RESULTS ANNOUNCEMENT
Audited results for the year ended 31 December 2024
Performance Highlights
| 31 December 2024 | 31 December 2023 | |
| Net assets | £2,129,897,000 | £2,551,938,000 |
| Net asset value per ordinary share | 1,631.8p | 1,598.0p |
| Share price | 1,484.0p | 1,415.0p |
| Share price discount to NAV1 | 9.1% | 11.5% |
| Year ended 31 December 2024 % change2 | Year ended 31 December 2023 % change2 | Company’s listing to 31 December 2024 % change2 | |
| NAV total return per share1 | +2.1% | +13.3% | +63.2% |
| Share price total return1 | +4.9% | +8.2% | +48.4% |
| Comparator index total return | +11.5% | +9.1% | +64.2% |
| Ongoing charges ratio1 | 0.9% | 0.9% | 1.0% |
5 Year Record
| At 31 December | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net assets | £2,129,897,000 | £2,551,938,000 | £2,417,967,000 | £3,367,070,000 | £2,331,950,000 |
| NAV per ordinary share | 1,631.8p | 1,598.0p | 1,410.7p | 1,961.0p | 1,648.9p |
| Share price | 1,484.0p | 1,415.0p | 1,308.0p | 2,020.0p | 1,710.0p |
| Share price (discount) / premium to NAV1 | (9.1)% | (11.5)% | (7.3)% | 3.0% | 3.7% |
| Year ended 31 December | |||||
| NAV total return per share1 | +2.1% | +13.3% | (28.1)% | +18.9% | +31.4% |
| Share price total return1 | +4.9% | +8.2% | (35.2)% | +18.1% | +31.7% |
| Comparator index total return3 | +11.5% | +9.1% | (8.7)% | +17.8% | +12.2% |
| Ongoing charges ratio1 | 0.9% | 0.9% | 0.9% | 1.0% | 1.0% |
1 These are Alternative Performance Measures (“APMs”). Definitions of these, together with how these measures have been calculated, are disclosed below where it is made clear how these APMs relate to figures disclosed and calculated under IFRS.
2 Total returns are stated in GBP sterling.
3 MSCI World SMID Cap Index £Net. Source: www.msci.com.
Total return performance against NAV for the period from the Company’s listing on 19 October 2018 to 31 December 20241
Net Asset Value total return performance against MSCI World SMID Cap Index for the period from the Company’s listing on 19 October 2018 to 31 December 20242
1 Source: Bloomberg
2 Figures rebased to 1000 as at date of Company’s listing
Chairman’s Statement
Introduction
I am pleased to present the Annual Report of Smithson Investment Trust plc (the “Company”) for the year ended 31 December 2024.
This is the sixth Annual Report since the Company’s IPO in October 2018, and my first as the Chairman of the Board. I was delighted to be appointed shortly after the year-end as I believe strongly in the Company’s strategy and the investment process adopted by the Investment Manager.
Investment performance
The Company’s NAV per share increased by 2.1% during the year, compared to the MSCI World SMID Cap Index total return of 11.5%, a disappointing 12 month performance. Over the same period the Company’s share price rose by 4.9%.
In the period from inception to 31 December 2024 the Company’s net asset value (NAV) per share has increased by 63.2%, an annualised return of +8.2%, similar to the return of +8.3% per annum from the MSCI World SMID Cap Index over the same period. The Company’s NAV per share performance in its first three years to the end of 2021 was exceptional, with an annualised return of +23.4% well ahead of the Index, but over the last three years the performance has not been as strong and has lagged the Index with poor years in 2022 and 2024.
The actions being taken to address this are discussed in the Investment Manager’s Review, and I am looking forward to leading the Board and supporting the Investment Manager in the present challenging global investment markets and geopolitical backdrop.
Outlook
The new financial year has started positively with the Company’s NAV up 5.9%, 4.8% ahead of the comparator index, for the period from 1 January 2025 to 28 February 2025. The NAV from inception to 28 February 2025 is up 72.8%, 6.9% ahead of the comparator index.
The Board is pleased that the Company’s Investment Manager and his team remain focused on the things they can control and remain resolute in applying a systematic and disciplined focus to find exciting opportunities for attractive long-term investment.
The Board believes that the strategy of identifying and owning high quality small and mid-sized companies that are capable of sustainable growth and that can compound in value over many years, will perform well for investors over the long term and through different economic conditions.
The Board continues to have confidence that the Company’s Investment Manager can execute this strategy successfully, and the Board believes that as the Company offers investors exposure to some of the best companies available in the small and mid-cap sector, the long-term investor will be well rewarded.
Mike Balfour
Chairman
5 March 2025