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Net Asset Values and Portfolio Updates

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Downing FOUR VCT plc (the “Company”)
LEI: 21380035MV1VRYEXPR95
Net Asset Values and Portfolio Updates

3 August 2021

The Company announces that the unaudited Net Asset Values (“NAVs”) of its Share Classes, as at 31 July 2021, were as follows:

Unaudited

31 July 2021

Pence

Generalist Share pool

Net Asset Value (“NAV”) per Generalist Share

66.5

Cumulative distributions

2.5

Total Return per Generalist Share

69.0

Healthcare Share pool

Net Asset Value (“NAV”) per Healthcare Share

81.5

Cumulative distributions

2.5

Total Return per Healthcare Share

84.0

DSO D Share pool

Net Asset Value (“NAV”) per DSO D Share

10.0

Cumulative distributions

94.5

Adjusted for Performance Incentive estimate

(0.4)

Total Return per DSO D Share

104.1

DP67 Share pool

Net Asset Value (“NAV”) per DP67 Share

19.5

Cumulative distributions (since original launch)

67.8

Total Return per DP67 Share

87.3


The unaudited Balance Sheet of the Company is shown below, followed by a summary of the portfolio of investments held by each Share Class.

UNAUDITED BALANCE SHEET
as at 31 July 2021


Unaudited
31 July
2021

Audited
31 March
2021

£’000

£’000

Fixed assets

Investments

44,016

40,743

Current assets

Debtors

406

701

Cash at bank and in hand

6,970

6,986

7,376

7,687

Creditors: amounts falling due within one year

(457)

(381)

Net current assets

6,919

7,306

Net assets

50,935

48,049

Capital and reserves

Called up Share capital

102

102

Other reserves

58

58

Special reserve

29,111

29,417

Share premium account

20,493

20,010

Funds held in respect of shares not yet allotted

346

241

Revaluation reserve

1,681

(1,143)

Capital reserve – realised

3,165

3,132

Revenue reserve

(4,021)

(3,768)

Total equity Shareholders’ funds

50,935

48,049

PORTFOLIO SUMMARIES

as at 31 July 2021

Generalist Share Pool



Cost



Valuation

% of
net assets

Portfolio of investments (unaudited)

£’000

£’000

Venture Capital investments

E-Fundamentals (Group) Limited

1,342

2,760

8.64%

Imagen Limited

1,000

2,020

6.33%

Virtual Class Limited (Third Space Learning)

1,053

1,833

5.74%

Rated People Limited

1,282

1,583

4.95%

Cornelis Networks, Inc.

1,402

1,294

4.05%

Streethub Limited (t/a Trouva)

1,208

1,273

3.98%

Firefly Learning Limited

1,047

1,047

3.28%

Ecstase Limited (t/a ADAY)

1,000

1,000

3.13%

Trinny London Limited

219

957

2.99%

Limitless Technology Limited

757

920

2.88%

FundingXchange Limited

1,050

786

2.46%

Hackajob Limited

784

784

2.45%

Congenica Limited

734

746

2.33%

Arecor Therapeutics plc^^

418

743

2.32%

Ayar Labs, Inc.

764

720

2.25%

Parsable, Inc.

766

672

2.10%

Masters of Pie Limited

667

667

2.09%

Carbice Corporation

656

603

1.89%

Hummingbird Technologies Limited

750

535

1.67%

JRNI Limited

525

525

1.64%

Maverick Pubs (Holdings) Limited

1,000

450

1.41%

Fenkle Street LLP

301

388

1.21%

Cambridge Touch Technologies Limited

459

361

1.13%

Exonar Limited

550

358

1.12%

Destiny Pharma plc^^

500

354

1.11%

Xupes Limited

933

291

0.91%

Channel Mum Limited

675

278

0.87%

Empiribox Holdings Limited

1,563

262

0.82%

FVRVS Limited (t/a Fundamental VR)

250

250

0.78%

Upp Technologies Group Limited (prev. Volo Commerce)

1,077

242

0.76%

Lineten Limited

400

209

0.65%

MIP Diagnostics Limited

200

200

0.63%

Lignia Wood Company Limited

1,778

-

0.00%

Live Better With Limited

1,211

-

0.00%

Ormsborough Limited

900

-

0.00%

Glownet Limited

741

-

0.00%

29,962

25,111

78.57%

Liquidity investments

Downing Strategic Micro-Cap Investment Trust plc^

4,269

3,050

9.54%

MI Downing UK Micro-Cap Growth Fund

124

99

0.31%

4,393

3,149

9.85%

34,355

28,260

88.42%

Cash at bank and in hand

3,773

11.80%

Other current assets

(71)

(0.22%)

Net assets

31,962

100.0%

^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM

Healthcare Share Pool



Cost



Valuation

% of
net assets

Portfolio of investments (unaudited)

£’000

£’000

Venture Capital investments

Arecor Therapeutics plc^^

1,533

2,726

17.04%

GENinCode plc^^

1,202

2,165

13.53%

Adaptix Limited

1,056

1,381

8.63%

Open Bionics Limited

1,000

1,379

8.61%

Congenica Limited

1,184

1,215

7.59%

Future Health Works Limited (t/a MyRecovery)

528

556

3.48%

The Electrospinning Company Limited

478

544

3.40%

Destiny Pharma plc^^

750

530

3.31%

FVRVS Limited (t/a Fundamental VR)

500

500

3.13%

Invizius Limited

500

500

3.13%

DiA Imaging Analysis Limited

415

405

2.53%

Cambridge Respiratory Innovations Limited

400

400

2.50%

MIP Diagnostics Limited

200

200

1.25%

Live Better With Limited

1,106

-

0.00%

10,852

12,501

78.13%

Liquidity Investments

Downing Strategic Micro-Cap Investment Trust plc^

729

520

3.25%

MI Downing UK Micro-Cap Growth Fund

40

32

0.20%

769

552

3.45%

11,621

13,053

81.58%

Cash at bank and in hand

2,872

17.95%

Other current assets

75

0.47%

Net assets

16,000

100.0%

^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM

DSO D Share pool



Cost

Valuation

% of
net assets

Portfolio of investments (unaudited)

£’000

£’000

Venture Capital investments

Fresh Green Power Limited

189

279

35.36%

Pearce and Saunders Limited

275

76

9.63%

Green Energy Production UK Limited

100

66

8.37%

Pearce and Saunders DevCo Limited

19

19

2.41%

583

440

55.77%

Cash at bank and in hand

315

39.92%

Other current assets

34

4.31%

Net assets

789

100.00%


DP67 Share pool



Cost

Valuation

% of
net assets

Portfolio of investments (unaudited)

£’000

£’000

Venture Capital investments

Cadbury House Holdings Limited

1,409

791

36.22%

Gatewales Limited

343

745

34.11%

Fenkle Street LLP

405

727

33.29%

Yamuna Renewables Limited

400

-

0.00%

London City Shopping Centre Limited

99

-

0.00%

2,656

2,263

103.62%

Cash at bank and in hand

10

0.46%

Other current assets

(89)

(4.08%)

Net assets

2,184

100.00%


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