Bestinvest says
The manager achieved remarkable success during the 2009 "dash for trash", but we would like to see a longer and more consistent track record before considering the fund for a rating.
The Close Special Situations Fund aims to provide capital growth, by exploiting special situations, in individual companies or market sectors experiencing significant change, through investing in a focused equity portfolio of UK smaller companies.
The manager describes his approach as "flexible and pragmatic". The process is based on value - what the manager thinks the company is worth compared to what the shares are trading at in the market. Valuations are typically calculated using an internal discounted cash flow model, though other measures such as price to book may also be used. Face-to-face meetings with companies’ management are held, but these are not a prerequisite for investing.