Manager firm
Dowgate Wealth Limited
Manager(s)
Laurence Hulse
Structure
investment_trust
AIC sector
UK Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
2023-03-30
Latest factsheet
2026-05-29
Snapshot date
2025-08-31
Manager firm
Dowgate Wealth Limited
Manager(s)
Laurence Hulse
Structure
investment_trust
AIC sector
UK Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
2023-03-30
Latest factsheet
2026-05-29
Snapshot date
2025-08-31
Share price
124.12p
NAV / share
124.62p2026-07-15
Premium / discount
-0.40%
Fund size
£43m
OCF
—
Performance fee
12.50%
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -0.4% | 4.4% | -4.8pp |
| 1m | 7.0% | 4.4% | +2.6pp |
| ytd | 2.9% | 6.5% | -3.6pp |
| ytd | 15.3% | 6.5% | +8.8pp |
| 1y | 3.3% | 12.2% | -8.9pp |
| 1y | 10.9% | 12.2% | -1.3pp |
| 3y | 19.0% | 9.8% | +9.2pp |
| 3y | 35.2% | 9.8% | +25.4pp |
| since_inception | 25.5% | 8.2% | +17.3pp |
| since_inception | 34.8% | 8.2% | +26.6pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | AUDIOBOOM GROUP | — | — | 9.7% |
| 2 | ANGLING DIRECT | — | — | 8.0% |
| 3 | PEBBLE BEACH GROUP | — | — | 7.7% |
| 4 | FINTEL | — | — | 7.7% |
| 5 | LIKEWISE GROUP | — | — | 7.4% |
| 6 | LIGHT SCIENCE | — | — | 6.6% |
| 7 | RENTGUARANTOR HOLDINGS | — | — | 6.1% |
| 8 | SYNECTICS | — | — | 5.7% |
| 9 | ALUMASC GROUP | — | — | 5.6% |
| 10 | MINCON GROUP | — | — | 5.0% |
It was a second month of recovery for the Company as the NAV rebounded +7.0% to 128.96p/share following a number of portfolio catalysts executing whilst the crisis in the Middle East dragged on. Standout portfolio performers were Pebble Beach Systems (+30%), Light Science Technologies (+50%) and RentGuarantor Holdings (+21.7%), offsetting ongoing malaise across most UK equities in line with the rest of the domestic market. The team remains focused on controllable factors, with additional catalysts anticipated over the current quarter and into the second half of the year. While we continue to monitor the UK domestic backdrop for political and inflationary risks, several investment theses appear well positioned to perform across all but the most adverse end-market conditions. RentGuarantor is seeing trading accelerate now that the Renters Rights Act has entered into law. Pebble Beach Systems appears to be making breakthroughs in the global streaming market. Light Science Technologies has now got control of the InjectaClad IP and has won its first contracts, whilst our thesis that Likewise could cannibalise its larger competitor Headlam appears to be starting to have real potential. Angling Direct beat forecasts again and set out new growth targets. Other holdings have had their boards instructed to directly extract value for shareholders. We recently took part in the Money Makers podcast where some of these investment theses and our views on domestic economy are discussed in more depth and it was a great moment for Onward to be recognised by Jonathan Davis and the investment trust community with an invitation to take part.
| 2023-07-13 | PDF → |
Manager firm
Dowgate Wealth Limited
Manager(s)
Laurence Hulse
Structure
investment_trust
AIC sector
UK Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
2023-03-30
Latest factsheet
2026-05-29
Snapshot date
2025-08-31
Share price
124.12p
NAV / share
124.62p2026-07-15
Premium / discount
-0.40%
Fund size
£43m
OCF
—
Performance fee
12.50%
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -0.4% | 4.4% | -4.8pp |
| 1m | 7.0% | 4.4% | +2.6pp |
| ytd | 2.9% | 6.5% | -3.6pp |
| ytd | 15.3% | 6.5% | +8.8pp |
| 1y | 3.3% | 12.2% | -8.9pp |
| 1y | 10.9% | 12.2% | -1.3pp |
| 3y | 19.0% | 9.8% | +9.2pp |
| 3y | 35.2% | 9.8% | +25.4pp |
| since_inception | 25.5% | 8.2% | +17.3pp |
| since_inception | 34.8% | 8.2% | +26.6pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | AUDIOBOOM GROUP | — | — | 9.7% |
| 2 | ANGLING DIRECT | — | — | 8.0% |
| 3 | PEBBLE BEACH GROUP | — | — | 7.7% |
| 4 | FINTEL | — | — | 7.7% |
| 5 | LIKEWISE GROUP | — | — | 7.4% |
| 6 | LIGHT SCIENCE | — | — | 6.6% |
| 7 | RENTGUARANTOR HOLDINGS | — | — | 6.1% |
| 8 | SYNECTICS | — | — | 5.7% |
| 9 | ALUMASC GROUP | — | — | 5.6% |
| 10 | MINCON GROUP | — | — | 5.0% |
It was a second month of recovery for the Company as the NAV rebounded +7.0% to 128.96p/share following a number of portfolio catalysts executing whilst the crisis in the Middle East dragged on. Standout portfolio performers were Pebble Beach Systems (+30%), Light Science Technologies (+50%) and RentGuarantor Holdings (+21.7%), offsetting ongoing malaise across most UK equities in line with the rest of the domestic market. The team remains focused on controllable factors, with additional catalysts anticipated over the current quarter and into the second half of the year. While we continue to monitor the UK domestic backdrop for political and inflationary risks, several investment theses appear well positioned to perform across all but the most adverse end-market conditions. RentGuarantor is seeing trading accelerate now that the Renters Rights Act has entered into law. Pebble Beach Systems appears to be making breakthroughs in the global streaming market. Light Science Technologies has now got control of the InjectaClad IP and has won its first contracts, whilst our thesis that Likewise could cannibalise its larger competitor Headlam appears to be starting to have real potential. Angling Direct beat forecasts again and set out new growth targets. Other holdings have had their boards instructed to directly extract value for shareholders. We recently took part in the Money Makers podcast where some of these investment theses and our views on domestic economy are discussed in more depth and it was a great moment for Onward to be recognised by Jonathan Davis and the investment trust community with an invitation to take part.
| 2023-07-13 | PDF → |