Strategic Equity Capital plc
A specialist, actively managed investment trust
Strategic Equity Capital plc (“SEC”) is an LSE-listed investment trust investing in UK smaller companies. The trust is a concentrated portfolio of 15–25 high-quality, dynamic businesses typically operating in attractive niche markets with strong structural growth potential.
The trust’s objective is to deliver investment growth over the medium term, primarily through capital appreciation, targeting companies with the potential to double shareholder value over five years. Listed on the London Stock Exchange since 19 July 2005, SEC has attracted a diversified shareholder base including institutions, pension funds and private banks. The Board comprises five Non-Executive Directors, all independent of the Investment Manager, providing strong governance and oversight.
The SEC team applies Gresham House’s highly disciplined private equity approach to public markets, with constructive corporate engagement and thorough due diligence.
The investment team’s experience in this area has shown the potential for strong returns. The team can invest in a number of ways to help companies achieve their goals, including:
- Providing primary capital
- Supporting changes in strategic focus or operational performance
- Pre-IPO funding
- Providing a catalyst for M&A
Why invest?
Smaller companies can offer compelling investment opportunities: they are often less well researched, more agile than larger competitors and at an earlier stage of their growth journey, creating potential for mispriced valuations and superior long-term returns.
By taking significant, long-term positions, SEC seeks to engage constructively with company management teams to help unlock this value for shareholders.
Expertise and track record
Fund manager Ken Wotton and his team are specialists in identifying great investment opportunities in smaller UK equities, and have a proven, long-term performance track record.
Distinctive
Our UK equity team’s investment process employs a ‘private-equity approach to public markets’, a rigorous and repeatable methodology based on private equity investing techniques to deliver value and returns on investment.
A powerful network
Our network of advisers and connections provides challenge, validation and insight to the investment team which in turn drives better decision-making, stock-selection and ultimately, value to shareholders. The network and advisers can also be connected to portfolio companies to support their growth.
Active and engaged
We invest in a highly-concentrated portfolio of between 15–25 companies. The investment team is actively engaged with investee companies working closely to build superior shareholder value.
Focus within an investment trust structure
The structure of the investment vehicle allows the investment team to be truly long term and to run a more concentrated portfolio of stocks with a high degree of conviction.
Differentiated, disciplined, engaged
We maintain a concentrated portfolio of 15-25 high-conviction holdings, selected for their potential to deliver attractive long-term returns.
Capital is typically focused on our highest-conviction ideas, with the majority of portfolio value invested in our top 10-15 positions. Smaller positions may be established where we are building knowledge of a business, conducting further due diligence, or awaiting a catalyst that could support increased investment over time.
Portfolio positioning is driven by bottom-up stock selection rather than benchmark considerations. As a result, sector exposures reflect where we identify the most compelling opportunities rather than predefined allocation targets.
This approach, combined with our investment philosophy, often results in higher exposure to sectors such as software, healthcare and business services, while maintaining limited exposure to areas of the market where we see fewer opportunities to generate sustainable long-term value.
How to invest
Panmure Liberum
Michael Janes
E: michael.janes@panmureliberum.com
T: (0) 20 7886 2649
Gresham House Wholesale Team
E: wholesale@greshamhouse.com
T: (+44) 7522 571 522
Key risks
The value of the Fund and the income from it is not guaranteed and may fall as well as rise. As your capital is at risk you may get back less than you originally invested. Past performance is not a reliable indicator of future performance.
Funds investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies.
In the HotSeat podcast
Ken Wotton, Fund Manager of SEC joined QuotedData’s In the HotSeat podcast with James Carthew to discuss Strategic Equity Capital plc (LSE:SEC). Key takeaways from the discussion:
- Private equity meets public markets: Unlike many traditional listed equity funds, we apply a private‐equity mindset to public companies: in-depth due diligence, long‐term investment horizons, and a focus on unlocking latent value
- Active engagement drives change: We don’t just buy and hope, we engage. We work closely with management teams, push for long-term strategic clarity, operational enhancements, and governance improvements
- Leveraging a broad network of expertise: Our advantage isn’t just in capital. Through Ken’s and our broader team’s extensive networks – spanning industry experts, former executives, sector specialists, and strategic advisors – we bring insights, feedback, and real active support into the companies we back
- The result is a distinctive strategy designed to provide investors with access to UK smaller companies through an engaged, disciplined, and long-term investment approach.
