Odyssean Investment Trust PLC · LSE:OIT
Odyssean Investment Trust — Q1 2025 Earnings Presentation
40 slides from Odyssean Investment Trust's earnings presentation, December 2025
Slide 1: Odyssean Investment Trust PLC Q1 2025 Update
Odyssean Investment Trust PLC Q1 2025 Update
Slide 2: Important Information
Important Information • The information contained in this presentation is for the use of Professional and Institutional Investors only • Past performance is not a reliable indicator of future performance and investors may not get back the value of their original investment • The value of Odyssean In
Slide 3: Executive Summary – Q1 2025
Executive Summary – Q1 2025 Further weak NAV performance on low trading volumes in turbulent markets • NAV per share fell 9.9%1,2 in the period. DNSC +AIM ex IC index (“Comparator”) fell 5.9% 2,3 • Volatile markets created challenging conditions for the portfolio, despite the bulk of trading updates
Slide 4: Performance update
Performance update NAV per share fell 9.9% in Q1, broader market fell 5.9% Performance % Annualised Inception Since Q1-25 CY24 CY23 CY22 CY21 CY20 CY19 since to Dec-18 inception inception NAV Total Return Per Share1 -9.9% -0.8% -10.4% +5.5% +25.0% +13.1% +22.0% -3.7% +40.2% +6.6% Share price return3
Slide 5: Performance drivers in Q1 2025
Performance drivers in Q1 2025 Key stock contributors Largest positive contributors Largest negative contributors • Full year trading broadly in-line with forecasts and flagged • Full year FY24 results in-line, with growth in some early positive signs in end markets, but still newer product areas of
Slide 6: Sentiment changes can lead to material share price moves
Sentiment changes can lead to material share price moves Xaar results released 25th March. Shareholder roadshow 25-28 March Results Tight shareholder registers -> oversold shares can see significant increases in Net trading value of c.£2.2m over 6 days share prices as sentiment changes where Share p
Slide 7: UK equities de-rated like US equities, despite being better value
UK equities de-rated like US equities, despite being better value UK Small companies seem to offer extraordinary absolute and relative value Aggregate Market Value (Discount)/Premium to Default Quest ® fair value 75% 64% 50% 44% 35% 30% 29% 29% 25% 25% 12% 13% 15% 9% 4% 0% 0% -5% -25% -12% -16% -24%
Slide 8: EV/Sales ratings for top portfolio companies
EV/Sales ratings for 7/top 10 portfolio companies Excluding Elementis (largest investment and transformed since 2009) Current portfolio top 10 (exc. ELM, ATG & SPI) - NAV weighted mean NTM EV/Sales 3.5x 3.0x 2.5x Average = 2.1x 2.0x 1.5x Current =1.2x 1.0x Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 J
Slide 9: UK Cap Goods companies trading at material discount to peers
UK Cap Goods companies trading at material discount to peers On a 28% discount to European, and 36% discount to US peers on a p/e basis UK Capital Goods p/e (discount)/premium UK Capital Goods p/e (discount)/premium to to US Peers European Peers 20.0% 20.0% 10.0% 10.0% 0.0% 0.0% Jan-13 Jan-15 Jan-17
Slide 10: Some signs of the start of a rotation away from US equities
Some signs of the start of a rotation away from US equities… Surveys suggest a recent shift away from US equities – UK a possible beneficiary? • Survey data suggests that the start of 2025 has seen a sentiment shift away from the ‘overweight US equities’ narrative that has been in place in recent ye
Slide 11: UK-focused funds continued to see outflows in Q1
..but UK-focused funds continued to see outflows in Q1 We believe outflows now focused on large cap. SMID more stable • Challenge of outflows from UK-focused funds continued in March despite relatively good performance of UK equities • We believe outflows are mainly focused on large cap funds; small
Slide 12: Portfolio: High conviction portfolio
Portfolio High conviction portfolio Top portfolio holdings¹ NCC • Top 10 holdings account for 82% of NAV Elementis 0.3% • One new position initiated during the period with XP Power potential to scale further as diligence progresses 17.4% 14.4% Xaar 4.4% Genus • Further investments made into Xaar and
Slide 13: Portfolio: Focused on core sectors and market cap range
Portfolio Focused on our core sectors and core market cap range Holding by sector 1 Holding by market cap 1 Industrials 0.3% 8.6% 0.3% Sub £100m 9.6% TMT 16.7% £100m-£500m 16.0% 20.6% Healthcare & Life Sciences £500m-£1bn 51.4% Business Services Over £1bn 22.6% Cash + Other 53.9% Net cash • Industri
