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Overview

We are long term, active UK equity stock pickers. As traditional UK equity investors we adopt a common-sense 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.

Our UK Smaller Companies portfolios are aligned to the same overarching common-sense philosophy applied across 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.

Key Information

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.

Portfolio characteristics UK Smaller Companies
Objective Long-Term Growth
Asset Class Equities
Style Core / Quality
Investable Universe UK
Benchmark Numis Smaller Companies ex-Investment Trusts Index
AllocationUK listed shares
Market capitalisation £100m - £1bn
Number of stocks 30-50
Portfolio turnover 20-40%
Inception  September 2012*

Why Invest in UK Smaller Companies

Heritage

Pragmatic investors

We like to keep things simple. With a sole focus on long only, profitable, UK listed, direct equity investment, we can evade futile distractions

Heritage

Quality bedrock

We keep the spotlight on balance sheet and business model resilience, constructing reasonably valued core portfolios comprised of quality companies listed in the UK

Heritage

Culture of collaboration

Our close-knit team champion a collaborative desk-based environment from the heart of Leeds, where we have been managing concentrated UK equity portfolios for over two decades

Investment Team

Richard Bullas

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

Ben Russon, CFA

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

Dan Green, CFA

Job title
Portfolio Manager & Research Analyst
Jo Rands

Jo Rands

Job title
Portfolio Manager & Research Analyst
Courtney Westcar

Courtney Westcarr

Job title
Research Analyst

Marcus Tregoning

Job title
Portfolio Manager & Research Analyst

Will Bradwell, CFA

Job title
Portfolio Manager & Research Analyst

Anna Samuel

Job title
Investment Analyst

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