Oryx International Growth Fund Releases Half-Yearly Results for September 2025

Because today’s RNS does not disclose any numbers, the market reaction will depend on what the full report shows. If the NAV performance, balance sheet and outlook are better than expected, the discount could narrow. If costs are higher, or holdings have struggled, the discount could widen.

What to focus on in the half-year numbers

When you open the PDF, here is a quick checklist to help you cut through the noise:

• NAV per share and total return – The core measure of performance. Compare to prior periods if disclosed in the report.
• Share price discount or premium to NAV – A key driver of sentiment. The report may include an average discount figure or commentary.
• Portfolio changes – Additions, disposals, and position sizing often reveal where conviction is rising or falling.
• Top holdings and sector exposure – Useful for understanding concentration risk and thematic bets.
• Gearing (borrowing) and cash levels – Leverage can amplify returns and risk. Look for any changes in facilities or covenants.
• Costs and ongoing charges – Pay attention to management fees, performance fees (if applicable), and overall cost discipline.
• Corporate actions – Any share buybacks, treasury share movements, or dividend updates, if applicable.
• Outlook and risk commentary – The qualitative section often matters as much as the numbers, especially around macro sensitivity.
• Subsequent events – Post-period movements can be material, particularly in fast-moving markets.

Potential share price drivers to watch

Without the figures in the RNS itself, here are the levers that typically move an investment company’s share price around a half-year update:

• Stronger-than-expected NAV performance – Can catalyse discount narrowing if the market had been cautious.
• Clear capital allocation signals – Buybacks, gearing adjustments, or portfolio rotations may be taken as confidence indicators.
• Costs and fee structure – Any reduction or tighter control tends to be well received.
• Manager’s outlook – A constructive outlook backed by evidence often matters more than macro headlines.
• Disclosure quality – Transparent, detailed reporting builds trust and can support the rating.

What the RNS did not disclose

To be clear, today’s RNS is just the release notice. It did not include:

• NAV per share or total return for the period
• Portfolio holdings, changes, or sector breakdown
• Any dividend declaration or buyback detail
• Gearing or cash levels
• Outlook commentary

All of the above, if provided, will be in the attached PDF and on the Company’s website once posted.

Quick reference: details confirmed in the RNS

Company	Oryx International Growth Fund Limited
Period covered	Six months ended 30 September 2025
Report type	Condensed Half-Yearly Results
Audit status	Unaudited
Publication date	10 December 2025
PDF link	RNS PDF – Half-Yearly Results
Company website	www.oryxinternationalgrowthfund.co.uk
Company Secretary	BNP Paribas S.A., Guernsey Branch
Enquiries	01481 750850

My take: neutral until we see the numbers

This is a straightforward housekeeping RNS: the results are out, but the market needs to read them to judge performance and positioning. I would call today’s news neutral in isolation.

What would shift that view? Positive surprises on NAV progress, disciplined costs, and a confident outlook would be constructive. Conversely, disappointing NAV development, higher charges, or cautious guidance could weigh on sentiment. The real substance is in the PDF – worth a careful read.

Next steps for investors

• Download and read the half-year report via the LSE PDF link.
• Check for any subsequent RNS that might summarise key figures or corporate actions.
• Compare the NAV trajectory and commentary with your thesis for the fund.
• If you need clarification, the Company Secretary contact provided is a useful starting point.

As ever, price moves around result days often reflect changes in expectations as much as the numbers themselves. The detail will decide whether the discount to NAV tightens, widens, or stays put.