| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 14.6% | 7.1% |
Rockwood Strategic delivered 14.6% NAV return in Q2 2026, bringing YTD performance to 7.1% and maintaining its position as the No. 1 UK Small Companies Fund over 3 and 5 years. The fund targets 15% IRR through concentrated value investing in UK small caps under £250m market cap, currently holding 26 positions with 57% in the top ten. Manager Richard Staveley and the Harwood Capital team take influential stakes (often 10-29%) enabling active engagement to enhance outcomes. The portfolio is positioned for significant 2026 earnings growth, with Big 2026 expected holdings Vanquis Banking and Funding Circle representing 20% of NAV and projected to deliver substantial profit inflection. Recent realizations generated 48-221% IRRs while new investments were added at attractive valuations. The fund benefits from structural tailwinds including falling interest rates, improving UK economic optimism, government support initiatives, and compelling valuations relative to frothy US markets. With the private sector deleveraged and pension fund allocation at rock bottom, the manager sees current conditions as highly conducive to capital deployment in this inefficient, specialist market segment.
Rockwood Strategic is a concentrated value investor targeting 15% IRR by taking influential stakes in UK small companies (under £250m market cap) trading at significant discounts to intrinsic value, with the ability to actively engage with management to enhance outcomes over a long-term investment horizon.
The manager expresses high portfolio confidence with market conditions conducive to capital deployment. The combination of falling interest rates, improving economic optimism, government support initiatives, and compelling valuations in UK small caps creates a favorable environment. The fund is positioned for significant earnings growth in 2026, particularly from the Big 2026 expected holdings representing 20% of NAV. The manager views current conditions as offering the best opportunity set in years for value-oriented investors willing to take concentrated positions in quality businesses trading at depressed valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 7 2026 | 2026 Q2 | CAPD.L, CPI.L, CSC.L, EYE.L, FCH.L, FLO.L, FSJ.L, MERC.L, RM.L, RST.L, SAA.L, SRAD.L, STVG.L, TET.L, TON.L, TRI.L, TUNE.L, VANQ.L, VMU.L | active management, concentrated, Financial Services, Recovery, small caps, United Kingdom, value | - | Rockwood Strategic is the top-performing UK small cap fund over 3 and 5 years, delivering concentrated value investing with influential stakes in sub-£250m companies. The portfolio is positioned for significant 2026 earnings growth with 20% of NAV in two banking/fintech holdings projected to inflect materially. Falling rates, improving sentiment, and depressed valuations create compelling deployment opportunities in this specialist, inefficient market. |
| Apr 28 2026 | 2026 Q1 | FTC.L, VANQ.L, VID.L | concentrated, Engagement, Recovery, small caps, turnaround, Uk, value |
VANQ.L VID.L |
Concentrated UK small cap value fund targeting 15% IRR through turnaround investments. Top performing fund over 3-5 years with 105% five-year returns. Focus on distressed situations under £250m market cap where active engagement drives value creation. Key positions in defense technology and broadcast equipment turnarounds. High conviction portfolio with 62% in top ten holdings. |
| Jan 12 2026 | 2025 Q4 | ADF.L, CAPD.L, CAU.L, CPI.L, CSC.L, EYE.L, FCH.L, FLO.L, FSJ.L, FTC.L, KOO.L, MERC.L, PEN.L, RKW.L, RST.L, SAA.L, STV.L, TET.L, TON.L, TRB.L, TRI.L, TUNE.L, VANQ.L, VLE.L | Engagement, Recovery, small caps, turnaround, United Kingdom, value | - | Rockwood Strategic capitalizes on UK small cap market dislocation through concentrated value investing. Fund targets 15% IRR returns by acquiring influential stakes in undervalued companies under £250m market cap, then actively engaging to drive operational improvements. Current environment of domestic investor exodus and depressed valuations creates exceptional opportunities for patient capital deployment. |
| Oct 20 2025 | 2025 Q3 | CAPD.L, CAU.L, CHSC.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, KOO.L, MERC.L, PEN.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRB.L, TRI.L, VEL.L, VQS.L | Engagement, Recovery, small caps, turnaround, United Kingdom, value |
