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Marlborough Special Situations

Elite Rated by FundCalibre

Management of this fund is outsourced to Hargreave Hale, one of the best small-cap boutiques in the country, with this being their flagship offering. The fund has a small and mid-cap focus, and is managed by the astute and pragmatic stock picker Giles Hargreave. He is supported by a well-resourced team of fund managers and analysts.

Company Description

Marlborough Fund Managers Ltd offers investments across various asset classes, ranging from UK Fixed Interest to International Equities and Exchange Traded Funds (ETFs). Holding the Elite Provider for Equities Rating, managers are hand-picked and given freedom to invest as they feel optimal in the fund’s sector.

Hargreave Hale, who are investment managers for some of Marlborough’s funds, are a merger of Hargreave Investment Management and Hargreave Hale & Co, the former having been founded in 1986. The CEO of Hargreave Hale stepped down in 2014 to focus on fund management.

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Fund Manager

Giles Hargreave manages this fund alongside Eustace Santa Barbara. Giles, founder of Hargreave Investment Management, has managed this fund since July 1998 and chairs the weekly investment committee meetings, in which the team reviews existing and potential investments for all funds. Eustace has co-managed this fund since September 2014, having joined the company in December 2013, and previously worked as senior investment manager at Close Brothers Asset Management.

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Nothing better than a growth stock on a value rating.

Giles Hargreave - Fund Manager

The Investment Process

While Giles is cognisant of the macroeconomic environment, the process is led by proprietary fundamental research, him and his team meeting company management frequently. He is pragmatic in his approach, and considers both growth and value opportunities. He tends to run very diversified portfolio (circa 200 stocks) to eliminate single company risk, and runs his winners aggressively, adding to them as their story unfolds.

Risk

Given the nature of the underlying investments, namely small and mid-cap stocks, this fund is somewhat more risky than the FTSE 100. However, the diversification of the portfolio does partially mitigate this risk.

Our Opinion

Giles Hargreave’s and his team’s reputation as astute stock pickers is richly deserved. The process, while perhaps not as clearly defined as some others, has held up well across a wide range of market conditions, and the long-term track record of this fund is exemplary. We regard Hargreave Hale as one of the premier small-cap boutiques, and this fund their flagship offering, lives up to the billing.

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