Cookie Consent

By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.

Downing Strategic Micro-Cap Investment Trust plc

Hunting value, enabling transformation.

Downing Strategic Micro-Cap Investment Trust plc (DSM) is a UK investment company listed on the London Stock Exchange, focused on unlocking value from a concentrated portfolio of between 12 – 18 companies under £150m market capitalisation at initial investment.

DSM finds and invests in small companies that are overlooked and undervalued by the market. DSM works with management to help transform those companies, and aims to unlock and realise considerable intrinsic value.

What makes DSM different?

DSM provides a rare opportunity to invest in little known and under-researched businesses with high latent value. This is achieved through close engagement by the managers in a focused portfolio of undervalued companies.

Why invest now?

Investments made at launch in 2017 are nearing maturity, as expected. A number of them are realizing value ahead of expectations yet some of those businesses are still priced c.40% below market consensus, with DSM shares at a further 15-20% discount. This means that DSM is trading on a double-discount of c.60%.


Annual management charge: 1% on market cap

Ongoing charges:

Ongoing charges – The ongoing charges for the year ending 28 February 2023 were 1.94%. These charges represent DSM’s management fee and all other operating expenses excluding any finance costs, expressed as a percentage of the average daily net assets during the year.


Past performance should not be used as a guide to future performance. The value of shares can go down as well as up - there is no guarantee that you will get back the amount you originally invested.

Please note that this is only a brief overview of the risks associated with investing in the Downing Strategic Micro-Cap Investment Trust. The full details of all the risks can be found here.

How to invest

DSM’s shares are traded on the London Stock Exchange and can be purchased through a stockbroker or other financial intermediary.

You can invest in DSM via a number of fund platforms, please see the options below.

Please note that by clicking on a link, you will be taken to a website operated by a third party. Downing does not sponsor, maintain or have any control over the content of any other website. If you access another site, you do so at your own risk and we accept no liability for any damage or loss.

Management team

DSM is managed by Judith MacKenzie and Nick Hawthorn of Downing Fund Managers, a boutique investment house founded in 2010. Judith and Nick employ a value-based style that favours a private equity approach to investing in public markets.

Downing Strategic Micro-Cap Investment Trust board photo