Quixant Plc Ipo Financial Advisor

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Hargreave Hale AIM VCT Plc
Unaudited Interim Results for the six month period ending 31 March 2019

FINANCIAL HIGHLIGHTS

Ordinary Shares (as at 31 March):31 March 201931 March 201830 September 2018(1)
Net asset value per share70.67p81.74p87.59p
Cumulative distributions paid per share since launch53.65p48.25p50.00p
Total return per share124.32p129.99p137.59p
Earnings per share (basic and diluted):
Revenue return(0.08)p(0.43)p(0.19)p
Capital return(13.34)p2.71p11.81p
Combined return(13.42)p2.28p11.62p
Dividends per share:
Interim proposed/paid1.50p1.75p1.75p
Special dividend--1.00p
Final paid--2.65p
Ongoing Expense Ratio(2)1.90%1.98%

1.87%

(1) 30 September 2018 financial highlights represent annual results
(2) Calculated following the AIC’s recommended methodology.

The Company's investment objectives are:

  • to invest in a diversified portfolio of small UK based qualifying companies on a high risk, medium term capital growth basis, primarily being companies which are traded on AIM and which have the opportunity for significant value appreciation;
  • to invest in smaller companies which may not be readily accessible to private individuals and which also tend to be more risky;
  • to maximise distributions to shareholders from capital gains and income generated from the Company's funds;
  • targeted investment in equities which are non-qualifying investments on an opportunistic basis; and
  • to maintain the Company’s exposure to small companies through an initial investment of new capital into the Marlborough Special Situations Fund pending investment into qualifying companies.

Chairman’s statement

Introduction
Following the success of our offer for subscription which raised £25 million, I would like to welcome a large number of new shareholders.

Performance
At 31 March 2019, the Net Asset Value (NAV) was 70.67 pence which after adjusting for the dividends paid gives a Total Return (NAV per share plus distributed earnings per share) since inception of 124.32 pence.

The earnings per share combined return for the period was a loss of 13.42 pence per share (comprising revenue losses of 0.08 pence and capital losses of 13.34 pence).

The NAV Total Return (NAV plus dividends paid) for the period was a loss of 15.2% compared to a fall of 16.0% in the FTSE AIM All Share Total Return Index.

Investments
The investment manager, Hargreave Hale Limited, invested a further £9.23 million in 10 qualifying companies during the period.

The fair value of qualifying investments at 31 March 2019 was £76.20 million invested in 81 AIM companies and 9 unquoted companies.

The balance of the fund was held in a mix of cash and non-qualifying equities.

At 31 March 2019 the VCT was 92.03% invested as measured by HMRC.

Dividend
A final dividend for the year ended 30 September 2018 of 2.65 pence was paid on 8 February 2019.

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A special dividend of 1 penny was paid on 24 October 2018.

An interim dividend of 1.50 pence (2018: 1.75 pence) will be paid on 26 July 2019, with an ex-dividend date of 4 July 2019 and a record date of 5 July 2019.

The Directors continue to maintain their policy of targeting a tax free dividend yield equivalent to 5% of the year end NAV. The ability to pay dividends is also dependent on the Company’s available reserves and cash resources, the Companies Act and the Listing Rules.

The policy is non binding and at the discretion of the Board. Dividend payments may vary from year to year in both quantum and timing. Dividends will vary with investment performance; in good years, the Directors may consider a higher dividend payment; in poor years, the Directors may reduce or even pay no dividend.

Buybacks
We have been able to maintain our policy of offering our shareholders an efficient exit route through the buyback scheme. In total, 2,204,772 shares were repurchased during the six month period ending 31 March 2019 at an average price of 73.68 pence per share.

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Since the period end a further 921,507 shares have been repurchased at an average price of 68.84 pence.

The Board continues to target a share price discount of 5% to the NAV per share (as measured against the mid-price) for market purchases.

It should be emphasised that this target is non-binding and depends upon a range of factors, including the Company’s liquidity, its shareholder permissions and market conditions. The Company has a 5 year average share price discount on buybacks of 5.24%.

Offer for subscription

The Directors of the Company announced on 19 September 2018 the launch of a new offer for subscription for shares to raise up to £20 million, together with an over-allotment facility of up to a further £10 million.

