As the trust takes a conservative approach to valuing its investments, Mackie says there is no need to fear a similar reversal among Augmentum’s holdings. He says a number of investments in the portfolio are currently valued at cost, even though the businesses continue to grow.

“I think the market lumping Augmentum in with public comparables is a little misguided because the portfolio never enjoyed the benefits of that rise in valuations among listed stocks. That should insulate and mitigate any risk of falls in the next NAV update,” he says.

Far from having concerns about the portfolio, Questor believes there is much to feel positive about. Fintech businesses owned by the trust continue to gain market share and to grow their revenues. They include Tide, a bank for small businesses, and Onfido, which provides fraud prevention software. Augmentum is also poised to profit from its stake in Interactive Investor, the investment platform, which will soon come under the ownership of asset manager Abrdn.

The trust’s management team, led by Tim Levene, has decades of experience in private equity investing and as a result possesses the extensive networks of contacts crucial to getting access to the right potential investments. Since the trust’s flotation in 2018 up to its last NAV update at the end of September 2021, it had achieved an “internal rate of return”, a favourite measure of private equity investors, of 21.5pc a year on capital deployed.

Readers may worry that such a “blue sky” approach is risky, and they would be right: venture capital requires patience and is not for the faint-hearted. This is an important point to stress at a time when markets face great uncertainty because there is every chance that Augmentum Fintech’s shares remain volatile.