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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Odyssean Investment Trust (ticker: OIT) was launched in 2018 to invest in UK smaller companies with a target market cap range of £150m to £750m. It holds a concentrated portfolio, usually between 15 and 20 companies and with 80% or more in its largest ten positions. OIT is one of a small group of trusts that employ a 'private equity' approach, often taking a seat on a company's board and holding a notifiable stake, looking to dispose of a business unit or exiting via a takeover. OIT is part of the Harwood Capital stable and is run by Odyssean Capital, which was set up by Stuart Widdowson, Ed W...
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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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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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