VANQ FLO FSJ VANQ FLO FSJ |
UK small cap value specialist targeting 15% IRR through concentrated turnaround investments. Portfolio confidence high with depressed valuations creating significant opportunities. Key holdings like Vanquis Banking and Flowtech Fluidpower offer substantial upside from operational improvements and re-rating. Fund positioned to benefit from capital reallocation toward undervalued UK markets as US attractions diminish. |
| Jun 30 2025 | 2025 Q2 | CAU.L, CPI.L, CSC.L, FCH.L, FLO.L, FSJ.L, GFRD.L, KOO.L, MAM.L, PEN.L, RKW.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L, VLE.L, VQS.L | defense, financials, Recovery, small caps, technology, turnaround, United Kingdom, value |
FLO LN FSJ LN VQS.L FLO.L JFS.L |
UK small cap value specialist targeting 15% IRR through concentrated turnaround investments. Delivered 199.7% five-year returns as top-performing UK small companies fund. Current portfolio focused on operational recovery stories like Vanquis Banking and Flowtech Fluidpower with new management teams. High conviction in severely discounted UK market with reduced competition creating attractive deployment opportunities. |
| May 1 2025 | 2025 Q1 | CAU.L, CPI.L, ELLE.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWF.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VQS.L | concentrated, Engagement, Recovery, small caps, turnaround, United Kingdom, value | - | UK small cap value specialist targeting 15% IRR through concentrated portfolio of undervalued turnaround opportunities under £250m market cap. Key holdings include RM Plc and Trifast with significant operational improvement potential. Severely discounted UK valuations and falling rates create attractive deployment environment for engaged value strategy with patient capital structure. |
| Jan 30 2025 | 2024 Q4 | CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWBD.L, PRES.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L, VQS.L | Concentration, Recovery, small caps, turnaround, United Kingdom, value | - | UK small cap value specialist delivering top-tier performance through concentrated turnaround investments. Portfolio trades at 5.9x EV/EBITDA with new management teams driving operational improvements across key holdings like RM Plc and Trifast. Active capital deployment continues with 46% share growth, targeting 15% IRR from severely discounted recovery situations. |
| Sep 30 2024 | 2024 Q3 | AGFX.L, CAPD.L, CAU.L, CPI.L, FLO.L, FSJ.L, FTC.L, FUND.L, GFRD.L, NWBD.L, PRES.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L | Engagement, Recovery, small caps, turnaround, United Kingdom, value | - | UK small cap value specialist targeting severely discounted companies under £250m through concentrated portfolio and active engagement. Portfolio includes turnaround situations like Funding Circle, RM Plc, and Trifast with new management driving operational improvements. Targeting 15% IRR over 3-5 years through mean reversion in inefficient market with high portfolio confidence and favorable deployment conditions. |
| Jun 30 2024 | 2024 Q2 | CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, NWOR.L, PRES.L, RKW.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L, VANL.L | Engagement, Recovery, small caps, turnaround, Uk, value |
FUND.L RM.L TRI.L JF.L CPI.L |
Rockwood Strategic targets 15% IRR through concentrated UK small cap value investing, ranking No. 1 in sector over multiple timeframes. With 21.5% YTD returns and portfolio concentrated in turnaround opportunities like RM Plc and Trifast, the fund leverages severely discounted UK valuations and active engagement to drive operational improvements and re-rating in an inefficient market. |
| Mar 31 2024 | 2024 Q1 | AGFX.L, CAPD.L, CAU.L, FCH.L, FLO.L, FTC.L, JFS.L, PRES.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L | Buybacks, Media, small caps, turnaround, United Kingdom, value | - | Rockwood Strategic outperformed weak UK small cap markets with 5.1% NAV return, deploying capital into undervalued companies undergoing operational turnarounds. Four takeover bids validated the value approach while new management teams at key holdings target significant margin improvements. Strong investor demand drove £11.5m share issuance as fund moved to premium valuation. |
