Onward Opportunities (LSE:ONWD), the UK smaller companies-focused investment company, said its fund size has passed £50m for the first time.
The milestone follows returns of 55% since the fund's 2023 launch and £37m of capital raised over its three-and-a-half-year life.
Under the terms of the Company's prospectus, a lower 1% annual management charge now applies to NAV above the £50m threshold, reducing overhead costs as the fund scales.
The portfolio's aggregate value rose 20.2% in the eight weeks to the end of August, with gains driven by holdings including Likewise Floorings, RentGuarantor, Mincon, Angling Direct, Aurrigo and Audioboom.
NAV per share closed 26 August at a record 148.5p, with shares trading at 149p, a small premium to net asset value.
Laurence Hulse, the fund's founder and lead manager, said performance had recovered strongly over the summer after setbacks earlier in the year tied to the outbreak of war in the Middle East.
"To have grown the fund to £50m and delivered market beating returns of +55% since launch, outperforming the AIC UK Smaller Companies peer group by over 25%, has been the best possible way to thank our loyal investors for their continued support," Hulse said.
Chairman Andrew Henton said the Board looks forward to building on the momentum toward further milestones.
