Strategic report / Increase in value 2025
Increase in
value 2025
At the period-end, OCI's NAV increased by £49 million to £1,275 million against FY24. The resilient performance from the underlying portfolio contributed 49 pence of net valuation gains in OCI's Total NAV Return of 7%, of which 1% related to gain on FX.
Movement in NAV £m
Movement in the value of investments £m
Increase to NAV
£49m
Unrealised gains on investments
£46m
See ‘Attribution analysis’ definition within the Glossary for an explanation of methodology.
NAV growth
OCI’s NAV increased by £49 million to £1,275 million at the period-end, primarily driven by unrealised gains of £71 million from Oakley Fund Investments. This was partially offset by an unrealised loss of £25 million on OCI’s Direct Investments. Of the Direct Investment portfolio, North Sails performed well, contributing £18 million of unrealised gain. However, this was offset by an unrealised loss of c.£44 million on Time Out, following a decline in Time Out’s share price from 51.5 pence per share to 19.5 pence per share.
The increase in NAV during the period was offset by £4 million of dividends and £21 million of share buy backs as a result of the annual share buyback programme launched by the Board during the year.
The Oakley Fund Investments benefitted from £33 million of unrealised gains from FX, which were partly offset by a £15 million unrealised FX loss on the North Sails direct position.
See more on the impact of foreign exchange rates below.
OCI's FX exposure results from the following three elements:
1. Reporting currency of investments (Oakley Funds and Direct Investments)
OCI holds investments in the Oakley Private Equity Portfolio denominated in euros, and investments in US dollars through Touring. OCI also holds Direct Investments in Time Out, denominated in pounds, and North Sails, denominated in US dollars. An FX gain or loss arises from translating the reporting currency of the Fund or Direct Investment into OCI's reporting currency, which is pounds.
2. OCI’s own operating balances
In the ordinary course of business, OCI has certain transactions and balances not denominated in its reporting currency which are translated to GBP at the period-end. OCI also maintains a credit facility denominated in pounds, providing additional flexibility to support capital deployment and meet funding obligations as they arise.
3. Underlying portfolio companies
Certain portfolio companies operate in multiple currencies, and this gives rise to two distinct types of FX exposure.
Firstly, some portfolio companies have a reporting currency that differs from their respective Fund’s reporting currency. The Private Equity Funds, and PROfounders III, report in euros and Touring reports in US dollars. These companies are valued in their own reporting currency, and their valuations are then translated into the Fund’s reporting currency for inclusion in the overall NAV. This translation results in an unrealised FX gain or loss at the Fund level, which ultimately flows through to OCI via changes in fair value.
Secondly, portfolio companies may generate revenues or incur costs in currencies other than their own reporting currency. While the trading exposures are not directly reflected in NAV, they can influence the company’s EBITDA and valuation, which in turn may indirectly affect the Fund’s NAV before ultimately flowing through to OCI via changes in fair value.
While these FX movements occur at the portfolio company and Fund level and do not directly impact OCI, they represent an indirect exposure through their impact on the valuations of the Oakley Funds.
Strategic report / Portfolio overview
Private Equity Funds and
Direct Investment Portfolio
The top three contributors to NAV growth during the period were vLex, Bright Stars and TechInsights, contributing 30 pence, 6 pence and 6 pence respectively and demonstrating strong performance across the sectors.
Private Equity Funds – Top 10 Movements (£m)
A resilient performance of the underlying portfolio positively contributed to OCI's Total NAV Return of 7%.
The largest five contributors to growth were vLex, Bright Stars TechInsights, Phenna and Facile. Following its announced sale to Clio, which is expected to complete in H2 25, vLex contributed 30 pence of net valuation gain to OCI's Total NAV Return at the period-end.
Steer’s contribution to NAV declined despite its revenue growth outpacing market decline. This is driven by a higher cost base from recent M&A where expected synergies have not yet been realised.
Contabo’s contribution to NAV also declined, reflecting market uncertainty in respect of broader geopolitical risk.
When considering the contribution from the Direct Investment Portfolio (not shown in the table above), the North Sails direct position was one of the leading drivers of NAV growth in the period, contributing £5 million, in addition to the £3.9 million contributed by North Sails indirect investment in Fund II. However, this was tempered by an unrealised loss of c.£44 million on Time Out given the decline in their share price.
Note: Figures represent the net look-through movement in portfolio company value.
Related content
See OCI NAV overview
See this section to learn about OCI's NAV and how we have delivered consistent returns for shareholders during a period of investment.