in the context of the fall suffered in 2022. We expressed
our confidence at the end of 2022 in the portfolio and in the UK
market and that confidence still exists today. Even given the rise
seen in this half year, valuations are cheap, and we remain
positive in relation to the long-term prospects for the portfolio.
It is composed of strong businesses whose competitive positions
have become relatively stronger in the difficult times we have
faced in the last eighteen months. The benefits of that have begun
to become apparent in this half year.
From an individual stock perspective there were a number of
significant price moves in the half year. AO World and Netflix
posted rises of 52% and 49% respectively. Our low-cost airline
holdings, easyJet and Ryanair, benefitted from the ongoing recovery
in travel and rose 49% and 41% respectively. Finally, RHI Magnesita
rose 24% after a partial tender offer for 20% of its shares.
A noticeable price faller was Hotel Chocolat, which fell 23%
during the half year.
From a contribution perspective, the most significant
contributions came from the low-cost airlines, which accounted for
circa 5% of the NAV rise, with Netflix being another notable
contributor. The largest negative contribution came from Hotel
Chocolat, which reduced the return by circa 1%.
(1) The Company recognises performance fees and clawbacks on
fees paid in prior performance periods under IFRS 2 Share Based
Payments in its Interim and Annual Reports. In the Company's
unaudited daily published NAV, current performance fee and
clawback(s) on fees paid in prior performance periods are
recognised on a liability/asset basis, which diverges from the
Company's accounting policy.
Activity
Given our confidence in the portfolio at year end, activity in
this half year has been limited. The only transactions of note were
very modest reductions in Frasers Group and easyJet. Both were in
response to price rises.
Only holdings above 3% are introduced in detail and during the
half year Hotel Chocolat rose above a 3% weight. It was introduced
in the March factsheet and that introduction is reproduced
below.
New Holdings
Hotel Chocolat
Many of you will be familiar with our newest investment, Hotel
Chocolat. You may have sent their boxed chocolates as gifts, or
perhaps you have developed a taste for Velvetised hot chocolate.
Hotel Chocolat manufactures premium chocolate and cocoa-related
products and sells these directly to its customers. The company
sells its products online and through its network of stores,
primarily in the UK. Hotel Chocolat also owns a cacao plantation
and luxury hotel, restaurant and spa in St Lucia, called the Rabot
Estate.
In 1988, Angus Thirlwell and Peter Harris left the tech company
for which they had been working to set up the Mint Marketing
Company, selling branded mints as corporate gifts. By 1993, the
Mint Marketing Company had evolved to sell boxes of chocolates
delivered by post, known as 'chocograms', and the business was
rebranded to ChocExpress. In 1998, ChocExpress launched the
Chocolate Tasting Club, a subscription service that saw members
receive unique selections of chocolate each month. This not only
enabled the business to develop new ideas and recipes, but also to
build a relationship with their customers and to get an insight
into what the British public liked in their chocolate.
In 2003, ChocExpress rebranded as Hotel Chocolat, after
customers kept commenting that the chocolates were 'surprisingly'
good. Hotel Chocolat better conveyed the idea of escapism through
chocolate, juxtaposing the English word 'Hotel' with the more
onomatopoeic and luxury-evoking French 'Chocolat'.
The first physical Hotel Chocolat shop opened in Watford in
2004. Today, there are 122 Hotel Chocolat locations across the
UK.
Hotel Chocolat listed on the London Stock Exchange in 2016, with
both founders retaining a significant stake in the business. As of
31 December 2022, they each owned 27.1% of the company. We have
known both Angus and Peter for a long time and hold them in high
regard.
We believe that the key moat for the business is its strong
brand and resulting customer loyalty, which it has cultivated
through a combination of innovation, creativity, disciplined
pricing, and direct distribution. In so doing, it has also avoided
the pitfalls that led to the downfall of one of its competitors,
Thorntons.
One of the company's great recent innovations has been the
Velvetiser hot chocolate machine, which is increasingly becoming a
staple household appliance and has formed the foundations of an
effective subscription model. As a product, it creates loyal,
repeat-customers who repurchase the chocolate sachets. The repeat
purchases and subscription service also provide the Company with a
steady revenue stream in an industry where consumer purchases are
usually very seasonal (Christmas, Easter and Valentine's Day are
the main chocolate-shopping opportunities).
The differentiated taste of Hotel Chocolat's chocolate, stems
from its "More Cacao, Less Sugar" mantra. Cacao is around five
times more expensive than sugar, but the company is committed to
cacao always being the number-one ingredient in its chocolate, even
in milk and white varieties. This differentiates the product from
those of many of the Group's competitors, in which sugar is
frequently the primary ingredient. The high-cacao content within
Hotel Chocolat's chocolate, also enables them to justify a higher
price-point and enables them a higher degree of price-elasticity as
their consumer is likely to be more driven by quality than
price.
The company navigated the challenges of Covid admirably,
succeeding in not only switching from being a primarily store-based
to an online business during the lockdowns, but managing to grow
sales by 21% between FY20 and FY21.
