Fidelity China Special Situations Plc - Half-year Financial Report
Half-Yearly results for the six months ended
Financial Highlights:
-- During the six months ended 30 September 2025 , Fidelity China Special
Situations PLC reported an ordinary share price total return of +28.7%
and Net Asset Value (NAV) return of +29.7%.
-- The Benchmark Index, the MSCI China Index, produced a total return of
+18.0% over the same timeframe.
-- Core holdings in the consumer and industrials sectors, many aligning
with advanced manufacturing and innovation themes, were the main
contributors to performance.
-- China remains a fertile ground for structural growth opportunities,
particularly in sectors benefiting from rapid technological innovation,
such as automation, electric vehicles, AI and advanced manufacturing.
Contacts
For further information, please contact:
Company Secretary
0207 961 4240
PORTFOLIO MANAGER’S HALF-YEARLY REVIEW
MACRO AND MARKET BACKDROP
Chinese equities staged a strong rally over the six months to
External demand has remained firm, reflecting the strength in China’s global manufacturing base. The country’s production and supply chain ecosystems remain deeply integrated across a wide range of global industries – from advanced manufacturing to the electric vehicle (EV) supply chain. A strong focus on investment in research and development (R&D), along with sheer scale benefits, are driving gains in competitiveness for many companies. Many Chinese companies with meaningful overseas exposure have demonstrated global competitiveness through market share gains, even amid previous tariff hikes during US President Trump’s first term. While the portion of overseas sales is growing, over 95% of revenues for companies within the MSCI China Index (the Company’s Benchmark Index) are still derived domestically, a fact seemingly often overlooked by markets.
However, domestic conditions were more mixed. Consumer confidence remains weak amid a subdued property market recovery, and household spending has yet to regain momentum despite healthy balance sheets and high savings levels. Early signs of home price stabilisation in tier-one cities were encouraging, but recent data points have been less positive. Stabilisation here will be crucial to strengthening consumer confidence in my view.
Policy remained supportive but measured. Authorities have maintained a mix of fiscal and monetary support, prioritising controlled stabilisation through targeted, reactive policy adjustments over broad stimulus. Meanwhile, market focus has shifted towards sectors benefiting from significant innovation, AI development, and the government’s “anti-involution” campaign, which aims to reduce excessive, profit-eroding competition and industrial overcapacity. These initiatives are designed to address deflationary pressures and promote greater efficiency, contributing to market consolidation and a healthier long-term market environment.
We have noticed improved corporate governance and strong capital return trends across Chinese companies. Many firms have raised dividends, undertaken share buybacks and adopted more disciplined capital allocation practices, signalling a stronger alignment between management and investors.
PERFORMANCE AND PORTFOLIO REVIEW
The Company’s net asset value (NAV) rose by 29.7% over the six months to
Within the Company’s portfolio, our holding in leading automotive LiDAR supplier
Hesai Group
performed strongly. The company returned to profitability and delivered robust revenue growth in the second quarter of 2025, beating expectations on both volume and margin. Investor sentiment was further supported by its announcement of a planned
Meanwhile,
Pony.ai
, a leading autonomous driving and robotaxi player, was also among the top contributors, despite notable post-listing volatility. Its shares advanced on continued strong development of the business, with new robotaxi operation approvals in cities like
In Industrials, holdings in Dongfang Electric and Morimatsu International Holdings , two leading diversified equipment and modular system makers, added value. Shares in Dongfang surged on market optimism around major hydropower projects and expectations of an earnings recovery. Morimatsu also gained, supported by robust new orders in the pharmaceutical sector, led by a capex rebound in the pharma sector globally.
Limited exposure to industries that had previously attracted strong investor enthusiasm, notably EVs and e-commerce, benefited performance. EV manufacturers BYD and Xiaomi faced challenges amid intensifying competition. Xiaomi’s debut model attracted significant investor interest, boosting sales and brand recognition. However, high valuation multiples proved difficult to sustain as margin pressure and weaker-than-expected second results weighed on sentiment. BYD also faced mounting pressure from aggressive price cuts across the industry, which continue to squeeze margins. Avoiding both names proved rewarding.
In the e-commerce and service platform space we remain cautious given intensifying competition industry wide. Against this backdrop, the lack of exposure to food delivery giant Meituan and e-commerce platform JD.com proved beneficial. Conversely, Alibaba Group Holding performed strongly, supported by renewed investor interest in AI applications, solid cloud results and signs of stabilisation in its core e-commerce business, partly helped by the synergy effect from its new food delivery business. However, our underweight position relative to the MSCI China Index limited the positive contribution.
Some long-term consumer-related positions weighed on returns, including
CURRENT PORTFOLIO POSITIONING
The Company remains focused on domestically driven sectors such as healthcare, consumer, and select parts of industrials — areas less exposed to external shocks and closely aligned with China’s long-term strategic priorities. We continue to favour companies with scalable growth potential, sustainable competitive advantage, and strong management teams, which are better positioned to weather market volatility amid economic uncertainty.
Industrials remain the Company’s largest sector overweight exposure versus the Benchmark Index. A key holding in the sector is
We also invested in
While the consumer sector faces a more cautious earnings outlook, select franchises that can successfully tap into evolving consumer behaviour are demonstrating resilient growth, even in a challenging economic environment. Sportswear and outdoor gear remain areas of structural expansion, supported by rising participation rates and consumers’ willingness to pay premiums for functionality and health-related benefits. In addition, travel-related proxies continue to benefit from the ongoing shift toward experience-based consumption rather than spending on goods. These are among several categories that remain underpenetrated and offer attractive long-term growth potential.
We initiated a position in Xtep International , a leading domestic sportswear brand specialising in the fast-growing running segment. Benefiting from the trading-down trend in sportswear, Xtep is well positioned as a market share gainer, combining affordability with brand relevance. The strong growth of its premium Saucony brand broadens product mix and supports margin expansion. The company is trading at a compelling valuation with solid and improving dividends. In the food and beverage industry we added China Resources Beer to the portfolio. It is trading at attractive valuations relative to its solid market position and it is improving its product mix through ongoing premiumisation.
We also increased exposure to the leading online travel agency Trip.com following its share price weakness on concerns over near-term margin contraction due to increased international expansion investment and rising competition. We see this as an opportunity to add to a long-term structural winner with domestic dominance and growing global reach.
The holding in Alibaba was increased during the period, reflecting improving e-commerce fundamentals, strong growth potential the cloud business and strengthening execution. Near-term profits remain constrained by investment in local services, but this should strengthen its ecosystem and engagement. The cloud business remains a key growth driver, leveraging proprietary AI technology to extend its competitive edge, while a higher dividend and stock buyback quota strengthen its investment appeal.
