
IFSL Marlborough Special Situations
Management of IFSL Marlborough Special Situations fund is outsourced to Hargreave Hale, one of the best small-cap boutiques in the country. The fund has a small and mid-cap focus, and is co-managed by Eustace Santa Barbara and Guy Feld.
Our Opinion
Fund Managers
Fund Managers

Eustace Santa Barbara, Co-Manager Eustace, a Harvard University graduate, joined the investment team from Close Brothers in December 2013. With over 19 years of buy-side experience as both an analyst and fund manager, he co-manages the Special Situations, UK Micro-Cap Growth, and Nano-Cap Growth funds alongside Guy Feld.

Guy Feld, Co-Manager Guy, a graduate of Oxford University, has over 25 years of experience in researching and managing small and mid-cap equities. He joined the investment team in 2003 and focuses on the tech sector and growth companies. Guy co-manages the Marlborough Special Situations, Marlborough UK Micro-Cap Growth, Marlborough Nano-Cap Growth, and Marlborough Global Innovation Funds, working alongside Eustace Santa Barbara.
Fund Performance
Risk
Company Description
Quote from the Fund Manager
Nothing better than a growth stock on a value rating.

Eustace Santa Barbara
Co-Manager
Investment process
The team uses its views on the wider economy to filter out large numbers of stocks and sectors, before undertaking analysis through company meetings and stock analysis. IFSL Marlborough Special Situations typically holds around 200 companies to reduce stock-specific risk. Relatively small positions are taken initially, and the managers will then run their winners aggressively, adding to them as their story unfolds. Conversely, losers will be cut quickly. The fund has evolved as it has grown over the years and now invests in both small and medium-sized companies.
Risk
The fund's diversification across a large number of companies and its holdings in medium-sized stocks helps to partially mitigate the risk of investing in very small companies.
ESG
ESG - Limited
Guy and Eustace have 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, the managers spend considerable time with the management teams behind potential investment companies to understand how they treat employees, suppliers and customers as well as their attitude towards their company’s impact on wider society. They specifically look at board composition and do not like seeing one individual filling both the CEO and Chairman roles, or too many unnecessary non-execs. They will often work with boards to improve these factors. Both Guy and Eustace will look for red flags relating to ESG matters, such as environmental pollution, high staff turnover and questionable payment policies, which will greatly reduce the investment appeal, though this is on a case-by-case basis rather than a standardised checklist.