Quantcast Downing Strategic Micro-Cap Investment Trust announces interim results | Downing
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Downing Strategic Micro-Cap Investment Trust announces interim results

2 November 2017

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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.

Share price performance

 

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.

Important Notice

Investing in our products will place your capital at risk and you may not get back the full amount invested. Any tax treatment may be subject to change and the availability and value of the reliefs depend on the individual circumstances of each investor. The availability of tax reliefs also depends on the investee companies maintaining their qualifying status.

Further information can be found at HMRC’s website. Neither past performance or forecasts are reliable indicators of future results and should not be relied upon. Unquoted or smaller company shares are likely to have higher price fluctuations and are likely to be more difficult to sell than shares quoted on the London Stock Exchange Official List. Website content is not intended to constitute investment, tax or legal advice. We recommend you seek independent advice before investing in any of our products.

Important Notice

Downing’s investments place your capital at risk and you may not get back the full amount invested. Past performance and forecasts are not a reliable guide to future results. Tax treatment may be subject to change and depends on individual circumstances. Smaller company shares are likely to have higher volatility and liquidity risks than other types of main market listed instruments. We recommend that you seek professional independent financial advice before investing. We do not offer investment or tax advice.

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