| Dec 1 2023 | 2023 Q4 | AGFX.L, CAU.L, FLO.L, FSJ.L, FTC.L, GFRD.L, HOST.L, PRES.L, REST.L, RKW.L, RMG.L, SAA.L, STVG.L, TON.L, TRI.L, VANL.L | concentrated, Engagement, Recovery, small cap, turnaround, Uk, value |
RM.L TRI.L CAU.L |
Concentrated UK small cap value fund targeting recovery situations with engaged management approach. Portfolio includes turnaround stories like RM, Trifast, and M&C Saatchi with new leadership teams driving operational improvements. UK small caps severely undervalued with structural outflows creating opportunities. Fund positioning for 3-5 year recovery cycle with high conviction concentrated portfolio. |
| Mar 31 2023 | 2023 Q1 | CAU.L, FLO.L, FNB.L, GFRD.L, PRL.L, PUB.L, RM.L, SAA.L, TRI.L | Engagement, Recovery, small caps, turnaround, Uk, value | - | Rockwood Strategic's value-focused approach delivered 21.4% NAV returns despite UK small cap market declining 15.7%. The fund targets undervalued smaller UK companies, using engagement to drive operational improvements. Successful Crestchic takeover exemplified strategy effectiveness. Portfolio holds 18 companies with strong recovery potential, maintaining significant cash for opportunities. Manager expects continued private equity interest in attractively valued UK small caps. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
ValueThe fund explicitly positions itself as a value investor with a recovery mindset, targeting UK small companies trading below intrinsic value. The manager emphasizes buying securities at prices sufficiently below underlying value to allow for a margin of safety. The portfolio is concentrated in companies with depressed valuations, with multiple holdings trading at single-digit EV/EBITDA multiples and price-to-book ratios below 0.5x. |
Value investing Margin of safety Recovery Undervalued Intrinsic value |
Small CapsThe fund is exclusively focused on UK small companies under £250m market capitalization, with the top ten holdings averaging £220m market cap. The manager highlights the long-term small company effect and structural opportunity in this inefficient market segment. The presentation emphasizes that the domestic investor exodus and restrictive interest rates have created compelling opportunities in UK small caps. |
UK small caps Market inefficiency Small company effect Sub-£250m | |
United KingdomThe fund maintains exclusive focus on UK-listed companies, viewing current market conditions as creating significant opportunity. The manager notes that UK valuations are clear relative to US markets, pension fund allocation cannot get worse, and multiple government initiatives are improving market conditions. Economic optimism is rising from depressed levels, and the private sector is in good shape after 15 years of deleveraging. |
UK equities UK market Domestic focus UK valuations | |
RatesThe manager views gradually falling interest rates as a positive catalyst for the portfolio, though acknowledges Iran-related disruptions are unhelpful. Restrictive interest rates have particularly affected growth investors, creating opportunities for the value-oriented approach. The underlying UK inflation rate is falling, supporting the case for continued rate cuts. |
Interest rates Rate cuts Inflation Monetary policy | |
Regional BanksVanquis Banking Group represents 7.2% of the portfolio and is highlighted as one of two Big 2026 expected holdings. The bank is projected to grow PBT from £8.3m in 2025 to £58.7m in 2026 and £85.3m in 2027, trading at 5.0x 2027 PE and 0.5x price-to-book with a CET1 ratio of 15.3%. This represents a core recovery thesis with significant near-term earnings inflection. |
Banking Financial services Recovery Earnings growth | |
FinTechFunding Circle represents 6.6% of the portfolio and is the second Big 2026 expected holding. The company is projected to grow PBT from £20.3m in 2025 to £39.7m in 2026 and £61.2m in 2027, trading at 11x 2027 PE and 4.4x EV/EBITDA with £108m cash on the balance sheet. This represents a high-conviction position in a recovering financial technology platform. |
Lending platform Financial technology SME lending Digital finance | |
| 2026 Q1 |
