Fund passes £50m, NAV reaches record high

Onward Opportunities Limited

01 September 2026

 

RNS REACH

01 September 2026

Onward Opportunities Limited

("Onward Opportunities", "Onward" or the "Company")

Fund size passes £50m threshold as NAV per share reaches record high

Strong performance of +55% since inception and repeated inflows grow Onward Opportunities to more than £50m, the first Investment Company in the UK Smaller Companies sector to do so since 2020

Onward Opportunities Limited (TIDM: ONWD), the investment company targeting opportunities in UK smaller companies, is pleased to announce that as at 26^th August 2026 the Company's net asset value is now in excess of £50m for the first time. Since launch in March 2023, Onward has more than quadrupled in size. It has been at least two decades since an Investment Company in the AIC UK Smaller Companies sector has grown from less than £20m at IPO to £50m of net assets, and it has been achieved in just over three of the most challenging years for the industry.

This latest milestone follows the Company's successful migration from AIM to the Main Market of the London Stock Exchange in April 2026 which was intended to increase liquidity and open up a wider pool of potential investors. The average daily value of shares traded has increased more than fourfold since the migration to the Main Market.

Costs have also reduced significantly versus the foundational years and are expected to continue to fall further with scale, supporting net returns to shareholders.  Specifically, and in accordance with the Company prospectus, a lower 1% Annual Management Charge will apply to NAV in excess of £50m thereby diluting overheads further. Further growth is expected as Onward continues its track record as one of a handful of UK funds to be consistently raising new capital, with £37m of capital raised in the fund's three-and-a-half-year life.

Onward's continued growth comes after a strong period of outperformance in Q3 2026, during which the aggregate value of the Company's portfolio rose by +20.2% in the 8 weeks since the end of June. Recent portfolio company updates helping to drive performance have included Likewise Floorings (AIM: LIKE), RentGuarantor (AIM: RGG), Mincon (AIM: MCON), Angling Direct (AIM: ANG), Aurrigo (AIM: AURR) and Audioboom (AIM: BOOM). The fund closed the 26^th of August with a record high NAV per share of 148.5p and the Company's shares trade at a price of 149p, commanding a small premium.

Andrew Henton, Chairman, said:

"Public market capital allocation to the UK's smaller companies - which are recognised as foundational for economic growth - has been low for many years.  The value opportunity being missed thereby was one of the reasons underlying the formation of the Company.  It is very satisfying to have seen some of that value, hitherto overlooked by the market, being crystalised within Onward during the three years since launch. The Company is a growing part of what remains a niche, but very important investment sector, and has been able to provide investors with an opportunity to generate gains from market inefficiency. The Board looks forward to building on this momentum to achieve further milestones and is very grateful for the diligence, commitment and wider support shown by the Investment Manager and supporting team of advisers since the Company's launch in 2023."

Laurence Hulse, Founder & Lead Fund Manager, said:

"Exceeding £50 million is another significant milestone for Onward in a year marked by achievement and challenge in equal measure. 2026 is the Year of the Fire Horse in the Chinese zodiac. Those characteristics have certainly been evident in markets this year, and in that order. Whilst growth of the fund and investment performance fell some way off at Easter with the outbreak of war in the Middle East, the portfolio has had a chance to charge back over the summer taking the fund to new heights.

We coined the phrase 'Gems amongst the rubble' to describe the investment opportunity in UK smaller companies when we launched the fund in the depths of March 2023 market turbulence. The three years since have included the 2023 banking turmoil, a trade war and now an energy crisis in the Middle East. Again, investors took flight from equity markets, with UK smaller companies bearing amongst the worst of the impact. In this climate, to have grown the fund to £50m and delivered market beating returns of +55% since launch - outperforming the AIC UK Smaller Companies peer group by over 25% - has been the best possible way to thank our loyal investors for their continued support. To have grown the fund through another crisis has proven out our strategy further. Onwards."

For further information, please contact:

Onward Opportunities Limited Andrew Henton, Chairman Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Founder & Lead Fund Manager	Via Houston
Cavendish Capital Markets Limited (Corporate Broker) Ben Jeynes / Robert Peel / Seamus Fricker - Corporate Finance Chris West / Justin Zawoda-Martin - Sales	Tel: [phone]
Houston (PR advisers) Charlie Barker / Nick Jackman	Tel: [phone] [e-mail]

About Onward Opportunities

Onward Opportunities is a closed-end investment company listed on London's Main Market.

Onward was launched by lead fund manager Laurence Hulse on AIM in March 2023 to target a structural market opportunity in UK-listed smaller companies, with the aim of generating absolute returns of 15% or more per annum. The fund migrated to the Main Market in April 2026.

Onward has been an outperforming and one of the fastest growing UK Smaller Companies funds since launch, with significant outperformance against its benchmark UK AIM All-Share TR indices.

Onward has an investment committee (IC) that has a combined experience of c.160 years and a history of value creation for clients. The team uses an active investment approach for identifying investment opportunities and driving those investments to an outcome with the aim of generating higher returns by capitalising on market inefficiencies.

For more information please visit: www.onwardopportunities.co.uk

About Dowgate Wealth (Onward Opportunities Portfolio Manager):

Dowgate Wealth is a fast-growing independent UK wealth management business, providing a bespoke and personalised investment service to over 3,000 clients. Founded in 2019, the Group has expanded to a team of 19 investment managers, with over £2 billion of assets under management. 

Dowgate Wealth is proud to be a firm where employees own a stake in the company. This underpins the firm's culture of entrepreneurialism and long-term thinking, which is further supported by taking an asset agnostic approach to investing.

 

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