TB Amati UK Smaller Companies B Acc
UK Smaller Companies
Rated Fund 2017-19. A 'fund for all seasons'
This fund scooped a Money Observer award in the UK Smaller/Mid Cap Equity category in 2016 and 2017, and has doubled in size to more than £200 million over the past year – unsurprising given that it is in the top quartile of similar funds over all significant time periods.
The fund has been managed by Paul Jourdan since 2000, David Stevenson since 2012 and Anna Wilson since 2018. Douglas Lawson co-managed the fund from 2009-2018.
Amati Global Investors, the smaller companies specialist behind the fund, says that having three managers makes their decision-making agile enough to respond to opportunities.
The investment team seeks out management teams with a track record of success and companies that have a high level of intellectual property and the ability to commercialise it. Conversely, they avoid businesses with no clear competitive advantage and those where there are already larger rivals dominating the market in which they are operating.
Their aim is to provide a “fund for all seasons”. In order to do so they favour companies they can back over the long term. While they can only invest in listed businesses, the managers keep an eye on promising private companies that could float in the future.
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. At the end of 2017, 65% was in companies worth £100 million to £1 billion.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|Diversified Gas & Oil PLC||3.74 %|
|Sabre Insurance Group PLC||2.59 %|
|IG Group Holdings PLC||2.43 %|
|QinetiQ Group PLC||2.30 %|
|Quixant PLC||2.24 %|
|Learning Technologies Group PLC||2.16 %|
|Onesavings Bank PLC||2.13 %|
|Burford Capital Ltd||1.99 %|
|dotDigital Group PLC||1.93 %|
|Gym Group (The) PLC||1.93 %|
|United Kingdom||88.87 %|
|Financial Services||23.73 %|
|Consumer Cyclical||8.06 %|
|Basic materials||8.00 %|
|Consumer Defensive||7.59 %|
|Real Estate||6.39 %|
David graduated from Edinburgh University with MA Honours in Economics and Accountancy before training as a chartered accountant with KPMG. He was involved latterly in corporate finance before moving into venture capital with Dunedin. In 1993 David moved to SVM where he managed the SVM UK Opportunities fund from its launch to end October 2005, as well as having co-responsibility for an institutional client base with funds totalling £600m.
Douglas Lawson co-founded Amati Global Investors in January 2010. Douglas joined Noble in 2005 to originate and execute private equity and listed company opportunities for Noble’s venture capital trusts. He has recently focused on sourcing and structuring convertible bonds for AIM listed companies as well as primary and secondary quoted opportunities. Prior to joining Noble, Douglas was at British Linen Advisers, where he was a corporate finance associate focusing on UK listed and private equity M&A advisory, and Ernst & Young, where he qualified as a Chartered Accountant.”
Paul Jourdan joined Noble in June 2007 after the successful transfer of First State Investments AIM VCT plc to Noble. Paul is Head of Equity Investments for Noble and has specific responsibility for Noble AIM VCT plc and CF Noble UK Smaller Companies Fund (formerly First State British Smaller Companies Fund). Paul joined Stewart Ivory & Company Ltd (now First State Investment Management (UK) Ltd) in 1998, working initially on UK and Emerging Market equities, and then assisting with the management of First State Global Opportunities Fund. Paul took over the management of the First State British Smaller Companies Fund in September 2000 and has run the fund since then. Paul holds a Master of Arts and a Ph.D. from Cambridge University and is a member of the CFA Institute.
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