Ocean Wilsons Holdings reported H123 revenue of $229.7m, up c 9%, and a flat operating profit of $54.7m, implying that costs rose in line with the increase in revenue. The investment portfolio reported a net return of $11.2m, which contributed to a $5.8m increase in the portfolio asset value. Overall, group net assets increased by $19.8m to $773.9m. At 30 June, the implied NAV per share of Ocean Wilsons stood at £22.10, a c 57% discount. Ocean Wilsons is increasingly confident that investment stories outside the US look interesting and that the fundamentals for towage, container handling and energy-related activity are positive. We are currently updating our model following the H123 results and note that the group is undertaking a strategic review involving its investment in Wilson Sons (Ocean Wilsons owns 57% of the shares).