Downing Strategic Micro-Cap to begin managed portfolio wind-down

In the trust's half-year results published today (9 November), chair Hugh Aldous said that the board had decided the best way to return capital to shareholders would be to begin a managed wind-down of the portfolio, subject to shareholder approval.  DSM said this was due to corporate activity arising from the continuing negative sentiment towards smaller companies and small investment trusts, and in light of 20% of net assets now 'in play' with agreed bids or strategic reviews, which the trust said should lead to exits and a return of capital. The trust expects an initial return of ca...