AURORA INV TST PLC

Net Asset Value • Aug 3, 2023

Holdings >3% on 31 July 2023	(%)
Frasers Group	22.3
Barratt Developments	14.8
Castelnau Group Ltd	14.7
Ryanair	69
Netflix	6.3
easy et	5.8
Lloyds Banking Group	4.9
RHI Magnesita	4.3
Bellway	3.8
AO World	3.4
Others <3%	128
Cash & Cash Equivalents	0.2

Aurora Investment Share Price: £2.14 Net Asset Value: £2.42 Market Cap: £163m Data as of 31 July 2023

In July, the NAV was up 5.4% for the month, versus the FTSE All Share (incl. dividends), which was up 2.6%.

Discount: 11.6%

The strongest performer during the month was AO World, which rose 20.4%. Other risers of note included: Frasers Group up 15.8% following the publication of positive full year results, RHI Magnesita up 12.7% after the completion of a partial offer and publication of half year results, and finally our housebuilders Bellway and Barratt Developments were resilient, rising 11.5% and 10.5% respectively.

The NAV is now up 17.9% for the year but valuations in historic terms remain attractive, with upside to intrinsic value presently circa 160%.

Aurora Track Record

Performance	NAV Return 96	Share Price Total Return** న్న	All-Share Index %**	Relative NAV to ASX %
2023 (to 31 July)	17.9	11.6	5.1	12.8
2022	-17.4	-16.3	0.3	-17.7
2021	19.1	13.5	18.3	0.8
2020	-5.5	-10.0	-9.7	4.2
2019	29.7	31.9	19.1	10.6
2018	-10.3	-10.9	-9.5	-0.9
Cumulative*	64.0	52.0	60.7	3.3

* Since 1 January 2016

**Share price return with dividends reinvested; All Share Index returns with dividends reinvested.

Past performance is not a reliable indicator of future performance.

Aurora Premium / (Discount) – 31 July 2023

Aurora shares are eligible to be invested in an ISA or SIPP. Neither the Aurora Investment Trust nor Phoenix Asset Management Partners run such a scheme. You should consult a financial adviser regarding a suitable self-select ISA or SIPP provider.

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