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Vantage: Rockwood Strategic – UK small-cap value and active engagement

Vantage: Rockwood Strategic – UK small-cap value and active engagement

Rockwood Strategic — 5 videos in collection

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In this Vantage interview, Edison’s Neil Shah speaks with Richard Staveley, fund manager of Rockwood Strategic, about what sets the c £200m UK small-cap investment trust apart from its peers. Richard explains Rockwood’s concentrated, value-and-recovery approach, its active (though not activist) engagement with investee companies and its focus on absolute rather than benchmark-relative returns. He discusses how the wave of takeovers and take-privates sweeping UK small caps validates the scale of the valuation opportunity, using Funding Circle as a case study of how constructive engagement on buybacks, cost discipline and board composition helped drive a five-fold share price recovery. Richard also sets out the investment process behind identifying depressed, mean-reverting businesses, and he shares his views on the policy changes, from British ISAs to local authority pension allocations, that could help reverse the outflows from UK equities and reignite the small-cap market.

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