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MIGO OPPORTUNITIES TRUST PLC
Investor Presentation • Aug 13, 2025
4830_rns_2025-08-13_e3abdaa7-3728-4700-8d78-ad2f8caf08ba.pdf
Investor Presentation
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MIGO OPPORTUNITIES TRUST
July 2025
Investment Objective: To outperform SONIA* plus 2% over the longer term, principally through exploiting the pricing of closed-end funds.
HEADLINES
July saw a strong month for major indices as investors looked beyond tariff disruption. The performance of the trust was more muted after two strong months, returning 1.5%.
Chrysalis Investments (CHRY) reported a 14% increase in NAV over the quarter, driving its shares 7% higher.
Introduction Chrysalis Investments Aquila European Renewables
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A major disappointment during the month was Aquila Renewables (AERI) after the company announced it was pausing the sales process with a preferred bidder.
Read more below Read more below Read more below
THE TRUST
| Share Price (pence) | NAV p/s (pence) | Prem./(Disc.) | |
|---|---|---|---|
| 374 | 388 | (3 | |
| 0 | 6 | 8)% | |
Net Performance (GBP)
| Month | 1Y | 5Y | 10Y | |
|---|---|---|---|---|
| Share Price | 1.4% | 4.1% | 64.6% | 133.1% |
| NAV p/s | 1.5% | 4.2% | 63.7% | 121.0% |
| SONIA* | 0.5% | 6.9% | 26.9% | 43.3% |
| Numis All Share** | 3.9% | 12.7% | 75.7% | 93.3% |
All performance shown net of fees in GBP Total Return as of 31 July 2025. Source: Morningstar. *SONIA +2% Sterling Overnight Interbank Average administered by the Bank of England. **Deutsche Numis All Share index including investment companies Total Return.
80 100 120 140 160 180 200 220 240 260 2015 2017 2019 2021 2023 2025 Performance over 10 Years (GBP) MIGO Share Price MIGO NAV SONIA Numis All Share Source: Morningstar as of 31/07/2025 +133.1% +121.0% +93.3% +43.3%
PORTFOLIO
| 1 % |
|
|---|---|
| Chrysalis Investments | 6.5 |
| Baker Steel Resources Trust | 5.9 |
| PRS REIT | 5.1 |
| Abrdn European Logistics | 5.0 |
| SDCL Efficiency Income | 4.8 |
| VH Global Energy Infrastructure | 4.7 |
| Gresham House Energy Storage | 4.6 |
| Harbourvest Global PE | 4.1 |
| GCP Asset Backed Income Fund | 4.1 |
| River UK Micro Cap | 3.7 |
| Total | 48.5 |
| No. of Holdings | 4 0 |
Top Ten Holdings Contributors/Detractors (GBP)2
| Largest Conributors | 1M Contrib. bps | 1 % |
|---|---|---|
| Chrysalis Investments | 66 | 6.5 |
| Georgia Capital | 36 | 3.6 |
| Baker Steel Resources Trust | 34 | 5.9 |
| RTW Biotech Opportunities | 32 | 2.8 |
| Oakley Capital Investments | 26 | 3.2 |
| Largest Detractors | 1M Contrib. bps | 1 % |
|---|---|---|
| Aquila European Renewables | -45 | 3.5 |
| Life Science REIT | -43 | 2.8 |
| Augmentum Fintech | -32 | 3.2 |
| VH Global Energy Infrastructure | -22 | 4.7 |
| Abrdn European Logistics | -19 | 5.0 |
1Shown as % of Net Asset Value 2Contributors and detractors from Factset
MIGO OPPORTUNITIES TRUST
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PORTFOLIO (continued)
MANAGER'S COMMENT
July saw a strong month for major indices as investors looked beyond tariff disruption. The performance of the trust was more muted after two strong months, returning 1.5%.
Chrysalis Investments (CHRY)
Chrysalis Investments (CHRY) reported a 14% increase in NAV over the quarter, driving its shares 7% higher. The main contributor was a 42% uplift in the carrying value of Starling Bank. Notably, for the first time, Starling's valuation included its SaaS banking platform, Engine, which licenses the bank's technology to third-party institutions seeking to build digital services and in 2024 it signed its first 2 customers, Salt Bank in Romania and AMP in Australia. Although these customers only equate to 1% of revenue in Starling's full year accounts, the gross margin for the platform, the pipeline of deals, and the high absolute multiples of revenue assigned to such businesses suggest Engine could be a driver of Starling's valuation going forward. Finally, Starling sits on a considerable amount of excess capital which could be used to either expand the loan book or invest in Engine.The buy-now-paylater company Klarna was also written up, but more pertinent for Chrysalis shareholders was the announcement that it was looking at reviving its potential IPO as early as September. Even with some kind of lockup, Klarna's listing would provide a considerable amount of cash returning to Chrysalis, which, with the discount still sitting at over 30% at time of writing, will mean subsequent additional buybacks or a tender offer will be highly accretive.