We have long admired Hotel Chocolat, so much so that at the time
of the IPO we were considering investing in the business. Although
this didn't happen because the price was above our limit, we
continued to keep a close eye on the company. Last year, following
the announcement of the closure of the Japanese and US businesses,
Hotel Chocolat's share price dropped, opening an opportunity for us
to invest. This is a company built on experimentation and
innovation and it is inevitable that not every experiment will lead
to success. However, we believe that the market had over-reacted,
that the underlying strength of the UK business remained, and that
the doors to overseas expansion had not permanently closed. Indeed,
earlier this year Hotel Chocolat announced that it had found a new
partner for its Japanese joint venture.
In some ways, the shock of the drop has had a positive cathartic
effect, with the business rationalising and cutting back on areas
into which it had perhaps strayed too far (such as coffee machines
& pods and beauty products). At the same time, we believe they
haven't lost the innovative skill upon which their hitherto success
has been built, and which will enable it to continue to grow in the
future.
We have modelled out a range of potential scenarios to determine
Hotel Chocolat's intrinsic value. A central scenario values the UK
business alone at GBP3.50 per share. The bottom of that IV range is
around GBP2.00 a share. We invested at GBP1.35, which, based on the
central case, would result in an upside to IV of c. 160%.
Outlook
In early July, Gary Channon published some thoughts to
investors, which were outlined in the June factsheet.
They covered his thoughts on UK housebuilding, as it comprises a
substantial part of the portfolio, along with an update on our
offer for Dignity PLC. The Company has a significant "look through"
exposure to Dignity via its holding in Castelnau Group Limited.
Gary also outlined some thoughts on AI and on the outlook for the
UK in general.
That piece is reproduced below.
Housebuilding
Concern about interest rates is driving opinions and price moves
in housebuilder shares, which always act as a proxy for the
market's views on house prices. This is because lower selling
prices immediately reduce housebuilders' accounting profits as the
cost of land and building have already been set. Analysts forecast
earnings, and when house prices decline, so do earnings. However,
as we have pointed out many times before, in cash terms the drop in
house prices is largely recovered in the replacement cost of land,
and as housebuilders slow their growth, they need less land
replacement. The net effect is that they generate cash. Bellway's
trading statement on 13 June is a great illustration where they
expect slightly lower output, lower selling prices and therefore
lower profits, but an increase in cash even though they are buying
back their shares.
Cash is value and accounting earnings are not, and eventually
the market ends up recognising its mistake, but for now, it makes
for very depressed valuations and wonderful investments.
An Anatomy of a UK House Price Crash
There are peculiarities of the UK housing market that cause it
to correct in a certain way. As it is not possible to walk away
from a mortgage in the UK even if the house is worth less than the
loan, and as banks are very reluctant to repossess properties and
in fact are under all sorts of regulatory and political pressure
not to do so, it means that there are very few forced sellers in
the market.
Price adjustments happen slowly because when told that they need
to reduce the price of their house substantially to sell it, most
decide not to sell and even not to move. Volumes decline.
Price does adjust down gradually though. There is an imprecision
about house values but, if we were to think of them like shares,
then the bid to ask price is around 10%. In a strong market where
buyers outnumber sellers, houses transact on average at the offer
side. In a weak market, buyers expect a discount and place lower
bids and, within reason, sellers accept those bids. Houses that
were transacting for GBP300k decline to GBP270k, but only very
slowly.
The biggest modern-day crash in UK house prices occurred from
1989 to 1995 and was in total 23%. However, only 9% of that came
through price; the rest was from inflation. It was an absolute -9%
but in real terms, -23%. The fall in 2008 was even less because
inflation was lower.
So far in this adjustment prices have barely budged off their
highs; they've stopped rising at a time of high inflation and so in
real terms they have fallen c.6% from their peak. Given all the
prevailing conditions that are likely to persist, this will cause
housebuilders' profits to fall and their cash generation to
rise.
Higher rates are painful for those seeking a mortgage, but a
tightly supplied housing market means that there are always
occupiers for houses built and we can see that rents are rising
rapidly. Housebuilders are now selling more of their product to
landlords.
Dignity
We are now in a much less restricted position to talk to you
about Dignity. We have nearly 99% of the equity, have delisted it
and are in the process of mandatorily purchasing the remainder.
A new governance structure is in place and new appointments have
been made to the executive leadership. For the first time in 3
years, Dignity has a permanent CFO. The new leadership team is
moving quickly to accelerate the transformation of Dignity and
capture the benefits of being delisted. Sir Peter Wood's team is
now fully engaged. New boards have been formed and regular meetings
with the shareholders, SPWOne and Castelnau, are held.
We can now talk more openly about valuations. There are many
ways in which to tackle this, but we can start with one that is
familiar to you, that is a Phoenix Intrinsic Value and on that
basis, we value Dignity at a little over GBP30 per share, versus
the GBP5.50 acquisition price. This is not to underplay the huge
amount of work to be done in order to deliver the performance that
earns that valuation.
Another important valuation consideration is downside, and for
Dignity the base downside can be calculated using a breakup or
liquidation value. Selling the portfolio of crematoria and repaying
the debt, we think, would generate more net proceeds than the
acquisition price of the whole business (GBP286m). There are many
valuable funeral businesses in the Dignity portfolio but even
setting that aside and assuming you wind it all down without any
disposal proceeds, it still leaves c.400 commercial freeholds
mainly in residential areas with planning gain potential, as well
as over 200 residential freeholds. These are valued at c.GBP150m on
an existing use basis and it's too early to give an accurate number
for planning gain potential but it's very material. As for the
funeral plan trusts, they have a surplus above the regulatory
requirement of c.GBP200m.
