Overview
Rockwood Strategic (formerly Rockwood Realisation, Gresham House Strategic : GHS and, until 28/10/15, Spark Ventures) invests primarily in UK and European smaller public companies, applying private equity style techniques and due diligence alongside a value investment philosophy to construct a focused portfolio expected to be comprised of 10-15 companies.
After a high profile dispute between the board and various shareholders, the management contract went to Harwood but shareholders voted to put the company into run-off. That decision was reversed in 2022.
The fund’s website can be found here.
Fundamentals
Price
Research History
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24 Mar 2023 1 min read
Interview with Richard Staveley from Rockwood Strategic
In this week’s show, James Carthew spoke to Richard Staveley from Rockwood Strategic. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 64 min read
QuotedData’s Economic and Political Monthly Roundup December 2022
Economic and Political Monthly Roundup Investment companies | Monthly | December 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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07 Jul 2020 8 min read
QuotedData’s Economic Roundup – July 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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17 Apr 2020 1 min read
QuotedData’s weekly roundup 17 April 2020
James Carthew’s weekly news roundup show for Friday, 17th April, covers a wide range of topics and includes an interview with Tony Dalwood, CEO of Gresham House, which has just taken on the management of Strategic Equity Capital. Listen back here This was our second weekly roundup and the format we evolve over time. If […]
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10 Mar 2020 7 min read
QuotedData’s Investment Companies Roundup – March 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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12 Nov 2019 5 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s Economic round up – July 2018
QuotedData’s Economic round up – July 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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18 Jun 2025 2 min read
Rockwood Strategic delivers standout results and continues to scale
Rockwood Strategic (RKW) has reported another impressive set of results for the year to 31 March 2025, delivering a NAV total return of 21.0%, materially outperforming both the AIM All-Share (down 8.2%) and the FTSE Small Cap ex-IT index (up 3.4%). The company’s share price total return for the period was 20.8%, as shares continued […]
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30 May 2025 3 min read
Betting on a small cap revival
It was great this week to talk to three managers who are investing in UK small and medium-sized companies – if you missed it, you can watch the recording back here. Their message seems to be that portfolio companies are trading well, and coping with a macroeconomic environment that has at times been unhelpful, yet […]
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20 May 2025 1 min read
QuotedData’s morning briefing 20 May 2025 – EJFI, ESCT, RKW, TMPL, BBGI, SOHO
In QuotedData’s morning briefing 20 May 2025: We also have: Did you miss from yesterday?
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14 Apr 2025 2 min read
Rockwood Strategic outperforms again with NAV total return of 21.1%
Rockwood Strategic (RKW) has published a short trading update ahead of full-year results for the 12 months to 31 March 2025, with the small-cap specialist continuing its strong run of outperformance. During the period, RKW delivered a NAV total return of 21.1% to 248.79p per share, significantly outpacing its AIM All-Share benchmark, which it says […]
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31 Mar 2025 3 min read
QuotedData’s morning briefing 31 March 2025 – RKW, AAS, MAJE, API, LSAA, PRSR, PCTN, LABS
In QuotedData’s morning briefing 31 March 2025: Rockwood Strategic (RKW) has announced that its investment management agreement has been novated from Harwood Capital LLP to Rockwood Asset Management (RAM), effective 31 March 2025. RAM is a trading name of Harwood Private Capital LLP, another FCA-authorised entity within the Harwood group. The change will see RAM […]
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05 Feb 2025 4 min read
QuotedData’s morning briefing 5 February 2025 – TPOU, RKW, MGCI, JEMA, CGL, DGN, OIG, CREI, AIRE, LABS, THRL, HGEN
In QuotedData’s morning briefing 5 February 2025: Third Point Investors has published its investor letter for Q4 2024. Third Point’s flagship Offshore Fund achieved a 9.1% gain in Q4 2024 and 24.2% for the full calendar year. Returns for the full year were driven by positive results across all strategies, including equities, corporate and structured […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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29 Nov 2024 1 min read
QuotedData’s Investors’ Choice: The results are in!