The offer was approved by shareholders of the Company at a general meeting on 19 October 2018 and was open to both new and existing shareholders.

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On 28 November 2018, the Company announced it had received valid applications in excess of £20 million and, accordingly, the Directors confirmed they were releasing £5 million of the available £10 million over-allotment facility. On 24 January 2019, the Company announced it had received valid applications in respect of the full £5 million over-allotment facility and closed the offer for further applications at that time.

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On 11 April 2019, the Directors announced the offer was closed.

The offer has resulted in gross funds being received of £25.0 million and the issue of 31.4 million new shares in the Company.

Cost efficiency
Your Board reviews costs incurred by the Company on a regular basis and are focused on maintaining a competitively low ongoing expense ratio. I am pleased to report that the period end ongoing expense ratio was 1.90% when calculated in accordance with the AIC’s “Ongoing Charges” methodology, which includes any indirect costs incurred by underlying investment funds such as the Marlborough Special Situations Fund.

The ongoing expense ratio will rise in the second half of the year due to the increased investment management fee that took effect from 1 April 2019 but will remain competitive when compared with similar companies.

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As the investment manager to the Company and the investment advisor to the Marlborough Special Situation Fund, Hargreave Hale Limited makes an adjustment to its investment management fee to ensure the VCT is not charged twice for their services.

Total costs as measured under the EU rules and published in the Company’s Key Information Document are also monitored by the Board.

This measure is calculated using a different methodology and includes transaction costs therefore showing a higher figure than the published ongoing charge ratio.

Hargreave Hale Limited integration with Canaccord Genuity Wealth Limited
The integration of Hargreave Hale’s private client business into Canaccord Genuity Wealth Limited was completed on 8 April 2019.

The fund management business remains with Hargreave Hale Limited, a wholly owned subsidiary of Canaccord Genuity Wealth Limited.

New agreements
Following the acquisition of Hargreave Hale Limited (HH) by Canaccord Genuity Wealth Limited (CGWL) the Company has entered into a series of new agreements with CGWL.

As previously announced, on 5 April 2019 the Company entered into a new custody agreement with CGWL. Under the terms of the new custody agreement the annual custody fee was increased from £10,000 to £30,000.

On 25 June 2019, the Company entered into new administration and secretarial contracts with CGWL. As part of the new arrangements Stuart Brookes will be replaced by CGWL as the Company's named company secretary. Under the new agreements the annual fee for administration services increases from £110,000 to £195,000.

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The fee for secretarial services remains unchanged at £17,000.

Investment management will continue to be provided by HH under a new agreement which commenced on 25 June 2019.

As previously disclosed the annual fee payable to the investment manager increased to 1.7% with effect from 1 April 2019. The annual fee continues at this rate under the new agreement. The investment manager’s previous entitlement to earn a performance fee has been removed under the updated arrangements.

Related party transactions
As the Company's investment manager, HH is a related party to the Company for the purposes of the Listing Rules.

As HH and CGWL are part of the CGWM group, CGWL also falls within the definition of a related party as they are part of the same group as the investment manager.

In addition to the new agreements set out above the Board have resolved to increase the Directors' fees. Oliver Bedford, a non-executive director of the Company is also an employee of the investment manager and the fee in respect of his position on the Board is paid to the investment manager.

The Company announced the increase in the investment manager's fees and the new custody arrangements on 16 May 2018 and 10 April 2019 respectively.

When aggregated with the commission received by the investment manager in relation to the offer agreement entered into on 19 September 2018 the increase in the annual administration fees, custody fees and the director’s fee paid to HH in respect of Oliver Bedford's appointment are classified as smaller related party transactions as defined in LR 11.1.10R.

VCT fund management team

With effect from 1 July 2019, Oliver Bedford will assume the role of lead manager of the Hargreave Hale AIM VCT plc.

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He will be supported by Lucy Bloomfield who becomes a co-manager of the VCT and will work closely with Oliver Bedford to deliver the investment strategy.

Giles Hargreave will continue to act as a co-manager to the VCT and will focus primarily on supporting the delivery of the non-qualifying investment strategy through the direct investment of the Company’s capital into listed equities as permitted by the VCT rules.

Board composition

The Directors have decided that it would be beneficial to the Company, to increase diversity and to recruit another independent non-executive director with skills that are complementary to the existing directors.

