Gresham House

It was great to take a delegation from the Wiltshire Pension Fund on a site visit to one of our affordable home developments in Chippenham. The development is just a 10-minute walk from Chippenham railway station and is on a former industrial site. The sun shone as work gathers pace to deliver 167 homes over the next two years. As well as providing high-spec amenities, the properties will include private outdoor space and areas for work-from-home and play. The homes will also have the highest energy efficiency rating – EPC A. Houses will be fitted with ground source heat pumps and the apartments will be fitted with air source heat pumps. There will also be on-site EV charging points for vehicles. Thanks to our investment partner Thriving Investments and developer Vistry Group for their part in making the site visit a great success. #affordablehousing #sharedownership #sustainability

Award shortlisting 🏆 We are delighted that our WS Gresham House UK Smaller Companies Fund has been named as a finalist in the UK Smaller Companies category at this year’s Investment Week Fund Manager of The Year Awards taking place on 19 June. Congratulations to Ken Wotton Brendan Gulston Cassie Herlihy David Bickerstaffe George Karidis Thomas Green The team apply a private equity perspective to investing in public markets. Read the article and see the full awards shortlist here 👇 https://lnkd.in/e5QVvXAn #smallercompanies #ukequities #publicmarkets | Capital at risk. Not an investment recommendation.

“Our vision for timber in construction is clear: a sustainable, integrated industry that meets the needs of the future.” 💬🪵 It is good to see the Department for Environment, Food and Rural Affairs' 'Timber in construction roadmap 2025' policy paper highlighting how forestry and timber can contribute to addressing some of the UK’s biggest challenges – climate change, the housing crisis and driving economic growth. The Government has introduced a statutory tree and woodland cover target which commits to increasing the tree canopy and woodland cover in England to 16.5% by 2050. In addition to planting trees, we also need to make good use of the materials they provide. The Government has committed to building 1.5 million homes over this Parliament providing an opportunity for timber in construction. This will: - help reduce embodied carbon in the built environment - drive investment into tree planting, forest management and domestic supply chains - create new green jobs and industries The priority themes set out in the paper are: 1. improving data on timber and whole life carbon 2. promoting the safe, sustainable use of timber as a construction material 3. increasing skills, capacity, and competency across the supply chain 4. increasing the sustainable supply of timber 5. addressing fire safety and durability concerns to safely expand the use of engineered mass timber      6. increasing collaboration with insurers, lenders, and warranty providers 7. promoting innovation and high performing timber construction systems #forestry #timber #netzero Confor: Confederation of Forest Industries (UK) https://lnkd.in/eZbViF7b

"By introducing broad exemptions and postponements, the proposal risks undermining critical sustainability objectives" 💬 Hyewon Kong, CFA comments in an article with Reuters News Agency on the European Commission’s “Simplification Omnibus” sustainability reporting rules. The proposal aims to reduce administrative burdens and enhance global competitiveness. However, it raises significant concerns regarding corporate transparency and sustainability efforts. While the intention to reduce the administrative burden is understandable, it’s crucial to balance this with the need for transparency and sustainability. A nuanced approach that simplifies reporting without compromising essential sustainability information would better serve both the business community and societal interests. #sustainability #reporting #netzero https://lnkd.in/efNEfFsK

Strategic Equity Capital offers deep value after AIM sell-off   Citywire Investment Trust Insider’s Danielle Levy provides an in-depth analysis of Strategic Equity Capital plc (SEC) and highlights some key areas from its recent Annual Report, including: - Mispricing opportunities - where macroeconomic and geopolitical volatility are driving mispricing opportunities across the UK stock market, particularly smaller companies - The value of carve-outs - where a parent company is selling a subsidiary or business unit. There were 20 meaningful carve-outs in 2024, with several examples where businesses sold off divisions at valuations higher than their prevailing group valuation – sometimes exceeding the entire market cap - Narrowing the discount – through a combination of buybacks and management fee reinvestment Read the full article 👇 https://lnkd.in/eym7xHD2. #ukequities #smallcaps #investmenttrusts | Capital at risk. Not an investment recommendation.