If you missed the announcement that followed today’s quarterly panel show, here are the winners of our inaugural QuotedData’s Investors’ Choice Awards Many thousands of you visited our dedicated Awards website. One lucky voter won the £5,000 prize for correctly predicting all the winners. A big thank you to our sponsors: Cazenove Capital and Stonehage […]
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19 Nov 2024 1 min read
QuotedData’s morning briefing 19 November 2024 – HGT, RKW, EDIN
In QuotedData’s morning briefing 19 November 2024: HgCapital Trust (HGT) announced a recapitalisation of portfolio company Septeo Group, the terms of which have not been disclosed. The transaction values HGT’s investment in Septeo at approximately £130.0m This would represent an uplift of £5.9m (5% or 1.3 pence per share) over the carrying value of £124.1m […]
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01 Nov 2024 3 min read
Jury is out on Reeves’s bumper tax-grab budget
QD view: The budget has been dominating headlines this week. We set the scene and covered the big changes in the budget earlier in the week. The question is, what effect will this have on the UK economy and the trusts that are exposed to it? National Insurance hit to big employers This week’s interview […]
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19 Jun 2024 5 min read
Rockwood Strategic moves beyond fixed management fee
Rockwood Strategic (RKW) has published its annual results for the year ended 31 March 2024, during which it provided an NAV and share price total returns of 5.1% and 15.4% respectively, which it says compares to an increase in the FTSE Small Cap (ex-ITs) index of 7.1% and a fall in the AIM All-Share Index […]
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15 Feb 2024 1 min read
QuotedData’s morning briefing 15 February 2024 – RKW, IVPG, IVPE, IVPM, IVPB, HOME
In QuotedData’s morning briefing 15 February 2024 Invesco Select (IVPG / IVPE / IVPM / IVPB) has published a circular in connection with its plan to merge its share classes into the global equity income pool. Nothing seems to have changed from the original proposal. Holders of the managed liquidity and balanced risk classes can […]
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10 Jan 2024 1 min read
QuotedData’s morning briefing 10 January 2024 – GSF, RKW, MINI
In QuotedData’s morning briefing 10 January 2024: Gore Street Energy Storage Fund (GSF) provided an update for the three months to 31 December 2023. The quarter continued to highlight the stability of the company’s revenue, with the portfolio generating an estimated £15.1/MW/hr, consistent with the £15.1/MW/hr generated during the prior six months to 30 September […]
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22 Nov 2023 2 min read
QuotedData’s morning briefing 22 November 2023 – HICL, RKW, AEWU, HLCL
In QuotedData’s morning briefing 22 November 2023: HICL Infrastructure (HICL) announced its interim results for the six months ended September 30 2023. NAV total return fell 3% over the period reflecting the increase of the portfolio’s weighted average discount rate from 7.2% to 8.0%. Transaction activity remained robust, totalling £532m, while the company also reduced […]
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04 Oct 2023 1 min read
QuotedData’s morning briefing 4 October 2023 – RKW
In QuotedData’s morning briefing 3 October 2023: Rockwood Strategic (RKW) confirmed the resolution for a share sub-division was passed at its recent AGM. On 11 October 2023 this will result in each ordinary share of capital of the company being sub-divided into ten new ordinary shares. The aggregate value of the shareholdings will remain the […]
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22 Jun 2023 3 min read
Rockwood Strategic reports impressive numbers
Rockwood Strategic’s results for the year ended 31 March 2023 encompass its very strong run of performance last year. Over the period, the trust generated an NAV total return of 21.4%, which compares to a 15.7% fall in its FTSE Small Cap (ex-ITs) benchmark. Shareholders got a return of 28.2% as the discount narrowed. There […]
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11 Apr 2023 1 min read
QuotedData’s morning briefing 11 April 2023
Caledonia Investments (CLDN) provided a portfolio update to March 31 2023. The company announced that the NAV total return over the past 12 months was 5%. While this is below its long-term target of inflation plus 3% to 6%, it compares favourably to the FTSE All Share return of 2.9% for the same period. This […]
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09 Dec 2022 1 min read
Rockwood Strategic – updates on Crestchic and Bonhill Group positions
