Crystal Amber

What Crystal Amber does

Crystal Amber Fund Limited (AIM: CRS) is a Guernsey-incorporated, AIM-listed investment company founded in 2008 that generates long-term capital growth through active ownership and value-oriented investing across UK and European public and private markets. Following the 2026 appointment of Tarncourt Asset Management as Investment Adviser, the fund has adopted a disciplined, value-driven strategy with Global Fund Management Services Limited acting as AIFM and Ocorian providing administration and company secretarial services. The fund pays a tiered annual advisory fee to its Investment Adviser (1.0% on market cap up to £150M, 0.8% to £250M, 0.7% above) and performance fees of 15% (new investment pool) and 10% (MMI pool) above an 8% non-compounding annual hurdle, with high-watermark provisions and equity-based settlement to align adviser incentives.

The fund's portfolio is dominated by an approximately 97.8% holding in Morphic Medical Inc. (MMI), a US-based medical device company that owns the Reset® device - a thin, flexible implant lining the proximal small intestine that mimics the metabolic effects of gastric bypass via a reversible 20-minute endoscopic procedure. Reset® has secured European CE mark, UK regulatory approval, and German NUB reimbursement status, with a US FDA pivotal study underway; UK NHS data shows an average 17.9 kg weight loss and 2% HBA1C reduction, with 75% of patients retaining most of the benefit three years post-treatment, and the device has been endorsed by ESGE and ASGE. The fund's MMI position is supplemented by US$23.4M of convertible loan notes (5%-7.5% interest) and is valued at approximately £60M (fund equity interest) on a third-party US$98.8M risk-adjusted valuation. Crystal Amber also retains legacy minority positions in Allied Minds plc, Sigma Broking Limited, and Sutton Harbour Group plc, and is rebuilding a more diversified portfolio under Tarncourt's stewardship. Distribution is conducted via AIM trading and through Independent Financial Advisers, with the fund's shares excluded from FCA restrictions on non-mainstream investment products.

Name

Crystal Amber

Legal name

Crystal Amber Fund Limited

Website

https://crystalamber.com

Company type

Public

Founded year

2008

Operating status

Operating

Short description

Crystal Amber Fund Limited (AIM: CRS) is a Guernsey-incorporated, AIM-listed investment company founded in 2008 that generates long-term capital growth through active ownership and value-oriented investing, dominated by a ~97.8% stake in Morphic Medical Inc. and its Reset® endoscopic obesity/diabetes device, now under new Investment Adviser Tarncourt Asset Management.

Ownership category

akta.pro rank

Product category

Investment Management (Activist Fund)

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)

Keywords

• Activist investing
• Value investing
• Small cap equities
• Investment management
• AIM-listed fund

Headquarters

HQ city

St. Peter Port

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Management Fees: The Investment Adviser receives an annual advisory fee based on the Company's market capitalisation: 1.0% per annum up to £150 million, 0.8% per annum between £150 million and £250 million, and 0.7% per annum above £250 million.
2. Performance Fees: Performance fees are calculated based on returns generated above an 8% non-compounding annual hurdle rate. The New Investment Pool is subject to 15% performance fee, while the MMI Investment Pool is subject to 10% performance fee, both with high watermark provisions. Performance fees are intended to be paid primarily in Ordinary Shares to align with long-term shareholder outcomes.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Crystal Amber Fund Limited is an AIM-listed investment company that generates long-term capital growth through active ownership and value-oriented investing in predominantly small and mid-cap UK equities, with selective exposure to private markets. Following Tarncourt Asset Management's 2026 appointment as Investment Adviser, the Fund focuses on disciplined capital deployment, strategic engagement with portfolio companies, and building a diversified portfolio. The Fund's largest position is a ~97.8% holding in Morphic Medical Inc. (MMI), a US-based medical device company developing the Reset® device for obesity and type 2 diabetes.

