Investment Companies Daily

Research evidence excerpt

Investment Companies Daily

r comps in the prior year quarters (+5.3% for 3Q25 Social Housing REIT 5.0

Tritax Big Box 5.4

and +1.9% for 4Q25) and are estimating 3.75% for the full year (3i guidance International Biotechnology 6.1

has been 4-5%). But store openings of 105 are below our 126 estimate for Schroder European Real Estate… 8.0

1H26, although 3i says it is on track for ‘at least’ 400 for the full year, which Biotech Growth 10.7

is clearly back-end loaded (JPMe 400). Cash balances of €699m are also above -15 -10 -5 0 5 10 15

JPMe of €576m, implying lower net debt. Elsewhere, we are encouraged that Source: LSEG Datastream

the portfolio is performing in line with expectations. We are not planning on Largest movers over the last month (%)

updating our Action or 3i estimates at this stage given that 3i will provide a far SDCL Energy Efficiency Income -24.0

more detailed update when it announces its 30/6/26 NAV towards the end of abrdn Property Income -11.9

Fidelity China Special -11.4

next month. Our 3i live NAVe is 3084pps to which the shares at last night’s close Golden Prospect Precious Metal -9.6

of 2273pps trade at a 26.3% discount. We remain Overweight believing that Gore Street Energy Storage Fund -8.4

good EBITDA growth at Action will translate into a high ROE for 3i over the ForesightMajedieEnvironmental…Investments 11.512.0

coming years, which in turn will cause the discount to narrow. India Capital Growth 12.4

This is an extract from a note published earlier today (here). Biotech Growth 12.9

HgCapital Trust 13.7

• HarbourVest Global Private Equity (HVPE, Neutral) – May NAV and Q1 -30 -25 -20 -15 -10 -5 0 5 10 15 20

valuation updates: HVPE has announced its 31/5/26 NAV which was $59.89/ Source: LSEG Datastream