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.

Key documents

    Our approach

    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’.

    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.

    Fund performance

    Past performance is not a guide to future performance. Capital at risk.

    Period202420232022202120202019201820172016201520142013
    Fund return*-0.12%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 Deal DateDealing Price €
    31/03/202401/04/2024190.8032
    29/02/202401/03/2024185.6563
    31/01/202401/02/2024 187.4006
    31/12/202301/01/2024185.8760
    30/11/2023 01/12/2023 170.7320
    31/10/202301/11/2023 158.4043
    30/09/202301/10/2023 171.3556
    31/08/2023 01/09/2023 174.3993
    31/07/202301/08/2023 180.4259
    30/06/2023 01/07/2023173.2267
    31/05/2023 01/06/2023 176.0253
    30/04/2023 01/05/2023 184.9025
    31/03/2023 01/04/2023 187.3918
    28/02/202301/03/2023199.6698
    31/01/202301/02/2023 193.2222
    31/12/2022 01/01/2023172.9976
    30/11/2022 01/12/2022175.6838
    31/10/2022 01/11/2022168.7842
    30/09/202201/10/2022 159.5063
    31/08/202201/09/2022177.4951
    31/07/2022 01/08/2022 189.8091
    30/06/202201/07/2022175.8842
    31/05/202201/06/2022 194.0146
    30/04/202201/05/2022 201.4352
    31/03/2022 01/04/2022 202.0735
    28/02/2022 01/03/2022211.0654
    31/01/202201/02/2022 223.1870
    31/12/202101/01/2022233.1326
    30/11/202101/12/2021 218.1597
    29/10/2021 01/11/2021228.6278
    30/09/202101/10/2021226.7386
    31/08/2021 01/09/2021 235.3205
    30/07/202103/08/2021 231.7199
    30/06/202101/07/2021 230.6540
    31/05/202101/06/2021 231.6201
    30/04/202101/05/2021 227.9926
    31/03/2021 01/04/2021217.7647
    26/02/202101/03/2021 206.9515
    29/01/202101/02/2021196.4559
    31/12/2020 04/01/2021 191.6944
    30/11/2020 01/12/2020181.0015
    30/10/2020 02/11/2020 150.0804
    30/09/202001/10/2020152.8352
    31/08/2020 01/09/2020153.6298
    31/07/202004/08/2020145.9821
    30/06/202001/07/2020 141.6033
    31/05/202002/06/2020139.9289
    30/04/2020 01/05/2020137.1825
    31/03/2020 01/04/2020 121.6327
    28/02/2020 02/03/2020167.7969
    31/01/202003/02/2020 185.3525
    31/12/201902/01/2020 187.2543
    30/11/2019 02/12/2019 177.4622
    31/10/201901/11/2019 171.7223
    30/09/2019 01/10/2019 166.1163
    30/08/2019 02/09/2019161.5205
    31/07/2019 01/08/2019 170.6372
    28/06/2019 01/07/2019 177.8151
    31/05/201904/06/2019176.7118
    30/04/201901/05/2019187.5597
    29/03/2019 01/04/2019 180.6486
    28/02/2019 01/03/2019175.7379
    31/01/201901/02/2019172.0799
    31/12/201802/01/2019 164.9922
    30/11/2018 03/12/2018 174.9671
    31/10/201801/11/2018175.2659
    28/09/2018 01/10/2018 198.1996
    31/08/201803/09/2018197.8806
    31/07/2018 01/08/2018198.8030
    29/06/2018 02/07/2018 203.0473
    31/05/201801/06/2018202.4903
    30/04/201801/05/2018201.9344
    29/03/201803/04/2018 199.1713
    28/02/201801/03/2018206.2099
    31/01/2018 01/02/2018210.2289
    29/12/201702/01/2018 207.7761
    30/11/201701/12/2017 203.4186
    31/10/2017 01/11/2017 210.5239
    29/09/201702/10/2017 208.5560
    31/08/201701/09/2017199.4074
    01/08/201702/08/2017 200.6870
    30/06/2017 04/07/2017 202.6470
    31/05/2017 01/06/2017 208.7308
    28/04/201702/05/2017 212.1255
    31/03/201703/04/2017 201.8611
    28/02/2017 01/03/2017195.7463
    31/01/2017 01/02/2017191.0748
    30/12/2016 03/01/2017190.7515
    30/11/201601/12/2016 186.0149
    31/10/2016 31/10/2016 178.2019
    30/09/201603/10/2016182.7333
    31/08/2016 01/09/2016181.5463
    31/07/2016 01/08/2016175.4371
    30/06/201601/07/2016 169.8213
    31/05/201601/06/2016 185.0898
    29/04/2016 03/05/2016 179.3669
    31/03/2016 01/04/2016 179.9213
    01/03/201601/03/2016 174.9550
    01/02/2016 01/02/2016177.3983
    31/12/201501/01/2016189.3984
    30/11/2015 01/12/2015 192.6416
    31/10/2015 02/11/2015 187.6003
    30/09/2015 01/10/2015180.5281
    31/08/201501/09/2015 180.5863
    31/07/2015 04/08/2015 186.3037
    30/06/2015 01/07/2015176.2550
    31/05/201502/06/2015 175.4440
    30/04/201501/05/2015 166.2617
    31/03/201501/04/2015 164.1327
    27/02/201502/03/2015 161.1894
    30/01/2015 02/02/2015151.9646
    31/12/2014 02/01/2015147.1030
    30/11/2014 01/12/2014 140.4080
    31/10/2014 03/11/2014 140.2670
    30/09/201401/10/2014 145.3710
    31/08/201401/09/2014143.0380
    31/07/201401/08/2014 141.9810
    30/06/2014 01/07/2014144.8200
    30/05/2014 03/06/2014139.8370

