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The Fund celebrated its 10-year anniversary in May this year, having returned 345.1%* since launch and 71.7%* over 5 years.

Over the past decade the popularity of the UK Smaller Companies Sector has grown significantly. However, selecting the winners among smaller niche companies is far from easy. With the right research and approach, Ken Wotton and Brendan Gulston believe they can continue to identify today's companies who will be the success stories of tomorrow.

*FE Trustnet Analytics, UK Smaller Companies Sector from 19.05.09 to 31.05.19 and 31.05.14 to 31.05.19 respectively.


10 years of micro-cap investing

To celebrate the anniversary of the LF Gresham House UK Micro Cap Fund, Ken Wotton and Brendan Gulston explain what they have learned over the last 10 years of micro-cap investing, why research is so vital in stock selection and what trends they foresee for the coming decade.

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Why UK micro-cap equities? 


We classify micro-cap stocks as those companies listed on the main market and AIM with a market cap below £250m.  

+ Under-researched: Micro-cap stocks are often under-researched by the market, resulting in more opportunities to identify undervalued companies flying under the radar 

+ Rich territory: There is a large pool of micro-cap stocks to choose from. Around 75% of the c.1,240 companies in the NSCI + AIM Index are below £250m in market cap1 

+ New ideas: The investment universe is constantly changing - only c.25%of the current listed companies existed 15 years ago 

+ Long-term performance: Studies show micro caps outperform small, mid & large cap stocks over the long term3 

+ Under-valued: As they are less well known and with a perception of higher risk, micro-cap P/E multiples are typically highly discounted4


  1.  Peel Hunt research, June 2018.
  2.  London Stock Exchange, 2017.
  3.  NSCI 2017 Annual Review, Evans/Marsh.
  4.  Peel Hunt research, June 2018.

Fund objective and key stats

The fund aims to achieve long-term capital growth through investment primarily in equities of UK companies. Investment in the main will be in an actively managed portfolio of equities of smaller UK companies traded on AIM and other UK markets which are considered to have potential for capital growth.

Investing in smaller companies, including AIM companies, can carry greater risks than those usually associated with larger companies and investors’ capital is at risk.

Ken BG      

Fund manager: Ken Wotton            Co-manager: Brendan Gulston

Launch date: 19 May 2009

Fund Sector: IA UK Smaller Companies

Number of holdings: 40-60

Fund Type: NURS

Base Currency: GBP

Pricing: 12.00 Noon GMT


Annual Management Charge: 0.90%

Minimum Investment: £10,0000


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How to invest

Shares may be bought directly from Link Fund Solutions Limited (“Link Fund Solutions”) or through a professional adviser or other intermediary, application forms may be obtained from Link Fund Solutions.



Call: 0845 922 0044

Q2 2019 Webinar: UK Micro Cap Fund  

Ken Brendan2

Fund Managers, Ken Wotton and Brendan Gulston, share views on the market and discuss performance over the second quarter of 2019.

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Important Information

Past performance is not a reliable indicator of future performance. The value of the Fund and the income from it is not guaranteed and may fall as well as rise. As your capital is at risk you may get back less than you originally invested.

Third party trademarks are used with the permission of their respective owners. This website is not affiliated with, nor has it been authorised, sponsored or otherwise approved by the third party trademark owners.

 Fund investing in smaller companies may carry a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid than securities in larger companies. You should note that your tax treatment in relation to any investments will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the funds in which you have invested.

 The LF Gresham House UK Micro Cap Fund is a non-UCITS retail scheme (NURS), which is also an OEIC but one that does not comply with the requirements of UCITS IV and so cannot be marketed to investors across the EEA. A NURS fund can still be marketed to retail investors in the UK.