TMT

Tmt Investments PLC

Financial Services First-pass screen £56m

360/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 15

Valuation 25% 60

Downside protection 15% 45

First-pass take

TMT is a venture capital fund, not an operating business. Portfolio companies include some AI exposure (Scale AI), but TMT itself has no AI revenue. The 50+ diversified portfolio (Data, Software, Mobility, FinTech) means no operating leverage. Shares trade at 63% NAV discount, reflecting illiquid holdings; portfolio suffered 9 write-downs vs. 7 revaluations in 2025.

Flags

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