TB Amati UK Smaller Companies B Acc
UK Smaller Companies
Rated Fund 2017-20. A diversified fund "for all seasons"
This diversified smaller companies fund was victorious in the UK Smaller/Mid Cap Equity category of Money Observer's awards in 2016 and 2017. Its sector- leading performance and growing following have pushed up its assets by 250% over the past two years, to £350 million at the end of 2019.
Paul Jourdan has led this fund since 2000. He was joined by David Stevenson in 2012 and Anna Wilson in 2018. Jourdan and his team look for poorly researched companies that offer good opportunities at attractive share prices. They run a portfolio of 70 companies.
Amati Global Investors, the smaller companies specialist behind the fund, says having three managers makes decision-making agile enough to respond to opportunities, but considered enough to subject each recommendation to stringent peer review.
The team seeks management teams with a track record of success, and companies with a lot of intellectual property and an ability to commercialise it. Conversely, they avoid businesses with no clear competitive advantage and those contending with larger rivals that dominate the market they operate in.
Their aim is to provide a "fund for all seasons". To achieve this aim, the team favours 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, so they counter this by investing a fifth of assets in companies worth more than £1.4 billion and by maintaining a cash buffer of 10% to fund redemptions - a feature that makes this fund's performance all the more impressive.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|Onesavings Bank PLC||3.22 %|
|Grainger PLC||2.90 %|
|Sumo Group PLC||2.54 %|
|Intermediate Capital Group PLC||2.33 %|
|John Laing Group PLC||2.29 %|
|RWS Holdings PLC||2.25 %|
|Dechra Pharmaceuticals PLC||2.21 %|
|QinetiQ Group PLC||2.18 %|
|Inspecs Group PLC Ordinary Shares||2.11 %|
|SDL PLC||2.09 %|
|United Kingdom||95.05 %|
|Financial Services||17.87 %|
|Consumer Cyclical||14.26 %|
|Real Estate||6.40 %|
|Communication Services||5.95 %|
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.
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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