Gresham House Strategic - Capitalising on dislocations to build for the future
Gresham House Strategic (GHS) has been active over the COVID-19 pandemic, taking advantage of a high cash balance following the profitable disposal of IMImobile (23.7% IRR) in early 2020 to invest in attractive businesses at depressed levels. GHS describes itself as a ‘strategic public equity’ fund, meaning it takes a private equity-style approach to investing mainly in listed companies, buying significant stakes and engaging proactively to create and unlock value through operational, strategic and management initiatives. Given the favourable entry prices of many recent investments, GHS’s managers are targeting returns of as much as 2.5–3.0x over the typical three- to five-year holding period. Furthermore, reflecting confidence in the outlook for the portfolio, its underlying income (including the potential for reintroduction of dividends by some holdings) and scope for portfolio realisations, GHS’s board has recently raised its dividend growth target for FY21 from 15% to 20%.Gresham House Strategic is an investment company. Co.'s principal activity is to make investments primarily in the U.K and European smaller public companies.
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