Achilles Investment Company (ticker: AIC) was launched in February 2025, raising £54m from a range of institutional investors. It looks to buy trusts and property companies trading on a wide discount and unlock value via asset disposals, takeovers, and other restructuring measures. Robert Naylor, who has been involved in several trust takeovers and wind-downs, is its investment manager, while Christopher Mills of Harwood heads up its Advisory Group. Achilles produced a 12% NAV rise in its first few months, helped by a successful foray into Urban Logistics, but its NAV per share has since slid ...
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Rockwood Strategic (RKW) joined the London market in 1999 as New Media Spark when it was largely invested in unquoted technology businesses. After a realisation process that took several years, it appointed Gresham House as its management firm in 2015, renamed itself Gresham House Strategic, and adopted a 'public equity' approach that was focused on 10-15 UK-listed small-cap stocks valued below £250m. The trust performed reasonably for the next few years but was sub-scale and traded at a big discount. Richard Staveley joined as lead manager in September 2019 but resigned from Gresham House in ...
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Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news - Good reads - Investment Trusts Handbook - This week's biggest movers - Video reviews - Appendices
On the podcast this week This week's two episodes feature Gaurav Nurain, manager of the India Capital Growth Fund (IGC) for the past 13 years, discussing the recent weakness of Indian equities following several years of strong performance, and Elisabeth Stheeman, the chair of the Edinburgh Investment ...
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Oryx International Growth (OIG) was launched in 1995 and has been managed throughout by Harwood Capital's Christoper Mills, who also runs North Atlantic Smaller Companies and is involved with both Odyssean and Rockwood Strategic. Mills is 71 and shows little indication that he intends to retire anytime soon but his son, Nick Mills, aged 34, is also a named manager on this trust. Despite its name, Oryx is focused on UK smaller companies and runs a portfolio of around 40 to 60 positions that include a handful of unquoted holdings. Mills takes a very hands-on approach, often taking large stakes i...
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North Atlantic Smaller Companies (ticker: NAS), often shortened to NASCIT, has been run by Chris Mills since 1982. Mills turns 70 later this year and he also controls about 30% of the trust's shares. Although the trust sits in the Global Smaller Companies sector, the vast majority of its holdings are listed in the UK with most of the remainder in UK/US unquoted companies. NASCIT runs a concentrated portfolio, often buying large stakes of 10% or more in its investments with Mills sometimes taking a seat on the company's board as well. NASCIT's largest holding is Oryx International Growth, a UK ...
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