Strong returns from value-based strategy

Rockwood Strategic (RKW) has released its FY26 results, which showed positive NAV and share price total returns of 7.1% and 2.4% respectively for the year ending 31 March. RKW’s manager, Richard Staveley at Harwood Capital, was disappointed in the trust’s performance in the last month of the reporting period as markets fell following the US attack on Iran. In the first 11 months of FY26 RKW’s NAV and share price total returns were approaching 20%. However, since the end of FY26, the trust has performed strongly and has returned to a premium rating. The manager remains very upbeat about RKW’s prospects given he seeks opportunities in small-cap UK companies, where a lack of broad analytical coverage can lead to mispriced securities. Also,...