reports
- James Carthew
- Matthew Read
Strategic Equity Capital - Time to look forward
In a vote held on 23 March 2022, Strategic Equity Capital’s (SEC) shareholders have overwhelmingly approved proposals to address the trust’s discount and provide liquidity to those shareholders that need it.We believe that the focus should now switch to the trust’s much-improved track record under manager Ken Wotton at Gresham House Asset Management (GHAM).SEC’s investment approach emphasises qualities such as balance sheet strength, free cashflow and structural growth. As we explore in this not...
- James Carthew
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. 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 throughout Q2 2018, now owning around 4% of the trust. SEC’s discount is towards the bottom en...
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