Gresham House Global Small Company Fund
The Gresham House Global Small Company Fund targets long-established, well-managed, high-quality, cash generative small-cap companies globally. We seek businesses capable of delivering above-average growth over time, but whose prospects are undervalued by the market.
Our team focuses on finding companies which have a proven competitive advantage or offer a unique value proposition to its customers. Such qualities tend to be illustrated by strong returns on capital, and strong cash generation.
Smaller companies are often more nimble and capable of faster growth than larger companies. Those which demonstrate strong returns on capital allow management to reinvest in those businesses at attractive rates of return on incremental capital invested. This supports sustainable profit and dividend growth over the long run.
Investors in the Gresham House Global Small Company Fund can benefit from:
Active management: Investors often overlook and undervalue many smaller equities. Uncovering such opportunities provides a strong platform to build attractive returns over time.
High conviction: Main small-cap indices include low-quality stocks. This Fund typically focuses on 25-35 high-quality names, seeking to avoid turnarounds, start-ups, loss makers and highly indebted companies. This helps deliver better long-run risk adjusted returns.
A focus on the long term: We aim to invest in high-quality companies capable of delivering sustainable growth over the long term at attractive valuations. We do not chase trends or industries that are ‘fashionable’.
Key documents
- Quarterly report – Q2 2026
- Annual Report 30 September 2025
- Gresham House Ireland Fund Range Brochure
- Gresham House Unit Trust Prospectus
- Supplement Prospectus – Gresham House Global Small Company Fund
- Intermediary Application
- Entity Investor via Intermediary Application
- Individual Investor via Intermediary Application
- Factsheet – October 2026
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
- Our funds may be affected by changes in currency exchange rates
- 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
Our process
A disciplined investment process complements our strong Investment philosophy. The following are the key elements of that process.
- Individual security selection is based on a bottom-up analysis focusing on the fundamentals of individual securities.
- We focus on three quality drivers: cashflow generation, solid balance sheets and an ability to generate profitable growth.
- Thanks to our fundamental selection process, our equity portfolios consistently exhibit strong cash flow returns on capital, low leverage, as well as higher than market dividend yields. This is coupled with lower price-to-earnings ratios than the market.
- Avoiding risk is at the core of our investment philosophy and is integrated into our investment process. We consider valuation, the quality of underlying investment and the risk associated with ESG factors.
How to invest
Prospective investors can access information about how to invest in our products by contacting below:
Ian Naughton
Head of Client Relationship Management
+353 85 881 1758
i.naughton@greshamhouse.ie
