Unicorn UK Growth B Inc

UK Growth

Rated Fund 2018-19. Nimble fund with a technology focus

Fraser Mackersie joined Unicorn Asset Management in 2008 and has been manager of the Unicorn UK Growth fund since 2011, when it was just £6 million in size. It has since grown to £69 million, having doubled the value of its assets over the course of 2017 and 2018.

It remains a minnow in fund terms, but because Mackersie does not hold more than 1% of the issued equity of any individual stock in the fund’s portfolio, he believes his approach is highly scalable.

The fund has 44 holdings and a clearly defined strategy of identifying innovative companies with exposure to long-term structural growth trends.

Mackersie follows a high-conviction, multi-size approach to investing, though the manager tends to find the more attractively priced growth opportunities further down the market capitalisation scale. The fund’s modest size means its smaller quoted companies can make meaningful contributions to performance from an early stage.

Investors have benefited from its holdings in the software and computer services sector, which has historically accounted for around 30% of assets. However, this fell to less than 18% during 2018 after the fund got caught up in the US technology stock sell-off.

UK markets were dragged into the down-draught and the share prices of many Aim-listed companies, in which the fund has significant weightings, were particularly badly affected.

Unicorn Asset Management is a generalist investor, but it has a longstanding strategy of excluding the oil and gas, mining and pharmaceutical sectors as part of its investment process. Loss-making companies are also screened out at an early stage.

Narrative and ratings content all as of 01 January 2019.

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
0.87 %
Risk Rating
5
3 Year Sharpe
1.01
3 Year Alpha
9.12
Yield
1.4 %
Benchmark
FTSE AllSh TR GBP
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 %
Alpha FX Group PLC 5.44 %
Codemasters Group Holdings PLC 3.66 %
4imprint Group PLC 3.61 %
First Derivatives PLC 3.37 %
BBA Aviation PLC 3.28 %
Gym Group (The) PLC 3.08 %
Restore PLC 2.96 %
Iomart Group PLC 2.88 %
Melrose Industries PLC 2.76 %
Frontier Developments PLC 2.66 %
Region %
United Kingdom 96.67 %
Sector %
Technology 33.99 %
Consumer Cyclical 27.27 %
Industrials 16.06 %
Financial Services 10.51 %
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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