| Asset Group | Asset Sub-Group | Investment Category |
| Equities | European equities | Smaller company |
The investment trust is managed Ollie Beckett who has been a portfolio manager at Janus Henderson since 2006 and has over 28 years of investment experience. Beckett is supported by portfolio manager Rory Stokes and associate portfolio manager Julia Scheuffler and can also leverage off the group’s wider pan-European equity team. As the name suggests the trust invests in smaller companies as the managers believe that over the longer-term smaller companies will consistently outperform larger companies, as they are less efficiently priced. A key area of focus is to identify stocks that are mispriced relative to their cash generative ability. Meeting companies is an essential part of the investment process, and the managers conduct over 600 meetings each year. Areas of focus in their stock selection process include, a thorough understanding of the companies operating environment, as well as barriers to entry, points of differentiation in relation to cost, product and/or customers, quality of management and capital allocation. The portfolio is constructed from the bottom-up with risk mitigated by limiting the individual stock bets to a maximum position size of 5% as well as ensuring diversification at the sector level. Fund gearing has historically been in the range of 6 – 17%. The fund has delivered strong performance over the long term, driven by stronger performance during periods of market strength. Opinion March 2024 | ||
Risk warnings
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