| Asset Group | Asset Sub-Group | Investment Category |
| Equities | UK smaller companies | Smaller company |
Paul Jourdan has managed the strategy since September 2000, initially at First State, then at Noble Group, before establishing Amati in 2010. He is supported by David Stevenson who joined Amati as a co-portfolio manager in 2012 and by three other co-managers/analysts who joined the team over the past four years. In addition to this strategy, the team manages an AIM VCT, which provides a potential source of added value for this smaller companies strategy. The attributes generally sought in a company include a clear competitive advantage, sustainable growth and ability to finance that growth, and high returns on cash invested. The managers generally avoid companies in markets dominated by larger rivals and those with aggressive accounting practices and/or significant liabilities. Longer-term sustainable growth ideas are the primary focus, but they also invest in cyclical stocks while seeking to maintain an emphasis on quality. The primary focus is on the fundamentals of the business rather than notional valuations as signals for buying or selling. As well as some of the smaller AIM-listed companies, the managers also invest at the other end of the spectrum up into the FTSE 250 Index. Overall, however, this results in a smaller market-cap profile than the UK small-cap equity Morningstar Category average, with a larger allocation to micro-caps. Versus its Numis Smaller Companies plus AIM ex IT benchmark the fund has a slightly larger market-cap profile and a growthier style bias, with higher quality metrics. These biases will impact relative returns at times. Opinion March 2024 | ||
News and analysis
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
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