Taking that all together, assuming successful execution and even
allowing for tax, gives a value over twice the acquisition price.
Unlike the bottom of the range worst case scenarios that we
calculate as arm's length fund managers, this is one that we have
the authority to deliver if warranted. Having control doesn't just
unleash the upside, it more importantly protects the downside.
The value creation at Dignity comes from that Lollapalooza
effect we talked about in 2020 when we publicly sought a strategy
change. Seize the opportunity provided by the regulation of funeral
plans to grow the market and lead it, thereby building up an
investment float that can be prudently compounded until needed to
provide funerals. More plans mean more funerals and more funerals
will increase the volume of cremations we handle at our
crematoria.
It is a merit-based strategy. We aim to be the best provider in
all three areas and to cultivate a culture that delivers excellent
service, a great place to work and outstanding economics.
As we discussed during the acquisition, it is our intention in
the medium term to seek a way of crystallising the value being
created in Dignity, so that those holding stakes that wish to
realise some of that value are able to do so. Before that,
Castelnau will produce a monthly valuation of the business that
will be independently verified; for a period following the
acquisition the acquisition price is considered the value because
there is a recent public transaction at that level. We plan to
report to you as transparently as is commercially sensible, and
being a private company will make that a lot easier than when it
was a public company.
Artificial Intelligence ("AI")
When we started in 1998, the market was getting distorted by the
arrival of the internet. A bubble was building in technology and
telecoms company valuations in anticipation of the huge potential
rewards that would accrue to the winners. Other businesses were
left behind and became extremely undervalued in what turned out to
be one of the greatest value investing windows we have seen.
The internet has had a huge effect, both creative and
destructive; great fortunes have been made and others wiped out.
There has been no single bigger factor impacting businesses since.
We generally adopted a more cautionary and wary attitude trying to
avoid those businesses that were likely to be hurt and investing
where we thought it would have either no effect or a positive
one.
25 years later, markets are once again undergoing a technology
led distortion and this time it is Artificial Intelligence doing
it. It looks like it will have as profound an impact on business
and society as the internet has. No investment can be considered
without thinking through the implications of AI, but just as it was
in 1998, it's too early to know what will happen and what the
ramifications will be. We need to be vigilant.
In Castelnau we started a data science company of our own two
years ago with Gerry Buggy to find ways of applying AI to our
businesses, because at the time we couldn't find an equivalent
business to work with. That company, Ocula Technologies, has now
taken the products developed with the help of Castelnau Group
companies and is signing up external companies. We are learning a
lot in watching that happen. If you have a business that might
benefit from the actionable AI technology in Ocula, let us connect
you with the co-founders, Tom McKenna (ThomasM@ocula.tech) and Greg
Fletcher (Gregoryf@ocula.tech).
In one of our Castelnau companies we are trying to practically
apply AI to improve productivity and from early indications the
results will be significant. These learnings help us with our
assessment of portfolio companies and potential investments. Our
analysts are now augmenting their work with the help of ChatGPT and
others.
There is a storm coming; like with the internet the market will
over think it, overreact and thereby create opportunities for the
prepared mind. We are doing all we can to equip ourselves for
it.
There has been a deluge of publications on the topic, most not
that useful, in fact ChatGPT4 is probably the best teacher right
now. The book we found the most useful in thinking through the
likely implications and creating a way to put those in an economic
context is Prediction Machines, Updated and Expanded: The Simple
Economics of Artificial Intelligence (the 2022 version) by Agrawal,
Gans and Goldfarb. This comes out of the University of Toronto,
which has been the originator of much of the latest breakthroughs
in AI.
UK
The UK is, in so many ways, mired in its own gloom. Anyone
visiting even with a neutral perspective will soon find themselves
infected by the negativity that pervades life in the UK. Although
there are plenty of negative things occurring, and some of them
have been big, like the implications of Brexit, when one thinks
about it in the context of what the future holds for the world,
there is reason to be particularly optimistic.
Take technology; Charles Babbage is considered to have built the
first computer, Ada Lovelace to have written the first computer
programme, Alan Turing is the founding father of modern computing
and Artificial Intelligence, Tim Berners-Lee is the person who
started what became the internet we know today, Geoffrey Hinton who
recently stepped down from Google and is considered the father of
AI and Demis Hassibis the new head of AI at Google is the
co-founder of Deep Mind that has made great breakthroughs in AI.
These people are all from the UK and were actually all born in
London. This is not coincidence, the British, although they rarely
acknowledge it themselves, have a culture that produces creative
and inventive people, and we are in an era when that will be highly
valued.
The best-selling writer of all time is Shakespeare, but in the
modern era it is JK Rowling. In fact, 3 of the 5 best-selling books
of all time were written in the UK. The same goes for music where 4
of the top 8 selling artists of all time are from the UK. We could
go on, but the picture is the same, the UK is unusually creative in
a way that has global appeal.
Machines reduced the manpower needed in food production and
robots and AI are doing the same in manufacturing, logistics and
administration. As people work less, they put more time and money
into leisure and entertainment. That is having a big impact in
games and sports and once again, the UK is uniquely placed.
