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Cazenove team returns to small caps

Cazenove’s multi-manager team has made its first investment in a small cap fund  in more than six years owing to attractive valuations in the space.

Marcus Brookes, Robin McDonald and Joe Le Jehan have bought Paul Spencer and Richard Bullas’ £22m Franklin UK Smaller Companies fund for the £138.7m Cazenove Multi Manager UK Growth, £48.4m Diversity Tactical and £21.5m Diversity Balanced funds.

Le Jehan says: “What we have done is take a bit away from Franklin UK Mid Cap and gone down the cap scale with the same managers. We love how they run money in a bottom-up way with a view to what is going on in the macro.

“You look at how well the mid-cap index has done and it is starting to look more fully valued. The opportunity set in the mid-cap space is looking pretty stretched so we want to give the managers a bit more freedom in the small-cap space.”

The Franklin UK Smaller Companies fund has industrial goods and services as its largest sector weighting, accounting for 33.6 per cent. Xaar, which manufactures industrial inkjet printheads, is the biggest individual holding at 5.2 per cent.

Skerritt Consultants head of investments Andrew Merricks says: “If you believe we are heading towards some sort of recovery then we have seen time and time again that small caps outperform and it is as good a time as any to start adding exposure if you do not have any.”


Senior Tory MEP plots EU financial services reforms

Conservative MEP Vicky Ford has become the first senior figure in her party to plot a detailed plan for the UK to reform EU financial services regulation. Writing in Banking 2020: A Vision for the Future – a New Economics Foundation book published this week – Ford, shadow rapporteur on major directives on bank capital […]

Schroders appoints UK and European equities head to replace Buxton

Schroders has promoted head of European equities Rory Bateman to head of UK and European equities, following the departure of head of UK equities Richard Buxton. Following the creation of the combined role, Schroders’ UK and Europe value investing teams will be rolled into one ‘value’ team. Bateman, who runs four European equity funds, has been handed […]


Retired IFA John Calland takes his fight to the Court of Appeal

Retired IFA John Calland is appealing the Royal Courts of Justice’s dismissal of a judicial review he brought against the Financial Ombudsman Service regarding a pension misselling case. The judicial review, heard on 8 May, relates to a FOS decision to uphold a £48,000 pension misselling case against Calland. The FOS found the client received […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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