Manager firm
Gresham House Asset Management Limited
Structure
investment_trust
AIC sector
VCT
Domicile
United Kingdom
Base currency
GBP
Latest factsheet
2025-12-31
Snapshot date
2025-08-31
Manager firm
Gresham House Asset Management Limited
Structure
investment_trust
AIC sector
VCT
Domicile
United Kingdom
Base currency
GBP
Latest factsheet
2025-12-31
Snapshot date
2025-08-31
Share price
44.60p
NAV / share
48.59p2026-06-30
Premium / discount
-8.21%
Fund size
£217m
OCF
—
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -3.7% | — | — |
| 1y | -1.4% | — | — |
| since_inception | 229.5% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Cerillion plc | — | — | 7.9% |
| 2 | Netcall plc | — | — | 7.4% |
| 3 | Patchworks Integration Ltd | — | — | 4.5% |
| 4 | IDOX plc | — | — | 3.5% |
| 5 | Property Franchise Group plc | — | — | 3.4% |
| 6 | Airfinity Ltd | — | — | 3.0% |
| 7 | Anpario plc | — | — | 2.1% |
| 8 | SecureCloud+ Ltd | — | — | 1.9% |
| 9 | Fu3e Ltd | — | — | 1.6% |
| 10 | Popsa Holdings Ltd | — | — | 1.6% |
| UK | 90.8% | |
| Cash near Cash | 9.2% |
| Portfolio yield | — |
| Unlisted holdings | — |
| Cash & equivalents | 9.15% |
| Total assets | £217.2m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 410,359,411 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 53,974,320 |
In the three months to 31 December 2025, the Company's underlying NAV per share fell 2.1p (3.9%) to 52.0p. Post period end, the NAV per share increased 2.4% to 53.3p per share as at 28 February 2026 before the deduction of 2.25p dividend. The unquoted portfolio increased by 0.1% in the quarter, with gains from strong trading across more than half the portfolio, including Patchworks, Orri and Fu3e. The quoted portfolio and Gresham House Managed Funds* decreased 5.2%, reflecting broad weakness in UK small caps amid uncertainty surrounding the 2025 Autumn Budget. Idox contributed strongly following a recommended cash offer from Long Path Partners, and Tan Delta Systems (2023 IPO) performed well on new contract wins and product trial progress. These gains were offset by wider sector de-rating, with holdings such as Cerillion, Netcall and Property Franchise Group seeing valuations soften despite positive operational updates, driven largely by short-term macro and budget-related sentiment rather than fundamentals.
Manager firm
Gresham House Asset Management Limited
Structure
investment_trust
AIC sector
VCT
Domicile
United Kingdom
Base currency
GBP
Latest factsheet
2025-12-31
Snapshot date
2025-08-31
Share price
44.60p
NAV / share
48.59p2026-06-30
Premium / discount
-8.21%
Fund size
£217m
OCF
—
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -3.7% | — | — |
| 1y | -1.4% | — | — |
| since_inception | 229.5% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Cerillion plc | — | — | 7.9% |
| 2 | Netcall plc | — | — | 7.4% |
| 3 | Patchworks Integration Ltd | — | — | 4.5% |
| 4 | IDOX plc | — | — | 3.5% |
| 5 | Property Franchise Group plc | — | — | 3.4% |
| 6 | Airfinity Ltd | — | — | 3.0% |
| 7 | Anpario plc | — | — | 2.1% |
| 8 | SecureCloud+ Ltd | — | — | 1.9% |
| 9 | Fu3e Ltd | — | — | 1.6% |
| 10 | Popsa Holdings Ltd | — | — | 1.6% |
| UK | 90.8% | |
| Cash near Cash | 9.2% |
| Portfolio yield | — |
| Unlisted holdings | — |
| Cash & equivalents | 9.15% |
| Total assets | £217.2m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 410,359,411 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 53,974,320 |
In the three months to 31 December 2025, the Company's underlying NAV per share fell 2.1p (3.9%) to 52.0p. Post period end, the NAV per share increased 2.4% to 53.3p per share as at 28 February 2026 before the deduction of 2.25p dividend. The unquoted portfolio increased by 0.1% in the quarter, with gains from strong trading across more than half the portfolio, including Patchworks, Orri and Fu3e. The quoted portfolio and Gresham House Managed Funds* decreased 5.2%, reflecting broad weakness in UK small caps amid uncertainty surrounding the 2025 Autumn Budget. Idox contributed strongly following a recommended cash offer from Long Path Partners, and Tan Delta Systems (2023 IPO) performed well on new contract wins and product trial progress. These gains were offset by wider sector de-rating, with holdings such as Cerillion, Netcall and Property Franchise Group seeing valuations soften despite positive operational updates, driven largely by short-term macro and budget-related sentiment rather than fundamentals.