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Downing Strategic Micro-Cap Investment Trust announces interim results

2 November 2017
Downing Strategic Micro-Cap Investment Trust

The Downing Strategic Micro-Cap Investment Trust (DSM) has published the company’s Interim Financial Report for the period 17 February to 31 August 2017.

Share price performance relative to net asset value from 9 May 2017 to 31 August 2017.

 

Hugh Aldous, Chairman of DSM, comments:

“At the time of this report, the Trust is 36% invested in five companies, taking a strategic stake in each at a defining moment in its growth. The investments have been made with a demonstrable margin of safety against the manager’s expected return, and in each case Downing is close to the investee management. We are encouraged that demand in the market for shares in the Trust has continued. The share price has stayed at a modest premium to NAV, which we believe reflects interest in an exceptional management team.”

Judith MacKenzie, Lead Investment Manager, comments:

“During the period the Trust performed as expected, given we are still in the early stages of deploying capital into long-term, strategic holdings. The NAV per share decreased by 4.0% and the shares traded consistently at a premium to NAV. DSM has successfully deployed 36% of the monies raised, which we believe is an encouraging rate of investment. Rather than commenting on the share price performance of our underlying holdings, which are at the beginning of their investment journey, we have outlined our reasons for investing in what we view as quality UK listed micro-cap businesses in the Interim Report. In future commentaries we will explore the progress of our investments and share price performance.”

You can view the complete Interim Financial Report here.

The Board of DSM is committed to shareholder engagement. To receive regular email news and updates about the Trust please visit www.downing.co.uk/strategic and register.