Kenny Downes
Client Relationship Manager
+353 85 803 1810
k.downes@greshamhouse.ie
Fund performance
Past performance is not a guide to future performance. Capital at risk.
Fund return
| Period | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund return* | 13.64% | 7.12% | 2.05% | 7.44% | -25.79% | 21.62% | 2.37% | 13.49% | -20.59% | 8.93% | 0.71% | 28.75% | 12.04% | 30.50% |
Close of business mid-market prices
| Close of business mid-market prices | Deal Date | Dealing Price € |
|---|---|---|
| 30/09/2026 | 01/10/2026 | 227.5513 |
| 31/08/2026 | 01/09/2026 | 223.7547 |
| 31/07/2026 | 01/08/2026 | 218.8108 |
| 30/06/2026 | 01/07/2026 | 210.9926 |
| 31/05/2026 | 01/06/2026 | 213.8941 |
| 30/04/2026 | 01/05/2026 | 203.6258 |
| 31/03/2026 | 01/04/2026 | 190.3833 |
| 28/02/2026 | 01/03/2026 | 215.3466 |
| 31/01/2026 | 01/02/2026 | 210.3761 |
| 31/12/2025 | 01/01/2026 | 203.1888 |
| 30/11/2025 | 01/12/2025 | 198.4206 |
| 31/10/2025 | 01/11/2025 | 193.6116 |
| 30/09/2025 | 01/10/2025 | 195.8779 |
| 31/08/2025 | 01/09/2025 | 198.3222 |
| 31/07/2025 | 01/08/2025 | 198.7107 |
| 30/06/2025 | 01/07/2025 | 203.1436 |
| 31/05/2025 | 01/06/2025 | 202.6022 |
| 30/04/2025 | 01/05/2025 | 191.9919 |
| 31/03/2025 | 01/04/2025 | 189.1200 |
| 28/02/2025 | 01/03/2025 | 193.1771 |
| 31/01/2025 | 01/02/2025 | 190.7605 |
| 31/12/2024 | 01/01/2025 | 189.6843 |
| 30/11/2024 | 01/12/2024 | 189.4231 |
| 31/10/2024 | 01/11/2024 | 189.8571 |
| 30/09/2024 | 01/10/2024 | 199.2128 |
| 31/08/2024 | 01/09/2024 | 199.3703 |
| 31/07/2024 | 01/08/2024 | 204.0273 |
| 30/06/2024 | 01/07/2024 | 194.4430 |
| 31/05/2024 | 01/06/2024 | 204.1176 |
| 30/04/2024 | 01/05/2024 | 192.6987 |
| 31/03/2024 | 01/04/2024 | 190.8032 |
| 29/02/2024 | 01/03/2024 | 185.6563 |
| 31/01/2024 | 01/02/2024 | 187.4006 |
| 31/12/2023 | 01/01/2024 | 185.8760 |
| 30/11/2023 | 01/12/2023 | 170.7320 |
| 31/10/2023 | 01/11/2023 | 158.4043 |
| 30/09/2023 | 01/10/2023 | 171.3556 |
| 31/08/2023 | 01/09/2023 | 174.3993 |
| 31/07/2023 | 01/08/2023 | 180.4259 |
| 30/06/2023 | 01/07/2023 | 173.2267 |
| 31/05/2023 | 01/06/2023 | 176.0253 |
| 30/04/2023 | 01/05/2023 | 184.9025 |
| 31/03/2023 | 01/04/2023 | 187.3918 |
| 28/02/2023 | 01/03/2023 | 199.6698 |
| 31/01/2023 | 01/02/2023 | 193.2222 |
| 31/12/2022 | 01/01/2023 | 172.9976 |
| 30/11/2022 | 01/12/2022 | 175.6838 |
| 31/10/2022 | 01/11/2022 | 168.7842 |
| 30/09/2022 | 01/10/2022 | 159.5063 |
| 31/08/2022 | 01/09/2022 | 177.4951 |
| 31/07/2022 | 01/08/2022 | 189.8091 |
| 30/06/2022 | 01/07/2022 | 175.8842 |
| 31/05/2022 | 01/06/2022 | 194.0146 |
| 30/04/2022 | 01/05/2022 | 201.4352 |
| 31/03/2022 | 01/04/2022 | 202.0735 |
| 28/02/2022 | 01/03/2022 | 211.0654 |
| 31/01/2022 | 01/02/2022 | 223.1870 |
| 31/12/2021 | 01/01/2022 | 233.1326 |
| 30/11/2021 | 01/12/2021 | 218.1597 |
| 29/10/2021 | 01/11/2021 | 228.6278 |
| 30/09/2021 | 01/10/2021 | 226.7386 |
| 31/08/2021 | 01/09/2021 | 235.3205 |
| 30/07/2021 | 03/08/2021 | 231.7199 |
| 30/06/2021 | 01/07/2021 | 230.6540 |
| 31/05/2021 | 01/06/2021 | 231.6201 |
| 30/04/2021 | 01/05/2021 | 227.9926 |
| 31/03/2021 | 01/04/2021 | 217.7647 |
| 26/02/2021 | 01/03/2021 | 206.9515 |
| 29/01/2021 | 01/02/2021 | 196.4559 |
| 31/12/2020 | 04/01/2021 | 191.6944 |
