MIGO OPPORTUNITIES TRUST PLC

Fund Information / Factsheet • Dec 17, 2024

*SONIA +2% Sterling Overnight Interbank Average administered by the Bank of England

PORTFOLIO (Holdings to 30 November 2024 )

Sector Breakdown (% of Portfolio)

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-

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Holding	%
Baker Steel Resources Trust	5.0
VinaCapital Vietnam Opportunity	4.6
Oakley Capital Investments	4.5
JPMorgan Indian Investment Trust	4.1
Chrysalis Investments Ltd	4.1
Georgia Capital	4.0
Aquila European Renewables	3.9
PRS REIT Plc	3.7
Tufton Oceanic Assets	3.7
Geiger Counter Ltd	3.6
TOTAL	41.2
Rest of the portfolio	58.8
No. of Holdings	53

Market Cap Breakdown (% of Portfolio)

MANAGERS COMMENT

MIGO's NAV grew by 2.2% in November

November was a strong month for markets following the US Presidential election. MIGO's share price lagged, remaining flat over the month, however, the trust's NAV, was up 2.2% highlighting some good progress being made in the underlying portfolio.

Baker Steel Resources Trust

Our best performer during the month was Baker Steel Resources Trust ("Baker Steel") which acquires promising mineral deposits and either develops the mine itself or sells it to a multinational which will progress the project into production. In recent years where environmental concerns have been a major challenge to mining stocks, the company has traded at an extremely large discount. Baker Steel's share price rallied more than 20% during November, but still trades at around a 30% discount. Although a number of investments within the portfolio are demonstrating useful momentum, there was no major news or event to trigger this rally, but investors clearly decided that Baker Steel was trading at the wrong price.

Seraphim Space

After a volatile few months, Seraphim Space ("Seraphim"), which invests in space related technology companies, was also a contributor to returns. Investors have been nervous about the early-stage nature of these companies, but with average revenue growth of 71% and the vast majority of the portfolio having cash runway to profitability we believe these concerns are overdone. Many of Seraphim's investee companies are exposed to the defence sector, as such the election of Trump to the US Presidency should be supportive for the trust as he is likely to put pressure on European nations and NATO countries to increase their defence spending.

Real Estate Investor

Real Estate Investors ("RLE") share price drifted lower on no news. RLE has a portfolio of property located in the midlands and is in managed wind-down. With little news flow around portfolio sales to trigger buying we anticipate that the shares may continue to fall. The trust, however, produces a decent income of 7% so we are being paid to wait for realisations of the underlying portfolio.

Duke Capital

Disappointingly, Duke Capital ("Duke"), which provides hybrid capital solutions for SME business owners in Europe and North America, notified and executed a fundraise at a price lower than where the stock had been trading preannouncement in November which sent the shares lower. We believe that this type of activity is what is holding Duke back from narrowing the discount.

It is custom at this point of the year to reflect on the past 12 months and looking forward to what 2025 may have in store. We are not in the practice of making predictions and next year is likely to have plenty of surprises. However, we remain positive that there is an exceptional opportunity in the investment trust sector with 2024 seeing only a small amount of discount narrowing, and although slower than anticipated, momentum is moving in the right direction.

STATISTICS

Contributors / Detractors (in GBP)

		% Weight
Baker Steel Resources Trust Ltd GBP Ptg.Shs	96	5.0
Georgia Capital Plc	57	4.0
Seraphim Space Investment Trust Plc	55	2.5
Geiger Counter Limited	54	3.6
Chrysalis Investments Limited	47	4.1

		% Weight
Real Estate Investors plc	-28	2.9
Duke Capital Limited	-28	2.3
Life Science Reit Plc	-23	1.6
VPC Specialty Lending Investments Plc	-20	0.8
Phoenix Spree Deutschland Fund	-17	3.6

Fund Facts
Launch Date	06 April 2004
Net Assets	£75.4m
Investment Manager	Asset Value Investors Limited
MIGO Shares in issue	20,474,731
Shareholder Services	Link Asset Services
Management Fee	0.65%
Website	www.migoplc.co.uk
Ticker Code	MIGO.LN
ISIN	GB0034365949

	1m	3y	5y	10y
Share Price TR	0.1	-6.3	34.8	130.3
Net Asset Value TR	2.3	-1.4	35.1	110.9
Numis All-Share Index	2.7	21.8	29.9	78.2
SONIA	0.6	18.3	23.4	39.5
	2023	2022	2021	2020
Price	2.6	-10.9	25.3	7.6
Net Asset Value
	2.9	-12.7	23.7	8.6
Numis All-Share Index	3.6	-2.5	17.1	-7.9
SONIA	1.8	3.4	2.1	2.2

Ordinary Shares	20,474,731
Shares held in Treasury	-
Credit facility**	£10m
Gross Assets	£85.4m
Gearing (net)	7.5%

** The amount drawn as at 31 August 2024 is £10m. Cost of borrowing is SONIA +1.45% on any drawn balance and 0.72% on any undrawn balance.

Investment Manager – Nick Greenwood & Charlotte Cuthbertson

AVI Ltd. +44 20 7659 4800 info@assetvalueinvestors.com

The share price can be found in London Stock Exchange. ISIN: GB0034365949 Trading as: MIGO

Information may be found on the following website: www.migoplc.co.uk

IMPORTANT INFORMATION

All figures are as at the period under review unless otherwise stated. All sources Asset Value Investors Ltd ("AVI") unless otherwise stated. AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA") and is a registered investment adviser with the Securities and Exchange Commission of the United States. While AVI is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients. This document does not constitute an offer to buy or sell shares in AVI Global Trust plc (the "Trust"). The contents of this message are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice. AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Fund.