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Strategic Equity Capital : SEC

Strategic Equity Capital is a London-listed investment trust which seeks to create shareholder value through constructive corporate engagement with publicly quoted companies. The investment objective of the company is to achieve absolute returns (i.e growth in the value of investments) rather than relative returns (i.e. attempting to outperform selected indices) over a medium-term period, principally through capital growth.

We have written notes that explain in some detail how the company works:

  • Time to look forward“, published in March 2022, looks beyond the board’s discount tightening proposals
  • Headed in the right direction“, published in September 2021, looked at the board’s plans to reduce the discount
  • Back to its roots“, published in February 2021, examined the impact of the shift to investing in smaller stocks.
  • Focused on fundamentals“, published in April 2020, looked at how SEC is faring in the COVID-19 crisis and covered the managers’ move to Gresham House.
  • “Discounted opportunity”, published in July 2019, aimed to emphasise the disconnect between good recent performance and a stubbornly wide discount.
  • Confident, despite short-term setback“, published in August 2018, noted that, after a strong 2017, SEC was impacted by stock specific weakness but the managers were optimistic for the long term.
  • Quality small cap focus“, published in August 2017, talks about SEC’s focus on high quality small companies and long term structural growth areas, providing management with confidence in the future.
  • Business as usual“, published in March 2017, looked at the departure of Stuart Widdowson from GVQ and the impact on SEC’s investment philosophy.
  • Cashing up!“, published in May 2016, noted the managers’ belief that they are in a late-mid stage bull market, and hence were maintaining a preference for structural growth.
  • Measured expansion on strong performance“, published in July 2015, looked at how good performance  relative to rivals and UK indices had fuelled demand for the trust.
  • Different, in a good way“, published in January 2015, talks about how SEC’s investment style is similar to that of a private equity investor, and the trust’s strong performance record.

You can access the manager’s website here

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