In consumer durables, a position in Aux Electrics was established. The mass-market air-conditioner manufacturer stands to benefit from China’s consumption downgrade as demand shifts toward affordable products. Its strong exposure to emerging markets supports a robust overseas outlook, while low valuations and an attractive dividend yield provide downside support.
Within unlisted investments, we added
These additions were funded by profit-taking in financials, such as long-held insurer exposure to
Ping An Insurance (Group) Company of China
, amid an unfavourable interest rate environment. We also exited positions in consumer finance lender
Beyond these large sector exposures, and compared to the Index, we remain overweight in real estate, broadly neutral in Information Technology (IT) and communication services, and underweight in financials, mainly through an underweight in banks, where we see fewer opportunities.
We have outlined our five largest holdings below.
GEARING
Our approach to managing the Company’s market exposure remains consistent. We adjust exposure in line with the opportunities we see, generally increasing it when valuations are more attractive versus fundamentals and reducing it when the outlook is less compelling, or prices appear stretched. We continue to believe that the sensible use of gearing can enhance long-term capital and income returns, allowing us to take advantage of volatility in the Chinese market. During the six months ended
Over the period, the Company’s net market exposure averaged around 119%, with net gearing falling to 19.6% at the end of the period from 20.5% at the start. Overall, gearing contributed positively over the six months, adding 3.0% to relative returns.
OUTLOOK
As we move into the latter stages of the year, the backdrop for Chinese equities appears increasingly constructive. Chinese policymakers have approved the 15th Five-Year Plan proposal at the Fourth Plenum, reaffirming the country’s commitment to building a ‘moderately prosperous society.’ The plan targets steady and sustainable growth, while emphasising technological self-sufficiency and stronger domestic demand. Meanwhile, the recent meeting between Presidents Xi and Trump in
Policy support remains broadly accommodative in pursuit of these goals. Authorities continue to rely on targeted fiscal easing and flexible monetary tools to sustain growth and maintain liquidity.
A key element of the current policy framework is the government’s ‘anti-involution’ campaign, which aims to address deflationary pressures arising from excessive and inefficient competition, including fast-growing sectors such as EV and solar energy, and in some traditional industries such as paper and cement. The intent is to reduce excess capacity and destructive competition, while preserving confidence among private enterprises. Early evidence suggests that, while existing capacity has not been materially reduced, the pace of new capacity expansion is likely to slow. This should allow excess supply to be absorbed over time, supporting margins and profitability if demand holds up. The potential for consolidation may still be underappreciated by the market.
A more stable property sector also remains critical to restoring consumer confidence. Recent trends have been mixed, with both new and existing home prices falling further in September as policy support waned during what is typically a strong season, although Tier 1 cities such as
Despite these cyclical challenges, China’s structural strengths remain clear. The country continues to lead globally in manufacturing scale, innovation, and technological upgrading. Its export profile is shifting away from the US towards other emerging markets, while Chinese firms continue moving further up the value chain. Rapid adoption of AI, highlighted by the success of domestic champions such as
Following a strong recovery year to date, equity valuations have somewhat normalised. The MSCI China Index now trades at around 13 times 12-month forward earnings, still more than 40% below the prospective multiple of the S&P 500. Recent performance has become increasingly concentrated in high-beta and momentum-driven segments such as technology and AI, while widening dispersion continues to create selective opportunities where fundamentals and share prices have diverged. In this environment we remain focused on companies with durable earnings visibility, exposure to structural growth themes and disciplined capital allocation. We see particular promise in advanced manufacturing, automation, and technology-enabled industrials; areas aligned with policy priorities and capable of compounding value over time. The consumer sector remains a key area of focus given low expectations and valuations, along with the potential for consumer confidence to gradually return.
Portfolio Manager
SPOTLIGHT ON THE TOP FIVE HOLDINGS AS AT
The top five holdings comprise 35.1% of the Company’s Net Assets.
Industry
Tencent Holdings
% of Net Assets
14.3%
Tencent Holdings has a dominant position in China’s digital ecosystem with a broad portfolio across social networking, gaming, digital content, and financial technology. Its flagship platforms, WeChat and QQ, provide deep user engagement and form a highly integrated ecosystem that connects communication, entertainment, and commerce. As China’s internet user growth moderates and the internet industry focuses increasingly on monetisation, Tencent is well placed to utilise AI to deepen user engagement and enhance monetisation. Furthermore, the company continues to diversify into higher-margin businesses such as short-form video, mini-programmes, and e-commerce services, while gaming remains a key growth driver supported by a strong pipeline of domestic and international titles.
Industry
Consumer Discretionary
Alibaba Group Holding
% of Net Assets
9.5%
Alibaba Group Holding is a leading technology conglomerate with a dominant position in China’s e-commerce and cloud computing markets. Its cloud division,
Industry
Consumer Discretionary
% of Net Assets
4.9%
Industry
% of Net Assets
3.7%
Industry
Information Technology
Pony.ai
% of Net Assets
2.7%
Pony.ai is a leading autonomous vehicle technology company in
Twenty
The Asset Exposures shown below measure the exposure of the Company’s portfolio to market price movements in the shares and convertible bonds owned or in the shares underlying the derivative instruments. The Fair Value is the value the portfolio could be sold for and is the value shown on the Statement of Financial Position. Where a contract for difference (“CFD”) is held, the fair value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying shares has moved.
