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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Smithson Investment Trust (SSON) investor relations material
Smithson Investment Trust H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary6 Aug, 2025
Executive summary
NAV per share total return was +2.4% for the six months ended 30 June 2025, outperforming the MSCI World SMID Index, which returned -0.3% over the same period.
Share price total return was +1.0%, with shares trading at a 10.3% discount to NAV at period end.
Since inception in 2018, NAV per share has grown at an annualised rate of +8.0%, ahead of the index by 0.4 percentage points.
The Board remains committed to reducing the share price discount to NAV through ongoing buybacks, with 35% of shares bought back since 2022.
No interim dividend proposed; revenue earnings per share for the half year was 4.46p.
Financial highlights
Net assets at 30 June 2025 were £1,914.5m, down from £2,129.9m at 31 December 2024 and £2,274.4m at 30 June 2024.
NAV per share at 30 June 2025 was 1,670.0p, compared to 1,631.8p at 31 December 2024 and 1,569.5p at 30 June 2024.
Profit for the period was £20.5m (6 months to 30 June 2024: £(71.1)m loss).
Ongoing charges ratio annualised at 0.88%; total cost of investment ratio at 0.91%.
Portfolio turnover (adjusted for buybacks) was 25% for the period.
Outlook and guidance
The investment manager remains focused on disciplined, long-term investment in high-quality small and mid-cap companies.
Board and manager express confidence in the strategy and expect attractive long-term returns despite macroeconomic and geopolitical uncertainties.
What is the medium-term outlook for discount reduction?
How do portfolio firms mitigate tariff impacts?
Rationale for increased US portfolio allocation
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Next Smithson Investment Trust earnings date
H2 20254 Mar, 2026
Next Smithson Investment Trust earnings date
H2 20254 Mar, 2026
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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.
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