| 30/11/2020 | 01/12/2020 | 181.0015 |
| 30/10/2020 | 02/11/2020 | 150.0804 |
| 30/09/2020 | 01/10/2020 | 152.8352 |
| 31/08/2020 | 01/09/2020 | 153.6298 |
| 31/07/2020 | 04/08/2020 | 145.9821 |
| 30/06/2020 | 01/07/2020 | 141.6033 |
| 31/05/2020 | 02/06/2020 | 139.9289 |
| 30/04/2020 | 01/05/2020 | 137.1825 |
| 31/03/2020 | 01/04/2020 | 121.6327 |
| 28/02/2020 | 02/03/2020 | 167.7969 |
| 31/01/2020 | 03/02/2020 | 185.3525 |
| 31/12/2019 | 02/01/2020 | 187.2543 |
| 30/11/2019 | 02/12/2019 | 177.4622 |
| 31/10/2019 | 01/11/2019 | 171.7223 |
| 30/09/2019 | 01/10/2019 | 166.1163 |
| 30/08/2019 | 02/09/2019 | 161.5205 |
| 31/07/2019 | 01/08/2019 | 170.6372 |
| 28/06/2019 | 01/07/2019 | 177.8151 |
| 31/05/2019 | 04/06/2019 | 176.7118 |
| 30/04/2019 | 01/05/2019 | 187.5597 |
| 29/03/2019 | 01/04/2019 | 180.6486 |
| 28/02/2019 | 01/03/2019 | 175.7379 |
| 31/01/2019 | 01/02/2019 | 172.0799 |
| 31/12/2018 | 02/01/2019 | 164.9922 |
| 30/11/2018 | 03/12/2018 | 174.9671 |
| 31/10/2018 | 01/11/2018 | 175.2659 |
| 28/09/2018 | 01/10/2018 | 198.1996 |
| 31/08/2018 | 03/09/2018 | 197.8806 |
| 31/07/2018 | 01/08/2018 | 198.8030 |
| 29/06/2018 | 02/07/2018 | 203.0473 |
| 31/05/2018 | 01/06/2018 | 202.4903 |
| 30/04/2018 | 01/05/2018 | 201.9344 |
| 29/03/2018 | 03/04/2018 | 199.1713 |
| 28/02/2018 | 01/03/2018 | 206.2099 |
| 31/01/2018 | 01/02/2018 | 210.2289 |
| 29/12/2017 | 02/01/2018 | 207.7761 |
| 30/11/2017 | 01/12/2017 | 203.4186 |
| 31/10/2017 | 01/11/2017 | 210.5239 |
| 29/09/2017 | 02/10/2017 | 208.5560 |
| 31/08/2017 | 01/09/2017 | 199.4074 |
| 01/08/2017 | 02/08/2017 | 200.6870 |
| 30/06/2017 | 04/07/2017 | 202.6470 |
| 31/05/2017 | 01/06/2017 | 208.7308 |
| 28/04/2017 | 02/05/2017 | 212.1255 |
| 31/03/2017 | 03/04/2017 | 201.8611 |
| 28/02/2017 | 01/03/2017 | 195.7463 |
| 31/01/2017 | 01/02/2017 | 191.0748 |
| 30/12/2016 | 03/01/2017 | 190.7515 |
| 30/11/2016 | 01/12/2016 | 186.0149 |
| 31/10/2016 | 31/10/2016 | 178.2019 |
| 30/09/2016 | 03/10/2016 | 182.7333 |
| 31/08/2016 | 01/09/2016 | 181.5463 |
| 31/07/2016 | 01/08/2016 | 175.4371 |
| 30/06/2016 | 01/07/2016 | 169.8213 |
| 31/05/2016 | 01/06/2016 | 185.0898 |
| 29/04/2016 | 03/05/2016 | 179.3669 |
| 31/03/2016 | 01/04/2016 | 179.9213 |
| 01/03/2016 | 01/03/2016 | 174.9550 |
| 01/02/2016 | 01/02/2016 | 177.3983 |
| 31/12/2015 | 01/01/2016 | 189.3984 |
| 30/11/2015 | 01/12/2015 | 192.6416 |
| 31/10/2015 | 02/11/2015 | 187.6003 |
| 30/09/2015 | 01/10/2015 | 180.5281 |
| 31/08/2015 | 01/09/2015 | 180.5863 |
| 31/07/2015 | 04/08/2015 | 186.3037 |
| 30/06/2015 | 01/07/2015 | 176.2550 |
| 31/05/2015 | 02/06/2015 | 175.4440 |
| 30/04/2015 | 01/05/2015 | 166.2617 |
| 31/03/2015 | 01/04/2015 | 164.1327 |
| 27/02/2015 | 02/03/2015 | 161.1894 |
| 30/01/2015 | 02/02/2015 | 151.9646 |
| 31/12/2014 | 02/01/2015 | 147.1030 |
| 30/11/2014 | 01/12/2014 | 140.4080 |
| 31/10/2014 | 03/11/2014 | 140.2670 |
| 30/09/2014 | 01/10/2014 | 145.3710 |
| 31/08/2014 | 01/09/2014 | 143.0380 |
| 31/07/2014 | 01/08/2014 | 141.9810 |
| 30/06/2014 | 01/07/2014 | 144.8200 |
| 30/05/2014 | 03/06/2014 | 139.8370 |
Team
Kuda Damba
Senior Investment Analyst
Kuda Damba
Senior Investment Analyst
Kuda joined Gresham House Ireland’s Investment Team in 2023.
