ECP Emerging Growth’s NTA Advances to 103.4 Cents per Share as of 30 June 2026, Led by Megaport in Top Holdings

ECP Emerging Growth’s NTA Increases by 1.4 Cents per Share in June 2026

ECP Emerging Growth Limited reported an unaudited NTA per share of 103.4 cents as at 30 June 2026, up from 102.0 cents at 31 May 2026. This reflects a monthly gain of 1.4 cents per share, or approximately 1.4%, according to the company’s update. Both before-tax and after-tax NTA figures stand equal at 103.4 cents, indicating the current treatment of deferred tax on unrealised portfolio gains.

The company clarified that the NTA is presented both before and after accounting for deferred tax on unrealised investment gains. ECP emphasised its position as a long-term equity investor with no intention to liquidate its entire portfolio, explaining the parity between before-tax and after-tax NTA figures and signalling a long-term investment strategy rather than short-term trading.

Megaport and Block Inc Constitute Over 26% of ECP’s Portfolio

The top five equity holdings as of 30 June 2026 reveal a focused exposure to growth-driven technology and consumer companies. Megaport Limited leads with a 14.1% portfolio weighting, followed by Block Inc at 12.1%. Combined, these two technology-centric investments represent more than 26% of the portfolio, highlighting the fund’s confidence in its highest conviction positions.

Megaport, an Australian-listed software-defined networking firm, has been a key holding for growth investors. Block Inc, the US-listed fintech formerly known as Square, is the second largest. The fund’s substantial allocation to these companies suggests their performance will significantly influence ECP’s NTA in coming months. Investors should closely follow operational and financial updates from both.

Guzman Y Gomez and REA Group Each Account for 5.5% of the Portfolio

The third and fourth largest holdings are Guzman Y Gomez Ltd and REA Group, each representing 5.5% of the portfolio at 30 June 2026. Guzman Y Gomez, a fast-casual Mexican restaurant chain listed on the ASX in 2024, has quickly attracted growth investors. REA Group, Australia’s leading online property listings platform majority-owned by News Corp, offers consumer discretionary and technology-adjacent exposure.

The equal weighting of these two distinct businesses — one a rapidly expanding consumer food service, the other an established digital classifieds leader — reflects ECP’s diversified emerging growth mandate. The fund targets companies with strong structural growth across varied sectors rather than focusing on a single industry or theme.

Lovisa Holdings Completes the Top Five at 5.2% of the Portfolio

Rounding out the top five is Lovisa Holdings Ltd, an ASX-listed global fast-fashion jewellery retailer, representing 5.2% of the portfolio as at 30 June 2026. Lovisa’s aggressive international expansion has made it a notable name among Australian growth investors. Its inclusion underscores ECP’s preference for consumer discretionary companies with scalable, globally replicable business models.

Together, Megaport, Block Inc, Guzman Y Gomez, REA Group, and Lovisa constitute 42.4% of ECP’s equity portfolio. This concentration is typical of high-conviction growth investing and means that price fluctuations in any of these holdings can materially affect the fund’s overall NTA.

Special Dividend Contingent on DRP Participation Reaching 80%

A key focus of the update is the status of ECP’s proposed special dividend. The current Dividend Reinvestment Plan (DRP) participation rate stands at 46.1%. The company has stated that it will not announce the special dividend payment timetable until DRP participation reaches 80%, leaving a gap of 33.9 percentage points to close.

This condition incentivises eligible shareholders who want the dividend to proceed promptly to increase their DRP participation. No deadline or timeframe for achieving the 80% threshold has been disclosed, nor any indication of consequences if it is not met. Investors should watch for future communications regarding DRP uptake and dividend scheduling.

Implications of DRP Participation Requirement for Special Dividend Timing

The requirement that DRP participation reach 80% before announcing the special dividend timetable is an unusual approach that merits shareholder attention. By ensuring a large portion of dividends are reinvested rather than paid in cash, the company aims to manage cash outflows effectively.

This approach aligns with practices by listed investment companies seeking to conserve capital while rewarding shareholders. Shareholders preferring cash payments may face delays if overall DRP participation remains below the threshold. No further details or conditions on the special dividend were provided in this update.

Long-Term Investment Strategy Influences NTA Deferred Tax Treatment

ECP Emerging Growth emphasised its long-term investment horizon and lack of intent to sell its entire portfolio. This explains why before-tax and after-tax NTA figures are identical at 103.4 cents per share as of 30 June 2026. Typically, deferred tax liabilities on unrealised gains are recognised assuming eventual asset sales.

The parity here suggests either no net unrealised gains requiring deferred tax provisions or a calculation methodology resulting in no net adjustment. Investors comparing ECP’s NTA to its share price or assessing discounts or premiums should note these figures are unaudited and may be revised. No audited NTA figures were provided.

Monthly NTA Reporting Enhances Transparency for ECP Shareholders

ECP Emerging Growth issues monthly NTA figures and top holdings disclosures as part of its commitment to transparency as an ASX-listed investment company. These updates enable investors to monitor portfolio value, assess concentration risk, and compare NTA with share price to evaluate trading premiums or discounts.

For June 2026, the 1.4 cents per share increase suggests portfolio appreciation during the month. The company did not elaborate on specific drivers of this change or provide broader portfolio details beyond the top five holdings. For a fuller portfolio view, investors should consult periodic reports and presentations.

Key Areas for ECP Shareholders to Monitor Going Forward

Shareholders should closely watch the DRP participation rate’s progress toward the 80% threshold required to announce the special dividend timetable. At 46.1%, the current rate remains well below this level, and investors will look for company communications on efforts to boost DRP uptake.

Additionally, monitoring the performance of major holdings—especially Megaport Limited and Block Inc, which together represent over a quarter of the portfolio—is crucial, as their price movements will significantly affect ECP’s monthly NTA. The next monthly NTA update, expected in early August 2026 for the period ending 31 July 2026, will provide further insight. The immediate market reaction to this announcement was not evident from available information.