Asset Exposure
Fair Value
£’000 %1 £’000
Long Exposures – shares unless
otherwise stated
Tencent Holdings (shares and
long CFDs)
Communication Services 248,658 14.3 153,568
Alibaba Group Holding (shares
and long CFDs)
Consumer Discretionary 165,570 9.5 70,248
PDD Holdings
Consumer Discretionary 84,945 4.9 84,945
ByteDance (unlisted)
Communication Services 64,462 3.7 64,462
Pony.ai
Information Technology 46,282 2.7 46,282
Hesai Group
Consumer Discretionary 37,284 2.1 37,284
Contemporary Amperex Technology
(shares and long CFDs)
Industrials 35,143 2.0 16,685
China Foods (shares and long
CFD)
Consumer Staples 34,008 2.0 (2,605)
Trip.com Group
Consumer Discretionary 33,808 1.9 33,808
NetEase
Communication Services 30,991 1.8 30,991
Venturous Holdings (unlisted)
Financials 30,299 1.7 30,299
Full Truck Alliance (long CFD)
Industrials 29,847 1.7 (1,423)
Crystal International Group
Consumer Discretionary 29,250 1.7 29,250
Ping An Insurance (Group)
Company of China (long CFDs)
Financials 27,122 1.6 (300)
Chime Biologics Convertible Bond
(unlisted)
Health Care 26,882 1.5 26,882
Sinotrans (shares and long CFD)
Industrials 26,166 1.5 13,011
Tuhu Car
Industrials 25,283 1.5 25,283
H World Group
Consumer Discretionary 24,973 1.4 24,973
Hisense Home Appliances Group
(long CFD)
Consumer Discretionary 23,834 1.4 (2,572)
Zijin Mining Group
Materials 22,874 1.3 22,874
--------------- --------------- ---------------
Twenty largest long exposures 1,047,681 60.2 703,945
Other long exposures 1,300,123 74.6 968,980
--------------- --------------- ---------------
Total long exposures before 2,347,804 134.8 1,672,925
hedges (145 companies)
========= ========= =========
Less: hedging exposures
Hang Seng Index (future) (104,773) (6.0) (1,118)
Hang Seng China Enterprises (93,574) (5.4) (708)
Index (future)
--------------- --------------- ---------------
Total hedging exposures (198,347) (11.4) (1,826)
========= ========= =========
Total long exposures after the 2,149,457 123.4 1,671,099
netting of hedges
========= ========= =========
Short exposures
Short CFDs (4 holdings) 65,806 3.8 (5,290)
--------------- --------------- ---------------
Gross Asset Exposure2 2,215,263 127.2
========= =========
Portfolio Fair Value3 1,665,809
Net current assets (excluding 75,967
derivative instruments)
---------------
Net Assets 1,741,776
=========
1 Asset Exposure expressed as a percentage of Net Assets.
2 Gross Asset Exposure comprises market exposure to investments of £1,655,634,000 plus market exposure to derivative instruments of £559,629,000.
3 Portfolio Fair Value comprises investments of £1,655,634,000 plus derivative assets of £31,845,000 less derivative liabilities of £21,670,000.
Interim Management Report
UNLISTED INVESTMENTS
The Company can invest up to 15% of its Net Assets plus Borrowings in unlisted securities which carry on business, or have significant interests, in
The Directors believe that the ability to invest in unlisted securities is a differentiating factor for the Company and can be a source of additional investment performance. It allows the Portfolio Manager to take advantage of the growth trajectory of early-stage companies before they potentially become listed. This can offer good opportunities for patient and long-term investors.
In the reporting period, a purchase of shares was made in
At the period end, the Company had seven unlisted investments valued at £171,953,000 being 9.9% of its Net Assets (
Overview of the Unlisted Investments Valuation Process
Unlisted investments in the Company’s portfolio are held at fair value, which is defined as the value that would be paid for a holding in an open-market transaction. The Manager’s Fair Value Committee (“FVC”), which is independent of the Portfolio Manager, provides recommended fair values to the Directors.
Twice yearly, ahead of the Company’s interim and year end, the
Workings of the Fair Value Committee
The valuation of each unlisted investment is set by the Manager’s FVC and includes input from the analysts covering the securities, Fidelity’s unlisted investments specialist and also advised upon by independent third-party valuers, Kroll.
Kroll, as independent valuers, undertake a detailed review of each of the unlisted investments on a quarterly basis. The Board is provided with quarterly updates from the FVC, which include recommendations from the analysts’ and Fidelity’s unlisted investments specialist, enabling the Board to have oversight of and confidence in Fidelity’s process. Outside of the normal quarterly cycle, the unlisted investments are monitored daily for trigger events such as funding rounds or news affecting fundamentals which may require the FVC to adjust the valuation price as soon as the Fidelity analyst has been consulted. In addition to this, the unlisted investments are monitored on a weekly basis within a comparable movement model. If the average movement of the selected proxies is +/-15%, a revaluation of the relevant investment is considered.
GEARING
The Board continues to believe that the judicious use of gearing (a benefit of the investment trust structure) can enhance returns, although being more than 100% invested also means that the NAV and share price may be more volatile and can accentuate losses in a falling market, as well as being additive on the upside. The Company currently has no bank loans and solely uses contracts of differences (CFDs) for gearing purposes as these tend to be at lower costs than prevailing longer-dated borrowing. Net gearing at the period end was 19.6% compared to 20.9% as at
DISCOUNT MANAGEMENT
The Board believes that investors are best served when the share price trades closely to its NAV per share. It recognises that the share price is affected by the interaction of supply and demand in the market based on investor sentiment towards
The Board undertook active discount management in the reporting period and authorised the repurchase of 9,033,042 shares for cancellation at a cost of £25,275,000, representing 1.58% of the issued share capital of the Company as at
ONGOING CHARGES RATIO AND MANAGEMENT FEE
The Ongoing Charges Ratio (the costs of running the Company) for the six months ended
Following a reduction in the base management fee paid to the Manager for the financial year ended
PRINCIPAL AND EMERGING RISKS
The Board, with the assistance of the Manager (
The Board considers that the principal risks and uncertainties faced by the Company continue to fall into the following risk categories: geopolitical; market and economic (including currency risk); investment performance (including gearing risk); marketplace competition and discount management; unlisted securities; key person; cybercrime and information security, including business continuity and operational risks. Information on each of these risks is given in the Strategic Report section of the Annual Report on pages 27 to 30 for the year ended
The principal risks and uncertainties remain substantially the same as those at the last year end. There continue to be increased geopolitical tensions and economic and market events, including tensions such as those between
Climate change continues to be a key principal risk confronting asset managers and how this may impact the Company as a risk on investment valuations and potentially shareholder returns. It can potentially impact the operations of investee companies, their supply chains and their customers. Additional risks may also arise from increased regulations, costs and net-zero programmes which can all impact investment returns. The Board notes the Manager’s ESG considerations, including climate change, in the Company’s investment process and how it may affect investment valuations and potentially shareholder returns.
AI is an important structural theme for China’s economy. The Board and the Manager continue to monitor the emerging risks and rewards posed by the rapid advancement of artificial intelligence (AI) and technology and how this may threaten the Company’s activities and its potential impact on the portfolio and investee companies. AI can provide asset managers powerful tools, such as enhancing data analysis risk management, trading strategies, operational efficiency and client servicing, all of which can lead to better investment outcomes and more efficient operations. However, with these advances in computer power, there are risks from its increasing use and manipulation with the potential to harm, including a heightened threat to cybersecurity.
