A space trust doubled its NAV. Here’s why.

Companies that put the everyday investor first

Every company in this email has chosen to talk directly to everyday investors, not just the big funds. Here is what they have been up to this week.

Deep dive 01: Seraphim Space Investment Trust (LSE: SSIT)

Seraphim’s net asset value more than doubles per share in a year

On Thursday 15 October, Seraphim reported results for the year to 30 June 2026. Net asset value (NAV) per share rose 102.9% to 240.49p, and total NAV climbed 150.6% to £704.4m. The share price rose 119.4% to 187.8p, and the discount to NAV narrowed from 27.8% to 21.9%. Seraphim credited funding rounds and contract wins at ICEYE, HawkEye 360’s NYSE listing in May, the sale of ALL.SPACE to York Space, and a £136.5m C share raise in May. It also joined the FTSE 250 in June.

For investors, this is a trust that holds private and newly listed space companies, and the year shows those holdings being marked up and some turned into cash. The balance: the trust’s annualised NAV return since IPO is 19.1%, just under its 20% target, no dividend is expected, and the shares still trade below the value of the assets, which can persist.

+102.9% NAV per share (240.49p) · 21.9% discount to NAV (from 27.8%) · £704.4m total NAV

Explore Seraphim Space Investment Trust

Deep dive 02: Tharisa (LSE: THS)

Tharisa pockets a much higher metals price and lines up a new buyer for half its PGM output

On Tuesday 13 October, Tharisa published its production report for the year to 30 September. Fourth-quarter output of platinum group metals (PGMs) was up 3.5% on the third quarter. The average PGM basket price for the full year was US$2,607/oz, against US$1,615/oz the year before. On Thursday 15 October it agreed that, from 1 January 2027, Valterra Platinum’s Rustenburg unit will buy 50% of the PGM concentrate from the Tharisa Mine, replacing Sibanye-Stillwater, with Northam continuing to take the other half.

For shareholders, a PGM price that is far above last year feeds straight into revenue, and a named long-term buyer for half the output removes some uncertainty about where the product goes. The balance: Tharisa is spending heavily on its Karo Platinum project (capex US$516m, first ore expected in the fourth quarter of 2027), and the group moved from net cash of US$10.7m at 30 June to net debt of US$51.0m at 30 September.

c.US$477m market value · US$2,607/oz FY basket price (US$1,615 a year earlier) · 50% of Tharisa Mine PGM concentrate to Valterra from 1 Jan 2027

Explore Tharisa

Also this week

Balfour Beatty: Selling its Hong Kong joint venture for £250m

On 13 October it agreed to sell its 50% stake in Gammon Construction to a Jardine Matheson subsidiary for £250m cash, paid in three roughly equal instalments (the first on completion, then by 31 December 2027 and 31 December 2028). The stake’s carrying value at 30 June was £86m, and Gammon’s half-share of operating profit was £11m in the first half of 2026. It fits the group’s focus on the UK and US. More.

Afentra: Next Angola well is about to start

On 12 October it said the rig has moved to the Impala-2 development well, with drilling expected to take about 80 days and first oil in January 2027 at roughly 4,000 barrels a day gross. Partners will now fund the well directly and its cost cap falls to US$60m gross. The balance: the Pacassa SW discovery well needs a sidetrack after Impala-2, so first oil there is now expected in the first quarter of 2027. More.

IP Group: Backing two more young companies

On 16 October Microbiotica raised a £36m Series C round, with IP Group investing £4m and holding 16.4% afterwards, valued at £24.1m. The money takes its ulcerative colitis treatment into Phase 2. On 12 October IP Group also led an oversubscribed £4m round in Matter Machine, an AI materials-discovery spin-out from the University of Liverpool. More.

CoinShares: Launching an on-chain asset management business

On 14 October it launched OnChain Strategies with Safe Labs and Railnet. Safe’s enterprise clients can put stablecoins into CoinShares-managed strategies while keeping custody. CoinShares says it will not custody assets or commit its own balance sheet, and will earn recurring fees. More.

Marex: New institutional products on digital assets

On 12 October it launched an institutional quantitative investment strategies (QIS) offering, and on 14 October it described its digital-asset indices as the first institutional QIS indices on digital assets. They are available as tracker certificates, swaps and structured notes. No financial figures were given. Third-quarter results are due on 5 November. More.

Focus Graphite: Funding for the road to its Lac Knife project

On 15 October it engaged a contractor for geotechnical work and detailed engineering on an all-season access road, backed by up to C$1.93m of government support (up to C$554,050 from the Quebec Société du Plan Nord and up to C$1.38m from the federal First and Last Mile Fund). The company says finishing the engineering does not authorise construction. More.

Mindflair: A fund it backs joins a US$5.7m round

On 14 October, Sure Valley Ventures’ second fund, in which Mindflair holds an interest, took part in a US$5.7m round for Symbe, a UK enterprise sales software company led by Kfund. The size of the fund’s cheque and Mindflair’s exposure were not disclosed. More.

