- Net asset value (NAV) per share dips 2 per cent to 167.4p
- NAV (after performance fees) of £275.6mn
- Debt-free and £34.8mn cash available
- 40 per cent share price discount to NAV
Augmentum Fintech (AUGM:101p), the first publicly listed fintech fund, reported a 2 per cent reversal in NAV per share to 167.4p in the six months to 30 September 2024, but shareholders should not be alarmed. It was caused by a near-50 per cent (£17.8mn) write-down on the fund’s holding in Berlin-based Grover, a leading consumer-technology subscription platform. The company is undertaking a strategic review under a new chief executive, and has raised €50mn (£41.5mn) to which Augmentum contributed £1.5mn. Grover accounts for 7.1 per cent of the fund’s NAV.
The fact that Augmentum’s NAV only dipped slightly reflects the operational performance of other companies in its 26-strong portfolio. The fund’s top 10 holdings, representing 80 per cent of NAV, have reported 52 per cent revenue growth in the past 12 months, and four are now profitable.