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To that end a recruitment consultant has been appointed to initiate the process and I look forward to updating shareholders in due course.

Having been chairman of your Board since the Company was founded in 2004, I have decided that I will step down as chairman at the next AGM at which point David Brock will succeed me.

In due course we will recruit an additional director at which time I intend to retire fully.

We have reviewed the directors’ remuneration which was last changed in 2015.

At a time when we will be seeking to recruit new directors to the Board it is important that the directors’ fees are competitive with those paid by other VCTs in order that we can attract strong candidates to the Company. With that in mind, it was decided that the chairman should receive £32,000 and the other directors £25,000 with an extra £3,000 for the chairman of the audit committee.

These changes will take effect from 1 October 2019.

Regulatory update
There were no major changes to VCT legislation during the period under review.

VCT status

To maintain its status as a Venture Capital Trust, the Company is currently required to invest at least 70% of the net funds raised in any one accounting period into qualifying companies by the start of the accounting period containing the third anniversary of the date on which the funds were raised.

This is often referred to as the ‘investment test’. I am pleased to report that we continue to perform well against this test and, at the period end, the investment test was 92.03% when measured using HMRC’s methodology.

Legislation introduced through the Finance Act 2018 will apply to the Company from the start of the next financial year and result in an increase in the investment test to 80%. The Company’s investment test has consistently tracked ahead of this higher threshold, giving the Board confidence that the Company can meet this new requirement when it comes into effect on 1 October 2019.

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The Company satisfied all other tests relevant to its status as a Venture Capital Trust.

Key information document
The EU’s PRIIPs regulation came into effect in January 2018. The intent is to increase customer protection by improving the functioning of financial markets and in this instance through the Key Information Document (KID) to provide shareholders with more information about the risks, potential returns and charges within VCTs.

The regulation requires the Company to publish a KID.

Retail investors must now be directed to this before buying shares in the Company. The KID is published on the Company website at www.hargreaveaimvcts.co.uk/document-library.

The document has been prepared using the methodology prescribed in the PRIIPS regulation.

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Although well intended, there are widespread concerns about the application of some aspects of the prescribed methodologies to VCTs. Specifically, there are concerns that:

  1. the risk score may be understating the level of risk; and
  2. investment performance scenarios may indicate future returns for shareholders that are too optimistic.

The Association of Investment Companies has engaged on this matter and it is hoped that these issues will be resolved in the future.

In the meantime, the Board would like shareholders to continue to classify VCTs as a high risk investment.

Post period end update
Stock markets are constantly adjusting to developments that are one way or another linked to domestic or global politics.

Overlaying that has been concern of a synchronised slowdown in the UK, Europe, the US (albeit not in the short-term) and China as signalled by the reductions in the various (Government) benchmark yields and the potential for monetary or fiscal policy responses. The FTSE 100 endured a sustained sell off in late April and early May.

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Subsequent conditions have been easier to operate within, although the currency markets and FTSE 250 hint at a more cautious view of BREXIT starting to re-emerge, perhaps reflecting comments made by those looking to succeed Theresa May as Prime Minister.

Although the AIM Index has been relatively quiet, primary market activity remains very subdued, particularly when it comes to IPO activity. There have been just 4 IPOs on AIM in the 5 months to 31 May 2019 (5m to 31 May 2018: 15).

Of these, just one has been VCT qualifying.

The NAV has increased by 2.3% to 72.31 pence (21 June 2019) since period end, broadly tracking the FTSE 100 Total Return Index +3.0% and the AIM All-Share +1.8%. The investment manager has continued to deploy capital into qualifying companies in line with the budget, despite the challenges within the public markets. £1.9m has been invested as follow on qualifying investments into existing portfolio companies since the period end, £0.8m was invested into an existing AIM qualifying company with the balance invested through follow on investments into 3 private companies.

As of 25 June 2019, the share price of 68.50 pence represented a discount of 5.3% to the last published net asset value per share.

Outlook
After a positive end to last year the markets had a large set back during the first half of this year and whilst we have seen some improvement in the last few months the overall position is down.

