Georgia Capital · Research Desk ● Daily NAV

Daily NAV — Portfolio Overview

NAV, allocation & dynamics from the daily statement
report date 21 July 2026 · generated 22 Jul 2026
Net Asset Value
£1,658.7m
+1.3% vs 20 July 2026
NAV per share
£50.26
+1.3% day · +14.7% YTD (GEL)
CGEO share price
£40.25
+0.4% vs 20 July 2026
Discount to NAV
-19.9%
-0.7 pp day
Portfolio £1,554.9m + net cash £103.8m = NAV £1,658.7m QTD +1.3% · YTD +14.7% NAV/share growth (GEL) Reporting currency GBP

01 Portfolio allocation

Fair value by portfolio company as of 21 July 2026. Listed at market; private at book value attributable to GCAP.

Lion Finance Group (BGEO): £740.1m (47.6%) Georgia Healthcare (GHG): £549.8m (35.4%) P&C Insurance: £111.5m (7.2%) Education: £63.7m (4.1%) Renewable Energy: £42.5m (2.7%) Other: £27.4m (1.8%) Beverage: £16.0m (1.0%) Hospitality: £3.9m (0.3%) Portfolio £1,555m
Lion Finance Group (BGEO)£740.1m47.6%
Georgia Healthcare (GHG)£549.8m35.4%
P&C Insurance£111.5m7.2%
Education£63.7m4.1%
Renewable Energy£42.5m2.7%
Other£27.4m1.8%
Beverage£16.0m1.0%
Hospitality£3.9m0.3%
Listed 48% · £740.1m Private 52% · £814.8m

02 NAV dynamics

Month-end levels, Dec 2025 → 21 July 2026. Hover the dots for exact values.

Net Asset Value (£m)
Dec 2025: £1,410.6mJan 2026: £1,469.7mFeb 2026: £1,593.8mMar 2026: £1,431.5mApr 2026: £1,548.9mMay 2026: £1,578.3mJun 2026: £1,620.3m21 Jul 2026: £1,658.7m£1,376m£1,455m£1,535m£1,614m£1,693mDecJanFebMarAprMayJun21
NAV per share (£)
Dec 2025: £42.00Jan 2026: £43.67Feb 2026: £47.40Mar 2026: £43.02Apr 2026: £46.77May 2026: £47.87Jun 2026: £48.9821 Jul 2026: £50.26£40.85£43.49£46.13£48.77£51.41DecJanFebMarAprMayJun21

03 Long-run NAV history

Year-end levels since 2020. Growth is the year-on-year change in NAV per share (GBP); discount compares the CGEO share price with NAV per share.

Period endNAVNAV / shareGrowth (GBP)Discount to NAV
Dec 2020£496.8m£10.81——
Dec 2021£691.2m£15.11+39.8%—
Dec 2022£848.0m£19.73+30.6%—
Dec 2023£982.8m£24.13+22.3%—
Dec 2024£1,013.2m£26.94+11.7%-55.5%
Dec 2025£1,410.6m£42.00+55.9%-26.2%
21 Jul 2026£1,658.7m£50.26+19.6%-19.9%

04 Recent months & annualised returns

Month-by-month detail alongside annualised total return in GBP, per the daily NAV statement.

Month endNAVNAV/shMoMPriceDisc.
Dec 2025£1,410.6m£42.00—£31.00-26.2%
Jan 2026£1,469.7m£43.67+4.0%£33.75-22.7%
Feb 2026£1,593.8m£47.40+8.5%£37.25-21.4%
Mar 2026£1,431.5m£43.02-9.3%£36.30-15.6%
Apr 2026£1,548.9m£46.77+8.7%£39.20-16.2%
May 2026£1,578.3m£47.87+2.4%£42.05-12.2%
Jun 2026£1,620.3m£48.98+2.3%£41.80-14.6%
21 Jul 2026£1,658.7m£50.26+2.6%£40.25-19.9%
1 Yr3 Yr p.a.5 Yr p.a.Since inc.
NAV per share+42.7%+30.3%+31.0%+19.5%
Share price+88.5%+64.9%+45.4%+17.1%

05 PFIC monitor — Jun-26 estimate

Estimated share of passive assets in total assets under the US PFIC asset test. The classification threshold is 50% — headroom is currently 0.7 pp.

PFIC passive asset share · period-end estimate
49.3% of 50% threshold
0%50% threshold100%
54.2% w/o goodwill & bond → -4.9 pp goodwill at market → 49.3% period-end
Passive asset compositionGEL m% of assets
Lion Finance Group stake2,61239.1%
Other passive assets67810.1%
Total passive assets3,29049.3%
Total assets (incl. goodwill at market)6,678100.0%
PFIC passive asset share — daily estimates
50% PFIC threshold23 Jun: 48.6%24 Jun: 48.8%25 Jun: 48.0%26 Jun: 48.0%29 Jun: 48.3%30 Jun: 47.1%1 Jul: 46.1%2 Jul: 45.1%3 Jul: 45.9%6 Jul: 46.2%7 Jul: 45.7%8 Jul: 46.3%9 Jul: 47.1%10 Jul: 47.1%13 Jul: 46.0%14 Jul: 45.9%15 Jul: 46.5%16 Jul: 48.0%17 Jul: 48.7%20 Jul: 48.3%21 Jul: 49.3%44%46%48%49%51%23 Jun25 Jun29 Jun1 Jul3 Jul7 Jul9 Jul13 Jul15 Jul17 Jul21 Jul
Daily period-end estimates from consecutive NAV statements (23 Jun → 21 Jul 2026), all on the Jun-26 balance-sheet base — day-to-day movement reflects market prices (LFG stake vs market cap). Range over the period: 45.1% (2 Jul) to 49.3% (21 Jul).