IFSL Marlborough European Special Situations
This fund invests in European businesses of all sizes but focuses on the continent's minnows. It is managed by David Walton, who is part of the outstanding smaller companies team at Hargreave Hale. This is a true stock picker’s fund with David scouring the market for under-the-radar opportunities.
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Previously Marlborough European Multi-Cap
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David Walton, Lead Manager David graduated with a first-class degree in Economics from Cambridge University before joining M&G as a European equities fund manager, focusing on small and mid-cap stocks. In 2000, he moved to Baillie Gifford, where he managed European small cap portfolios, including the Baillie Gifford European Smaller Companies Fund, achieving strong outperformance. He joined the investment team in January 2013 and has been managing the European Special Situations Fund since October 2013.
Steve Robertson, Deputy Manager N/A
Tom Livesey, Deputy Manager Tom Livesey CFA is an equity analyst specializing in small- and mid-cap companies. He holds a degree in Economics, a Master’s in Finance from London Business School, and is a CFA Charterholder. Tom started his career in 2012 as an analyst at a family office and helped launch the Palm Harbour Capital Global Value Fund in 2018 as lead analyst. He joined the Marlborough European Special Situations Fund investment team in September 2021.
David Walton, Lead Manager David graduated with a first-class degree in Economics from Cambridge University before joining M&G as a European equities fund manager, focusing on small and mid-cap stocks. In 2000, he moved to Baillie Gifford, where he managed European small cap portfolios, including the Baillie Gifford European Smaller Companies Fund, achieving strong outperformance. He joined the investment team in January 2013 and has been managing the European Special Situations Fund since October 2013.
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Quote from the Fund Manager
I’m a stock-picker first and foremost and I want to see three clear qualities in a company: first-class management, strong growth prospects and a share price that doesn’t yet reflect its potential.
David Walton
Lead Manager
Investment process
David believes that lesser known quoted companies tend to be more attractively valued than household names, and these are usually found amongst small-caps. David looks for undervalued stocks with above-average growth potential and strong management teams. He meets with a lot of companies and looks closely at how management is incentivised. His approach is typically long-term and low turnover, with many of the micro-caps in the portfolio moving up into the small-cap universe. The portfolio is diversified across sectors and countries.
Risk
IFSL Marlborough European Special Situations fund is heavily invested in smaller companies, which can prove to be higher risk and more volatile than larger ones. The fund manager aims to lower volatility by running a diversified portfolio at a country and sector level.
ESG
ESG - Limited
David has a strong focus on governance with this fund. This is particularly important in the smaller companies space, as management decisions can have a significant impact on a business’ operations and outcomes. As such, David has a considerable look at the management teams behind potential investment companies and how they treat employees, suppliers and customers, as well as their attitude towards their company’s impact on wider society. David engages with managers as a vital part of the process, but is not an activist investor when it comes to enacting change. He uses this analysis to make a qualitative judgement of a company’s ESG profile which he will consider as part of an overall picture when looking to make an investment in a company.
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