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Half-Yearly Report
Octopus Titan VCT plc announces the half-yearly report for the six months ended 30 June 2026.
Titan’s mission is to invest in the people, ideas and industries that will change the world.
Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or the ‘Portfolio Manager’)
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Profit/(loss) after tax (£’000) |
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Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch.
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Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period.
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Total return % is an alternative performance measure, calculated as total return/opening NAV.
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Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.
Titan’s total return for the six months to 30 June 2026 was 1.3%, with net assets at the period end totalling £743 million.
The Net Asset Value (NAV) per share at 30 June 2026 was 45.1p, compared with 44.5p at 31 December 2025. No dividends were paid during the period, resulting in a total return of 1.3%.
After a prolonged period of declining NAV, it is encouraging to report a modest increase in the first six months of the year. The Board, however, remains cautious. Performance remains materially below the levels we are seeking to achieve over the longer term and a modest improvement over a single six-month period does not constitute a recovery.
Underlying portfolio valuation movements were mixed. A number of companies delivered positive operational progress and valuation increases, while others continued to experience trading, funding or market-related pressures. Encouragingly, the number and value of write-offs and disposals at minimal or nil value have fallen materially. As shareholders will recall, these items caused much of the NAV decline in 2025. More detail on the principal movements in the portfolio is set out in the Portfolio Manager’s review.
