Share Name Share Symbol Market Type Share ISIN Share Description
Downing Strategic Micro-cap Investment Trust Plc LSE:DSM London Ordinary Share GB00BF0SCX52 RED ORD GBP0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.40 0.64% 62.80 3,044 10:40:35
Bid Price Offer Price High Price Low Price Open Price
62.60 63.00 62.80 62.60 62.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.70 0.21 0.42 149.5 31
Last Trade Time Trade Type Trade Size Trade Price Currency
16:14:33 O 3,000 62.648 GBX

Downing Strategic Micro-... (DSM) Latest News (2)

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Downing Strategic Micro-... Investors    Downing Strategic Micro-... Takeover Rumours
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DSM is a large holding in the following funds:
 Fund  Percentage of Fund  Last Updated 
 Downing ONE VCT plc 3.40% 2021-06-30

Downing Strategic Micro-... (DSM) Discussions and Chat

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Date Time Title Posts
09/1/202309:26Downing Strategic Micro-Cap Investment Trust plc385
07/9/200109:25DORSET SHARE MEET34

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Posted at 07/2/2023 08:20 by Downing Strategic Micro-... Daily Update
Downing Strategic Micro-cap Investment Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker DSM. The last closing price for Downing Strategic Micro-... was 62.40p.
Downing Strategic Micro-cap Investment Trust Plc has a 4 week average price of 60.50p and a 12 week average price of 57p.
The 1 year high share price is 73.50p while the 1 year low share price is currently 51.70p.
There are currently 49,619,882 shares in issue and the average daily traded volume is 48,361 shares. The market capitalisation of Downing Strategic Micro-cap Investment Trust Plc is £31,161,285.90.
Posted at 09/11/2022 09:24 by riverman77
Some sort of tip I presume? Share price up 14% for no apparent reason.
Posted at 16/8/2022 09:15 by ohisay

As mentioned earlier, DSM has been the top performing trust in the sector over a 12-month period and year-to-date from a NAV total returns perspective, but what is surprising is that this has not translated into share price performance. DSM’s discount has been trending lower since the start of the year, with it currently at -21.2% which is significantly below its five-year average of -9.9% but is also a wide discount in absolute terms. This in itself is unusual because the trust traded at a premium in the first two years following its IPO, albeit trending lower over this period, before widening significantly during the market volatility in 2020. It is yet to fully recover and with a three-year average discount of -16.5% this has remained a feature of the trust more recently. Up until now the board has been reluctant to actively buy back shares with the chairman – in our view, rightly – stating there was “no point in trying to stand against the tide” during the height of the coronavirus pandemic. The highly concentrated portfolio that ranges between 10-25 holdings, investing in the riskiest area of the small cap universe, namely micro-caps, meant the board wanted to ensure liquidity was maintained. However, the persistency of the discount has led DSM’s board to buy back shares regularly at wide discount levels with the latest purchased at an average discount of 17% in May 2022. In its most recent annual report, the board provided clarity around the plans for an investor redemption opportunity in May 2024, enabling shareholders to redeem or have a matched sale for up to 50% of their holding. For these reasons along with the uniqueness of the managers’ investment philosophy in the smaller companies’ space, we believe DSM may provide investors with an opportunity to diversify their current portfolio with the wide discount, and that the likely continued share buy backs will be accretive to shareholders.

Posted at 27/7/2022 08:59 by weatherman
Looks like good results from Hargreaves Services

Posted at 08/4/2022 12:17 by weatherman
The Real Good Food loans are now less than 10% of total assets, with hope of an exit that even leaves something for the ordinary shareholders - a news letter last year suggested 7-14p exit. Covid and lockdowns have had an impact on Real Good Food, with a weaker 2nd half last year, but hope of EBITA of £3-4m in a good year.

Posted at 08/4/2022 11:27 by spectoacc
Real Good Food = Real Bad Investment. 21% of DSM is loan notes to RGD, how secure are they? Shares at 2p.

But agree several of the other holdings look good, albeit you'd have to ask when holders ever see anything back - illiquid holdings don't lend themselves well to wind-up, & can't see them ever returning cash voluntarily at that market cap. No prospect of increasing the size of the co here either..

