Title: 241380440.pdf URL Source: https://documentscdn.financialexpress.net/Literature/0B5F989ABFB9721BD97DA8B6EAD1F650/241380440.pdf Number of Pages: 3 Markdown Content: Source: Bloomberg, Juniper Partners as at 31 March 2026, net of charges - FTSE Small Cap data rebased to SEC start NAV June 2009. FTSE Small Cap ex IT - excluding Investment Trusts. Not an offical benchmark, used for comparative purposes only. CAGR 1 13.1% SEC NAV 10.2% FTSE Small Cap ex IT 1. CAGR: Compound Annual Growth Rate Capital at risk.The value of investments may fall as well as rise and investors may not get back the original amount invested. Past performance is not necessarily a guide to future performance. Portfolio investments in smaller companies typically involve a higher degree of risk. Cumulative rebased total returns Source: Gresham House and Juniper Partners, as at 31 March 2026 and historic yield for the 12-month period to 31 March 2026 0200 400 600 800 1000 Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 # Strategic Equity Capital plc # 31 March 2026 Strategic Equity Capital (SEC or the Fund) is a specialist alternative equity trust. Actively managed, it maintains a highly-concentrated portfolio of 15-25 high-quality, dynamic UK smaller companies, each operating in a niche market offering structural growth opportunities. ## Fund objective SEC aims to achieve growth in the value of investments over a medium-term period, principally through capital growth. ## Investment approach The Investment Manager applies its highly disciplined private equity approach to public markets, with constructive corporate engagement and thorough due diligence. # Fund manager Fund performance The investment team’s experience in this area has shown the potential for strong returns. The team can invest in a number of ways to help companies achieve their goals, including: ƒ Providing primary capital ƒ Supporting changes in strategic focus or operational performance ƒ Pre-IPO funding ƒ Providing a catalyst for M&A Gresham House aims to have a considerably higher level of engagement with investee company stakeholders, in order to exploit market inefficiencies and support a clear plan to create value over the long term. Ken Wotton 25 years’ experience # Fund information Investment manager Gresham House Asset Management Limited Launch date July 2005 Net assets £123.62mn Market capitalisation £118mn Share price 340p Net Asset Value (NAV) per share 355.22p Shares in issue 34,789,903 Current holdings 15 Yield (historic) 1.25% Ongoing charges 1.34% Current level of gearing 0% Discount to NAV -4.3% Performance fee 10% above rolling 3-year FTSE Small Cap ex IT Total Return +2% p.a., subject to high watermark Dividend Annual (November) Asset class UK Smaller Companies Comparator index FTSE Small Cap ex IT Total Return Trust codes SEDOL: B0BDCB2 Ticker: SEC.LN ISIN: GB00B0BDCB21 Cumulative performance Cumulative returns month ending 31 March 2026 3 months 12 months 3 years 30 September 2020 5 years SEC -10.3% 9.0% 15.8% 54.3% 16.7% FTSE Small Cap EX IT -4.7% 13.0% 34.8% 88.2% 23.8% Source: FE Analytics net of charges, as at 31 March 2026 Capital at risk.The value of investments may fall as well as rise and investors may not get back the original amount invested. Past performance is not necessarily a guide to future performance. Portfolio investments in smaller companies typically involve a higher degree of risk. Market cap breakdown Sector allocation > Source: Gresham House Asset Management Limited (portfolio at 31 March 2026) Index weighting > Source: Gresham House Asset Management Limited (portfolio at 31 March 2026) Source: Gresham House Asset Management Limited (portfolio at 31 March 2026) Top 10 holdings Holding Description NAV Trufin Financing services to FinTech and banking businesses 12.3% Costain Group Ord Technology based construction and engineering company 10.3% Netcall Communication equipment provider 10.3% Brooks Macdonald Group Provides investment management services 9.7% Diaceutics Ord Medicine diagnoistics provider 9.5% Everplay Group Ord A indie games developer and publisher 7.0% Fintel Offers investment research for global markets 5.1% XPS Pensions Group Actuarial consultancy 5.0% Tribal Group Educational software and services provider 4.9% Activeops Ord Provides decision intelligence software for service operations 4.7% Source: Gresham House Asset Management Limited (portfolio at 31 March 2026) ## Contact details For further information, please visit SEC’s website: www.strategicequitycapital.com Secretary Juniper Partners Limited, 28 Walker Street, Edinburgh, EH3 7HR +44 (0) 131 378 0500 ## Why SEC? Expertise and track record: Fund Manager Ken Wotton and his team are specialists in identifying great investment opportunities in smaller UK equities, and have a proven, long- term performance track record Distinctive: Gresham House’s UK equity team’s investment process employs a `private equity approach to public markets’, a rigorous and repeatable methodology based on private equity investing techniques to deliver value and returns on investment Powerful network: Our network of advisers and connections provides challenge, validation and