ValueFund employs a value investing approach targeting companies trading below intrinsic value with recovery potential. Manager focuses on depressed valuations and financial stress situations where hard work and skill can generate superior returns in inefficient small cap markets. |
Value Recovery Turnaround Distressed Undervalued |
Small CapsSpecialist focus on UK small companies under £250m market cap, leveraging the long-term small company effect and current market dislocation. Manager sees significant opportunity in this neglected segment with domestic investor exodus creating attractive entry points. |
Small Caps UK Inefficient Neglected Opportunity | |
DefenseFiltronic positioned as key supplier to defense market with revenues doubling this year and expected to more than double next year. Company benefits from increasing defense spending and is the only high-volume supplier of very high frequency solid state power amplifiers in the space market. |
Defense Space Electronics Amplifiers Growth | |
| 2025 Q4 |
ValueFund employs a value investor mindset focused on free cash flow and margin of safety. Targets businesses trading below underlying value with mean reversion potential. Strategy involves identifying proven businesses with identifiable assets at depressed valuations. |
Value Investing Free Cash Flow Margin of Safety Mean Reversion Undervalued |
Small CapsSpecialist focus on UK small companies under £250m market cap. Current market backdrop shows domestic investor exodus and depressed valuations creating opportunity. Fund sees significant universe with less competition in this inefficient market segment. |
UK Small Cap SMID Inefficient Markets Depressed Valuations Opportunity Set | |
RecoveryStrategy targets companies in distress or strategic error situations requiring operational turnarounds. Focus on replacing management, establishing operational plans, and stabilizing balance sheets. Target lifecycle involves moving from distress through stabilization to delivery and realization. |
Turnaround Distressed Operational Recovery Management Change Restructuring | |
| 2025 Q3 |
ValueFund employs a value investor mindset focused on free cash flow and targeting companies trading below underlying value. Strategy involves identifying businesses with significant mean reversion potential and margin of safety opportunities. Portfolio positioned to benefit from UK small cap value outperformance versus growth. |
Value Recovery Turnaround Margin of safety Mean reversion |
Small CapsSpecialist focus on UK small companies under £250m market cap with concentrated portfolio approach. Fund targets influential equity stakes in inefficient small cap market where hard work and skill can generate superior returns. Current universe provides significant opportunities despite ongoing challenges. |
Small caps Concentrated UK Inefficient markets Active | |
United KingdomDedicated UK equity focus with domestic investor exodus creating opportunities. UK small cap valuations are depressed with scope for optimism as interest rates fall and government assesses equity support measures. Fund positioned to benefit from potential capital reallocation away from US markets. |
UK Domestic Depressed valuations Reallocation Brexit | |
| 2025 Q2 |
ValueThe fund employs a value investor mindset focused on free cash flow and margin of safety principles. They target companies trading at significant discounts to underlying value, seeking businesses with identifiable assets and mean reversion potential. The strategy emphasizes buying securities at prices sufficiently below underlying value to allow for human error and extreme volatility. |
Value Margin of safety Free cash flow Undervalued Recovery |
Small CapsThe fund specializes in UK small company investments with market caps under £250m, maintaining a concentrated portfolio approach. They focus on a significant universe of small companies where hard work and skill can pay off best in relatively inefficient markets. The strategy targets influential equity stakes in smaller companies for proactive engagement. |
Small caps UK Concentrated Inefficient markets Engagement | |
DefenseFiltronic has a defense orderbook of £306m, up 37%, providing advanced feeder link technology for satellite payloads and ground stations. The company benefits from the growing satellite constellation market, particularly with Starlink's expansion plans for up to 42,000 satellites with five-year lifespans requiring regular replacement. |
