Unicorn UK Growth B Inc

UK Smaller Companies

Rated Fund 2018-20. Nimble fund with a technology focus

This fund has been placed on ‘performance watch’ (24 April 2020). For further details see here.

Fraser Mackersie has run Unicorn UK Growth since 2011, when it was just £6 million in size. It has since grown to £61 million, but it remains a nimble fund that is unlikely to become too big, as Unicorn Asset Management lacks the marketing budget to make it a larger fund. Its size is a plus point for investors because it suits the manager’s clearly de ned strategy of identifying innovative companies with exposure to longterm structural growth trends such as the rise of technology, where it has one-fifth of assets.

Mackersie and his assistant, Alex Game, can invest in firms of any size, but their strategy often focuses down the market capitalisation scale where they find attractively priced growth opportunities. The fund’s modest size means smaller company holdings can make meaningful contributions to performance early on. It is this bias that has led us to move the fund from the UK Growth to the UK Smaller Companies asset group for 2020.

The fund’s return over three years has been more than double the average in the UK all companies sector over the period. It slipped down the performance league in 2018, but we retained our conviction in an investment process that seeks to identify firms capable of delivering multi-year, sustainable profits growth.

This prevents the managers from investing in early-stage, blue-sky businesses that are, typically, loss-making and cash-consumptive. The portfolio is comprised of 38 companies with proven business models.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
Name
Unicorn UK Growth B Inc
Manager
Unicorn Asset Management Ltd
Type
Open Ended Investment Company
ISIN
GB0031217937
Sector
UK All Companies
Launched
31/12/2001
OCF
0.89 %
Risk Rating
5
3 Year Sharpe
0.01
3 Year Alpha
7.26
Yield
2.2 %
Benchmark
IA UK All Companies Sector
The Unicorn UK Growth Fund aims to achieve long term capital growth through investment in a portfolio of UK Companies. UK Companies are defined as those which are incorporated or domiciled in the UK or have a significant part of their operations in the UK.
Holding %
Frontier Developments PLC 4.93 %
Codemasters Group Holdings PLC 4.78 %
Alpha FX Group PLC 4.20 %
Telecom Plus PLC 3.99 %
Iomart Group PLC 3.90 %
Breedon Group PLC 3.79 %
Restore PLC 3.73 %
Eckoh PLC 3.35 %
B&M European Value Retail SA 3.27 %
Macfarlane Group PLC 3.15 %
Region %
United Kingdom 97.15 %
Sector %
Technology 26.81 %
Communication Services 14.71 %
Industrials 13.17 %
Consumer Cyclical 12.95 %
Financial Services 10.26 %
Consumer Defensive 7.49 %
Basic materials 7.30 %
Name
Unicorn Asset Management Ltd
Address
EC1M 6AU, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Fraser Mackersie
Joined 02/28/2011

Data provided by Morningstar.

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