The fund aims to achieve long-term capital growth by investing primarily in UK smaller companies. The fund will invest at least 80 per cent of its assets in the UK listed companies that form the bottom 10 per cent by market capitalisation.

Fund managers, Paul Marriage and John Warren, adopt an entirely bottom-up process, investing in small cap stocks based on growth potential and value. The fund aims to outperform the benchmark, FTSE UK Small Cap ex Inv Trusts Index, by +3% (net of fees) on a calendar year basis over the long term. No formal tracking risk policy but managed between 5-7%. There is no guarantee that this target will be achieved.

Source and copyright: Morningstar OBSR Analyst Rating™.