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IFSL Marlborough UK Micro-Cap Growth Class P - Accumulation (GBP)

Sell:961.63p Buy:961.63p Change: 7.31p (0.75%)
Prices as at 6 February 2026
Sell:961.63p
Buy:961.63p
Change: 7.31p (0.75%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 6 February 2026
Sell:961.63p
Buy:961.63p
Change: 7.31p (0.75%)
Prices as at 6 February 2026
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Managers Guy Feld and Eustace Santa Barbara hunt for companies with growth potential in some of the smallest parts of the UK stock market. This is one of the most overlooked parts of the market, providing lots of opportunity to spot hidden gems. Smaller companies are higher risk than larger ones though.

The fund does not feature on our Wealth Shortlist as we currently have higher conviction in the long term performance potential of other UK smaller companies funds.

Our view on the sector

Smaller companies in the UK are among the most innovative and exciting around. They can be pioneers of an emerging industry, and adapt quickly to new opportunities. We think their long-term growth prospects are compelling. Some will blossom into the giants of tomorrow. But others will struggle or fail altogether, so they are higher risk. Unlike larger companies such as Tesco or Vodafone, which might have dozens of analysts poring over their accounts, smaller companies tend to be less researched. They might only have one or two analysts covering them which creates opportunities for eagle-eyed fund managers to spot hidden gems. Over the past decade, innovations such as the internet have allowed smaller companies to level the playing field with larger rivals. Even so, they tend to be more sensitive to the UK economy then larger companies so you should expect more ups and downs along the way. We think UK smaller companies could be a great addition to a diversified portfolio able to accept the increased volatility.

Performance Analysis

Smaller companies are more sensitive to the state of the economy than larger multinational companies. Smaller companies are also less liquid (their shares are harder to trade), which can heighten falls if many investors try to sell at the same time.

Investing in smaller companies is higher risk and investors should invest for the long term and be prepared for volatility along the way.

Investment Philosophy

Feld and Santa Barbara follow the same investment philosophy and process established by their highly regarded predecessor, Giles Hargreave.

They like companies that are easy to understand and have the potential to grow significantly over time. They look beyond short-term noise and construct a long-term view on a company’s growth potential.

Process and Portfolio Construction

Feld and Santa Barbara like to meet with company management and assess their quality before investing. They also delve into a company's financial strength. Healthy balance sheets are preferred, and they don't like excessive levels of debt.

They also consider growing companies that have a great product or service but appear to be ‘under-valued' due to short-term issues. Maybe they've missed a profit target, or the management team made some unpopular decisions. Either way, they must have the potential to turn things around and resume their growth trajectory.

The managers run a diversified portfolio of around 170 companies. Historically the managers have invested in over 250 but over recent years they have gradually reduced this number. This means they can invest more in their favourite companies as their conviction grows.

question mark Manager Track Record Based on HL Quantitative Research

  • IFSL Marlborough Special...
  • IFSL Marlborough UK Micro-Cap...
  • IA UK Smaller Companies
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

06/02/21 to 06/02/22 06/02/22 to 06/02/23 06/02/23 to 06/02/24 06/02/24 to 06/02/25 06/02/25 to 06/02/26
Annual return 7.60% -24.32% -9.07% 6.51% 15.82%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Guy Feld
Manager start date: 1 February 2012
Manager located in: London

Guy, a graduate of Oxford University, has over 25 years’ City experience dedicated to the research and fund management of small and mid-cap equities. He joined the investment team in 2003 and has a particular focus on the tech sector and other ‘new economy’ and growth companies. Working with Eustace Santa Barbara, Guy co-manages Marlborough Special Situations, Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth. He is also Manager of the Marlborough Technology Fund.

manager photo
Manager Name: Eustace Santa Barbara
Manager start date: 1 January 2021
Manager located in: London

Eustace, a graduate of Harvard University, joined the investment team from Close Brothers in December 2013. He has worked as both an analyst and fund manager and has over 16 years’ experience on the buy side. Working with Guy Feld, Eustace co-manages Marlborough Special Situations, Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now