Adamas Trust

Provide long-term capital and income from pan-Asian investments by becoming the leading vehicle for secured private credit.

Adamas Trust SWOT Analysis

Updated: October 4, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for Adamas Trust was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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The Adamas Trust SWOT analysis reveals a company at a critical inflection point. Its core strength lies in a strategically sound pivot to Asian private credit, guided by an expert manager. However, this potential is severely undermined by a cripplingly wide discount to NAV, a small market cap, and legacy portfolio complexity. The path forward is clear but requires bold action. The trust must aggressively address the discount through buybacks and enhanced communication, accelerate the disposal of non-core assets, and sharpen its market narrative. Seizing the immense opportunity in the Asian SME credit gap depends entirely on rebuilding investor confidence and demonstrating that the current share price represents a temporary dislocation, not a permanent impairment. The strategy is sound; the execution on value realization will define its future.

NB Private Equity Partners ICG Enterprise Trust HgCapital Trust 3i Group Partners Group

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide long-term capital and income from pan-Asian investments by becoming the leading vehicle for secured private credit.

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Strengths

STRATEGY: Clear pivot to in-demand private credit is well-defined.
MANAGER: Experienced manager with a deep, on-the-ground Asian network.
INCOME: Credit portfolio is generating consistent, high-yield income.
VALUE: Tangible asset value (NAV) is >2x the current share price.
EXITS: Demonstrated ability to exit legacy assets, recycling capital.

Weaknesses

DISCOUNT: A persistent, wide discount to NAV deters new investors.
SCALE: Small market cap (~$25M) limits liquidity and research coverage.
LEGACY: Remaining private equity assets are illiquid and complex.
COMMUNICATIONS: Limited market profile and shareholder communication.
PERCEPTION: Past performance still weighs on current market perception.

Opportunities

BUYBACKS: Accretive share buybacks can immediately boost NAV per share.
NARRATIVE: A simplified story focused on credit can attract investors.
MARKET: Asian banks are retreating, creating a huge SME credit gap.
PARTNERSHIPS: Co-investment opportunities with larger funds could scale.
INCOME: Potential for a regular dividend to attract income investors.

Threats

SENTIMENT: Negative sentiment towards Asia or small-caps can hit price.
DEFAULTS: An economic downturn could increase default rates in the portfolio.
COMPETITION: Large global credit funds are increasing their Asia focus.
REDEMPTIONS: Forced selling by a large holder could depress share price.
CURRENCY: Adverse FX movements can impact USD-reported NAV.

Key Priorities

DISCOUNT: Must launch an aggressive plan to narrow the >50% NAV discount.
NARRATIVE: Must simplify the investment story to focus on private credit.
LEGACY: Must accelerate exits of remaining non-core equity assets.
AWARENESS: Must increase market awareness via proactive IR and marketing.

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Adamas Trust OKR

Updated: October 4, 2025 • 2025-Q4 Analysis

The Adamas Trust OKR plan is a masterclass in focused execution. It correctly identifies that the mission cannot be achieved until the foundational issues of value perception are resolved. The objectives—CLOSE THE GAP, SHARPEN THE STORY, CLEAN THE BOOK, and BOOST AWARENESS—are not generic goals; they are a direct, surgical assault on the SWOT's primary weaknesses and threats. This plan demonstrates a keen understanding that for an investment trust, the 'product' is not just the portfolio but also the stock itself. By linking aggressive buybacks, narrative control, and legacy asset disposal, this Adamas Trust OKR framework creates a powerful, interlocking strategy to restore market confidence and unlock the intrinsic value of the underlying assets.

NB Private Equity Partners ICG Enterprise Trust HgCapital Trust 3i Group Partners Group

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide long-term capital and income from pan-Asian investments by becoming the leading vehicle for secured private credit.

CLOSE THE GAP

Aggressively narrow the deep discount between share price and NAV.

BUYBACKS: Execute a £3M share buyback program, repurchasing at least 10% of the free float.
DIVIDEND: Initiate a sustainable dividend policy, targeting a 4% yield on the current share price.
TARGETING: Secure 10 new meetings with targeted value investors and wealth management research heads.
DISCOUNT: Reduce the average share price discount to NAV from over 50% to under 35% by year-end.

