The Opportunity

Goodwin plc has some notable pedigree being “a group of established mechanical and refractory engineering companies, specialising in the design, manufacture and supply of high-quality products and solutions”.

Why we invested

What first attracted us to Goodwin was the heritage, family ownership and eclectic mix of high-quality niche engineering businesses which appealed to our own engineering background. It was evident in 2018 that the management team had repositioned the Group for multi-year growth following substantial capex into new offerings.

Our Investment Approach

We started purchasing the shares in October 2018 and continued to add to our holding into 2019 on the basis that they seemed uniquely positioned to grow to a £1b+ company.

What Happened

Each set of results from 2019 to 2024 showed an increasingly positive outlook for the Group as their unique engineering expertise, entrepreneurialism and capability resulted in several long term defence and nuclear contracts, and alongside their ongoing innovation and IP they were creating a potential world leader.

Outcome & Return

In 2024 the Group entered the FTSE 350 and in 2026 the Group surpassed £2b mcap.

Our total return (TR) to-date (February 2026) including dividends is 554%, a CAGR of 26.5%. We still own Goodwin as our largest current holding comprising >40% of our portfolio and reflecting our strong conviction in the long-term prospects for the Group.