| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 598.81 | 381 |
| Intrinsic value (DCF) | 45.94 | -63 |
| Graham-Dodd Method | 4.97 | -96 |
| Graham Formula | n/a |
Crystal Amber Fund Limited (CRS.L) is a Guernsey-domiciled, closed-ended equity mutual fund listed on the London Stock Exchange. Managed by Crystal Amber Advisors (UK) LLP, the fund specializes in UK mid-cap public equities, targeting companies with market capitalizations between £100 million and £1 billion. Employing an activist investment strategy, Crystal Amber focuses on value stocks, emphasizing replacement value, cash generation, balance sheet strength, and direct engagement with management to unlock shareholder value. The fund’s sector-agnostic approach allows it to capitalize on undervalued opportunities across diverse industries. With a strong track record since its 2007 inception, Crystal Amber leverages in-house research to drive its portfolio decisions, positioning itself as a nimble, high-conviction investor in the UK mid-market space. Its activist stance differentiates it from passive funds, offering investors exposure to hands-on value creation in the often-overlooked mid-cap segment.
Crystal Amber Fund presents a specialized opportunity for investors seeking activist-driven UK mid-cap exposure. The fund’s concentrated, high-engagement strategy has demonstrated an ability to identify and catalyze value in overlooked companies, as evidenced by its £57.3M net income (FY2024). However, its activist approach carries higher governance risks and volatility compared to passive funds, reflected in its near-market beta of 0.996. The lack of dividends may deter income-focused investors, while its Guernsey domicile could introduce tax complexities for some shareholders. With £86.3M in market cap, the fund offers niche access to UK value opportunities but requires tolerance for single-stock concentration risks inherent in its strategy.
Crystal Amber Fund occupies a unique niche as one of the few LSE-listed closed-end funds specializing in activist UK mid-cap investing. Unlike broad-based UK equity funds or ETFs, CRS.L’s hands-on approach—combining deep fundamental analysis with shareholder engagement—provides differentiated alpha potential. Its small size enables agility in building meaningful stakes in sub-£1B companies where larger funds cannot move efficiently. However, this specialization also limits diversification, making performance more dependent on a handful of successful campaigns. The fund competes with both traditional asset managers and hedge funds in the activist space but distinguishes itself through public market transparency and a focus on constructive engagement rather than hostile tactics. Its Guernsey structure offers tax efficiency but may limit appeal to institutional mandates requiring onshore vehicles. While its concentrated portfolio amplifies upside potential, it also increases idiosyncratic risk compared to more diversified UK equity products.