TB Amati UK Smaller Companies A

A small cap fund managed with a pragmatic investment style.

  • 1119.89p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.00% 0.85%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.83%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.40%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 21 January 2020, fund data last updated 03 July 2006

The Fund aims to achieve long-term capital growth by investing in UK smaller companies. The fund's manager Paul Jourdan will select companies that he believes have the potential for earnings growth over a three to five year period.

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched July, 2008
Size £0m
Yield 0.40%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.85%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.83%

Allocation

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Investment process

The objective of this fund is to achieve long term capital growth through investment in UK smaller companies. The fund is managed with a growth style, although the manager will take a directional view on markets, consequently he will look to protect the fund during down periods. Generally the manager is looking for companies where he can see a three to five year story unfold. In terms of company specifics, he targets balance sheet strength, new market share, franchise roll out, pricing power, industry recovery and cost reduction. As well as regularly meeting companies, the manager will also conduct top down (macro) analysis to identify sectors of interest that may benefit from industry and economic trends.

Manager research

Average monthly relative returns

  • 15/16 0.52%
  • 16/17 0.99%
  • 17/18 0.90%
  • 18/19 1.30%
  • 19/20 -0.02%

Bestinvest MRI

  • 3 years 0.73%
  • 5 years 0.74%
  • Career 0.23%
  • 3 years 99.00%
  • 5 years 99.90%
  • Career 98.40%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Paul Jourdan

Born in 1965, Jourdan holds an MA and a PhD from Cambridge University. He joined Stewart Ivory in 1998 as a graduate trainee, working on UK and Emerging Market equities. After a spell working in Global Equities, he returned to the UK Equities team as a Portfolio Manager for UK smaller companies. In June 2007 Jourdan joined Noble Fund Managers Limited. In January 2010 he participated in the acquisition of Noble, to be renamed Amati Global Investors Ltd.

Track record

Paul Jourdan has 19 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.23%. During the worst period of relative performance (from February 2005 - April 2009) there was a decline of 32% relative to the index. The worst absolute loss has been 53%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -53.00% (June 2007 - December 2008)
Relative -32.00% (February 2005 - April 2009)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Top 10 holdings

Data accurate as at 30 November 2019

3.6% Onesavings Bank Plc
3.1% Intermediate Capital Group
2.7% Jadestone Energy Inc
2.2% 4imprint Group Plc
2.1% Cls Hldgs Plc
2% Gb Group
2% Qinetiq Group
2% Watkin Jones
1.9% B & M European Value Retail Sa
1.9% Discoverie Group Plc
Source: Trustnet

Sector breakdown

Financials 25.00%
Industrials 17.00%
Consumer Goods 12.00%
Consumer Services 11.00%
Money Market 10.00%
Technology 9.00%
Oil & Gas 7.00%
Health Care 6.00%
Basic Materials 2.00%
Telecommunications 2.00%

Portfolio

The fund will usually invest across 60-70 holdings. AIM listed companies may form a large proportion of the fund.

Key Investor Information

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