Morningstar Fund Report  | 02/04/2025Print

WS Gresham House UK Micro Cap Fund C Accumulation

Performance History28/02/2025
Growth of 1,000 (GBP) Advanced Graph
WS Gresham House UK Micro Cap Fund C Accumulation
Fund25.4-30.15.08.7-1.4
+/-Cat2.5-6.05.33.12.0
+/-B’mrk---1.94.0-1.1
 
Category: UK Small-Cap Equity
Category Benchmark: Morningstar UK Small Cap TM...
Key Stats
NAV
01/04/2025		 GBX 193.72
Day Change 0.19%
Morningstar Category™ UK Small-Cap Equity
IA (formerly IMA) Sector UK Smaller Companies
ISIN GB00BV9FYS80
Fund Size (Mil)
28/02/2025		 GBP 133.79
Share Class Size (Mil)
01/04/2025		 GBP 38.00
Max Initial Charge 2.50%
Ongoing Charge
19/02/2025		  0.98%
Investment Objective: WS Gresham House UK Micro Cap Fund C Accumulation
To achieve capital growth over any five year period, after all costs and charges have been taken. Capital invested Is at risk and there is no guarantee the objective will be achieved over any time period. To invest directly at least 70% of the scheme property by value in the shares of UK companies. The Portfolio Manager views UK companies to be those that are Incorporated or domiciled in the UK: and listed or traded on a UK stock exchange. The Company will invest directly and/or widirectly at least 60% of the scheme assets by value. in a combination of UK companies that are either listed/traded on the Alternative Investment Market (AIM). or that have a market capitalisation of £250 million and below. The Company may also invest directly and/o indirectly in shares of UK companies, which have a market capitaksation above £250 mdlion; unlisted UK companies (limited to 10% of the scheme assets by value); non-UK companies, and corporate bonds.
Returns
Trailing Returns (GBP)01/04/2025
YTD-5.45
3 Years Annualised-3.33
5 Years Annualised6.05
10 Years Annualised6.56
12 Month Yield 0.39
Management
Manager Name
Start Date
Ken Wotton
19/05/2009
Brendan Gulston
02/06/2015
Inception Date
09/02/2015

Category Benchmark
Fund BenchmarkMorningstar Benchmark
IA UK Smaller Companies SectorMorningstar UK Small Cap TME NR GBP
Portfolio Profile for  WS Gresham House UK Micro Cap Fund C Accumulation31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock92.990.0092.99
Bond0.910.000.91
Property0.000.000.00
Cash0.000.000.00
Other6.100.006.10
Top 5 Regions%
United Kingdom97.52
Eurozone2.48
United States0.00
Canada0.00
Latin America0.00
Top 5 Sectors%
Industrials31.72
Technology23.54
Consumer Cyclical20.68
Financial Services11.72
Healthcare7.59
Top 5 HoldingsSector%
Angling Direct PLCConsumer CyclicalConsumer Cyclical5.25
Inspired PLCIndustrialsIndustrials5.17
Strategic Equity Capital Ord4.83
Netcall PLCTechnologyTechnology4.58
Argentex Group PLCFinancial ServicesFinancial Services4.50
Increase Decrease New since last portfolio
WS Gresham House UK Micro Cap Fund C Accumulation
Growth Of 1000 (GBP) 28/02/2025
Fund:  WS Gresham House UK Micro Cap Fund C Accumulation
Category:  UK Small-Cap Equity
Category Index:  Morningstar UK Small Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)28/02/2025
 201820192020202120222023202428/02
Price Return1.4720.386.4925.37-30.085.048.69-1.41
+/- Category13.44-4.88-0.802.52-6.055.273.062.00
+/- Category Index------1.874.02-1.13
% Rank in Category179513874172521
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.19   2.23-0.46
1 Week-0.97   0.520.60
1 Month-4.10   -0.28-1.34
3 Months-5.45   1.64-2.41
6 Months-2.88   6.123.77
YTD-5.45   1.64-2.41
1 Year-0.41   2.50-1.22
3 Years Annualised-3.33   1.85-1.86
5 Years Annualised6.05   -1.06-0.91
10 Years Annualised6.56   1.263.36
 
