Fund commentary
The WH Ireland AIM MPS returned 4.16% in July 2026, taking its year to date return to 3.99% and outperforming the relatively flat UK AIM Index. All figures are presented in GBP.
During July 2026, UK equity markets remained resilient, with the FTSE 100 trading close to record levels. Large cap UK equities benefited from strength across financials, energy and mining, while attractive valuations and international earnings exposure continued to support investor demand. The UK smaller company market remained subdued, with the FTSE AIM All Share broadly unchanged over the month, reflecting ongoing challenges around liquidity, investor appetite and access to capital for smaller growth companies. The UK macro backdrop remained mixed. Inflation continued to moderate, though renewed energy price pressures and geopolitical uncertainty remained risks to the outlook. The Bank of England held Bank Rate at 3.75%, while markets continued assessing the timing and pace of future easing. Activity showed signs of stabilisation, though the domestic growth outlook stayed relatively subdued.
At the portfolio level, Avingtrans, IG Design and Tristel were the strongest contributors. RWS also performed well, rallying more than 35%, while Focusrite rose approximately 11%. These gains more than offset weakness among Bioventix, Judges Scientific and Craneware, the main detractors during the month.
Tristel delivered another strong FY2026, with revenue up 10% to £51.1m, in line with management’s long term objective of double digit annual growth. Adjusted profit before tax rose 14% to at least £11.5m, marginally ahead of expectations, indicating continued operating leverage. The company maintained an adjusted EBITDA margin comfortably above its 25% target, showing growth without compromising profitability. The balance sheet remains a strength, with Tristel debt free and cash balances up to £16.0m from £12.8m a year earlier, providing flexibility to support further investment and overseas expansion. The update reinforces our positive view of Tristel, with consistent execution, strong cash generation and a robust balance sheet supporting its long term international growth opportunity.
Craneware delivered a disappointing FY26 trading update, with revenue of US$205m–US$208m and Adjusted EBITDA of US$65m–US$67m expected broadly flat year on year and below prior expectations. The shortfall was driven mainly by slower than anticipated conversion of 340B opportunities into recognised revenue, as manufacturers expanded restrictions on certain 340B priced medicines, together with deferral of several enterprise contracts into FY27. Customer retention, underlying demand and cash generation remained strong, while Craneware continues to identify substantial 340B opportunities, with approximately US$500m of qualifying drug purchases outstanding. Management views the weakness as primarily a timing issue rather than a deterioration in the underlying opportunity. We view the update as a near term setback rather than a fundamental deterioration in the investment case, though the pace of 340B conversion and delivery of deferred contracts will be important catalysts for recovery in FY27.
We continue to see potential for active stock selection to add value within the UK smaller company market, particularly where company specific fundamentals remain strong despite a challenging broader environment.
Monthly data as at: 31/07/2026.
