Ophir High Conviction Fund (ASX: OPH) has reported a significant improvement in its financial results for the half-year ended 31 December 2024, with net assets increasing by 18.1% to $719.99 million. The fund recorded a 408.9% surge in operating profit, reaching $78.49 million, compared to $15.42 million in the previous corresponding period. This was driven by strong investment income, which rose 300.8% to $85.28 million.
The fund achieved a 12.18% net portfolio return for the period, substantially outperforming its prior 2.50% return. Despite the positive financial results, no distributions were paid or declared for the half-year. The fund’s net tangible assets per security increased from $2.7380 to $3.2345 over the year.
Ophir High Conviction Fund primarily invests in Australian-listed companies outside the S&P/ASX 50 and may also hold New Zealand securities. The report noted no significant changes in investment strategy or control of entities during the period.
Additionally, Perpetual Limited, the parent company of the fund’s Responsible Entity, has entered into a Scheme Implementation Deed with KKR for a $2.175 billion acquisition of Perpetual’s Wealth Management and Corporate Trust businesses. If approved, the Responsible Entity of the fund will transition to KKR ownership.
With its robust half-year performance and continued investment strategy, Ophir High Conviction Fund remains positioned for future growth, though directors caution that investment performance is subject to market conditions.
