River UK Micro Cap (RMMC) was launched in 2014 at 100p per share. It targets UK companies with a free float market cap of less than £100m and aims for between 30 and 50 positions to keep its portfolio at a manageable size. Uniquely, it returns capital to shareholders via a discretionary redemption mechanism whenever its net asset value exceeds £100m; this has been used five times so far, returning a total of £77m at prices between 172p and 302p. From its IPO to February 2025,  the annualised NAV return was 7.5% and share price return was 5.5% versus 4.7% for its benchmark. However, the malaise...