Football is the world's most watched sport with the English
Premier League the most watched and most valued in the world. Next
it is cricket. The most valuable sport according to Forbes is
Formula One, which also originated in the UK and 70% of the teams
are based here. As we write another game originated in the UK,
Tennis, the most watched single person match sport in the world, is
having its annual tournament in Wimbledon, SW London.
This creative and playful inventiveness is not just an intrinsic
cultural characteristic, it is also the product of an education
system that encourages individuality. Again, the UK has four
universities ranked in the Top 10 in the world, the same number as
the US, a country with 5 times the population.
Brexit may impact where companies decide to locate their
factories, but there is a reason why Apple and Google have recently
opened such big HQs in London.
Conclusion
The past 25-year period has been a miserable one for investors
in the UK stock market when compared to their global peers. Some of
this has been justified but a lot has been due to the devaluing of
businesses listed here. As we write, the value of Apple now exceeds
the whole of the FTSE 100.
These are the moments when value investors retire, get fired or
alternatively double down, maximise their upside value and wait.
Buffett says that when it is raining gold put out a bucket not a
thimble. We think we've been doing that, and this is no more
clearly illustrated than by our seizing the opportunity (within
Castelnau) to buy all of Dignity. In 1999, in our first full year,
we lagged the market by 25%, and value investing felt like a lonely
place to be as everyone was enjoying bumper returns in the market.
What we learned then and have again and again, is that in the end
value wins, it can be a long wait, but ultimately value shines
through.
Steve Tatters
Director
Phoenix Asset Management Partners Ltd
20 September 2023
.
Top holdings
As at 30 June 2023
Holding Percentage
Company Sector in Fair value of net assets
Company GBP'000 %
---------------------------- ------------------ ------------ ------------ ---------------
Frasers Group plc Retail 4,968,886 34,857 20.31
---------------------------- ------------------ ------------ ------------ ---------------
Castelnau Group Limited(#) Financial 36,421,421 26,952 15.70
---------------------------- ------------------ ------------ ------------ ---------------
Barratt Developments
plc Construction 5,866,312 24,257 14.13
---------------------------- ------------------ ------------ ------------ ---------------
Ryanair Holdings Plc Leisure 928,600 13,718 7.99
---------------------------- ------------------ ------------ ------------ ---------------
Technology
Netflix Inc & Entertainment 33,500 11,602 6.76
---------------------------- ------------------ ------------ ------------ ---------------
easyJet Plc Leisure 2,304,768 11,123 6.48
---------------------------- ------------------ ------------ ------------ ---------------
Lloyds Banking Group
plc Financial 19,618,000 8,551 4.98
---------------------------- ------------------ ------------ ------------ ---------------
RHI Magnesita N.V. Materials 260,970 6,921 4.03
---------------------------- ------------------ ------------ ------------ ---------------
Bellway Plc Construction 306,940 6,102 3.56
---------------------------- ------------------ ------------ ------------ ---------------
Other holdings (less
than 3%) 27,120 15.80
------------------------------------------------ ------------ ------------ ---------------
Total holdings 171,203 99.75
------------------------------------------------ ------------ ------------ ---------------
Other current assets
and liabilities 426 0.25
------------------------------------------------ ------------ ------------ ---------------
Net assets 171,629 100.00
------------------------------------------------ ------------ ------------ ---------------
# Castelnau is a multi-sector financial holding company, listed
on the Specialist Fund Segment of the London Stock Exchange.
Castelnau is also managed by Phoenix and its value is excluded from
the Company's net assets when calculating performance fees earned
by Phoenix to avoid double charging.
.
Sector Breakdown
As at 30 June 2023
SECTOR Percentage
of
net assets
%
---------------------------- ------------
Financial* 25.11
---------------------------- ------------
Retail 22.84
---------------------------- ------------
Construction 18.53
---------------------------- ------------
Leisure 15.23
---------------------------- ------------
Technology & Entertainment 6.76
---------------------------- ------------
Materials 4.03
---------------------------- ------------
Food & Beverage 3.13
---------------------------- ------------
Industrials 2.96
---------------------------- ------------
Insurance 1.17
---------------------------- ------------
Other current assets 0.25
---------------------------- ------------
Total 100.00
---------------------------- ------------
* includes holding in Castelnau Group Ltd
.
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management
Report in accordance with the Financial Conduct Authority's ("FCA")
Disclosure Guidance and Transparency Rules ("DTR"). The Directors
consider that the Chair's Statement on pages 2 and 3 and the
Investment Manager's Review on pages 5 to 12 of this Half Yearly
Financial Report provide details of the important events in the
period and their impact on the financial statements. The following
statement on the Principal Risks and Uncertainties, the Related
Party Transactions, the Statement of Directors' Responsibilities,
and the Investment Manager's Review together constitute the Interim
Management Report of the Company for the six months ended 30 June
2023. The outlook for the Company for the remaining six months of
the year ending 31 December 2023 is discussed in the Investment
Manager's Review.
Details of the investments held at the period end and the
structure of the portfolio at the period end are provided on pages
13 and 14.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company are
set out on pages 30 to 32 of the Company's most recent Annual
Report, for the year ended 31 December 2022, which can be found on
the Company's website at www.aurorainvestmenttrust.com. The Board
believes that the Company's principal risks and uncertainties have
not changed materially since the date of the Annual Report and are
not expected to change materially for the remaining six months of
the Company's financial year.