The current uncertainty within parliament with regards to Brexit looks set to carry on until October and quite possibly beyond. We live in uncertain times. Under these unprecedented circumstances, the major indices have held up reasonably well. We continue to see some interesting unquoted opportunities, enough to ensure we are making good progress against our year end investment targets. Although there have been very few IPOs on AIM, we continue to see reasonable demand for growth capital from within our existing portfolio of companies and from other VCT qualifying companies listed on AIM.

Whilst we are constantly finding and investing in new and exciting young companies, your Company has a good spread of more established that should be able to weather which looks to be a volatile period ahead.

Sir Aubrey Brocklebank

Chairman

Date: 27 June 2019

Investment manager’s report

Introduction

This report covers the first half of the 2018/19 financial year, 1 October 2018 to 31 March 2019.

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The investment manager’s report contains references to movements in the Net Asset Value (NAV) per share and Total Return per share (NAV per share plus distributed earnings per share). Movements in the NAV per share do not necessarily mirror the earnings per share (EPS) reported in the accounts and elsewhere, which convey the profit after tax of the Company within the reported period as a function of the weighted average number of shares in issue for the period.

Investment performance measures contained in this report are calculated on a pence per share basis and include realised and unrealised gains and losses.

Investment report

The period under review included more uncertainty and considerable volatility.

The political landscape, at home and abroad, is contentious and increasingly confrontational. More recently, commentators have started to question the capacity for the US economy to continue to grow, with the US yield curve hinting at a possible recession in 2020.

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The strength of the Chinese economy and the potential impact of the trade dispute with the US has been another source of concern for many companies and commentators. US equities, in particular the large US technology companies, had a substantial pullback in late 2018, further damaging sentiment in the US and further afield.

The UK and European economies have continued along a path of sub-trend growth.

We continue to grapple with the potential direction and impact of BREXIT on our portfolio.

By and large, most companies continue to trade perfectly well. However, the uncertainty is clearly weighing on a small number of companies and we increasingly see evidence of more companies deferring investment and consumers taking a more cautious approach to discretionary spending.

In the round, we have not observed BREXIT related uncertainty influencing deal flow, although public market volatility and, one might argue, political uncertainty is increasingly leading to some companies choosing to defer their plans to float and instead raise capital off-market.

Annual Financial Report

It helps that we can now offer to meet their funding needs whilst they remain private companies. It is difficult to position the portfolio to meet an outlook which contains such a range of wildly different scenarios, but broadly speaking we are sitting in a more defensive posture with elevated cash balances and a focus on qualifying companies with structural growth opportunities or, in the case of non-qualifying equities, higher quality FTSE 350 companies with support from reliable growth, income or overseas earnings.

Performance

In the six months to 31 Mar 2019, the NAV decreased from 87.59 pence to 70.67 pence.

A total of 3.65 pence per share was paid in dividends, resulting in a combined loss of 13.27 pence per share, which translates to a loss of 15.2%. During the same period, the FTSE AIM All-Share Index fell 16.0%, whilst the FTSE 100 Index lost 1.1%.

The losses during the period under review were a consequence of a very difficult start to the financial year with the NAV falling by 15.5% in the first quarter in a challenging market environment in which growth stocks were under particular pressure. After adjusting for the dividend payment in February, the NAV gained a modest +0.37% during the second quarter of the financial year.

The Qualifying Investments made a net loss of 10.65 pence per share.

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The adjusting balance was the net of non-qualifying portfolio losses (-1.86 pence per share), running costs and investment income.

During the period, Aquis Exchange was the top performing qualifying investment (+35.3%, +0.38 pence per share). The company’s year-end update confirmed it continued to expand its share of daily trading in pan-European equities, with a 4.3% market share in March 2019. Business momentum remains strong and a more recent update confirmed further gains in market share, placing it in a strong position to surpass its year-end target of a 5% market share of continuous trading and establish its credentials as a mainstream, trusted and low cost equities platform.

Diaceutics was the next most significant contributor (+32.9%, +0.25 pence per share), delivering strong aftermarket performance following a successful IPO in March 2019. With a placing price of 76 pence per share, Diaceutics raised £17m through a placing of 22.4m new shares and 4.9m existing shares. Other positive contributors include Crosswords (+46.6%, +0.23 pence per share). Ilika (+124.2%, +0.18 pence per share) and Angle (+26.4%, +0.13).

