Kelso Group lifts NAV and expands concentrated UK small-cap portfolio

Insight Business Support Plc ( (GB:KLSO) ) has issued an update.

Kelso Group Holdings reported audited results for 2025 showing a slight decline in NAV per share from 2.4p to 2.3p, but noted a recovery to about 2.6p by late April 2026 as UK small and mid-cap markets begin to show signs of patchy improvement. The firm’s concentrated portfolio of eight UK-listed holdings, with an average market cap around £400m and a mix of FTSE 250 and AIM names, delivered an average 24% share price rise across its core active positions in 2025, although performance was temporarily dragged by Selkirk Group’s weakness.

In early 2026, Kelso’s NAV per share is up roughly 13% to £11.3m of net assets, supported by gearing of about 25% and a relatively liquid portfolio in which nearly 70% of holdings by value could be sold within five days. New investments in Saga, CVS Group and Filtronic have expanded the number of declarable positions from five to eight, with Filtronic and Saga emerging as standout performers, and management argues that its small size and concentrated, hands-on approach leave it well positioned to capture what it sees as a generational value opportunity in UK small and mid-caps.

Spark’s Take on KLSO Stock

According to Spark, TipRanks’ AI Analyst, KLSO is a Neutral.

The score is weighed down primarily by the sharp deterioration in financial performance and cash generation in 2024 versus 2023, despite a relatively solid balance sheet. Technical indicators are broadly neutral with slightly weak short-term momentum, and valuation cannot be assessed due to missing P/E and dividend yield data.

To see Spark’s full report on KLSO stock, click here.

More about Insight Business Support Plc

Kelso Group Holdings is a UK-focused listed investment vehicle that targets private-equity style returns from public market investments. It concentrates on fewer than ten established, profitable, small and mid-cap UK companies, typically market leaders with strong balance sheets, and avoids early-stage, speculative, highly cyclical and resources-sector businesses.

The company’s main market-listed permanent capital structure allows it to hold a concentrated portfolio, engage actively with investee companies on strategy and capital allocation, and exploit perceived valuation inefficiencies in UK small and mid-caps. The board, which owns about 17% of the company and has over 150 years of City experience, aims to generate market-leading compounded returns while keeping operating costs lean and using share buy-backs when the stock trades below NAV.

Average Trading Volume: 596,361

Technical Sentiment Signal: Buy

Current Market Cap: £13.71M

See more data about KLSO stock on TipRanks’ Stock Analysis page.