Schroders Capital Global Innovation Trust (ticker: INOV), also known as the Schroder UK Public Private Trust, reported a 1.3% rise in net asset value per share to 22.53 pence at the end of June, up from 22.23 pence at the end of December 2023, according to the fund's H1 2026 results.
The share price gained 10.5% over the half-year, compressing the discount to NAV to roughly 25% from more than 30%. The aggregate fund NAV was valued at $143.1 million at period end. The stock last traded near the top of its 52-week range at $17.8, against a low of $12.7, with a market capitalisation of $53.98 million.
Portfolio value climbed 11.8% since the wind-down began, rising from an initial investment base of just under GBP 137 million to GBP 110 million. Gains totalled nearly GBP 17 million. However, the pace of capital return remains gradual: 36% of the starting portfolio value has been converted into realisations so far.
Cash and equivalents increased to GBP 34.3 million, representing 24% of NAV. Realisations during the period totalled GBP 9.6 million, drawn from exits and milestone payments including contributions from Bluewater Bio and Autolus Therapeutics.
Capital returned to date stands at GBP 38 million through share repurchases or cancellations. The board increased a planned tender offer to GBP 28 million, up from an original GBP 18 million, bringing total returned or committed capital under the wind-down to GBP 66 million.
Major portfolio movements dominated the period. Neurona Therapeutics was acquired by UCB for $650 million upfront, with total transaction value potentially reaching $1.2 billion in subsequent milestones. The holding was marked at 1.5 times the original investment, with upside to 2.4 times. Memo Therapeutics was bought by Ipsen for €200 million upfront and up to €700 million in milestones, marked at 2.6 times initial cost with potential upside to 5.6 times. Autolus Therapeutics was fully exited for GBP 2 million across Q2 and Q3. Bluewater Bio and Salica Environmental Technologies Fund completed their exits in January. Nexeon's public equity stake was reduced to nil post-period end. Back Market and AgroStar were marked down on weaker comparables and supply chain headwinds. Kymab, an earlier exit, saw Sanofi discontinue its program, removing further milestone value.
Revolut, the fund's second-largest holding, reported 68 million retail customers — a 30% increase — along with GBP 4.5 billion in revenue and GBP 1.7 billion in profit before tax, having received conditional U.S. approval. Atom Bank remains the trust's largest holding.
Public equity exposure fell to 1% during the period and to nil post-period end, consistent with the fund's wind-down strategy. No new or follow-on investments were made. Management noted material realisations are not expected before 2028, citing minority equity positions and reliance on trade sales or IPOs driven by underlying portfolio companies. Life sciences holdings were described as "very, very strong."
