Lawrence Hulst - Founder, Onward Opportunities. Tracked across 22 mentions in podcasts and expert conversations analyzed by Sonic.

Lawrence Hulst

Manager of the Onward Opportunities fund, specializing in UK small-cap equities.

Claims

As speaker

Mentioned in

Key positions and views

The financial market has entered a new era post-cheap money, where active management and company-specific catalysts are paramount for investment success, replacing the previous tailwind of multiple expansion.

UK-listed small-cap stocks are structurally undervalued compared to international peers, presenting a significant opportunity for discerning, value-focused investors.

A specialist, capacity-constrained fund structure is essential for outperformance in the UK small-cap space, as large funds cannot effectively navigate this niche.

Government policy, specifically a well-designed "Brit ISA," is necessary to address the UK's capital outflow problem and correct the market's persistent valuation discount.

True value can often be found in companies with strong balance sheets, where cash and other tangible assets represent a large portion of a low market capitalization.

Timeline

Circa 3 years prior to podcast

The Onward Opportunities fund was launched, beginning its operational history.

2023

Onward Opportunities invested in Angling Direct, identifying it as a deep value opportunity with a market cap of £20 million against £14 million in net cash and £16 million in inventory.

Circa 18 months prior to podcast

Onward Opportunities invested in Pebble Beach Systems when it was trading at a price-to-earnings ratio of 5.

February (Year of podcast)

Portfolio company Pebble Beach Systems announced a significant contract win with a global streaming giant, acting as a positive catalyst.

End of May (Year of podcast)

Hulst reported that the Net Asset Value (NAV) of the Onward Opportunities fund was up 35% since its inception.

Podcast consensus on Hulst

Points of consensus

▶Hulst consistently argues that the end of the cheap money era necessitates a shift to active management focused on company-specific catalysts, rather than relying on broad market multiple expansion.Jun 2026

▶He repeatedly emphasizes a value-oriented approach, seeking companies with strong balance sheets, significant cash reserves, or tangible assets that are undervalued by their market capitalization.Jun 2026

▶There is a consistent view that the UK stock market, particularly the small-cap segment, suffers from a persistent and significant valuation discount compared to international peers.Jun 2026

▶Hulst's strategy for the Onward Opportunities fund is deliberately capacity-constrained, with a belief that managing a smaller pool of assets is crucial for maintaining agility and outperformance in its specialist niche.Jun 2026

Points of debate

▶While Hulst highlights the significant outperformance of his fund, the portfolio is not immune to negative events, as evidenced by the approximate 20% loss on the Synectics investment following the CEO's death, illustrating the inherent volatility of his strategy.Jun 2026

▶Hulst is bullish on Audioboom's growth prospects, yet the board's rejection of three cash acquisition offers suggests a potential valuation gap between the company's leadership and the external market, which could be a risk for shareholders.Jun 2026

▶He identifies a major opportunity in the undervaluation of UK small-caps, but simultaneously states this discount will likely persist without major policy changes, creating a structural headwind that could challenge future returns.Jun 2026

▶Hulst's investment in Angling Direct was based on it trading at a negative tangible net asset value, a deep value approach that contrasts with growth-oriented investments in companies like Audioboom, indicating a flexible but potentially less focused strategy.

Key themes

▶Contrarian UK Small-Cap Value Investing

Hulst's core strategy involves identifying deeply undervalued UK small-cap companies that are overlooked by the broader market. He focuses on firms with strong balance sheets, tangible assets, and specific catalysts for growth, as exemplified by investments in Angling Direct and Synectics.

This theme suggests that significant alpha can be generated within the UK small-cap space, despite macro headwinds, by employing a rigorous, bottom-up stock selection process that is agnostic to benchmark trends.

▶The Post-Cheap Money ParadigmJun 2026

Hulst articulates a clear macroeconomic thesis that the financial world has fundamentally changed with the end of low interest rates. He believes the era of passive gains from "multiple expansion" is over, making active management and catalyst-driven investing more critical than ever.

This perspective frames his entire investment philosophy, indicating that he believes future returns will be driven by company-specific performance and events rather than a rising market tide.

▶Advocacy for UK Market ReformJun 2026

Beyond managing his fund, Hulst is an active commentator on the structural issues affecting UK capital markets. He points to the persistent valuation discount on UK-listed stocks and advocates for specific government interventions, such as a properly structured "Brit ISA," to stimulate domestic investment.

This shows Hulst views systemic policy as a significant factor in his investment universe's performance and is willing to engage in public discourse to effect change that would benefit his strategy.

▶Technology as a Competitive EdgeJun 2026

Hulst leverages technology to enhance his investment process, specifically mentioning an AI-powered tool to screen regulatory news announcements, saving significant time. He also invests in technology-driven companies like Pebble Beach Systems and Mincon, whose software and drilling tech provide a competitive advantage.

This highlights a dual focus on using technology for both process efficiency in fund management and as a key investment criterion when selecting portfolio companies.

Source episodes

Suggested prompts

How does Lawrence Hulst's strategy for Onward Opportunities balance deep value investments like Angling Direct with growth stories like Audioboom? &nearr;To what extent is the fund's outperformance attributable to its capacity constraints versus Hulst's stock-picking in the undervalued UK market? &nearr;What are the primary risks to Hulst's thesis if the UK valuation discount persists or worsens despite the performance of his underlying companies? &nearr;How does Hulst's use of an AI-powered tool for screening RNS announcements provide a tangible competitive edge in identifying investment catalysts? &nearr;

Key concepts

Onward Opportunities 1 ep UK Small Caps 1 ep Active Management 1 ep Valuation Discount 1 ep Pebble Beach Systems 1 ep Audioboom 1 ep Angling Direct 1 ep Synectics 1 ep Mincon 1 ep Brit ISA 1 ep

Notable quotes

“So as we sit today, to the last fact sheet at the end of May, the NAV is +35%.”

Lawrence Hulst · The Contrarian Investor Outperforming UK Small Caps | Merryn Talks Money

“The market cap was roughly £20 million. They had net cash of £16 million, no, net cash of £14 million. And inventories of 16. So it was trading at a negative tangible net asset value.”

Lawrence Hulst · The Contrarian Investor Outperforming UK Small Caps | Merryn Talks Money

“In fact, they're so good that this year they've announced that Epiroc, which is a larger peer, 10 times the size of Mincom, is, is having to use Mincom's Green Hammer technology to do, to do its deeper drilling.”

Lawrence Hulst · The Contrarian Investor Outperforming UK Small Caps | Merryn Talks Money

“And we're outperforming both by circa double through the life of the fund.”

Lawrence Hulst · The Contrarian Investor Outperforming UK Small Caps | Merryn Talks Money

Report last updated: Jul 28, 2026

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