Slide 14: UK Smaller Companies can provide global exposure
UK Smaller Companies can provide global exposure OIT’s portfolio is more international currently than the FTSE 100 Revenue exposure by geography1, 2, 3 • Portfolio revenue generation is balanced by 100% geographic area, which we believe spreads political ROW and economic risk 90% 80% • Limited expos
Slide 15: Global footprints and pricing power mitigate tariff risk
Global footprints and pricing power mitigate tariff risk We believe our industrial positions are well placed to manage direct risks • Majority of US revenue (70%) produced in country • Typically unique, hard to replicate products with limited like for like competition (benefit of unique owned minera
Slide 16: Special situations across the portfolio
Special situations across the portfolio Lots of ways for companies to create/unlock value Material cost Market share Margin Undervalued/ SOTP¹ Geographic Holding synergies for a growth/ Other improvement hidden growth discount arbitrage trade buyer recovery ✓ ✓ ✓✓ ✓ ✓ ✓ Scarcity value Mineral asset
Slide 17: Investment Case Study – James Fisher
Investment Case Study – James Fisher Leading provider of services to the ‘blue economy’ undergoing self-help transformation What is James Fisher FSJ share price development • Leading global provider of B2B services to the marine environment 4.50 • 3 divisions – offshore energy, defence and maritime
Slide 18: Investment Case Study – Blackline Safety
Investment Case Study – Blackline Safety Growing provider of worker safety technology with unique “hardware-enabled” SaaS model What is Blackline • Canadian-listed provider of worker safety monitoring devices • ‘Hardware enabled SaaS’ model – selling monitoring device and ongoing cloud-based SaaS pl
Slide 19: Investment Case Study – Gooch & Housego
Investment Case Study – Gooch & Housego Market leader with significant self-help potential. Extraordinary valuation Why do we own it? Valuation opportunity? • Leading player in growing photonics market, significant • Trough ratings IP protection • Market giving little credit for initial signs of end
Slide 20: Investment Case Study – Spire Healthcare
Investment Case Study – Spire Healthcare Current valuation significantly below 2021 bid, despite strong profit growth and property backing Spire Valuation data – Current vs. 2021 Bid Current year Share Price Market Cap EV (inc. leases) Book value (£'M) (GBp) (£'M) (£'M) (£'M) EBITDA EBIT P/Book EV/E
Slide 21: Outlook - update
Outlook - update We remain optimistic for the medium term Overall market conditions • Market sentiment remains poor – geopolitical and trade uncertainty a drag on animal spirits and corporate activity • Concerns over impact of tariffs on global GDP outlook • UK government finances remain stretched –
Slide 22: Supporting Portfolio & Market Data
Supporting Portfolio & Market Data
Slide 23: Our investment strategy has delivered strong long term returns
Our investment strategy has delivered strong long term returns Attractive absolute and relative performance, without any gearing CAGR CAGR Strategy NAV per share performance since inception1,2,3 Over 15.6 years Whilst invested 30 June 2009 – 31 March 2025 1000 900 Strategy 800 out of 700 market 12.9
Slide 24: Generic investment types - illustrative
Generic investment types - illustrative Flexible on how we seek to make returns Solid line indicates share price movement. Dashed line indicates potential intrinsic value ‘Self-help’ ‘Fallen Star’ ‘GARP’ • Can a low growth • Even if the prospects are • Relatively light touch underperformer improve d
Slide 25: The investment cycle
The investment cycle Looking for signs of improving fundamentals in UK Equities? Market phase Bear Market Bottom Early Stage Mid-Stage Bull Peak of Bull Market Recovery Market General vertical direction (but not horizonal direction) of asset price movements Investment style Balance sheet Value Growt
Slide 26: Portfolio sector exposure overtime
Portfolio sector exposure overtime Industry exposure shifts driven by where we believe there are opportunities Sectoral split over time 100% 80% 60% 40% 20% 0% TMT Industrials Healthcare Business Services Consumer Other Equity Net Cash / Other • Focus on our 4 core sectors – Industrials, TMT, Health
Slide 27: Portfolio company voting record over Q1 2025
