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
  -1.00 -1.56% 63.00 19,229 14:45:39
Bid Price Offer Price High Price Low Price Open Price
62.00 64.00 64.00 63.00 64.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.70 0.21 0.42 150.0 31
Last Trade Time Trade Type Trade Size Trade Price Currency
15:39:19 O 9,802 63.28 GBX

Downing Strategic Micro-... (DSM) Latest News (1)

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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

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Date Time Title Posts
15/5/202222:21Downing Strategic Micro-Cap Investment Trust plc375
07/9/200110:25DORSET SHARE MEET34

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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 64p.
Downing Strategic Micro-cap Investment Trust Plc has a 4 week average price of 63p and a 12 week average price of 63p.
The 1 year high share price is 88p while the 1 year low share price is currently 63p.
There are currently 49,619,882 shares in issue and the average daily traded volume is 18,872 shares. The market capitalisation of Downing Strategic Micro-cap Investment Trust Plc is £31,260,525.66.
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.
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..
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.’
weatherman: DSM has moved broadly in-line with many small companies over the past few months, although the NAV has held up better than many.
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?".
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.
spectoacc: True, but still well below May 2017 issue price, so the only thing it seems to have going for it is discount.
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.
spectoacc: Long out of DSM but glad to see some progress here for long-suffering shareholders. But worth remembering it floated in 2016 targeting 15% pa returns, has a NAV still 9p below issue price (and never been above it, tho did initially trade at a premium), and an share price in the early 70's despite buybacks. £36m market cap going to keep it under the radar, where it probably belongs. Too many losers to go with the handful of winners. If I were still a shareholder, I'd be asking for cash returns from realisations, at NAV, and to hell with the market cap. Is never going to be able to grow sufficiently, even Volex couldn't see to that.
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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