Onward Opportunities Limited (“Onward”) was admitted to the Main Market of the London Stock Exchange on 16 April 2026, with Cavendish acting as Sponsor. The listing is the natural next step and a major landmark for one of the strongest-performing and fastest-growing trusts in the UK Smaller Companies sector – and the culmination of a three-year partnership that began at Onward’s very first day on AIM.

A relationship built from day one
Cavendish acted for Onward on its AIM IPO in March 2023 and remained as Nomad and Broker for the entirety of its time on AIM – a period during which the team completed eleven follow-on capital raises totalling more than £20 million. Each raise was a considered step: building the fund’s capital base incrementally, identifying the right investors, and sustaining momentum through one of the most challenging periods the UK smaller companies market has seen.

Laurence Hulse, Founder and Lead Fund Manager at Onward Opportunities, said:
“Chris West and the rest of the Cavendish team have provided a specialist skill set that has enabled us to launch and grow a smaller companies fund in one of the most challenging markets in living memory. The capital raised just would not have happened in the same way without Cavendish’s vision and resourcefulness to help us grow from a series of increasingly meaningful pockets of capital over the past three years. They have been a fantastic guide through our early years on the public markets.”

The numbers tell the story
Since its IPO in March 2023, Onward has more than trebled in size to exceed £40 million – raised consistently at a premium to NAV against a backdrop of record outflows for the broader UK fund market. NAV total return since inception stands at 26.2% to 15/04/26, outperforming the FTSE AIM All-Share Total Return Index by 20.3%, the AIC UK Smaller Companies sector by 10.4%, and the IA UK Smaller Companies sector by 10.0% over this timeframe. The fund was recognised as IPO of the Year at the 2024 Small Cap Awards and won Best Use of AIM at the 2025 AIM Awards.

Multiple line chart showing investment returns over time (Mar 23–Mar 26) for several indices: ONWD Share Price return, ONWD NAV return, AIC UK Smaller Companies sector price total return, AIC UK Smaller Cos sector NAV TR, FTSE AIM All-Share, and IA UK Smaller Companies total return, with a rising trend overall.

Source: Morningstar & LSEG as at 15/4/26

Why the Main Market matters
The main market listing is the next step on Onward’s journey and will broaden Onward’s potential investor base, whilst at the same time providing a platform for the fund to scale more efficiently via a continuous tap mechanism.

Chris West, Director of Equities at Cavendish, said:
“We are immensely proud to have supported Onward from day one. The growth of the fund clearly demonstrates that there is still an appetite to support UK smaller companies. Crucially, the capital raised has flowed directly into the companies that are the growth engine of the UK economy. Funds like Onward play a vital role in keeping that engine running. We are excited about what lies ahead for the UK small cap market.”

It is evident that the UK smaller companies market rewards patience, discipline and the right long-term partnerships. We are proud to have been part of Onward’s story from the start.