Marlborough European Multi-Cap Fund Class P Income

European Equities

Rated Fund 2017-2018. Bias towards small and micro-capitalisation companies

Marlborough European Multi Cap can invest in companies of any size, although, in keeping with many Marlborough funds, it has a bias towards small and micro-sized companies. At the end of 2017, these businesses accounted for almost half of the portfolio. It is a strategy that has boosted the fund's performance considerably in recent years.The fund has been run since 2013 by David Walton. In 2017, he was joined by a deputy in the shape of Will Searle. The pair focus heavily on finding the right companies.

They undertake thorough research to find the companies they wish to invest in, which involves hundreds of meetings each year. They believe that they need to understand how the companies and their managements operate if they are to discover the most promising European businesses.They set three tests that they expect companies to pass. First, they are looking for good managers who have ideally already steered their firms through one or two past recessions so that they can be confident they have the talent to do it again. Second, they look for companies with above-average growth prospects; and third, they want to buy a company's shares when they are undervalued. If they like a company but feel its shares are too expensive, they will monitor it.At the end of 2017, the fund had 15 per cent of assets in cash, in the face of significant inflows as well as equity market valuations that are elevated by historic standards.

Narrative and ratings content all as of 01 January 2018.

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Name
Marlborough European Multi-Cap Fund Class P Income
Manager
Marlborough Fund Managers Limited
Type
Unit Trust
ISIN
GB00B90VHJ34
Sector
Europe Excluding UK
Launched
31/12/2012
OCF
0.86 %
Risk Rating
2
3 Year Sharpe
2.31
3 Year Alpha
8.12
Yield
1 %
Benchmark
IA Europe Excluding UK
The objective of the Scheme is to obtain capital growth. In pursuing its objective, the Scheme will invest predominantly in transferable securities of European listed and/or European domiciled companies. European countries will typically be those in the EEA excluding the UK. The Scheme may at the Manager's discretion employ derivatives and forward transactions for efficient portfolio management purposes, including hedging. The Scheme may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.
Name
Marlborough Fund Managers Limited
Address
BL1 4QP, Bolton, United Kingdom
UCITS
Yes
Legal Structure
Unit Trust

Managers

David Walton
Joined 10/01/2013

David graduated with a First Class degree in economics from Cambridge University before joining M&G, where he was a European equities fund manager with responsibility for small/mid caps. In 2000 David joined Baillie Gifford, where he took on responsibility for the European small cap portfolios including the Baillie Gifford European Smaller Companies Fund, and delivered strong outperformance. David joined the investment team in January 2013 and has managed the Marlborough European Multi-Cap Fund since October 2013.

Data provided by Morningstar.

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