BIF – Client Quarterly Update

BIF – Quarterly Client Update – 31 December 2022

18 January 2023

Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 31 December 2022.

For further information regarding the Booster Innovation Fund visit
www.booster.co.nz/booster-
investments/booster-innovation-fund




For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300


About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $5 billion on behalf of more than 170,000 New
Zealanders.
BIF is a managed investment fund that invests in early-stage companies founded on intellectual property
originated or developed in New Zealand.
For more information, including a copy of the Product Disclosure Statement and the net asset value per
unit, please visit
www.booster.co.nz

Booster Innovation Fund
Quarterly Client Update
Update as at and for the quarter ending 31 December 2022
Booster Investment Scheme
Fund Size
(net asset value)
$13.1million
Inception Date
24/08/2021
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Before TaxAfter Tax (28%)
Last 3 months2.2%
2.2%
Last 6 months8.6%8.9%
Last 12 months21.9%23.0%
Since Inception
24/8/21 (p.a.)
29.3%31.0%
Performance as at 31 December
2022
Portfolio Additions
During the quarter, BIF invested $1.00m and secured
interests in five new assets, Woolchemy NZ Limited,
Komodo Holdings Limited, Opum Technologies
Limited, MACSO Technologies Limited, and TamoRx
Limited.
Woolchemy, a materials technology company,
has been formed to transform an abundant base
material, wool, into a more sustainable, ethical and
environmentally friendly material that can be used
in a range of products. Initially, they have developed
high performance hygiene materials using natural
fibres for personal care products such as nappies.
Komodo is a data-driven wellbeing platform
designed to help students, teachers, and schools
as a whole. It has been made to empower students
and enable schools to make positive and effective
changes for the benefit of the students.
Opum have developed a next generation knee
brace, designed to improve musculoskeletal health
and help those suffering participate more fully
in life. Using artificial intelligence, the solutions
help to create actionable data insights, improving
patients quality of life and healthcare providers
quality of care.
MACSO are developing its artificial intelligence
solution to remotely monitor environments with
its first application being tested in agriculture and
farming.
TamoRx specialises in the development of novel
drugs which arm the immune system to help fight
cancer. The company originates from University of
Auckland.
BIF was created in August 2021. Potential returns
on early stage businesses are uncertain, difficult
to predict and can range widely both positively
and negatively. By taking a portfolio approach to
investing, the Booster Innovation Fund aims to deliver
a significant total rate of return over rolling 15-year
periods. Past performance is not an indicator of future
performance.
All figures are after fees. Please see the Product Disclosure Statement for
further details.
After tax return is higher than before tax due to tax credits from performance
based fees.
Potentially lower returns Potentially higher returns
Higher risk
Lower risk
Risk Level
Early stage company investing is generally considered the riskiest type
of equity investing. While the fund is not required to calculate a Risk
Indicator based on the volatility of the fund (being the extent to which the
fund’s assets go up and down), we consider the fund’s risk rating would
equate to 7 on a scale of 1 (low) to 7 (high).
Please see the Product Disclosure Statement for a description of the circumstances
that the manager is aware of that exist or are likely to arise that significantly
increase the risk to returns for investors in the Booster Innovation Fund.
Portfolio Performance
The Booster Innovation Fund (BIF) has had a positive
quarter ending 31 December 2022, returning 2.2% to
December 2022 and 29.3%p.a. since inception (24
August 2021) (after fees and before tax). There have
been valuation movements in several of the companies
invested in, with some experiencing uplifts in response
to their business and investment activities and others
adjusted downwards to reflect slower than expected
progress.
As at the end of December, the Booster Innovation Fund
has equity related assets and cash of $13.1m.

