• 13.2 per cent NAV growth since year end (31 March 2025)
• 34.2 per cent discount to NAV
• Fund has trebled NAV per share since 2015
It’s not often that a top-performing investment company increases its quarterly net asset value (NAV) per share by 13 per cent and the share price discount to NAV widens. However, that’s the glaring anomaly on offer at Oryx International Growth Fund (OIG:1,203p), which holds a concentrated portfolio of 42 UK small-cap companies, is performing well and is likely to continue doing so.
Managed by Nick Mills of investment firm Harwood Capital Management, the £256mn closed-end fund has consistently delivered healthy investment returns, trebling NAV per share over the past decade, and by around 500 per cent since 2010. This has been achieved by targeting special situations where Harwood can install ‘change makers’, as and when appropriate, to reinvigorate underperforming companies. By providing strategic leadership and operational expertise, Harwood’s advisers maintain a close relationship with the investee company’s management and can play an instrumental role in mergers and acquisitions opportunities and exit strategies to maximise shareholder value. The fund manager has board representation on half of its portfolio companies.