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UK Smaller Companies

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

About UK Smaller Companies

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 Smaller Companies 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.

Small cap equities are under researched relative to the broader market, uncovering market anomalies and great mispricing opportunity within emerging and disruptive industries where management often have "skin in the game." Our focussed approach provides investors with style agnostic exposure to an asset class that not only has generated historical returns superior to that of their large cap counterparts, but also offers a unique opportunity to benefit from buoyant M&A activity.

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 Smaller Companies
Long-Term objective To grow in value by more than the Numis Smaller Companies ex-Investment Trusts Index over a three to five-year period net of fees and costs
Benchmark Numis Smaller Companies ex-Investment Trusts Index
Allocation UK listed shares
Market capitalisation £100m - £1bn
Style Diversified with a focus on quality fundamentals
Number of stocks 30-50
Portfolio turnover 20-40%
Inception September 2012*

*The investment philosophy and process were repositioned in September 2012

Investment team

Colin Morton

Colin Morton

Job title
Portfolio Manager & Head of UK Equities
Experience
40 years

Richard Bullas

Job title
Co-Head, UK Equities (Small & Mid-Cap)
Experience
22 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
12 years

Marcus Tregoning

Job title
Portfolio Manager & Research Analyst
Experience
16 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
6 years

Small cap equities are under researched relative to the broader market, uncovering market anomalies and great mispricing opportunity within emerging and disruptive industries where management often have "skin in the game."

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