REG - Schroders Cap Glbl - Quarterly NAV Announcement - 31 March 2026

Schroders Capital Global Innovation TrustAnnouncement

Thu 07:00

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RNS Number : 3203D  Schroders Capital Gbl Inn Tst PLC  07 May 2026

 

Schroders Capital Global Innovation Trust plc

Q1 2026 Quarterly Net Asset Value

Schroders Capital Global Innovation Trust plc (the "Company") today announces
its net asset value ("NAV") as of 31 March 2026.

Summary

 * As of 31 March 2026, NAV per share stands at 21.66p, a decrease of 2.6%
relative to the NAV per share as of 31 December 2025 (22.23p).

 * Quarterly performance was impacted by two main factors: weaker public market
valuations, particularly in software, which affected comparables; and
heightened geopolitical volatility in the Middle East, which affected energy
markets and supply chains.

 * In January 2026, the Company received £6.5 million of proceeds from the sale
of Bluewater Bio by the Salica Environmental Technologies Fund, and £1.1
million of proceeds from Anthos Therapeutics following its sale in FY 2025,
with further proceeds anticipated.

 * As of 31 March 2026, the Company held £31.6 million in cash and money market
(sterling liquidity) funds, representing 23.0% of NAV, supporting the planned
tender offer of £20 million (before costs), increased from £18 million
previously announced.

Performance

The NAV as of 31 March 2026 was £137.6 million, a decrease of 2.5% compared
to the NAV (£141.2 million) as of 31 December 2025. The NAV per share as of
31 March 2026 was 21.66p, a decrease of 2.6% compared with the NAV per share
(22.23p) as of 31 December 2025. As at 31 March 2026, the Company's issued
share capital comprised 635,361,925 ordinary shares with no shares held in
treasury.

 Attribution analysis £m        Private equity                  Public equity  Money Market Funds  Cash and cash equivalents  Other  NAV
                                Life sciences  Venture  Growth  Public
 Value as at 31.12.2025         19.2           27.9     68.0    2.5            18.2                6.2                        (0.8)  141.2
 + Investments                  -              -        -       -              11.0                (11.0)                     -      -
 - Realisations at value        -              -        -       -              -                   -                          -      -
 +/- Fair value gains/(losses)  (0.5)          -        (9.8)   (0.8)          0.3                 -                          -      (10.8)
 +/- Costs and other movements  -              -        -       -              -                   6.9                        0.3    7.2
 Value as at 31.03.2026         18.7           27.9     58.2    1.7            29.5                2.1                        (0.5)  137.6

 

The most significant detractor from performance over the quarter was in the
Company's growth holdings, which saw a fair value loss of £9.8 million,
contributing a (6.9)% decrease to the overall NAV. This was primarily driven
by weakness in public market comparables and valuation-multiple compression
across sectors impacting Back Market and AI Company II. In addition,
heightened geopolitical volatility in the Middle East, which affected energy
markets and supply chains, resulted in similar dynamic which impacted
input-exposed companies like AgroStar.

The Company's life sciences holdings saw a slight fair value loss of £0.5
million during the quarter, contributing (0.4)% to the overall NAV decline.
This was primarily driven by a reduction in value in Anthos Therapeutics,
reflecting a realisation during the period, partially offset by a positive
revaluation in Kymab Group following favourable clinical trial results.

Autolus Therapeutics, the Company's only remaining listed holding, declined
over the quarter, primarily following its Q4 and full-year 2025 results
announcement in late March, decreasing overall NAV by (0.6)%. This reflected
investor focus on commercial and margin dynamics rather than any change in the
underlying quality of the company's clinical data.

The Company's venture holdings were broadly flat over the quarter and did not
impact overall NAV performance.

Cash

As of 31 March 2026, the Company held £31.6 million in cash and money market
(sterling liquidity) funds, representing 23.0% of NAV, supporting the planned
tender offer of £20 million (before costs).

Foreign Exchange

During the quarter, foreign exchange had a modest positive impact on NAV
driven primarily by the depreciation of British pound sterling (GBP) against
the USD. Movements in Euro and Swiss Franc had a limited impact over the
period.

