Interactive Investor

Giles Hargreave to step back from Marlborough small-cap funds

14th May 2020 12:13

Hannah Smith from interactive investor

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The fund manager, who has been described as the best UK small-cap manager of the 21st century, will step back from the three funds he co-manages early next year.

One of the UK’s top small-cap fund managers, Giles Hargreave, will step back from the three Marlborough funds he co-manages early next year.

The co-manager of the Marlborough Special Situations, Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth funds will no longer be a named co-manager from 1 January 2021, although he will continue to assist with the running of the funds.

His co-managers Eustace Santa Barbara and Guy Feld will be the named co-managers of all three funds from that date. Both have worked on the funds for a number of years.

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Hargreave will continue to lead weekly investment meetings and work closely with the pair. There will be no changes to the investment process on the portfolios.

Over the last 10 years, Hargreave has returned an average 143.5% across his various funds, compared to a peer group average of 115%, according to FE data.

“Working with a large and talented team investing in some of the UK’s most exciting and innovative businesses is a great privilege, and I look forward to continuing to do so,” says Hargreave.

“We have a very strong and collaborative team, united by one investment philosophy, and we are committed to our aim of seeing the funds continue to go from strength to strength.”

Darius McDermott, managing director of fund research agency FundCalibre, described Hargreave as the best UK small-cap manager of the 21st century.

“Giles has been an outstanding UK smaller companies fund manager. Over his tenure of almost 22 years, the Marlborough Special Situations fund has been the best-performing fund in its sector, returning 2,549% compared with 451% for its average peer,” he says.

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“Thankfully for his investors, during that time he has also built an exceptionally strong team. This is excellent succession planning that has been in the making for some years and investors are being given plenty of advance warning, as Giles will remain co-manager on the Marlborough small-cap funds until January 2021. Even then, he will remain closely involved.

“The team members have worked together for many years and both of Giles’ co-managers, Eustace Santa Barbara and Guy Feld, have contributed significantly to the performance of the funds over their tenure. There will be total continuity for investors in terms of investment process, and we have the utmost confidence in their skills and that they will co-manage the funds successfully together in the future.”

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This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

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