Rockwood Strategic’s (RKW)’s) portfolio company Crestchic, which accounted for 28.7% of RKW’s NAV as at 30 September 2022, has announced that it has agreed terms with Aggreko for a recommended cash offer to be made by Aggreko for the entire issued and to be issued ordinary share capital of Crestchic. Under the terms of the […]
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23 Nov 2022 5 min read
QuotedData’s morning briefing 23 November 2022
In QuotedData’s morning briefing 23 November 2022: Worldwide Healthcare (WWH) has announced its interim results for the six months ended 30 September 2022. During the period, WWH provided an NAV total return of 3.1%, modestly outperforming its benchmark, the MSCI World Healthcare Index, which returned 2.1% during the period. In absolute terms, net asset value […]
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29 Sep 2022 2 min read
QuotedData’s morning briefing 29 September 2022
In QuotedData’s morning briefing 29 September 2022: Rockwood Strategic (RKW) confirms that its shares are now admitted to listing on the premium segment of the Official List maintained by the FCA and to trading on the premium segment of the London Stock Exchange’s Main Market. The trust is moving across from AIM. [Now the focus […]
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26 Aug 2022 1 min read
QuotedData’s weekly news show 26th August 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: Urban logistics REIT Rockwood Strategic Digital 9 Infrastructure This week’s interview was with Nick Brind of Polar Capital Global Financials Trust– watch it again here.
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23 Jun 2022 1 min read
Rockwood Strategic well ahead of benchmark in turbulent year
Rockwood Strategic, which had a turbulent financial year over the 12 months ended 31 March 2022, managed to produce an NAV return of 27.5% for the period, well ahead of the 3.2% return on the Small Cap Index. The return to shareholders was 22.2%. The board believes that, until the company has gained greater scale, […]
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04 May 2022 2 min read
QuotedData’s morning briefing 4 May 2022
Rockwood Realisation (RKW) has changed its name to Rockwood Strategic following a turnaround in its plans and the decision to remain an investment trust, as we have previously reported. The group has also launched the Rockwood Strategic Investment Advisory Group (IAG) whose members offer the benefits of cumulatively over 150 years of relevant investment experience. […]
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07 Apr 2022 3 min read
Rockwood comes full circle
Rockwood Realisation, free from the influence of Gresham House, now plans to halt the realisation process and return to making strategic investments in smaller UK companies. Richard Staveley, who managed the portfolio for a while at Gresham, will take on responsibility for the new strategy, he’ll be advised by Christopher Mills, manager of North Atlantic […]
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25 Mar 2022 1 min read
QuotedData’s weekly news show 25th March 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberdeen New India/India Capital Growth • Greencoat Renewables • Rockwood Realisation This week’s interview was with Blake Hutchins of Troy Income & Growth. – […]
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21 Mar 2022 1 min read
Gresham House sale of Rockwood sparks rethink of future
Gresham House sale of Rockwood sparks rethink of future – Gresham House, parent company of Rockwood Realisation’s former investment manager, has sold its entire roughly 23.7% interest in the company to a number of institutional investors, including Rockwood Realisation’s current investment manager, Harwood Capital. Harwood now owns 28.9% of Rockwood Realisation and Richard Staveley, who now […]
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23 Dec 2021 1 min read
QuotedData’s morning briefing 23 December 2021
In QuotedData’s morning briefing 23 December 2021: GCP Asset Backed Income (GABI) has been having issues with its loan to the Co-Living Group (which is currently in administration). An acquisition vehicle was established as planned and two of six agreed assets were transferred across to this vehicle. These two assets have subsequently been sold. Of […]
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14 Dec 2021 1 min read
QuotedData’s morning briefing 14 December 2021
In QuotedData’s morning briefing 14 December 2021: Polar Capital Technology (PCT) produced an NAV return of 11.5% and share price return of 6.3% for the six months ended 31 October 2021, unfortunately lagging the return on the benchmark of 13.3%. Some stocks that had done exceptionally well during the pandemic gave back some performance as […]
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08 Dec 2021 2 min read
QuotedData’s morning briefing 8 December 2021
