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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (10)
FY2026Next report expected 23 Oct 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueRealised 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 29What moved the margintailwindOngoing 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 12AndheadwindManagement fee fixed at £690,000 annually (0.58% of NAV) regardless of portfolio size, becoming relatively more burdensome as the portfolio shrinks through realisations
Monthly management fee of £57,500 (£690,000 annually) fixed under revised IMA from 1 January 2024
page 53What management saidMMI 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 3After the year endThe Company sold all its shares in De La Rue plc for £18,017,439 at £1.30/share following the takeover Scheme of Arrangement effective 2 July 2025; cash received 16 July 2025
page 54The dividendNo 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 7Going concern and the auditUnmodified (unqualified) audit opinion from KPMG Audit Limited. Directors adopted the going concern basis; net assets £116.2m and cash £10.9m considered sufficient, bolstered by £18m De La Rue proceeds received in July 2025. Key audit matters: (1) valuation of financial assets at FVTPL (91% of net assets, with unlisted investments 74.8% of net assets, valued via DCF/PWERM, NAV-based and sum-of-parts methods), and (2) going concern judgement given the 2021 continuation vote outcome and change in investment strategy. Audit materiality £2,300,000 (2.0% of net assets)
page 23The risks it names first- Portfolio concentration risk — activist strategy requires large stakes in a small number of investees, with concentration increasing as realisations proceed (MMI now dominant)p.10
- 'Key Man' risk — heavy reliance on Richard Bernstein's expertise, knowledge and networkp.10
- Underlying investment performance risk — investee company performance fluctuates due to factors beyond the Company's controlp.10
- Market risk — volatility in listed/unlisted security prices and values due to economic, political, and industry factorsp.10
Read from C000343-AR-2025-website.
- FY2022Year to 30 Jun 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 30 Jun 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 30 Jun 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 30 Jun 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 30 Jun 2018 Opens with a free accountThe report, its reading and its figures
- FY2017Year to 30 Jun 2017 Opens with a free accountThe report, its reading and its figures
- FY2016Year to 30 Jun 2016 Opens with a free accountThe report, its reading and its figures