A Different Perspective with Richard Penny and Simon Like from Oberon Investments

This week Nick talks to Richard Penny and Simon Like Richard Penny and Simon Like are experienced UK small-cap fund managers at Oberon Investments, with decades in the market between them. Simon began his career in banking with Midland Bank, later HSBC, before setting up his own investment vehicle and eventually joining Oberon over 25 years ago. He has focused primarily on small and micro-cap stocks and is well known for running a Venture Capital Trust. Richard’s interest in investing began during the wave of UK privatisations in the 1980s. He started professionally in 1992 and has managed small-cap and recovery funds at large institutions including Legal & General before moving to a boutique model, specialising in concentrated stock picking within UK smaller companies.Both focus on undervalued UK small and micro-cap companies, particularly in recovery phases of the market cycle. They look for businesses with strong gross margins, operational gearing and management teams with proven track records. Richard highlights opportunities in high-margin software and technology businesses such as Xaar and Eagle Eye, as well as more contrarian situations like BATM, where valuations sit below intrinsic value. Simon, through the Oberon AIM VCT, backs growth and recovery plays including Audioboom and property franchise businesses such as Winkworth and The Property Franchise Group, often identifying companies entering earnings upgrade cycles.*OBR00403. Capital at Risk. Past performance is not a reliable indicator of future performance. Richard Book Choice:100 Baggers by Christopher Mayer Simon Book Choice:The Zulu Principle by Jim Slater Richard's Music Choice Rodrigo’s “Concierto de AranjuezSimon's Music Choice Anything by Prince or George MichaelThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.