Premier is launching a UK opportunities fund managed by Kenneth Warnock.Until recently, Warnock managed the Jupiter enhanced income investment trust over a three-year period when it beat the FTSE All Share index by around 30 per cent. He was previously with Johnson Fry, where his UK growth fund also easily beat the All Share index. Premier aligns the interests of its fund managers with unitholders by paying managers a percentage of the fund management fee – the better the performance, the more a manager will earn. Small funds also havea better chance than big funds of outperforming the index. With such a good manager with a proven track record, this fund should certainly be on investors’ short lists. UK equities are cheap compared with bonds at the moment. The fund will be invested in a mixture of large-, midand small-caps and will consist of between 40 and 50 holdings. The largeand mid-caps in which Warnock invests must have a leading position in their particular markets, strong cash generation, experienced and committed management and be undervalued. The small-caps will be companies with innovative new products or ones that have been restructured or have an opportunistic management. Two of the companies Warnock likes particularly are SAB Miller, a global brewing group with strong positions in both developed and emerging markets and a forecast P/E of 14.5, and International Power, a global power generation group which is highly experienced in operating in emerging economies and has a low forecast P/E of 9.5. Warnock will have a substantial personal investment in his fund. Therefore, this is an investment which can be recommended to all growth investors.