ARR

Aurora UK Alpha PLC

Financial Services First-pass screen £256m

550/1000 Overall fit

AI beneficiary 35% 35

Operating leverage 25% 70

Valuation 25% 60

Downside protection 15% 70

First-pass take

Portfolio shows strong operating leverage through airlines, housebuilders, and retail automation (e.g., Frasers warehouse automation driving cash generation). Traded at 9.1% discount to NAV with narrowing trend; active buybacks in place. Minimal AI exposure—CIO explicitly notes disruption risk limited for core holdings; only Lloyds (~12%) invests meaningfully in AI. 10-year track record underperforms benchmark by 17%.

Flags

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