Any thoughts on this new launch which I am considering? http://www.hl.co.uk/shares/ipos-and-new-issues/odyssean-investment-trust-plc-launch#
A new Smaller Companies IT led by Stuart Widdowson, he used to lead Strategic Equity Capital before resigning in 2017. Looking through the documents this new launch aims to hold quite a small portfolio, perhaps 25 holdings so quite concentrated for an IT. Widdowson will be investing quite a chink of his own money plus that of family and partners Ian Armitage and Chris Mills of Harwood Capital.
I normally stay away from IT launches as they often drop to a discount quickly, eg. Woodford. They have estimated the NAV as >98p on launch though HL are offering 0.5% extra shares on launch. I have held Henderson Smaller Co's for a long time and am unsure if I want any more in the Smaller Co's. Interesting that some big names are associatied with this IT though, eg. Peter Hewitt, Chris Mills, Jane Tufnell and Widdowson all I think have Smaller Co's experience.
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Odyssean Investment Trust
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- Lemon Pip
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Re: Odyssean Investment Trust
I like the strategy and manager but I've been burned a couple of times with IT launches so would rather wait. The worst case scenario is that they underperform; the great track record of SEC may turn out to be despite Widdowson, not because of him (it has done as well without him as it did with). The best case is that it underperforms modestly for the first six or more months while the capital is deployed. So it's on my watchlist, but isn't for now.
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