Onward Opportunities Limited
06 August 2026
6 August 2026
Onward Opportunities Limited
("Onward Opportunities" or the "Company")
Half-Year Update
Continued inflows despite impact of market volatility, growing signs of recovery in NAV in recent weeks
Onward Opportunities Limited (LSE: ONWD), the investment company targeting opportunities in UK smaller companies, provides an update regarding the 6-month period ended 30 June 2026 ("HY26"), ahead of publication of the Company's unaudited interim results in September 2026.
Company Update
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· HY26 NAV performance · Net Asset Value ("NAV") of 123.5 pence per share at 30 June 2026, equating to a NAV decrease of 14.1% from the all-time highs at the end of 2025, causing the Company's first period of NAV underperformance · The share prices of the Company's mark to market portfolio of under-owned investments suffered materially during Q1 in response to global market volatility, in similar fashion to Q1 2025. The fund's top 10 holdings saw an average share price decline of 28.6% during the first quarter - but only two went on to issue profit warnings · Share prices of all portfolio investments lagged the global recovery in risk assets, again a repeat of the trend seen in 2025. Micro caps typically require company specific updates to trigger price recoveries. Many of these are due in H2 and have started to come through in July with NAV recovering further to 131.5p. The majority of investments currently offer higher profits at lower share prices. · Consistent long-term outperformance since inception was maintained despite persistent headwinds - NAV performance of +29.1% since inception in March 2023, outperforming both AIC UK Smaller Companies sector by +12.3% and the IA UK Smaller Companies sector by +10.0% · Encouraging further NAV recovery post-period end
· Reassuring extension of the recovery in Q3 with the NAV closing July at 131.5p, a +19.3% rally from the 31 March lows. However most holdings remain well below 12-month highs despite good updates, so further NAV growth is expected throughout the remainder of Q3 due to a number of idiosyncratic catalysts. · Continued inflows as the Company capitalises on its recent main market listing § To date this year, the Company has issued 4.4m shares, raising £6.2m and once again ranking among the top 10 London-listed investment companies by capital raised relative to market capitalisation § The Company successfully completed its move to the Main Market from AIM on 16 April 2026, when its ordinary shares were admitted to the closed-ended investment funds segment of the Official List and the trading in the Company's shares on AIM was cancelled
Performance Table to 31 July 2026 (the last practicable date)
Portfolio Update · A number of investee companies have announced profits that are either higher, or ahead of expectations, in recent weeks with notable examples including: Audioboom, Rent Guarantor, Mincon, Likewise, Pebble Beach Systems, The Mission Group, and Fintel. Notwithstanding this strong operating performance, all ended June with share prices materially lower than their 52-week highs, leaving room for future portfolio returns. · Setbacks included Alumasc and Light Science Technologies, as construction sector weakness and building safety regulator delays combined to trigger profit warnings by both · Similarly, Synectics struggled with Middle East disruption; a key geography for some energy and hospitality customers · New core holdings of Fintel and Mincon added, two new nursery holdings initiated but not yet disclosed |
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Laurence Hulse, Founder & Lead Fund Manager, said:
"Ah, the Ides of March. In each of 2023, 2025 and 2026 it has proven to be a torrid month for investors in UK smaller companies with a large wake that disproportionately affects unloved, small, illiquid investments such as those held by Onward Opportunities. In previous years the following months have proven to be an opportune period for future returns with our strategy; H2 25 following the tariff war was one of our strongest reporting periods of performance since launch.
Post period end, a number of our investee companies have announced strong updates which has initiated a recovery in their share prices toward levels seen 'pre-crisis'. We have a number of investments where despite profits growing by double digits, share prices have declined by double digits. In one extreme example, profits are doubling but the shares have almost halved in value. This is why we are looking onward; there are value opportunities abound for the long-term investor.
Before the closure of the Strait of Hormuz, outlook for UK smaller companies was looking favourable. Capital was starting to flow, the cadence of IPOs was on the uptick, and there were predictions of inflation reducing to 2%. In recent weeks, UK equities have been demonstrating a similar streak of outperformance, remaining noticeably resilient in the face of US and Asian market volatility. Investors are clearly recognising this as we welcomed another £6.2m of capital into the fund so far this year. We are sanguine as to what the portfolio might offer them and all shareholders in the next 6 months and beyond. Onwards."
For further information, please contact:
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Onward Opportunities Limited Andrew Henton, Chairman
Dowgate Wealth Limited (Portfolio Manager) Laurence Hulse, Founder & Lead Fund Manager |
Via Houston
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Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Ben Jeynes / Seamus Fricker Chris West / Matt Lewis - Sales and ECM |
Tel: +44 (0)20 7220 0500 |
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Dowgate Capital Limited (Joint Broker) Russell Cook / Dan Ingram |
Tel: +44 (0)12 9351 7744 |
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Houston (PR advisers) Charlie Barker / Nick Jackman
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Tel: +44 (0)77 3303 2695 Onward@houston.co.uk |
About Onward Opportunities
Onward Opportunities Limited ("Onward" or the "Company") is a closed-end investment company listed on London's Main Market (LSE: ONWD).
Onward Opportunities was launched by lead fund manager Laurence Hulse in March 2023 to target a structural market opportunity in UK-listed smaller companies, with the aim of generating absolute returns of 15% or more per annum.
Onward Opportunities has been an outperforming and one of the fastest growing UK Smaller Companies funds since launch, with Net Asset Value (NAV) growth of over 35% as at 31 July 2026, representing significant outperformance against its benchmark UK AIM All-Share TR indices (see performance table above). The Company has raised over £30m through its Initial Public Offering and follow-on capital raises and was recognised as 2024's 'AIM IPO of the year' at the Small Cap Awards and for 'Best Use of AIM' at 2025's AIM Awards.
Onward has an investment committee (IC) that has a combined experience of c.120 years and a history of value creation for clients. Collectively, IC members have over £1.5m of 'skin in the game' invested into the fund. The team uses an active investment approach for identifying investment opportunities and driving those investments to an outcome with the aim of generating higher returns by capitalising on market inefficiencies.
For more information please visit: www.onwardopportunities.co.uk
About Dowgate Wealth (Onward Opportunities' portfolio manager):
Dowgate Wealth is a fast-growing independent UK wealth management business, providing a bespoke and personalised investment service to over 3,000 clients. Founded in 2019, the Group has expanded to a team of 19 investment managers, with over £2 billion of assets under management.
Dowgate Wealth is proud to be a firm where employees own a stake in the company. This underpins the firm's culture of entrepreneurialism and long-term thinking, which is further supported by taking an asset agnostic approach to investing.
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