Defense Satellites Orderbook Technology Space | |
| 2025 Q1 |
ValueFund employs a value investor mindset focused on free cash flow and targeting companies trading at significant discounts to intrinsic value. Portfolio companies are selected based on depressed valuations with mean reversion potential and margin of safety principles. |
Undervalued Discounted Recovery Turnaround Margin of safety |
Small CapsSpecialist focus on UK small companies under £250m market cap, leveraging inefficient market dynamics where hard work and skill can generate superior returns. Long-term data shows excellent returns for patient capital in this segment. |
UK small companies Inefficient markets Concentrated Specialist Long-term | |
BuybacksSeveral portfolio companies are executing capital return strategies including share buybacks as part of value creation initiatives. Management teams are focused on optimizing capital allocation to enhance shareholder returns. |
Capital allocation Shareholder returns Value creation Management Capital return | |
| 2024 Q4 |
ValueFund targets severely discounted UK small cap valuations with simple average EV/EBITDA of 5.9x and EV/Sales 0.9x. Manager emphasizes buying quality businesses at depressed prices with margin of safety approach. Starting valuations matter significantly for long-term returns. |
Valuation Discount Margin of safety Recovery Undervalued |
Small CapsSpecialist focus on UK small companies under £250m market cap with concentrated portfolio approach. Fund targets 15% IRR investments over long-term in relatively inefficient market where hard work and skill pay off best. Portfolio weighted toward top 10 holdings at 62.2% NAV. |
UK small cap Concentration Inefficient market Active management Specialist | |
BuybacksFund has grown number of shares issued by 46% from May 2023 to January 2025, indicating active capital deployment and share issuance rather than buyback activity. Management focused on deploying capital into attractive opportunities rather than returning cash. |
Share issuance Capital deployment Growth Expansion Investment | |
| 2024 Q3 |
ValueFund targets severely discounted UK small cap valuations with significant margin of safety. Portfolio companies trading at depressed multiples with material recovery potential through operational improvements and management changes. |
Turnaround Recovery Margin of safety Discounted valuations Mean reversion |
Small CapsSpecialist focus on UK small companies under £250m market cap. Fund leverages inefficient market dynamics and limited institutional coverage to identify mispriced opportunities with long-term compounding potential. |
UK small companies Inefficient markets Limited coverage Compounding Long-term returns | |
| 2024 Q2 |
ValueFund employs a value investor mindset focused on free cash flow and margin of safety principles. Portfolio targets companies trading at significant discounts to underlying value with material scope for profit recovery and re-rating. |
Value Recovery Turnaround Discount Re-rating |
Small CapsSpecialist focus on UK small cap universe with companies under £250m market cap. Strategy leverages inefficient market dynamics where hard work and skill can generate superior returns through concentrated positioning. |
Small Cap Concentration Inefficient Specialist UK | |
| 2024 Q1 |
ValueThe strategy identifies undervalued investment opportunities where potential exists to improve returns through operational, strategic or management changes. The manager believes UK small companies market provides significant investment opportunity due to inefficient pricing of poorly researched companies trading at historically low valuations. |
Undervalued Discount Intrinsic Mispriced Margin of safety |
MediaSignificant exposure to media companies including M&C Saatchi, STV Group, and Centaur Media. STV is Scotland's leading commercial broadcaster with expanding content production capabilities and digital platform growth. M&C Saatchi is undergoing operational turnaround with new management team making operating savings. |
Broadcasting Content Digital Advertising Production | |
