PUMA VCT 13 PLC

Interim / Quarterly Report • Nov 14, 2025

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Contents

1

Officers and Professional Advisers 13

Income Statement (Unaudited)

2

Chairman's Statement 14

Balance Sheet (Unaudited)

4

Financial highlights

15

Cash Flow Statement (Unaudited)

5

Portfolio diversification

16

Statement of Changes in Equity (Unaudited)

6

Qualifying investments

18

Notes to the Interim Report

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Officers and Professional Advisers

Directors

David Buchler (Chairman) Stephen Hazell-Smith Graham Shore

Secretary

Eliot Kaye

Registered Number

10376236

Registered Office

Cassini House 57 St James's Street London SW1A 1LD

Investment Manager

Puma Investment Management Limited Cassini House 57 St James's Street London SW1A 1LD

Administrator

PI Administration Services Limited Cassini House 57 St James's Street London SW1A 1LD

Registrar

Neville Registrars Neville House Steelpark Road Halesowen B62 8HD

Auditor

MHA Audit Services LLP 6th Floor 2 London Wall Place London EC2Y 5AU

Sponsor and Solicitors

Howard Kennedy No 1 London Bridge London SE1 9BG

Bankers

The Royal Bank of Scotland plc 250 Bishopsgate London EC2M 4AA

VCT Tax Adviser

Shoosmiths LLP 1 Bow Churchyard London EC4M 9DQ

Custodian

Pershing Securities Limited 1 Canada Square London E14 5AL

J.P. Morgan SE, Luxembourg Branch European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Luxembourg

Howard Kennedy No 1 London Bridge London SE1 9BG

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£32.6 million raised in new equity during the period

Three new and four follow-on investments completed since the year-end

Chairman's Statement

Your Board is pleased to present the half-yearly report for Puma VCT 13 plc ("the Company") for the period to 31 August 2025.

Fundraising

We are pleased to report that the Company raised a further £32.6 million in new equity during the six months reporting period.

Following the period-end, shareholder approval was received to allow the VCT to raise further funds. This will put the VCT in a stronger position to exploit the investment environment, add further diversification, and spread fixed costs over a wider base. This VCT is now open for fundraising and the market reaction to date has been positive.

Investment activity

Since the last Report and Accounts, the Company made three new investments; of £4.6 million into Love Corn, a provider of crunchy corn snacks, £4.0 million into Runa Network, a provider of global digital payments infrastructure enabling instant payouts via gift cards, prepaid cards and Pay to Bank Card functionality. £4.3 million was also invested into Yaso following the period-end, a Company that helps international brands sell directly to Chinese consumers through tech-enabled social commerce solutions.

The Company also made four follow-on investments of £1.2 million into Lucky Saint, the UK's number one dedicated alcohol-free beer brand, £0.9 million into NRG, a company which runs inclusive, lower cost gyms across the country, £0.5 million into Ron Dorff, a premium menswear brand, and £1.5 million into TravelLocal, a leading online platform for tailor-made holidays.

Investment portfolio

The holding value of the portfolio has had a number of adjustments. The largest increase in valuation was to the holding in Influencer, and the largest reduction was to the holding in Le Col.

• Influencer has had a write up of £1.8 million after continuing to show strong growth, in particular in the US market. The company is currently performing ahead of an ambitious financial budget at revenue and EBITDA levels.
• Le Col, the premium cycle apparel brand, has had a write-down of £3.3 million reflecting the general difficulties of Direct-to-Consumer businesses, and sports apparel, in particular. Large competitors continue to grapple with overstocking issues and therefore move to deep discounting and early sales periods, which limits Le Col's ability to sell at full price. For prudence, we have again marked down the carrying value of Le Col.

Net Asset Value (NAV)

The NAV per share at the period-end was 121.28p (Feb 2025: 122.28p). This figure reflects adjustments in the carrying value of the qualifying

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portfolio, movements in the value of the non-qualifying portfolio offset by the management fees and other expenses incurred in the period.

VCT qualifying status

Shoosmiths LLP ("Shoosmiths") provides the Board and the Investment Manager with advice on the ongoing compliance with HMRC rules and regulations concerning VCTs and has reported no issues in this regard for the Company to date. Shoosmiths and other specialist advisers will continue to assist the Investment Manager in establishing the status of potential investments as qualifying holdings. Shoosmiths will also continue to monitor rule compliance and maintaining the qualifying status of the Company's holdings in the future.

