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.
