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Mirabaud Equities Europe Ex UK Small & Mid

Elite Rated by FundCalibre

This is a high conviction fund that is very different to most of its peers. Manager Ken Nicholson aims to find the ‘hidden champions’ that other funds have missed. He ignores European politics and most macroeconomic factors, preferring to focus on individual companies, and aims to beat the benchmark by 3% annually over the long term.

Company Description

Mirabaud Asset Management is the investment arm of the Mirabaud Group, an independent wealth and asset management group established in 1819 in Geneva, with offices in London, Paris, Zurich, Madrid and Milan.


Fund Manager

Ken Nicholson manages the fund and has worked in the asset management industry since 1985. Prior to joining Mirabaud Asset Management in 2015, he was at Standard Life Investments, managing the European Smaller Companies fund for seven years. Ken runs this fund in exactly the same way he did at Standard Life, and so we are pleased to award the fund an Elite Rating, despite the fact the manager only joined Mirabaud in 2015. Ken has a large personal investment in the fund.


We just love meeting companies and unearthing the great ‘hidden champions’. We spend almost all our time on the road, living out of a suitcase.

Ken Nicholson - Fund Manager

The Investment Process

This fund is designed to be pragmatic and adaptable. Ken does not believe in restricting himself to a tight process and runs 13 screens, each asking different questions. His mantra is “you can’t find the hidden champions by sitting at your desk looking at Bloomberg screens”, so the team has an intensive and targeted road-trip program to meet as many companies as possible. This is the key to the team’s success, along with focus and discipline.


The portfolio is concentrated with between 30 and 40 holdings. The team will always focus on the downside risks – or what could go wrong. Stock liquidity (ability to sell a stock in periods of high market volatility) is a key consideration. They have a 20% stop-loss review process – if a stock falls by 20%, the investment case is automatically reviewed. Investors should also be aware of the currency risk.

Our Opinion

Ken has proven his worth at Standard Life and brings his experience and unique style to small-cap management at Mirabaud. For long-term capital appreciation from Europe’s hidden champions, this fund stands out from its peers.

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