Aberdeen has announced a number of changes to the team behind the fund. Investment analysts Domantas Butvilas and Angus Johnson have left the company, and Investment Director Anjli Shah - who is also lead manager of the abrdn Global Mid-Cap Fund - is set to depart on 20 August 2025.
All three worked closely with lead manager Kirsty Desson, particularly in the analysis of small and medium-sized US companies. The US makes up a large part of the global stock market and the fund currently has 43.2% invested there. Shah has provided support and analysis on US companies for nine years, and therefore her leaving is a significant loss of experience and insight within the team, especially in a region that is critical to the fund’s strategy.
Much of the US company analysis will now be carried out by Aberdeen’s US-based Smaller Companies team, led by Chris Colarik. Aberdeen also plans to hire two US analysts, one to be located in Edinburgh with Desson’s team, and the other in the US.
Our view
We have met Desson and Colarik to find out more about these changes. There will be some continuity in the way the fund is managed as Desson will remain the lead fund manager and continue to head the team behind the fund. Analysts focused on other regions in the fund also remain in place.
The fund’s investment philosophy also remains unchanged, and the team will continue to look for quality growth companies using the ‘Matrix’ – an investment tool they use to identify companies that meet their investment criteria. This is a positive, in our view, as it’s a tool and process that has been in place for many years.
Colarik also brings considerable experience in US smaller companies. He joined Aberdeen in 2023 to manage US small and medium-sized companies funds, having previously spent over 20 years at Glenmede Investment Management as a smaller companies fund manager. He currently works as part of a team of four in the US.
Going forward, Desson and Colarik’s teams will integrate further, in order to benefit from on-the-ground expertise in the US, including company analysis and idea generation.
That said, while Colarik’s team also look for quality growth companies, they use their own process that has some differences with Desson’s. For example, they incorporate wider economic views in their analysis, in addition to individual company analysis. They also don’t currently use the ‘Matrix’, which has historically been core to the fund’s process. This has the potential to lead to different outcomes than those previously delivered by Shah and the team.
It may be the integration works well and Desson’s team and the fund benefits from Colarik’s expertise. However, overall, we believe these are significant changes in terms of the team and potentially the investment process. We typically view significant team changes with caution, because we expect there to naturally be some evolution of how a fund is run. As a result, we’ve taken the decision to remove the fund from the Wealth Shortlist.
We will monitor these changes and any impact on the fund, and will update clients accordingly.
Although we're removing the fund from the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. If you're not sure if an investment is suitable for your circumstances, please seek personal advice.
Annual percentage growth
June 20 – June 21 | June 21 – June 22 | June 22 – June 23 | June 23 – June 24 | June 24 – June 25 | |
|---|---|---|---|---|---|
abrdn Global Smaller Companies | 32.96% | -27.54% | 8.30% | 11.82% | 3.40% |
IA Global | 26.14% | -8.72% | 10.76% | 15.05% | 4.19% |
MSCI AC World Small Cap | 37.81% | -11.07% | 7.96% | 11.27% | 4.77% |