Onward Opportunities (ticker: ONWD) was launched in March 2023, raising £12.75m at 100p per share. It is managed by Lawrence Hulse, who worked alongside both Richard Staveley and Ken Wotton at Gresham House before deciding to set up this trust with Dowgate Capital. ONWD invests in UK-listed companies valued at up to £250m, but it concentrates on those worth £100m or less. Like Rockwood Strategic, Strategic Equity Capital, and Odyssean, it uses what is termed a private-equity approach, taking significant stakes in 15-25 underperforming businesses where it believes it can unlock value over a 3-5...