|Mid Price||GBX 114.25||Day Change||GBX +0.07 (0.07%)|
|Price Date||15 Feb 2019||Crown Rating|
|Shares Class||Acc.||Yield||0.00 %|
|Last Ex-Dividend Date||31 December 2018||Dividend Frequency||Semi-annually|
|Sector||UK Smaller Companies||Fund Size||49,791,606.17|
|Launch Date||29/08/2017||Standard Initial Charge||0.00%|
|Ongoing cost||1.00%||Annual Management Charge||0.75%|
The investment objective of the VT Teviot UK Smaller Companies Fund is to achieve a total return greater than the Benchmark Index over the long term. The Benchmark Index is the Numis Smaller Companies Index (including AIM, excluding Investment Trusts).The Fund will seek to achieve its investment objective by investing in a diversified portfolio of investments which shall primarily consist of UK equities which reside in the bottom 10% of the UK stock market in terms of market capitalisation. For these purposes UK equities includes, but is not limited to, equities listed in the UK. The Manager actively manages the portfolio in order to achieve the objective and will not be restricted in respect of investments by industrial sectors. In seeking investments the approach will be fundamental in nature: rigorous financial analysis of prospective and existing investments and regular contact with the management of these companies. The emphasis within the portfolio will reflect the desire to invest in companies whose shares represent relatively attractive value within the given stockmarket context. The Fund’s investment universe is defined by the Numis Smaller Companies Index (including AIM and excluding investment companies). The Investment Manager has discretion to invest up to 10% of the fund’s assets in FTSE 250 companies that are not in the benchmark index.The Fund's eligible markets, as defined in COLL, include the Official List of the London Stock Exchange plc (“LSE”) and the Alternative Investment Market (“AIM”) of the LSE. The Fund’s base currency is Pounds Sterling. The capital property of the Fund will primarily consist of transferable securities, as defined in COLL. The Fund will not invest in any immovable property or tangible movable property.In addition to equities, the asset classes in which the Fund may invest includes transferable securities, units in collective investment schemes, money-market instruments, cash and near cash and deposits to the extent permitted for UCITS schemes pursuant to the rules in COLL and in accordance with the Fund's investment powers as set out in this Prospectus. The Sub-Fund may hold derivatives for efficient portfolio management purposes. It is not intended that the use of derivatives for efficient portfolio management purposes will increase the risk profile of the Sub-Fund.
Andy Bamford has specialised in UK small company investment for over 25 years. After training as a Chartered Accountant he joined General Accident in 1992 before moving to Edinburgh Fund Managers in 1994. Here he managed a range of mandates and served as a director of the company and briefly Northern Venture Managers Ltd. In 2001 Andy joined Aberforth Partners, becoming a partner in 2004. He was part of an investment team managing over £2bn UK small company mandates. At the end of 2015, Andy left Aberforth to explore other aspects of small company investment. In November 2016, he co-founded Teviot Partners and the firm launched the VT Teviot UK Smaller Companies Fund in August 2017. Throughout his career, Andy has operated within a team structure and any performance data should be attributed to the team in which he operated rather than as an individual. As a small independent fund manager, Teviot Partners believes a relatively small unit size of investment confers a significant liquidity advantage when compared with larger funds. This means that the team can access a much broader range of investment opportunities by reaching further down the market capitalisation spectrum. In addition, the time to invest or divest is much shorter giving the opportunity to better time decisions.
Barney has a 23-year career working for a variety of investment banks including Merrill Lynch, JP Morgan and latterly Arden Partners. He has always specialised in UK smaller companies and enjoys a strong reputation for original and rigorous investment analysis. His non-consensual and value orientated approach was well received by some of the largest and most successful investors in the asset class.