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Half-Yearly Financial Report
for the six month period ended 30 September 2022
Oryx International Growth Fund Limited
Half-Yearly Financial Report for the six month period ended 30 September 2022
Contents
Half-Yearly Board Report | ||
- Performance Summary and Dividend History | 1 | |
- | Chairman's Statement | 2 |
- | Executive Summary | 3 |
Board Members | 6 | |
Investment Adviser's Report | 8 | |
Ten Largest Holdings | 10 | |
Statement of Directors' Responsibilities | 14 | |
Condensed Statement of Comprehensive Income | 15 | |
Condensed Statement of Financial Position | 16 | |
Condensed Statement of Changes in Shareholders' Equity | 17 | |
Condensed Statement of Cash Flows | 18 | |
Notes to the Condensed Financial Statements | 19 | |
Alternative Performance Measures | 32 | |
Company Information | Inside back cover |
Oryx International Growth Fund Limited
Half-Yearly Financial Report for the six month period ended 30 September 2022
Half-Yearly Board Report
Performance Summary and Dividend History
Performance Summary
(£ in millions, except per share data and the number of | At | At |
Ordinary Shares in issue) | 30 September 2022 | 31 March 2022 |
Number of Ordinary Shares in issue | 14,000,000 | 14,000,000 |
Net Asset Value ("NAV") attributable to shareholders | ||
- Ordinary Shares | 187.36 | 219.41 |
Investments | 180.66 | 208.89 |
Cash and cash equivalents | 6.87 | 10.62 |
NAV per share attributable to shareholders1 | ||
- Ordinary Shares | 13.38 | 15.67 |
Share Price | 11.25 | 14.80 |
Discount to NAV1 | (15.92)% | (5.55)% |
Loss per share2 | (2.29) | (0.75) |
Dividend history
No Ordinary Share dividend was declared during the period.
- These performance metrics are also Alternative Performance Measures, see page 32 for details.
- The loss per share of £(2.29) relates to the six month period ended 30 September 2022 whereas the loss per share of £(0.75) relates to the financial year ended 31 March 2022.
Page 1
Oryx International Growth Fund Limited
Half-Yearly Financial Report for the six month period ended 30 September 2022
Half-Yearly Board Report (continued) Chairman's Statement
The first half of our financial year saw the downward pressure on markets intensifying. The full effects of COVID-19, the war in Ukraine, inflation and the cost of living crisis are all contributing to the poor investment markets. As the Investment Manager reports below, this saw the NAV per share fall by 14.61%. While this is disappointing, it must be remembered that we have had a significant period of strong performance with the NAV per share rising 31% over 3 years and 92% over 5 years.
The investment philosophy of Christopher Mills and his team at Harwood has always been rooted in investing in companies where there is an opportunity for value creation through active management but this has always been tempered by a conservative approach to leverage, and a belief that strong management and good prospects will win over time. I am certain that this will stand us in good stead during this period of uncertainty. The Board continues to be encouraged by the underlying strength of our portfolio companies and we remain confident that when markets recover, we will see the ground we have lost recovered and future value created in the medium term.
Nigel Cayzer
Chairman
8 December 2022
Page 2
Oryx International Growth Fund Limited
Half-Yearly Financial Report for the six month period ended 30 September 2022
Half-Yearly Board Report (continued) Executive Summary
This Executive Summary is designed to provide information about Company's business and results for the six month period ended 30 September 2022. It should be read in conjunction with the Chairman's Statement on page 2 and the Investment Adviser's Report on page 8 which give a detailed review of investment activities for the period and an outlook for the future.
Corporate summary
The Company is a Guernsey Authorised Closed-Ended Collective Investment Scheme pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 2020, as amended, and the Authorised Closed Ended Investment Scheme Rules 2021 issued by the Guernsey Financial Services Commission.
It was incorporated and registered with limited liability in Guernsey on 2 December 1994, with registration number 28917.
The Company has a premium listing on the Main Market of the London Stock Exchange.
The Company's share capital is denominated in Sterling and each Ordinary Share carries equal voting rights.
The investment manager and investment adviser was Harwood Capital Management (Gibraltar) Limited LLP (the "Investment Manager" and the "Investment Adviser") during the six month period ended
30 September 2022.
Harwood Capital Management (Gibraltar) Limited LLP is an authorised manager by the Gibraltar Financial Services Commission as a small scheme funds to manage Alternative Investment Funds under the Alternative Investment Managers Regulations 2013.
Purpose
The purpose of the Company is to generate above-market returns, as measured against the appropriate index, over the medium and long term through investment in small and medium size companies.
Investment policy
The Company principally invests in small and mid-size quoted and unquoted companies in the United Kingdom ("UK") and the United States. The Investment Manager targets companies that have fundamentally strong business models, but where there may be specific factors which are constraining the maximisation or realisation of shareholder value, which may be realised through the pursuit of an activist shareholder agenda by the Investment Manager. Dividend income is a secondary consideration when making investment decisions.
Directors' interests
The Board comprises seven non-executive Directors, five of whom are independent: Nigel Cayzer (Chairman), Jamie Brooke, Gavin Farrell, John Grace and John Radziwill.
Page 3
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Disclaimer
Oryx International Growth Fund Ltd. published this content on 16 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2022 11:44:10 UTC.