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Threadneedle European Smaller Companies - New rating
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Franklin UK Smaller Companies - New rating
Paul Spencer and Richard Bullas took over the underperforming Franklin UK Smaller Companies fund following the retirement of Stuart Sharpe in June 2012. Ironically Spencer was the original manager on this mandate when the fund was launched in 1991, until 1995.
The fund has undergone a significant restructuring following the new manager appointments. The new investment process was established by Spencer and is identical to that employed by his mid cap fund. Whilst Bullas will be responsible for day-to-day management, the portfolio is otherwise a 50/50 partnership. Overlap with Spencer’s mid cap fund is expected to be no more than 20% by NAV. Bullas has been part of the Rensburg team for the last 13 years and has acted as deputy manager on the UK Managers Focus Fund and UK Select Growth Funds since 2006. The fund has the advantage of being a relatively small and nimble offering, and carries no deliberate investment style bias. The fund is initially awarded a three star rating and will now feature in our Premier Selection List of rated funds.
The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. This article does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.