Agronomics Ltd (ANIC) · 2026-11-11

Portfolio Update

Agronomics Ltd reported regulatory and commercial progress at two of its larger holdings: Formo received an FDA “no questions” letter for Enhanced Casein, a position carried at about 6.7% of NAV, while Clean Food Group launched CLEANOil™ in skincare, with a carrying value of about 5.0% of NAV. The Formo letter covers specified cheese analog uses and is not product approval.

Agronomics Limited (ANIC) · 2026-06-25

Portfolio company Tropic acquires Rahan Meristem

Tropic has bought Rahan Meristem for US$20 million, adding a business that can propagate more than 30 million plants a year. Agronomics values its Tropic holding at about £2.2 million, or 1.6% of NAV.