In its Q2 2025 investor update, CG Asset Management delivered a cautious yet strategic overview of portfolio performance and positioning across its multi-asset funds, including Capital Gearing Trust. Despite volatile market conditions, the Trust achieved a 1.3% NAV return after fees for the quarter and 4.4% over the past year. Risk assets, particularly UK equity investment trusts and infrastructure holdings, were key contributors, while US TIPS detracted amid rising yields and a weaker dollar. The portfolio remains defensively positioned, with 35% allocated to dry powder - cash, short-dated gilts, and sterling credit - reflecting concerns over high US equity valuations and macroeconomic uncertainty. Notably, index-linked gilts have replaced a portion of US TIPS exposure, increasing sterling bond duration while maintaining overall interest rate risk below four years. CG has significantly reduced US dollar exposure and remains focused on inflation protection through shorter-duration index-linked bonds and nominal instruments yielding above CPI. The team emphasized its scepticism toward stretched equity valuations - driven by AI optimism - and remains wary of fiscal imbalances, geopolitical risks, and potential market corrections. While performance has lagged over the past three years due to rising bond yields, management expects improved medium-term returns, supported by better bond market conditions and discounted opportunities in UK investment trusts. The presentation reaffirmed CG's disciplined approach, prioritizing capital preservation, liquidity, and long-term real returns over short-term market gains.

Cavendish PLC (AIM:CAV) delivered a strong FY25 investor update, highlighting a return to profitability, strategic integration post-merger, and operational leverage across both public and private markets. The company reported revenue of £55.6 million, with £3.7 million in adjusted profit - up from a loss in the previous year - driven by repeatable income streams, cost discipline, and a scalable platform. Cavendish advised on over 100 transactions worth £4 billion, maintained a robust client base of 177 quoted companies (representing over 10% of the UK market), and expanded its M&A footprint regionally and internationally. With 200 investment banking professionals and a product-agnostic model, the firm offers comprehensive services including IPO advisory, debt structuring, M&A, and equity capital markets. Strategic advantages include strong institutional research distribution, deep PE/VC relationships, and proprietary data tools, such as Cavendish AI. The company retains significant upside via operational gearing, with minimal marginal costs to scale revenues further. Public market conditions are showing signs of recovery, and Cavendish is well positioned to benefit from renewed IPO activity and small-cap inflows. Management reaffirmed its commitment to both organic and inorganic growth, supported by a debt-free balance sheet, £21.2 million in cash, and a proposed total dividend of 0.8p. Investors were assured of continued service-led client retention, high-quality earnings, and margin expansion. With proven deal execution, a robust pipeline, and a unique integrated banking model, Cavendish positions itself as a market leader ready to capitalise on future growth cycles.

Acuity Risk Management delivered a comprehensive investor update highlighting a pivotal inflexion point for the business following the appointment of new CEO David Rajakovic. The company is focused exclusively on cybersecurity risk, supported by the relaunch of its flagship platform, Stream, and the introduction of a new vendor management hub—designed for faster, more intuitive deployment, stronger integration, and reduced implementation costs. Operating in a growing cyber risk and compliance market, Acuity reported £3.4 million in forward contracted revenue, up from £2.9 million, with a strengthened go-to-market strategy that is AI-driven, capital efficient, and partner-led. The business is targeting expansion across regulated sectors including defence, healthcare, and finance, leveraging strategic alliances with consultancies like CGI and Infodava. Recent operational improvements include significant cost reductions, enhanced gross margin potential, and improved revenue visibility through automation, partner enablement, and a focus on recurring SaaS revenue. The company’s ability to quantify cyber risk in financial terms directly addresses evolving board-level priorities. With strong traction across enterprise and mid-market clients, Acuity aims to become the “single pane of glass” for real-time cyber risk monitoring. Backed by a leaner cost base, robust balance sheet, and growing partner ecosystem, the business is on track to achieve cash flow positivity in H2 2025, while positioning itself for long-term shareholder value creation in the expanding cybersecurity software market.

ActiveOps PLC (AIM:AOM) delivered a strong FY25 performance, underpinned by 15% revenue growth and continued momentum in its SaaS-led growth strategy. The company secured nine new customer wins, up from three in the prior year, driving 14% SaaS revenue growth and a 23% uplift in professional services revenue. With an ARR increase of 15% and net revenue retention of 108%, ActiveOps continues to expand within its customer base, capitalising on its "land and expand" strategy. EBITDA remained steady at £2.5m, supported by strategic investments in sales capacity, while gross margins held firm at 84%. The company reported healthy cash conversion at 200%, ending the year with £21m in cash and no debt. A key highlight was the acquisition of Enlighten, enhancing ActiveOps’ enterprise decision intelligence capabilities and deepening market penetration in Australia and North America. The integration is expected to deliver operational synergies while maintaining the company’s core strengths. Product innovation remains a priority, with continued expansion of ControliQ and strong ARR growth from CaseworkiQ (up 38%). ActiveOps sees a clear path to significantly grow its ARR, with an estimated £130m total addressable opportunity within its existing customer base. Management remains confident in future growth, with Q1 trading in line with expectations and five new logos already secured. As ActiveOps builds scale and explores indirect sales channels, the business is well-positioned for sustainable, high-margin growth driven by recurring revenue, a resilient SaaS model, and increasing demand for operational control and transformation solutions.

