Manager firm
Gresham House Asset Management Limited
Structure
investment_trust
AIC sector
VCT
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
Base currency
GBP
Latest factsheet
2025-12-31
Snapshot date
2025-08-31
Share price
43.60p
NAV / share
47.29p2026-06-30
Premium / discount
-7.80%
Fund size
£215m
OCF
—
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -3.1% | — | — |
| 1y | -0.3% | — | — |
| since_inception | 315.3% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Cerillion plc | — | — | 6.5% |
| 2 | Netcall plc | — | — | 5.0% |
| 3 | Patchworks Integration Ltd | — | — | 4.2% |
| 4 | Property Franchise Group plc | — | — | 2.8% |
| 5 | Airfinity Ltd | — | — | 2.8% |
| 6 | IDOX plc | — | — | 2.1% |
| 7 | SecureCloud+ Ltd | — | — | 1.7% |
| 8 | Fu3e Ltd | — | — | 1.5% |
| 9 | Popsa Holdings Ltd | — | — | 1.5% |
| 10 | IntelliAM AI plc | — | — | 1.2% |
| UK | 84.8% | |
| Cash near Cash | 15.2% |
| Portfolio yield | — |
| Unlisted holdings | — |
| Cash & equivalents | 15.24% |
| Total assets | £215.0m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 422,312,907 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 48,994,194 |
The quoted portfolio and Gresham House Managed Funds* declined 4.7%, reflecting broad weakness in UK small caps, which underperformed large caps amid uncertainty surrounding the 2025 Autumn Budget. Despite this backdrop, several holdings performed strongly. Idox benefited from a recommended cash offer by Long Path Partners, while Tan Delta Systems (2023 IPO) advanced on new contract wins with Shell Marine and progress in product trials with a major global online retailer. These gains were offset by a general de-rating across the UK small-cap sector. High-quality holdings such as Cerillion, Netcall and Property Franchise Group saw valuations soften despite positive operational news flow, driven primarily by short-term macroeconomic sentiment and budget-related volatility rather than any known deterioration in the underlying company fundamentals.
Manager firm
Gresham House Asset Management Limited
Structure
investment_trust
AIC sector
VCT
Base currency
GBP
Latest factsheet
2025-12-31
Snapshot date
2025-08-31
Share price
43.60p
NAV / share
47.29p2026-06-30
Premium / discount
-7.80%
Fund size
£215m
OCF
—
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -3.1% | — | — |
| 1y | -0.3% | — | — |
| since_inception | 315.3% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Cerillion plc | — | — | 6.5% |
| 2 | Netcall plc | — | — | 5.0% |
| 3 | Patchworks Integration Ltd | — | — | 4.2% |
| 4 | Property Franchise Group plc | — | — | 2.8% |
| 5 | Airfinity Ltd | — | — | 2.8% |
| 6 | IDOX plc | — | — | 2.1% |
| 7 | SecureCloud+ Ltd | — | — | 1.7% |
| 8 | Fu3e Ltd | — | — | 1.5% |
| 9 | Popsa Holdings Ltd | — | — | 1.5% |
| 10 | IntelliAM AI plc | — | — | 1.2% |
| UK | 84.8% | |
| Cash near Cash | 15.2% |
| Portfolio yield | — |
| Unlisted holdings | — |
| Cash & equivalents | 15.24% |
| Total assets | £215.0m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 422,312,907 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 48,994,194 |
The quoted portfolio and Gresham House Managed Funds* declined 4.7%, reflecting broad weakness in UK small caps, which underperformed large caps amid uncertainty surrounding the 2025 Autumn Budget. Despite this backdrop, several holdings performed strongly. Idox benefited from a recommended cash offer by Long Path Partners, while Tan Delta Systems (2023 IPO) advanced on new contract wins with Shell Marine and progress in product trials with a major global online retailer. These gains were offset by a general de-rating across the UK small-cap sector. High-quality holdings such as Cerillion, Netcall and Property Franchise Group saw valuations soften despite positive operational news flow, driven primarily by short-term macroeconomic sentiment and budget-related volatility rather than any known deterioration in the underlying company fundamentals.