Touch Ventures Limited (TVL)

Touch Ventures' current position is overwhelmingly dictated by its investment in Block, Inc., which constitutes the vast majority of its Net Tangible Assets (NTA). Consequently, the company's recent performance has mirrored the significant decline in Block's share price from its post-pandemic highs, leading to a sharp fall in TVL's own valuation. A key metric for investors is the company's share price relative to its reported NTA per share; TVL has consistently traded at a substantial discount to its NTA, reflecting market concerns about its concentrated portfolio, management fees, and lack of direct control over its primary asset.

The growth outlook for TVL is almost entirely dependent on a recovery in the Block, Inc. share price and a broader resurgence in the fintech sector. The primary catalyst for shareholder returns would be a significant appreciation of its Block holding. Strategically, the company's direction involves managing its existing portfolio and potentially providing follow-on funding. Future catalysts could include a liquidity event (like an IPO or trade sale) for one of its unlisted investments like Sendle, which would validate its investment thesis beyond Block and provide a non-correlated source of value.