Explainer: What does “discount to NAV” mean?

An investment trust like Seraphim owns a collection of assets, and adding up what they are worth and dividing by the number of shares gives the net asset value (NAV) per share. The trust’s own shares trade on the stock market, so their price can sit above or below that figure. When the price is lower, the trust trades at a “discount”. Seraphim’s NAV per share is 240.49p while the shares are 187.8p, so a discount of about 22%. A discount can be a bargain if it narrows, but it can also stay wide or widen, so it is a clue, not a guarantee. Seraphim’s discount narrowed from 27.8% over the year, which is one sign investors have grown more comfortable with the valuations.

See Seraphim on CurationAI.

Happening this week (Mon 19 – Fri 23 October)

Monday 19 Oct: Karooooo, the vehicle-data company, reports second-quarter results shortly after 4:00pm US Eastern time. Wider markets: China’s third-quarter GDP, industrial production and retail sales (early morning UK time) and Canadian inflation (CPI). US earnings include Cleveland-Cliffs and Fifth Third before the open.

Tuesday 20 Oct: Karooooo holds a results webinar at 8:00am US Eastern. UK average weekly earnings and unemployment, 7:00am UK time. The People’s Bank of China sets interest rates. US earnings include GE Aerospace, GM, RTX and 3M before the open, and Netflix after the close.

Wednesday 21 Oct: UK inflation (CPI) for September, 7:00am UK time. Seraphim says its notice of AGM goes to shareholders (the AGM itself is on 25 November). US earnings after the close include Tesla, Meta and IBM.

Friday 23 Oct: UK retail sales, 7:00am UK time, followed by the first “flash” purchasing managers’ index (PMI) readings for Germany, the eurozone, the UK (about 9:30am) and the US (about 2:45pm). US earnings include American Express and Schlumberger before the open.

From the Collective

Falling yields give precious metals another look

This week’s Collective discussion pointed to a revival in the precious metals trade. US bond yields had eased and gold had edged up as investors sought shelter from the sell-off in chip stocks, and the group argued that lower real yields make it cheaper to hold metals that pay no income. Their view was constructive but framed as a setup to watch, not a certainty. Tharisa, a Curation Connect client, mines platinum group metals and chrome rather than gold or silver, but it sells into the same metals market, and its average PGM price this year was far above last year’s.

Tharisa on CurationAI.

Best Content Shared This Week

🎥 Is AI Crowding Out the Rest of the Market?

Why Watch? Fidelity’s Jurrien Timmer joins The Compound to explore whether the AI boom is creating a new form of crowding out, as hyperscalers borrow heavily to fund infrastructure while government debt continues to climb. The discussion connects rising bond yields, record market concentration and the possibility of an AI earnings bubble, asking whether today’s market resembles the late 1990s and what that means for positioning across equities, gold and Bitcoin. Watch here.

🎧 Jeff Currie: The Great Rotation Into Hard Assets

Why Listen? Former Goldman Sachs commodities chief Jeff Currie argues we are only in the early stages of a generational commodity supercycle, driven by rising sovereign debt, currency debasement and a structural shift away from financial assets. From his $10,000 gold forecast and preference for energy majors over Big Tech to opportunities in uranium, agriculture and critical minerals, the discussion makes the case for why hard assets could outperform for the rest of the decade. Listen here.

New Showcases

Murray International Trust (LSE: MYI)

• Murray International Trust is a UK-listed investment trust managed by Aberdeen, investing in a diversified portfolio of global equities and fixed-income securities with a focus on delivering long-term capital growth and a growing income stream. Its internationally diversified approach provides exposure to established businesses across developed and emerging markets, offering investors a combination of dividend income, geographic diversification and long-term growth opportunities. Read more.

Aberdeen Asia Focus (LSE: AAS)

• Aberdeen Asia Focus is a UK-listed investment trust focused on smaller companies across Asia, excluding Japan, targeting businesses with strong management teams, competitive advantages and long-term growth potential. Managed by Aberdeen’s specialist Asian equities team, the trust provides exposure to under-researched companies benefiting from structural themes including rising domestic consumption, digitalisation and industrial development, offering investors access to opportunities often overlooked by larger institutional funds. Read more.

Nomad Foods (NYSE: NOMD)

• Nomad Foods is one of Europe’s leading frozen food companies, owning household brands including Birds Eye, Findus and iglo across major European markets. Its portfolio of established brands, extensive distribution network and strong cash generation provide exposure to the resilient frozen food category, while operational efficiencies, pricing discipline and shareholder returns underpin the investment case. With frozen food offering consumers an affordable, convenient alternative to fresh products, Nomad is positioned to benefit from long-term demand for value and convenience across European grocery markets. Read more.