Oberon Investments Group plc. · AQUIS:OBE
Oberon Investments — Investor Presentation (October 2025)
25 slides from Oberon Investments's investor presentation, October 2025
Slide 1: TM Oberon UK Special Situations Fund & Smaller Companies Fund Q3 2025 Webinar Update
TM OBERON UK SPECIAL SITUATIONS FUND & TM OBERON UK SMALLER COMPANIES FUND OCT 2025 Q3 2025 Webinar Update OBR00256
Slide 2: Capital at risk. Past performance no guide to future
Capital at risk. Past performance no guide to future This material has been prepared by Oberon Investments Ltd and is authorised and regulated by the Financial Conduct Authority. This material is intended for investment professionals, not for retail or for onward dissemination. Fund literature can b
Slide 3: Richard Penny Long-term track record
Richard Penny Long-term track record Source: FE FundInfo, 10.1% p.a. Long –term track record includes the L&G UK Alpha Trust since 27/05/2005 to 31/12/2017 and the TM Oberon UK Special Situations Fund since 01/10/2018. These 7.8% p.a. figures refer to the past and past 6.6% p.a. performance is not a
Slide 4: Focus on recovery following Market Dips
Focus on recovery following Market Dips 80% 60% 40% Between 9 March 2009 (IA UK All Companies low) to 30 June 20% 2011 the L&G UK Alpha Trust returned 173% compared to 0% the IA UK Smaller Companies -20% return of 119% -40% -60% 60% 40% L&G UK Alpha Trust I Acc (67.4%) IA UK All Companies (10.3%) 20
Slide 5: Introduction
Introduction 5 TM Oberon UK Special Situations Fund TM Oberon UK Smaller Companies Fund Large-cap Extra Liquidity Small-cap 100% Small & Micro-cap Mid-cap Liquid Mid & Small-cap Fund Small & Micro-cap Fund Capital growth Capital growth Medium to high risk High to very high risk 2-5 years investment
Slide 6: UK discount at historic levels…companies buying back aggressively
UK discount at historic levels…companies buying back aggressiveky Sector-adjusted forward PE – UK, US & Europe UK discount vs. the US and Europe – Discount to US still large Companies buying back their shares have outperformed Source: Liberum as at 30/09/2024. Past performance is not a reliable indi
Slide 7: Small cap underperformance at historic levels = historic opportunity?
Small cap underperformance at historic levels = historic opportunity? UK Small cap vs Large cap performance during drawdowns and recoveries 200% 159% 150% 135% 123% 100% 88% 81% 71% 71% 64% 50% 41% 30% ? ? ? 0% -8% -50% -29% -32% -43% -38% -41% -40% -40% -71% -70% -100% -81% Dot-com bubble Post dot-
Slide 8: A significant proportion of AIM companies have become “uninvestable” for most
A significant proportion of AIM companies have become “uninvestable” for most 30% Most Funds will not 120% invest below £200m 26% (86% of AIM) 25% 100% 20% 80% 18% 15% 60% Over 45% of AIM stocks are below £20m market 10% cap…well below the 40% radar of most Funds 5% 20% 0% 0% Source: LSEG as of 30/0
Slide 9: TM Oberon UK Special Situations Fund: What is it?
