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...
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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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UPDATE: SEC launched a 100% tender offer in October 2025, which saw a 22% take-up. NAV returns were +9% in the year to June 2023, +17% in 2024, and 0% in 2025. NAV performance from July 2025 to mid-September 2026 was also 0%. 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 runs a concentrated portfolio of 1...
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UPDATE: NAS has continued to trade at a wide discount, although it has been repurchasing some of its shares and did a 10-for-1 share split in June 2025. It returned -12% in the year to January 2023, followed by +1% in 2024, +5% in 2025, and +3% in the year to January 2026.
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 m...
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Our latest Q and A for premium subscribers is with Stuart Widdowson, the manager of the Odyssean investment trust (ticker: OIT), a company that I have followed for several years and was recently introduced to the Money Makers portfolios. In this Q and A, we discuss how the trust seeks to exploit the undervaluation of smaller company stocks. Odyssean IPOed in May 2018 and has a market capitalisation of £150 million. Stuart Widdowson earlier spent seven years as the manager of Strategic Equity Capital.
I would like to start by asking you to remind us what is distinctive about your approach. I ...
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Jonathan Davis As noted last week, our content is now being published as it is produced, with a single summary email on Saturday afternoon and a second catch up and reminder on Mondays. After Simon Barnard, the manager of Smithson, this week, I have a number of interesting Q and As coming up over the next few weeks, so please stay tuned.
On my radar I have mentioned Odyssean Investment Trust (ticker: OIT) several times as a trust I like. I shall be doing a catch up Q and A for subscribers with Stuart Widdowson, the manager, next month, but at the moment I have been digging a bit further into ...
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UPDATE: A revised version of this profile was published in August 2025.
Odyssean Investment Trust launched in May 2018 and it has been one of the best-performing UK small-cap investment trusts since its IPO. It has a highly concentrated portfolio and a strict valuation discipline, seeking out-of-favour quality companies mostly in the £100m to £1bn market cap range. Its managers, Stuart Widdowson and Ed Wielechowski, both used to work in private equity at HgCapital and Odyssean uses a similar approach, actively engaging with company management and encouraging them to take the steps needed to g...
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Stuart Widdowson is the manager of the Odyssean investment trust, a relatively recent newcomer to the UK smaller companies sector, it having IPOed in May 2018. The investment approach he adopts is the same however as the one which he pursued when managing the Strategy Equity Capital trust, with good results, from 2009 to 2016, so his track record therefore is effectively longer than it might at first appear.
The objective of the trust is to run a concentrated portfolio of UK-listed small and medium-sized companies that is largely neutral between a value and growth approach, with a focus on...
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