Schroder British Opportunities Trust plc - SBO

Seeking out companies with the potential for high, sustainable growth

Why invest in SBO?

  • A differentiated public and private investment strategy investing in high growth small & mid-sized UK companies.
  • Provides access to a far larger universe of high quality, high growth UK companies than available from purely public markets.
  • Executed by an established team of experienced investment professionals with strong track records, proven processes and extensive networks.
  • A portfolio that aims to target companies that support the United Nations Sustainable Development Goals.

Key information

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Interim Report & Accounts 2023
Investor Presentation: Interim Results 2023
Kepler Research Note
Latest Factsheet
Key Information Document
Morningstar Report

Interim Results 2023

On 6 December, Managers Tim Creed and Uzo Ekwue presented the Trust's interim results for the six months ended 30 September 2023. The presentation can be downloaded above.

Our portfolio

As at 30 September 2023

Portfolio Company Updates

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Rapyd acquires payu gpo to expand fintech and payments solutions globally
Cera ranked Number 1 UK HealthTech company in the HealthTech50 list for 2023
Mintec announces the acquisition of AgriBriefing
Parkmobile becomes EasyPark
c. Paperspace and Graphcore launch ‘pay-as-you-grow’ gradient notebooks
Mintec acquires CommoPrices to extend its coverage of commodity price data and intelligence
Double win for Graphcore in industry-leading graph neural network challenge
Graphcore and Aleph Alpha have unveiled a significant advance in AI efficiency

Performance

For further performance data, please visit the London Stock Exchange website.

Ongoing charge (as at July 2023): 1.39%

Awards and ratings

Elite Radar logo HQ

Source: FundCalibre, August 2023

Press and external media

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Mail on Sunday Fund Focus
Podcast: The strong growth potential for UK equities
QuotedData Weekly Show - July 2023
This is Money: The £50m trust that's investing in the best of UK business
Trustnet: Six bargain trusts investors need to watch out for
YourMoney: Big investment trust discounts on well-known companies: Should you buy?
This is Money: 'Is it time to buy British?' with Uzo Ekwue
FundCalibre: How will Public and Private markets fare in 2023?
Private bets pay off for Schroder British Opps but discount deepens
PODCAST: 'Why are UK stocks so cheap?' - Uzo Ekwue
Investment Week: Rory Bateman: Why is the UK investment climate so hot right now? (23/09/21)
FundCalibre - Investing in public and private equity
Headline Money: The benefits of a public-private investment approach
Trustnet: 'Schroders other public-private trust'

Schroders insights

Trust communications

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The Portfolio Managers

A powerful combination of public equity and private equity expertise

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Rory Bateman

Co-Portfolio Manager, Co-Head of Investment and Head of Equities

Tim Creed

Co-Portfolio Manager, Head of Private Equity Investments, Schroders Capital

Uzo Ekwue

Co-Portfolio Manager, Schroder British Opportunities Trust

Peraveenan Sriharan

Co-Portfolio Manager, Schroder British Opportunities Trust

Regulatory news updates

Documents

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Annual Report and Accounts 2023
Interim Report and Accounts 2023
2023 AGM Results
Privacy Policy
Financial Crime Policy
Schroder British Opportunities Trust Flyer
Prospectus
FCA FUND 3.3.5R Disclosures
Pre-investment AIFMD Disclosure
Schedule of matters reserved to the Board
Terms of Reference: Management Engagement Committee
Terms of Reference: Nomination Committee
Terms of Reference: Audit & Risk Committee

Archive

Annual Reports & Accounts

2022 / 2021

Half Year Reports

2022 / 2021

AGM Results

2021

Risks

The key risks that are specific to the Company: 

The Company’s strategy is to invest, initially, in companies impacted by the Covid-19 crisis in the approximately £50 million to £2 billion equity value range. These companies may not have the financial strength, diversity and resources which larger companies may have and there may be a higher risk that these companies will find it more difficult to operate during the Covid-19 crisis, as well as in periods of economic slowdown and recession. The risk of bankruptcy of such companies is also generally higher. Therefore, investment in such companies could be riskier than investments in larger companies and the deterioration in the financial condition or bankruptcy of such companies may result in greater volatility in the Company’s net asset value (“NAV”) and may materially and adversely affect the performance of the Company and returns to Shareholders.

