Capital at risk: The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Investment Objective

The Board’s objective is to exceed the benchmark index over the long term whilst managing risk. The benchmark of the Company is the FTSE All Share in Index.

The Company invests in equities with an emphasis on smaller companies. UK smaller companies will normally constitute at least 80% of the investment portfolio. UK smaller companies include both listed securities and those quoted on the Alternative Investment Market (“AIM”).

The investment portfolio will normally lie in the range of 80% to 100% of shareholders’ funds. The Company will continue with its policy of not employing leverage.

In January 2021 the Board reviewed the performance of the Company in the context of the investment objective, the investment policy and the continuation of the Company. The Directors unanimously supported the continuation for a minimum period of five years to 2026.  

Investment Approach

Dan and Matt operate a blended top down and bottom-up approach to stock selection. They use a macroeconomic framework which considers key UK and global economic indicators, which then determines their thematic and sectorial exposure over time.

Their stock selection process is embedded in fundamental bottom-up research of companies, utilizing their own primary and third-party investment bank research to understand and assess the prospects for companies.

They are focussed on investing in companies which are operated by high quality management teams with strong track-records of execution, and which are fundamentally mispriced.

Management Team