Outlook

As we approach the close of 2025, the UK economy has shown some resilience amid global headwinds and domestic structural challenges. GDP growth for the year is now forecast at 1.2%, slightly above earlier expectations, driven by stronger-than-anticipated trade performance in the first half of the year. We are seeing this within our portfolio when viewed in aggregate, with a solid rate of overall revenue growth.

However, domestic demand remains subdued, with consumption and business investment both under pressure. We continue to hear talk of the prioritisation of growth, but concrete policy measures have been slow to materialise and are challenged by fiscal realities.

Inflation has proven sticky, rising to 3.8% in August and expected to average 3.4% for the year. Key drivers include elevated food and energy prices, as well as lingering wage pressures, particularly in sectors affected by minimum wage increases and higher national insurance.

The Bank of England has responded cautiously, cutting interest rates to 4.0% in August but signalling that no further reductions are likely until early 2026, citing concerns about entrenched inflation expectations and wage dynamics. Forecasts suggest rates may settle around 3.5% next year.

The job market has weakened, with unemployment rising to 4.7% and expected to edge up further in 2026. Firms have responded to rising labour costs with job cuts, particularly in low-wage sectors such as hospitality and retail. We are also seeing this through our small exposure to such sectors, with employers having to rationalise labour in the face of material policy-driven cost increases.

Productivity growth remains a concern across the board, with output per hour barely above pre-pandemic levels. To address these challenges, the UK must continue investing, in capital stock, entrepreneurship, and skills development. These efforts are essential to improving workforce efficiency and unlocking long-term growth potential.

Last autumn's Budget introduced notable changes, including increases in employers' National Insurance Contributions and a significant rise in the minimum wage. These measures are squeezing margins in labour-intensive sectors such as hospitality and retail, potentially leading to cost-cutting and slower hiring.

Despite these pressures, fiscal policy has generally loosened, with increased government spending supporting growth. However, uncertainty remains around future tax and benefit changes, which could affect household disposable income and business confidence.

SMEs continue to be central to the UK's innovation and growth strategy. The extension of the VCT scheme reinforces the government's commitment to supporting early-stage and scale-up businesses. The management team have positioned your VCT to capitalise on these opportunities, with a diversified portfolio and a strong track record of investing in high-growth companies.

The Company has a strong track record and has achieved top quartile performance when compared with more than 40 generalist VCTs in the market on a five-year basis as at 30 June 2025, with a total return (NAV growth plus dividends paid) growth of over 41%1. The fund continues to focus on scale-ups rather than start-ups, offering mentorship and strategic support to help portfolio companies navigate the current economic landscape.

Looking ahead, the UK economy faces several risks: global trade tensions, particularly with the US, could dampen export growth; domestic policy shifts may affect consumer and business sentiment; and persistent inflation could delay further monetary easing. Nonetheless, with inflation expected to fall to 2.5% in 2026 and interest rates easing, conditions may improve for investment and consumption. VCT 13 is well-placed to support dynamic UK enterprises and contribute to a more robust and resilient economy.

David Buchler Chairman

14 November 2025

¹ https://www.theaic.co.uk/aic/find-compare-investment-companies

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Financial highlights

AS AT 31 AUGUST 2025

Company details and performance

£195.0m

121.28p

Net assets

NAV / Share

Fundraising and cash Qualifying investment activity

£75.7m

Available for investments as at the period-end

61%

of NAV invested in qualifying investments

£32.6m

Cash raised during the period

13%

Increase in qualifying value over cost

3

New investments since the year-end

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Portfolio diversification

AS AT 31 AUGUST 2025

Invested by sector (Cost)

Invested by sector (Fair Value)

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Qualifying investments

In this section, we look at the following investments within our portfolio in more detail.

