Confident, despite short-term setback
After a strong period of performance in 2017, when Strategic Equity Capital (SEC) beat a strong small cap index by 6%, 2018 has proved problematic.Short-term performance has been impacted by stock specific price weakness within SEC’s concentrated portfolio (see pages 5-6). SEC’s managers are long-term investors, however. They have confidence in their portfolio, based on 3-to-5-year investment theses, and bought shares in the trust throughout Q2 2018, now owning around 4% of it. SEC’s discount is towards the bottom end of its trading range; and the managers believe that this could represent an opportunity. The board has authorised share repurchases to stabilise the discount.
Strategic Equity Capital conducts business as an investment trust. Co. invests primarily in equity and equity-linked securities. Co.'s investments are managed by GVQ Investment Management Limited (GVQIM), which consists of a number of investment personnel who combine a number of complementary skill sets, including corporate finance, fund management, research and private equity disciplines. In addition, GVQIM makes use of a panel of industrial advisers and other external due diligence providers.
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