Marlborough funds – update on manager
Jonathon Curtis | Thu 14 May 2020
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Giles Hargreave, co-manager of the Marlborough UK Micro-Cap Growth, Marlborough Nano-Cap Growth and Marlborough Special Situations funds is stepping back from full-time fund management from 1 January 2021. Hargreave’s long-term colleagues Guy Feld and Eustace Santa-Barbara will both become co-managers on all three funds. Feld has co-managed the Micro-Cap Growth and Nano-Cap Growth funds with Hargreave since 2012 and 2013, respectively. Santa-Barbara has co-managed the Special Situations fund since 2014.
Hargreave is an industry veteran, having started his financial services career several decades ago and managed funds for over 20 years. So the announcement is not so much of a surprise. We’re pleased to hear he’s not retiring yet though. He’ll still play a central role in the funds through research, generating investment ideas and providing support and challenge to Feld and Santa-Barbara.
Although Hargreave has been the figurehead for all the three funds, Feld and Santa-Barbara have both had significant roles in the funds’ success since they’ve been involved. They’ve built impressive records during their tenures and we think they’re natural successors to Hargreave. We also think it’s a good move to make them both co-managers on all three funds as they each have their own styles and strengths, and we think they’ll complement each other well.
The Micro-Cap Growth fund is currently on the Wealth 50. Given Hargreave will still be heavily involved with the fund, and our positive view of Feld and Santa-Barbara, we retain our conviction in the fund, and don’t see the need to remove it from the list. We’ll be monitoring the managers closely once Hargreave steps back, and will let you know if our view changes.
| Annual percentage growth | |||||
|---|---|---|---|---|---|
| Apr 15 -
Apr 16 |
Apr 16 -
Apr 17 |
Apr 17 -
Apr 18 |
Apr 18 -
Apr 19 |
Apr 19 -
Apr 20 |
|
| Marlborough UK Micro-Cap Growth | 15.7% | 28.9% | 18.8% | -2.4% | -10.3% |
| Marlborough Nano-Cap Growth | 11.3% | 27.2% | 20.4% | 7.0% | -13.7% |
| Marlborough Special Situations | 12.8% | 27.7% | 12.9% | -3.7% | -10.4% |
| FTSE Small Cap ex investment trusts | 3.8% | 22.3% | 6.1% | -5.3% | -20.8% |
Past performance is not a guide to the future. Source: Lipper IM to 30/04/2020.
Find out more about Marlborough UK Micro-Cap Growth including charges
Marlborough UK Micro-Cap Growth Key investor information
Find out more about Marlborough Nano-Cap Growth including charges
Marlborough Nano-Cap Growth Key investor information
Find out more about Marlborough Special Situations including charges