Aveni
Bikmo
CameraMatics
Iris
Love Corn
Lucky Saint
NRG
Pockit
Runa
Transreport

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Aveni harnesses artificial intelligence and natural language processing (NLP) expertise to help financial services companies improve productivity and risk oversight. Its platforms, Aveni Assist and Aveni Detect, use NLP to record, transcribe, and analyse conversations, delivering voice-driven automation and efficiency. Over the past year, Aveni added new customers, renewed contracts, and built a strong pipeline. In May 2025, it launched FinLLM, the UK's first domain-specific large language model for financial services. Recognised by NVIDIA as a leading UK AI model builder, Aveni is shaping the future of AI in financial services and growing rapidly with Puma's support.

Bikmo is a specialist cycle and e-mobility insurer, protecting over 75,000 riders across the UK, Ireland, Germany, and Austria. The company has laid strong foundations for growth, securing partnerships with Trek, Cycling UK, and the Association of Cycle Traders. It expanded its insurance portfolio, onboarded a second UK underwriter, and gained Managing General Agent status. Bikmo continues to grow its UK book via direct sales and partnerships, while advancing into Europe. Recent developments include new digital offerings and senior hires. Puma is actively supporting strategic planning and the upcoming fundraising initiative.

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CameraMatics is an award-winning fleet risk management solution, using AI-powered collision avoidance to improve driver safety and operational efficiency. The company has achieved double-digit revenue growth through customer expansion and enterprise wins in construction and last-mile delivery. Recent product upgrades improved functionality, and the launch of CameraMatics Zero helps clients track emissions and optimise travel. Focus remains on UK and US fleet rollouts. Puma continues to support CameraMatics in developing and executing its strategic growth plan.

IRIS is an audio specialist with AI-powered software that removes background noise from calls. The company has realised initial revenues from a strategic partnership and appointed an industry veteran as advisor and investor. IRIS is focused on expanding revenue streams through partnerships and growth in mission-critical sectors. Puma is assisting IRIS with strategy development.

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Love Corn is a fast-growing snack brand specialising in healthier snacks. It has a strong presence in the UK and US, and is known for bold flavours and plant-based ingredients. The company has achieved 48% year-on-year growth, driven by US traction and major retail wins. Recent initiatives include seasonal product launches and expanded e-commerce reach. Love Corn is focused on scaling its retail and digital footprint, with Puma supporting senior hiring and strategic development.

Lucky Saint is the UK's leading dedicated alcohol-free beer brand, recognised for its premium lager and innovative product launches. The company has maintained strong revenue growth, driven by new product launches such as Lemon Lager and expanding distribution. Despite sector headwinds, Lucky Saint has held a strong market share and is now the fifth largest non-alcoholic beer brand in UK grocery. The company's focus is on consolidating its market position and increasing share across all channels, with Puma actively supporting strategic execution.

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NRG Gyms operates inclusive, lower-cost gyms nationwide, growing from two to twelve sites following the acquisition of Pump Gyms in August 2025. The company has outperformed budget expectations and is focused on integrating new sites and expanding its footprint. Puma collaborates closely with management to evaluate growth opportunities and ensure sustainable expansion.

Pockit provides pre-paid spending cards and current accounts, primarily serving under-served communities. The company has demonstrated robust revenue growth, with credit products driving momentum. Pockit's "income advance" product has shown strong customer engagement and revenue generation, and a similar product has been launched at Monese, a business it bought last year. The focus is on rolling out the income advance product and integrating the two organisations. Puma is heavily involved in shaping strategic initiatives, supporting integration, and preparing for a key fundraising round anticipated in 2026.

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Runa is a global digital gifting infrastructure platform, enabling instant and secure digital value transfers for rewards, incentives, and payouts. The company achieved 97% of budgeted revenue and a 50% growth rate year-to-date, though recent quarters have seen some volatility. Runa has implemented some cost-saving measures and is developing new payout functionalities to expand its addressable market. Puma is actively involved in preparing Runa for its Series C round, advising on business planning, sales structure, and international scaling.

Transreport develops technology to enhance passenger travel experiences, with its flagship Passenger Assistance app supporting over one million customers. The company has achieved a stable commercial position, with strong contracted recurring revenue and a robust cash position. Recent efforts have focused on securing strategic contracts, expanding internationally, and deploying technology in new sectors such as aviation. Transreport is refocusing on transportation, leveraging AI to accelerate product delivery and operational efficiency. Puma is closely involved in strategic planning and international expansion.

