IFSL Marlborough Multi Cap Growth
IFSL Marlborough Multi-Cap Growth takes an unconstrained approach, investing in small, medium and large UK companies. It will be concentrated in around 40-70 names - principally in businesses that are leaders in their sector and that can grow regardless of the prevailing economic landscape.
Previously Marlborough UK Multi-Cap Growth
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Fund Manager
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Fund Manager
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Richard heads the UK and European equity funds team. He qualified as a chartered accountant at Ernst & Young in 1994 and began his career as a UK equity fund manager at Singer & Friedlander in 1995. Since joining the investment team in 2005, Richard has built a strong and consistent track record as the manager of the Multi-Cap Growth Fund.
Richard heads the UK and European equity funds team. He qualified as a chartered accountant at Ernst & Young in 1994 and began his career as a UK equity fund manager at Singer & Friedlander in 1995. Since joining the investment team in 2005, Richard has built a strong and consistent track record as the manager of the Multi-Cap Growth Fund.
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Company Description
IFSL Marlborough Fund Managers offers investments across asset classes ranging from UK fixed interest to international equities and exchange traded funds. Awarded the Elite Provider for Equities rating each year from 2015 to 2021, the company hand picks its managers and gives them the freedom to invest as they feel optimal within their fund’s sector. Investment management of some of IFSL Marlborough’s funds is outsourced to Hargreave Hale, who run this particular fund.
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Quote from the Fund Manager
When a company has a sustainable competitive advantage and the ability to grow throughout the economic cycle, now that’s when I start to get interested.
Richard Hallett
Lead Manager
Investment process
As is the case with most IFSL Marlborough funds, Richard builds his portfolio by selecting individual companies first. There are certain sectors that Richard avoids, such as oil and utilities. This helps produce a shortlist of potential stocks. Richard prefers to invest in the leading company within a growing industry. He studiously analyses the financial statements and considers the quality and sustainability of company earnings, how they generate cash and whether their business is differentiated. He will want to see that the company has a future where it can grow in its sector, but also defend against rivals. Valuation is a factor for Richard, but it is less important than investing in the right companies. Richard also uses the team's view of the wider world to make sure the ideas are not outdated concepts.
Risk
Richard manages risk by limiting the maximum holding in any one stock to 4%. This ensures the IFSL Marlborough Multi-Cap Growth fund is well diversified. Richard’s bias in favour of secular growth stocks means his portfolio is often more expensive than the wider market. As it is a multi-cap fund, he can and does invest in small companies, which tend to be more risky. As a result, the fund is generally more risky than its average UK peer.
ESG
ESG - Limited
Richard has a strong focus on governance with this fund. He believes that good governance tends to lead to better environmental and social outcomes as management teams will have an understanding of the wider impact of their business. He engages regularly with management teams and will discuss both financial and non-financial factors with them, with the latter of this including addressing issues around ESG where they could make a material impact to future returns. Due to its growth approach, the fund does have a natural aversion to the capital-intensive industrial companies, often involved in commodity mining and oil & gas exploration, meaning the portfolio often has a better-than-average carbon footprint. However, this is a result of the growth philosophy rather than an investment focus of avoiding ESG controversies.
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