EDV

Endeavour Mining PLC

Basic Resources First-pass screen £10.7bn

140/1000 Overall fit

AI beneficiary 35% 5

Operating leverage 25% 12

Valuation 25% 22

Downside protection 15% 28

First-pass take

VCT portfolio fund with zero AI/ML exposure or strategy—focus is small-cap venture investments spanning sports, health clubs, and commodity software. NAV down 16% YoY; portfolio valued 31% below cost with 28 companies, three failures in 2002 alone.

Flags

no-ai-exposurevc-fund-not-operatorloss-makingilliquidstale-document-2003cyclical-high-riskportfolio-failuresnav-erosion