In summary, the principal risks and uncertainties facing the
Company comprise:
-- Geopolitical and economic risks: including from rising
interest rates, high inflation, the threat of recession, the war in
Ukraine and related sanctions;
-- Investment objective and strategy: the investment policy may
not achieve the published investment objective;
-- Risks related to the Investment Manager: the Company's
success is closely dependent on the performance of the Investment
Manager;
-- Service Provider Transition Risk; and Operational Risks: the
Company has no employees, so is reliant upon the performance of
third party service providers, several of which changed in
2022;
-- Discount risk; ESG; and Financial Risks.
Related Party Transactions
The Company's Investment Manager is Phoenix Asset Management
Partners Limited, ("Phoenix" or the "Investment Manager"). Phoenix
is considered a related party in accordance with the Listing Rules.
Phoenix does not earn an ongoing annual management fee. It will be
paid an annual performance fee equal to one third of the
outperformance of the Company's net asset value total return
(including dividends and adjusted for the impact of share buybacks
and the issue of new shares) over the FTSE All-Share Index total
return for each financial year. Details of the investment
management arrangements are shown in Note 5 on pages 25 and 26 of
these accounts.
The Directors are also considered to be related parties. Details
of the Board's remuneration and shareholdings can be found on pages
53 to 57 of the Company's Annual Report.
Castelnau Group Limited, one of the Company's holdings, is also
managed by Phoenix and is considered a related party.
Going Concern
The financial statements have been prepared on the going concern
basis. The Directors have a reasonable expectation, after making
enquiries, that the Company has adequate resources to continue in
existence for at least 12 months from the date of approval of this
Interim Report. In reaching this conclusion, the Directors have
taken account of the principal risks and uncertainties the Company
faces and considered the liquidity of the Company's portfolio of
investments, together with its cash position, income and expense
flows.
As at 30 June 2023, the Company held GBP143,000 (30 June 2022:
GBP5,850,000) in cash, GBP168,269,000 (30 June 2022:
GBP151,820,000) in quoted investments and GBP2,934,000 (30 June
2022: GBP3,191,000) in an unquoted investment. It is estimated that
55.6% of the portfolio could be realised in seven days under normal
conditions. The total operating expenses for the six months to 30
June 2023 was GBP377,000 (30 June 2022: GBP380,000). The total
income during the half-year period was GBP1,426,000 (30 June 2022:
GBP1,111,000).
For and on behalf of the Board of Directors
Lucy Walker
Chair
20 September 2023
.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm to the best of their knowledge that:
-- The condensed set of financial statements contained within
the Half Yearly Financial Report have been prepared in accordance
with International Accounting Standard 34 "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company; and
-- The Interim Management Report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the FCA's DTR
Rules.
Approved by the Board on 20 September 2023.
Lucy Walker
Chair
20 September 2023
.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Note Six months to 30 Six months to 30
June 2023 June 2022
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments - 18,089 18,089 - (32,707) (32,707)
------------------------- --------- ---------- --------- --------- ---------- ---------
(Losses)/gains
on currency - (2) (2) - 11 11
------------------------- --------- ---------- --------- --------- ---------- ---------
4 Income 1,426 - 1,426 1,111 - 1,111
------------------------- --------- ---------- --------- --------- ---------- ---------
Total income/(loss) 1,426 18,087 19,513 1,111 (32,696) (31,585)
------------------------- --------- ---------- --------- --------- ---------- ---------
Investment management
5 performance fees - - - - (220) (220)
------------------------- --------- ---------- --------- --------- ---------- ---------
Other expenses (377) - (377) (380) - (380)
------------------------- --------- ---------- --------- --------- ---------- ---------
Profit/(loss)
before tax 1,049 18,087 19,136 731 (32,916) (32,185)
------------------------- --------- ---------- --------- --------- ---------- ---------
Tax (25) - (25) (33) - (33)
------------------------- --------- ---------- --------- --------- ---------- ---------
Profit/(loss)
and total comprehensive
income for the
period 1,024 18,087 19,111 698 (32,916) (32,218)
------------------------- --------- ---------- --------- --------- ---------- ---------
8 Earnings/(loss)
per share -
Basic and diluted 1.4p 23.8p 25.1p 0.9p (43.0p) (42.1p)
------------------------- --------- ---------- --------- --------- ---------- ---------
The revenue and capital columns, including the revenue and
capital earnings per Ordinary Share data, are supplementary
information prepared under guidance published by the AIC.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
during the period. All revenue is attributable to the equity
holders of the Company.
The notes on pages 23 to 27 form part of these accounts.
.
