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The Fund’s aim is to achieve long term capital growth from a UK equity portfolio comprising of the managers ‘best ideas’ within the UK universe. Stocks are selected where the manager believes an absolute return can be achieved.
SVM take an almost venture capital approach to investing, placing more emphasis on the absolute value of a company than the relative. This is reflected in their taking a "trade valuation" of companies as opposed to what the market thinks. Another point of note is the use of the Inland Revenue figures to reveal how much tax is paid. The team feel this is more appropriate than the provision in the accounts as the Inland Revenue gain "more financial information than the City".
Stock picking is the main driver with any "themes" developing as a by-product of the bottom up approach.