Molten Ventures - GROW - Share Chat

I think your post is very reasonable. GROW is not an investment trust and therefore I don’t view its value equal the sum total of the valuations of the companies it has in its portfolio. Thus, the term ‘discount’ used by the poster you are responding** to is an inappropriate term here.

In fact the venture capital model assumes most of its investments don’t pull through. The hope is that just a few of the investments make so much of a difference that they ‘wipe out’, and then some more, the losses of the others.

** I see the person has now deleted his post.

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hey @Ogwoo

No need to delete your post; I used to think the same as you when I first invested in Molten Ventures (Draper Esprit as it was then).

Investing, like anything else, is a journey of understanding and learning.

I’m still very much a novice compared to many on here.

All the best



This went up around 25% in the last day or so - anyone know why?

No idea, but I won’t be getting too excited yet.

See the price chart - a downward trend with a few 20%+ uplifts along the way.

I won’t be interested until it hits the 400p mark

Thanks all, appreciate the comments! Didn’t delete due to that, rather I wanted to change how my name was appearing :joy:.


Becoming interesting? :smiley:


Getting there. It’s on an open Google Finance tab on my laptop, along with a couple of others.

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Huge down move this morning. Keep track of the news if you’ve got this in the portfolio

Several of their portfolio companies bank with Silicon valley bank.


Some interesting points made

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I thought this was Freetrades graphs being buggy at market close, but there’s hope for a nice SP rise into the close


Molten shares rallied more than 6%, or 14p, to 240p yesterday after the company said in a full-year trading update that its total portfolio value at 31 March was expected to have been £1.377bn, up from £1.299bn a year ago.

However, the company guided investors to expect net asset value (NAV) excluding debt of 661p per share, a 15.2% decline over the year and a 10.1% drop in the second half.

This leaves the shares 64% below NAV, the widest discount among listed growth capital funds where the average discount is currently 38%.

That’s quite some NAV discount…


Yikes! There may be money to be made but such a wide discount always rings alarm bells for me.

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I guess when most of their holdings aren’t listed the NAV doesn’t actually mean all that much.


:scream: What are you suggesting about the good and honest profession that is accounting!??!

But I am having the same thoughts as you though but with regards to my holdings in HydrogenOne Capital Fund HGEN which is also heavily down against its NAV.


These sorts of esoteric trusts are rarely a good idea.

I try to remind myself of this every time I get a bright idea about investing in narrow trusts covering helium, hydrogen, song royalties, forests and so on.

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I’m still holding a bunch of shares in this, hopeful that the NAV discount makes them attractive to a bigger fish.

Measuring NAV of private illiquid startups is a black box. For example, in their latest report, Molten value their stake in Graphcore at £21M, whereas Sequoia completely wrote off their stake in Graphcore in 2023.


Something similar happened with AVI taking a relatively big stake in CHRY recently.

As you rightly say, the issue with private equity is the veracity of valuations.

I hold a couple of private equity trusts and I like to see them realising investments, which gives me some confidence in their valuation processes.

From the oak Bloke

I assume this is the company that this thread is about?


Not read

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