Net Asset Values and Portfolio Updates
Downing FOUR VCT plc (the “Company”)
LEI: 21380035MV1VRYEXPR95
Net Asset Values and Portfolio Updates
3 August 2021
The Company announces that the unaudited Net Asset Values (“NAVs”) of its Share Classes, as at 31 July 2021, were as follows:
| Unaudited | |
| 31 July 2021 | |
| Pence | |
| Generalist Share pool | |
| Net Asset Value (“NAV”) per Generalist Share | 66.5 |
| Cumulative distributions | 2.5 |
| Total Return per Generalist Share | 69.0 |
| Healthcare Share pool | |
| Net Asset Value (“NAV”) per Healthcare Share | 81.5 |
| Cumulative distributions | 2.5 |
| Total Return per Healthcare Share | 84.0 |
| DSO D Share pool | |
| Net Asset Value (“NAV”) per DSO D Share | 10.0 |
| Cumulative distributions | 94.5 |
| Adjusted for Performance Incentive estimate | (0.4) |
| Total Return per DSO D Share | 104.1 |
| DP67 Share pool | |
| Net Asset Value (“NAV”) per DP67 Share | 19.5 |
| Cumulative distributions (since original launch) | 67.8 |
| Total Return per DP67 Share | 87.3 |
The unaudited Balance Sheet of the Company is shown below, followed by a summary of the portfolio of investments held by each Share Class.
UNAUDITED BALANCE SHEET
as at 31 July 2021
| Unaudited 31 July 2021 | Audited 31 March 2021 | |||
| £’000 | £’000 | |||
| Fixed assets | ||||
| Investments | 44,016 | 40,743 | ||
| Current assets | ||||
| Debtors | 406 | 701 | ||
| Cash at bank and in hand | 6,970 | 6,986 | ||
| 7,376 | 7,687 | |||
| Creditors: amounts falling due within one year | (457) | (381) | ||
| Net current assets | 6,919 | 7,306 | ||
| Net assets | 50,935 | 48,049 | ||
| Capital and reserves | ||||
| Called up Share capital | 102 | 102 | ||
| Other reserves | 58 | 58 | ||
| Special reserve | 29,111 | 29,417 | ||
| Share premium account | 20,493 | 20,010 | ||
| Funds held in respect of shares not yet allotted | 346 | 241 | ||
| Revaluation reserve | 1,681 | (1,143) | ||
| Capital reserve – realised | 3,165 | 3,132 | ||
| Revenue reserve | (4,021) | (3,768) | ||
| Total equity Shareholders’ funds | 50,935 | 48,049 | ||
PORTFOLIO SUMMARIES
as at 31 July 2021
| Generalist Share Pool | Cost | Valuation | % of net assets |
| Portfolio of investments (unaudited) | £’000 | £’000 | |
| Venture Capital investments | |||
| E-Fundamentals (Group) Limited | 1,342 | 2,760 | 8.64% |
| Imagen Limited | 1,000 | 2,020 | 6.33% |
| Virtual Class Limited (Third Space Learning) | 1,053 | 1,833 | 5.74% |
| Rated People Limited | 1,282 | 1,583 | 4.95% |
| Cornelis Networks, Inc. | 1,402 | 1,294 | 4.05% |
| Streethub Limited (t/a Trouva) | 1,208 | 1,273 | 3.98% |
| Firefly Learning Limited | 1,047 | 1,047 | 3.28% |
| Ecstase Limited (t/a ADAY) | 1,000 | 1,000 | 3.13% |
| Trinny London Limited | 219 | 957 | 2.99% |
| Limitless Technology Limited | 757 | 920 | 2.88% |
| FundingXchange Limited | 1,050 | 786 | 2.46% |
| Hackajob Limited | 784 | 784 | 2.45% |
| Congenica Limited | 734 | 746 | 2.33% |
| Arecor Therapeutics plc^^ | 418 | 743 | 2.32% |
| Ayar Labs, Inc. | 764 | 720 | 2.25% |
| Parsable, Inc. | 766 | 672 | 2.10% |
| Masters of Pie Limited | 667 | 667 | 2.09% |
| Carbice Corporation | 656 | 603 | 1.89% |
| Hummingbird Technologies Limited | 750 | 535 | 1.67% |
| JRNI Limited | 525 | 525 | 1.64% |
| Maverick Pubs (Holdings) Limited | 1,000 | 450 | 1.41% |
| Fenkle Street LLP | 301 | 388 | 1.21% |
| Cambridge Touch Technologies Limited | 459 | 361 | 1.13% |