CONDENSED STATEMENT OF FINANCIAL POSITION
At At
30 June 31 December
2023 2022
(unaudited) (audited)
Note GBP'000 GBP'000
------ --------------------------------------- -------------- --------------
Non-current assets
------ --------------------------------------- -------------- --------------
Investments held at fair value through
profit or loss 171,203 149,227
------ --------------------------------------- -------------- --------------
Current assets
------ --------------------------------------- -------------- --------------
Trade and other receivables 383 310
------ --------------------------------------- -------------- --------------
Cash and cash equivalents 143 5,348
------ --------------------------------------- -------------- --------------
526 5,658
------ --------------------------------------- -------------- --------------
Total assets 171,729 154,885
------ --------------------------------------- -------------- --------------
Current liabilities:
------ --------------------------------------- -------------- --------------
Other payables (100) (107)
------ --------------------------------------- -------------- --------------
(100) (107)
------ --------------------------------------- -------------- --------------
Net assets 171,629 154,778
------ --------------------------------------- -------------- --------------
Equity:
------ --------------------------------------- -------------- --------------
7 Called up share capital 19,019 19,152
------ --------------------------------------- -------------- --------------
Capital redemption reserve 312 179
------ --------------------------------------- -------------- --------------
Share premium account 111,166 111,166
------ --------------------------------------- -------------- --------------
Other reserve (2,877) (2,877)
------ --------------------------------------- -------------- --------------
7 Treasury shares - (133)
------ --------------------------------------- -------------- --------------
Capital reserve 42,375 24,421
------ --------------------------------------- -------------- --------------
Revenue reserve 1,634 2,870
------ --------------------------------------- -------------- --------------
Total equity 171,629 154,778
------ --------------------------------------- -------------- --------------
7 Ordinary Shares in issue 76,078,460 76,078,460
------ --------------------------------------- -------------- --------------
NAV per Ordinary Share 225.6p 203.5p
------ --------------------------------------- -------------- --------------
The notes on pages 23 to 27 form part of these accounts.
.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called-
Note Six months up Capital Share
to
30 June share redemption premium Treasury Other Capital Revenue
2023
(unaudited) capital reserve account shares reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening
equity 19,152 179 111,166 (133) (2,877) 24,421 2,870 154,778
------ ------------------ --------- ------------ --------- --------- --------- --------- --------- ---------
Profit
for the
period - - - - - 18,087 1,024 19,111
------ ------------------ --------- ------------ --------- --------- --------- --------- --------- ---------
Dividends
6 paid - - - - - - (2,260) (2,260)
------ ------------------ --------- ------------ --------- --------- --------- --------- --------- ---------
Share cancellation
in relation
to 2019
performance
7 fee clawback (133) 133 - 133 - (133) - -
------ ------------------ --------- ------------ --------- --------- --------- --------- --------- ---------
Closing
equity 19,019 312 111,166 - (2,877) 42,375 1,634 171,629
------ ------------------ --------- ------------ --------- --------- --------- --------- --------- ---------
The notes on pages 23 to 27 form part of these accounts.
.
CONDENSED STATEMENT OF CHANGES IN EQUITY continued
Called-
Note Six months up Capital Share Investment Other
to
30 June share redemption premium Other holding capital Revenue
2022
(unaudited) capital reserve account reserve gains reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening
equity 19,130 179 110,984 (1,271) 48,641 14,514 2,016 194,193
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
Loss for
the period - - - - (64,289) 31,373 698 (32,218)
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
Dividends
6 paid - - - - - - (1,409) (1,409)
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
Issue of
new Ordinary
7 Shares 22 - 198 - - - - 220
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
Ordinary
Share issue
costs - - (16) - - - - (16)
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
Closing
equity 19,152 179 111,166 (1,271) (15,648) 45,887 1,305 160,770
----- ------------- --------- ------------ --------- --------- ----------- --------- --------- ---------
The notes on pages 23 to 27 form part of these accounts.
.
CASH FLOW STATEMENT
Six months Year to
to
30 June 31 December
2023 2022
(unaudited) (audited)
GBP'000 GBP'000
-------------------------------------------- -------------- --------------
Net cash inflow from operating activities 945 2,126
-------------------------------------------- -------------- --------------
Investing activities
-------------------------------------------- -------------- --------------
Payments to acquire non-current asset
investments (13,440) (47,454)
-------------------------------------------- -------------- --------------
Receipts on disposal of non-current
asset investments 9,552 44,455
-------------------------------------------- -------------- --------------
Net cash outflow from investing activities (3,888) (2,999)
-------------------------------------------- -------------- --------------
Financing activities
-------------------------------------------- -------------- --------------
Ordinary Share issue costs - (17)
-------------------------------------------- -------------- --------------
Dividends paid (2,260) (1,409)
-------------------------------------------- -------------- --------------
Net cash outflow from financing activities (2,260) (1,426)
-------------------------------------------- -------------- --------------
Decrease in cash and cash equivalents (5,203) (2,299)
-------------------------------------------- -------------- --------------
Cash and cash equivalents at beginning
of period/year 5,348 7,664
-------------------------------------------- -------------- --------------
Losses on currency (2) (17)
-------------------------------------------- -------------- --------------
Decrease in cash and cash equivalents (5,203) (2,299)
-------------------------------------------- -------------- --------------
Cash and cash equivalents at end of
period/year 143 5,348
-------------------------------------------- -------------- --------------
The notes on pages 23 to 27 form part of these accounts.
.
NOTES TO THE FINANCIAL STATEMENTS
1. Status of the financial statements
The condensed financial statements contained in this half yearly
report do not constitute statutory accounts as defined in s434 of
the Companies Act 2006. The financial information for the six
months to 30 June 2023 and 30 June 2022 has not been audited or
reviewed by the Company's external auditor.
The information for the year ended 31 December 2022 has been
extracted from the latest published audited financial statements.
Those statutory financial statements have been filed with the
Registrar of Companies and included the report of the auditor,
which was unqualified and did not contain a statement under
Sections 498(2) or (3) of the Companies Act 2006.
