UPDATE: On an NAV total return basis, OCI returned +24% in 2022, +4% in 2023, +2% in 2024, +6% in 2025, and +6% in the first half of 2026, making it one of the better-performing private equity trusts over the past three and five years. In the eighteen months since March 2025, it has bought back around 7% of its shares, but its discount to NAV has remained wide and averaged around 30% over the year to September 2026.

Oakley Capital Investments (ticker: OCI) is a private equity trust that was launched on the Alternative Investment Market in 2007 when it raised £100m. It moved to the Specialist ...