Market fluctuations will impact the values of shares in the Company and investors should remember that holding shares in the Company should be considered to be a long-term investment. Risks are mitigated by the investment trust structure of the Company which means that the Portfolio Manager is not required to trade to meet investor redemptions. Therefore, investments in the Company’s portfolio can be held over a longer time horizon.
The Manager has appropriate business continuity and operational resilience plans in place to ensure the continued provision of services. This includes investment team key activities, including those of portfolio managers, analysts and trading/support functions. The Manager reviews its operational and business continuity resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations, assess its ability to continue operating and the steps it needs to take to serve and support its clients, including the Board.
The Company’s other third-party service providers also have similar measures in place to ensure that business disruption is kept to a minimum.
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
The Manager has delegated the Company’s investment management to
GOING CONCERN STATEMENT
The Directors have considered the Company’s investment objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its portfolio and its expenditure and cash flow projections. The Directors, having considered the liquidity of the Company’s portfolio of investments (being mainly securities which are readily realisable) and the projected income and expenditure, are satisfied that the Company is financially sound and has adequate resources to meet all of its liabilities and ongoing expenses and can continue in operational existence for a period of at least twelve months from the date of this Half-Yearly Report.
This conclusion also takes into account the Board’s assessment of the ongoing risks as outlined above.
Accordingly, the Financial Statements of the Company have been prepared on a going concern basis.
The Company will hold its first continuation vote at the AGM in 2029 and every five years thereafter.
By Order of the Board
Directors’ Responsibility Statement
The Disclosure and Transparency Rules (“DTR”) of the
The Directors confirm to the best of their knowledge that:
a) the condensed set of Financial Statements contained within this Half-Yearly Report has been prepared in accordance with the International Accounting Standards 34: Interim Financial Reporting; and
b) the Portfolio Manager’s Half-Yearly Review and the Interim Management Report above include a fair review of the information required by DTR 4.2.7R and 4.2.8R.
The Half-Yearly Report has not been audited or reviewed by the Company’s Independent Auditor.
The Half-Yearly Report was approved by the Board on
FINANCIAL STATEMENTS
Statement of Comprehensive Income for the six months ended
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
unaudited Unaudited audited
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Revenue
Investment 4 32,631 – 32,631 40,731 – 40,731 46,862 – 46,862
income
Derivative 4 12,965 – 12,965 11,720 – 11,720 13,747 – 13,747
income
Other income 4 1,714 – 1,714 676 – 676 2,090 – 2,090
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total income 47,310 – 47,310 53,127 – 53,127 62,699 – 62,699
========= ========= ========= ========= ========= ========= ========= ========= =========
Gains on
investments at
fair value – 274,661 274,661 – 72,009 72,009 – 249,875 249,875
through profit
or loss
Gains on
derivative – 93,083 93,083 – 73,226 73,226 – 57,121 57,121
instruments
Foreign
exchange – (1,359) (1,359) – (3,263) (3,263) – 1,769 1,769
(losses)/gains
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total income 47,310 366,385 413,695 53,127 141,972 195,099 62,699 308,765 371,464
and gains
========= ========= ========= ========= ========= ========= ========= ========= =========
Expenses
Investment
management 5 (1,528) (5,592) (7,120) (1,108) (2,267) (3,375) (2,469) (5,572) (8,041)
fees
Other expenses (592) (18) (610) (593) (5) (598) (1,211) (32) (1,243)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Profit before
finance costs 45,190 360,775 405,965 51,426 139,700 191,126 59,019 303,161 362,180
and taxation
Finance costs 6 (1,874) (5,621) (7,495) (2,901) (8,703) (11,604) (5,774) (17,324) (23,098)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Profit before 43,316 355,154 398,470 48,525 130,997 179,522 53,245 285,837 339,082
taxation
Taxation 7 (841) – (841) (1,341) 322 (1,019) (1,070) – (1,070)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Profit after
taxation for 42,475 355,154 397,629 47,184 131,319 178,503 52,175 285,837 338,012
the period
========= ========= ========= ========= ========= ========= ========= ========= =========
Earnings per 8 8.64p 72.28p 80.92p 9.05p 25.20p 34.25p 10.18p 55.75p 65.93p
ordinary share
========= ========= ========= ========= ========= ========= ========= ========= =========
The Company does not have any income or expenses that are not included in the profit after taxation for the period. Accordingly, the profit after taxation for the period is also the total comprehensive income for the period.
The total column of this statement represents the Company’s Statement of Comprehensive Income.
The revenue and capital columns are supplementary and presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.
All the profit and total comprehensive income is attributable to the equity shareholders of the Company. There are no minority interests.
No operations were acquired or discontinued in the period and all items in the above statement derive from continuing operations.