Although the writeups were welcome there were some heavy write downs further down the portfolio. Deep Instinct was written down over 36% and Brandtech's valuation fell 12%. As such Chrysalis is becoming increasingly concentrated and its performance will be beholden even further to its largest assets.
Aquila Renewables (AERI)
A major disappointment during the month was Aquila Renewables (AERI) after the company announced it was pausing the sales process with a preferred bidder. The shares are now back to the ~55c level they traded at prior to the May update when the company announced it was in exclusive talks with the preferred bidder for "a portfolio of assets that represent a majority of the Company's portfolio". It appears the preferred bidder reduced its price and also removed an asset from the portfolio which the board believes will be difficult to sell by itself.
To date, the company has only managed to sell their interest in Sagres, a Portuguese hydro asset and their 25% stake in Tesla, a Norwegian windfarm back in September last year. In his statement the chairman blames a "challenging sales market environment" much to the frustration of shareholders as the disposal process at AERI has been excruciatingly slow, and the backdrop has certainly worsened since the company was pushed into wind down. With a plethora of both listed and unlisted funds trying to sell renewable assets the discount rate being demanded is now higher than most listed funds are applying to NAV calculation. Post period end AERI produced a NAV 12% lower incorporating a higher discount rate and a softer power price market. With the shares sat at €0.54 and the written down NAV at €0.73 there is a considerable uplift should the portfolio be sold at this reduced level.
STATISTICS
Performance Summary (GBP) Trust Details
| Total Returns (%) | 1M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|
| Share Price | 1.4 | 4.1 | 15.9 | 64.6 | 133.1 |
| NAV p/s | 1.5 | 4.2 | 15.8 | 63.7 | 121.0 |
| SONIA +2%* | 0.5 | 6.9 | 21.3 | 26.9 | 43.3 |
| Numis All Share** | 3.9 | 12.7 | 34.8 | 75.7 | 93.3 |
| CY Total Returns (%) | CYTD | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Share Price | 6.2 | 5.7 | 2.6 | -10.9 | 25.3 |
| NAV p/s | 6.3 | 6.4 | 2.9 | -12.7 | 23.7 |
| SONIA +2%* | 3.8 | 7.4 | 1.8 | 3.4 | 17.1 |
| Numis All Share** | 13.5 | 9.7 | 3.6 | -2.5 | 2.1 |
All performance shown net of fees in GBP Total Return as of 31 July 2025. Source: Morningstar. *SONIA +2% Sterling Overnight Interbank Average administered by the Bank of England. **Deutsche Numis All Share index including investment companies Total Return.
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| Capital Structure | |
|---|---|
| Ordinary Shares | 18,754,363 |
| Shares held in Treasury | - |
| Credit facility4 | £10m |
| Gross Assets/Net Gearing | |
| Gross Assets | £82.9m |
| Gearing (net)5 | 5.8% |
| Fund Facts | |
| Launch Date | 06-Apr-04 |
| Net Assets | £72.9m |
| Investment Manager | Asset Value Investors Limited |
| Value Owned by AVI6 | £1,046,919 |
| Shareholder Services | Link Asset Services |
| Annual Management Fee | 0.35% |
| Performance Fee | 15% of return over SONIA +3% |
| Ticker Code | MIGO.LN |
4 The amount drawn as at 31 July 2025 is £10m. Cost of borrowing is SONIA +1.45% on any drawn balance and 0.72% on any undrawn balance 5Net gearing at fair value
6Value owned by AVI Ltd & AVI Ltd employees as at 31 July 2025
Investment Managers – Tom Treanor & Charlotte Cuthbertson
AVI Ltd. +44 20 7659 4800
The share price can be found in London Stock Exchange ISIN: GB0034365949 Trading as: MIGO
Information may be found on the following websites: www.migoplc.co.uk www.assetvalueinvestors.com
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"), reference number 119270 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 MIGO Opportunities Trust (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.