No statutory accounts in respect of any period after 31 December
2022 have been reported on by the Company's auditor or delivered to
the Registrar of Companies.
Earnings for the first six months should not be taken as a guide
to the results for the full year.
2. Accounting policies
The half yearly financial information has been prepared in
accordance with IAS34 Interim Financial Reporting. The accounting
policies are unchanged from those used in the last published annual
financial statements except where otherwise stated.
3. Investments held at Fair Value Through Profit or Loss ("FVTPL")
At At
30 June 31 December
2023 2022
(unaudited) (audited)
GBP'000 GBP'000
--------------------------------------- -------------- --------------
Listed securities 168,269 146,356
--------------------------------------- -------------- --------------
Unquoted securities 2,934 2,871
--------------------------------------- -------------- --------------
Total non-current investments held at
FVTPL 171,203 149,227
--------------------------------------- -------------- --------------
Under IFRS13 investment companies are required to disclose the
fair value hierarchy that classifies financial instruments measured
at fair value at one of three levels according to the relative
reliability of the inputs used to estimate the fair values.
Classification Input
--------------- --------------------------------------------------
Level 1 Valued using quoted prices in active markets
for identical assets
--------------- --------------------------------------------------
Level 2 Valued by reference to valuation techniques
using observable inputs other than quoted prices
included within Level 1
--------------- --------------------------------------------------
Level 3 Valued by reference to valuation techniques
using inputs that are not based on observable
market data
--------------- --------------------------------------------------
Categorisation within the hierarchy has been determined on the
basis of the lowest level input that is significant to the fair
value measurement of the relevant asset.
At At
30 June 31 December
Classification 2023 2022
GBP'000 GBP'000
------------------------------------ --------- -------------
Level 1 168,269 146,356
------------------------------------ --------- -------------
Level 2 - -
------------------------------------ --------- -------------
Level 3 2,934 2,871
------------------------------------ --------- -------------
Total non-current investments held
at FVTPL 171,203 149,227
------------------------------------ --------- -------------
The movement on the Level 3 unquoted investments during the
period/year is shown below:
At At
30 June 31 December
2023 2022
GBP'000 GBP'000
------------------------------------------ --------- -------------
Opening balance 2,871 3,400
------------------------------------------ --------- -------------
Unrealised gains/(losses) at period/year
end 63 (529)
------------------------------------------ --------- -------------
Closing balance 2,934 2,871
------------------------------------------ --------- -------------
4. Income
Six months Six months
to to
30 June 30 June 2022
2023 GBP'000
GBP'000
-------------------------- ----------- --------------
Income from investments:
-------------------------- ----------- --------------
UK dividends 1,127 882
-------------------------- ----------- --------------
Overseas dividends 247 222
-------------------------- ----------- --------------
Other income:
-------------------------- ----------- --------------
Deposit interest 52 7
-------------------------- ----------- --------------
Total income 1,426 1,111
-------------------------- ----------- --------------
5. Investment management fees
The Company's Investment Manager does not earn an ongoing annual
management fee, but is instead paid an annual performance fee equal
to one third of any outperformance of the Company's NAV per
Ordinary Share total return (including dividends and adjusted for
the impact of share buybacks and the issue of new shares) over the
FTSE All-Share Index total return for each financial year.
The total annual performance fee is capped at 4% per annum of
the NAV of the Company at the end of the relevant financial year if
the NAV per Ordinary Share has increased in absolute terms over the
period and 2% if the NAV per Ordinary Share has decreased in
absolute terms over the period. Any outperformance that exceeds
these caps will be carried forward and only paid if the Company
outperforms, and the annual cap is not exceeded, in subsequent
years.
The performance fee is subject to a high-water mark so that no
fee will be payable in any year until all underperformance of the
Company's net asset value since the last performance fee was paid
has been made up.
Performance fees are settled by issuance of the Company's
Ordinary Shares. Such Ordinary Shares are issued at the NAV per
Ordinary Share on the date of issue, so that the then current value
of the Ordinary Shares equates in terms of NAV to the performance
fees liability.
Any part of the performance fee that relates to the performance
of Phoenix SG will be accrued but will not be paid until such time
as the Company's investment in Phoenix SG has been realised or is
capable of realisation. The position will be reviewed at that time
by reference to the realised proceeds of sale or the fully
realisable value of Phoenix SG as compared to the original cost of
acquisition.
Any performance of Castelnau Group Limited will be excluded from
the calculation of the performance fee payable by the Company to
Phoenix.
All other performance fees are subject to a review and claw-back
procedure if the Company underperforms its benchmark over a period
of three years following the end of the financial year in respect
of which the relevant fee was paid. Ordinary Shares received by the
Investment Manager under this arrangement must be retained by the
Investment Manager throughout the three-year period to which the
claw-back procedure applies.
As a result of the above all or any part of the performance fees
might become recoverable. The Company reflects this in the charge
recognised in subsequent accounting periods within the vesting
period of the Investment Manager through the true-up mechanism in
IFRS 2.
No performance fee has been charged in the Income Statement for
the period ended 30 June 2023 (30 June 2022: GBP221,000).
6. Dividends
The final dividend of 2.97p per Ordinary Share in respect of the
year ended on 31 December 2022 went ex-dividend on 8 June 2023 and
had a record date of 9 June 2023. The dividend was paid on 4 July
2023. This dividend was not reflected in the financial statements
for the year ended 31 December 2022, but is reflected in the
financial statements for the period to 30 June 2023.