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Liquidity management investments

The rules for VCTs limit the income which can be received from bank deposits, making them an unattractive way of holding funds waiting to be invested. As a result, during a period where funds remain not yet deployed in qualifying investments in smaller companies, a VCT needs to hold other investments.

The Company's liquidity management strategy focuses on short term bonds held through collective investment schemes. At the beginning of the year, the Company held £45.3 million in the strategy, as at the period end, this increased to £67.8 million after further investment of £35.2 million and disposals of £12.6 million.

Investment strategy

We are pleased to have invested the Company's funds in a diverse range of businesses to date. With the re-opening of fund-raising, we hope to diversify the portfolio further over the coming months. We remain focused on generating strong returns for shareholders, while balancing these returns with maintaining an appropriate risk exposure. Overall, we remain confident that our portfolio is well positioned to deliver positive returns to shareholders.

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Income Statement (Unaudited)

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

		Six months ended 31 August 2025				Six months ended 31 August 2024			Year ended 28 February 2025
	Note	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
(Loss)/gain on fixed asset investments		-	(683)	(683)	-	3,467	3,467	-	1,290	1,290
(Loss)/gain on current asset investments		-	(47)	(47)	-	719	719	-	724	724
Income		1,588	-	1,588	1,165	-	1,165	2,418	-	2,418
		1,588	(730)	858	1,165	4,186	5,351	2,418	2,014	4,432
Investment management fees Performance fees Other expenses	4 6	(514) - (612)	- -	(1,541) (2,055) - (612)	(364) - (480)	(1,093) - -	(1,457) - (480)	(769) - (1,136)	- -	(2,310) (3,079) - (1,136)
		(1,126)		(1,541) (2,667)	(844)	(1,093)	(1,937)	(1,905)	(2,310)	(4,215)
Profit/(loss) before tax Tax		462 -	(2,271) -	(1,809) -	321	3,093	3,414	513	(296)	217
Profit/(loss) after tax		462	(2,271)	(1,809)	321	3,093	3,414	513	(296)	217
Basic and diluted return/(loss) per Ordinary Share (pence)	2	0.29p	(1.44p)	(1.15p)	0.28p	2.70p	2.98p	0.42p	(0.24p)	0.18p

All items in the above statement derive from continuing operations.

There are no gains or losses other than those disclosed in the Income Statement.

The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The supplementary revenue and capital columns are prepared in accordance with the Statement of Recommended Practice, Financial Statements of Investment Trust Companies and Venture Capital Trusts, issued by the Association of Investment Companies.

There were no items of other comprehensive income during the period.

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Balance Sheet (Unaudited)

AS AT 31 AUGUST 2025

7	119,394	88,866
			107,406
	741	577	830
	67,808	57,883	45,252
	-	2	4,789
	7,882	6,277	13,157
	76,431	64,739	64,028
	(844)	(676)	(5,561)
	75,587	64,063	58,467
	194,981	152,929	165,873
	82	62	70
	94,795	39,061	63,014
	(7,756)	(5,342)	(6,453)
	14,698	17,943	15,665
	(1,264)	(1,917)	(1,725)
	94,426	103,122	95,302
	194,981	152,929	165,873
			122.28p
	3	121.28p	127.56p

¹ Funds raised from investors which had not been allotted as at the period-end.

The financial statements on pages 13 to 19 were approved and authorised for issue by the Board of Directors on 14 November 2025 and were signed on their behalf by:

David Buchler Chairman

14 November 2025

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Cash Flow Statement (Unaudited)