“Battery storage is now viewed as a fundamental part of energy infrastructure” 💬🔋 Lefteris Strakosias spoke to Andrea Gaini at PitchBook in an article about how battery energy storage system investments are surging, fueled by their high return potential and the growing demands of the #energytransition. Lefteris added that the investment boom reflects a broader shift in the global energy market toward renewables. Battery storage is essential for integrating renewable energy into the grid, mitigating intermittency issues and enhancing energy security. #batteryenergystorage #batteryenergystoragesystems #netzero https://lnkd.in/gbmdDsvM

Alternatives Manager of the Year 🏆 We were delighted to win Alternatives Manager of the Year at the PensionsAge Awards 2025 last night. Our capabilities across #naturalcapital, #forestry, #sustainableinfrastructure, #affordablehousing, and the #energytransition including #batteryenergystorage are helping our clients to achieve their financial returns and sustainability objectives. The #PensionsAgeAwards aim to reward both the pension schemes and the pension providers across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times. Find out more about Gresham House and how we can help you meet your investment objectives 👇 www.greshamhouse.com

“The Baronsmead portfolio is probably the most diverse of all VCTs.”   Nicholas Hyett, CFA, investment manager at Wealth Club looks at the perfect portfolio for tax-efficient investing in an article with Trustnet. Nicholas suggests that for high earners who have already maxed out their ISAs and pension contributions, venture capital trusts (VCTs) are often the next logical step in their savings journey. The Baronsmead VCTs invest in both quoted and unquoted companies, and Nicholas goes on to say that AIM stocks and UK small-caps have been out of favour in recent years but if the market turns, the Baronsmead VCTs could enjoy an upswing. “With 65% of the portfolio invested in UK-listed companies, a turn in sentiment towards the UK has the potential to translate quickly into substantial gains for the VCT.” #vcts #venturecapitaltrusts | Capital at risk. Not an investment recommendation. The current VCT tax reliefs may change during the time the shares are held and can be retrospective. The value of the tax reliefs depends on the personal circumstances of the investors, who should consult their own tax advisers before making an investment. https://lnkd.in/eYTB4ruK

The experts’ favourite trusts on double-digit discounts James Wallace, research analyst at Winterflood Securities highlights Gresham House Energy Storage Fund (GRID), in an article for Trustnet, where battery revenues are improving which is expected to result in a return to dividend payments later in the year. GRID published a Trading Update highlighting substantial improvements to revenue and EBITDA generation. Highlights from the update include: - Unaudited NAV of 109.35p as of 31 December 2024, compared with 109.09p as of 30 September 2024, up 0.2% (31 December 2023: 129.07p) - Unaudited operational portfolio revenues in 2024 increased 20.1% to £46.5mn, (2023: £38.7mn), with substantial revenue improvement in H2 (up 59.1% to £28.6mn vs £17.9mn in H1 2024)   - Unaudited operational portfolio EBITDA increased 13.2% to £29.2mn, (2023: £25.8mn) resulting in an EBITDA margin of 62.8% in 2024 - York (50MW/75MWh), Penwortham (50MW/50MWh), and Elland (50MW/100MWh) were energised in 2024, Melksham (100MW/100MWh) earlier this year, and a further 150 MW/193MWh of capacity was added to operational projects through augmentations - Pipeline 79% energised as of 31 December 2024 with 845MW operational and 88% energised as of today with 945MW operational (31 December 2023: 690MW) - 568MW framework tolling agreement signed with Octopus Energy with 310MW under contract as of 31 December 2024 Read the Trading Update in full here 👇 https://lnkd.in/eg8AfcTA Read the Trustnet article here 👇 https://lnkd.in/eDbUJ8XB #battery storage #BESS #energyinfrastructure | Capital at risk. Not an investment recommendation.

Award shortlisting 🏆 We are pleased to share that we and Thriving Investments have been shortlisted for Deal of the Year (£200mn and above) at the Property Week 2025 RESI Awards, taking place on 7 May in London. Our partnership with Thriving Investments has created a shared ownership platform of scale, combining Thriving Investments’ origination, execution and development capabilities with our fund management and capital-raising track record. As Gresham House CEO, Anthony "Tony" Dalwood commented at the time of the partnership announcement: “This significant partnership will create a best-in-class shared ownership platform for investors and unlock opportunities for continued investment and growth. “The scale of the UK’s housing challenge clearly cannot be met by the public sector alone, and long-term, patient private capital can make a tangible difference to the overall supply of UK housing while providing social and environment benefits to residents, the local community and wider economy.” The awards recognise excellence in the residential property market and celebrate outstanding achievements and innovations that have transformed the industry over the past 12 months. Read more about the awards here: https://lnkd.in/g6vPa3E #housing #affordablehousing #sharedownership #RESIawards2025