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Downing Strategic Micro-Cap Investment Trust plc
LEI Code: 213800QMYPUW4POFFX69
1 November 2022
Half-Yearly Financial Report for the six months ended 31 August 2022
Downing Strategic Micro-Cap Investment Trust plc (“Company”)
Hunting value, enabling transformation
Half-Yearly Financial Report for the six months ended 31 August 2022
The investment objective of the Company is to generate capital growth for shareholders over the long term from active involvement in a focused portfolio of UK micro-cap companies (those whose market capitalisations are under £150 million at the time of investment) targeting a compound return of 15% per annum over the long term.
The Directors of Downing Strategic Micro-Cap Investment Trust plc announce the company’s results for the half year ended 31 August 2022.
Key points
► NAV per share of 79.68p, reflecting a decline of 6.73% since 28 February 2022. As has been well documented, world indices, in particular in the UK, have fallen heavily in that period. The FTSE AIM All Share TR declined by 14.56% over the 6 months to 31 August 2022;
► Over the six months to 31 August 2022, the share price discount has increased from 14.84% to 23.7%;
► Values of the quoted equity positions stand at a c.60% discount to consensus valuations in analysts’ reports;
► The portfolio continued to be actively managed in the period, with realisations being made alongside investments in 2 new positions;
► Strategic initiatives continued to help influence performance of the maturing portfolio;
► The investments within the portfolio are well financed for recession; and
► Cash of c.14% of the portfolio will allow the Manager to be opportunistic in challenging markets.
Judith MacKenzie, the lead manager, said:
“This portfolio of well-run, niche, smaller companies are well equipped to weather what will inevitably be a continued period…
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