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Marlborough Special Situations Inclusive - Class A - Accumulation (GBP)

Sell:1,763.08p Buy:1,763.08p Change: 14.47p (0.83%)
Prices as at 23 October 2020
Sell:1,763.08p
Buy:1,763.08p
Change: 14.47p (0.83%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 23 October 2020
Sell:1,763.08p
Buy:1,763.08p
Change: 14.47p (0.83%)
Prices as at 23 October 2020
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
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 »

Giles Hargreave and Eustace Santa-Barbara leave few stones unturned in their quest to find UK smaller companies with the best growth potential. They're supported by a strong team to help them do this and find lots of different ideas for the fund.

We currently prefer other funds run by Giles Hargreave, which focus on even smaller companies with greater growth potential. This is where we feel he has the most skill in choosing companies to invest in. This fund is also more expensive.

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

The fund's done much better than the FTSE Small Cap index over the long term. It's risen more when the market's gone up and fallen less when the market's gone down. Past performance doesn't indicate how the fund will do in the future though. Investing in smaller companies is risky and investors should be prepared for more volatility than investing in large companies.

Investment Philosophy

The managers believe smaller companies offer some of the best growth prospects. This includes companies that are just about to join the stock market, or ones that have fallen on hard times but they think can recover. They consider both a company's growth prospects and the potential risks.

Process and Portfolio Construction

Hargreave and Santa-Barbara aim to understand as much about a company as they can. Part of the way they do this is by meeting company management, sometimes several times.

The fund invests in lots of companies in the FTSE AIM index. This index was created as a cheaper and easier way for small companies to join the stock market. While most companies in the fund are small, it also invests in some medium-sized ones.

With nearly 200 companies in the fund there's lots of diversification. It also helps to reduce the risk of each one having an excessive impact on performance. The managers normally start by investing just a little in a company and then invest more if it performs well. They'll quickly sell companies that don't do well.

question mark Manager Track Record Based on HL Quantitative Research

  • Marlborough Special Situations A...
  • FTSE Small Cap (X It) TR
FROM: TO:


Fund Track Record

23/10/15 to 23/10/16 23/10/16 to 23/10/17 23/10/17 to 23/10/18 23/10/18 to 23/10/19 23/10/19 to 23/10/20
Annual return 10.08% 28.76% -3.50% 0.14% 10.40%

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.

Fund Management Group Comment

Marlborough Fund Managers was set up in 1986 and it launched its first unit trust in 1987. The company is privately owned and based in Bolton. It remains a small niche player but has some talented fund managers, including Giles Hargreave who we rate highly, and has expanded its fund range successfully.

Information about the fund

Fund manager biography

manager photo
Manager Name: Giles Hargreave
Manager start date: 1 July 1998
Manager located in: London

Giles Hargreave is head of the UK equity funds team and is a higly experienced small cap investor. He has managed Marlborough Special Situations since 1998 and now runs the fund jointly with Eustace Santa Barbara. Giles is also Co-Manager of the Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth Funds.

manager photo
Manager Name: Eustace Santa Barbara
Manager start date: 1 September 2014
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 15 years' experience on the buy-side. Eustace co-manages the Marlborough Special Situations Fund with Giles Hargreave.

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