Gresham House
Specialist asset management
Strategic Equity
Strategic Equity
Focused on small and mid-cap companies and fundamentals-based stock-picking, targeting the potential for attractive returns with low correlation to its peer group.
Our disciplined process leverages the fundamentals-driven attributes of private equity, and our highly-resourced team has access to specialist expertise via an extensive network derived from their private-equity heritage.
We have a genuine smaller company focus and believe this sets us apart from our competitors and helps to generate low correlation.
We also avoid benchmarking behaviours and cyclical risk wherever possible, adhering strictly to our investment process.
Key documents
Our approach
We focus on:
- Management – favouring high-quality, entrepreneurial teams
- Strategy – understanding how management are seeking to enhance strategic value
- Market opportunity – getting under the skin of the company’s addressable market and the dynamics likely to influence it
- Market position – assessing the company’s competitive advantages
- Financials – considering the profit and cash flow growth potential over the anticipated life of the investment, as well as quality of earnings and balance sheet strength
We interrogate potential stocks using proprietary research to evaluate the investment case and then assign a conviction score to each, based on the above fundamental components. This helps determine optimal weightings within the fund.
Our process
- Idea generation – drawing on a variety of sources, using our network of relationships
- Investment universe – we screen by size, sector, financial strength and valuation
- Target list – ideas reviewed weekly to identify management teams to meet
- Investment appraisal – we provide insight to the appraisal process through our smaller-company focus and private-equity techniques
- Conviction score – using a quantitative output, we rate conviction and use it to determine relative weightings in the fund
Portfolio Insights
MHA – August 2025
Investment Manager, Brendan Gulston gives an introduction to MHA’s IPO journey, highlighting the firm’s growth, purpose, and vision for the future, as well as discussing the current IPO market environment.
Pets at Home – May 2025
Associate Director, David Bickerstaffe discusses our investment in Pets at Home, the UK’s leading pet care business. David highlights the company’s strong market position and long-term growth potential.
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
How to invest
Prospective investors can purchase shares directly from Waystone Management (UK) Limited or through a professional adviser or other intermediary. Application forms can be obtained from Waystone Management (UK) Limited.
investorservices@waystone.com
0345 922 0044
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Investment team
Investor relations queries
Waystone Management (UK) Limited
investorservices@linkgroup.co.uk
0345 922 0044
Investor information
View the key investor information for this fund.
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