BuybacksMultiple portfolio companies engaged in share buyback programs. Funding Circle announced a £25m buyback program as part of their strategic evolution. The manager views buybacks as positive capital allocation decisions that can enhance shareholder value. |
Share repurchase Capital allocation Shareholder returns Value creation | |
| 2023 Q4 |
ValueFund employs a concentrated value investing approach targeting UK small companies trading below intrinsic value. Portfolio focuses on companies with depressed valuations offering significant recovery potential through operational improvements and strategic initiatives. |
Value Recovery Turnaround Undervalued Margin of safety |
Small CapsSpecialist focus on UK small cap universe with target market cap under £250m. Fund emphasizes the long-term outperformance of UK small caps and the inefficient nature of this market segment providing opportunities for skilled managers. |
Small Cap UK Inefficient markets Specialist Outperformance | |
| 2023 Q1 |
ValueThe manager follows a value investor mindset, seeking proven businesses with identifiable assets and mean reversion potential. The strategy focuses on purchasing shares for less than intrinsic worth, identifying companies trading at historically low valuations due to inefficient pricing of poorly researched or understood companies. |
Value Undervalued Intrinsic Mean Reversion Discount |
Small CapsThe fund invests in a focused portfolio of smaller UK public companies, targeting the UK small companies market which continues to provide significant opportunity. The manager believes this market segment offers the best opportunities for value creation through engagement and operational improvements. |
Small Cap UK Focused Concentrated Smaller Companies | |
BuybacksSeveral portfolio companies have material cash balances providing scope for buybacks alongside dividends and M&A activity. The manager views share buybacks as one mechanism for capital allocation and value creation when companies trade below intrinsic value. |
Buybacks Capital Allocation Cash Value Creation Share Repurchase |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Rockwood Strategic | - | Filtronic | Other | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | Aerospace, Defense, GaN Technology, growth, RF components, Satellites, Space Technology | Login |
| Apr 28, 2026 | Fund Letters | Rockwood Strategic | VANQ.L | Vanquis Banking Group | Banks - Regional | Consumer Finance | Bull | New York Stock Exchange | banking, consumer finance, credit cards, financial services, recovery, turnaround, Value | Login |
| Apr 28, 2026 | Fund Letters | Rockwood Strategic | VID.L | Videndum | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | brand portfolio, Broadcast Equipment, Content Creation, manufacturing, Media Technology, Operational Leverage, turnaround | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | VANQ | Vanquis Banking Group plc | Financials | Consumer Finance | Bull | NYSE | consumer finance, cost-cutting, Deposits, Regulation, Rote, turnaround, valuation | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | FLO | Flowtech Fluidpower plc | Industrials | Industrial Distribution | Bull | NYSE | Digital transformation, EBITDA, Industrial distribution, insider ownership, Margin recovery, restructuring | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | FSJ | James Fisher & Sons plc | Industrials | Engineering & Marine Services | Bull | NYSE | asset sales, Defense, deleveraging, engineering, Margins, recovery, restructuring | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | VANQ | Vanquis Banking Group plc | Financials | Consumer Finance | Bull | NYSE | consumer finance, cost-cutting, Deposits, Regulation, Rote, turnaround, valuation | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | FLO | Flowtech Fluidpower plc | Industrials | Industrial Distribution | Bull | NYSE | Digital transformation, EBITDA, Industrial distribution, insider ownership, Margin recovery, restructuring | Login |
| Oct 20, 2025 | Fund Letters | Richard Staveley | FSJ | James Fisher & Sons plc | Industrials | Engineering & Marine Services | Bull | NYSE | asset sales, Defense, deleveraging, engineering, Margins, recovery, restructuring | Login |