Portfolio Spotlight
ZeroJet recently announced its partnership with Highfield
Boats, a major manufacturer of aluminum rigid inflatable
boats and tenders. Highfield Boats sold 11,000 boats last
year and have recently ramped up production capacity. The
partnership will drive sales and growth for ZeroJet as they
look to integrate ZeroJet’s electric inboard jet motor into
some of Highfield Boat watercraft. ZeroJet now employs 30
people, doubling in size since last year.
Description of Individual Holdings
Portfolio value by sector
15% Information services technology
33% Materials & technologies
36% Life sciences & medical technologies
16% Energy & clean technologies
0% Cash
BIF Investment Holdings
BIF holds interests in a portfolio of 30 investments with a total value of $13.1m, across a range of business sectors as
follows. We intend to grow a more diversified portfolio, indicatively more than 40.
Part of the fund’s investments are held by investing in NZ Innovation Booster LP (NZIB). For further information of how we invest through NZIB
refer to the Product Disclosure Statement on the booster.co.nz website.
Continued on the next page.
CompanyCompany StageDescription
Advemto Limited
1
Early stage
Sell ultrafast spectroscopy systems, that can reduce research analysis
from months to days.
Alimetry Limited
1,2
Expansion
Sell non-invasive devices for aiding informed diagnostics for gastric
disease.
Allegro Energy Pty Limited
1
Seed
Developing high performance water-based electrolytes provide a low
cost, clean and green energy storage solution.
Amaroq Therapeutics
Limited
1
Seed
Developing a new class of therapeutics that target long non-coding RNA
in cancer.
Avalia Immunotherapies
Limited
1
Seed
Developing vaccines that have the potential to treat chronic hepatitis B
and cancers.
BioLumic IncExpansion
Improves crop yield and quality by treating seeds and seedlings with UV-
light recipes.
Codify Asset Solutions
(CAS) Limited
1,2
Early stage
Sell software that automates compliance, management, and auditing of
infrastructure assets.
Chitogel Limited
1
Expansion
Sell sinus dressings that helps to enhance wound healing and improve
patient outcomes post-surgery.
Ferronova Pty Limited
1
Expansion
Developing surgical tracer systems that are designed to more accurately
map cancer spread to lymph nodes.
Hot Lime Labs LimitedEarly stage
Developing carbon capture systems to convert wood biomass into clean
CO2 for use in horticulture.

The Booster Innovation Fund (fund) is part of the Booster Innovation Scheme which is issued and managed by Booster Investment Management Ltd (Booster). The
fund’s Product Disclosure Statement is available at www.booster.co.nz, by contacting your financial adviser or by calling Booster on
0800 40 40 50.
Disclaimer: This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change.
The content is of a general nature and does not take into account your financial situation or goals and is not financial advice. Booster, its related companies, directors,
board members and nominees do not accept any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the information provided
in this document, nor do they guarantee the fund’s performance, returns or repayment of capital.
1 Investments are held indirectly via an interest in NZIB.
2 Investments are held indirectly via NZIB which has an interest in the specific investees through an agreement with the Matū Karihi fund.
For more information visit “The BIF Story” at our website.
Inhibit Coatings Limited
1
Early stage
Developing coatings to inhibit microbial contamination and outbreaks in
facilities with high hygiene requirements.
InsituGen Limited
1
Expansion
Developing testing solutions for the detection of performance enhancing
drug use in animals and humans.
Jaipuna Limited
(trading as Amy.app)
Early stage
Providing an online private tutor for maths that makes learning maths
easy for everyone.
Komodo Holdings LimitedEarly stage
Helping teachers and schools ensure track the wellbeing of students
using an interactive wellbeing platform.
Ligar Limited Partnership
1,2
Expansion
Developing solutions for highly-selective capture and extraction of
molecules for use in medicine, flavours or nutraceuticals.
Liquium Limited
1
Seed
Revolutionising the ammonia production process making it cleaner,
cheaper and scalable.
MACSO Technologies
Limited
Seed
Developing a cloud based animal health monitoring system utilising
sensors and edge artificial intelligence.
Marama Labs Limited
1
Early stage
Sell meaningful data to help wineries improve the quality of their wine
production.
Mekonos Inc
1,2
Expansion
Developing silicon chips, with hundreds of moving nano-needles, to help
improve drug development and drug delivery to patients.
Montoux LimitedExpansion
Sell actuarial Automation and Decision Science platform specifically
designed for life and health insurers
Opo Bio LimitedSeed
Produces living and non-living ingredients for the production of the fast
growing cultivated meats sector.
Opum Technologies LimitedEarly stage
Produce an artificial intelligence based automated care platform for knee
injury recovery and management of chronic conditions.
Orbis Diagnostics LimitedEarly stage
Developing point of care diagnostics for use in pharmacy and other
settings.
PowerON LimitedEarly stage
Developing soft robotic components to enable the development of more
lifelike robots.
Sensor Holdings Limited
(trading as StretchSense)
Expansion
Sell motion capture gloves that combine sensors and machine learning
for finger tracking in animation and gaming.
TamoRx LimitedSeed
Specialise in the development of novel drugs which arm the immune
system to help fight cancer.
TasmanIon Limited
1
Seed
Developing aluminium-ion battery technologies suited for grid storage
and portable applications.

Woolchemy NZ LimitedEarly stage
Utilising wool to create intelligent eco-logical materials for personal care
products.
XFrame Pty Limited
1
ExpansionSell recoverable, reusable building frames for sustainable construction.
ZeroJet LimitedExpansion
Selling electric jet propulsion systems to eliminate the need for
combustion engines on small watercraft.