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TB Amati UK Smaller Companies Class B - Accumulation (GBP)

Sell:1,632.33p Buy:1,632.33p Change: 6.14p (0.38%)
Prices as at 15 April 2021
Sell:1,632.33p
Buy:1,632.33p
Change: 6.14p (0.38%)
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 15 April 2021
Sell:1,632.33p
Buy:1,632.33p
Change: 6.14p (0.38%)
Prices as at 15 April 2021
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 is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Managers Paul Jourdan, David Stevenson and Anna Macdonald take a more conservative approach to investing in higher-risk smaller companies than many other managers in the sector. We admire the team's experience, strong track record and their sensible approach, and believe they have the ability to deliver good long-term results for investors. The fund could be a useful option for adding growth potential to an adventurous portfolio mainly invested in larger companies.

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 long-term performance of this fund has been very strong compared to the IA UK Smaller Companies sector average. Our analysis puts this down to the managers' skills at picking companies for their long-term growth potential, regardless of their size or sector. The managers have usually delivered better returns than the benchmark both when markets have been rising and falling, although their strongest performance has come during the latter. Remember past performance doesn't indicate future returns.

Investment Philosophy

The managers aim to deliver long-term growth by investing in higher-risk smaller companies that have more room to grow than larger ones.

Process and Portfolio Construction

Although Jourdan is the longest-standing manager and Amati's chief executive, the fund is run using a team-based approach, with managers all proposing, discussing and challenging each other's ideas. They look for high-quality, financially-strong and growing businesses that, because of their size, are overlooked by many other investors. These can be from tiny 'micro-cap' companies all the way up to those on the cusp of becoming large ones. They start by looking at the entire UK stock market outside of the FTSE 100 index and whittle it down to a shortlist by looking at things like growth rates, sustainability of growth and cash generation. They'll then do 'deep dive' research and agree as a team which companies they think are worthy of the portfolio.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

15/04/16 to 15/04/17 15/04/17 to 15/04/18 15/04/18 to 15/04/19 15/04/19 to 15/04/20 15/04/20 to 15/04/21
Annual return 28.90% 22.62% 2.00% -8.47% 59.63%

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

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Manager Name: Dr Paul Jourdan
Manager start date: 1 September 2000
Manager located in: Edinburgh

Dr Paul Jourdan is an award winning fund manager, with a strong track record in small cap investment. He co-founded Amati Global Investors following the management buyout of Noble Fund Managers from Noble Group in 2010, having joined Noble in 2007 as Head of Equities. His fund management career began in 1998 with Stewart Ivory, which was taken over by First State in 2000 at which time Paul became manager of what is now TB Amati UK Smaller Companies Fund. In early 2005 he launched Amati VCT and he also manages Amati VCT 2 after the investment management contract moved to Amati Global Investors in 2010. On 8 May 2018, Amati VCT merged with Amati VCT 2 which was then renamed Amati AIM VCT. In September 2014 Amati launched the Amati AIM IHT Portfolio Service, which Paul co-manages with David Stevenson and Anna Wilson. Prior to 1998 Paul worked as a professional violinist, including a four year period with the City of Birmingham Symphony Orchestra. He is CEO of Amati and a Director of Sistema Scotland.

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Manager Name: David Stevenson
Manager start date: 1 July 2012
Manager located in: Edinburgh

David Stevenson joined Amati in 2012. In 2005 he was a co-founding partner of investment boutique Cartesian Capital, which managed a range of retail and institutional UK equity funds in long only and long/short strategies. Prior to that he was Assistant Director at SVM, where he also managed equity products including the UK Opportunities small/midcap fund which was ranked top decile for the 5 year period from inception to 2005. David started his career at KPMG where he qualified as a Chartered Accountant. He latterly specialised in corporate finance, before moving into private equity with Dunedin Fund Managers. David has co-managed the TB Amati UK Smaller Companies Fund, Amati AIM VCT since 2012 and the Amati AIM IHT Portfolio Service since 2014.

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Manager Name: Anna Macdonald
Manager start date: 1 February 2018
Manager located in: Edinburgh

Anna Macdonald (previously Anna Croze) is an experienced fund manager specialising in UK equities. Anna joined the Amati team in 2018 from Adam and Company, where she led research for the PAM-award winning wealth manager. She brings her expertise running the successful AIM-listed portfolio service to Amati as well as a breadth of experience in managing substantial OEICs, private client and charity portfolios. She co-managed the Adam Worldwide Fund and the Stewart Ivory Investment Markets Fund which won three Lipper Awards under her stewardship.

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Manager Name: Gareth Blades
Manager start date: 1 July 2019
Manager located in: Edinburgh

Dr Gareth Blades joined Amati in 2019 as an Analyst supporting the fund management team. Prior to Amati, Gareth worked as an independent consultant supporting early stage life science companies in their operational and strategic decision making. In 2016 he worked for the College of Medicine and Veterinary Medicine at the University of Edinburgh building and spinning-out therapeutic, med-tech, diagnostic and e-health companies. In 2015, Gareth worked in healthcare corporate finance at PharmaVentures in Oxford. During his time at PharmaVentures he delivered expert reports, business development, licensing and due diligence projects for international clients. Prior to this he worked for White Space Strategy in Oxford, a leading market analysis and strategy consultancy serving financial services, TMT, manufacturing, energy and public sector clients. Gareth has a DPhil in Systems Biology - Biochemistry from the University of Oxford, an MPhil in Micro and Nanotechnology Enterprise from the University of Cambridge and a first in Neuroscience from Cardiff University.

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