Oryx International Growth Fund : Half-Yearly Financial Report for the six month period ended 30 September 2021

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Half-Yearly Financial Report

for the six month period ended 30 September 2021

Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2021

Contents

Half-Yearly Board Report
- Performance Summary and Dividend History	1
-	Chairman's Statement	2
-	Executive Summary	3
Board Members	6
Investment Adviser's Report	8
Ten Largest Holdings	10
Statement of Directors' Responsibilities	15
Condensed Statement of Comprehensive Income	16
Condensed Statement of Financial Position	17
Condensed Statement of Changes in Shareholders' Equity	18
Condensed Statement of Cash Flows	19
Notes to the Condensed Financial Statements	20
Alternative Performance Measures	33
Company Information	Inside back cover

Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2021

Half-Yearly Board Report

Performance Summary and Dividend History

Performance summary

(£ in millions, except per share data and the number of	At	At
Ordinary Shares in issue)	30 September 2021	31 March 2021
Number of Ordinary Shares in issue	14,025,000	14,025,000
Net Asset Value ("NAV") attributable to shareholders
- Ordinary Shares	262.80	230.31
Investments	257.71	225.87
Cash and cash equivalents	5.52	5.78
NAV per share attributable to shareholders
- Ordinary Shares	18.74	16.42
Share Price	18.00	14.90
Discount to NAV	(3.95)%	(9.26)%
Earnings per share1	2.32	7.60

Dividend history

No Ordinary Share dividend was declared during the period.

• - The earnings per share of £2.32 relates to the six-month period ended 30 September 2021 whereas the earnings per share of £7.60 relates to the financial year ended 31 March 2021.

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Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2021

Half-Yearly Board Report (continued) Chairman's Statement

Since the annual report and financial statements were published in July 2021, I am pleased to report another successful period with the NAV of the Oryx International Growth Fund Limited (the "Company") rising another 14.13% to £18.74 for the six month period ended 30th September 2021. Likewise, we have seen a narrowing of the discount so that the share price rose during the period by £3.10; a rise of 20.81%.

As you will see from the Investment Adviser's Report and the description of the top ten holdings, the investments of the Company continue to perform well. In the current uncertain climate with new Covid-19 variants now in circulation and stock markets skittish, it is difficult to make any firm predictions other than to reiterate that the Company is invested in well run businesses with good management and excellent prospects for value creation; an investment philosophy that has served so well in the past and will in the future.

Nigel Cayzer

Chairman

16 December 2021

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Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2021

Half-Yearly Board Report (continued) Executive Summary

This Executive Summary is designed to provide information about Company's business and results for the six month period ended 30 September 2021. It should be read in conjunction with the Chairman's Statement on page 2 and the Investment Adviser's Report on page 8 which give a detailed review of investment activities for the period and an outlook for the future.

Corporate summary

The Company is a Guernsey Authorised Closed-Ended Collective Investment Scheme pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended, and the Authorised Closed Ended Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission. It was incorporated and registered with limited liability in Guernsey on 2 December 1994, with registration number 28917. The Company has a premium listing on the Main Market of the London Stock Exchange.

The Company's share capital is denominated in Sterling and each Ordinary Share carries equal voting rights.

The investment manager and investment adviser was Harwood Capital Management (Gibraltar) Limited (the "Investment Manager" and the "Investment Adviser") during the six month period ended

30 September 2021.

Harwood Capital Management (Gibraltar) Limited is an authorised manager by the

Gibraltar Financial Services Commission as a small scheme funds to manage Alternative Investment Funds under the Alternative Investment Managers Regulations 2013.

Investment objective

The investment objective of the Company is to seek to generate consistently high absolute returns whilst maintaining a low level of risk for shareholders.

Investment policy

The Company principally invests in small and mid-size quoted and unquoted companies in the United Kingdom and the United States.

The Investment Manager targets companies that have fundamentally strong business models, but where there may be specific factors which are constraining the maximisation or realisation of shareholder value, which may be realised through the pursuit of an activist shareholder agenda by the Investment Manager. Dividend income is a secondary consideration when making investment decisions.

Directors' interests

The Board comprises seven non-executive Directors, five of whom are independent: Nigel Cayzer (Chairman), Walid Chatila, Rupert Evans, John Grace and John Radziwill. Rupert Evans is a consultant to the law firm Mourant Ozannes, the legal adviser to the Company.

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