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

	Six months ended 31 August 2025	Six months ended 31 August 2024	Year ended 28 February 2025
	£'000	£'000	£'000
Reconciliation of (loss)/profit before tax
(Loss)/profit before tax	(1,809)	3,414	217
Unrealised loss/(gain) on fixed asset investments	683	(3,467)	(1,290)
Unrealised loss/(gain) on current asset investments	118	(719)	(637)
Realised gains on current asset investments	(70)	-	(87)
Decrease/(increase) in debtors	89	42	(211)
Increase in creditors	72	16	114
Outflow from operating activities	(917)	(714)	(1,894)
Cash flow from investing activities
Purchase of fixed asset investments	(12,671)	(6,903)	(27,619)
Purchase of current asset investments	(35,226)	(32,364)	(32,364)
Proceeds from disposal of current asset investments	12,623	-	12,635
Outflow from investing activities	(35,274)	(39,267)	(47,348)
Cash flow from financing activities
Proceeds received from issue of ordinary share capital	32,622	31,480	55,935
Expense paid for issue of share capital	(829)	(511)	(1,003)
Movement in applications account	(4,789)	(6,754)	(1,967)
Shares cancelled in the year	(877)	-	(3,881)
Dividends paid to shareholders	-	-	(3,941)
Inflow from financing activities	26,127	24,215	45,143
Net decrease in cash and cash equivalents	(10,064)	(15,766)	(4,099)
Cash and cash equivalents at the beginning of the period	17,946	22,045	22,045
Cash and cash equivalents at the end of the period	7,882	6,279	17,946
Cash and cash equivalents comprise
Cash at bank	7,882	6,277	13,157
Applications cash	-	2	4,789
Cash and cash equivalents at the end of the period	7,882	6,279	17,946

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Statement of Changes in Equity

(Unaudited)

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

	Called up share capital	Share premium account	Capital reserve -realised	Capital reserve -unrealised	Revenue reserve	Special distributable reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 March 2024	50	8,104	(4,249)	13,757	(2,238)		103,122 118,546
Comprehensive income for the period Loss/(profit) after tax	-	-	(1,093)	4,186	321	-	3,414
Total comprehensive income for the period	-	-	(1,093)	4,186	321	-	3,414
Transactions with owners, recognised directly in equity
Share issues	12	31,468	-	-	-	-	31,480
Share issue costs	-	(511)	-	-	-	-	(511)
Total transactions with owners, recognised directly in equity	12	30,957	-	-	-	-	30,969
Balance as at 31 August 2024	62	39,061	(5,342)	17,943	(1,917)		103,122 152,929
Comprehensive income for the period
(Loss)/profit after tax	-	-	(1,130)	(2,259)	192	-	(3,197)
Total comprehensive income for the period	-	-	(1,130)	(2,259)	192	-	(3,197)
Transactions with owners,
recognised directly in equity
Share issues	10	24,445	-	-	-	-	24,455
Share issue costs	-	(492)	-	-	-	-	(492)
Dividends paid	-	-	-	-	-	(3,941)	(3,941)
Repurchase of own shares	(2)	-	-	-	-	(3,879)	(3,881)
Total transactions with owners, recognised directly in equity	8	23,953	-	-	-	(7,820)	16,141
Other movements
Prior year fixed asset gains now realised	-	-	19	(19)	-	-	-
Total other movements	-	-	19	(19)	-	-	-
Balance as at 28 February 2025	70	63,014	(6,453)	15,665	(1,725)		95,302 165,873
Comprehensive income for the period
(Loss)/profit after tax	-	-	(1,658)	(612)	461	-	(1,809)
Total comprehensive income for the period	-	-	(1,658)	(612)	461	-	(1,809)
Transactions with owners, recognised directly in equity
Share issues	13	32,609	-	-	-	-	32,622
Share issue costs	-	(828)	-	-	-	-	(828)
Repurchase of own shares	(1)	-	-	-	-	(876)	(877)
Total transactions with owners, recognised directly in equity	12	31,781	-	-	-	(876)	30,917
Other movements
Prior year fixed asset gains now realised	-	-	355	(355)	-	-	-
Total other movements	-	-	355	(355)	-	-	-
Balance as at 31 August 2025	82	94,795	(7,756)	14,698	(1,264)		94,426 194,981

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STATEMENT OF CHANGES IN EQUITY (UNAUDITED) > CONTINUED

The capital reserve-realised will include gains/losses that have been realised due to the sale of investments, net of related costs.

The capital reserve-unrealised represents the investment holding gains/losses and shows the gains/losses on investments still held by the Company not yet realised by an asset sale.

Share premium account represents premium on shares issued less issue costs.

The revenue reserve represents the cumulative revenue earned less cumulative expenses.

The special distributable reserve represents reserves available for dividends and repurchases of shares subject to additional VCT restrictions surrounding retention of the share capital and share premium account.

