RTW Venture looks very healthy

RTW Venture appears to be in very good health – RTW Venture Fund has published its Annual Report for the fiscal year ended December 31, 2020. Over the year, its NAV increased by 54%. That’s 88.5% growth in net asset value since Initial Public Offering. The share price rose 37% – the premium was perhaps too high at the start of the year. Yields contrast with a 27% return on Nasdaq Biotech Index.

As of December 31, 2020, the company held 22 wallet companies (2019: Sept). Nine of them are publiclylisting and 13 are private companies.

In 2020, the company issued an additional 29,971,040 shares, an increase of 18.6%, raising an additional $ 41.7 million.

Migration to the premium list

In what is great news for ordinary investors, the company says it is considering a possible capital increase in conjunction with the intention to seek the migration of its shares from the specialty fund segment to the
Premium segment of Main market of the London Stock Exchange. [Many investment platforms put barriers or an outright prohibition on ordinary investors buying shares traded on the Specialist Funds Segment. They have missed out on the fund’s spectacular gains since launch. We think that this is unfair.] The statement said the ambition is to expand its ledger, add value in pounds sterling and facilitate eligibility for inclusion in the FTSE UK index series.

Return factors

The main performance drivers of net asset value growth for the period under review include strong Rocket share price returns (+ 135%) contributing to c. 41%; the IPOs of six portfolio companies, including Avidity, iTeos, Athira, Pulmonx, C4 Therapeutics and Tarsus, together contributing c. 15%; Stock frequency returns (+ 105%) contribute c. 2%; as well as the performance of the portfolio’s non-core assets, contributing c. ten%. “

There is a lot more information about the portfolio in the report that we won’t be reproducing here (to be honest, we’ve already written stories about most of the major developments in the portfolio during the year), but the report should be available on the company’s website shortly. .

RTW: RTW Venture looks very healthy

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