Strategic report / Increase in value 2026
Increase in
value 2026
During the period, OCI’s NAV increased by £56 million to £1,289 million, with unrealised investment gains contributing 56 pence to NAV per share, including 51 pence from the Oakley Funds portfolio, approximately 80% of which was driven by EBITDA growth.
Movement in NAV £m
Increase to NAV
£56m
Movement in the value of investments £m
Unrealised gains on investments
£92m
NAV growth
OCI's NAV increased by £56 million to £1,289 million at the period-end. This increase was driven by £92 million of unrealised gains across the Oakley Funds and Direct Investments portfolios, led by Phenna, North Sails and TechInsights, partially offset by £6 million of net unrealised foreign exchange losses as the euro weakened against the pound during the period. Net realised losses of £9 million comprised £25 million of fund-level income and expenses, partially offset by £16 million of realised gains primarily attributable to Fund IV's refinancing of WebPros.
OCI's interest income of £2 million partially offset £11 million of expenses, comprising the Company's facility financing costs, administration recharges and professional fees.
Growth in NAV per share during the period reflected the accretive impact of £12 million deployed to repurchase and cancel shares under the Company's share buyback programme. The programme increased NAV per share by 3 pence through the value-enhancing repurchase and cancellation of shares.
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 Funds denominated in euros, and investments in US dollars through North Sails CV and Touring. OCI also holds a Direct Investment in North Sails, which is 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 GBP.
2. OCI’s own operating balances
In the ordinary course of business, OCI has certain transactions translated at the date of the transaction and balances not denominated in its reporting currency which are translated to GBP at the period-end. OCI also maintains a multicurrency credit facility, 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, both of which impact the income statement as changes in fair value rather than as net foreign currency gains/losses.
First, some portfolio companies have a reporting currency that differs from their respective Fund’s reporting currency. The Private Equity Portfolio, excluding North Sails CV, and PROfounders Fund III report in euros and North Sails CV and Touring I report in US dollars. Portfolio companies in these funds 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.
Second, 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 directly affect the Fund’s NAV before ultimately flowing through to OCI via changes in fair 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.