What smart money is saying about Crest Nicholson
CRST.L
No fund has written a full thesis on Crest Nicholson in our archive, but 2 fund letters report a position in it — most recently Jupiter UK Dynamic Equity Fund in June 2026.
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2
Reported positions
0
Bought
1
Sold
2
Letters
Position history
Between Q3 2025 and Q2 2026, 2 fund letters reported a position in Crest Nicholson — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 1 | 0 | 1 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
Fund activity · 2 positions · 1 move
- ExitedJupiter UK Dynamic Equity FundJune 2026
“Crest Nicholson (-27bps) fell sharply following an April profit warning citing a deterioration in the macroeconomic outlook. The revised outlook implied a potential debt covenant breach, raising concerns over a dilutive equity raise. Management had reaffirmed full-year guidance at its AGM only a few weeks earlier, having indicated there was no visible impact from the weaker macro backdrop. The Fund’s position was reduced following unsuccessful engagement with the board for faster land sales throughout much of 2025. The Fund’s residual position has been exited.”
Crest Nicholson - HoldsJupiter AMSeptember 2025
“We had three companies that we specifically had views on and three agenda items: MONY Group: We have a thesis that despite all the good work the company is doing in the face of cyclically challenged markets and a slight AI overlay, that the business would materially benefit from entering new verticals that are stickier and promote daily rather than annual visits. As an example: we think the business needs to have a wealth and investments vertical and have made this suggestion to the board. LandSec: In February, this year the board announced a strategic update which involved recycling capital from London offices and building a build- to-rent portfolio. The assertion was that build-to-rent income would come with the same returns but be less volatile and more inflation-linked than office rental income. We are supportive of the direction of travel but we believe that, with a deep group discount to NAV (driven in the main by the market’s negative view of office assets), a set of high-quality prime shopping centre assets valued on yields above 7% and trading extremely well, (low vacancy, rising footfall and high like-for-like rental growth), the business should consider share buybacks as an additional (partial) use of cash. Crest Nicholson: The business is making good operational strategic progress as evidenced by the interim results released in summer.”
Crest Nicholson
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