Statement of Changes in Equity for the six months ended
Share Capital
Share premium redemption Other Capital Revenue Total
capital account reserve reserve reserve reserve equity
Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000
Six months
ended 30
September
2025
(unaudited)
Total equity
at 31 March 5,805 338,107 1,412 74,052 922,363 72,063 1,413,802
2025
Repurchase
of ordinary 13 (91) – 91 (25,275) – – (25,275)
shares for
cancellation
Profit after
taxation for – – – – 355,154 42,475 397,629
the period
Dividend
paid to 9 – – – – – (44,380) (44,380)
shareholders
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total equity
at 30 5,714 338,107 1,503 48,777 1,277,517 70,158 1,741,776
September
2025
========= ========= ========= ========= ========= ========= =========
Six months
ended 30
September
2024
(unaudited)
Total equity
at 31 March 6,113 338,167 1,104 140,861 636,526 53,243 1,176,014
2024
Contribution
in respect
of the – 100 – – – – 100
transaction
with ACIC by
the Manager
Costs
relating to
the ACIC – (636) – – – – (636)
transaction
and issuance
of shares
Repurchase
of ordinary 13 (93) – 93 (18,509) – – (18,509)
shares for
cancellation
Profit after
taxation for – – – – 131,319 47,184 178,503
the period
Dividend
paid to 9 – – – – – (33,355) (33,355)
shareholders
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total equity
at 30 6,020 337,631 1,197 122,352 767,845 67,072 1,302,117
September
2024
========= ========= ========= ========= ========= ========= =========
Year ended
31 March
2025
(audited)
Total equity
at 31 March 6,113 338,167 1,104 140,861 636,526 53,243 1,176,014
2024
Contribution
in respect
of the – 100 – – – – 100
transaction
with ACIC by
the Manager
Costs
relating to
the issuance
of new – (160) – – – – (160)
shares in
respect to
the ACIC
transaction
Repurchase
of ordinary 13 (308) – 308 (66,809) – – (66,809)
shares for
cancellation
Profit after
taxation for – – – – 285,837 52,175 338,012
the year
Dividend
paid to 9 – – – – – (33,355) (33,355)
shareholders
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total equity
at 31 March 5,805 338,107 1,412 74,052 922,363 72,063 1,413,802
2025
========= ========= ========= ========= ========= ========= =========
Statement of Financial Position as at
Company number 7133583
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
Notes £’000 £’000 £’000
Non-current assets
Investments at fair
value through profit 10 1,655,634 1,346,238 1,188,207
or loss
---------------- ---------------- ----------------
Current assets
Derivative 10 31,845 9,938 104,457
instruments
Amounts held at
futures clearing 28,652 33,760 29,585
houses and brokers
Other receivables 11 8,996 7,295 14,450
Cash and cash 67,886 49,691 8,827
equivalents
---------------- ---------------- ----------------
137,379 100,684 157,319
========= ========= =========
Current liabilities
Derivative 10 (21,670) (24,838) (17,133)
instruments
Other payables 12 (29,567) (8,282) (4,068)
Bank overdraft – – (22,208)
---------------- ---------------- ----------------
(51,237) (33,120) (43,409)
---------------- ---------------- ----------------
Net current assets 86,142 67,564 113,910
========= ========= =========
Net assets 1,741,776 1,413,802 1,302,117
========= ========= =========
Equity attributable
to equity
shareholders
Share capital 13 5,714 5,805 6,020
Share premium account 338,107 338,107 337,631
Capital redemption 1,503 1,412 1,197
reserve
Other reserve 48,777 74,052 122,352
Capital reserve 1,277,517 922,363 767,845
Revenue reserve 70,158 72,063 67,072
---------------- ---------------- ----------------
Total equity 1,741,776 1,413,802 1,302,117
========= ========= =========
Net asset value per 14 358.53p 285.71p 252.18p
ordinary share
========= ========= =========
Statement of Cash Flows for the six months ended
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2025 2024 2025
unaudited unaudited audited
£’000 £’000 £’000
Operating activities
Cash inflow from investment 28,389 37,082 45,209
income
Cash inflow from derivative 11,937 9,593 14,002
income
Cash inflow from other income 1,714 676 2,090
Cash outflow from Directors’ (126) (107) (249)
fees
Cash outflow from other (6,691) (3,755) (9,433)
payments
Cash outflow from costs
relating to the ACIC – (636) –
transaction and issuance of
shares
Cash outflow from the (396,515) (308,988) (651,563)
purchase of investments
Cash outflow from the (4,929) (1,137) (2,242)
purchase of derivatives
Cash outflow from the (191,551) (172,503) (436,471)
settlement of derivatives
Cash inflow from the sale of 385,545 349,903 716,551
investments
Cash inflow from the 264,037 153,184 507,321
settlement of derivatives
Cash inflow/(outflow) from
amounts held at futures 5,108 (4,996) (9,171)
clearing houses and brokers
---------------- ---------------- ----------------
Net cash inflow from
operating activities before 96,918 58,316 176,044
servicing of finance
========= ========= =========
Financing activities
Cash inflow from the Fidelity
contribution in respect of – 100 –
the transaction with ACIC
Cash outflow from overdraft (366) (48) (80)
interest paid
Cash outflow from CFD (6,929) (11,274) (22,478)
interest paid
Cash outflow from short CFD (414) (287) (321)
dividends paid
Cash outflow from the
repurchase of ordinary shares (25,275) (18,670) (66,988)
for cancellation
Cash outflow from dividends (44,380) (33,355) (33,355)
paid to shareholders
---------------- ---------------- ----------------
Cash outflow from financing (77,364) (63,534) (123,222)
activities
========= ========= =========
Net increase/(decrease) in 19,554 (5,218) 52,822
cash at bank
Cash and cash equivalent at 49,691 7,858 7,858
the start of the period
Bank overdraft at the start – (12,758) (12,758)
of the period
Effect of foreign exchange (1,359) (3,263) 1,769
movements
---------------- ---------------- ----------------
Cash and cash equivalents at 67,886 (13,381) 49,691
the end of the period
========= ========= =========
Represented by:
Cash at bank – 8,826 49,691
Amount held in Fidelity 67,886 1 –
Institutional Liquidity Fund
Bank overdraft – (22,208) –
---------------- ---------------- ----------------
67,886 (13,381) 49,691
========= ========= =========
Notes to the Financial Statements
1 Principal Activity
2 Publication of Non-statutory Accounts
The Financial Statements in this Half-Yearly Report have not been audited or reviewed by the Company’s Independent Auditor and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 (the “Act”). The financial information for the year ended 31
3 Accounting Policies
(i) Basis of Preparation
These Half-Yearly Financial Statements have been prepared in accordance with
(ii) Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements. This conclusion also takes into account the Board’s assessment of the ongoing risks as disclosed in the Going Concern Statement above.
4 Income
Six months Six months Year
ended ended ended
30 September 2025 30 September 2024 31 March 2025
unaudited unaudited audited
£’000 £’000 £’000
Investment income
Overseas dividends 32,143 40,459 46,590
Overseas scrip dividends 488 272 272
---------------- ---------------- ----------------
32,631 40,731 46,862
========= ========= =========
Derivative income
Dividends received on long 12,912 11,375 13,152
CFDs
Interest received on CFDs 53 345 595
---------------- ---------------- ----------------
12,965 11,720 13,747
========= ========= =========
Other income
Interest received on bank
deposits, collateral and 1,714 676 2,090
money market funds
---------------- ---------------- ----------------
Total income 47,310 53,127 62,699
========= ========= =========
No special dividends have been recognised in capital during the period (six months ended
5 Investment Management Fees
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 September
2025 (unaudited)
Investment management fee – 1,528 4,583 6,111
base
Investment management fee – – 1,009 1,009
variable
---------------- ---------------- ----------------
1,528 5,592 7,120
========= ========= =========
Six months ended 30 September
2024 (unaudited)
Investment management fee – 1,242 3,727 4,969
base
Investment management fee – – (1,058) (1,058)
variable
Investment management fee –
base (waived in respect of (134) (402) (536)
ACIC combination)
---------------- ---------------- ----------------
1,108 2,267 3,375
========= ========= =========
Year ended 31 March 2025
(audited)
Investment management fee – 2,648 7,942 10,590
base
Investment management fee – – (1,834) (1,834)
variable
Investment management fee –
base (waived in respect of (179) (536) (715)
ACIC combination)
---------------- ---------------- ----------------
2,469 5,572 8,041
========= ========= =========
The base investment management fee is charged at an annual rate of 0.85% on the first £1.5 billion of Net Assets, reducing to 0.65% of Net Assets over £1.5 billion.