Team
Board
Sir William Barlow Bt.
Non-Executive Chairman, Strategic Equity Capital plc
Sir William Barlow Bt.
Non-Executive Chairman, Strategic Equity Capital plc
William is currently a non-executive director of Majedie Investments PLC where he had previously served as Chief Executive Officer. Prior to Majedie has was at Newedge Group (part of the Societe Generale Group). He joined Skandia Asset Management Limited as an equity portfolio manager in 1991 and was managing director of DnB Asset Management (UK) Limited from 2002 until 2004. He is also a trustee of Racing Homes. William was appointed to the Board on 1 February 2016 and also chairs the Company’s Management Engagement and Disclosure Committees. William will retire as a director of the Company at the 2026 Annual General Meeting.
Richard Locke
Non-Executive Deputy Chairman, Strategic Equity Capital plc
Richard Locke
Non-Executive Deputy Chairman, Strategic Equity Capital plc
Richard is Vice Chairman of Fenchurch Advisory Partners LLP, an independent corporate finance advisory firm that specialises in the financial services sector. Previously he was a partner of Cazenove & Co. and then a director at its successor firm, JPMorgan Cazenove. Richard was appointed to the Board on 10 February 2015. Richard will retire as a director of the Company during the course of the 2026 financial year.
Annie Coleman
Non-Executive Director, Strategic Equity Capital plc
Annie Coleman
Non-Executive Director, Strategic Equity Capital plc
Annie’s early career included British Petroleum, Head of the London Stock Exchange Press Office; press officer roles in the Prime Minister’s Press Office and the Ministry of Defence. In 1999 she moved to Goldman Sachs in London and then GAM Investments in 2006. Annie became Global Head of Organisational Culture and Client Marketing at UBS Investment Bank in 2011, before moving to Unicredit as Group People and Culture Officer. She now runs her own organisation culture and leadership consultancy firm Cerebellum Partners Ltd. Annie was appointed to the Board on 14 February 2022.
Will Rogers
Independent Director, Strategic Equity Capital plc
Will Rogers
Independent Director, Strategic Equity Capital plc
Will is a qualified corporate lawyer who brings complementary skills to the Board, with extensive experience in the investment company sector. He worked as a corporate finance adviser and broker to many London listed investment companies between 1993 and 2022, when he retired. He worked at S.G. Warburg & Co. Ltd / UBS AG between 1993 and 2006 and then co-founded the investment companies team at Cenkos Securities plc (now Cavendish plc) where he was a member of the ESG and Management Committees. During his career, Will acted as the adviser on many strategic corporate transactions. He is a Director of JPMorgan Asia Growth & Income plc. Will was appointed to the Board on 1 September 2026.
Brigid Sutcliffe
Non-Executive Director
Brigid Sutcliffe
Non-Executive Director
Brigid qualified as a Chartered Accountant in 1983 and gained an MBA in 1987. She spent thirty years working in investment banking and as a strategic change management consultant, advising companies across a wide range of sectors. She has been a non-executive director for a variety of organisations in the public, private and third sectors over the past nineteen years, including science and technology research, technical business services, higher education and social housing. Brigid is also a non-executive director and chairs the Audit Committee of both STS Global Income & Growth Trust PLC, and Northern Ventures Trust PLC. Brigid was appointed to the Board on 8 February 2023.
Guy Walker
Independent Director, Strategic Equity Capital plc
Guy Walker
Independent Director, Strategic Equity Capital plc
Guy is currently Senior Independent Director at JPMorgan European Growth & Income Plc, having joined the Board in 2021. He is also a senior adviser at the Investor Forum and was also a non-executive director of Impax Environmental Markets Plc until June 2026. He was previously managing director UK & European Equities at UBS Asset Management and prior to this held senior posts at Schroders, including as Head of Equity Research and Global Head of Stewardship and ESG. He brings considerable investment expertise to the Board. Guy was appointed to the Board on 1 September 2026.
