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03 May 2022

Schroder UK Public Private Trust

Company Notes

Persistent discount despite portfolio rebalancing

Schroder UK Public Private* aims to generate capital growth through investment in a portfolio of both private and public companies. Since December 2019 it has been managed by Schoders, with Tim Creed responsible for unquoted holdings and Roger Doig overseeing the fund’s quoted holdings. At the end of 2021, the portfolio comprised 35 holdings, of which 24 were unquoted. However, quoted holdings accounted for 55% of net assets, partially reflecting the holding in Oxford Nanopore Technologies, which accounted for 37% at the end of 2021. The fund has been rebalanced under Schroders, with realisations totalling £166m last year and nine new investments made, including six in private companies.

Since the fund’s launch in April 2015, its NAV is down 61% compared with a rise of 45% for the FTSE All Share Index, while its share price total return is -75%. Since Schroders was appointed manager in December 2019, the fund’s NAV is down 31% compared with a rise of 13% for the FTSE All Share Index, while its share price is down 26%. This is despite a 37% rise in its NAV last year.

*Denotes a corporate broking client of Winterflood Securities