About us

ABOUT US

Richard Staveley, supported by an elite Investment Advisory Group and Harwood Capital, brings decades of insight and experience.

ABOUT US

OUR OBJECTIVE

Visions, Success Factors and Culture

The Vision
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Our Vision:

  • Compound wealth for shareholders
  • Deliver 15% IRR investments over the long term
  • Target the inefficient UK small-cap market with significant specialist experience
  • Benefit from access to Harwood Capital’s network and expertise
  • Enable investors to benefit from a closed-end fund structure for small-caps
  • Capture the illiquidity and risk premium in small-caps
Our foundations for long-term success:
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Our foundations for long-term success:

  • A value investing approach with an ownership mentality
  • A desire to buy at a significant discount to intrinsic worth, establishing a margin of safety (Graham)
  • Patient capital with long-term horizons
  • ‘Skin in the game’ (Taleb) through a significant manager stake creating shareholder alignment
  • Low overheads and a simple organisation structure
  • Clear, honest communications, externally and internally
  • Financial strength throughout the cycle
  • Experience and complementary capabilities of the team
Our desired culture at Rockwood Strategic
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Our desired culture at Rockwood Strategic:

  • Strong integrity – doing what we say
  • Intellectual honesty – accepting when we are wrong
  • Behavioural and psychological bias awareness – mutual respect and discussion
  • Focused – our efforts and our portfolio
  • Influence seekers – embracing active engagement
  • Individual responsibility – within a collectively shared purpose
  • Passionate about investment and ongoing knowledge accumulation
  • Nimble organisation and investment decision making
  • Believe and invest in networks and partnerships
  • Smart due diligence, not ‘box-ticking’
The Vision
Our foundations for long-term success:
Our desired culture at Rockwood Strategic

OUR TEAM

Unparalleled Expertise

Our team includes seasoned fund managers and experienced stock analysts, each bringing deep sector knowledge, governance acumen, and operational know-how.

Lead Fund Manager

Richard Staveley

Richard Staveley has over twenty-five years’ experience of equity investment and fund management.

Having qualified as a chartered accountant at PricewaterhouseCoopers, Richard joined Bradshaw Asset Management as assistant fund manager in 1999. He subsequently joined Société Générale Asset Management where he became Head of UK Small Companies and a CFA charterholder. In 2006, he co-founded River and Mercantile Asset Management where he was Head of Research and launched both the UK Small Company Fund and the UK Income Fund. In 2013, he joined Majedie Asset Management to co-manage and subsequently solely manage the UK small company investments. In 2019, he joined Gresham House Plc as fund manager for Gresham House Strategic Plc, the Strategic Public Equity LP and eventually the Gresham House UK Small Companies Fund. In 2021, Harwood Capital was appointed the new Investment Manager for Gresham House Strategic Plc, which changed its name to Rockwood Strategic Plc and Richard was subsequently re-appointed as lead fund manager.

Assistant Fund Manager

Nicholas Mills

Nicholas has over a decade of investment experience having joined Harwood Capital in 2019 after spending 5 years at Gabelli Asset Management in New York. He acted primarily as a Research Analyst covering the multi-industrial space and also gained experience in Merger Arbitrage strategies and Closed End Funds. He has a Bachelor of Science Degree from Boston College’s Carroll School of Management. He also works on North Atlantic Small Companies IT and is Co-Fund Manager of Oryx International Growth Limited. He currently sits on the Boards of Niox Group Plc, Trifast Plc and Hargreaves Services Plc.

Head of Trading

Stavros Jones

Stavros has been the Head of Trading at Harwood Capital since 2011. Prior to this he was a Trader at JO Hambro Capital Management from 2000 until 2010. He has sell-side experience at N+1 Singer and Piper Jaffray prior to rejoining Harwood Capital. He is considered one of the most highly experienced dealers in small- and mid-cap equities in the London market.

Chairman

Noel Lamb

Noel Lamb has had a 25-year career in investment management. He is a graduate of Exeter College, Oxford and is a barrister-at-law. He joined Lazard Brothers & Co Limited in 1987 and from 1992 to 1997 he was the managing director of Lazard Japan Asset Management where he was the fund manager for Japanese equities. In 1997, he moved to the Russell Investment Group where he established the investment management capability of Russell in London. In 2002, he was promoted to Chief Investment Officer in North America where he managed assets of $150bn until his departure in 2008. Noel served as Chairman of Atlantis Japan Growth Fund and currently sits on the board of Guinness Asset Management Funds.

Non-Executive Director

Paul Dudley

Paul is a Fellow of the Institute of Chartered Accountants of England and Wales and is a Member of the UK’s Chartered Institute of Securities and Investment.

Paul founded Aer Ventures (formerly HD Capital Partners Ltd) in 2011 where he is Managing Partner, advising and leading corporate transactions on numerous public and private companies. Previously he worked at stockbroking firm WH Ireland where he was approved as a Qualified Executive acting as the Corporate Finance adviser on fundraisings and M&A transactions and also at Sigma Capital Group plc, a venture capital investment firm, where he advised on investment into emerging growth companies. Earlier in his career, after qualifying at PricewaterhouseCoopers, Paul was seconded to the listing department of the London Stock Exchange. He is currently an Independent Director at Katoro Gold plc and Pyne Gould Corporation Ltd.

Non-Executive Director, Chairman of the Audit Committee

Kenneth Lever

Ken is Chair of the audit committee at Rockwood Strategic also Chairman of Marstons Plc and Cirata Plc.

Ken was previously Chief Executive of Xchanging plc and during his career has held listed company executive board positions with Tomkins plc, Albright and Wilson plc, Alfred McAlpine plc and private equity owned Numonyx BV.