Howard Williams
Non-Executive Director
Howard Williams
Non-Executive Director
Howard has forty years of fund management experience and was, until October 2017, Chief Investment Officer and Head of the Global Equity Team at JPMorgan Asset Management. Prior to joining JPMorgan Asset Management in 1994, he held a number of senior positions at Shell Pensions and Kleinwort Benson Asset Management. He started his career at James Capel & Co. He is also a non-executive director and chair of Schroders Unit Trust Limited, and Dunedin Income Growth Investment Trust PLC and a non-executive director of LifeSight Limited. Howard was appointed to the Board on 8 February 2023.
Investment Team
Ken Wotton
Managing Director, Public Equity
Ken Wotton
Managing Director, Public Equity
Ken is Managing Director, Public Equity, and leads the investment team managing public equity investments.
He is lead manager for WS Gresham House UK Smaller Companies Fund, WS Gresham House UK Micro Cap Fund, WS Gresham House UK Multi Cap Income Fund, Strategic Equity Capital plc and manages AIM listed portfolios on behalf of the Baronsmead VCTs.
Ken graduated from Brasenose College, Oxford, before qualifying as a Chartered Accountant with KPMG. He was an equity research analyst with Commerzbank and then Evolution Securities prior to spending 12 years as a Fund Manager at Livingbridge and now 7 years at Gresham House specialising in smaller companies.
Brendan Gulston
Director, Public Equity
Brendan Gulston
Director, Public Equity
Brendan joined Gresham House in November 2018 having previously been at Livingbridge.
Brendan co-manages the WS Gresham House UK Micro Cap Fund and the WS Gresham House UK Multi Cap Income Fund and leads Gresham House’s Healthcare sector investment strategy.
Prior to Livingbridge Brendan spent four and a half years in technology investment banking at Canaccord Genuity having studied commerce with a focus on finance at Melbourne University.
David Bickerstaffe
Investment Director, Public Equity
David Bickerstaffe
Investment Director, Public Equity
David joined Gresham House in October 2022 and is an Associate Director in our Public Equity investment team.
David has five years Investment Banking experience, most recently working at Lazard. Prior to this he worked at Investec providing M&A, ECM, and strategic advisory services to public and private institutions, and spent four years at PwC where he qualified as an ICAEW Chartered Accountant.
David graduated from Oxford University in 2014, with a Master’s degree in Engineering Science.
Tom Green
Investment Manager, Public Equity
Tom Green
Investment Manager, Public Equity
Tom joined Gresham House as an Investment Manager on the Public Equity team in January 2025.
He was previously a Fund Analyst at FE Fundinfo for 5 years covering UK Equity funds and managing multi-asset portfolios.
Tom graduated from the University of Surrey in 2019 with a master’s degree in Mathematics. He also holds the IMC and has passed CFA Level 2.
George Karidis
Associate Director, Public Equity
George Karidis
Associate Director, Public Equity
George joined the Public Equity investment team at Gresham House in May 2023. George supports portfolio management across all three open-ended funds and the listed investment trust with the Public Equity division and executes new investments in those funds and for the listed portion of the Baronsmead VCTs.
George has three years’ experience in public market investing and priorly worked for a private European fintech company. George also completed CFA Level 1 in February 2023 ranking in the top 5% of global candidates.
George graduated from Cambridge University in July 2022 with Double First Class Honours in History and three academic awards.
Investment Committee
Tony Dalwood
Chief Executive Officer, Gresham House
Tony Dalwood
Chief Executive Officer, Gresham House
Tony has been Chief Executive Officer (CEO) of Gresham House since December 2014. He chairs the Investment Committees of Gresham House and Strategic Equity Capital plc and is a Non-Executive Director for Gresham House Asset Management Ireland Limited.
Tony led the management buy-in and established a new management team that transformed the firm from an investment trust into the specialist asset manager it is today.