| Jun 30, 2025 | Fund Letters | Richard Staveley | FLO LN | Flowtech Fluidpower plc | Industrials | Industrial Distribution | Bull | New York Stock Exchange | Acquisitions, Distribution, Fluidpower, Hydraulics, Industrials, Smallcap, turnaround, UK | Login |
| Jun 30, 2025 | Fund Letters | Richard Staveley | FSJ LN | James Fisher & Sons plc | Industrials | Marine Freight & Logistics | Bull | New York Stock Exchange | Defence, deleveraging, energy, engineering, Marine, Smallcap, Transportation, turnaround, UK | Login |
| Jun 1, 2025 | Fund Letters | Rockwood Strategic | VQS.L | Vanquis Banking Group | Financials | Consumer Finance | Bull | London Stock Exchange | Banking License, consumer finance, Cost Reduction, credit cards, Deposit Funding, subprime lending, turnaround, UK, Underbanked, Vehicle Finance | Login |
| Jun 1, 2025 | Fund Letters | Rockwood Strategic | FLO.L | Flowtech Fluidpower | Industrials | Industrial Machinery | Bull | London Stock Exchange | Benelux, Fluid Power, Hydraulics, Industrial distribution, Inventory Optimization, margin expansion, Operational Improvement, Pneumatics, turnaround, UK | Login |
| Jun 1, 2025 | Fund Letters | Rockwood Strategic | JFS.L | James Fisher & Sons | Industrials | Industrial Conglomerates | Bull | London Stock Exchange | Balance sheet repair, Defense, energy, Engineering services, Margin recovery, Marine, Operational Restructuring, renewables, turnaround, UK | Login |
| Jun 1, 2024 | Fund Letters | Rockwood Strategic | FUND.L | Funding Circle Holdings plc | Financials | Consumer Finance | Bull | London Stock Exchange | cash generation, Data Analytics, Fintech, platform, Share Buybacks, SME Lending, turnaround, UK market | Login |
| Jun 1, 2024 | Fund Letters | Rockwood Strategic | RM.L | RM plc | Information Technology | Education Services | Bull | London Stock Exchange | Assessment Services, debt reduction, education technology, Management Change, market leadership, Operational Recovery, Sum-of-parts, turnaround | Login |
| Jun 1, 2024 | Fund Letters | Rockwood Strategic | TRI.L | Trifast plc | Industrials | Industrial Machinery | Bull | London Stock Exchange | ERP implementation, Global Operations, Industrial Fasteners, manufacturing, Margin recovery, turnaround, Value, working capital | Login |
| Jun 1, 2024 | Fund Letters | Rockwood Strategic | JF.L | James Fisher and Sons plc | Energy | Oil & Gas Equipment & Services | Bull | London Stock Exchange | balance sheet, Defense, Energy Services, industrial services, Management Change, Margin recovery, Marine services, turnaround | Login |
| Jun 1, 2024 | Fund Letters | Rockwood Strategic | CPI.L | Capita plc | Information Technology | IT Consulting & Other Services | Bull | London Stock Exchange | Business process outsourcing, Cost Reduction, Free Cash Flow, Government Services, Margin recovery, market leadership, Technology Transformation, turnaround | Login |
| Dec 1, 2023 | Fund Letters | Rockwood Strategic | RM.L | RM Plc | Software - Application | Education Services | Bull | New York Stock Exchange | Assessment Services, debt refinancing, education technology, ERP implementation, IT services, market leadership, turnaround, UK market | Login |
| Dec 1, 2023 | Fund Letters | Rockwood Strategic | TRI.L | Trifast plc | Tools & Accessories | Industrial Machinery | Bull | New York Stock Exchange | cash generation, ERP implementation, Global Operations, Industrial Fasteners, inventory management, manufacturing, Margin recovery, turnaround | Login |
| Dec 1, 2023 | Fund Letters | Rockwood Strategic | CAU.L | M&C Saatchi plc | Advertising Agencies | Advertising | Bull | New York Stock Exchange | advertising, consulting services, Cost Reduction, Global Brand, M&A Target, Margin Enhancement, Operational Recovery, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| RM.L | RM Plc is the largest holding at 8.5% of NAV with Rockwood/Harwood holding a 19.5% stake in the £91m market cap company. The company operates in Education Services and is classified as in the Delivery stage with £50m net debt. |
| VANQ.L | Vanquis Banking Group represents 7.2% of the portfolio with a £299m market cap. The bank is projected to grow PBT from £8.3m in 2025 to £58.7m in 2026 and £85.3m in 2027, trading at 5.0x 2027 PE and 0.5x price-to-book with a CET1 ratio of 15.3%. This is highlighted as one of two Big 2026 expected holdings representing approximately 20% of NAV. |
