Edison Investment Research Limited
London, UK, 4 December 2023
Edison issues update on Seraphim Space Investment Trust (SSIT): Spacetech enjoying sustained secular tailwinds
Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted in a further widening of the discount to NAV to c 65%, which is now wider than for other listed venture capital (VC)/growth capital trusts and limited partner VC portfolios trading on the secondary market in H123. Both SSIT’s holding-level and portfolio-level liquidity look solid, with end-September cash of £29.7m (13% of NAV) and an average 18-month cash runway across its material holdings.
SSIT offers a rare opportunity to invest in a portfolio exclusively composed of early stage spacetech businesses (with c 97% of portfolio value now in private companies), representing a viable alternative to ETFs focused on listed large caps with only partial exposure to the theme. The executive team behind Seraphim Space (Seraphim), SSIT’s investment manager, is made up of pioneers in spacetech investments and the go-to partners for both spacetech businesses seeking funding and investors searching the sector for attractive private companies to invest in. SSIT’s diverse portfolio is now available at a wide discount to NAV.
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