Posted at 08/4/2022 10:38 by red ninja
According to Shares Mags comparison on Micro Cap funds DSM is in 3rd position for "1 year" having said that they are down 6,3%.
Shares Mag comment :-

"Downing Strategic Micro-Cap’s (DSM) 22.3%
discount to NAV reflects some difficult early years
since its 2017 launch, although recent performance
has been encouraging.
In fact, Shore Capital believes ‘the market
rotation favouring value stocks, given the prospect
of further rate hikes, should provide a supportive
environment for DSM’s portfolio’ as the market
searches for value and the broker points out ‘most
of the structural changes required in the portfolio
companies have been implemented, and we
believe it is now a matter of reaping the rewards’.
Managed by Judith MacKenzie, the fund employs
a value approach and seeks to be influential
through taking strategic stakes.
Investors should note the portfolio is highly
concentrated at between 12 and 18 positions,
among them the likes of Volex (VLX:AIM),
Hargreaves Services (HSP:AIM) and Real Good
Food (RGD:AIM).
Three new positions that value investor
MacKenzie has added to the portfolio of late
include Centaur Media (CAU), the publisher of The
Lawyer and Marketing Week, as well as executive
search specialist Norman Broadbent (NBB:AIM)
and National World (NWOR), an ‘illiquid and
under-the-radar company trading at the bottom
end of the main market’ according to MacKenzie.
‘National World was a reverse into the regional
publishing assets of the old Johnston Press. The
management team are top calibre, with experience
seldom found in £70 million market caps.’

Posted at 06/4/2022 07:17 by spectoacc
Not unless that proxy is Roubles :)

Could conceivably work in DSM shareholders' favour, if the cash buys back the DSM shares at the large discount. But agree it's more than a little fishy.

"Of all the cash equivalent investments, you picked DSM?".

Posted at 06/4/2022 07:14 by steve3sandal
I too was thinking Splits (debacle). DSM buying back D VCTs in size at a large discount in due course I’d be challenging the lack of independence amongst the VCT Boards. It looks like VCT managers, Downing, have been supporting the DSM managers, Downing, with client money which is now worth less and has an illiquidity risk! Splits (debacle). It’s legal, VCTs can invest % in investment trusts and some do as a proxy for cash. DSM is not a proxy for cash, just ask shareholders.
Posted at 05/4/2022 22:28 by steve3sandal
I like it even less now. Downing 1 VCT have their DSM holding down as Liquidity. So this needs to be turned into cash at some point to make qualifying VCT investments. There aren't any obvious buyers for 22% of DSM stock apart from retail and we don't have the appetite to do this in that size. Already the VCT had dropped £1m on M2M basis and would have been better to put shareholders funds in a box for safekeeping. Downing 4 Aim is a newbie but it's going down the same road IMO. I like reading DSM letters, always a good story and I've previously held for discount and underlying improvement, unsuccessfully. No evidence tome that DSM or D VCTs are worth holding sorry.
Posted at 19/8/2021 10:31 by red ninja
In the latest NAV portfolio update they already seem to be partially cashing in on Tactus investment :-

Portfolio Update: Tactus Holdings Limited The Manager is pleased to report that Tactus Holdings Limited, an unquoted investment in DSM, has received inward investment from the well-known technology investor, Chrysalis Investments Limited ("Chrysalis"). The Chrysalis announcement is available to view here. To help provide liquidity for this important strategic investment from Chrysalis, which provides future growth finance, DSM has partially exited a small proportion of its position in Tactus Holdings Limited. This includes the full early repayment of the Tactus Loan Notes and accrued interest. The partial exit plus valuation uplift have resulted in an increase in NAV of 2.07p per share (0.85p realised and 1.22p unrealised), the impact of which is reflected in the NAVs shown in this announcement. The directors have valued the remaining shares, cost £1 million, at £1.6 million which they believe to be fair value, reflecting a discount to this latest investment round reflecting that this investment is unquoted. The remaining position is DSM is material, at 3.5% of NAV, and the Manager looks forward to supporting the continued progress of this fast growing and successful UK company."

Latest NAV : 91.26p - (Share price at 22.75% to NAV)

Pretty good considering the battering of Venture Life Group.

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