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Fund research

Marlborough funds – update on manager

Giles Hargreave, co-manager of the Marlborough UK Micro-Cap Growth, Marlborough Nano-Cap Growth and Marlborough Special Situations funds is stepping back from full-time fund management from 1 January 2021.

Important information - This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

This article is more than 5 years old

It was correct at the time of publishing. Our views and any references to tax, investment, and pension rules may have changed since then.

Investments can go down as well as up so there is always a danger that you could get back less than you invest. Nothing here is personalised advice, if unsure you should seek advice.

Giles Hargreave, co-manager of the Marlborough UK Micro-Cap Growth, Marlborough Nano-Cap Growth and Marlborough Special Situations funds is stepping back from full-time fund management from 1 January 2021. Hargreave’s long-term colleagues Guy Feld and Eustace Santa-Barbara will both become co-managers on all three funds. Feld has co-managed the Micro-Cap Growth and Nano-Cap Growth funds with Hargreave since 2012 and 2013, respectively. Santa-Barbara has co-managed the Special Situations fund since 2014.

Hargreave is an industry veteran, having started his financial services career several decades ago and managed funds for over 20 years. So the announcement is not so much of a surprise. We’re pleased to hear he’s not retiring yet though. He’ll still play a central role in the funds through research, generating investment ideas and providing support and challenge to Feld and Santa-Barbara.

Although Hargreave has been the figurehead for all the three funds, Feld and Santa-Barbara have both had significant roles in the funds’ success since they’ve been involved. They’ve built impressive records during their tenures and we think they’re natural successors to Hargreave. We also think it’s a good move to make them both co-managers on all three funds as they each have their own styles and strengths, and we think they’ll complement each other well.

The Micro-Cap Growth fund is currently on the Wealth 50. Given Hargreave will still be heavily involved with the fund, and our positive view of Feld and Santa-Barbara, we retain our conviction in the fund, and don’t see the need to remove it from the list. We’ll be monitoring the managers closely once Hargreave steps back, and will let you know if our view changes.

Annual percentage growth
Apr 15 -
Apr 16
Apr 16 -
Apr 17
Apr 17 -
Apr 18
Apr 18 -
Apr 19
Apr 19 -
Apr 20
Marlborough UK Micro-Cap Growth 15.7% 28.9% 18.8% -2.4% -10.3%
Marlborough Nano-Cap Growth 11.3% 27.2% 20.4% 7.0% -13.7%
Marlborough Special Situations 12.8% 27.7% 12.9% -3.7% -10.4%
FTSE Small Cap ex investment trusts 3.8% 22.3% 6.1% -5.3% -20.8%

Past performance is not a guide to the future. Source: Lipper IM to 30/04/2020.

Find out more about Marlborough UK Micro-Cap Growth including charges

Marlborough UK Micro-Cap Growth Key investor information


Find out more about Marlborough Nano-Cap Growth including charges

Marlborough Nano-Cap Growth Key investor information


Find out more about Marlborough Special Situations including charges

Marlborough Special Situations Key investor information

Important information - Please remember the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. This article is provided to help you make your own investment decisions, it is not advice. If you are unsure of the suitability of an investment for your circumstances please seek advice. No news or research item is a personal recommendation to deal.

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Important information - Please remember the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. This article is provided to help you make your own investment decisions, it is not advice. If you are unsure of the suitability of an investment for your circumstances please seek advice. No news or research item is a personal recommendation to deal.
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Article history
Published: 14th May 2020