Edison Research October 2022 – Weathering the Storm

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.

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