| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 542.25 | -57 |
| Intrinsic value (DCF) | 483.00 | -61 |
| Graham-Dodd Method | 14.15 | -99 |
| Graham Formula | 41.10 | -97 |
Oryx International Growth Fund Limited (OIG.L) is a Guernsey-domiciled closed-ended equity mutual fund managed by Harwood Capital LLP, focusing on small and mid-cap public equities in the UK and US markets. Launched in 1995, the fund employs fundamental analysis to build a diversified portfolio across multiple sectors, benchmarking performance against the FTSE All Share Index. With a market capitalization of approximately £149.8 million, Oryx targets growth opportunities in undervalued or high-potential companies, offering investors exposure to dynamic segments of developed markets. As part of the broader financial services sector, the fund appeals to investors seeking specialized asset management strategies outside traditional large-cap investments. Its zero-debt structure and focus on capital appreciation (evidenced by no dividend payouts) position it as a pure-play growth vehicle in the competitive investment fund landscape.
Oryx International Growth Fund presents a niche opportunity for investors seeking concentrated exposure to UK and US small/mid-cap equities through an actively managed vehicle. The fund's strong net income of £25.2 million (FY 2024) and zero leverage indicate prudent financial management, while its low beta (0.631) suggests relative defensive positioning versus broader markets. However, negative operating cash flow (£-11.3 million) raises questions about portfolio turnover costs, and the absence of dividends limits income-seeking investors. The fund's performance is heavily tied to Harwood Capital's stock-picking ability in the volatile small-cap space. Valuation at 8.3x earnings appears reasonable for a growth-focused fund, but investors must weigh this against the inherent liquidity risks of small-cap holdings and the closed-end structure's potential discount/premium to NAV.
Oryx International Growth Fund competes in the crowded small/mid-cap focused investment trust space, differentiating through its concentrated UK/US mandate and active fundamental approach. Its competitive edge lies in Harwood Capital's bottom-up stock selection methodology and the flexibility afforded by its closed-end structure (no redemption pressures). However, the fund faces significant competition from both passive alternatives (e.g., FTSE Small Cap ETFs) and larger peers with more diversified portfolios. The lack of income generation (0% yield) limits appeal versus dividend-paying rivals, while its small AUM may constrain research resources compared to mega-funds. Performance attribution will be crucial - the fund must consistently demonstrate alpha generation versus the FTSE All Share benchmark to justify active fees. Geographic focus provides specialization benefits but also concentration risk versus global small-cap funds. The zero-debt balance sheet is a strength in volatile markets, allowing patient capital deployment.