# Gresham House Strategic PLC, GHS Fund 3 Year Anniversary – “Fund performed exceptionally well”

- Link: https://www.directorstalkinterviews.com/gresham-house-strategic-plc-ghs-fund-3-year-anniversary-fund-performed-exceptionally-well/412757153
- Published: 2018-08-23T11:16:20+01:00
- Author: Giles Arbor

**Gresham House Strategic** ([LON:GHS](https://www.directorstalkinterviews.com/company/gresham-house-strategic-plc/ghs.l))
plc, the AIM-listed investment company, this month, marks the third anniversary 
of the appointment of Gresham House Asset Management, as its fund management team,
celebrating:

– Share price growth of 35.1% over the 3-year period, maiden dividend of 15p paid
in 2017, and grown by 15% in 2018 to 17.25p

– A net asset value (NAV) per share increase of 27.3% over the last 3 years – compared
to 15.5% and 16.1% for the FTSE All Share and FTSE Small Cap (ex-Investment Trusts)
Indices respectively in the same period

– Portfolio deployed in ‘value’ investments that offer a higher forecast sales growth
of 12.2% compared to the FTSE All-Share of 3.1%, whilst trading on a lower valuation(
GHS Portfolio EV/EBITDA 7.8x versus 9.5x FTSE All-Share)

– Significant recent partial realisation of £9.6 million of the fund’s major investment,
IMImobile, crystallising £4.96 million profit, a 19% IRR and 2.13x money multiple(
GHS retains a 6.3% holding in IMImobile)

– Total realisations of £24.2m in the 3-year period, cumulatively generating £9.0m
realised profits at 28.5% IRR and 1.60x money, significantly exceeding target returns

– Additional £1.2m returned to shareholders through share buybacks in 2017 and 2018

> **David Potter, Chairman, Gresham House Strategic plc, commented,** “The GHS Fund
> has performed exceptionally well, with share price growth of over a third, and
> NAV per share growth of 27.3% since the 2015 restructuring of SPARK Ventures. 
> This NAV growth represents an outperformance of more than 11.2% since inception
> versus the FTSE Small Cap Ex-Investment Trusts index. The focus remains on a continued
> hands-on approach, adding value through constructive engagement with investee 
> stakeholders. I am pleased at the Fund’s progress which is testimony to our talented
> investment management team.”
> **Graham Bird, Fund Manager of Gresham House Strategic Plc stated** “GHS has outperformed
> and achieved significant positive NAV appreciation whilst allowing for a progressive
> dividend policy to be initiated, supported by modest share buy-backs. I am excited
> by the attractive valuation characteristics and prospective growth of the portfolio
> to generate further strong total returns. The profitable realisations provide 
> further potential for dividend growth alongside additional opportunities for the
> investment team to engage actively with more companies which can benefit from 
> strategic, operational or management initiatives, in so doing identifying value
> creation catalysts in the small cap sector of the market.”

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