Mobius Investment Trust’s 2025 results: steady NAV, big redemption, and a wider discount
Mobius Investment Trust (MMIT) has published audited results for the year to 30 November 2025. It was a mixed year: NAV crept higher, the share price lagged, and nearly half the register took up the triennial redemption. There’s also a changing of the guard at the top.
Here’s what stood out – and what it means if you hold the shares or are eyeing the current discount.
Performance vs the benchmark: the gap widened
MMIT’s NAV per share total return was +6.9% for the year, while the share price total return was +3.2%. The comparator, the MSCI Emerging Markets Mid Cap Index (sterling), returned +21.9%.
The reason, in plain English: markets favoured mega-caps, value and defence-linked names, plus a China tech rebound – areas MMIT largely avoids. The trust is deliberately skewed to quality small/mid-caps and software/IT services, which lagged. That style headwind did the damage.
- NAV per share rose to 158.7p (from 150.4p).
- Share price ended at 140.5p (from 138.0p).
- Discount widened to 11.5% (from 8.2%) and has since moved to 12.2% as at 3 March 2026.
Since launch (1 October 2018), annualised NAV total return is 7.5% vs 6.4% for the comparator. As at 3 March 2026, NAV TR since inception was 72.5% vs 69.8% for the index.
That 43.1% redemption: what happened and why it matters
MMIT’s triennial 100% redemption facility saw a much higher than expected take-up: 49,729,629 shares were redeemed and cancelled on 1 December 2025, equal to 43.1% of the then-issued capital. Post-event, 65,690,707 shares remain in issue.
The Board links the scale to the shareholder mix at the time – including discount-focused, shorter-term investors. Large redemptions often leave discounts volatile for a while and they lift the ongoing charges ratio (fixed costs spread over fewer assets). The Board is trimming costs and has proposed moving the redemption cycle to every two years, with the next in 2027.
Dividend held; costs stable (for now)
MMIT made a revenue profit and is recommending a final dividend of 1.7p per share (same as last year). If approved, it will be paid on 1 May 2026 to shareholders on the register on 7 April 2026 (ex-dividend 2 April 2026).
The ongoing charges ratio was 1.4% (unchanged), but management flags upward pressure after the redemption. The Board is switching administration and company secretarial services from Frostrow to Apex with effect from 26 May 2026 to secure savings.
Portfolio positioning: tech-heavy, Asia-led, quality-first
As at 30 November 2025, the portfolio had 24 holdings across 9 countries and was 93.6% invested. The biggest country weights were Taiwan (23.5%), India (22.2%) and South Korea (18.4%). Sector-wise, technology dominated at 51.7%, followed by financials (10.1%) and healthcare (9.5%).
Top contributors over the year included Taiwan’s Elite Material (+4.8% to NAV), Chroma ATE (+3.2%) and Korea’s LEENO Industrial (+3.2%). Detractors were E Ink (-2.3%), EPAM Systems (-1.6%) and Bluebik (-1.6%), with Bluebik exited after a thesis change.
Turnover was 28% (well above the long-term target of below 10%), reflecting unusual volatility and “Liberation Day” dislocations that the manager traded around.
Key numbers at a glance
| Metric | 2025 | 2024 |
|---|---|---|
| NAV per share | 158.7p | 150.4p |
| Share price | 140.5p | 138.0p |
| Discount to NAV | 11.5% | 8.2% |
| NAV total return | +6.9% | +5.2% |
| Share price total return | +3.2% | +5.1% |
| Comparator (MSCI EM Mid Cap TR) | +21.9% | +6.6% |
| Ongoing charges | 1.4% | 1.4% |
| Final dividend | 1.7p | 1.7p |
| Total net assets | £183.1 million | £173.6 million |
| Holdings | 24 | — |
Governance and housekeeping: new Chair, new director, new administrator
- Chair transition: Maria Luisa Cicognani will step down after the AGM; Gyula Schuch will become Chair.
- Board refresh: Diana Dyer Bartlett (joined March 2025) chairs Audit; Sophie Wright joins on 1 April 2026 and will chair Management Engagement and Remuneration after the AGM.
- Service providers: Apex Group to take over administration and company secretarial services from 26 May 2026.
AGM is at 12.00 noon on Monday, 13 April 2026 in London. Resolutions include standard share issuance/buyback authorities and a proposal to amend Articles to shift the redemption facility to every two years and to add contingency provisions if a meeting leaves the Company with too few directors.
Manager’s outlook: quality catch-up potential in EMs
The manager argues the underperformance is cyclical, not structural. Many holdings have delivered resilient earnings, but prices didn’t follow amid macro jitters and delayed IT spend. They highlight attractive EM valuations versus developed markets, a weaker USD in 2025 (with potential continuation), and the prospect of Fed cuts providing a tailwind. The team remains most constructive on Taiwan, South Korea and India, while remaining cautious on China absent stronger domestic support.
Josh’s take: the good, the bad, and what to watch
Positives
- Clear style explanation: quality SMIDs lagged as mega-caps and value led – that’s a known, cyclical pattern.
- Fundamentals intact: consensus sees robust medium-term EPS growth across holdings; balance sheets look sound.
- Active discipline: high turnover in a volatile year to protect and add; several profitable stock-specific wins.
- Discount opportunity: a double-digit discount with no gearing provides upside if style tailwinds return or the Board tightens capital.
Negatives
- Big benchmark miss: +6.9% vs +21.9% will test patience, and the discount widened as a result.
- 43.1% redemption: signals a restive register and drives the OCR up unless costs fall further and assets grow.
- Tech/software tilt: if IT spending recovery slips again, relative returns could remain muted.
- Buybacks stance: the Board still isn’t keen; without buybacks, the discount may remain volatile.
What to watch next
- AGM votes on biennial redemptions and Articles changes.
- Discount behaviour and any shift in the Board’s approach to buybacks.
- Evidence of the IT spend rebound into 2026 and earnings delivery from core tech holdings.
- Cost trajectory post the move to Apex and overall OCR after the redemption.
- NAV progress vs the EM mid-cap index as style leadership evolves.
Bottom line
MMIT’s year was defined by style headwinds and a chunky redemption, not by cracking stock blow-ups. If you buy the manager’s quality-and-engagement approach, a 12%-ish discount with no gearing and a tech-tilted, Asia-heavy portfolio could be a decent way to play a broadening EM recovery. If you need tight discount control or index-like outcomes, this isn’t that – by design.
