Gresham House Strategic


Market Cap£48m

Last Close 1380p

Gresham House Strategic (GHS) invests mainly in smaller UK public companies, applying private equity style techniques to construct a focused portfolio. The investment team focuses on taking significant stakes in profitable, cash-generative companies that it believes are intrinsically undervalued, aiming for significant engagement with investee company stakeholders in support of a clear equity value creation plan over the long term. The strategic public equity team at Gresham House has managed five consecutive funds since 2003, including GHS, following the same strategy.

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Investment summary

Gresham House Strategic (GHS) has been active over the COVID-19 pandemic, taking advantage of a high cash balance following the profitable disposal of IMImobile (23.7% IRR) in early 2020 to invest in attractive businesses at depressed levels. GHS describes itself as a ‘strategic public equity’ fund, meaning it takes a private equity-style approach to investing mainly in listed companies, buying significant stakes and engaging proactively to create and unlock value through operational, strategic and management initiatives. Given the favourable entry prices of many recent investments, GHS’s managers are targeting returns of as much as 2.5–3.0x over the typical three- to five-year holding period. Furthermore, reflecting confidence in the outlook for the portfolio, its underlying income (including the potential for reintroduction of dividends by some holdings) and scope for portfolio realisations, GHS’s board has recently raised its dividend growth target for FY21 from 15% to 20%.

Content on Gresham House Strategic
Richard Staveley, Gresham House Strategic – Edison’s bull/bear game
Investment companies | Edison TV | 22 October 2020
Gresham House Strategic – fund manager interview
Investment companies | Edison TV | 13 October 2020
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Share price graph
Price performance
Actual (12.6) (18.8) 3.1
Relative* (12.8) (21.1) (9.9)
52-week high/low 1818.9p/1279.2p
*% relative to local index
Key management
Richard Staveley Fund manager

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