The biggest loss within the period came from Learning Technologies Group (-57.8%, -2.59 pence per share), our largest investment (by market value) at the start of the period under review.

As a highly rated growth company, Learning Technologies Group shares were particularly vulnerable with some substantial directors’ selling already underway when the market correction took hold.

Half-year report

The company hosted a well-attended capital markets day in November and we remain positive on its prospects, noting that 72% of the company’s revenues are recurring whilst 75% is from overseas.

In a recent AGM update, the company reaffirmed its strategic goal of run rate revenues of £200 million and run rate operating profit of at least £55 million by the end of 2021. Other holdings impacted by the market sell off included Zoo Digital (-53.3%, -1.49 pence per share) and DP Poland (-78.1%, -0.60 pence per share), in both cases compounded by disappointing updates and analyst downgrades. Craneware (-27.6%, -0.45 pence per share) and Hardide (-30.9%, -0.44 pence per share) were also weak.

The private company portfolio, which accounted for 9.1% of NAV at the period end, was down -15.3% (adjusted for the new investment in Oxford Genetics).

During the period we marked down the value of our investments in Portr, Honest Brew and My 1st Years. We did not mark any of the private company investments higher.

We invested £9.2 million into 10 Qualifying Companies over the period, including 5 further investments into existing listed qualifying companies, 2 IPOs, 2 new qualifying investments into companies listed on AIM and 1 new private investment.

Portfolio structure

The VCT is comfortably through the HMRC defined investment test and ended the period at 92.03% invested as measured by the HMRC investment test.

By market value, the VCT had a 52.50% weighting to qualifying investments.

The allocation to non-qualifying equity investments increased from 18.5% to 22.5%. We continued to make use of the Marlborough Special Situations Fund as a temporary home for proceeds from fundraising; the allocation remained broadly the same at 9.9%.

The period ended with no non-qualifying fixed income investments and a decrease in the cash weighting from 16.1% to 15.1%.

The HMRC investment tests are set out in Chapter 3 of Part 6 Income Tax Act 2007, which should be read in conjunction with this section of the interim report. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised.

Therefore, the allocation of qualifying investments as defined by the legislation can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.

Post period end update
Stock markets are constantly adjusting to developments that are one way or another linked to domestic or global politics.

Overlaying that has been concern of a synchronised slowdown in the UK, Europe, the US (albeit not in the short-term) and China as signalled by the reductions in the various (Government) benchmark yields and the potential for monetary or fiscal policy responses.

The FTSE 100 endured a sustained sell off in late April and early May.

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Subsequent conditions have been easier to operate within, although the currency markets and FTSE 250 hint at a more cautious view of BREXIT starting to re-emerge, perhaps reflecting comments made by those looking to succeed Theresa May as Prime Minister.

Although the AIM Index has been relatively quiet, primary market activity remains very subdued, particularly when it comes to IPO activity. There have been just 4 IPOs on AIM in the 5 months to 31 May 2019 (5m to 31 May 2018: 15).

Of these, just one has been VCT qualifying.

The NAV has increased by 2.3% to 72.31 pence (21 June 2019) since period end, broadly tracking the FTSE 100 Total Return Index +3.0% and the AIM All-Share +1.8%.

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The investment manager has continued to deploy capital into qualifying companies in line with the budget, despite the challenges within the public markets. £1.9m has been invested as follow on qualifying investments into existing portfolio companies since the period end, £0.8m was invested into an existing AIM qualifying company with the balance invested through follow on investments into 3 private companies.

As of 25 June 2019, the share price of 68.50 pence represented a discount of 5.3% to the last published net asset value per share.