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Notes to the Interim Report

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

1. Accounting policies

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable Accounting Standards and with the Statement of Recommended Practice, Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP") and in accordance with the Financial Reporting Standard 102 ("FRS102").

2. Return per Ordinary Share

The total loss per share of 1.15p is based on the loss for the period of £1.8 million and the weighted average number of shares in issue for the period ended 31 August 2025 of 157,050,354.

3. Net Asset Value per share

	As at 31 August 2025	As at 31 August 2024	As at 28 February 2025
Net assets	194,981,000	152,929,000	165,873,000
Shares in issue	160,769,804	119,889,133	135,655,816
Net Asset Value per share
Basic	121.28p	127.56p	122.28p
Diluted	121.28p	127.56p	122.28p

4. Investment management fees

The Company pays the Investment Manager an annual management fee of 2% of the Company's net assets. The fee is payable quarterly in arrears. The annual management fee is allocated 75% to capital and 25% to revenue.

5. Financial information provided

The financial information for the period ended 31 August 2025 has not been audited and does not comprise full financial statements within the meaning of Section 423 of the Companies Act 2006. The interim financial statements have been prepared on the same basis as will be used to prepare the annual financial statements.

6. Management performance incentive arrangement

The amount of the Performance Incentive Fee (PIF) is equal to 20% of the amount by which the Performance Value per Share at the end of an accounting period exceeds the High Water Mark (being the higher of 110p and the highest Performance Value per Share at the end of any previous accounting period), multiplied by the number of relevant Ordinary Shares in issue at the end of the relevant period.

The accrued profit and loss expense for the period in relation to this agreement is £nil.

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7. Investment portfolio summary

As at 31 August 2025	Valuation £'000	Cost £'000	Gain/(loss) £'000	Valuation as a % of Net Assets	Multiple
Qualifying investments
ABW Group Limited ("Ostmodern")	-	1,292	(1,292)	0%	0.00x
Aveni Limited	4,716	4,716	-	2%	1.00x
Bikmo Limited	6,565	6,354	211	3%	1.03x
Deazy Limited	2,900	2,900	-	1%	1.00x
Dymag Group Limited	-	5,787	(5,787)	0%	0.00x
Everpress Limited	-	3,514	(3,514)	0%	0.00x
Forde Resolution Company Limited ("HR Duo")	3,072	2,238	834	2%	1.37x
Hot Copper Pub Company Limited	337	847	(510)	0%	0.40x
Influencer Limited	14,785	1,800	12,985	8%	8.21x
Iris Audio Technologies Limited	9,999	5,400	4,599	5%	1.85x
Le Col Holdings Limited	2,830	11,321	(8,491)	1%	0.25x
Love Corn USA, Inc.	4,616	4,616	-	2%	1.00x
Muso Limited	2,362	2,361	1	1%	1.00x
MyKindaCrowd Limited ("Connectr")	5,187	5,915	(728)	3%	0.88x
MySafeDrive Limited ("CameraMatics')	7,123	3,882	3,241	4%	1.83x
Not Another Beer Co Limited ("Lucky Saint")	5,615	4,481	1,134	3%	1.25x
NQOCD Consulting Limited ("Ron Dorff")	6,208	4,601	1,607	3%	1.35x
Open House London Limited	2,137	1,800	337	1%	1.19x
Pockit Limited	16,998	9,961	7,037	9%	1.71x
Runa Network Limited	4,001	4,001	-	2%	1.00x
SA Fitness Holdings Limited ("NRG")	4,683	4,683	-	2%	1.00x
Semeris Limited	2,859	2,859	-	1%	1.00x
Thingtrax Limited	1,045	955	90	1%	1.09x
Transreport Limited	5,418	5,418	-	3%	1.00x
TravelLocal Limited	5,938	3,897	2,041	3%	1.52x
Total qualifying investments	119,394	105,599	13,795	61%	1.13x
Balance of portfolio	75,587			39%
Net assets	194,981			100%

As at 31 August 2025, all investments were incorporated in England and Wales, with the exception of MySafeDrive Limited and Forde Resolution Company Limited, which are incorporated in Ireland, and Love Corn USA, Inc., which is incorporated in Delaware.

Copies of this Interim Statement will be made available on the website: https://www.pumainvestments.co.uk/ resource-centre/literature

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Notes

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Get in touch

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