In QuotedData’s morning briefing 8 December 2021: VH Global Sustainable Energy Opportunities (GSEO) has completed its acquisition of a second 10.9MW solar photovoltaic site located in Queensland, Australia. This acquisition completes the first tranche of this project consisting of two solar PV sites totalling 17MW as previously announced on 2 August 2021. Tranche II of […]
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29 Nov 2021 10 min read
End of Gresham House Strategic saga nears as board announces managed wind-down
End of Gresham House Strategic saga nears as board announces managed wind-down – Gresham House Strategic (GHS) has announced recommended proposals for managed wind-down of the company, proposed an initial return of capital and a return of capital by way of future tender offers and issued a notice for a requisitioned general meeting. This comes […]
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26 Nov 2021 2 min read
Gresham House Strategic announces NAV overstatement of around 2%
Just when we thought that the ‘tug of war’ between Harwood Capital and Gresham House Asset Management (GHAM) over Gresham House Strategic (GHS) had achieved a ceasefire of sorts, another small skirmish appears to have broken out. GHS has announced today that it has been advised by its recently appointed investment manager, Harwood Capital LLP, […]
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05 Nov 2021 1 min read
QuotedData’s weekly news show 5th November 2021
QuotedData’s weekly news show 5th November 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: ThomasLloydEnergy Impact abrdn China Investment Company Gresham House Strategic GreencoatUKWind This week’s interview was with Rory Bateman from […]
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4 min read
Gresham House Strategic to go into run off
The board of Gresham House Strategic (GHS) has provided an update following the requisition request by Gresham House Plc (GHE) dated 14 October 2021. To summarise, GHE has irrevocable undertakings that, when combined with its own holding, amount to 46.8% of GHS’s issued share capital and so its board has concluded that the resolutions will […]
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22 Oct 2021 3 min read
QD view – busy boards
I have long thought that one of the great strengths of the investment companies sector is the boards of independent directors working on investors’ behalf to keep managers and other service providers in check, keep a lid on overheads and ensuring that shareholders are treated fairly. While not every investment company is a shining example […]
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20 Oct 2021 4 min read
Gresham House Strategic board hits back at Gresham House
Gresham House Strategic board hits back at Gresham House – this is one of those situations where it is easiest just to replicate the statement in full. “The independent directors of Gresham House Strategic plc (“GHS” or the “Company”) (“Independent Board”) note the announcement by Gresham House plc (“GHE”) published on 19 October 2021, and […]
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19 Oct 2021 1 min read
Gresham House just wants everyone to be treated equally
Gresham House just wants everyone to be treated equally – In a statement released this morning, Gresham House sets out its case for requisitioning a meeting at Gresham House Strategic and says that support for its move has risen since last Thursday. “Best practice corporate governance sits at the heart of Gresham House’s strategy as an […]
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18 Oct 2021 2 min read
New chapter in Gresham House Strategic saga
New chapter in Gresham House Strategic saga – We covered the proposed appointment of Harwood as managers to Gresham House Strategic on Friday’s show. At the time, it looked like a done deal. However, after the market closed on Friday, the board said that they had received another requisition from Rock Nominees Limited (on behalf […]
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15 Oct 2021 1 min read
QuotedData’s weekly news show 15 October 2021
QuotedData’s weekly news show 15 October 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Gresham House Strategic • Castlenau Group • Artemis Alpha This week’s interview was with Nicholas Yeo of […]
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11 Oct 2021 3 min read
Gresham House Strategic sacks Gresham House following strategic review
Gresham House Strategic sacks Gresham House following strategic review – Gresham House Strategic (GHS) has revealed the results of its strategic review, which it started in May 2021, to determine the best course of action to provide growth in value for all shareholders. The company also served 12 months’ protective notice of termination on Gresham […]
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14 Jun 2021 1 min read
QuotedData’s morning briefing 14 June 2021
