Launched in 2023 in the teeth of volatile conditions marked by rising interest rates, the Ukraine crisis, and banking sector turmoil, ONWD is one of only a handful of UK investment companies to have made it to market in recent years. Under the leadership of manager Laurence Hulse, the trust’s focus is on smaller UK companies, applying a contrarian philosophy that seeks value in overlooked or misunderstood opportunities to deliver a long-term return target of 15% per year.

In this interview, Laurence explains the trust’s philosophy of ‘dawn and dusk’ investing – spotting recovery or transformation stories early, and capturing deep value where the market has given up. He outlines a rigorous, private-equity style process involving deep due diligence incorporating in-depth financial modelling and site visits. He also describes the trust’s ‘nursery’ approach, where small initial positions are taken before conviction builds, and shares examples of successful investment such as Angling Direct, Alumasc, Likewise, and Pebble Beach. The conversation also touches on the challenges of the UK small-cap market, the trust’s active but collaborative engagement with company management, and the importance of public markets in supporting broader growth and personal wealth creation.