UPDATE: SEC launched a 100% tender offer in October 2025, which saw a 22% take-up. NAV returns were +9% in the year to June 2023, +17% in 2024, and 0% in 2025. NAV performance from July 2025 to mid-September 2026 was also 0%. The board has said that 50% of net gains from any realised profitable transactions will be allocated to share buybacks at discounts of up to 5% to NAV per share, and it intends to provide a further realisation opportunity in 2030.

Strategic Equity Capital (ticker: SEC) was launched in 2005 and sits in the UK Smaller Companies sector. It runs a concentrated portfolio of 1...