Every year for the past two decades I have put together a portfolio of largely small-cap shares by following an approach based on the investment ideas of Benjamin Graham, and in particular from his seminal work, The Intelligent Investor. The aim is simple enough: look for companies that are “out of favour because of unsatisfactory developments of a temporary nature”, so their equity is priced well below intrinsic value.
The best performing investment company was Aim-traded Gresham House Strategic (GHS) which produced a 26.6 per cent share price gain in the six months to 31 July 2019.
Gresham House Strategic PLC (LON:GHS) is a closed end fund incorporated in the United Kingdom. It invests primarily in UK and European smaller public companies, applying private equity style techniques and due diligence, alongside a value investment philosophy to construct a focused portfolio of about 10-15 companies.