Statement Re Quarterly NAV

Schroder British Opportunities Tst.

28 September 2026

 

Schroder British Opportunities Trust plc

Net Asset Value as at 30 June 2026

Schroder British Opportunities Trust plc (the "Company") announces its unaudited net asset value ("NAV") as at 30 June 2026 was £79.7 million or 107.83p per share (31 March 2026: £79.2 million or 107.24p per share), following the quarterly valuation of the Company's unquoted holdings. This represents an increase of 0.59p per share (0.55%) compared with the NAV reported at the prior quarter end.

Portfolio

As at 30 June 2026, the Company had 12 portfolio company positions, all comprising of unquoted companies after the sale of all quoted company holdings in May 2026.

Financial performance (unaudited)

Attribution analysis £m		Unquoted	Quoted	Money Market Funds	Cash and cash equivalents	Other	NAV
Value as at 31.03.2026		66.5	5.0	8.6	0.5	(1.4)	79.2
+ Investments		-	-	5.4	(5.4)	-	-
- Realisations at value		-	(5.7)	-	5.7	-	-
+/- Fair value gains/(losses)		(0.1)	0.7	0.1	-	-	0.7
+/- Costs and other movements		-	-	-	0.1	(0.2)	(0.1)
Value as at 30.06.2026		66.4	0.0	14.1	0.9	(1.6)	79.7

Source: JPM, as of June 2026.

The 0.7% increase in NAV, from £79.2 million at 31 March 2026 to £79.7 million at 30 June 2026, comprised:

-       Quoted holdings: 0.9%

-       Unquoted holdings: (0.1)%

-       Money market funds: 0.2%

-       Costs and other movements: (0.2)%

Underlying performance across the unquoted portfolio remained resilient. Aggregate fair value declined modestly by £0.1 million during the quarter ended 30 June 2026, reducing the NAV by 0.1%. This reflected continued pressure on market valuation multiples and developments at Learning Curve, partly offset by earnings growth across several holdings.

This was more than offset by a £0.7 million fair value gain from the quoted portfolio, contributing 0.9% to NAV. The Company also realised £5.7 million from the sale of quoted holdings, completing the transition away from publicly listed investments and the redeployment of proceeds into money market funds.

Investment activity

During the period, no new investments were made. The Company realised £5.7 million from quoted holdings, with the proceeds redeployed into money market funds to support liquidity management.

Unquoted holdings

	As at 31 March 2026		As at 30 June 2026
Holding	Fair value (GBP '000)	% of total investments	Fair value (GBP '000)	% of total investments
Expana¹	8'623	10.8%	8'348	10.4%
Arrive²	8'040	10.0%	8'232	10.2%
Pirum Systems	7'322	9.1%	7'798	9.7%
CFC Underwriting	6'727	8.4%	7'033	8.7%
CSL	5'943	7.4%	6'328	7.9%
Cera Care	6'184	7.7%	6'183	7.7%
Acturis	5'777	7.2%	5'845	7.3%
Culligan	5'623	7.0%	5'506	6.8%
JMG	4'723	6.0%	4'832	6.0%
Rapyd	4'042	5.0%	4'680	5.8%
Headfirst	2'574	3.3%	1'324	1.6%
Learning Curve	882	1.1%	281	0.3%

Source: JPM

[1] Expana, formerly known as Mintec, rebranded in June 2024.

[2] Arrive, formerly known as EasyPark, rebranded in June 2025.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. None of the information in this report is to be considered a recommendation to buy or sell any securities. 

 

END