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
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
0.89 %
Risk Rating
4
3 Year Sharpe
0.42
3 Year Alpha
13.25
Yield
1.2 %
Benchmark
Numis SC Plus AIM Ex Invt Com TR GBP
The TB Amati UK Smaller Companies Fund aims to achieve long-term capital growth over periods of 5 years or longer.At least 80% of the Fund will typically be invested in shares, equity-related securities or bonds in or issued by UK smaller companies. For these purposes, UK companies are companies incorporated or domiciled in the UK, or companies that are are listed in the UK and have the majority of their economic activity in the UK. Smaller companies are companies which form the bottom 10% of the UK equity market by market capitalisation.
Holding %
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 %
Region %
United Kingdom 95.05 %
Sector %
Industrials 18.26 %
Financial Services 17.87 %
Healthcare 15.41 %
Consumer Cyclical 14.26 %
Technology 14.20 %
Real Estate 6.40 %
Communication Services 5.95 %
Name
T. Bailey Fund Services Limited
Address
NG1 6FJ, Nottingham, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Anna Macdonald
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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You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.