Tony has a long track record of investing and advising numerous public and private equity businesses. From 2002 to 2011, he established and grew SVG Investment Managers before being asked to lead SVG Advisors (formerly Schroder Ventures, London) as CEO. He started his career at Phillips & Drew Fund Management (later UBS Global Asset Management), one of the UK’s most prominent value investment firms with £60bn in assets under management at its peak and where he was a member of the Investment Committee. He was also previously Chair of the LPFA Investment Panel and Non-executive Board member.
Tony has over 25 years of investment experience and holds an MA in Management Studies from the University of Cambridge (where he was also a junior rugby international and Blue).
Hazel Cameron
Venture Partner
Hazel Cameron
Venture Partner
With over 20 years in private equity, Hazel is an experienced investor and director, and has helped build numerous quality boards. Hazel qualified as a Chartered Accountant with Arthur Andersen before spending a few years in corporate finance with British Linen Bank advising public and private companies.
She joined 3i in 1993 and in 2000 opened a London private equity office for Bowman Capital, a $6bn hedge fund with $750m for private equity. She invested throughout Europe before gaining operational experience by heading up the UK for Cross Atlantic Capital Partners. Since 2000, Hazel has been sitting on boards for private equity and independently and since 2006, she has been formally helping companies build quality boards and management teams.
Hazel joined Gresham House in March 2019. She continues to help create and maintain quality teams and is a Non-Executive Director at Parsley Box, a food delivery firm.
Tim Scholefield
Investment Committee Member, Strategic Equity Capital plc
Tim Scholefield
Investment Committee Member, Strategic Equity Capital plc
Tim Scholefield is a seasoned investment professional with over 35 years of experience in the industry. He has held various leadership roles, including Head of Equities at Baring Asset Management until April 2014. Scholefield has been a non-executive director for several investment trusts, including Abrdn UK Smaller Companies Growth Trust PLC and Allianz Technology Trust PLC. His expertise and independence from the manager allow him to effectively lead the Board and contribute to the long-term success of the companies he serves on the Board.
Thomas Teichman
Investment Committee Member, Strategic Equity Capital plc
Thomas Teichman
Investment Committee Member, Strategic Equity Capital plc
30 years VC & banking experience. Founded Spark in 1995. Former Investment Committee member at Brandt’s, Credit Suisse, Bank of Montreal and Mitsubishi Finance London. Start-up investor/director of lastminute.com, mergermarket.com, Chairman of Kobalt Music, notonthehighstreet.com, ARC, MAID, amongst others.
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RNS announcements
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Share price
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Events
Annual reports and accounts
Interim reports and accounts
Key information document
Company information
| Business description | About Strategic Equity Capital plc >> |
| Investing policy | Investment policy >> |
| Prospectus – 2015 | Prospectus 2015 >> |
| Board of Directors responsibilities and committees | Please see Board and Investment Committee sections |
| Investment Manager and Key Personnel | Please see Investment Team section |
| Country of incorporation and main country of operation | United Kingdom |
| Current constitutional documents | Articles of Association >> |
| Details of any other exchanges or trading platforms | There are no other exchanges or trading platforms that GHS has applied or agreed to have its securities admitted or traded |
| Number of AIM securities | Please see our significant shareholder section |
| Valuation Policy | Valuation policy >> |
| Annual accounts | Please see our Annual reports and accounts section |
| Company announcements | Please see the RNS section |
| Admission document and circulars | Please see Other important company documents section |
| Corporate Governance Statement | Responsible Investing and Corporate Governance Statement >> |
| Advisors & Corporate Information | Please see the Advisor and Corporate Information section |
| Audit Committee Terms of Reference | Terms of Reference >> |
| Disclosure Committee Terms of Reference | Terms of Reference >> |
| Management Engagement Committee Terms of Reference | Terms of Reference >> |
Adviser and corporate information
| Investor Relations |
| Gresham House Asset Management 80 Cheapside London EC2V 6EE |
| T: +44 (0)20 3837 6270 |
| E: info@greshamhouse.com |
| Web: www.strategicequitycapital.com |
| Registered Office |
| c/o Stephenson Harwood LLP1 Finsbury Circus London EC2M 7SH |
| Company Secretary |
| Juniper Partners Limited 28 Walker Street Edinburgh EH3 7HR |
| T: +44 (0)131 378 0500 |
| Web: www.junipartners.com |
| Brokers |
| Liberum Capital Limited 25 Ropemaker St London EC2Y 9LY |
| T: +44 (0)20 3100 2000 |
| Web: www.liberum.com |
| Registrar and Transfer Office |
| Computershare Investor Services plc The Pavilions Bridgwater Road B599 6ZY |
| T: +44 (0)870 702 0000 |
| Web: www.computershare.com |
| Auditor |
| Johnston Carmichael LLP 7-11 Melville Street Edinburgh EH3 7PE |
| T: +44 (0)131 220 2203 |
| Web: www.johnstoncarmichael.com |
Other important company documents
Legal notice
The information on this site is issued by Strategic Equity Capital plc (“The Company”), whose registered office is at Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH. The Company is registered in England: No. 5448627.