    How to invest

    Prospective investors can access information about how to invest in our products, by directly contacting

    Kathryn Hannon, Head of Private Clients
    +353 87 741 6057 

    k.hannon@greshamhouse.ie

    Latest Webinars

    Investment team

    Derek Heffernan
    Chief Investment Officer

    Derek joined the Fund Management industry in 2008....

    Patrick Lawless
    Managing Director, Gresham House Asset Management Ireland Limited & Non-Executive Director, Gresham House Investment ICAV

    Patrick is the Managing Director and Chair of the ...

    Distribution team

    Kathryn Hannon
    Head of Private Clients, Gresham House Ireland

    Kathryn joined Gresham House Ireland in March 2022...

    silhouette
    Sean Breheny
    South of Ireland Business Development Executive

    Sean is a member of the Institute of Banking with ...

    Ian Naughton
    Senior Client Relationship Manager

    Ian joined Gresham House Ireland (formerly Appian ...

    Gresham House Asset Management Ireland Limited

    Brian O’Kelly
    Chairman, Gresham House Asset Management Ireland Limited

    Brian has over 30 years of industry experience. Pr...

    Catherine Duffy
    Non-Executive Director, Gresham House Asset Management Ireland Limited

    Catherine is a former partner and Chair of one of ...

    John Bruder
    Managing Director, Real Estate, Gresham House Ireland

    Co-Founder and MD of Real Estate, Gresham House Ir...

    silhouette
    Pat Cox
    Non-Executive Director, Gresham House Asset Management Ireland Limited

    Pat joined the Board in September 2017. He current...

    Patrick Lawless
    Managing Director, Gresham House Asset Management Ireland Limited & Non-Executive Director, Gresham House Investment ICAV

    Patrick is the Managing Director and Chair of the ...

    Shareholder information

    View or subscribe to the key shareholder information for this company.

    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 >>

    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 >>

    Date Factsheet Commentary
    31/03/2024 Factsheet - March 2024 >>
    29/02/2024 Factsheet - February 2024 >>
    31/12/2023 Factsheet - January 2024 >>
    31/12/2023 Factsheet - December 2023 >>
    30/11/2023 Factsheet - November 2023 >>
    31/10/2023 Factsheet - October 2023 >>
    30/09/2023 Factsheet - September 2023 >>
    31/07/2023 Factsheet - July 2023 >>
    30/06/2023 Factsheet - June 2023 >>
    31/05/2023 Factsheet - May 2023 >>
    30/04/2023 Factsheet - April 2023 >>
    31/03/2023 Factsheet - March 2023 >>
    28/02/2023 Factsheet - February 2023 >>
    31/01/2023 Factsheet - January 2023 >>
    31/12/2022 Factsheet - December 2022 >>
    30/11/2022 Factsheet - November 2022 >>
    31/01/2022 Factsheet - January 2022 >>
    28/02/2022 Factsheet - February 2022 >>
    31/03/2022 Factsheet - March 2022 >>
    30/04/2022 Factsheet - April 2022 >>
    31/05/2022 Factsheet - May 2022 >>
    30/06/2022 Factsheet - June 2022 >>
    31/07/2022 Factsheet - July 2022 >>
    31/08/2022 Factsheet - August 2022 >>
    30/09/2022 Factsheet - September 2022 >>
    31/10/2022 Factsheet - October 2022 >>