TM Oberon UK Special Situations Fund: What is it? The fund seeks long-term capital growth through Performance bottom-up stock picking 50% 41.1% 37.6% Multi cap approach: Majority in small and mid-cap 40% sized companies 30% 25.8% 25.1% 16.4% 17.4% 20% 10.8% 9.6% Looking for company specific changes
Slide 10: TM Oberon UK Special Situations Fund
TM Oberon UK Special Situations Fund 10 Financials 6.8% Healthcare 11.8% Alpha Group Animalcare Prudential Arecor Therapeutics Creo Medical Inspecs Ondine Biomedical Defensive 11.2% Oxford Biodynamics Diageo Renalytix Imperial Brands Spire Healthcare Software / Technology 5.1% Domestic Cyclicals 7.7
Slide 11: SSP Group
SSP Group SSP Group SSP Group is a London-based multinational company specialising in operating food and beverage outlets in travel locations, such as airports and railway stations, across 37 countries SSP have leading positions in some of the most The TFS IPO was successfully completed in July 2025
Slide 12: Dr Martens
Dr Martens Dr Martens Dr. Martens, also known as Doc Martens, is a British footwear and clothing brand. Although most known for its footwear, it also makes a range of accessories, including clothing and bags “The first boot was born on 1 April 1960 in Wollaston, England, The new management team sign
Slide 13: Spire Healthcare
Spire Healthcare Spire Healthcare Spire Healthcare is a leading independent healthcare group in the United Kingdom. Delivering high standards of care to insured, self-pay and NHS patients, running 38 hospitals and over 50 clinics, medical centres and consulting rooms Spire Healthcare, a leading UK p
Slide 14: DF Capital
DF Capital DF Capital Distribution Finance Capital Holdings is a specialist commercial lending and personal savings bank DF Capital provides specialist lending products (e.g. Net interest margin remained strong at 7.9% through inventory finance) to original equipment manufacturers disciplined pricin
Slide 15: TM Oberon UK Smaller Companies Fund – what is it?
TM Oberon UK Smaller Companies Fund – what is it? Market Cap Breakdown Target distressed long-term growth sectors 3.3% 4.7% Opportunistic approach in 1000+ companies Distress: 19.2% Rescue rights 34.3% Forced sellers Index exclusion Small companies outperform broader UK market through the cycle Team
Slide 16: TM Oberon UK Smaller Companies Fund – performance
TM Oberon UK Smaller Companies Fund – performance Disc Yr Perf (%) Q3 2025 YTD 2025 2024 2023 Since launch TM Oberon UK Smaller Companies Fund B Acc 11.1% 21.9% 15.4% -5.6% 42.9% IA UK Smaller Companies Sector -0.3% 4.5% 6.7% 0.5% 19.1% Source: Source: FE as at 30/09/25 in GBP, income reinvested, ne
Slide 17: TruFin
TruFin Trufin Trufin is an operating company focused on providing software and niche lending solutions to thousands of businesses across the UK via their companies Oxygen and Satago. Trufin also owns mobile and console gaming company, Playstack TruFin is an operating company with holdings in However
Slide 18: DF Capital
DF Capital DF Capital Distribution Finance Capital Holdings is a specialist commercial lending and personal savings bank DF Capital provides specialist lending products (e.g. Net interest margin remained strong at 7.9% through inventory finance) to original equipment manufacturers disciplined pricin
Slide 19: Animalcare Group
Animalcare Group Animalcare Animalcare Group plc is a UK-based international veterinary company specialising in pharmaceutical products for companion, equine, and production animals Animalcare represents one of the better positioned Randlab has an extensive range of listed veterinary pharma companie
Slide 20: Eagle Eye
Eagle Eye Eagle Eye Eagle Eye Solutions Group is a UK-based Software-as-a-Service and artificial intelligence technology company that specialises in digital marketing and customer engagement solutions for retailers, travel, and hospitality brands Eagle Eye is an AI-powered loyalty and personalisatio
Slide 21: Conclusion
Conclusion Sell-off in UK small caps creates opportunities 2022-2025: Investor behavior is a repeat of previous downturns Low entry prices following institutional and retail sell-off Recovery in economy and risk appetite commonly drives big investment returns Richard Penny: Specific track record of
Slide 22: Questions
Questions OBERON 22
Slide 23: Contact Information
Contact Information Sam McArthur Distribution [email protected] [email protected] Oberon Investments Ltd 6 Duke Street St. James’s, 2nd Floor, London, SW1Y 6BN www.oberoninvestments.com 23
Slide 24: Biography - Richard Penny
Biography - Richard Penny Richard has been managing the TM Oberon UK Special Situations Fund and the TM Oberon UK Core Fund since 2018 and the TM Oberon UK Smaller Companies Fund since 2022. Richard previously worked at Legal & General Investment Management for 15 years where he managed the award-wi
Slide 25: Disclaimer
Disclaimer This material has been prepared by Oberon Investments Ltd and is authorised and regulated by the Financial Conduct Authority. This material is intended for investment professionals, not for retail or for onward dissemination. Fund literature can be found by searching for TM Oberon UK Smal
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