Crystal Amber Fund Limited
Crystal Amber Fund Limited is a Guernsey-incorporated, AIM-listed closed-ended activist investment fund that takes significant stakes in undervalued companies and engages with management to unlock value. Since March 2022 its strategy has shifted to realising and returning capital to shareholders rather than making new investments, and its portfolio is now concentrated in Morphic Medical Inc (MMI), a private medical device company, plus a residual stake in Sutton Harbour Group following the 2025 cash exit from De La Rue plc.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 16 Oct 2025 · 62 pages · Company website
Crystal Amber Fund is an investment fund that takes large stakes in companies and is now selling its holdings to return cash to shareholders, so it has no sales. For the year to 30 June 2025 it made a loss of £1.4m, against a profit of £57.3m the year before. Its assets per share still rose in value, to 178.39p from 173.90p. The report says a gain from selling its stake in De La Rue, which was taken over, was outweighed by losses on its largest holding, Morphic Medical, a private medical device company valued in US dollars, including exchange rate losses.
Cash at the year end was £10.9m, up from £2.3m, and the fund has no borrowings. It spent £8.9m buying back its own shares and paid no dividend.
Morphic Medical is recruiting patients for a trial needed for US approval and is talking to potential investors. The board is consulting larger shareholders on the fund's future. The auditors raised no concerns, but the report warns that the fund depends heavily on this one hard-to-value holding and on one key manager.
Realised and unrealised gains on equity/debt investments at FVTPL (the fund has no trading revenue)
Net gains on financial assets at FVTPL of £4,833,486 in the year, driven by De La Rue realised gains and MMI fair value movements
page 29Ongoing charges ratio reduced to 1.26% (2024: 1.50%) as management fee and expenses declined relative to average NAV
Ongoing charges ratio table: annualised ongoing expenses £1,568,265 / weighted average NAV £123,992,059 = 1.26%
page 12MMI continues to recruit patients for its FDA fast track approved pivotal study; the US weight-loss device market is estimated to reach US$8.5bn by 2032 and FDA approval should significantly enhance the value of the Fund's investment in MMI
page 3No dividends were declared or paid during the year (2024: nil). Following material realisations, the Company intends to return cash to shareholders using tax-efficient means such as the new B Share Scheme approved 28 October 2024 or continued share buybacks, as appropriate. Historically dividends were declared twice yearly; since the March 2022 strategy change, returns have been via buybacks funded by realisations
page 711 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 161 confirmed, 3 differ.
No figure has been restated: every figure a later report printed again, it printed the same.