Salter Brothers Emerging Companies Limited (ASX:SB2) has released its Investment Report and NTA Update for the month ending 31 October 2026, disclosing a pre-tax net tangible asset value per share of $0.727 and a post-tax NTA per share of $0.823, with total dividends of $0.08 per share.
Key Points
- Pre-tax NTA per share was $0.727 and post-tax NTA per share was $0.823 as at 31 October 2026
- Portfolio performance declined 7.59% for the one month to 31 October 2026, calculated net of management fees but before taxes, other fees and expenses
- Net Tangible Assets totalled $69.20 million, with a share price of $0.555 and a discount to NTA of 32.56%
- The portfolio held 37 companies, with 83.0% listed, 14.0% unlisted and 3.0% cash
- The largest sector weighting was Information Technology at 41.5%, followed by Industrials at 29.1%
NTA and Portfolio Summary as at 31 October 2026
According to the filing, Salter Brothers Emerging Companies reported a market capitalisation of $46.66 million and a share price of $0.555, representing a discount to NTA of 32.56%. The weighted average market capitalisation of the portfolio was $245 million. The annualised dividend per share was disclosed at 4 cents, with an annualised dividend yield of 7.21%. The portfolio's investment strategy was stated to be compliant with the emerging companies investment requirements of the Australian Significant Investor Visa regime for the period ending 31 October 2026.
Monthly Performance and Key Contributors and Detractors
The portfolio declined 7.59% during October 2026, with one-year performance recorded at -29.75% and since-inception performance at -1.99% per annum from the inception date of 27 May 2021. The top contributor for October was Asset Vision Co Ltd (ASX:ASV), which recorded an absolute price change of +11.1% and a weighted average price change of +0.34%. The largest detractor was Betr Entertainment Ltd (ASX:BBT), with an absolute price change of -25.7% and a weighted average price change of -2.39%. PYC Therapeutics Ltd (ASX:PYC) recorded an absolute price change of -29.9%, contributing a weighted average price change of -1.85%.
Top Five Holdings and Listed Portfolio Metrics
The filing disclosed the top five holdings as Wrkr Ltd (ASX:WRK), Ai-Media Technologies Ltd (ASX:AIM), Betr Entertainment Ltd (ASX:BBT), Alfabs Australia Ltd (ASX:AAL), and Camplify Holdings Ltd (ASX:CHL). Listed portfolio metrics, based on weighted averages adjusted for abnormalities and excluding loss-making entities, showed an FY26A EV/EBITDA of 7.4x and a price-to-earnings ratio of 11.1x. FY26A revenue growth was recorded at 11%, with an EBITDA margin of 7%. All metrics were stated to reflect SB2 forecasts as at 31 October 2026.



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