In addition, there is a +/-0.20% variable fee based on the Company’s NAV per share performance relative to the Company’s Benchmark Index measured daily over a three year rolling basis.
In the prior year, the Manager agreed to a contribution of £715,000, representing eight months of management fees, in respect of the assets transferred by ACIC to the Company (in
Fees are payable monthly in arrears and are calculated on a daily basis.
The base management fee has been allocated 75% to capital reserve in accordance with the Company’s accounting policies.
6 Finance Costs
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 September
2025 (unaudited)
Interest on overdrafts 92 275 367
Interest paid on CFDs 1,678 5,035 6,713
Dividends paid on short CFDs 104 311 415
---------------- ---------------- ----------------
1,874 5,621 7,495
========= ========= =========
Six months ended 30 September
2024 (unaudited)
Interest on overdrafts 12 36 48
Interest paid on CFDs 2,817 8,452 11,269
Dividends paid on short CFDs 72 215 287
---------------- ---------------- ----------------
2,901 8,703 11,604
========= ========= =========
Year ended 31 March 2025
(audited)
Interest paid on overdrafts 20 60 80
Interest paid on CFDs 5,674 17,023 22,697
Dividends paid on short CFDs 80 241 321
---------------- ---------------- ----------------
5,774 17,324 23,098
========= ========= =========
Finance costs have been allocated 75% to capital reserve in accordance with the Company’s accounting policies.
7 Taxation
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 September
2025 (unaudited)
UK corporation tax – – –
Overseas taxation charge 841 – 841
---------------- ---------------- ----------------
Taxation charge for the 841 – 841
period
========= ========= =========
Six months ended 30 September
2024 (unaudited)
UK corporation tax 322 (322) –
Overseas taxation charge 1,019 – 1,019
---------------- ---------------- ----------------
Taxation charge for the 1,341 (322) 1,019
period
========= ========= =========
Year ended 31 March 2025
(audited)
UK corporation tax – – –
Overseas taxation charge 1,070 – 1,070
---------------- ---------------- ----------------
Taxation charge for the year 1,070 – 1,070
========= ========= =========
8 EARNINGS PER ORDINARY SHARE
Six months Six months Year
ended ended ended
30 September 2025 30 September 2024 31 March 2025
unaudited unaudited unaudited
Revenue earnings per 8.64p 9.05p 10.18p
ordinary share
Capital earnings per 72.28p 25.20p 55.75p
ordinary share
--------------- --------------- ---------------
Total earnings per ordinary 80.92p 34.25p 65.93p
share
========= ========= =========
The earnings per ordinary share is based on the profit after taxation for the period divided by the weighted average number of ordinary shares held outside of
£’000 £’000 £’000
Revenue profit after taxation 42,475 47,184 52,175
for the period
Capital profit after taxation 355,154 131,319 285,837
for the period
--------------- --------------- ---------------
Total profit after the taxation 397,629 178,503 338,012
for the period
========= ========= =========
Number Number Number
Weighted average number of ordinary shares 491,359,813 521,153,833 512,652,970
held outside of Treasury
========== ========== ==========
9 DIVIDEND PAID TO SHAREHOLDERS
Six months Six months Year
ended ended ended
30 September 2025 30 September 2024 31 March 2025
unaudited unaudited unaudited
£’000 £’000 £’000
Ordinary dividend of 8.00
pence per share paid for the 39,449 – –
year ended 31 March 2025
Special dividend of 1.00
pence per share paid for the 4,931 – –
year ended 31 March 2025
Ordinary dividend of 6.40
pence per share paid for the – 33,355 33,355
year ended 31 March 2024
--------------- --------------- ---------------
44,380 33,355 33,355
========= ========= =========
No dividend has been declared for the six months ended
10 FAIR VALUE HIERARCHY
The Company is required to disclose the fair value hierarchy that classifies its financial instruments measured at fair value at one of three levels, according to the relative reliability of the inputs used to estimate the fair values.
Classification Input
Level 1 Valued using quoted prices in active markets for identical assets
Valued by reference to inputs other than quoted prices included
Level 2 in level 1 that are observable (i.e. developed using market data)
for the asset or liability, either directly or indirectly
Level 3 Valued by reference to valuation techniques using inputs that are
not based on observable market data
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. The valuation techniques used by the Company are as disclosed in the Company’s Annual Report for the year ended
Level 1 Level 2 Level 3 Total
30 September £’000 £’000 £’000 £’000
2025 (unaudited)
Financial assets
at fair value
through profit
or loss
Investments 1,483,681 – 171,953 1,655,634
Derivative
instrument – 31,845 – 31,845
assets
--------------- --------------- --------------- ---------------
1,483,681 31,845 171,953 1,687,479
========= ========= ========= =========
Financial
liabilities at
fair value
through profit
or loss
Derivative
instrument (1,826) (19,844) – (21,670)
liabilities
========= ========= ========= =========
Level 1 Level 2 Level 3 Total
31 March 2025 £’000 £’000 £’000 £’000
(audited)
Financial assets
at fair value
through profit
or loss
Investments 1,210,194 – 136,044 1,346,238
Derivative
instrument 2,891 7,047 – 9,938
assets
--------------- --------------- --------------- ---------------
1,213,085 7,047 136,044 1,356,176
========= ========= ========= =========
Financial
liabilities at
fair value
through profit
or loss
Derivative
instrument – (24,838) – (24,838)
liabilities
========= ========= ========= =========
Level 1 Level 2 Level 3 Total
30 September £’000 £’000 £’000 £’000
2024 (unaudited)
Financial assets
at fair value
through profit
or loss
Investments 1,045,496 13,806 128,905 1,188,207
Derivative
instrument 132 104,325 – 104,457
assets
--------------- --------------- --------------- ---------------
1,045,628 118,131 128,905 1,292,664
========= ========= ========= =========
Financial
liabilities at
fair value
through profit
or loss
Derivative
instrument (13,635) (3,498) – (17,133)
liabilities
========= ========= ========= =========
The table below sets out the movements in level 3 investments during the period:
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
£’000 £’000 £’000
Level 3 investments at the 136,044 157,008 157,008
beginning of the period
Purchases at cost 22,669 20,251 12,414
Sales proceeds – (14,410) (14,410)
Sales gains – 960 960
Transfers out of level 3 – – (42,208) (17,316)
at cost1
Unrealised gains/(losses)
recognised in the Statement 13,240 14,443 (9,751)