SHARPEN THE STORY

Refine and amplify our narrative as a pure-play Asian credit vehicle.

REBRAND: Relaunch investor website and materials with a clear, credit-focused message by end of Q1.
COVERAGE: Secure new, paid-for research coverage from two independent providers to widen our audience.
WEBINARS: Host 4 quarterly investor webinars with live Q&A to increase transparency and engagement.
METRICS: Redefine primary reporting metrics to highlight credit portfolio performance and income.

CLEAN THE BOOK

Accelerate the profitable exit of all remaining legacy equity assets.

DISPOSALS: Complete the full disposal of at least two of the four remaining legacy PE assets.
PROCEEDS: Recycle a minimum of $10M from legacy asset sales directly into the new credit strategy.
TIMELINE: Publish a clear roadmap with target exit timelines for all remaining non-core holdings.
IMPAIRMENT: Reduce the NAV percentage of non-core legacy assets from 30% to below 15%.

BOOST AWARENESS

Systematically increase market visibility and trading liquidity.

ROADSHOWS: Conduct 4 non-deal roadshows in London, Edinburgh, and Zurich to engage new investors.
MEDIA: Achieve 5 media placements in key financial publications like FT, Investors' Chronicle.
LIQUIDITY: Increase the 90-day average daily trading volume by 50% through proactive market making.
PLATFORMS: Ensure inclusion and favorable ratings on 3 major retail investor platforms.

METRICS

NAV Total Return vs. Share Price Total Return Spread
Discount / Premium to Net Asset Value (NAV)
Portfolio Income Yield

VALUES

Shareholder Alignment
Disciplined Capital Allocation
Active Value Creation
Rigorous Due Diligence
Transparent Governance

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Adamas Trust Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

NB Private Equity Partners ICG Enterprise Trust HgCapital Trust 3i Group Partners Group

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide long-term capital and income from pan-Asian investments by becoming the leading vehicle for secured private credit.

Toggle Theme

What Went Well

PORTFOLIO: Credit portfolio continued to generate contractual cash flows.
STRATEGY: Progress made on strategic pivot with capital redeployed to credit.
EXITS: Successful realization of a legacy asset, providing fresh capital.
INCOME: Gross investment income stream remained robust year-over-year.
COSTS: Management maintained discipline on operational expenses.

Not So Well

NAV: Fair value writedowns on legacy assets led to a decline in NAV.
SHARE PRICE: Share price underperformed the NAV, widening the discount.
SENTIMENT: Broader market sentiment for small-caps remained negative.
LIQUIDITY: Low trading volume in the stock continues to be a concern.
EXITS: Pace of exiting the remaining, more complex legacy assets is slow.

Learnings

MARKET: Share price is heavily influenced by macro sentiment, not just NAV.
LEGACY: Valuing and exiting illiquid PE assets is complex and lengthy.
COMMUNICATION: The market needs more frequent and clearer communication.
BUYBACKS: In a low-volume stock, buybacks can have a significant impact.
NARRATIVE: A simple, clear investment case is critical for small-caps.

Action Items

DISCOUNT: Formulate and announce a clear discount control mechanism.
COMMUNICATIONS: Increase frequency of investor updates and presentations.
LEGACY: Provide a clear timeline and plan for exiting remaining assets.
BUYBACKS: Seek authority for and implement a meaningful buyback program.
MARKETING: Engage a PR/IR firm to proactively target new investors.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Adamas Trust Market

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

Founded: 2009 (as Adamas Finance Asia)
Market Share: <0.1% of listed private assets market
Customer Base: Institutional investors, wealth managers, and retail investors.
Category:
Investment Trust
SIC Code: 6799 Investors, Not Elsewhere Classified
NAICS Code: 525990 Other Financial Vehicles
Location: Guernsey, Channel Islands
Zip Code: GY1 1WU
Employees: 5