Investment Activity

Realisations

During the quarter, the Company made realisations totalling £6.5 million,
comprising proceeds received from the sale of Bluewater Bio by the Salica
Environmental Technologies Fund. In addition, the Company received £1.1
million of proceeds from Anthos Therapeutics, alongside a valuation adjustment
following recent clinical developments.

Investments

During the quarter, the Company did not make any new investments, in line with
its managed wind-down strategy.

As a reminder, following the vote in favour of the discontinuation resolution
and change in investment objective and policy, aside from honouring any
existing contractual arrangements, the Board's prior written approval is
required for any further investment.

Top 10

The Company's top 10 holdings as of 31 March 2026 compared with the respective
value and percentage weighting as of 31 December 2025.

 Holding                   Strategy       Fair value as of 31 Dec 25 (£m)   % of NAV  Fair value as of 31 Mar 26 (£m)   % of NAV
 Atom Bank                 Growth         23.1                              16.4%     23.1                              16.8%
 Revolut                   Growth         19.9                              14.1%     20.3                              14.8%
 Nexeon                    Venture        8.0                               5.7%      8.0                               5.8%
 Back Market               Growth         7.8                               5.5%      6.6                               4.8%
 AI Company I¹             Venture        5.9                               4.2%      6.1                               4.4%
 AI Company II¹            Growth         5.6                               4.0%      4.4                               3.2%
 Veeam Software            Venture        3.8                               2.7%      4.4                               3.2%
 AI Company III¹           Venture        3.7                               2.6%      3.8                               2.8%
 CeQur                     Life Sciences  3.6                               2.6%      3.5                               2.5%
 iOnctura                  Life           3.2                               2.3%      3.2                               2.3%

                           Sciences
 Cash & equivalents                       24.4                              17.3%     31.6                              23.0%
 Other net current assets                 (0.8)                             (0.6)%    (0.5)                             (0.4)%

¹ The names of select AI investments have not been disclosed due to
confidentiality obligations and the private nature of these investments.

Update at 30 April 2026

In April 2026, Neurona Therapeutics announced its acquisition by UCB, a global
biopharmaceutical company, for a total consideration of up to $1.15 billion,
including an upfront payment of $600 million and additional future milestone
payments, with completion subject to customary regulatory approvals. The
valuation of the Company's holding in Neurona was increased in April 2026 to
reflect the expected upfront cash proceeds and the discounted and
risk-adjusted value of potential future milestone payments.

The impact of the Neurona sale, together with a further review of the
valuation of the Company's other holdings, led to a marginally increased NAV
at 30 April 2026 of £137.7 million, with NAV per share at 21.68p.

Proceeds from this sale, which is expected to complete this year, will
supplement the cash balances at 31 March 2026 and support the planned tender
offer of £20 million (before costs), increased from £18 million previously
announced.

Outlook

Market indications suggest that an accelerated sale of private holdings in the
current environment may result in materially lower proceeds. The Company
continues to make progress in executing its managed wind-down strategy,
balancing the maximisation of value from the orderly realisation of assets
with the timely return of capital to shareholders over time, while remaining
focused on liquidity and costs.

The successful realisation of Bluewater Bio by the Salica Environmental
Technologies Fund in January 2026 and the post quarter-end acquisition of
Neurona Therapeutics by UCB strengthened the Company's liquidity position.
These developments have supported the Board's planned tender offer for
shareholders which has increased to £20 million (before costs) from £18
million previously announced.

Looking ahead, the timing of further realisations remains dependent on
company-specific developments and broader market conditions, as is typical for
minority equity investments in private companies with no actively traded
secondary market. While near-term exit activity is expected to remain limited,
the Manager continues to work actively with portfolio companies and other
stakeholders to progress realisations where opportunities arise. As
investments mature, the portfolio retains potential to generate further
liquidity events over the medium term.

Enquiries:

Schroder Investment Management Limited

Francesca Davis (Company Secretary)             020 7658 6000

Charlotte Banks / Kirsty Preston (Press)          020 7658 6000

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