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This is a more focused, high-conviction UK smaller companies fund investing across the Numis smaller companies universe, including AIM. Assets under management are relatively small, currently around £146 million, enabling the manager to be more nimble relative to many of his peers. The portfolio has been under new management since June 2012 when it underwent a thorough restructuring. Co-manager Paul Spencer has delivered strong performance in recent years through his Franklin UK Mid Cap mandate. He was also the original manager of this mandate from 1991-95. There is no deliberate style bias incorporated into the portfolio construction process. In general, the portfolio will have exposure to a combination of quality growth, cyclical recovery and undervalued situations. The research approach has a focus on established, quality smaller companies, the emphasis being on business, balance sheet and management risk, with a valuation overlay. A top down perspective on the macro environment guides the stock selection process. Overall, the fund is run by experienced managers and, combined with its nimble size, it remains one of our high-conviction options within the peer group.
The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested.
Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it.
This article is not a personal recommendation or advice to invest.
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