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Odyssean Investment net asset value per share falls amid pricing flux

30th Nov 2022 11:43

(Alliance News) - Odyssean Investment Trust PLC said on Wednesday that net asset value per share fell amid immense pricing flux in many asset classes.

The London-based investment trust said NAV per share on September 30 was 149.80 pence, down 9.1% from 164.80p on March 31. Shares in Odyssean Investment were down 0.3% to 173.47p in London on Wednesday morning.

NAV per share total return was negative 8.7%, outperforming the NSCI ex IT plus AIM Index comparator benchmark, which returned negative 19%.

Odyssean Investment reported a pretax loss in the six months that ended September 30 of GBP14.6 million, swinging from a profit of GBP16.6 million a year prior. Revenue was GBP1.1 million, down 38% from GBP1.7 million.

Chair Jane Tufnell said market sentiment is "erratic" and observed immense pricing flux in many asset classes, though still finding significant absolute value opportunities in smaller UK companies alongside relative and absolute mispricing.

Tufnell continued, addressing shareholders: "I am reassured at our longer performance, since launch your company's NAV per share has increased by more than 52%, during which time the relevant equity markets have made negligible progress. Our management team are navigating these markets well and I am confident we will make money out of them but some short-term volatility has to be endured."

Odyssean Investment launched in 2017.

By Greg Rosenvinge; [email protected]

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