Category: UK Small-Cap Equity
Category Index: Morningstar UK Small Cap TME NR GBP
Quarterly Returns (GBP)28/02/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20243.195.22-2.142.29
20234.10-1.79-0.613.37
2022-16.66-10.70-8.973.20
202112.948.421.970.40
2020-24.4219.650.6317.01
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageBelow Average3 star
5-YearAverageBelow Average4 star
10-YearAbove AverageLow5 star
Overall*Above AverageBelow Average4 star
 
Category :  UK Small-Cap EquityClick here to see our Methodology
Volatility Measurements28/02/2025
 
3-Yr Std Dev12.28 %
3-Yr Mean Return-2.33 %
 
3-Yr Sharpe Ratio-0.51
 
Modern Portfolio Statistics28/02/202528/02/2025
 Standard IndexBest Fit Index
 Morningstar UK Small Cap TME NR GBP  Morningstar UK SMID Cap TME NR GBP
3-Yr Beta0.520.53
3-Yr Alpha-4.69-6.95
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 96-
Market Capitalisation% of Equity
Giant0.00
Large0.00
Medium0.00
Small3.64
Micro96.36
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings13.381.18
Price/Book1.310.86
Price/Sales0.460.54
Price/Cash Flow5.640.79
Dividend-Yield Factor1.630.46
 
Long-Term Projected Earnings Growth11.171.22
Historical Earnings Growth-5.40-2.50
Sales Growth0.190.05
Cash-Flow Growth13.122.86
Book-Value Growth-3.42-2.62
 
Category: UK Small-Cap Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock92.990.0092.99
Bond0.910.000.91
Property0.000.000.00
Cash0.000.000.00
Other6.100.006.10
World Regions31/03/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America0.000.00
United Kingdom97.521.02
Eurozone2.482.46
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.00-
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: UK Small-Cap Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical20.681.33
Financial ServicesFinancial Services11.720.70
Consumer DefensiveConsumer Defensive1.080.18
HealthcareHealthcare7.592.02
Communication ServicesCommunication Services3.660.45
IndustrialsIndustrials31.721.40
TechnologyTechnology23.541.69
 
Category: UK Small-Cap Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings36
Total Number of Bond Holdings1
Assets in Top 10 Holdings44.02
NameSectorCountry% of Assets
Angling Direct PLC102United Kingdom5.25
Inspired PLC310United Kingdom5.17
Strategic Equity Capital OrdUnited Kingdom4.83
Netcall PLC311United Kingdom4.58
Argentex Group PLC103United Kingdom4.50
AdvancedAdvT Ltd Ordinary Shares311United Kingdom4.44
Trufin PLC Ordinary Shares103United Kingdom4.20
Tribal Group PLC311United Kingdom3.78
ActiveOps PLC311United Kingdom3.68
Mpac Group PLC310United Kingdom3.58
 
Increase Decrease New since last portfolio
Category: UK Small-Cap Equity
 
Management
Name of CompanyGresham House Asset Management Ltd
Phone020 3837 6270
Websitewww.greshamhouse.com
Address5 New Street Square
 London   EC4A 3TW
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSNo
Inception Date09/02/2015
Fund Advisor(s)
Gresham House Asset Management Ltd
Fund ManagerKen Wotton
Manager Start Date19/05/2009
 
Biography
Ken joined Gresham House in November 2018, with its acquisition of Livingbridge Equity funds. He spent 11 years previously with Livingbridge and continues to lead the Equity Funds investment team managing all AIM and other listed investments, including the Baronsmead VCTs, LF Gresham House UK Micro Cap fund and LF Gresham House UK Multi Cap Income fund. He graduated from Oxford University before qualifying as a Chartered Accountant with KPMG and following he moved into equity research with Commerzbank then Evolution Securities. Whilst there he built sector expertise in tech & telcos, along with a strong knowledge of large / small listed companies and their associated corporate transactions.
Fund ManagerBrendan Gulston
Manager Start Date02/06/2015
Education
University of Melbourne, B.C.
 
Biography
Brendan joined Gresham House in November 2018, along with its acquisition of Livingbridge Equity funds. He spent three and a half years with Livingbridge where he co-managed the Equity Funds portfolios as well as making investments in the Baronsmead VCTs. Prior to that Brendan spent five years doing TMT investment banking at Canaccord Genuity where he provided private and public companies with advice on IPOs, equity placings, M&A and corporate broking.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge2.50%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.90%
Ongoing Charge0.98%
Purchase Details
Minimum Investments
Initial10000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes