Trading update for the three months ended 31 March 2026

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 31 March 2026. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ("Oakley"). This objective has been demonstrated with a 10-year share price total return of +300%, outperforming the FTSE All-Share Index by +171% and the MSCI World Index by +67% over this period.

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four core sectors: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors. 

• Share of proceeds of £2 million
• Period-end cash and undrawn credit facilities of £180 million
• Outstanding commitments of c.£672 million expected to be called for investment over the next five years

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2026, was £1,259 million, which represents a NAV per share of 758 pence. The total NAV per share return was +7.5% (+53 pence) since 31 March 2025 and +2.7% (+20 pence) since 31 December 2025.  The largest contributors to the Q1 total NAV return include North Sails (+7 pence), TechInsights (+6 pence), Exaforce (+5 pence) and Bright Stars (+4 pence).

Portfolio company performance

The underlying portfolio companies delivered strong trading results during the period. Earnings growth accounted for c.70% of the NAV return, while multiple accretion accounted for the remaining c.30%. Performance was primarily driven by more mature companies that have benefitted from a period of Oakley ownership and that hold strong positions in their respective markets.

The underlying businesses have held up well against a backdrop of significant uncertainty, including conflict in the Middle East. Preliminary analysis indicates exposure to the region is minimal and that the impact from higher fuel costs is unlikely to be material.

The Investment Adviser remains confident that OCI’s diversified portfolio of 40+ dynamic companies, many of them benefitting from recurring revenues and asset-light business models, will continue to perform well and remain able to pass on any price increases, as demonstrated during prior periods of high inflation. Additionally, the growing ability of management teams to leverage AI is anticipated to enhance productivity and support further value creation. Meanwhile, the outlook for the exit pipeline remains promising. 

Share price return

OCI’s discount to NAV widened to 38% during the period as the share price declined 18%, amid a wider market response to geopolitical uncertainty, and a sell-off in the private credit and software sectors. OCI’s decline was in common with other listed private equity companies and the wider investment trust sector. As at period end, the average discount for the listed private equity sector stood at 32%5. OCI’s average three-month discount and 12-month discount were 29% and 28% respectively, compared to sector averages of 26% and 28% respectively.

Transactions

During the period, OCI made a total investment of £28 million, including:

OCI’s look-through share of proceeds from exits and refinancings during the period totalled £2 million.

Capital allocation

Share buybacks: During the period, OCI commenced its £20 million minimum 2026 share buyback programme. £2.8 million of share buybacks were completed, enhancing NAV per share by 0.8 pence.

Commitments: Total outstanding commitments were £972 million as at 31 March, of which c.£300 million is not anticipated to be called. The balance is set to be invested over the next five years. 

Cash and credit facilities: OCI’s total liquidity as at 31 March was £180 million, comprising £108 million of cash and £72 million in undrawn credit facilities. 
 
The Company expects to report its H1 2026 trading update on 30 July 2026.

OCI's latest quarterly factsheet can be accessed here.