UPDATE (Oct 2026): SEC launched a 100% tender offer in October 2025, which saw a 22% take-up. NAV returns were +9% versus 0% for its benchmark in the year to June 2023, +17% versus +19% to June 2024, 0% versus +13% to June 2025 and -2% versus +8% to June 2026. 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...