Bestinvest says
Once a high flying fund in the 1990's the fund lost its way following the technology stock correction of the early 2000's and has since fallen from grace again after the "credit crunch" sell off in 2008-9. Whilst smaller companies can make a valuable contribution to part of a balanced portfolio, we suggest investors seeking European small cap exposure should use one of our rated alternatives.
The main focus of research is top down, that is, significant amounts of time are dedicated to forecasting macro-economic conditions, in particular how they will impact the relative attractiveness of different sectors and how they will affect individual stocks. Stock ideas are generated from company visits, news flow, external research, price movements and from within the investment team. The research process then focuses on understanding companies' key business drivers by looking at company announcements, external analysis and, most importantly, company meetings. The information extracted is then considered in the context of the company's current and prospective valuations to see if they are attractively priced.