In QuotedData’s morning briefing 14 June 2021 – VH Global Sustainable Energy Opportunities (GSEO) announced the completion of its acquisition of the first $4m tranche out of its $63m commitment to a Brazilian solar power programme. The initial tranche will fund the construction of four projects across Rio de Janeiro, which once operational will provide […]
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10 Jun 2021 1 min read
Good news for Gresham House Strategic as requisition notice withdrawn
Good news for Gresham House Strategic as requisition notice withdrawn – Gresham House Strategic (GHS) has announced that, following discussions with Gresham House, its largest shareholder, the notice of requisition of a general meeting received by Rock Nominees (on behalf of Gresham House) issued last month, has been withdrawn. As a result, the AGM will […]
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26 May 2021 2 min read
QuotedData’s morning briefing 26 May 2021
In QuotedData’s morning briefing 26 May 2021: AVI Global produced an NAV return of 26.8% and a share price return of 29.1% over the six months ended 31 March 2021. These numbers compare well to the 13.5% return on the trust’s benchmark and help make it one of the best performing funds in its sector over […]
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25 May 2021 1 min read
Richard Staveley leaves Gresham House Strategic’s manager
Following on from yesterday’s (May 24) announcement from Gresham House Strategic’s (GHS’s) board that it will conduct a strategic review on the existing strategy against other strategies available (click here to read our news story from yesterday), it was announced this afternoon that GHS’s manager, Gresham House, had accepted the resignation of Richard Staveley, who has […]
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24 May 2021 2 min read
Gresham House Strategic announces strategic review as chair retires
Gresham House Strategic announces strategic review as chair retires – The board of Gresham House Strategic has announced it will conduct a strategic review on the existing strategy against other strategies available, in order to determine the best method of providing growth in value for shareholders. The review, which will consider the continuing role of […]
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09 Apr 2021 1 min read
QuotedData’s morning briefing 9 April 2021
In QuotedData’s morning briefing 9 April 2021: Schroder UK Public Private says it has completed the sale of its shares in Kymab to Sanofi for approximately US$82m. There may be additional contingent payments of up to US$33m, subject to a deferred purchase price release and Kymab achieving certain development and regulatory milestones. Hibernia REIT says that it […]
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11 Nov 2020 1 min read
QuotedData’s morning briefing 11 November 2020
In QuotedData’s morning briefing 11 November 2020 – Gabelli Value Plus+ (GVP) published a circular in connection with the notice requisitioning a general meeting of the company from Associated Capital Group. On 22 October, GVP received a notice from ACG requisitioning a general meeting of the company. GVP’s board says that it does not consider that the package of measures […]
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07 Sep 2020 1 min read
Gresham House Strategic increases dividend growth target to 20%
Gresham House Strategic (GHS), which sits in the UK smaller companies sector, says that in view of strong performance and the outlook for its portfolio, it is proposing to increase its target dividend increase from 15% to 20%, for the completed financial year to March 2020. Click here to read our coverage from June of […]
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23 Jun 2020 2 min read
Gresham House Strategic extends run of outperformance
Gresham House Strategic extends run of outperformance – Gresham House Strategic beat its benchmark by 10.5% over the year ended 31 March 2020. its NAV total return was -14.3% against -24.8% for the Small Cap ex Investment Companies Index. A narrowing of the discount from 22.6% to 15.0% meant that the return to shareholders was even […]
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06 Apr 2020 4 min read
Performance and covid-19 update from Gresham House Strategic
The UK smaller companies-focused, private equity style fund, Gresham House Strategic (GHS) has provided an update on its financial performance over its year-ending period to 31 March 2020. GHS’s board and manager believes portfolio is well positioned in the present difficult environment. They say this reflected in their decision to retain their commitment to raise […]
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27 Mar 2020 2 min read
Good news for Strategic Equity Capital