insight to the investment team which in turn drives better decision making, stock selection and ultimately, value to shareholders. The network and advisers can also be connected to portfolio companies to support their growth Active and engaged: We invest in a highly-concentrated portfolio of 15-25 companies. The investment team is actively engaged with investee companies, working closely to build superior shareholder value Focus within an investment trust structure: The structure of the investment vehicle allows the investment team to be truly long term and to run a more concentrated portfolio of stocks with a very high degree of conviction Discrete performance Discrete annual returns Q1 2026 2025 2024 2023 2022 2021 2020 Share Price Total Return -8.1% 13.0% 4.4% 17.5% -12.6% 37.4% -4.7% NAV Total Return -10.3% 11.6% 4.6% 19.0% -17.0% 26.6% -0.9% FTSE Small Cap Total Return ex IT -4.7% 10.9% 13.8% 10.4% -17.3% 31.3% 1.7% Source: Bloomberg, as at 31 March 2026 > 36.8% 23.6% 11.3% 10.3% 3.0% Software Business services Healthcare Industrial Consumer 64.9% 17.1% 12.7% 5.3% FTSE AIM FTSE 250 FTSE Small Cap Net cash 67.6% 27.1% 5.3% Micro Cap (<£250m) Small Cap (£250m - £1.5bn) Net cash Portfolio manager Gresham House Asset Management Ltd (GHAM) As the operating business of Gresham House, GHAM manages and advises funds and co- investments across a range of differentiated alternative investment strategies for third-party clients. Gresham House is a specialist asset manager and adviser with c.£8.7bn AUM 1.Source: Gresham House as at 30 June 2025. > 1. This figure includes £0.2bn worth of funds raised to date not yet deployed. (0) 20 7382 0999 info@greshamhouse.com www.greshamhouse.com > Copyright © 2025 Gresham House Chris Elliott Managing Director, Wholesale M: +44 (0) 78279 20066 E: c.elliott@greshamhouse.com Andy Gibb Sales Director M: +44(0) 78490 88033 E: a.gibb@greshamhouse.com Ken Wotton Fund Manager E: k.wotton@greshamhouse.com ## Key risks ƒ The value of the Fund and the income from it is not guaranteed and may fall as well as rise. As your capital is at risk you may get back less than you originally invested ƒ Past performance is not a reliable indicator of future performance ƒ Funds investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies ## Important information The information contained in this document (the Document) is being communicated in the United Kingdom for the purposes of section 21 of Financial Services and Markets Act 2000 and has been issued by Gresham House Asset Management Limited (GHAM or the Manager). GHAM whose registered office is at 5 New Street, London, EC4A 3TW is a company authorised and regulated by the Financial Conduct Authority (FCA) (no. 682776). The information should not be construed as an invitation, offer or recommendation to buy or sell investments, shares, or securities or to form the basis of a contract to be relied on in any way. GHAM provides no guarantees, representations, or warranties regarding the accuracy of this information. No third-party liability is accepted by GHAM, its members and employees, or its affiliates and their directors, in respect of errors and omissions, other than under the duties and liabilities of the Financial Services and Markets Act 2000. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investing in the securities and legal, regulatory, credit, tax, and accounting aspects in relation to their particular circumstances. The recipient should consult its tax, legal, and accounting or other advisers about the issues discussed herein and shall be solely responsible for evaluating the risks and merits involved in the content of this Document. This Document is provided for the purpose of information only and before investing you should read the Prospectus and the Key Investor Information Document (KIID) as they contain important information regarding the Fund, including charges, tax and fund specific risk warnings and will form the basis of any investment. The Prospectus, KIID and application forms are available from Waystone Management (UK) Limited, the Authorised Corporate Director of the Fund (Tel. No. 0345 922 0044). Investors are reminded that past performance is not indicative of future results. Funds investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies. No person, especially those who do not have professional experience in matters relating to investments, must rely on the contents of this Document. If you are in any doubt as to the matters contained in this Document, you should seek independent advice where necessary. This Document has not been submitted to or approved by the securities regulatory authority of any state or jurisdiction. This Document is intended for distribution in the United Kingdom only. Any dissemination or unauthorised use of this Document outside the United Kingdom by any person or entity is strictly prohibited. Please contact a member of the Gresham House team if you wish to discuss your investment or provide feedback on this presentation. Gresham House is committed to meeting the needs and expectations of all stakeholders and welcomes any suggestions to improve its service delivery. # Get in touch