Monthly Factsheet- July 2025
Summary by AI BETAClose X
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Geiger Counter Limited Plc
Monthly Investor Report 22 August 2025
(All Factsheet data is at 31 July 2025)
The full monthly factsheet is now available on the Company's website and a summary can be found below.
NCIM - Geiger Counter Ltd - Fund Page for Geiger Counter Ltd
Enquiries:
For the Investment Manager
Craig Cleland
Manulife CQS Investment Management
0207 201 5368
For the Company Secretary and Administrator
R&H Fund Services (Jersey) Limited
Jane De Barros/Katie De La Cour
01534 825259/01534 825337
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Fund Description
The objective of Geiger Counter Limited is to provide investors with the potential for capital growth through investment primarily in the securities of companies involved in the exploration, development and production of energy, predominantly within the uranium industry. Up to 30% of the value of the Company's investment portfolio may be invested in other resource- related companies from outside the energy sector.
Portfolio Managers
Keith Watson and Robert Crayfourd
Key Advantages for the Investor
· Access to mining assets in the uranium sector
· May benefit from embedded subscription share
· Low correlation to major asset classes
Key Fund Facts1
|
Total Gross Assets |
£74.6m |
|
Reference Currency |
GBP |
|
Ordinary Shares: |
|
|
Net Asset Value |
52.79p |
|
Mid-Market Price |
47.30p |
|
Net gearing4 |
22.36% |
|
Discount |
(10.40%) |
Ordinary Share and NAV Performance2
|
|
One Month |
Three Months |
One Year |
Three Years |
Five Years |
|
|
(%) |
(%) |
(%) |
(%) |
(%) |
|
NAV |
4.93 |
43.61 |
(9.11) |
6.86 |
206.03 |
|
Share Price |
7.99 |
39.94 |
4.07 |
12.62 |
164.25 |
Commentary3
This month, the Company's NAV gained 4.9%, notwithstanding a near 4% strengthening of
sterling against the dollar, and despite the spot uranium price retreating 9% to $71.1/lb over the month. The stronger contributions were made by US located assets including Ur-Energy, UEC, and Energy Fuels, whose share prices rose 15%, 28% and 59% respectively. A seeming driver to the performance of these equities was the agreement with rare earth producer, MP Minerals, to access US funding in the form of debt and equity from the Department of Defence. Canadian developer Denison also made a useful positive contribution with a share price rise of 14%. This came after the company announced additional mineral resources at its Gryphon project, the group's second potential development after its Wheeler River production, and also commenced small-scale extraction in a joint venture project with Orano, in which it has a minority share. Paladin acted as a drag with the shares falling nearly 23% following a lowering of 2026 production guidance.
Geiger Counter's performance of 4.9% compared to sterling returns of 6.9% and -2.2% for the
Uranium Pure Play Index and Sprott Uranium Miners equity ETF, respectively. The differential in performance between Pure Play Index and the Sprott Trust had much to do with the contributions from the extremely volatile modular reactor equities, Oklo and NuScale. There share prices rose 27% and 37% respectively following the MP Minerals funding deal. Both modular reactor companies that are competing for government funding for their respective designs are not included in the Sprott ETF.
Elsewhere, Japanese utility Kansai Electric Power Company announced intentions to assess
construction of a new nuclear power plant in Fukui, Mihama, following the return to service of the remaining operating reactor at the site.
|
|
Gross Leverage2 (%) |
Commitment Leverage3 (%) |
|
Geiger Counter Ltd |
123 |
123 |
CQS (UK) LLP
4th Floor, One Strand, London WC2N 5HR, United Kingdom
T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200
CQS (US), LLC
152 West 57th Street, 40th Floor, New York, NY 10019, US
T: +1 212 259 2900 | F: +1 212 259 2699
Tavistock Communications
18 St. Swithin's Lane, London EC4N 8AD
T: +44 20 7920 3150 | geigercounter@tavistock.co.uk
Sources: 1R&H Fund Services (Jersey) Limited, as at the last business day of the month indicated at the top of this report. 2R&H Fund Services Limited/DataStream, as at the last business day of the month indicated at the top of this report, total return performance net of fees and expenses based on bid prices. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the important legal notice at the end of this document. 3Market data sourced from Bloomberg unless otherwise stated. The Fund may since have exited some or all of the positions detailed in the commentary. 4 BMO, UxC, Company data September 2023. 5 www.eia.gov. 6CQS, as at the last business day of the month indicated at the top of this report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 7CQS, as at the last business day of the month indicated at the top of this report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 3231/2013.
The Company has announced the fifth Subscription Rights Price of 32.70 pence on 1 May 2025. The exercise date for the fifth Subscription Right is expected to be 30 April 2026.
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