Strategic Equity Capital PLC

First-pass take

SEC is a diversified UK small-cap equity trust with minimal explicit AI exposure; only Netcall (6.9% of NAV) is described as 'AI-driven.' The portfolio targets undervalued, cash-generative businesses with operating leverage, but the trust underperformed its index (NAV return -0.1% vs benchmark +13.1%). While it maintains zero leverage and growing dividend (5.03p), small-cap UK positioning and limited downside protection undermine fit.