of Comprehensive Income
--------------- --------------- ---------------
Level 3 investments at the 171,953 136,044 128,905
end of the period
========= ========= =========
1 Financial instruments are transferred out of level 3 when they become listed.
During the period, £73,000 income has been recognised from the unlisted investments (six months ended
Level 3 investments (unlisted and delisted investments)
30 September 2025 31 March 2025 30 September 2024
£’000 £’000 £’000
ByteDance 64,463 55,005 35,450
Venturous Holdings 30,299 30,258 21,303
Chime Biologics 26,882 26,194 25,627
DJI International 20,064 17,123 15,591
Fujian Yangteng Innovation 7,549 7,464 –
Hashkey Holdings 22,696 - –
Pony.ai - - 30,934
--------------- --------------- ---------------
171,953 136,044 128,905
========= ========= =========
The sensitivity analysis below illustrates how the unobservable inputs used in the valuation methodologies of the unlisted assets impact the fair value as at
Significant unobservable inputs
Sensitivity to
Valuation Fair value Key Other changes in
approach £’000* unobservable unobservable Range significant
inputs inputs unobservable
inputs
Market If TEV/LTM
approach revenue
using multiple moved
comparable TEV/LTM by +/- 10%,
Traded 92,076 revenue a,b,c,d 1.95x – 3.5x the fair value
multiples or multiple1 would change
calibration by £1,725,000
factors and
-£1,709,000
If TEV/LTM
EBITDA
multiple moved
TEV/LTM by +/- 10%,
EBITDA a,b,c,d 7.25x – 8.25x the fair value
multiple2 would change
by £1,574,000
and
-£1,538,000
If TEV/FY+1
revenue
multiple moved
TEV/FY+1 by +/- 10%,
revenue a,b,c,d 1.55x – 3.25x the fair value
multiple3 would change
by £1,106,000
and
-£1,091,000
If TEV/FY+1
EBITDA
multiple moved
TEV/FY+1 by +/- 10%,
EBITDA a,b,c,d 5.0x – 6.0x the fair value
multiple4 would change
by £1,525,000
and
-£1,490,000
If P/E LTM
multiple moved
by +/- 10%,
P/E LTM a,b,c,d 14.0x – 17.0x the fair value
multiple5 would change
by £1,042,000
and
-£1,042,000
If the market
factor of the
Selection of comparable
comparable companies
Sum of the 30,299 companies and c (10.0%) – moved by +/-
partse relevant 10.0% 5% the fair
indices value would
change by
£543,000 and
-£543,000
If the
Scenario discount rate
analysis moved by +/-
considering a 26,882 Discount rate c,d 16.5% – 17.5% 10% the fair
range of exit value would
scenariosf change by
£182,000 and
-£159,000
Recent
transaction 94,707 n/a c n/a n/a
pricesg
=========
* An asset may be valued using multiple approaches therefore this column is not expected to represent the total of level 3 investments held at the end of the period.
1 Total enterprise value (TEV) divided by the last twelve months (LTM) revenue.
2 Total enterprise value (TEV) divided by the last twelve months (LTM) earnings before interest, taxes, depreciation and amortisation (EBITDA).
3 Total enterprise value (TEV) divided by the next twelve months forecasted revenue (FY+1).
4 Total enterprise value (TEV) divided by the next twelve months (FY+1) forecasted earnings before interest, taxes, depreciation and amortisation (EBITDA).
5 Price to earnings (P/E) divided by the last twelve months (LTM) revenue.
The sensitivity analysis below illustrates how the unobservable inputs used in the valuation methodologies of the unlisted assets impact the fair value as at
Significant unobservable inputs
Sensitivity to
Valuation Fair value Key Other changes in
approach £’000* unobservable unobservable Range significant
inputs inputs unobservable
inputs
Market If TEV/LTM
approach revenue
using TEV/LTM multiple moved
comparable 50,041 revenue a,b,c,d 1.95x – 3.5x by +/- 10%,
Traded multiple1 the fair value
multiples or would change
calibration by £887,000
factors and -£905,000
If TEV/LTM
EBITDA
TEV/LTM multiple moved
EBITDA a,b,c,d 7.25x – 8.25x by +/- 10%,
multiple2 the fair value
would change
by £431,000
and -£335,000
If TEV/FY+1
revenue
TEV/FY+1 multiple moved
revenue a,b,c,d 1.55x – 3.25x by +/- 10%,
multiple3 the fair value
would change
by £416,000
and -£320,000
If TEV/FY+1
EBITDA
TEV/FY+1 multiple moved
EBITDA a,b,c,d 5.0x – 6.0x by +/- 10%,
multiple4 the fair value
would change
by £425,000
and -£329,000
If P/E LTM
multiple moved
P/E LTM by +/- 10%,
multiple5 a,b,c,d 14.0x – 17.0x the fair value
would change
by £878,000
and -£878,000
If the market
factor of the
Selection of comparable
comparable companies
Sum of the 21,303 companies and c (10.0%) – moved by +/-
partse relevant 10.0% 5% the fair
indices value would
change by
£548,000
and -£548,000
If the
Scenario discount rate
analysis moved by +/-
considering a 56,561 Discount rate c,d 16.5% – 17.5% 10% the fair
range of exit value would
scenariosf change by
£507,000 and
-£522,000
Recent
transaction 35,450 n/a c n/a n/a
pricesg
=========
* An asset may be valued using multiple approaches therefore this column is not expected to represent the total of level 3 investments held at the end of the period.
1 Total enterprise value (TEV) divided by the last twelve months (LTM) revenue.
2 Total enterprise value (TEV) divided by the last twelve months (LTM) earnings before interest, taxes, depreciation and amortisation (EBITDA).
3 Total enterprise value (TEV) divided by the next twelve months forecasted revenue (FY+1).
4 Total enterprise value (TEV) divided by the next twelve months (FY+1) forecasted earnings before interest, taxes, depreciation and amortisation (EBITDA).
