Odyssean Investment Trust exceeds broader small company markets

(Sharecast News) - Odyssean Investment Trust said on Monday that it had exceeded the broader smaller company markets in the six months to September end. The net asset value per share rose 21.3 % to 167.3p, in what it referred to as "another volatile period". Odyssean noted that the DNSCI & AIM Index, which it uses as a comparator and not a benchmark, was up 16.9% over the same period.

The share price per share was up 17.1% to 157.5p, slightly lagging NAV per share, with the shares ending the period trading at 5.9% discount to the NAV.

Since the period end, the trust's share price has moved back to a premium to NAV and it has issued a further 0.5m shares.

Chair Linda Wilding said: "The board shares the portfolio manager's view that the prospects for sustainable growth in the company's NAV per share in 2026 will be driven by factors exogenous to the conditions of the UK economy.

"A significant portion of the portfolio (NCC and Spire) is currently effectively going through publicly announced sales processes. Whilst any outcome is uncertain, a disposal of one or both of these names in the next six months at a material uplift to current value is quite likely.

"The improvement in NAV per share performance through more supportive market conditions and positive portfolio news has pleasingly led to a material increase in NAV, which ended the period at £224m. At the time of writing, continued positive performance since the end of the period has led to the NAV reaching an all-time high."

Wilding said that absent a significant negative external shock, "it appears that progression of the company's NAV per share will fare better in the next year than it has done for some time".

Odyssean said the top three positive contributors to performance through the period were Dialight, Elementis and XP Power.