| Exonar Limited | 550 | 358 | 1.12% |
| Destiny Pharma plc^^ | 500 | 354 | 1.11% |
| Xupes Limited | 933 | 291 | 0.91% |
| Channel Mum Limited | 675 | 278 | 0.87% |
| Empiribox Holdings Limited | 1,563 | 262 | 0.82% |
| FVRVS Limited (t/a Fundamental VR) | 250 | 250 | 0.78% |
| Upp Technologies Group Limited (prev. Volo Commerce) | 1,077 | 242 | 0.76% |
| Lineten Limited | 400 | 209 | 0.65% |
| MIP Diagnostics Limited | 200 | 200 | 0.63% |
| Lignia Wood Company Limited | 1,778 | – | 0.00% |
| Live Better With Limited | 1,211 | – | 0.00% |
| Ormsborough Limited | 900 | – | 0.00% |
| Glownet Limited | 741 | – | 0.00% |
| 29,962 | 25,111 | 78.57% | |
| Liquidity investments | |||
| Downing Strategic Micro-Cap Investment Trust plc^ | 4,269 | 3,050 | 9.54% |
| MI Downing UK Micro-Cap Growth Fund | 124 | 99 | 0.31% |
| 4,393 | 3,149 | 9.85% | |
| 34,355 | 28,260 | 88.42% | |
| Cash at bank and in hand | 3,773 | 11.80% | |
| Other current assets | (71) | (0.22%) | |
| Net assets | 31,962 | 100.0% |
^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM
| Healthcare Share Pool | Cost | Valuation | % of net assets |
| Portfolio of investments (unaudited) | £’000 | £’000 | |
| Venture Capital investments | |||
| Arecor Therapeutics plc^^ | 1,533 | 2,726 | 17.04% |
| GENinCode plc^^ | 1,202 | 2,165 | 13.53% |
| Adaptix Limited | 1,056 | 1,381 | 8.63% |
| Open Bionics Limited | 1,000 | 1,379 | 8.61% |
| Congenica Limited | 1,184 | 1,215 | 7.59% |
| Future Health Works Limited (t/a MyRecovery) | 528 | 556 | 3.48% |
| The Electrospinning Company Limited | 478 | 544 | 3.40% |
| Destiny Pharma plc^^ | 750 | 530 | 3.31% |
| FVRVS Limited (t/a Fundamental VR) | 500 | 500 | 3.13% |
| Invizius Limited | 500 | 500 | 3.13% |
| DiA Imaging Analysis Limited | 415 | 405 | 2.53% |
| Cambridge Respiratory Innovations Limited | 400 | 400 | 2.50% |
| MIP Diagnostics Limited | 200 | 200 | 1.25% |
| Live Better With Limited | 1,106 | – | 0.00% |
| 10,852 | 12,501 | 78.13% | |
| Liquidity Investments | |||
| Downing Strategic Micro-Cap Investment Trust plc^ | 729 | 520 | 3.25% |
| MI Downing UK Micro-Cap Growth Fund | 40 | 32 | 0.20% |
| 769 | 552 | 3.45% | |
| 11,621 | 13,053 | 81.58% | |
| Cash at bank and in hand | 2,872 | 17.95% | |
| Other current assets | 75 | 0.47% | |
| Net assets | 16,000 | 100.0% |
^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM
| DSO D Share pool | Cost | Valuation | % of net assets |
| Portfolio of investments (unaudited) | £’000 | £’000 | |
| Venture Capital investments | |||
| Fresh Green Power Limited | 189 | 279 | 35.36% |
| Pearce and Saunders Limited | 275 | 76 | 9.63% |
| Green Energy Production UK Limited | 100 | 66 | 8.37% |
| Pearce and Saunders DevCo Limited | 19 | 19 | 2.41% |
| 583 | 440 | 55.77% | |
| Cash at bank and in hand | 315 | 39.92% | |
| Other current assets | 34 | 4.31% | |
| Net assets | 789 | 100.00% |
| DP67 Share pool | Cost | Valuation | % of net assets |
| Portfolio of investments (unaudited) | £’000 | £’000 | |
| Venture Capital investments | |||
| Cadbury House Holdings Limited | 1,409 | 791 | 36.22% |
| Gatewales Limited | 343 | 745 | 34.11% |
| Fenkle Street LLP | 405 | 727 | 33.29% |
| Yamuna Renewables Limited | 400 | – | 0.00% |
| London City Shopping Centre Limited | 99 | – | 0.00% |
| 2,656 | 2,263 | 103.62% | |
| Cash at bank and in hand | 10 | 0.46% | |
| Other current assets | (89) | (4.08%) | |
| Net assets | 2,184 | 100.00% |
