FUND OVERVIEW
Key Features
- 56 year track record: The Fund has been investing in UK companies since 1963
- The Fund is run with an Ownership Mindset – with none of the disadvantages of an institutional fund
- The portfolio is a collection of companies across industries; minimising risk through diversification
- Liquidity: UCITS structure ensures daily dealing and that investors do not suffer from the NAV discounts that could occur in an investment trust structure
- Governance: The Fund is FCA regulated, overseen by the ACD and Board of Directors
Approach
We are long term equity investors. But you ask: What is your edge?
Deep knowledge of the small company landscape; this specialised asset class represents an exciting and attractive investment opportunity. We invest in undiscovered gems that offer meaningful upside potential (see latest factsheet for performance).
Our wide network gives us access to quality investment opportunities including discounted share placings, liquidity events, IPOs and off-market blocks of shares – at discounts. Brokers and intermediaries know we are nimble, move fast, and for the right companies, we can invest almost immediately.
We are known to be fussy.
Every year, we may meet hundreds of companies but we invest only in a select few that meet our criteria.
Generally, we are seeking:
So what do we avoid?
- We do not invest in run of the mill businesses that can be copied by existing or new competitors or companies that are beyond their “best sell by date”
- We cannot back management teams who like playing the roulette, e.g. they leverage the balance sheet or have a short term mindset
- Our job is to think, behave judiciously and deserve what we desire. It is not in our DNA to toss coins and “hope” for favourable outcomes. In short, we stay away from binary outcomes
- Price paid has a bearing on returns. At times we come across a business we love but yet we do not buy it because it is richly valued. Chasing and overpaying is not our strategy
Further, we do:
No index hugging
No performance fees
No market timing
We keep it simple and have a no nonsense approach.
Fund Facts
- Launch date: 8th August 1963
- Structure: UK domicile with daily dealing
- UCITS Fund, FCA regulated and UK domiciled
- Total ongoing charges: 1.1%
- Asset Class: Equities
- Currency: GBP
- Eligible for ISA: Yes
- Eligible for Junior ISA: Yes
- Eligible for SIPP: Yes
- Fund Trustee: Northern Trust
- IMA Category: IA UK Smaller Companies
- Fund Type: Unit Trust
Fund Codes
| Codes | Accumulation | Income Units |
| Bloomberg | DISDISA | DISDISI |
| SEDOL | 0270892 | 0270870 |
| ISIN | GB0002708922 | GB0002708708 |
| Dividends | Reinvested | Generally, paid out in June and December |
The Fund has several layers of oversight: ACD, Depository and Custodian and also its own independent Board of Directors.