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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Rockwood Strategic is utilizing active, constructive engagement to buy deeply discounted UK small-cap companies, targeting high-conviction turnarounds to consistently achieve its 15% long-term IRR target."
Rockwood Strategic Plc is an actively managed, highly concentrated UK small-cap investment trust managed by Harwood Capital LLP. Over the 3 and 5 years ending Q3 2025, the trust was ranked as the No. 1 UK Small Companies Fund. The manager notes that while UK SMID valuations have been depressed by persistent institutional outflows, several positive macro indicators—including falling inflation and interest rates—point to a major turning point. Conversely, they view US markets as dangerously overvalued and ripe for profit-taking. The presentation outlines their operational turnaround framework, details their top ten holdings (representing 63% of NAV, led by RM Plc and Capita), and showcases recent successful exits like Galliford Try.
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