5 Price to earnings (P/E) divided by the last twelve months (LTM) revenue.
a. Selection of comparable companies
The fair value is determined by examining the market valuations of similar publicly traded firms. This approach involves identifying peer companies with similar industry characteristics, size, growth prospects, and financial metrics. Key valuation multiples such as Price-to-Earnings (P/E), Enterprise Value-to-EBITDA (EV/EBITDA), and Price-to-Sales (
b. Selection of appropriate benchmarks
A benchmark-based valuation methodology estimates the fair value of a company by comparing its financial and operational metrics to a set of relevant industry or market benchmarks. These benchmarks may include sector averages, historical performance standards, or key financial ratios such as return on equity (ROE), profit margins, or revenue growth rates. The selection of appropriate benchmarks is assessed individually for each investment and updated regularly.
c. Selection of alternative valuation methodologies
Fair value is be determined using a variety of valuation methodologies, each suited to different types of investments and contexts. Common alternative approaches include the income approach, which estimates fair value based on the present value of expected future cash flows, utilizing discounted cash flow (DCF) models and estimated weighted average cost of capital (WACC) discount rates.
d. Estimate of sustainable earnings
The approach focuses on normalized earnings, either forecasted over the next 12 months or adjusted to reflect a sustainable, long-term level that smooths out cyclical fluctuations and one-time events. Analysts typically use forward-looking metrics such as projected net income or EBITDA, derived from management guidance, analyst forecasts, or historical trends. These earnings are then multiplied by a valuation multiple (e.g., P/E or EV/EBITDA) that reflects market expectations and industry norms. The chosen multiple may be based on comparable companies or historical averages. By focusing on earnings that are expected to persist over time, the approach aims to provide a more accurate and stable estimate of intrinsic value, especially in dynamic or transitional market environments.
e. Sum of the Parts Valuation
Sum of parts valuation (SOTP) determines the overall value of a company by assessing the individual worth of its various divisions or segments, particularly effective where a company is a conglomerate and has business units across multiple industries. The fair value of each business unit or segment is derived separately in accordance with the
f. Range of exit scenarios
Fair value is determined by modelling potential scenarios about how a company might be sold, or value might be realised. Analysts typically develop several plausible exit scenarios such as a strategic acquisition, initial public offering (IPO), management buyout, or liquidation each with its own assumptions about timing, valuation multiples, and transaction terms. For each scenario, the expected proceeds are estimated, often using projected financial metrics and applying relevant market-based multiples. These proceeds are then discounted back to present value using an appropriate discount rate to reflect the time value of money and risk. The final fair value is calculated as a probability-weighted average of the present values across all scenarios, incorporating both the likelihood and financial impact of each outcome.
g. Recent Transaction price
A recent transaction price itself is observable and whilst it may be the most appropriate basis for a valuation, it often only represents one input and will be used alongside other unobservable inputs to determine the fair value of an asset.
No additional disclosures have been made in respect of the unlisted investments as the underlying financial information is not publicly available.
11 OTHER RECEIVABLES
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
£’000 £’000 £’000
Securities sold for future 1,388 3,926 6,834
settlement
Amounts receivable on 1,590 1,280 1,237
settlement of derivatives
Accrued income 5,723 1,783 6,212
Taxation recoverable 11 11 11
Other receivables 284 295 156
--------------- --------------- ---------------
8,996 7,295 14,450
========= ========= =========
12 OTHER PAYABLES
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
£’000 £’000 £’000
Securities purchased for 23,823 3,084 2,296
future settlement
Amounts payable on 2,846 2,986 –
settlement of derivatives
Investment management fees 1,512 1,023 563
payable
Accrued expenses 771 359 604
Finance costs payable 615 830 605
--------------- --------------- ---------------
29,567 8,282 4,068
========= ========= =========
13 SHARE CAPITAL
30 September 2025 30 September 2024 31 March 2025
unaudited unaudited audited
Number of Nominal value Number of Nominal value Number of Nominal value
shares £’000 shares £’000 shares £’000
Issued,
allotted and
fully paid
Ordinary
shares of 1
pence each
held outside
of Treasury
Beginning of 494,840,250 4,950 525,681,434 5,258 525,681,434 5,258
the period
Ordinary
shares
repurchased (9,033,042) (91) (9,332,287) (93) (30,841,184) (308)
for
cancellation
--------------- --------------- --------------- --------------- --------------- ---------------
End of the 485,807,208 4,859 516,349,147 5,165 494,840,250 4,950
period
========= ========= ========= ========= ========= =========
Ordinary
shares of 1
pence each
held in
Treasury1
Beginning of 85,629,548 855 85,629,548 855 85,629,548 855
the period
========= ========= ========= ========= ========= =========
Ordinary
shares
repurchased – – – – – –
into
Treasury
--------------- --------------- --------------- --------------- --------------- ---------------
End of the 85,629,548 855 85,629,548 855 85,629,548 855
period
========= ========= ========= ========= ========= =========
Total share 5,714 6,020 5,805
capital
========= ========= =========
During the period, the Company repurchased 9,033,042 (six months ended
No ordinary shares were repurchased into
14 NET ASSET VALUE PER ORDINARY SHARE
The calculation of the net asset value per ordinary share is based on the net assets divided by the number of ordinary shares held outside of
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
Net assets £1,741,776,000 £1,413,802,000 £1,302,117,000
Ordinary shares held outside 485,807,208 494,840,250 516,349,147
of Treasury
Net asset value per ordinary 358.53p 285.71p 252.18p
share
========== ========== ==========
It is the Company’s policy that shares held in
15 TRANSACTIONS WITH THE MANAGERS AND RELATED PARTIES
Details of the fee arrangements are given in Note 5 above.
During the period, the Company had the following transactions payable to Fidelity:
Six months Six months Year
ended ended ended
30 September 2025 30 September 2024 31 March 2025
unaudited unaudited audited
£’000 £’000 £’000
Investment management fees 7,120 3,375 8,041
Marketing services 159 128 327
========== ========== ==========
At the Statement of Financial Position date, the following balances payable to Fidelity were accrued and included in other creditors:
Six months Year Six months
ended ended ended
30 September 2025 31 March 2025 30 September 2024
unaudited audited unaudited
£’000 £’000 £’000
Investment management fees 1,512 1,023 563
Marketing services 74 47 81
========== ========== ==========
As at
The annual fee structure with effect from
£
Chairman 55,500
Chairman of the Audit & Risk Committee 46,500
Senior Independent Director 43,500
Director 37,000
==========
As at
Six months
ended
30 September 2025
unaudited
Mike Balfour 67,063
Alastair Bruce 43,800
Vanessa Donegan 16,287
Georgina Field 2,250
Gordon Orr –
Edward Tse –
==========
16 SUBSEQUENT EVENTS
No significant events have occurred since the end of the reporting period which would impact the financial position of the Company.
The financial information contained in this Half-Yearly Results Announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The financial information for the six months ended
The information for the year ended
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
A copy of the Half-Yearly Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM
The Half-Yearly Report will also be available on the Company's website at www. fidelity.co.uk/china where up to date information on the Company, including daily NAV and share prices, factsheets and other information can also be found.
