Fact sheet: TB Amati UK Smaller Companies

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK SMALL COMPANIES
Sector
UT UK Smaller Companies
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates TB Amati UK Smaller Companies

New for 2017. Looking for long-term winners worth under £500 million

Amati, the firm behind the winner of Money Observer's Best Smaller UK Smaller/Mid Cap Equity Fund award in 2016, specialises in investing in smaller companies. Apart from this fund it also runs two Aim-focused venture capital trusts.

The managers of the fund are a three-man team consisting of Paul Jourdan, Douglas Lawson and David Stevenson. They say this makes their decision-making agile enough to respond to opportunities, but also considered enough to allow each recommendation put forward by a manager to be subject to stringent peer review.

Their aim is to provide 'a fund for all seasons'. In order to do so, they seek out companies they believe are worth backing for the long term. They try to avoid 'me-too' companies, or those with no clear competitive advantage operating in markets dominated by larger rivals.

They like to back management teams with a track record of success. They also like companies with a high level of valuable intellectual property, and a proven ability to commercialise it, and favour businesses with the potential of being acquired in the medium term.

They recognise that liquidity can be a problem with smaller company shares, which they counter by holding companies of £500 million to £2 billion in size, alongside those below £100 million. Despite recent market volatility, the managers believe the vibrant birth rate of new businesses in the UK makes investing in smaller companies as appealing as ever.

3 Year Performance
Fund Performance91.9%
Average of Rated Funds Group70.5%
Sector Performance55.7%
Fund information
Fund name
TB Amati UK Smaller Companies B Acc
Fund manager company
Amati Global Investors Limited
Fund type
OEIC
Fund managers
  • David Stevensonsince 30/06/2012
  • Douglas Lawsonsince 30/09/2008
  • Dr. Paul Jourdansince 31/08/2000
Accolades
Winner - UK Smaller/Mid Cap Equity - Best Smaller Fund
Fund objective
The Fund aims to achieve long-term capital growth. The Fund invests in UK smaller companies.
Benchmark
  • Numis Smaller Companies AIM (ex IT) Index
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
34.2%
1 Year rank in sector
5/48
Sector
UT UK Smaller Companies
Yield
0.7%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.94%
Fund size
£95m (£38m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
80
Mid price
1050.9
Top in this sector
Fund name1 Year
Jupiter UK Smaller Companies40.7%
Threadneedle UK Sm Cos37.2%
TM Cavendish AIM35.6%
Old Mutual UK Sm Cos35.2%
TB Amati UK Sm Cos34.2%
...more in UT UK Smaller Companies

Performance snapshot

Holdings snapshot

  • UK92.2%
    Money Market7.8%
  • Financials22.9%
    Industrials17.8%
    Technology13.2%
    Consumer Goods10.2%
    Money Market8.7%
  • UK Equities92.2%
    Money Market7.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.5%4.3%14.1%34.2%91.9%161.6%
Sector0.2%3.1%6.6%26.6%55.7%107.6%
Rank within sector38 / 5014 / 492 / 485 / 482 / 474 / 45
Quartile4th2nd1st1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund32.5%15.6%23.2%4.4%31.1%
Sector23.3%7.7%14.2%-1.9%37.4%
Rank within sector4 / 484 / 477 / 478 / 4641 / 45
Quartile1st1st1st1st4th
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
7.58
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.78
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.81
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.42
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.36
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.78
Price movement
52 week high1086.15
52 week low782.09
Current bid price-
Current offer price-
Current mid price1050.9
Region
1UK92.2%
2Money Market7.8%
Industry sector
1Financials22.9%
2Industrials17.8%
3Technology13.2%
4Consumer Goods10.2%
5Money Market8.7%
6Consumer Services8.6%
7Health Care8.1%
8Basic Materials5.4%
9Oil & Gas3.7%
Asset type
1UK Equities92.2%
2Money Market7.8%
Individual holdings
1QUIXANT PLC3.1%
2ONESAVINGS BANK PLC3%
3KEYWORDS STUDIOS PLC2.9%
4SMART METERING SYSTEMS PLC2.7%
5ACCESSO TECHNOLOGY GRP PLC2.5%
6BURFORD CAPITAL LTD2.5%
7FEVERTREE DRINKS PLC2.4%
8JUST EAT PLC2.3%
9FDM GROUP PLC2.2%
Management
Fund manager group
Amati Global Investors
Fund manager company
Amati Global Investors Limited
Fund type
OEIC
Fund objective
The Fund aims to achieve long-term capital growth. The Fund invests in UK smaller companies.
Benchmark
  • Numis Smaller Companies AIM (ex IT) Index
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
David Stevenson30/06/2012David Stevenson joined Amati in 2012. In 2005 he was a co-founding partner of investment boutique Cartesian Capital, which managed a range of retail and institutional UK equity funds in long only and long/short strategies. Prior to that he was Assistant Director at SVM, where he also managed equity products including the UK Opportunities small/midcap fund which was ranked top decile for the 5 year period from inception to 2005. David started his career at KPMG where he qualified as a Chartered Accountant. He latterly specialised in corporate finance, before moving into private equity with Dunedin Fund Managers. David has co-managed the TB Amati UK Smaller Companies Fund and the Amati VCTs since 2012.
Douglas Lawson30/09/2008Douglas Lawson co-founded Amati Global Investors with Paul Jourdan. Prior to this he worked in corporate finance and private equity, initially focusing on middle market UK private equity and listed company M&A at British Linen Advisors, and latterly as an investment manager in the private equity team at Noble. Douglas has co-managed the TB Amati UK Smaller Companies Fund and Amati VCT since 2009, and Amati VCT 2 since 2010. Douglas started his career at Ernst & Young in London, where he qualified as a Chartered Accountant in 2002. He is a Director of Amati.
Dr. Paul Jourdan31/08/2000Dr Paul Jourdan is an award winning fund manager, with a strong track record in small cap investment. He co-founded Amati Global Investors following the management buyout of Noble Fund Managers from Noble Group in 2010, having joined Noble in 2007 as Head of Equities. His fund management career began in 1998 with Stewart Ivory, which was taken over by First State in 2000 at which time Paul became manager of what is now TB Amati UK Smaller Companies Fund. In early 2005 he launched what is now Amati VCT and he also manages Amati VCT 2 after the investment management contract moved to Amati Global Investors in 2010. In September 2014 Amati launched the Amati AIM IHT Portfolio Service, which Paul co-manages with Douglas Lawson and David Stevenson. Prior to 1998 Paul worked as a professional violinist, including a four year period with the City of Birmingham Symphony Orchestra. He is CEO of Amati and a Director of Sistema Scotland.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
TB Amati UK Smaller Companies A Acc
Initial charge4%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.69%
Total expense ratio (TER)2.19%
Bid price-
Offer price-
Mid price907.08
CurrencyGBX
Price updated14/12/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeCIC7
TB Amati UK Smaller Companies B Acc
Initial charge4%
Annual charge0.75%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)0.94%
Total expense ratio (TER)1.54%
Bid price-
Offer price-
Mid price1050.9
CurrencyGBX
Price updated14/12/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeCIC8
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.