Seraphim Space Investment Trust - Several key holdings funded to break-even

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit's) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance. However, we note that fund-raising across the spacetech sector remained robust in CY23. Moreover, 82% of SSIT's portfolio has a robust cash runway, with 60% fully funded based on the projections of its management, and 22% funded for 12 months or more from the end of 2023. Excluding the fully funded companies, the remaining portfolio has a fair value weighted average cash runway of 12 months, according to Seraphim Space.

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