In his early career Ken qualified as a Chartered Accountant and became a partner in Arthur Andersen. Until 2014 Ken was a member of the UK Accounting Standards Board. He graduated from Manchester University with a degree in Management Sciences and is now Chair of the Advisory Board of the Alliance Manchester Business School.

Christopher Mills

45 years of investment experience, Chief Executive Officer and principal shareholder of Harwood Capital Management since 2011.

He founded JO Hambro Capital Management with Jamie Hambro in 1993 acting as Chief Investment Officer and Harwood Wealth with Alan Durant in 2013 until their respective sales in 2011 and 2020. He is CEO of North Atlantic Smaller Companies Investment Trust (“NASCIT”) which he has managed since 1982 and Executive Director of Oryx International Growth Fund which he has managed since 1995. NASCIT has delivered a total NAV per share of nearly 200x under Mr. Mills’ management. He has sat on the Board of over 100 companies during his career and is currently on the Board of MJ Gleeson Plc, Bigblu Broadband Plc, River Global Plc, EKF Diagnostics Plc, Elementis Plc, Frenkel Topping Group Plc and Renalytix Plc.

Yuri Khodjamirian

16 years of investment experience.

Yuri holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. He is also a CFA charter holder. He joined Majedie Asset Management in 2009 working as an analyst and subsequently 6 years as a fund manager of both Global and UK equity income portfolios. Yuri is CIO of Tema ETFs, acts as an adviser and board member to several early-stage businesses and writes the award-winning blog www.snippet.finance.

Rupert Dyson

30 years of investment experience.

Rupert is the Founder of Edale Capital LLP (2011) where he manages a Long-Short European Hedge Fund. Rupert was formerly at Sloane Robinson for 11 years where he managed the SR European Investment Trust for 10 years and Invesco where he specialised in European equities and small companies investing. Rupert read History at Bristol.

Jamie Brooke

30 years of investment experience.

Jamie was formerly lead fund manager for the Hanover Catalyst Fund, prior to which he was at Lombard Odier where, as a Fund Manager, he specialised in strategic UK small cap equity investing, having moved with the team from Henderson Global, and, prior to that, Gartmore. Earlier experience was gained at 3i and Deloitte’s where he qualified as a Chartered Accountant. Jamie read Maths at Oxford and is currently NED at Flowtech Fluidpower Plc, Titon Holdings, Chapel Down Group Plc and Oryx International Growth Fund.

Adam Parker

35 years of investment experience.

Adam was a Founder of Majedie Asset Management in 2003, managing UK equity portfolios, in particular UK small companies and helping build AUM to £15bn. He joined Mercury Asset Management in 1987 where he managed the UK smaller companies Fund and High Alpha UK portfolios. Adam studied Chemistry at Oxford and is currently NED at Berkeley Energia Plc.

Richard Pease

40 years of investment experience.

Head/Founder of European equities at Jupiter Asset Management, New Star Asset Management and Henderson Asset Management. Founder of Crux Asset Management, building European Special Situations to £2.5bn, sold to Lansdowne Partners 2023. Studied General Arts at Durham.

OUR HISTORY

Rockwood Strategic Plc has a rich heritage grounded in disciplined investing and a clear focus on unlocking long-term value in UK smaller companies.

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"From acorns grow oak trees"

The company was originally listed on AIM in 1999 as NewMediaSpark Plc, an investment strategy into private technology, media and telecommunications companies. The portfolio was being wound up in 2014 when the Board, led by the late, great then Chairman, David Potter, adopted a new strategy of engaged, UK small companies, public market equity investing.

How to Invest

A legacy of value-focused, small company investing

Having joined as lead manager in 2019, in 2021 Richard Staveley, with the backing of Harwood Capital and a newly formed Investment Advisory Group adopted a refreshed investment strategy and lower fees. Alongside this strategic evolution came a new name, Rockwood Strategic Plc, reflecting the company’s permanent capital, strategic investing approach, and long-term value creation goals.

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Coming of Age

In late 2022, under the new Chairman Noel Lamb, the company moved from AIM to the main London Stock Exchange and became a fully listed Investment Trust. (Net Asset Value £37million September 2022). Subsequently a mixture of strong performance and new stock issuance has led to a material increase in the scale of the strategy resulting in inclusion to the FTSE All-share Index in 2025. (NAV £135m September 2025).

rockwood-awards

Recognition

In recent years, the Trust’s success has been recognised with multiple awards including Investment Week Investment Company of the Year – UK Small Companies 2024, Citywire Investment Company of the Year – UK Small Companies 2024, Quoted Data Awards 2024 “Best for UK Exposure”, Quoted Data Awards 2025 “Best for Small Cap” and Citywire Investment Trust of the Year Awards 2025 – “Best for UK Smallers”. Rockwood Strategic also won Investment Week’s Award for ‘Investment Company of the Year – UK Small Cap, 2025’. Richard Staveley was awarded ‘Fund Manager of the Year’ in 2022 at The Plc Awards.

Rockwood

A petrified tree that has been infused with minerals and turned to stone, from the ancient Greek word πέτρα ‘rock’ and first started formation in the Devonian period 390m years ago.

Strategic

Strategy (also from the Greek word στρατηγία stratēgia, “art of troop leader; office of general, command, general-ship”) is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty.

Rockwood Strategic Plc

A concentrated portfolio, and an engaged investment mindset to unlock value and compound wealth over time. We’re more than investors - we’re strategic stewards of value in the UK’s small-cap market - “from acorns grow oak trees”.