7. Share capital
At At
30 June 31 December
2023 2022
Allotted, called up
and fully paid Number 76,078,460 76,608,771
--------------------- --------- ----------- -------------
Ordinary Shares of
25p GBP'000 19,019 19,152
--------------------- --------- ----------- -------------
The Company did not purchase any of its own shares during the
period ended 30 June 2023 or the year ended 31 December 2022. At 30
June 2023, the Company had 76,078,460 (31 December 2022:
76,608,771) Ordinary Shares in issue. The number of voting shares
at 30 June 2023 was 76,078,460 (31 December 2022: 76,078,460).
Shares Issued under the Company's Block Listing Facility
The Company has a Block Listing Facility which was last renewed
on 17 April 2020. As at period end, 40,245,062 Ordinary Shares
remained unallotted under the facility. No shares were issued under
the Block Listing Facility during the period under review.
Shares Issued to the Investment Manager
On 7 February 2022, 69,738 new Ordinary shares were issued to
the Company's Investment Manager at a price of 254.37p per share
and on 11 May 2022, 19,358 new Ordinary shares were issued at a
price of 226.40 pence per share to the Company's Investment
Manager, together representing the performance fee earned for the
year ended 31 December 2021. These new Ordinary Shares are subject
to a 36-month lock-in from the date of their issue and a three year
clawback period.
The clawback period on restricted shares issued to the
Investment Manager in relation to the performance period ended 31
December 2019 finished on 31 December 2022 and 530,311 shares
originally issued to the Investment Manager in respect of that
clawback period were returned to the Company. These shares were
cancelled on 9 January 2023.
8. Earnings/(loss) per share
The capital, revenue and total earnings/(loss) per ordinary
share are based on the net profit/(loss) shown in the Income
Statement and the weighted average of 76,078,460 (30 June 2022:
76,580,120) Ordinary Shares in issue during the period.
9. Related party transactions
The Board and Phoenix Asset Management Partners Limited are
considered to be related parties in accordance with the Listing
Rules. Castelnau Group Limited, one of the Company's holdings, is
also managed by Phoenix Asset Management Partners Limited. Fees
payable to the Investment Manager are detailed in the Statement of
Comprehensive Income and note 5.
Fees payable to the Directors in respect of the period to 30
June 2023 were GBP80,000 (30 June 2022: GBP78,000).
ALTERNATIVE PERFORMANCE MEASURES
Annualised ongoing charges
A measure of the regular, recurring annual costs of running an
investment company, expressed as a percentage of average net
assets. The measure is calculated by expressing the regular
expenses of the year as a percentage of the average net assets
during the year.
At At
30 June 31 December
2023 2022
(unaudited) (audited)
----------------------------- ---------- -------------- --------------
Average NAV a 180,059 173,184
----------------------------- ---------- -------------- --------------
Annualised expenses b 754 777
----------------------------- ---------- -------------- --------------
Non-recurring credit c (34) -
----------------------------- ---------- -------------- --------------
Annualised ongoing expenses d=b-c 788 777
----------------------------- ---------- -------------- --------------
Annualised ongoing charges
figure d÷a 0.44% 0.45%
----------------------------- ---------- -------------- --------------
Share price discount to NAV per share
The amount, expressed as a percentage, by which the share price
is less than the NAV per share.
At At
30 June 31 December
2023 2022
(unaudited) (audited)
------------------ ------------ -------------- --------------
NAV per Ordinary
Share a 225.6p 203.5p
------------------ ------------ -------------- --------------
Share price b 200.0p 194,5p
------------------ ------------ -------------- --------------
Discount b÷a-1 (11.3)% (4.4)%
------------------ ------------ -------------- --------------
Total returns
A measure of performance that includes both income and capital
returns. This takes into account capital gains and reinvestment of
dividends paid out by the Company into its Ordinary Shares on the
ex-dividend date.
Six months to Year to 31 December
30 June 2023 2022 (audited)
NAV Share price NAV Share
price
-------------------- -------------- ------- ------------ ---------- ----------
Opening balance a 203.5p 194.5p 253.8p 234.5p
-------------------- -------------- ------- ------------ ---------- ----------
Closing balance b 225.6p 200.0p 203.5p 194.5p
-------------------- -------------- ------- ------------ ---------- ----------
Price movement c=b÷a-1 10.9% 2.8% (19.8)% (17.1)%
-------------------- -------------- ------- ------------ ---------- ----------
Impact of dividend
reinvestment d 1.5% 1.5% 0.7% 0.8%
-------------------- -------------- ------- ------------ ---------- ----------
Total returns c+d 12.4% 4.3% (19.1)% (16.3)%
-------------------- -------------- ------- ------------ ---------- ----------
NAV Reconciliation
NAV NAV
(GBP'000) per share
-------------------------------------- ----------- -----------
NAV as published on 3 July 2023 174,509 229.4p
--------------------------------------- ----------- -----------
Reversal of performance fee clawback
accounted
-------------------------------------- ----------- -----------
for under non-IFRS2 approach (2,879) (3.8)p
--------------------------------------- ----------- -----------
NAV as disclosed in this half yearly
report 174,508 225.6p
--------------------------------------- ----------- -----------
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