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. Under its new leadership, SEC is gradually refocusing its portfolio on smaller companies where it can take more material stakes and exercise a greater degree of influence. Whilst the core investment strategy is unchanged, we think that this reflects a return to the original ethos of the trust. Over the last three months of 2020, three full exits were achieved and two new investments made. Five of the stocks in the portfolio are ones where funds managed or advised by the manager have a significant stake. The manager believes that there is now a clear path towards improved performance for SEC and a narrowing of its discount.
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Back to its roots
Strategic Equity Capital plc (SEC:LON) | 0 0 0.0% | Mkt Cap: 153.8m
- Published:
02 Feb 2021 -
Author:
James Carthew | Matthew Read | Shonil Chande - Pages:
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. Under its new leadership, SEC is gradually refocusing its portfolio on smaller companies where it can take more material stakes and exercise a greater degree of influence. Whilst the core investment strategy is unchanged, we think that this reflects a return to the original ethos of the trust. Over the last three months of 2020, three full exits were achieved and two new investments made. Five of the stocks in the portfolio are ones where funds managed or advised by the manager have a significant stake. The manager believes that there is now a clear path towards improved performance for SEC and a narrowing of its discount.