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
Name
TB Amati UK Smaller Companies B Acc
Manager
T. Bailey Fund Services Limited
Type
Open Ended Investment Company
ISIN
GB00B2NG4R39
Sector
UK Smaller Companies
Launched
29/07/2008
OCF
0.92 %
Risk Rating
4
3 Year Sharpe
1.10
3 Year Alpha
10.14
Yield
1.1 %
Benchmark
Numis SC Plus AIM Ex Invt Com TR GBP
The investment objective of the TB Amati UK Smaller Companies Fund is to achieve long-term capital growth. The Fund invests in UK smaller companies though there may be occasions when the Investment Manager chooses to hold large degrees of cash or money market instruments. The Fund will primarily invest in companies which are either incorporated in the UK or are listed in the UK and have the majority of their economic activity in the UK. The Fund may also invest in companies which are listed in the UK but are not incorporated and do not have the majority of their economic activity in the UK.
Holding %
Intermediate Capital Group PLC 3.17 %
Onesavings Bank PLC 2.65 %
Spirent Communications PLC 2.49 %
Manolete Partners PLC 2.40 %
Clinigen Group PLC 2.26 %
4imprint Group PLC 2.18 %
Jadestone Energy Inc 2.05 %
Watkin Jones PLC 1.99 %
QinetiQ Group PLC 1.98 %
Quixant PLC 1.97 %
Region %
United Kingdom 92.23 %
Sector %
Financial Services 18.34 %
Industrials 17.28 %
Technology 15.57 %
Consumer Cyclical 13.56 %
Healthcare 8.07 %
Energy 6.49 %
Consumer Defensive 6.25 %
Real Estate 5.50 %
Name
T. Bailey Fund Services Limited
Address
NG1 6FJ, Nottingham, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Anna Wilson
Joined 01/17/2018
David Stevenson
Joined 02/06/2012

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 07/29/2008

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.

Data provided by Morningstar.

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