Title: URL Source: https://is.gd/ix7HdJ Published Time: Wed, 25 Jun 2025 10:22:15 GMT Markdown Content: 1 # Castelnau Group Limited (CGL) – April 2025 # Share Price: £0.81 # Market Cap: £269.3m Data as of 30 April 2025 # Net Asset Value: £1.00 Discount: 19% Portfolio Position 30 April 2025 (%) Investment Performance In April, the NAV was down 0.2%, while the share price was down 8.5%, compared to the FTSE All-Share (incl. dividends), which was down 0.2%. Portfolio Valuation There were no significant movements in the portfolio. Portfolio Update Castelnau Group released its Q1 2025 report, which can be found here Hornby completed its delisting from the London Stock Exchange on 10 April and has re-registered as a private company. An exchange facility provided by Castelnau to allow Hornby shareholders to exchange their Hornby shares for Castelnau shares concludes on 9 May. Silverwood Brands announced on 3 April that its products will be made available in Boots stores, a press release can be found here . Castelnau Group Track Record Performance NAV Return % Share Price Total Return** % All-Share Index ** % Relative NAV to ASX % 2025 (to 30 April) 2.1% -14.4% 4.2% -2.2% 2024 35.4% 24.5% 9.5% 25.9% 2023 -3.3% 9.4% 7.9% -11.2% 2022 -19.8% -34.6% 0.3% -20.2% 2021 * -6.5% 5.5% 2.5% -9.0% Cumulative* 0.3% -19.5% 26.7% -26.4% Valderrama (Dignity) 83.4 Hornby 4.2 Cambium 3. 2 Others <3% 9.1 Cash Balance 0.1 * From 18th October 2021. ** Share price return with dividends reinvested; All Share Index returns with dividends reinvested. Past performance is not a reliable indicator of future performance. 2 Castelnau Group Share Price & NAV per Share – 30 April 2025 Past performance is not a reliable indicator of future performance. Source: Bloomberg, Phoenix Asset Management Partners Limited Net Asset Value Table – 30 April 2025 Asset £m Valderrama (Dignity) 350.6 Hornby 17.8 Cambium 13.4 Ocula 5.7 Silverwood 5.6 Rawnet 1.5 Phoenix SG (Stanley Gibbons Baldwins) 0.9 Iona Star 1.0 Showpiece 0.0 Total Equities 396.4 Loans to portfolio companies 23. 9 CGSL -0.1 Cash 0. 3 GAV 420. 5 Accrued Liabilities -87.0 NAV 33 3.5 Source: Phoenix Asset Management Partners Limited The Investment Manager does not believe a potential tax charge would arise on the realisation of the fair value gains set out in this report. 3 Investment Objective The Company’s investment objective is to compound Shareholder’s capital at a higher rate of return than the FTSE All Share Total Return Index over the long term. The Company will seek to achieve a high rate of compound return over the long term by carefully selecting investments using a thorough and objective research process and paying a price which provides a material margin of safety against permanent loss of capital, but also a favourable range of outcomes. The Company will follow a high conviction investment strategy. The expertise and processes developed by the Investment Manager can be applied to all parts of the capital structure of a business, both private and publicly quoted. These positions could be represented by a minority stake, a control position combined with operational involvement, full ownership of a company, a joint venture, a loan or convertible instrument, a short position or any other instrument which allows the Company to access value. Target Market An investment in CGL involves a high degree of risk, including the risk that the entire amount invested may be lost. Buying a concentrate d portfolio of both listed and unlisted companies can result in above average volatility. Investors should therefore be open to some risk and volatility. There can be a long lag between us making an investment and its value being reflected, so CGL is intend ed for investors with a long -term investment horizon. Although investors can sell shares on any day, if your horizon is short-term then our approach may not be a suitable home for your money. CGL is intended for professional clients and “sophisticated” or “High Net Worth” retail investors, those considered as “advanced”, but is not suitable for retail investors with only basic knowledge of investments. Contact Phoenix Asset Management Partners Ltd 64 – 66 Glentham Road London SW13 9JJ Tel: +44 (0) 208 600 0100 Fund Manager since 18 October 2021 Email: info@castelnaugroup.com Portfolio Manager: Gary Channon Listing: Specialist Fund Segment, London Stock Exchange Inception Date: 18 October 2021 ISIN: GG00BMWWJM28 Bloomberg: CGL Fees Management: None Performance: In order for the Investment Manager to earn a performance fee, the total NAV return must have outperformed the FTSE All Share Total Return Index over a 3-year period. The performance fee will be equal to one-third of outperformance and will be paid in Castelnau Group shares. Regulatory Notice: This advertisement is issued by Phoenix Asset Management Partners Limited (PAMP), registered office 64 -66 Glentham Road London SW13 9JJ, Company number 03514660. Authorised and regulated in the UK by the Financial Conduct Authority. This advertisement is directed only at professional investors and ‘high net worth’ or ‘sophisticated’ retail investors. Castelnau Group Limited (“CGL”) is a Guernsey closed-ended company listed on the Specialist Fund Segment of the London Stock Exchange. Shares traded on a stock market will fluctuate in accordance with supply and demand and may not reflect the underlying net asset value of the shares. The value of investments and any income from them may go down as well as up and investors may not get back the amount invested. There can be no assurance that CGL’s investment objective will be achieved and investment results may vary substantially over time. Past performance is not a reliable indicator of future performance. This advertisement is for information purposes only and does not constitute an offer or invitation to purchase shares in CGL. The information contained within this advertisement has been obtained from sources believed to be reliable and accurate at the time of issue. Prospective investors should not rely upon this document for tax, accounting or legal advice and should consult their own advisors prior to making any investment. The Offering memorandum and other regulatory documents can be found at can be found at: www.castelnaugroup.com