Title: 234736393.pdf URL Source: https://documentscdn.financialexpress.net/Literature/996B692A3B9275CF148F763DED91BEA8/234736393.pdf Published Time: 2025-11-20T17:41:06.000Z Number of Pages: 2 Markdown Content: 30 50 70 90 110 130 150 170 190 210 Renovar VCT Total Return (Rebased) FTSE AIM All-Share index TR (Rebased) (p) # Maven Renovar VCT PLC Quarterly Factsheet October 2025 INVESTMENT OBJECTIVE To generate tax free capital gains and regular dividend income for its Shareholders while complying with the requirements of the rules and regulations applicable to VCTs. ## INVESTMENT POLICY To hold a diversified portfolio across a broad range of sectors to mitigate risk. The VCT makes Qualifying Investments primarily in AIM-traded companies, and Non-Qualifying Investments as allowed by the VCT legislation, and manages its portfolio to comply with the requirements of the rules and regulations applicable to VCTs. ## NAV TOTAL RETURN AIM Focused January 2001 May 2025 61 6% of NAV per Share 15% discount to NAV per Share 2mavencp.com/renovarvct Webpage Buyback policy Dividend target No. of holdings Maven appointment Launched Type ## KEY DATA / 31 OCTOBER 2025 ## FINANCIAL HIGHLIGHTS Net asset value (NAV) £95.85m NAV per Share 66.91p NAV total return per Share 214.25p Interim & special dividend per Share (14 November 2025) 2.50p + 2.50p 17.42% 3 IMPORTANT: This factsheet contains only summary information. For full information, including relevant risk factors, consult the Annual and Interim Reports contained on the VCT’s webpage. Past performance is not a guide to, or forecast of, future performance. Annual Yield (FY25) ## PORTFOLIO COMPOSITION (% of NAV) > Renovar VCT Total Return (rebased) FTSE AIM All-Share Index Total Return (rebased) 210 190 170 150 130 110 90 70 50 > 52.8% - AIM / listed equity 23.8% - Cash and cash equivalents 10.0% - Equity UCITS 8.8% - Unlisted equity 4.6% - Convertible loan notes Jan-25 Jan-10 Jan-15 Jan-20 Jan-05 Jan-01 # -0.49% NAV total return for Quarter 30 VCT QUALIFYING INVESTMENTS – 31 OCTOBER 2025 SECTOR ANALYSIS (BY VALUE) 4 > 54.5% - Software & technology 14.2% - Industrials & engineering 12.4% - Business services 12.3% - Pharmaceuticals, biotechnology & healthcare 6.6% - Other ## TOP TEN HOLDINGS WS Amati Smaller Companies Fund 2 Degrees (Trading as Manufacture 2030) Craneware Diaceutics Chorus Intelligence GB Group SRT Marine Aurrigo Windar Photonics 10.0 6.6 5.0 4.5 3.4 3.0 2.8 2.5 2.4 2.4 % of NAV The Property Franchise Group ## CORPORATE AND CONTACT INFORMATION PERFORMANCE COMMENTARY Global equities continued to climb during the quarter. Trade tensions subsided as the US signed further trade deals and held constructive talks with China, though the UK market underperformed due to stubbornly high inflation and concerns surrounding the upcoming Budget. The AIM market saw a 1.87% gain in the period but that included a large rise for the mining sector: most industry groups were in fact lower. The VCT’s NAV per Share declined by 0.49% to 66.91p. Aurrigo declined 27%, reversing much of its gain from the first half of the year. In August, the company warned that tariffs were impacting its Automotive division, and it had seen delays in its Autonomous airport vehicle programmes, causing a revenue shortfall. Subsequently, the company completed a large £13.8m fundraise at 45p per share including the introduction of a new lead investor. While this dilutes the VCT’s ownership percentage position, it strengthens Aurrigo’s longer term financial position. 1) To pay an annual dividend that represents 6% of the NAV per Share at the immediately preceding year end. 2) The VCT aims to buy back shares at a price that is approximately > 5% below (at a discount to) NAV per Share, subject to market conditions, availability liquidity and the maintenance of the Company’s VCT qualifying status. 3) Yield calculated using dividends paid for most recent full financial year, and NAV per Share at previous year end. 4) Excludes cash balances and treasury management holdings. 5) These costs are paid by the VCT and not directly by individual Shareholders, so their impact is reflected in the NAV total return performance. > This is a summary only, further detail is available in the VCT’s Annual and Interim Reports. Source: Maven Capital Partners, 17 November 2025. Investment management fee Secretarial/administration fee Performance incentive fee Cap on annual costs Software & technology is widely diversified by end market, including data analytics, enterprise software, electronics and fintech. Age of investment is determined by the date of the VCT’s first investment in each company. > 1.9% - Less than 1 year 27.3% - Between 1 and 3 years 14.0% - Between 3 and 5 years 56.8% - Greater than 5 years AGE PROFILE OF INVESTMENTS (BY VALUE) 4 Manager: Maven Capital Partners UK LLP 0141 306 7400 / enquiries@mavencp.com (Authorised and regulated by the FCA) Registrars: The City Partnership (UK) Limited 01484 240910 / registrars@city.uk.com TIDM: MRV ISIN: GB00B641BB82 Company Number: 04138683 Costs 5: Capped at 3.5% of NAV. Management Fee of 1.95% waived until April 2027. More positively, the largest gain came from Diaceutics which rose 22%, reporting strong growth in its first half results and continued demand for its pharma commercialisation solutions. Xeros Technology rallied after announcing a product launch agreement with a leading washing machine brand. Frontier Developments was buoyed by its share buyback programme and rallied through the launch of a major franchise video game: the new release has been well received in contrast to disappointing new games in recent years. SRT Marine was again strong as it continued to deliver its major marine intelligence contracts and reported record revenues for its full financial year. As part of the stated strategy, Maven began the process of rationalising the portfolio, with partial sales of SRT Marine and The Property Franchise Group after their recent gains and exiting the holding in Sosander . In addition, smaller sales were completed in Fusion Antibodies , Xeros Technology , and Polarean Imaging , which is considering delisting. OUTLOOK The Board have declared interim and special dividends totalling 5.00p per Share, paid in November from the VCT’s existing liquidity. As previously outlined in the 2025 Interim Report, the Manager intends to make further sales from the AIM portfolio and it is anticipated that the proceeds will be distributed to Shareholders through further dividends and potentially a tender offer on which the Board intends to consult Shareholders. We believe this strategy will protect value, return investors’ capital efficiently, and offers an exit for Shareholders seeking to realise their investment in full. At the same time, selective new investments will be completed under the existing investment policy, aiming to return the VCT to a steady growth path for Shareholders invested for the longer term. Maven and the Board continue to be available to answer your queries and hear the views of Shareholders.