**Summary of Mobius Investment Trust PLCs Annual Report for the Year Ended 30 November 2025**
**Performance Highlights**
**Net Asset Value (NAV) per Ordinary Share:** Increased to 158.7p from 150.4p in 2024.
**Share Price** Rose to 140.5p from 138.0p in 2024.
**Discount to NAV** Widened to 11.5% from 8.2% in 2024.
**NAV Total Return** +6.9% compared to +5.2% in 2024.
**Share Price Total Return** +3.2% compared to +5.1% in 2024.
**Comparator Index (MSCI Emerging Markets Mid Cap):** +21.9% compared to +6.6% in 2024.
**Dividend per Share** Maintained at 1.7p.
**Company Performance**
**Shareholder Funds** Increased to £183.124 million from £173.584 million in 2024.
**NAV per Share** Rose to 158.7p from 150.4p in 2024.
**Share Price** Increased to 140.5p from 138.0p in 2024.
**Discount/Premium to NAV** Widened to -11.5% from -8.2% in 2024.
**Chairmans Statement**
**Challenging Year** Performance impacted by style headwinds favoring larger-cap and value stocks.
**Voluntary Redemption Exercise** 43.1% take-up, leading to increased discount volatility.
**Board Focus:** Monitoring scaleliquidityand shareholder register
considering measures to support the Trust.
**Portfolio Resilience** Holdings demonstrated operational strength and earnings growth despite market challenges.
**Investment Managers Role** Active management during volatility, reassessing convictions, and selective additions.
**Long-Term Outlook** Confidence in the investment strategy and emerging markets opportunity set.
**Dividend** Recommended final dividend of 1.7p per share.
**Board Changes** Maria Luisa Cicognani stepping down as Chair
Gyula Schuch to succeed her. New appointments include Diana Dyer Bartlett and Sophie Wright as independent non-executive directors.
**Investment Managers Review**
**Strategy Focus** High-quality, under-researched mid-cap compounders in emerging markets.
**2025 Challenges** Narrow rally driven by mega-cap tech, memory, AI, and Chinese tech stocks.
**Style Headwinds** Quality stocks underperformed
smaller, growth-oriented tech companies disproportionately affected.
**Portfolio Performance** NAV total return of +6.9%
top contributors included Elite Material, Chroma ATE, and LEENO Industrial.
**Detractors** E Ink, EPAM Systems, and Bluebik due to sector-specific challenges.
**Portfolio Overview** 93.6% invested across 24 holdings in 9 countries
largest exposures in TaiwanIndiaand South Korea.
**Active Management** Initiated new positions and exited others based on market conditions.
**Engagement & ESG** Won AIC Shareholder Communication Award for Best ESG Communication
positive outcomes from management engagements.
**Outlook** Attractive valuations in emerging markets
supportive dynamics beyond mega-cap stocks
focus on quality and disciplined stock selection.
**Business Review**
**Purpose** Increase shareholder wealth through diversified emerging markets investments.
**Strategy** Long-term capital growth and income
focus on small to mid-cap companies.
**KPIs:** NAV total returnshare price total returndiscount/premium to NAVongoing charges ratio.
**Principal Risks** Investment policy, market, redemption program, outsourcing, key individuals, regulatory.
**Long-Term Viability** Assessment over five years
confidence in continuing operations and meeting liabilities.
**Financial Statements**
**Income Statement** Revenue profit of £1,071,000
total return of £12921000.
**Statement of Changes in Equity** Total shareholders funds increased to £183,124,000.
**Statement of Financial Position** Net assets of £183,124,000
NAV per share of 158.66p.
**Statement of Cash Flows** Net cash inflow from investing activities of £11,557,000.
**Notice of Annual General Meeting**
**Date & Time:** 13 April 202612:00 noon.
**Venue:** 25 Southampton BuildingsLondon WC2A 1AL.
**Resolutions** Include approval of accounts, directors remuneration, dividend, re-election/election of directors, appointment of auditor, authority to allot shares, and amendments to Articles of Association.
**Key Takeaways**
Mobius Investment Trust PLC faced a challenging year with style headwinds impacting performance, but demonstrated resilience in its portfolio and commitment to its long-term investment strategy.
The Trust maintained its dividend and focused on active management to navigate market volatility.
Board changes and strategic initiatives aim to strengthen governance and support the Trusts future growth.
The investment manager remains confident in the emerging markets opportunity set and the Trusts ability to deliver long-term value.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Asset Value per Ordinary share (p) | 150.4 | 158.7 | +5.5% |
| Share price (p) | 138.0 | 140.5 | +1.8% |
| Discount to Net Asset Value per Ordinary share (%) | 8.2% | 11.5% | +3.3% |
| Net Asset Value per Ordinary share total return (%) | +5.2% | +6.9% | +1.7% |
| Share price total return (%) | +5.1% | +3.2% | -1.9% |
| Ongoing charges (%) | 1.4% | 1.4% | 0.0% |
| Dividend per share (p) | 1.7 | 1.7 | 0.0 |
| Shareholder funds (£'000) | 173,584 | 183,124 | +5.5% |
Note: The trust does not have any debt, so there is no year-on-year comparison for debt.
**Key Observations:** * The Net Asset Value (NAV) per Ordinary share increased by 5.5% from 2024 to 2025, while the share price increased by only 1.8%, resulting in a wider discount to NAV in 2025. * The NAV per Ordinary share total return improved by 1.7% in 2025 compared to 2024, while the share price total return decreased by 1.9%. * Ongoing charges remained stable at 1.4% in both years. * The dividend per share remained unchanged at 1.7p in both years. * Shareholder funds increased by 5.5% from 2024 to 2025, indicating overall growth in the trust's assets. Since the trust does not have any debt, there is no year-on-year comparison for debt. The table only compares key financial metrics between 2024 and 2025.