In a surprise move, Strategic Equity Capital (SEC) has sacked its investment manager and shifted its management contract to Gresham House, the fast-growing investment boutique. Gresham House already manages a trust that looks similar to SEC – Gresham House Strategic. Both funds size up potential investments the way a private equity firm would. They try […]
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26 Nov 2019 3 min read
Gresham House Strategic’s discount narrows over interim period
Gresham House Strategic’s discount narrows over interim period – The UK smaller companies-focused, private equity style fund, Gresham House Strategic (GHS), published interim results covering the six months to 30 September 2019, this morning. NAV total return of +0.3% vs +0.2% by the FTSE small cap index (total return basis). GHS say the NAV was […]
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27 Jun 2019 2 min read
Gresham House Strategic continues to see value in UK
Gresham House Strategic continues to see value in UK – The UK smaller companies, focused private equity style, fund, Gresham House Strategic (GHS), published its audited financial results for the year to 31 March 2019, this morning. We covered the leading return figures when the unaudited results were released in April (click here to access) […]
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04 Apr 2019 1 min read
Gresham House Strategic delivers 20.4% return to shareholders
Gresham House Strategic delivers 20.4% return to shareholders – Gresham 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 […]
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22 Jul 2015 2 min read
Gresham House takes on Spark Ventures
Spark Ventures has raised £10.1m from a placing of stock, a further £3.8m from stock swaps and will raise up to £3.1m via an open offer. They plan to put the money towards a new investment strategy and appoint Gresham House as its investment adviser. Gresham House is buying into Spark Ventures’ outgoing management company, SPARK […]
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10 Jul 2015 1 min read
Spark Ventures close to full liquidation of portfolio
Spark Ventures’ results for the year to the end of March 2015 show that the NAV fell by 12% over the year (adjusting for cash returns) but they point out that it has recovered most of this fall since the end of the period. 4.5p or £19m has been returned to shareholders. They struck a […]
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12 Dec 2014 1 min read
Spark Ventures hopes to raise money in 2015
Spark Ventures interim results fro the six months to the end of September 2014 show a net asset value of 6.1p. It sold part of its stake in IMI Mobile but the balance is locked up until June 2015. The rest of the portfolio is supposed to be sold off by the end of March 2015 […]
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14 Aug 2014 1 min read
Spark Ventures final results show big cash inflow
SPK : Spark Ventures final results show big cash inflow Spark Ventures has published its results for the year that ended 31 March 2014. £33m of cash came in during the year from sales of investments including Kobalt, notonthehighstreet and IMIMobile. Shareholders have received distributions of 6.5p. The net asset value fell 18% to 10.65p. Most […]
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13 Jun 2014 1 min read
Spark Ventures : SPK – IMIMobile
Spark Ventures has drawn investors’ attention to the announcement from IMIMobile, Spark’s largest investment, that it intends to float on the AIM market. Spark Ventures say they will hang onto some of their investment in the company. At the moment they own 27% of IMIMobile and value it at £14.8m.
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27 Feb 2014 1 min read
Spark Ventures : SPK – disposal
Spark Ventures has sold its remaining stake in Kobalt, an independent music publisher, for £5.4m. Overall SPK has made 4.8x its money on this investment.
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20 Dec 2013 1 min read
Spark Ventures : SPK – interim results
Over the six months to the end of September 2013 SPK’s NAV fell to 11.4p, in part following a 2p per share distribution to shareholders but also due to operating losses and write downs in the values of some assets. Since the period end Spark has sold notonthehighstreet for £11m. The Board hopes to make […]
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23 May 2025 1 min read
A fund pick for every flavour of small-cap
By Matteo Anelli, Senior reporter, Trustnet, 23 May 2025: After a bruising few years, small-cap investing is out of favour but not out of opportunities. In the UK, some of the best-known small-cap names have struggled, including abrdn UK Smaller Companies, Liontrust UK Smaller Companies and IFSL Marlborough UK Micro-Cap Growth. It’s no coincidence, however, […]
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26 Feb 2024 1 min read
Can smaller trusts survive without consolidation?
