London, UK, 28 October 2022

Edison issues update on Seraphim Space Investment Trust (SSIT)

Despite the equity market volatility seen in 2022, Seraphim Space Investment Trust (SSIT) has delivered modestly positive NAV growth since initial trading in July 2021 to the end of its financial year in June 2022. In aggregate, the portfolio's unlisted holdings saw positive revaluations over the period, while the listed holdings fared poorly. The fund's 80% exposure to non-sterling assets was a significant contributor to returns. Cash reserves equated to 24% of NAV at the year end and the company believes they are sufficient to support existing portfolio companies, which are all well capitalised through to at least June 2023 on average having collectively raised over $1bn in the last 12 months. In the near term, the primary focus is likely to be on ensuring suitable levels of finance within the portfolio with selective and relatively modest additions of new holdings. In our last update on SSIT, Derating offers an attractive entry point, we made the case for the company's role in addressing formidable world challenges such as climate change and defence, which accounted for more than 90% of portfolio revenues at 30 June. If possible, the application of such technology has come into ever sharper focus in recent months, validating the relevance of and potential within SSIT's portfolio.

For the contrarian investor, for those comfortable with risk, or for investors with a truly diversified portfolio and a suitably long-term investment horizon, SSIT continues to offer a unique opportunity to access tomorrow's potential space tech winners in what will surely be a multi-generational secular growth theme. The fund manager, Seraphim Space, has a demonstrable track record of investing in early-stage companies and has added to its already deep strength and depth of investment capability over the year. The full year results provide a natural opportunity to review the company's performance. Results have been mixed with share price weakness the overriding experience for investors. While this is disappointing, there are positives, which we feel should assuage long-term investor concerns. SSIT has demonstrated that its underlying operational performance is progressing, with material cash balances allowing the manager the luxury of patience with its holdings.   

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

David Holder +44 (0)77 962 68072 investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        www.linkedin.com/company/edison-group-/

Twitter             www.twitter.com/Edison_Inv_Res

YouTube       www.youtube.com/edisonitv