OptiBiotix Health plc (AIM:OPTI) delivered a strong investor update highlighting significant progress across revenue growth, global market expansion, and e-commerce performance. In FY2024, the company achieved a 35% increase in revenue and a 56% rise in sales orders - positioning it for a robust start to FY2025. E-commerce emerged as a major growth driver, with online sales up 108%, Amazon sales up 156%, and customer numbers expanding from 2,000 in 2022 to over 10,000. Strategic investments in the USA and India are delivering returns, including successful launches with partners such as Apollo and Morin in India, and new partnerships in North America. The company also cleared legacy inventory, lowered fixed costs, and is targeting improved EBITDA margins through streamlined operations and localized production. With leading positions in weight management and gut health, OptiBiotix is capitalizing on the demand for clinically backed functional nutrition, supported by 43 published studies. Its second-generation products and microbiome modulators present further upside potential. The business remains debt-free, holds over £9 million in cash, and owns stakes in high-growth associates like ProBiotix and SkinBioTherapeutics. With a diversified revenue mix across B2B, retail, and digital channels in key markets including Asia, Europe, and North America, OptiBiotix is well-positioned for scalable, sustainable growth. Investors are encouraged by the company’s strong order book, expanding customer base, and strategic focus on high-margin, recurring revenue streams.

Blackbird plc has successfully closed a fully subscribed £2 million funding round to accelerate the development of Elevate, its next-generation SaaS video editing platform. Positioned as the “Figma for video,” Elevate is a browser-based, collaborative, and professional-grade editing tool designed to disrupt a vast $500bn+ global market. The platform targets creators, SMEs, educators, influencers, and businesses with a scalable solution previously inaccessible to those without high-end hardware or desktop software expertise. Elevate has entered its product-market fit phase, achieving strong early traction with tens of thousands of users and a growing base of paid subscribers since monetisation began in February. The company has halved customer acquisition costs and increased conversion and retention metrics month-over-month. Built on patented technology inherited from Blackbird’s enterprise platform—used by top-tier clients like CBS Sports, FIFA, and the US State Department—Elevate delivers frame-accurate, cloud-native editing with real-time collaboration and AI integration. Recent feature rollouts include effects, visual styles, text-to-speech, review tools, and digital asset management. The new funding will be split evenly between product development and go-to-market expansion, with upcoming marketing channels including influencer partnerships, social ads, and affiliate programs. With a clear roadmap to scale in 2026, Elevate is backed by an experienced leadership team, strong internal investment participation, and a rapidly growing market opportunity. This marks a pivotal step in transforming Elevate into a major SaaS player and long-term value generator.

SkinBioTherapeutics PLC’s (AIM:SBTX) latest investor update highlighted significant progress in commercial execution and strategic growth, driven by science-backed innovation in skin health and the microbiome. The company unveiled its landmark two-year exclusive distribution agreement with Superdrug for AxisBiotix-Ac, marking its first high street retail launch, with rollout to 200 UK stores targeting the high-demand acne segment. This complements continued online sales via Amazon and the company’s website. Additionally, the company announced National Psoriasis Foundation (NPF) accreditation in the U.S., unlocking a major international market. Commercialisation of its lysate-based skin technology through Croda’s April launch of Zenakine - hailed as a next-generation cosmeceutical—is progressing well, though financial disclosure is restricted under confidentiality agreements. A recent £4.2 million fundraise was completed swiftly to support the accelerated Superdrug launch, product manufacturing, and marketing, rather than for ongoing working capital. Strategic acquisitions, including Dermatonics and Biotech Solutions, are enhancing group capabilities, margins, and distribution. R&D remains active across five scientific pillars, including wound care, inflammation, and oral health, with multiple multinational discussions ongoing. Management reiterated its dual strategy of organic growth and selective M&A, backed by a strengthened executive team and renewed investor communication focus. With a growing revenue base, expanding retail footprint, and valuable partnerships in place, SkinBioTherapeutics is well positioned for accelerated growth and long-term value creation.

Augmentum Fintech PLC’s (LSE:AUGM) FY24 investor update highlights a resilient and maturing portfolio focused on high-growth, early-stage fintech across Europe, with its top nine holdings representing 80% of NAV and delivering strong revenue growth and improving margins. Despite a notable write-down in Grover, core assets such as Zopa are showing robust performance, and the portfolio includes three companies expected to surpass $500M in annual revenue by year-end. With over £100M in exits to date averaging 30% above holding value and an IRR exceeding 30%, Augmentum remains committed to long-term value creation through selective realisations, disciplined capital deployment, and active portfolio support. CEO Tim Levene addressed the persistent share price discount - currently reflecting zero value for 20 portfolio companies - as unjustified, citing structural challenges in the UK market and outlining ongoing efforts to expand investor outreach and improve transparency. The company maintains a strong cash position, enabling continued investment in high-potential fintechs like Loop FX and Pemo, and is leveraging AI to enhance its sourcing and decision-making processes. As the portfolio continues to evolve, with more companies reaching profitability and exit readiness, Augmentum expects a material re-rating over the next 2-3 years, supported by improving market sentiment, a rising M&A pipeline, and growing investor recognition of its high-quality underlying assets.