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UK Mid Cap

High conviction, bottom-up, active UK equity investors.

About UK Mid Cap

The Martin Currie UK Equity Team offer a diverse suite of products across the capitalization spectrum driven by the power of investing in undervalued companies with superior quality metrics, management and sustainable cash flow profiles.

We are long term, active UK equity stock pickers. As traditional UK equity investors we adopt a commonsense approach in what we do – long only, profitable, UK listed, direct equity investment. Our rigorous fundamental research process enables us to identify the very best opportunities within the universe whilst keeping the spotlight on balance sheet quality, business model sustainability and valuation. We apply a naturally sceptical approach to our asset valuation process, maintaining awareness of the bear case scenario and the impact to investor returns. With no intentional style bias our portfolios offer high quality exposure across the capitalization spectrum managed in a collaborative environment from the heart of Leeds, UK.

ESG analysis is conducted and embedded into our research process. Our focus on materiality, engagement, and ultimately valuation enables us to integrate our proprietary ESG scoring system into the stock-selection process through appropriately adjusting company cash flow forecasts.

Our UK Mid Cap portfolios are aligned to the same overarching common-sense philosophy applied by the team. We believe that high quality UK companies generating sustainable cash flows and trading on reasonable multiples offer significant potential to outperform the broader market over the long term.

We remain differentiated with a disciplined focus on the FTSE 250 which we believe offers diverse investment opportunities and exposure to attractive, high-growth companies. Our concentrated approach provides investors with high conviction, pure UK exposure underpinned by the domestic nature of the FTSE 250, and a materially distinct earnings profile to that of the FTSE 100.

The Martin Currie UK Equity team have been managing UK Equity portfolios since 1995, making them the longest tenured team across all IA sectors. Based in Leeds away from the “noise” of London the team operate in a collaborative manner where desk-based discussion and challenge is encouraged.

The results are rigorously scrutinised investment theses presented in high conviction portfolios of reasonably valued, quality UK companies.

Portfolio characteristics UK Mid Cap
Long-Term objective To grow in value by more than the FTSE 250 (ex-Investment Trusts) Index, from a combination of income and investment growth over a three to five-year period net of fees and costs FTSE 250 (ex-Investment Trusts) Index
Benchmark FTSE 250 (ex-Investment Trusts) Index
Allocation UK shares listed on the FTSE 250
Market capitalisation Mid-cap
Style Diversified with a focus on quality fundamentals
Number of stocks 30-50
Portfolio turnover 20-40%
Inception July 1999

Investment team

Richard Bullas

Job title
Co-Head, UK Equities (Small & Mid-Cap)
Experience
23 years
Ben Russon

Ben Russon

Job title
Co-Head, UK Equities (Large Cap)
Experience
23 years
Dan Green

Dan Green

Job title
Portfolio Manager & Research Analyst
Experience
13 years

Marcus Tregoning

Job title
Portfolio Manager & Research Analyst
Experience
17 years

Will Bradwell

Job title
Portfolio Manager & Research Analyst
Experience
11 years
Jo Rands

Jo Rands

Job title
Portfolio Manager & Research Analyst
Experience
18 years
Courtney Westcar

Courtney Westcarr

Job title
Research Analyst
Experience
7 years

We remain differentiated with a disciplined focus on the FTSE 250 which we believe offers diverse investment opportunities and exposure to attractive, high-growth companies.

Related insights

  • Martin Currie announces new leadership roles within its Leeds-based UK Equity team

    Martin Currie is delighted to announce that Ben Russon and Richard Bullas will co-head Martin Currie’s UK Equity team effective 1 October 2022.

    Date published
    5 Sep 2022
    Tag
    UK Equity
  • UK Equities

    UK Equities: Where next?

    Despite a turbulent start to 2022 there are green shoots appearing in UK Smaller Companies, according to Martin Currie UK Equity’s Dan Green. Read his views on the opportunities arising in the sector here.

    Date published
    22 Feb 2022
    Tag
    UK Equity
  • UK Equities

    Why now? UK small cap equities

    Many investors fell out of love with the UK stock market when they encountered headwinds such as Brexit and COVID-19. But despite a choppy start to 2022 there are green shoots appearing as we venture down the cap spectrum, according to Martin Currie’s Dan Green. He shares his views on UK Smaller Companies and the opportunities arising in the sector.

    Date published
    22 Feb 2022
    Tag
    UK Equity