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Gresham House Strategic delivers 20.4% return to shareholders

Gresham house strategic GHS

Gresham House Strategic delivers 20.4%  return to shareholdersGresham House Strategic (GHS) uses a more involved private equity style of investing to take positions (no more than 10-15) in mainly UK-based small-cap stocks (it can also invest upto 30% in unquoteds). GHS has been one of the best performing small-cap funds over the three years Gresham House has been its manager.

GHS reported a strong set of unaudited results for its March-end financial year today, with the following key highlights:

Investment highlights

  • One of the top-performing UK small-cap funds in its financial year from 1 April 2018 to 31 March 2019, delivering NAV total return performance of 8.0% versus FTSE small cap index total return of -3.1%
  • NAV total return of 31.4% since inception three years ago
  • Driven by strong performance of its strategic investments including Augean, Tax Systems, IMImobile and Northbridge
  • Realisations of £18.8m from profitable investments in the period; including IMImobile (£13.8m), Miton group (£1.7m), and Tax Systems (£2.0m)
  • A number of value recovery plans underway or being prepared for underperforming investments – the potential benefits of the team’s value-recovery efforts can be seen at BeHeard in their latest results

Operational highlights

  • GHS was the top-performing UK small-cap fund for the calendar year 2018 versus open-ended and investment trust peers
  • Total shareholder returns of 20.4% in the year
  • Share price discount to NAV reduced from 30.0% at 31 March 2018 to 22.6% at 31 March 2019
  • Pipeline of strategic deals targeting completion for Q2 2019

GHS: Gresham House Strategic delivers 20.4%  return to shareholders

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