Our portfolio
As at 31 December 2022Top 10 holdings
Oxford Nanopore Technologies is developing and commercialising a new generation of nanopore-based electronic systems for analysis of single molecules, including DNA, RNA and proteins. (23.3% of total investments)
Atom Bank is the UK’s first bank built exclusively for mobile. It is redefining what a bank should be, making things easier, more transparent and better value in a world of finance. (13.1% of total investments)
AMO Pharma is an emerging biopharmaceutical company developing new treatments for serious and debilitating diseases including rare genetic disorders. (6.8% of total investments)
Reaction Engines is developing its innovative SABRE engine to enable space and hypersonic travel more efficieint and more accesible. (5.2% of total investments)
BenevolentAI creates and applies artificial intelligence (AI) and machine learning to transform the way medicines are discovered and developed. Benevolent integrates its technology into every step of the drug discovery process from hypothesis generation to late-stage clinical development. (4.9% of total investments)
Federated Wireless develops a spectrum controller for wireless networks and communication intended to revolutionise the wireless industry. (4.6% of total investments)
HP Environmental Technologies Fund LP is the investment vehicle that acquired Ombu Group Limited, a specialist investor in early and growth stage environmental technologies. (4.4% of total investments)
Genomics plc is a pioneering healthcare company that uses large-scale genetic information to develop innovative precision healthcare tools, and to bring new understanding to drug discovery. (3.7% of total investments)
Immunocore is a pioneering T cell receptor biotechnology company, working to develop and commercialise a new generation of transformative medicines to address unmet needs. (3.3% of total investments)
Back Market is contributing to a circular economy as the leading online marketplace dedicated to refurbished devices. (3.0% of total investments)
What are the risks?
Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses
As it can take years for young businesses to fulfil their potential, this investment requires patience
The price of shares in the trust is determined by market supply and demand, and this may be different to the net asset value of the trust. This means the price may be volatile in response to changes in demand
The trust may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the value of the trust, individual investments, and any income paid to decrease or increase
The trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy
The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.