Competitors

NB Private Equity Partners Request Analysis

ICG Enterprise Trust Request Analysis

HgCapital Trust Request Analysis

3i Group Request Analysis

Partners Group Request Analysis

Products & Services

No products or services data available

Distribution Channels

Adamas Trust Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

Problem

Investors lack liquid access to private assets
Asian SMEs struggle to get growth capital

Solution

Listed trust for daily trading of private assets
Provide flexible, secured credit to SMEs

Key Metrics

NAV Total Return
Share Price to NAV Discount
Portfolio Income Generation
Deal Origination Volume

Unique

Focus on Pan-Asian SME special situations
Public liquidity for an illiquid asset class

Advantage

Manager's proprietary deal sourcing network
Expertise in complex cross-border underwriting

Channels

London Stock Exchange
Wealth platforms (e.g., Hargreaves Lansdown)
Institutional sales efforts

Customer Segments

Institutional investors (value-oriented)
Wealth managers and family offices
Retail investors seeking alternative yield

Costs

Investment manager fees
Operational, legal, and administrative costs
Broken deal costs (due diligence)

Adamas Trust Product Market Fit Analysis

Updated: October 4, 2025

Adamas Trust provides public market investors unique, liquid access to a professionally managed portfolio of high-yield, secured private credit in Asia. It offers a compelling opportunity to capture both consistent income and significant capital upside as the deep discount between its share price and its underlying asset value narrows, unlocking substantial shareholder value.

Access to exclusive Asian private credit

A significant discount to NAV recovery

A strategy for consistent income yield

Before State

Limited access to private credit
Illiquid, complex private assets
Struggling with portfolio diversification

After State

Liquid access to curated private credit
Diversified, high-yield portfolio
Professional investment management

Negative Impacts

Missed alpha from alternative assets
High minimums for direct investment
Concentration risk in public markets

Positive Outcomes

Enhanced, uncorrelated returns
Lowered barriers to private markets
Reduced portfolio volatility

Key Metrics

NAV per share

$0.55 (end-2023)

Share Price

$0.24 (mid-2024)

Discount to NAV

~56% (mid-2024)

Shareholder register turnover

Requirements

Trust in the investment manager's skill
Belief in the Asian growth story
Patience for long-term value creation

Why Adamas Trust

Rigorous deal sourcing and diligence
Active portfolio monitoring and support
Clear, consistent shareholder reporting

Adamas Trust Competitive Advantage

Manager's on-the-ground Asia network
Expertise in navigating legal systems
Listed structure offers unique liquidity

Proof Points

Successful high-IRR exits from assets
Consistent income from credit portfolio
Strategic pivot execution on schedule

Adamas Trust Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

Strategic pillars derived from our vision-focused SWOT analysis

Prioritize secured, high-yield private credit deals.

Actively exit legacy equity to fund new strategy.

Proactively manage share price vs. NAV gap.

Maintain rigorous due diligence on all new assets.

What You Do

Invests in pan-Asian alternative assets, focusing on private credit.

Target Market

Public market investors seeking access to private market returns.

Differentiation

Niche focus on Asian SME credit
Listed vehicle providing liquidity

Revenue Streams

Interest income from credit portfolio
Capital gains on asset disposals

Adamas Trust Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

Company Operations

Organizational Structure: Externally managed trust with an independent board of directors.
Supply Chain: Deal flow sourced via manager's network, diligence partners, advisors.
Tech Patents: N/A; proprietary investment processes and data are key assets.
Website: https://www.adamas-trust.com/

Top Clients

Board Members

Adamas Trust Competitive Forces

Threat of New Entry

Moderate. Financial barriers are high, but new trusts can be launched. The key barrier is building a credible track record and deal network.

Supplier Power

Moderate. Quality SMEs (suppliers of deals) have choices, but the retreat of banks gives specialized lenders like Adamas leverage.

Buyer Power

High. Investors (buyers) can sell shares at any time, impacting price. Activist investors can also force strategic changes.

Threat of Substitution

High. Investors can choose other yield products like high-yield bonds, dividend stocks, or other alternative asset funds.

Competitive Rivalry

High. Competes with numerous listed PE/credit trusts, BDCs, and unlisted funds for both investor capital and quality deals.