Portfolio company voting record over Q1 2025 Continued to follow our consistent guidelines and raise our concerns where appropriate Number of meetings 5 Number of resolutions 69 Number voted 69 Voted with management 64 Voted against management 4 Abstained 0 Source: Odyssean Capital LLP 27
Slide 28: Investment strategy recap – neither growth nor value
Investment strategy recap – neither growth nor value Based on 3 pillars: Valuation, Quality and Engagement, with Sector focus Target Zone Valuation • Invest at a significant discount to owner’s valuation • Look for businesses with multiple drivers of equity value growth (sales; margin; rating; free
Slide 29: Sectors we focus on
Sectors we focus on We focus on four key sectors we know well • We believe the best investment decisions are made from a Odyssean: view of main sectors base of knowledge and experience High Low Sector B2B focus ROCE/cash • We focus on sectors where the team has expertise and where cyclicality expert
Slide 30: Corporate engagement
Corporate engagement Goal to augment returns from stock selection • We use engagement to create, defend or recover value • Operational efficiency • Fixed assets and to deliver differentiated returns • R&D allocation • • IP maximisation Capex allocation Asset • The investment team has more than 23 ye
Slide 31: Spectrum of our engagements
Spectrum of our engagements Level of engagement • Exec • Chairman • Chairman & • Seek Board meetings meeting NED seat or • Proactive • Broker meetings change board voting engagement • Writing members • Other formal letter • Propose shareholder to Board resolutions at discussions • Specific either AG
Slide 32: Portfolio construction
Portfolio construction Our strategy is more similar to Private Equity than other Public Equity funds Typical Long Only Odyssean Strategy Typical Private Equity Number of positions 50-100 Up to 25 10-15 Typical position size 1% 3-8% at cost, max 20% 10% Typical holding period Variable 3-5 years 3-5 y
Slide 33: Odyssean Investment Trust - key company facts
Odyssean Investment Trust - key company facts NAV £184m1 Shares in issue 133,094,2121 Domicile UK Full listing, London Stock Exchange Board Fully independent. Owns c.1% of issued share capital. Will use all fees, post tax, to buy shares Internally managed, small registered UK AIFM. Portfolio Managem
Slide 34: Further performance data
Further performance data As at 31st March 2025 Performance % 1 year 3 year 5 year NAV Total Return Per Share1 -10.7% -15.9% +51.9% Share price return2 -13.5% -19.0% +49.4% DNSC + AIM ex IC Total Return2 -0.4% -11.1% +49.0% Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Deutsche Numis Sma
Slide 35: OIT shareholder base
OIT shareholder base As at 31st March 2025 Shareholder base by investor type Shareholders >3% Harwood Capital 0.3% 1.4% Trinity Bridge 3.0% Cazenove Capital Wealth Manager 12.7% Ian Armitage Connected Parties 14.3% RBC Brewin Retail Investors 7.2% 35.5% ii 45.1% Institutions 7.0% Charles Stanley 17.
Slide 36: Disclaimer
Disclaimer The sole purpose of this document is to provide information on Odyssean Investment Trust Plc (“OIT” or “the Company”) and its underlying investment strategy. The information contained in this document is strictly confidential and is intended for the named recipient only. The unauthorised
Slide 37: Disclaimer
Disclaimer No representation or warranty, either expressed or implied, is or will be made or given and no responsibility or liability is or will be accepted by Odyssean Capital LLP or by any of their respective directors, officers, employees, members, agents or advisers in relation to the accuracy o
Slide 38: Quest Disclaimer
Quest Disclaimer Appendix: Important Disclosures Quest® is at this stage registered in the UK and in the USA, and common law trademark rights are asserted in other jurisdictions. For the purposes of UK regulation Canaccord Genuity Limited (“CGL”) produces non-independent research which is a marketin
Slide 39: Quest Disclaimer
Quest Disclaimer objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research. General Disclaimers See “Required Company-Specific Disclosures”
Slide 40: Contact details
Contact details Portfolio Manager Investor Relations Partner Odyssean Capital LLP Cadarn Capital Ltd 6 Stratton Street We Work, Moor Place London 1 Fore St Ave W1J 8LD London EC2Y 9DT www.odysseancapital.com www.cadarncapital.com Stuart Widdowson David Harris Tel: +44 (0)7710 031620 Tel: +44 (0) 20
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