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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Schroders Capital Global Innovation Trust
Schroders Capital Global Innovation Trust (INOV) investor relations material
Schroders Capital Global Innovation Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary16 Sep, 2026
Executive summary
NAV per share increased by 1.3% to 22.53p over the first half, with share price rising 10.5% and the NAV discount narrowing from over 30% to about 25%.
Over 18 months into a managed wind-down, £65 million (39% of NAV at 30 Sep 2024) returned to shareholders via two tender offers.
Portfolio performance led by life sciences holdings, notably Memo Therapeutics and Neurona Therapeutics, offset by weaker growth holdings.
GBP 9.6 million realized from exits, including Bluewater Bio, Autolus Therapeutics, and life science milestones.
No new or follow-on investments; focus remains on orderly asset realisation and capital return.
Financial highlights
NAV increased from £141.2m to £143.1m in H1 2026; NAV per share up from 22.23p to 22.53p.
Cash and liquid funds at period end were £34.3m (24% of NAV), after £38m in share repurchases/cancellations.
Planned tender offer increased to £28m, bringing total capital returned to £66m since wind down.
Net return after taxation for H1 2026 was £1.9m (0.30p per share).
Portfolio value increased by 11.8% since Q3 2024, with 36% of starting value realized.
Outlook and guidance
Focus remains on timely capital return to shareholders while maximizing portfolio value.
Further capital distributions anticipated via tender offers or other mechanisms.
No material realisations expected before 2028 due to minority equity positions and market conditions; portfolio may become more volatile as it concentrates.
Further realisations will depend on company-specific and market developments.
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Latest events from Schroders Capital Global Innovation Trust
- NAV per share up 11.5%, GBP 37 million returned, and major exits drive strong performance.INOV
H2 2025 - NAV and share price rebounded strongly as asset realisations enabled a £37m capital return.INOVH1 2025
- AUM hit £773.7bn as NAV fell 17.1%, with profit shifts and portfolio rebalancing.INOVH1 2024
- AUM up 4%, profit before tax up 14%, and GBP 30m capital return planned amid wind-down.INOVH2 2024
Next Schroders Capital Global Innovation Trust earnings date
H2 202630 Mar, 2027
Schroders Capital Global Innovation Trust
Next Schroders Capital Global Innovation Trust earnings date
H2 202630 Mar, 2027
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Frequently asked questions
Schroders Capital Global Innovation Trust plc is a UK-based investment trust focused on innovative, high-growth companies globally. It invests in a diversified portfolio spanning private and public markets, emphasizing emerging technologies, life sciences, and digital disruption. The trust is managed by Schroders Capital and aims for long-term capital appreciation. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.