Net Asset Values and Portfolio Updates

| Source: Downing FOUR VCT plc Downing FOUR VCT plc

Downing FOUR VCT plc (the “Company”)
LEI: 21380035MV1VRYEXPR95
Net Asset Values and Portfolio Updates
3 August 2021

The Company announces that the unaudited Net Asset Values (“NAVs”) of its Share Classes, as at 31 July 2021, were as follows:

 Unaudited
 31 July 2021
 Pence
Generalist Share pool 
Net Asset Value (“NAV”) per Generalist Share66.5
Cumulative distributions2.5
Total Return per Generalist Share69.0
  
Healthcare Share pool 
Net Asset Value (“NAV”) per Healthcare Share81.5
Cumulative distributions2.5
Total Return per Healthcare Share84.0
  
DSO D Share pool 
Net Asset Value (“NAV”) per DSO D Share10.0
Cumulative distributions94.5
Adjusted for Performance Incentive estimate(0.4)
Total Return per DSO D Share104.1
  
DP67 Share pool 
Net Asset Value (“NAV”) per DP67 Share19.5
Cumulative distributions (since original launch)67.8
Total Return per DP67 Share87.3


The unaudited Balance Sheet of the Company is shown below, followed by a summary of the portfolio of investments held by each Share Class.

UNAUDITED BALANCE SHEET
as at 31 July 2021


 		 Unaudited
31 July
2021		  Audited
31 March
2021
 £’000 £’000
Fixed assets    
Investments 44,016 40,743
Current assets    
Debtors 406 701
Cash at bank and in hand 6,970 6,986
  7,376 7,687
Creditors: amounts falling due within one year (457) (381)
Net current assets6,919 7,306
Net assets 50,935 48,049
     
Capital and reserves    
Called up Share capital  102 102
Other reserves 58 58
Special reserve 29,111 29,417
Share premium account 20,493 20,010
Funds held in respect of shares not yet allotted 346 241
Revaluation reserve 1,681 (1,143)
Capital reserve – realised 3,165 3,132
Revenue reserve (4,021) (3,768)
Total equity Shareholders’ funds 50,935 48,049
    

PORTFOLIO SUMMARIES

as at 31 July 2021

Generalist Share Pool 

Cost		 

Valuation		% of
net assets
Portfolio of investments (unaudited) £’000  £’000  
Venture Capital investments   
E-Fundamentals (Group) Limited 1,342  2,760 8.64%
Imagen Limited 1,000  2,020 6.33%
Virtual Class Limited (Third Space Learning) 1,053  1,833 5.74%
Rated People Limited 1,282  1,583 4.95%
Cornelis Networks, Inc. 1,402  1,294 4.05%
Streethub Limited (t/a Trouva) 1,208  1,273 3.98%
Firefly Learning Limited 1,047  1,047 3.28%
Ecstase Limited (t/a ADAY) 1,000  1,000 3.13%
Trinny London Limited 219  957 2.99%
Limitless Technology Limited 757  920 2.88%
FundingXchange Limited 1,050  786 2.46%
Hackajob Limited 784  784 2.45%
Congenica Limited 734  746 2.33%
Arecor Therapeutics plc^^ 418  743 2.32%
Ayar Labs, Inc. 764  720 2.25%
Parsable, Inc. 766  672 2.10%
Masters of Pie Limited 667  667 2.09%
Carbice Corporation 656  603 1.89%
Hummingbird Technologies Limited 750  535 1.67%
JRNI Limited 525  525 1.64%
Maverick Pubs (Holdings) Limited 1,000  450 1.41%
Fenkle Street LLP 301  388 1.21%
Cambridge Touch Technologies Limited 459  361 1.13%
Exonar Limited 550  358 1.12%
Destiny Pharma plc^^ 500  354 1.11%
Xupes Limited 933  291 0.91%
Channel Mum Limited 675  278 0.87%
Empiribox Holdings Limited 1,563  262 0.82%
FVRVS Limited (t/a Fundamental VR) 250  250 0.78%
Upp Technologies Group Limited (prev. Volo Commerce) 1,077  242 0.76%
Lineten Limited 400  209 0.65%
MIP Diagnostics Limited 200  200 0.63%
Lignia Wood Company Limited 1,778  -   0.00%
Live Better With Limited 1,211  -   0.00%
Ormsborough Limited 900  -   0.00%
Glownet Limited 741  -   0.00%
 29,962 25,111 78.57%
Liquidity investments   
Downing Strategic Micro-Cap Investment Trust plc^ 4,269  3,050 9.54%
MI Downing UK Micro-Cap Growth Fund 124  99 0.31%
  4,393  3,149 9.85%
 34,35528,26088.42%
Cash at bank and in hand 3,77311.80%
Other current assets (71)(0.22%)
Net assets  31,962 100.0%

^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM

Healthcare Share Pool  

Cost		 

Valuation		% of
net assets
Portfolio of investments (unaudited) £’000  £’000  
Venture Capital investments   
Arecor Therapeutics plc^^ 1,533  2,726 17.04%
GENinCode plc^^ 1,202  2,165 13.53%
Adaptix Limited 1,056  1,381 8.63%
Open Bionics Limited 1,000  1,379 8.61%
Congenica Limited 1,184  1,215 7.59%
Future Health Works Limited (t/a MyRecovery)  528  556 3.48%
The Electrospinning Company Limited 478  544 3.40%
Destiny Pharma plc^^ 750  530 3.31%
FVRVS Limited (t/a Fundamental VR) 500  500 3.13%
Invizius Limited 500  500 3.13%
DiA Imaging Analysis Limited 415  405 2.53%
Cambridge Respiratory Innovations Limited 400  400 2.50%
MIP Diagnostics Limited 200  200 1.25%
Live Better With Limited 1,106 -0.00%
 10,85212,501 78.13%
Liquidity Investments   
Downing Strategic Micro-Cap Investment Trust plc^ 729  520 3.25%
MI Downing UK Micro-Cap Growth Fund 40  32 0.20%
  769  552 3.45%
 11,62113,05381.58%
Cash at bank and in hand 2,87217.95%
Other current assets 750.47%
Net assets  16,000100.0%

^ listed and traded on the London Stock Exchange
^^ listed and traded on AIM

DSO D Share pool 

Cost		Valuation% of
net assets
Portfolio of investments (unaudited) £’000  £’000  
Venture Capital investments   
Fresh Green Power Limited 189  279 35.36%
Pearce and Saunders Limited 275  76 9.63%
Green Energy Production UK Limited 100  66 8.37%
Pearce and Saunders DevCo Limited 19  19 2.41%
  583  440 55.77%
Cash at bank and in hand  315 39.92%
Other current assets  34 4.31%
Net assets  789100.00%


DP67 Share pool 

Cost		Valuation% of
net assets
Portfolio of investments (unaudited) £’000  £’000  
Venture Capital investments   
Cadbury House Holdings Limited 1,409  791 36.22%
Gatewales Limited 343  745 34.11%
Fenkle Street LLP 405  727 33.29%
Yamuna Renewables Limited 400  -   0.00%
London City Shopping Centre Limited 99  -   0.00%
  2,656  2,263 103.62%
Cash at bank and in hand 10 0.46%
Other current assets (89)(4.08%)
Net assets  2,184100.00%