Molten Ventures reported a c 11% decline in NAV per share to 837p in H123 versus FY22, broadly in line with its trading update in early November. Its gross portfolio value was down 17% in constant currency, partially offset by a 5% positive foreign exchange impact from a stronger US dollar. While the enterprise values (EVs) of its portfolio holdings were marked down on average by c 35% (primarily in response to the softening valuations across public equities year-to-date), we note that the portfolio was more resilient than the broader IT market on the back of exposure to disruptive tech, including enterprise software. On top of that, the impact on Molten’s NAV was partially offset by 90% of its investments being structured as preference shares. The company invested £112m in H123 but plans a slower pace in H223 and targets £150m for FY23.