TB Amati UK Smaller Companies B Acc
UK Smaller Companies
Rated Fund 2017-2018. A 'fund for all seasons'
This fund, a tiddler at £95 million, scooped a Money Observer award in the UK Smaller/Mid Cap Equity category in 2016 and 2017.Amati specialises in smaller companies investing. Paul Jourdan has led this fund since 2000 and was joined by Douglas Lawson in 2009 and David Stevenson in 2012. The trio look for poorly researched companies that may offer good opportunities at attractive share prices.
The group says that having three managers running the portfolio makes their decision-making agile enough to respond to opportunities, and enough to allow each manager recommendation to be subject to stringent peer review.The team seek 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, and they counter this by holding companies of £500 million to £2 billion in size, alongside those below £100 million. At the end of 2017, 60 per cent was in companies worth £100 million to £1 billion.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|Diversified Gas & Oil PLC||3.72 %|
|IG Group Holdings PLC||2.96 %|
|Onesavings Bank PLC||2.42 %|
|Fevertree Drinks PLC||2.21 %|
|Burford Capital Ltd||2.21 %|
|dotDigital Group PLC||2.18 %|
|Quixant PLC||2.16 %|
|Countryside Properties PLC||2.14 %|
|Draper Esprit PLC||2.11 %|
|Sabre Insurance Group PLC||2.07 %|
|United Kingdom||87.75 %|
|United States||5.11 %|
|Financial Services||23.49 %|
|Consumer Cyclical||10.41 %|
|Real Estate||6.89 %|
|Basic materials||6.51 %|
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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