Led by Geoff Oldfield since January 27, 1999, providing over 25 years of consistent portfolio stewardship with co-managers Tom Hearn and Mattia Pellegrini. The management team employs a multi-manager approach designed for stable portfolio transition and operational continuity. Since inception in 1999, the fund has achieved an annualized return of 11.2% for GBP A shares, demonstrating consistent long-term value creation through various market cycles. The team maintains institutional-quality governance while preserving flexibility needed for active smaller companies investing.

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The fund pursues capital growth by investing principally in small capitalisation European equity securities through a value-based stock selection approach using in-house research on both long and short basis. Managed as an absolute return fund with the objective of generating positive returns irrespective of market conditions and delivering positive absolute returns in each calendar year. The investment approach emphasizes finding quality long positions at discounted multiples compared to short positions, with top long holdings maintaining average ROIC of approximately 20% and average EV/NOPAT multiple under 13x.

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