    Gresham House Global Small Company – PRIIP >>

    Gresham House Unit Trust Prospectus >>

    Gresham House Global Small Company Fund Supplementary Prospectus >>

    Close of business mid-market pricesDeal DateDealing Price €
    31/03/202401/04/2024190.8032
    29/02/202401/03/2024185.6563
    31/01/202401/02/2024187.4006
    31/12/202301/01/2024185.8760
    30/11/202301/12/2023170.7320
    31/10/202301/11/2023 158.4043
    30/09/202301/10/2023171.3556
    31/08/202301/09/2023174.3993
    31/07/2023 01/08/2023180.4259
    30/06/2023 01/07/2023 173.2267
    31/05/202301/06/2023 176.0253
    30/04/202301/05/2023 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
    31/12/202201/01/2023 172.9976
    30/11/202201/12/2022 175.6838
    31/10/2022 01/11/2022168.7842
    30/09/202201/10/2022159.5063
    31/08/202201/09/2022 177.4951
    31/07/202201/08/2022 189.8091
    30/06/2022 01/07/2022 175.8842
    31/05/202201/06/2022 194.0146
    30/04/202201/05/2022201.4352
    31/03/202201/04/2022 202.0735
    28/02/202228/02/2022211.0654
    31/01/2022 01/02/2022223.1870
    31/12/202101/01/2022 233.1326
    30/11/2021 01/12/2021 218.1597
    29/10/202101/11/2021228.6278
    30/09/2021 01/10/2021 226.7386
    31/08/2021 01/09/2021 235.3205
    30/07/202103/08/2021231.7199
    30/06/2021 01/07/2021 230.6540
    31/05/202101/06/2021 231.6201
    30/04/202101/05/2021 227.9926
    31/03/2021 01/04/2021 217.7647
    26/02/2021 01/03/2021206.9515
    29/01/202101/02/2021 196.4559
    31/12/202004/01/2021 191.6944
    30/11/202001/12/2020181.0015
    30/10/2020 02/11/2020150.0804
    30/09/2020 01/10/2020 152.8352
    31/08/2020 01/09/2020153.6298
    31/07/2020 04/08/2020 145.9821
    30/06/202001/07/2020 141.6033
    31/05/202002/06/2020 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
    30/11/201902/12/2019 177.4622
    31/10/201901/11/2019 171.7223
    30/09/201901/10/2019 166.1163
    30/08/201902/09/2019 161.5205
    31/07/2019 01/08/2019 170.6372
    28/06/201901/07/2019 177.8151
    31/05/2019 04/06/2019 176.7118
    30/04/2019 01/05/2019187.5597
    29/03/201901/04/2019 180.6486
    28/02/2019 01/03/2019 175.7379
    31/01/2019 01/02/2019 172.0799
    31/12/201802/01/2019 164.9922
    30/11/201802/01/2019 164.9922
    30/11/201803/12/2018174.9671
    31/10/201801/11/2018175.2659
    28/09/201801/10/2018 198.1996
    31/08/201803/09/2018197.8806
    31/07/2018 01/08/2018198.8030
    29/06/2018 02/07/2018 203.0473
    31/05/2018 01/06/2018 202.4903
    30/04/201801/05/2018 201.9344
    29/03/201803/04/2018199.1713
    28/02/201801/03/2018 206.2099
    31/01/2018 01/02/2018 210.2289
    29/12/201702/01/2018 207.7761
    30/11/2017 01/12/2017203.4186
    31/10/201701/11/2017 210.5239
    29/09/201702/10/2017 208.5560
    31/08/201701/09/2017 199.4074
    01/08/2017 02/08/2017200.6870
    30/06/2017 04/07/2017 202.6470
    31/05/2017 01/06/2017 208.7308
    28/04/201702/05/2017 212.1255
    31/03/2017 03/04/2017 201.8611
    28/02/201701/03/2017 195.7463
    31/01/2017 01/02/2017 191.0748
    30/12/201603/01/2017 190.7515
    30/11/2016 01/12/2016 186.0149
    31/10/2016 31/10/2016 178.2019
    30/09/201603/10/2016 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 03/05/2016179.3669
    31/03/2016 01/04/2016 179.9213
    01/03/201601/03/2016 174.9550
    01/02/2016 01/02/2016 177.3983
    31/12/201501/01/2016 189.3984
    30/11/2015 01/12/2015192.6416
    31/10/2015 02/11/2015 187.6003
    30/09/2015 01/10/2015180.5281
    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 02/01/2015147.1030
    30/11/2014 01/12/2014 140.4080
    31/10/2014 03/11/2014 140.2670
    30/09/201401/10/2014145.3710
    31/08/2014 01/09/2014 143.0380
    31/07/2014 01/08/2014 141.9810
    30/06/2014 01/07/2014144.8200
    30/05/2014 03/06/2014 139.8370
    Period202420232022202120202019201820172016201520142013
    Fund return*-0.12%7.44%-25.79%21.62%2.37%13.49%-20.59%8.93%0.71%28.75%12.04%30.50%

    Supplementary Prospectus >>

    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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