The information contained on this website is not intended as an offer, inducement, invitation or commitment to purchase, subscribe for, provide or sell any securities, or to provide any recommendations on which visitors to this site should rely for financial, securities, investment or other advice or to take any decision. Visitors to this site are encouraged to seek individual advice from their personal, financial, legal and other advisers before making any investment or financial decisions or purchasing any financial, securities or investment related service or product.
The information contained on The Company’s website is provided for general information and is not comprehensive and has not been prepared for any other purpose. Information on this website should only be viewed by persons permitted by applicable law or regulatory requirements to receive such information.
Risk considerations
You should remember that the value of investments, and the income from them, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. Past performance cannot be relied on as a guide to future performance. Exchange rate changes may cause the value of overseas investments or investment denominated in different currencies to rise or fall.
In addition, there is no guarantee that the market price of shares will fully reflect their underlying net asset value and it is not uncommon for the market price of such shares to trade at a substantial discount to their net asset value.
These are not all the risks of an investment in the Company. Investors should take advice from their own independent, professional financial advisers before making an investment decision and are responsible for ascertaining any income tax or other tax consequences which may affect their acquisition of any investment.
Accuracy of information
Although the Company has taken all reasonable care that the information contained within this website is accurate at the time of publication, no representation or warranty (including liability towards third-parties), express or implied, is made as to its accuracy or completeness or fitness for any purpose by the Company or its contractual partners. Under no circumstances will the Company be liable for any direct, indirect, incidental, special or consequential loss or damages caused by reliance on this information or for the risks inherent in the financial markets.
To the maximum extent permitted by applicable law and regulatory requirements, the Company specifically disclaims any liability for errors, inaccuracies or omissions on its website and for any loss or damage resulting from its use, whether caused by negligence or otherwise. Viewers agree to assume responsibility for determining whether any legal or regulatory considerations limit access to or use of information, services or products described on this website and for the use of any information on such website.
Linked websites
The Company’s website may contain or be linked to websites, advice or statements of third parties and such links are for information purposes only. The Company makes no representation as to the accuracy or timeliness of such information, has not and will not review or update such information and cautions viewers that any use made of such information is at their own risk. The Company does not take responsibility for the contents of such other websites and the use of such websites is at your own risk.
USA
Shares in the Company have not been and will not be registered under the US Securities Act of 1933 for offer or sale and the Company has not been and will not be registered under the US Investment Company Act of 1940. No offer to sell securities in the USA or elsewhere is made by this web site, nor is an offer to purchase securities solicited.
Other information
Copyright Strategic Equity Capital plc 2017. All copyright, patent, intellectual and other property rights in the information contained herein, are held by Strategic Equity Capital plc. No rights of any kind are licensed or assigned or shall otherwise pass to persons accessing this information.
Risk warnings
- Capital at risk
- The value of the fund and the income from it is not guaranteed and may fall as well as rise. As your capital is at risk you may get back less than you originally invested
- Past performance is not a reliable indicator of future performance
- Funds investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies
- This fund may experience high volatility due to the composition of the portfolio or the portfolio management techniques used