For further information please contact:

Oliver Bedford
Co-Manager

Date:  27 June 2019

Investment portfolio
 As at 31 March 2019

Qualifying investmentsNet Assets %Cost £000Cumulative movement in value £000Valuation £000MarketCOI(1)
Creo Medical Group plc  3.01  2,333  2,037  4,370 AIMY
Ideagen plc  2.60  1,992   1,777  3,769 AIMY
Learning Technologies Group plc  2.50  2,586  1,044  3,630 AIMY
SCA Investments Ltd (Gousto)  2.45  2,486  1,061  3,547 UnlistedY
Aquis Exchange plc  1.97  765  2,092  2,857 AIMY
Zoo Digital Group plc  1.82  2,267  366  2,633 AIMN
Hardide plc  1.66  3,140(735)  2,405 AIMN
Craneware plc  1.62  125  2,217  2,342 AIMY
Oxford Genetics Ltd  1.51  2,190(4)  2,186 UnlistedY
Diaceutics plc  1.42  1,553  506  2,059 AIMY
Abcam plc  1.29  55  1,813  1,868 AIMY
Beeks Financial Cloud Group plc  1.26  1,039  792  1,831 AIMY
Quixant plc  1.23  1,209   568  1,777 AIMY
Cohort plc  1.18  619  1,091  1,710 AIMY
Loopup Group plc  1.12  1,204  424  1,628 AIMY
Honest Brew Ltd  1.10  2,203(601)  1,602 UnlistedN
Zappar Ltd  1.10  1,602(2)  1,600 UnlistedN
Crossword Cybersecurity plc  1.01  1,002  464  1,466 AIMY
Mexican Grill Ltd (A Preference Shares)  0.95  1,013  367  1,380 UnlistedN
Angle plc  0.87  1,159  103  1,262 AIMN
Science in Sport plc  0.85  1,480(254)  1,226 AIMY
Eagle Eye Solutions Group plc  0.84  1,643(431)  1,212 AIMN
Forbidden Technologies plc  0.77  852  270  1,122 AIMY
Maxcyte Inc Com Stk USD0.01 (DI)  0.72  932   116  1,048 AIMY
FairFX Group plc  0.71  751  283  1,034 AIMN
Location Sciences Group plc  0.70  1,002  20  1,022 AIMY
EKF Diagnostics Holdings plc  0.65  476  472  948 AIMY
Surface Transforms plc  0.64  981(46)  935 AIMY
Infinity Reliance Ltd (My 1st Years 'D' shares)  0.63  1,503(584)   919 UnlistedY
Everyman Media Group plc  0.55  600  200  800 AIMY
Clearstar Inc  0.54  720  60  780 AIMY
Cloudcall Group plc  0.53   1,288(516)  772 AIMY
Infinity Reliance Ltd (My 1st Years 'C' shares)  0.51  1,001(267)  734 UnlistedY
Osirium Technologies plc  0.47  859(171)  688 AIMY
AnimalCare Group plc  0.47  720(39)  681 AIMN
Ilika plc  0.46  507  159  666 AIMY
K3 Business Technology Group plc  0.46  270  396  666 AIMY
Idox plc  0.45  135  513  648 AIMY
Yourgene Health plc  0.45  521  126  647 AIMN
ULS Technology plc  0.43  770(140)  630 AIMN
Maxcyte Inc Com Stk USD0.01 (DI/REG S)  0.42  583  33  616 AIMY
Belvoir Lettings plc  0.42  762(157)  605 AIMY
CentralNic Group plc  0.39  588(25)  563 AIMY
KRM22 plc  0.37  621(88)  533 AIMY
Tristel plc  0.36  543(19)  524 AIMN
Escape Hunt plc  0.36  1,130(609)  521 AIMY
Instem plc  0.35  298  212  510 AIMY
WANDisco plc  0.34  347  152  499 AIMN
Laundrapp Ltd  0.32  468-  468 UnlistedN
Gfinity plc  0.31  1,177(730)  447 AIMY
The Property Franchise Group plc  0.30  377  58  435 AIMY
Synnovia plc  0.30  478(49)  429 AIMN
MYCELX Technologies Corporation plc  0.30  361  67  428 AIMY
PCI-PAL plc  0.29  811(391)  420 AIMY
bigblu Broadband plc  0.29  347  73   420 AIMY
Portr Ltd  0.28  410-  410 UnlistedN
Vertu Motors plc  0.24  600(250)  350 AIMN
Fulcrum Utility Services Ltd  0.24  580(235)  345 AIMY
Sanderson Group plc  0.23  298  37  335 AIMY