Product overview

Crystal Amber Fund Ltd is an AIM-listed investment company (ticker: CRS) incorporated in Guernsey, listed since 17 June 2008. The company operates as a single unified investment fund offering focused on generating long-term capital growth through active ownership and value-oriented investing. The portfolio is currently centered around its majority investment in Morphic Medical Inc (MMI), which owns the Reset® medical device for treating obesity and type 2 diabetes. The fund also holds legacy investments in Allied Minds plc, Sigma Broking Limited, and Sutton Harbour Group plc. Following the 2026 appointment of Tarncourt Asset Management as Investment Adviser and Global Fund Management Services Limited as AIFM, the fund is transitioning toward a more diversified portfolio strategy across technology, healthcare, and life sciences sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Crystal Amber Fund Limited AIM-listed investment company incorporated in Guernsey offering shareholders exposure to long-term capital growth through active ownership, value-oriented investing and selective deployment of capital across UK and European public and private markets. Available to retail investors via Independent Financial Advisers and to institutional investors via direct AIM trading.

Quantifiable outcome

• Average 17.9 kg reduction in weight and 2% reduction in HBA1C at end of treatment with RESET in UK study
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Medical Murray Inc.coreOthersContract manufacturer secured by MMI to complete testing, validation and build inventory in preparation for commercial launch of the Reset® device. Medical Murray Inc. is responsible for volume ramp-up capabilities.
• Distribution Partners (5 Countries)coreChannel Partner/ Reseller/ DistributorMMI has signed distribution agreements across five countries as part of its international commercialisation strategy. These agreements support market access for the Reset® device following regulatory approvals.
• Large Multinational Medical Device CompaniesminorStrategic or Co-development PartnerMMI is in early-stage discussions with several large-scale medical device companies regarding potential equity investment via a strategic stake, as well as sales and distribution agreements. No certainty of successful outcome.
• Mike Gutteridge (Head of Commercial Operations)coreOthersRecruited as Head of Commercial Operations, International in late 2023. Previously held senior role at Apollo Endosurgery, which was acquired by Boston Scientific for around £500 million.
• Dr Bob RyderminorOthersLeading UK study at Sandwell and West Birmingham NHS Trust demonstrating RESET device efficacy with average 17.9 kg weight reduction and 2% HBA1C reduction at end of treatment.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Others

• Allied Minds plc: AIM-listed IP commercialisation company in which Crystal Amber holds a minority stake. Comparable as a portfolio holding rather than direct competitor — illustrates the type of undervalued, technology/IP-focussed listed small-cap that funds like Crystal Amber target.

Direct peers

• BlackRock Smaller Companies Trust: UK-listed trust investing in UK smaller companies with a long-term capital growth mandate. Comparable in mandate (UK small/mid-cap), investor base, and listed closed-end fund structure.
• Henderson Smaller Companies Investment Trust: Long-standing UK investment trust investing primarily in UK smaller companies. Comparable as a fellow UK small-cap-focused closed-end fund with similar investor base characteristics.
• Fidelity European Values PLC: UK-listed investment trust focused on European smaller companies with a value approach. Comparable to Crystal Amber in European small/mid-cap focus, listed closed-end structure and value-oriented philosophy.
• SVG Capital: Formerly London-listed investment company focused on private equity and listed buyout funds with concentrated exposure. Comparable as a fellow listed vehicle using concentrated, high-conviction capital allocation strategies.
• Caledonia Investments: UK-listed investment trust with a long-term, value-oriented, concentrated portfolio across public and private holdings. Directly comparable to Crystal Amber in structure, philosophy and concentration approach, though with deeper diversification and a longer track record.
• Aberforth Smaller Companies Trust: UK investment trust focused on small-cap UK equities with a value bias. Comparable as a fellow UK-listed smaller-companies investor with a value-oriented, often high-conviction portfolio approach similar to Crystal Amber's UK mid/small-cap mandate.
• The Mercantile Investment Trust: UK-listed investment trust focused on UK mid and smaller companies with a global small-cap overlay. Comparable in its small/mid-cap UK equity focus and AIM/LSE-listed structure, though typically more diversified than Crystal Amber.
• Hansa Investment Company: London-listed, concentrated, activist investment company holding a small number of undervalued positions. Closely comparable to Crystal Amber in concentrated, high-conviction, value/activist approach.

Broad incumbents

• 3i Group: A larger, established UK-listed investment company with a private equity-led strategy and public market exposure. Comparable as a fellow AIM/LSE-listed investment trust pursuing value-oriented, long-duration returns, though at much greater scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/crystal-amber-advisers

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crystal Amber