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    OIT   GB00BFFK7H57

ODYSSEAN INVESTMENT TRUST PLC

(OIT)
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Odyssean Investment Trust : OIT Marketing Presentation Q3 2021

10/11/2021 | 04:52am EST

Odyssean Investment Trust PLC

Q3 2021 Update

Important Information

  • Past performance is not a reliable indicator of future performance
  • Investors may not get back the value of their original investment
  • The value of the Investment Company and the income derived from it may go down as well as up and is not guaranteed
  • Investing in small and mid-sized companies may involve a higher degree of risk than investing in larger sized companies
  • Case studies are selected for illustrative purposes only to illustrate the investment strategy and are not investment recommendations
  • The Prospectus and the Key Information Document, available at www.oitplc.com, provide more information about the risk profile of the Investment Company

Executive Summary - Q3 2021

NAV growth c.2.4% over the period. Net cash ended the period at 12%

  • NAV per share rose 2.4%1,2 in the period, slightly lagging the NSCI +AIM ex IC index ("Comparator") which rose 2.9% 2,3

Significant volatility of absolute and relative performance over the quarter

  • NAV per share growth year to date of 21.1%, remains slightly ahead of the Comparator which has returned 19.9%. Net cash year to date of 7% of portfolio
  • Portfolio:

Busy reporting period. Portfolio companies broadly trading in-line, benefitting from COVID re-opening No new positions started but further investments made into existing names

Two positions exited - Vectura (competitive takeover) and Volution (exit into the market)

Active engagement with portfolio companies. Clinigen - Chairman & Senior NED change & Elliot becomes a shareholder Net cash ended the period at 12% following proceeds from Vectura

  • Themes for the Quarter - Supply chain challenges; upside from industrial holdings; focus on B2B media
  • OIT's shares ended the period trading at c.3% premium to NAV of 158.2p1,2.
  • c.4.0m OIT shares issued in the quarter. Blocklisting remains in situ

As at 30th September 2021. Performance measured from COB 1st May 2018 Source: 1 Odyssean Capital 2 Link Asset Services 3Bloomberg. The NSCI + AIM ex Investment Company index is only used for the purposes of calculating performance fees. OIT does not attempt to match the composition of this index. The investment strategy is unconstrained and not benchmarked against any particular index. Past performance is no guarantee of future performance and the value of investments can go up and down

3

Performance update

NAV up c.2.4% in period with shares trading at a small premium

Performance

%

Q3-21

YTD -21

LTM

CY20

CY19

Inception

Since

to Dec-18

inception

NAV Total Return Per Share1

+2.4%

+21.1%

+48.4%

+13.1%

+22.0%

-3.7%

+60.8%

Share price return3

+5.2%

+26.4%

+63.8%

+14.2%

+17.7%

-4.0%

+63.0%

NSCI + AIM ex IC Total Return3

+2.9%

+19.9%

+45.7%

+4.9%

+22.2%

-15.0%

+30.7%

Average cash balance2

7%

7%

7%

9%

17%

65%

22%

Rebased NAV per share and share price

40%

160

vs comparator index1

35%

140

30%

25%

120

20%

100

15%

80

10%

5%

60

0%

-5%

NAV per share performance vs comparator index¹

OIT NAV

NSCI&AIM

OIT Share Price

As at 30st September 2021. Performance measured from COB 1/5/18, share performance since inception assumes IPO price of 100p. Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Numis Smaller Companies plus AIM ex Investment Companies Total Return Index. Rebased to start NAV 2 Link Asset Services, Odyssean Capital 3 Bloomberg. YTD - Year to Date; LTM = Last 12 months. Past performance is no guarantee of future

performance and the value of investments can go up and down

4

Performance drivers in Q3 2021

Key stock contributors

Largest positive contributors

Flat performers / Largest negative contributors

  • Vectura received further bid approaches, ultimately successful bid from Phillip Morris at 165p per share
  • We view the final bid as fair value - returning c.40% IRR, 1.7x cash multiple
  • A September Q3 trading statement confirmed full year expectations in-line despite a 'challenging environment', and flagged the pipeline of further opportunities looked 'encouraging'
  • We remain positive on the potential for Chemring as it continues to display its quality and improving trading momentum
  • Interim results confirmed trading in line and flagged good progress both on operational efficiencies and development of the new e- commerce platform
  • We see significant opportunity for Flowtech as the group makes progress on its self help activities. The potential from the e- commerce opportunity is now more clear, offering a further medium to long term upside
  • Final full year results were in-line with a return to revenue growth, strong cash generation an improving order book, and positive feedback on the recent acquisition of IPM
  • Shares de-rated aggressively late in Q3 on no news. This may have been due to profit taking and wage inflation concerns. We remain positive on the medium term potential for NCC given the growth in its end markets
  • The bid for Spire from Ramsay Healthcare was voted down by shareholders and fell away. The shares have fallen back on this news
  • We believe that the fundamental opportunity for Spire of strong demand (long waiting lists; increased demand for self-pay) and a management team delivering cost savings supports an attractive standalone equity story
  • Xaar delivered an in-line set of interim results, showing revenue growth and pleasing progression on the development product pipeline.
  • Shares were very weak on concerns on supply chain and Chinese end demand since mid September. We view these issues as short term. Our equity thesis is based on Xaar delivering revenue growth well above GDP, leveraging past significant investments R&D and better utilising its manufacturing capacity

5

Source: Odyssean analysis. Past performance is no guarantee of future performance and the value of investments can go up and down.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Odyssean Investment Trust plc published this content on 11 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2021 08:51:08 UTC.


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