DP Poland plc  0.23  1,391(1,061)  330 AIMY
Globaldata plc  0.22  173  150  323 AIMY
i-nexus Global plc  0.21  701(400)  301 AIMY
C4X Discovery Holdings plc  0.20  501(218)  283 AIMY
APC Technology Group plc  0.18  634(369)   265 AIMY
Laundrapp Ltd (Loan Notes)  0.14  200  -   200 UnlistedN
Faron Pharmaceuticals Oy  0.13  2,220(2,026)  194 AIMN
Velocity Composites plc  0.13   624(437)  187 AIMN
Renalytix AI plc  0.13  89  97  186 AIMY
Reneuron Group plc  0.12  606(426)  180 AIMN
TrakM8 Holdings plc  0.12   486(307)  179 AIMN
Intercede Group plc  0.11  305(141)  164 AIMN
Mexican Grill Ltd (Ordinary Shares)  0.11  113  40  153 UnlistedN
Universe Group plc  0.10  210(66)  144 AIMN
Lidco Group plc  0.10  307(168)  139 AIMN
Fusion Antibodies plc  0.08  415(297)  118 AIMY
Omega Diagnostics Group plc  0.08  129(17)  112 AIMN
Verona Pharma plc  0.07  221(122)  99 AIMY
Pressure Technologies plc  0.07  170(74)  96 AIMN
Egdon Resources plc   0.06  158(68)  90 AIMY
Genedrive plc  0.05  72-  72 AIMN
Mirriad Advertising plc  0.05  71-  71 AIMN
Mirada plc  0.04  96(32)  64 AIMN
Porta Communications plc  0.04  63-  63 AIMN
Intelligent Ultrasound Group plc  0.04  61-  61 AIMN
Redcentric plc  0.03  42(2)   40 AIMN
Paragon Entertainment Ltd  0.02  30-  30 AIMN
Mporium Group plc  0.02  33(9)  24 AIMN
TLA Worldwide plc  0.02  -23  23 AIMN
Microsaic Systems plc  0.01  26(8)  18 AIMN
Tasty plc  0.01  16-  16 AIMN
Abal Group plc  0.01  -9  9 AIMY
Midatech Pharma plc  0.01  8-  8 AIMN
Flowgroup plc  -   --  -  AIMN
Fusionex International plc  -   -   -   -  UnlistedN
Infoserve Group plc  -   -   -   -  UnlistedN
Total - qualifying investments  52.55  68,503  7,697  76,200
Non-qualifying investments
Marlborough Special Situations Fund  9.92  14,172  213  14,385
Total - unit trusts  9.92   14,172   213   14,385
Future plc  1.16  979   710  1,689 MainY
JD Sports Fashion plc  1.09  1,223  355  1,578 MainY
Melrose Industries plc  1.04  1,755(250)  1,505 MainY
Royal Dutch Shell plc  1.00  1,327  130  1,457 MainY
BP plc  1.00  1,203  249  1,452 MainY
Anglo American plc  0.91  931  383  1,314 MainN
Dechra Pharmaceuticals plc  0.84  949  262  1,211 MainY
Hilton Food Group plc  0.80  907  248  1,155 MainY
IntegraFin Holdings plc  0.75  815   278  1,093 MainN
On the Beach Group plc  0.75  1,045  46  1,091 MainY
Halma plc  0.75  822  264  1,086 MainY
Tesco plc  0.68   906  81  987 MainY
Fisher (James) & Sons plc  0.67  870  96  966 MainY
Ascential plc  0.65  951(4)  947 MainY
NMC Health plc  0.63  1,014(100)  914 MainY
Charter Court Financial Services Group plc  0.62  732  163  895 MainY
Vesuvius plc  0.61  897(8)  889 MainY
Cineworld Group plc  0.61  877  1  878 MainY
Zotefoams plc  0.58  750  97  847 MainY
XP Power Ltd  0.56  949(131)  818 MainY
Oxford Biomedica plc  0.56  956(150)  806 MainY
Micro Focus International plc  0.55  509  289  798 MainN
Spirax-Sarco Engineering plc  0.50  633   86  719 MainN
Glaxosmithkline plc  0.50  707  11  718 MainY
Countryside Properties plc  0.36  585(66)  519 MainY
Ocean Wilsons (Holdings) Ltd  0.36  535(20)  515 MainY
MYCELX Technologies Corporation plc  0.34  298  199  497 AIMY
Lloyds Banking Group plc  0.34  549(52)  497 MainY