Christian Mayes, Portfolio Adviser, 26 FEBRUARY 2024: A range of mergers have been announced in the investment trust space in recent times. Among others, the £2.3bn JP Morgan Global Growth and Income trust announced plans to absorb the £71m JP Morgan Multi-Asset Growth & Income (MATE) in January, while last week saw a bidding war […]
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23 Feb 2024 1 min read
How to value investment trusts’ private assets
by Val Cipriani, Investors Chronicle, February 21, 2024: The valuations of private assets have increasingly come under scrutiny in the past two years, as inflation and higher interest rates sent listed company values on a rollercoaster but left the likes of private equity relatively untouched. Private investors typically get exposure to private assets through investment […]
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03 Oct 2023 1 min read
Concentrated portfolios: 11 funds and trusts favoured by the pros
by Jennifer Hill from interactive investor, 3rd October 2023: As the old adage goes, one must concentrate to build wealth and then diversify to protect wealth. However, the benefits of diversification can diminish rapidly after you reach around 30 stocks. This concept can be traced back to a paper published by Lawrence Fisher and James […]
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18 Jul 2023 1 min read
Investment trust insider on Rockwood Strategic
James Carthew: Why Rockwood is rocking the UK small-cap sector Last week I relayed the view of Miton UK Microcap (MINI) fund manager Gervais Williams on the undervaluation of the UK smaller company market, and especially that of the very smallest listed companies. Following this, I caught up with Richard Staveley, manager of Rockwood Strategic […]
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22 Jun 2023 2 min read
Home Truths
James Carthew for Portfolio Adviser, 21 June 2023: For many years, there was a tendency among UK-based investment managers and financial advisers to overweight domestic stocks within client portfolios. As a result, we saw a proliferation of investment companies with a narrow focus on UK-listed businesses. Today, 54 investment companies have a listed UK equity […]
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18 Apr 2023 1 min read
Investment trust insider on discounts
James Carthew: This selloff has gone too far Looking at my portfolio, the past few months have felt a bit frustrating. Investment companies that I am convinced are sound have been derated, sometimes aggressively. Investors seem irrational, perhaps even panicky. Fundamentals are being ignored and sentiment rules all. Fortunately, the bulk of my investments are […]
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16 Jan 2023 1 min read
Investment trust insider on running last year’s winners
James Carthew: Some 2022 winners are worth holding onto this year I’m uneasy about the resilience of the recent stock market rally. Despite this, I think a few of last year’s big gainers could do well again in 2023. Against a difficult backdrop, only about a third of investment companies generated a positive share price […]
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22 Nov 2021 1 min read
The UK trusts on the biggest discount or premiums relative to their history
By Eve Maddock-Jones, Reporter, Trustnet, 19 November 2021 Trustnet looks at which UK investment trusts are trading below their five year average discount/premium level and which ones are running well ahead of the norm. Several UK investment trusts are running well below their five-year-average discount presenting major buying opportunities, according to fund pickers. The pandemic […]
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28 Jul 2021 1 min read
The five investment trust premiums and discounts that have risen the most
Trustnet looks at the investment trusts that have either gone to a bigger premium or a narrower discount across June. By Rory Palmer, Reporter, Trustnet, 27 July 2021 Chrysalis Investments, Gresham House Strategic and Oakley Capital Investments were all more expensive than their long-run average in June, according to QuotedData. Investment trusts can trade at a […]
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27 Nov 2018 1 min read
Investment trust insider on Gresham Strategic and Aurora
Investment trust insider on Gresham Strategic and Aurora – James Carthew: private-equity, small-cap pickers good value Could value-style approaches do well in the current market environment? The universe of UK smaller company investment trusts using private equity techniques to evaluate listed companies once consisted solely of Strategic Equity Capital (SEC). It has proliferated however, and now […]
