Quest for Growth €1/Share capital return and strategic reset

Quest for Growth announced a strategic reorientation to refocus on its core mission of investing in unquoted growth companies and successful quoted small caps. The Board proposes a €18.7 million capital reduction, distributing €1 net per share to shareholders without cancelling shares, funded by existing cash and the sale of large-cap positions. This move is said to aim to sharpen the fund's profile as a pure growth specialist. The strategy maintains focus on three pillars: Digital, Health, and Cleantech. The capital reduction is subject to FSMA approval and an extraordinary general meeting on 9 December 2025. In our opinion, the portfolio was already more than enough growth oriented, and the capital return is more likely designed to remunerate the recently aligned majority shareholders. Note that the unquoted portfolio has been the culprit in recent years, not the quoted. This is again less capital for Quest for Growth to invest with. We maintain our BUY rating and €5.9 TP.