The long-term impacts of Covid-19 are unknown, rapidly-evolving and may be materially more severe and/or more permanent than anticipated. It is difficult to accurately predict the effects these factors may have on the investee companies within the Company’s portfolio and on the Company. The Company may invest in investee companies which do not meet the target returns anticipated by the Portfolio Managers (being Schroder Investment Management Limited and Schroder Adveq Management AG (the “Portfolio Managers”)) due to the Portfolio Managers underestimating or failing to accurately predict or foresee the time scale, severity and/or impacts of the Covid-19 crisis, which could result in a material adverse impact on the performance of the Company, the NAV and the returns to Shareholders.

Private equity investments are difficult to value. Information from underlying investee companies may be delayed, missing or restricted which would lead to valuations being made on incomplete information. 

It is difficult to accurately time the exit of private equity investments. Exits will take time and the Portfolio Managers may have very little influence on any decisions around the timing on exits.  Realisations of private equity investments may not occur on a regular straight line basis. Should an exit of a private equity investment be effected in such manner or time frame which is not compatible with the Company’s investment horizon, this could result in a material adverse impact on the Company’s NAV and on the return to Shareholders.

There may not necessarily be a liquid market for shares in investee companies in the approximately £50 million to £2 billion equity value range even if their shares are publicly traded.

The AIFM, the Portfolio Managers and their affiliates will provide services to other clients, which could compete directly or indirectly with the activities of the Company and may be subject to conflicts of interest in respect of their activities on behalf of the Company. 

The Company may not meet its investment objective and returns of the Company are not guaranteed. 

The Company has a fixed life and in the event that no alternative proposals are put forward to Shareholders and approved by Shareholders ahead of the winding-up date, a winding-up resolution will be proposed at the winding-up date to voluntarily liquidate the Company. This could mean that certain investments, in particular, private equity investments, may not be able to be realised at an optimal price, or that the realisation of such investments may take longer than anticipated (as it could take several years after the commencement of the winding-up of the Company until all of the Company’s private equity investments could be disposed of and any final distribution of proceeds made to Shareholders). 

The Company has no employees and the Directors have all been appointed on a non-executive basis.  Therefore, the Company is reliant upon the performance of third party service providers for its executive function. Failure by any of these or any other service provider to carry out its obligations to the Company in accordance with the terms of its appointment, together with a failure by the Company to enforce such terms, could have a materially detrimental impact on the operation of the Company.

Failure by the Company to maintain investment trust status, or changes in taxation legislation or practice, could result in the Company not being able to benefit from the current exemption for investment trusts from UK tax on chargeable gains and could affect the Company's ability to provide returns to Shareholders.

Changes in tax legislation or practices or laws or regulations governing the Company's operations (in particular, the Listing Rules, the Prospectus Regulation, the Prospectus Regulation Rules, the Disclosure Guidance and Transparency Rules, the Market Abuse Regulation, the AIFMD and the PRIIPs Regulation) may adversely affect the Company's business. 

Key risks specific to the securities:

The Company has a total return strategy and therefore may not pay dividends to Shareholders.

The value of the Shares can fluctuate and may go down as well as up and an investor may not get back the amount invested. The market price of the Shares, like shares in all investment trusts, may fluctuate independently of their underlying Net Asset Value and may trade at a discount or premium at different times, depending on factors such as supply and demand for the Shares, market conditions and general investor sentiment.

There can be no guarantee that a liquid market in the Shares will exist. Accordingly, Shareholders may be unable to realise their Shares at the quoted market price or at all. 

The Company may issue new equity in the future pursuant to the Placing Programme or otherwise. Where statutory pre-emption rights are disapplied, any additional equity financing will be dilutive to those Shareholders who cannot, or choose not to, participate in such financing.

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Please remember that 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.

Marketing material

Issued by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England.

For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security / sector / country.

Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority.

On 17 September 2018 our remaining dual priced funds converted to single pricing and a list of the funds affected can be found in our Changes to Funds. To view historic dual prices from the launch date to 14 September 2018 click on Historic prices.