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ii Super 60 - TB Amati UK Smaller Companies

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ii Super 60 investments:
TB Amati UK Smaller Companies

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Asset Group Asset Sub-Group Investment Category
Equities UK smaller companies Smaller company

Selection rationale:
This diversified smaller companies fund has had sector-leading performance, and a growing following has seen its assets rise 250% in the past two years to £350 million at the end of 2019. Paul Jourdan has led this fund since 2000 and was joined by David Stevenson in 2012 and Anna Wilson in 2018. The trio look for poorly researched companies that may offer good opportunities at attractive share prices and run a portfolio of 70 companies.

Amati Global Investors, the smaller companies specialist behind the fund, says that having three managers makes their decision-making agile enough to respond to opportunities, but also considered enough to allow each recommendation to be subject to stringent peer review.

The team seeks management teams with a track record of success, and companies that have a high level of intellectual property and the ability to commercialise it. They avoid businesses with no clear competitive advantage and those where there are already larger rivals dominating the market in which they are operating.

Their aim is to provide a fund for all seasons. In order to do so, the team favours companies they can back over the long term. While they can invest only in listed businesses, the managers keep an eye on promising private companies that could float in the future. They recognise that liquidity can be a problem with smaller company shares, which they counter by having one fifth of assets in companies worth more than £1.4 billion and a cash buffer of 10% to fund redemptions – making this fund’s performance even more impressive.

January 2020

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News and analysis

25 March

Coronavirus ii Super 60 update: TB Amati UK Smaller Companies

interactive investor's analysts bring you an urgent update on this ii Super 60 rated fund.

by Teodor Dilov

Amati UK Small Cap fund: Brexit, elections, liquidity & AIM

Fund manager Paul Jourdan explains why his ii Super 60 small-cap fund has outperformed, whether it can continue, and how Brexit might affect his approach. Paul also reveals how also running an AIM VCT has been a great help and what he thinks about liquidity and the regulator’s approach to open-ended funds investing in unquoted assets.

Amati UK Small Cap fund: Wall of money, bank stocks, growth vs value

Find out what ii Super 60 fund manager Paul Jourdan thinks of the growth versus value argument, why over 9% of his portfolio is currently in cash, and whether a ‘wall of money’ will deliver a massive boost to stocks once Brexit is resolved. Lee Wild, interactive investor’s head of equity strategy, also asks Paul about the banking sector, best stock ideas and where private investors should put their money now.

Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.