A director at Strategic Equity Capital bought 10,000 shares at 321p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
Strategic Equity Capital - Medica bid underpins strategyEJF Investments - Mark-to-market losses impact March NAV; Sentiment improvingThomasLloyd Energy Impact - Temporary share suspension announcedHICL Infrastructure - Partial disposal of Northwest Parkway
Strategic Equity Capital is a high-conviction strategy with 80% of NAV attributable to the top 10 holdings. We make three key points on the investment case: 1) UK small-cap stocks are deeply discounted, particularly in the £100m-£300m band SEC focuses on; 2) overall Gresham House stakes in key SEC holdings have increased significantly in the past year (17% held on average in top 3), increasing the capacity for engagement and securing good value for shareholders in the event of PE a...
Oakley Capital Investments - Note: Delivering leading NAV growthDigital 9 Infrastructure - Solid FY22 results and more capital appreciation potential than the share price suggestsGore Street Energy Storage - 16% annual NAV TR for CY 22Strategic Equity Capital - Avoiding commodity-related sectors and banks is increasingly paying offSeraphim Space Investment Trust
At the end of September 2020, Ken Wotton became the lead manager of Strategic Equity Capital (SEC) and, during the ten months since, SEC has provided NAV and share price returns that are significantly ahead of the MSCI UK Smaller Companies and even the broader MSCI UK Index (see pages 17 and 18). Despite this, and a comprehensive plan to reduce the discount (see pages 4 and 5), which now includes potential tender offers in both 2022 and 2024 (subject to certain triggers – see page 4), the discou...
At the end of September 2020, Ken Wotton became the lead manager of Strategic Equity Capital (SEC) and, during the ten months since, SEC has provided NAV and share price returns that are significantly ahead of the MSCI UK Smaller Companies and even the broader MSCI UK Index (see pages 16 and 17). Despite this, and a comprehensive discount reduction plan (see pages 3 and 4), which now includes contingent tender offers in both 2022 and 2024, the discount has reduced but is still material.We do not...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Since May 2020, Strategic Equity Capital (SEC) has been managed by the public equity team at Gresham House Asset Management. The head of that team, Ken Wotton, became lead-manager of the trust in September, working alongside Adam Khanbhai. The chair of SEC’s investment committee is now Tony Dalwood, SEC’s lead manager when it was launched in 2005 and Gresham House Plc’s CEO.
Since May 2020, Strategic Equity Capital (SEC) has been managed by the public equity team at Gresham House Asset Management. The head of that team, Ken Wotton, became lead-manager of the trust in September, working alongside Adam Khanbhai. The chair of SEC’s investment committee is now Tony Dalwood, SEC’s lead manager when it was launched in 2005 and Gresham House Plc’s chief executive.
Just a couple of months ago, Strategic Equity Capital (SEC)’s NAV and share price were at an all-time high. However, since then the covid-19-related sell-off in markets has led to a flight to safety, to the detriment of smaller companies funds’ NAVs, and a widening of discounts. SEC has proved relatively resilient, however. Jeff Harris and Adam Khanbhai, SEC’s managers, were confident in their portfolio ahead of the outbreak. The long-term economic effect of the measures being taken to stem the ...
Jeff Harris and Adam Khanbhai have been managing Strategic Equity Capital’s (SEC’s) portfolio jointly since February 2017. Since this time, NAV growth has been solid (a total return of 14.3%, which is broadly in line with the MSCI UK Small Cap Index’s return of 14.1%) but SEC has strongly outperformed during the last year, returning 2.3%, while the index fell 5.8%. Despite this, its discount has remained stubbornly wide.
Jeff Harris and Adam Khanbhai have been managing Strategic Equity Capital’s (SEC’s) portfolio jointly since February 2017. Since this time, NAV growth has been solid (a total return of 14.3%, which is broadly in line with the MSCI UK Small Cap Index’s return of 14.1%) but SEC has strongly outperformed during the last year, returning 2.3%, while the index fell 5.8%. Despite this, SEC’s discount to NAV has remained stubbornly wide.
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...
Strategic Equity Capital (SEC’s) managers believe the current portfolio consists of very high quality smaller companies. The high cash balances that built up in 2016, on the back of events such as the e2v technologies takeover, have, largely, been redeployed. Cash drag and the fund’s focus have held back returns over the past year (see page 12). However, investment activity (detailed on page 10) has generated encouraging initial returns. Longer term, the detailed private equity derived process, ...
Strategic Equity Capital (SEC’s) managers believe the current portfolio consists of very high quality smaller companies. The high cash balances that built up in 2016, on the back of events such as the e2v technologies takeover, have, largely, been redeployed. Cash drag and the fund’s focus have held back returns over the past year (see page 12). However, investment activity (detailed on page 10) has generated encouraging initial returns. Longer term, the detailed private equity derived process, ...
”‹The departure of Stuart Widdowson from GVQ Investment Management will, we think, have no impact on Strategic Equity Capital (SEC)’s philosophy, approach or portfolio. We met former deputy manager, Jeff Harris, who has stepped up to become lead portfolio manager and Adam Khanbhai, who becomes the new deputy manager. The management team is enthused about the prospects for SEC’s future performance as former “problem children” are showing positive initial signs of recovery and the market recognis...
Strategic Equity Capital (SEC) announced Stuart Widdowson’s departure from GVQ Investment Management on 7 February 2017. GVQ stress that it is “business as usual” and say Stuart’s absence has no impact on the investment philosophy behind SEC, GVQ’s investment approach or SEC’s portfolio. Jeff Harris has stepped up to become lead portfolio manager and Adam Khanbhai becomes the new deputy manager. The management team is enthused about the prospects for SEC’s future performance as they say that fo...
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