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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.
Smithson Investment Trust
Smithson Investment Trust (SSON) investor relations material
Smithson Investment Trust has been delisted
Smithson Investment Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary2 Feb, 2026
Executive summary
Net asset value (NAV) per share decreased by 1.8% to 1,601.5p for the year ended 31 December 2025, with a total NAV of £1,720.5 million.
Share price increased by 5.6% to 1,566.0p, narrowing the discount to NAV to 2.2% from 9.1% a year earlier.
The Board proposed converting the company into an open-ended investment company (OEIC) to address persistent share price discount and enhance shareholder value.
A major restructuring is underway, with shareholder votes scheduled for February 2026 and anticipated voluntary liquidation if approved.
Financial highlights
NAV per share fell 1.8% year-over-year, underperforming the MSCI World SMID Index, which rose 10.2%.
Total loss after tax was £62.8 million, comprising a capital loss of £67.4 million and a revenue profit of £4.6 million.
Ongoing charges ratio was 0.90%, up from 0.86% in 2024; total cost of investment was 0.92%.
Dividend of 2.1p per share announced for the 18-month period to 30 June 2026.
Share buybacks continued, with 23.1 million shares repurchased in 2025, totaling nearly 40% of shares since April 2022.
Outlook and guidance
The Board believes the proposed OEIC structure will eliminate the share price discount and provide daily liquidity at NAV.
If the restructuring is approved, all directors will step down and a liquidator will be appointed.
The investment strategy will remain unchanged in the new structure.
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Frequently asked questions
Smithson Investment Trust PLC is a UK-based investment trust managed by Fundsmith LLP. It aims to provide long-term growth in value by investing in a diversified portfolio of small and mid-sized companies that are either listed or traded globally. The trust focuses on various sectors, including information technology, industrials, healthcare, consumer discretionary, consumer staples, and communication services. Smithson Investment Trust is designed as a vehicle for investors seeking exposure to a range of companies through a single investment. The trust, which was incorporated in 2018, also manages cash assets, which are held in cash deposits and money market funds when not invested. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.