Prior to joining Gresham House Ireland, Kuda was a Portfolio Manager managing €3Bn of assets across the alternatives space for Irish Life Investment Managers, and a Senior Associate at Davy within their Private Clients division.
Kuda graduated from UCD Smurfit Business School with a Master of Science degree in Quantitative Finance in 2014, and from Trinity College Dublin with a Bachelor of Arts degree in Business & Economics in 2013. Kuda also holds the Chartered Financial Analyst (CFA) designation.
Callum Heapes
Investment Analyst
Callum Heapes
Investment Analyst
Callum joined Gresham House in January 2024.
Prior to joining Gresham House, Callum worked for Goodbody Stockbrokers as a sell-side equity analyst, initially covering macro research before covering the UK video games and technology sectors.
Callum holds 3 years’ financial services experience and holds a BSc in Financial Mathematics & Economics from National University of Ireland, Galway.
Derek Heffernan
Chief Investment Officer, GH Ireland
Derek Heffernan
Chief Investment Officer, GH Ireland
Derek joined the Fund Management industry in 2008. Previously, he worked as a Senior Equity Portfolio Manager within the Treasury Asset Management division of the IKEA Group. Prior to this he held the position of Portfolio Manager with AGF, a Canadian mutual fund company.
Derek has considerable experience in managing Global Equity Portfolios and has spent time working overseas in Singapore. He holds an MBS (Corporate Finance and Accounting) from University College Cork, a BBS (Economics and Finance) from the University of Limerick and the Chartered Financial Analyst (CFA) designation.
Patrick Lawless
Executive Chair, Gresham House Asset Management (Resources) Ireland Limited
Patrick Lawless
Executive Chair, Gresham House Asset Management (Resources) Ireland Limited
Patrick is Executive Chair of Gresham House in Ireland. He is also Chair of the Investment Committee in Gresham House Asset Management Ireland Ltd.
Patrick founded Gresham House Asset Management Ireland Ltd (formerly Appian Asset Management Ltd) in 2002 after completing the management buy-out of Aberdeen Asset Management Ireland Ltd. He has over thirty years’ investment experience in the fund management, stockbroking and private banking businesses. He has held leadership roles in Davy, Aberdeen Asset Management and ABN Amro.
A member of the Chartered Financial Analysts Institute, Patrick previously sat on the Boards of the Irish Association of Investment Managers (IAIM), Irish Forestry Unit Trust (IForUT) and North American Forestry Investment Trust (NAFIT).
Insights
Key Documents
Shareholder information
View or subscribe to the key shareholder information for this company.
Annual reports and accounts
Financial statements/reports
- Gresham House Unit Trust – Annual report and Accounts – 30 September 2025
- Gresham House Unit Trust – Annual report and Accounts – 30 September 2024
- Gresham House Unit Trust – Annual report and Accounts – 30 September 2023
- Gresham House Unit Trust – Annual report and Accounts – 30 September 2022
- Appian Unit Trusts – Annual Report and Accounts – 30 September 2021
- Appian Unit Trusts – Annual Report and Accounts- 30 September 2020
- Appian Unit Trusts – Annual Report and Accounts – 30 September 2019
Interim reports and accounts
Financial statements/reports
- Gresham House Unit Trust – Interim Report and Accounts – 31 March 2023
- Appian Unit Trusts – Interim Report and Accounts – 31 March 2022
- Appian Unit Trusts – Interim Report and Accounts – 31 March 2021
- Appian Unit Trusts – Interim Report and Accounts – 31 March 2020
- Appian Unit Trusts – Interim Report and Accounts – 31 March 2019
PRIIPS & Prospectus
SFDR disclosures
Adverse sustainability impacts
Pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (“SFDR”), the Fund is not classified as an Article 8 or Article 9 fund, however, disclosure in accordance with the requirements of Article 6 of SFDR in relation to the integration of sustainability risks, which is applicable to the Fund, is set out in the Prospectus. The Fund does not consider adverse impacts of investment decisions on sustainability factors, as defined under SFDR, as it is not required to do so under Article 4(3).
EU Taxonomy
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
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