Analysis of AI Strategy

Updated: October 4, 2025 • 2025-Q4 Analysis

The Adamas Trust AI SWOT analysis highlights a significant opportunity to create a competitive edge despite current limitations. The trust's unique, niche dataset on Asian SMEs is a powerful, yet untapped, asset for building proprietary AI models. While lacking in-house talent and budget, the path forward is not through massive internal development but through smart partnerships with specialized FinTech firms. By focusing AI on augmenting the top of the funnel—deal sourcing and initial diligence—Adamas can significantly increase efficiency and coverage without replacing its core human expertise. The greatest threat is inaction; competitors are already leveraging AI to move faster. A pragmatic, partnership-driven approach to adopt AI is essential for long-term relevance and achieving the vision of becoming a leader in Asian private credit.

NB Private Equity Partners ICG Enterprise Trust HgCapital Trust 3i Group Partners Group

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide long-term capital and income from pan-Asian investments by becoming the leading vehicle for secured private credit.

Strengths

DATA: Proprietary data from years of deal sourcing for model training.
NICHE: Focused dataset on Asian SMEs provides a unique training ground.
PROCESS: Existing manual due diligence creates a baseline for AI augmentation.
MANAGER: Investment manager has the expertise to guide AI tool development.

Weaknesses

TALENT: Lack of in-house AI/ML engineering and data science expertise.
BUDGET: Limited capital to invest in significant AI R&D or acquisitions.
INFRASTRUCTURE: No existing data infrastructure for advanced analytics.
CULTURE: Traditional investment culture may be resistant to AI adoption.

Opportunities

SOURCING: AI can screen thousands of sources to identify potential deals.
DILIGENCE: Automate preliminary diligence, flagging risks for human review.
MONITORING: AI dashboards to track portfolio company covenants and KPIs.
PREDICTION: Predictive models to forecast default risk based on live data.
REPORTING: Generative AI to create initial drafts of investor reports.

Threats

COMPETITION: Larger funds with big budgets are already deploying AI tools.
ACCURACY: Poorly trained models could lead to bad investment decisions.
SECURITY: Increased cybersecurity risk with reliance on AI platforms.
BIAS: Models trained on historical data could perpetuate hidden biases.
DISRUPTION: New FinTech platforms could disintermediate traditional managers.

Key Priorities

SOURCING: Deploy AI tools to augment and accelerate deal sourcing process.
DILIGENCE: Leverage AI for automated initial screening and risk flagging.
PARTNERSHIP: Partner with a specialized FinTech firm to access AI talent.
EFFICIENCY: Use AI to automate portfolio monitoring and reporting tasks.

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Adamas Trust Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Adamas Trust PLC Annual & Interim Reports (2022-2024)
Adamas Trust PLC Investor Presentations and Factsheets
London Stock Exchange (LSE) Regulatory News Service (RNS)
Financial Times, Bloomberg, Reuters market data and news
Adamas Asset Management (Investment Manager) Website

Profit: FY2023 Net Loss: ($12.4M)

Market Cap: ~$25M (Mid-2024)

Stock Performance

Annual Report: Available on company website investor section

Debt: Minimal corporate debt; leverage within portfolio assets.

ROI Impact: NAV performance is key; share price discount mutes direct ROI.

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Turnaround Specialist

ICM Index

STRATEGIC ADVISOR ASSESSMENT

Adamas Trust presents a classic turnaround case. The OKRs and strategy are highly focused on solving the core problem: a massive value dislocation. While the North Star ambition is solid, achievability is capped by significant market perception weaknesses and macro threats. The potential OKR impact is high because success would mean a doubling of the share price, a category-shaping event. The low growth multiplier reflects the nature of the business—it's about closing a value gap, not exponential market creation.

SWOT Factors

Upside: 60.0 Risk: 80.7

OKR Impact

AI Leverage

Top 3 Strategic Levers

Aggressively execute the discount reduction strategy (buybacks).

Accelerate legacy asset sales to simplify the story.

Successfully rebrand as a pure-play Asian credit vehicle.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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