Onward Opportunities lists on Main Market
- Net Asset Value (NAV) surged by 10% this month from 110.26p as at the end of March to 120.75p at the close of trading yesterday (15.04.26)
- Fund has more than tripled in size to over £40m since launch on AIM in March 2023 in a market of record outflows for UK funds
- Consistent performance since inception in March 2023, outperforming the IA UK Smaller Companies Sector by 16.2% and the AIC UK Smaller companies sector by 15.8% on a NAV total return basis
- Over £30m capital raised for investment into smaller companies from the IPO and eleven follow-on capital raises since
Onward Opportunities Limited (TIDM: ONWD), the investment company targeting what it believes to be a structural opportunity in UK smaller companies, announces that today its shares commenced trading on the Main Market of the London Stock Exchange. At that point, Onward shares ceased trading on AIM.
Facilitating the next chapter of growth
Onward Opportunities was launched by former Gresham House fund manager Laurence Hulse on AIM in March 2023 who resigned in order to target what he believes to be a structural opportunity in UK-listed smaller companies with a new venture. The investment trust has been outperforming its peer groups and has experienced significant growth since launch and has outperformed the UK AIM All-Share Total Return Index by 20.3% since inception in March 2023 on a NAV total return basis.
As the fund continues to grow, the listing on the Main Market will enable Onward to raise new capital continuously by issuing new shares when the fund is trading at a premium to its Net Asset Value (NAV) – which it has achieved for a significant proportion of the period since launch – through tap issues. These tap issues are designed to satisfy market demand for shares without requiring a full prospectus for every issuance, and will be done on a weekly basis to manage premium volatility.
Consistent outperformance and capital raising since inception
Onward is one of the few trusts to IPO since the start of 2023 and even fewer to successfully raise capital consistently at a premium to its NAV. New capital raises have been underpinned by the strong performance of the fund, with NAV total return growth of 26.2% from launch in March 2023. This performance has been driven by the success of the manager’s stock picking, with major contributors to NAV growth since inception as at 15.04.26 including:
- Windward: +150% increase in valuation since initial investment, equating to an internal rate of return (IRR) of 141% over the holding period
- Audioboom: +107% to NAV, having provided an IRR of 160% on ONWD’s investment
- Angling Direct: +42% to NAV, having provided an IRR of 20.4% on ONWD’s investment
- Pebble Beach Systems: +45% total return, having provided an IRR of 51% on ONWD’s investment
The fund’s regulatory release announcing its Main Market move can be read on its London Stock Exchange newswire feed here: Admission to Main Market and AIM Cancellation – 07:00:01 16 Apr 2026 – ONWD News article | London Stock Exchange
Updated NAV figures as of close yesterday: Following its listing on the Main Market today, Onward Opportunities, announces that its Net Asset Value (NAV) has surged by 10% this month – from 110.26p as at the end of March to 120.75p at the close of trading yesterday (15.04.26).
The full RNS announcement announcing the new NAV just released can be read here: Net Asset Value(s) – 13:10:58 16 Apr 2026 – ONWD News article | London Stock Exchange
| Since 29/03/23 | |
| ONWD NAV return | 26.2% |
| ONWD share price return | 26.0% |
| FTSE AIM All-Share total return | 5.9% |
| AIC UK Smaller Cos NAV total return | 15.8% |
| IA UK Smaller Companies total return | 16.2% |
Laurence Hulse, Founder & Lead Fund Manager, said:
“Our move to the Main Market is another step forward for Onward Opportunities, reflecting the successes of our first three years. Our strategy has outperformed both the IA UK Smaller Companies and AIC UK Smaller Companies sectors and Onward has more than trebled in size since launch in March 2023. Since launch we’re grateful for the standout support shown by existing and new shareholders alike as we have consistently raised new capital at a premium to NAV in a market of record outflows for the rest of the UK fund market.
To date, Onward has raised over £30m through its Initial Public Offering on AIM and eleven follow-on capital raises, being recognised as ‘IPO of the year’ at the 2024 Small Cap Awards and for ‘Best Use of AIM’ at the 2025 AIM Awards.
The Snow Leopard featured in Onward’s branding and has never been more apt. They are a crepuscular creature and an endangered species, typically occupying cliffs and ridges. Our active equity fund launched in the depths of the 2023 banking crisis and today graduates to the main board of the London Stock Exchange against a backdrop of yet more market volatility. Again, we look ahead, now with the added agility that will come with a Main Market listing, enabling us to tap new capital more quickly to capitalise on opportunities.
We take comfort from what we have been able to achieve as an active UK equity fund through the pronounced conditions in our first three years and look ahead with confidence in our strategy and its ability to deliver long-term growth. Onwards.”
For further information, please contact:
| Houston (PR advisers)
Charlie Barker / Nick Jackman
|
Tel: +44 (0)77 3303 2695
Onward@houston.co.uk
|
Important Information
This document is for information purposes only and does not constitute an offer to buy or sell shares in Onward Opportunities Limited.
Past performance is not a reliable indicator of future results.
The value of investments and the income from them may go down as well as up and investors may not get back the full amount invested.
Investment in smaller companies may involve higher risk due to reduced liquidity and greater price volatility compared to larger companies.