| FCH.L | Funding Circle is a 6.6% portfolio position with £439m market cap. The company is projected to grow PBT from £20.3m in 2025 to £39.7m in 2026 and £61.2m in 2027, trading at 11x 2027 PE and 4.4x EV/EBITDA with £108m cash on the balance sheet. This is the second Big 2026 expected holding representing approximately 20% of NAV combined with Vanquis. |
| VMU.L | Videndum is a 6.1% holding with £167m market cap and £3m net debt. Rockwood/Harwood holds a 6.1% stake in the Media Equipment company, which is classified as in the Stabilisation stage. |
| CPI.L | Capita represents 6.1% of the portfolio with a £332m market cap in the Business Services sector. |
| SAA.L | M&C Saatchi is a 5.9% holding with £160m market cap and £13m net cash. Rockwood/Harwood holds an 8.0% stake in the Media company, which is classified as in the Realisation stage. |
| RST.L | Restore is a 4.4% portfolio position with £361m market cap in the Business Services sector. |
| TET.L | Treatt represents 4.3% of the portfolio with a £181m market cap in the Ingredients sector. |
| FSJ.L | James Fisher & Sons is a 4.2% holding with £233m market cap in the Industrial Services sector. |
| CAPD.L | Capital Limited represents 4.1% of the portfolio with £236m market cap and £25m notional adjusted net debt (reduced for on balance sheet listed equity investments). Rockwood/Harwood holds a 3.2% stake. The company trades at 3.1x estimated EV/EBITDA in the Mining Services sector and is classified as a Springboard/Opportunities investment. |
| TRI.L | Trifast is a 3.7% core holding with £96m market cap and £16m net debt. Rockwood/Harwood holds a significant 20.5% stake in the company, which is classified as in the Delivery stage. |
| STVG.L | STV Group represents 2.9% of the portfolio with £50m market cap and £45m net debt. Rockwood/Harwood holds a 10.1% stake in the company, which is classified as in the Stabilisation stage. |
| CSC.L | Chesterfield Special Cylinders is a 1.5% core holding with £13m market cap and £1m net cash. Rockwood/Harwood holds a substantial 20.8% stake in the company, which is classified as in the Realisation stage. |
| FLO.L | Flowtech Fluidpower represents 1.8% of the portfolio with £49m market cap and £9m net debt. Rockwood/Harwood holds a 13.5% stake in the company, which is classified as in the Delivery stage. |
| TON.L | Titon holdings is a 1.4% core holding with £10m market cap and £3.5m net cash. Rockwood/Harwood holds a very substantial 28.9% stake in the company, which is classified as in the Realisation stage. |
| EYE.L | Eagle Eye Solutions represents 3.9% of the portfolio with £136m market cap and £12m net cash. Rockwood/Harwood holds a 5.4% stake. The company trades at 11.0x estimated EV/EBITDA and is classified as a Springboard/Opportunities investment. |
| MERC.L | Mercia Asset Management is a 3.7% holding with £114m market cap and £23m net cash. Rockwood/Harwood holds a 6.2% stake. The company trades at 0.65x price-to-book and is classified as a Springboard/Opportunities investment. |
| SRAD.L | Stelrad represents 3.7% of the portfolio with £191m market cap (£168m at purchase) and £55m net debt. Rockwood/Harwood holds a 3.5% stake. The company is the No.1 radiator manufacturer in 10 countries with the lowest cost production, achieving 26.4% ROCE and 1.2x ND/EBITDA. UK represents 47% of sales in a depressed market. The company trades at 9.1x PE, 4.7x EV/EBITDA, 0.8x EV/Sales with 9.2% FCF yield and 6.6% dividend yield. Target EBITDA is over £70m, with recovery to 2022 levels adding 800k-1m radiators at over £20 contribution each versus 2026 estimated £36m EBIT. CEO Trevor Harvey owns 11.5m shares worth £15m. The company has high market share, flexible lowest-cost manufacturing, leading customer service, and is well-positioned for decarbonisation with medium-term targets of 1-2% market share improvement, over £21 contribution per radiator, 13% operating margin, over 90% cash conversion, and over 30% ROCE. |
| TUNE.L | Focusrite is a 3.6% holding with £130m market cap and £9m net debt. Rockwood/Harwood holds a 5.1% stake. The company trades at 5.1x estimated EV/EBITDA and is classified as a Springboard/Opportunities investment. |
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