WS Gresham House UK Multi Cap Income
This is a concentrated multi-cap income fund with a bias towards smaller companies. Under manager Ken Wotton, who also runs the highly successful Gresham House UK Micro Cap fund, the WS Gresham House UK Multi Cap Income targets an initial yield of 4%.
Most recently, LF Gresham House UK Multi Cap Income fund. Previously LF Livingbridge UK Multi Cap Income fund.
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Ken Wotton, Co-Manager Ken Wotton is Managing Director, Public Equity, and leads the investment team managing public equity investments. He is lead manager for LF Gresham House UK Micro Cap Fund, LF Gresham House UK Multi Cap Income Fund, Strategic Equity Capital plc and manages AIM listed portfolios on behalf of the Baronsmead VCTs. Ken graduated from Brasenose College, Oxford, before qualifying as a Chartered Accountant with KPMG. He was an equity research analyst with Commerzbank and then Evolution Securities prior to spending the past 12 years as a Fund Manager at Livingbridge and now Gresham House specialising in smaller companies.
Brendan Gulston, Co-Manager Brendan co-manages the LF Gresham House UK Micro Cap Fund and the LF Gresham House UK Multi Cap Income Fund, and leads the firm's Healthcare sector investment strategy. Before joining Livingbridge, he spent four and a half years in technology investment banking at Canaccord Genuity. Brendan studied commerce with a focus on finance at Melbourne University.
Ken Wotton, Co-Manager Ken Wotton is Managing Director, Public Equity, and leads the investment team managing public equity investments. He is lead manager for LF Gresham House UK Micro Cap Fund, LF Gresham House UK Multi Cap Income Fund, Strategic Equity Capital plc and manages AIM listed portfolios on behalf of the Baronsmead VCTs. Ken graduated from Brasenose College, Oxford, before qualifying as a Chartered Accountant with KPMG. He was an equity research analyst with Commerzbank and then Evolution Securities prior to spending the past 12 years as a Fund Manager at Livingbridge and now Gresham House specialising in smaller companies.
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Brendan Gulston, Co-Manager Brendan co-manages the LF Gresham House UK Micro Cap Fund and the LF Gresham House UK Multi Cap Income Fund, and leads the firm's Healthcare sector investment strategy. Before joining Livingbridge, he spent four and a half years in technology investment banking at Canaccord Genuity. Brendan studied commerce with a focus on finance at Melbourne University.
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Quote from the Fund Manager
The variety and dynamism of genuinely smaller companies always keeps this job interesting. It’s exciting to back entrepreneurs and help them to grow their businesses.
Ken Wotton
Co-Manager
Investment process
Gresham House deliberately ignores parts of the market, such as oil and gas, mining and property. Instead, the firm concentrates its resources on areas where it thinks it has an edge.
Stocks are initially screened for financial strength and cash flow. The manager then undertakes detailed analysis and makes use of Gresham House's internal resources. Ken focuses on the quality of management teams and their alignment with investors. He also prefers simple businesses with a clear strategy and a large market opportunity. Although WS Gresham House UK Multi Cap Income invests in companies of all sizes, the expectation is that the majority of stocks in the portfolio will be at the smaller end of the market spectrum.
Risk
WS Gresham House UK Multi Cap Income typically holds between 40 and 70 positions. The fund invests heavily in small and micro-caps, which can be volatile and illiquid. These risks are mitigated in two ways: firstly, the fund generally avoids cyclical stocks and sectors which are tied to the economic cycle; secondly, the fund will hold a small component of large-cap stocks which provide better liquidity.
ESG
ESG - Integrated
Gresham House as a business has a commitment to make sustainable investment considerations integral to its approach. This entails exclusions of certain areas of the market, such as oil and gas and mining. These exclusions are a result of both the broader investment philosophy and a sustainable investment framework which enables the company to actively monitor a broad range of issues. Beyond this, Ken looks at all three ESG factors proactively, with an emphasis on governance. During the analysis, Ken will look at inputs such as a company’s carbon emissions, waste management, supply chains and employment safety to identify potential material risks to the business. For governance issues, Ken will look at factors such as board composition, company culture and remuneration policy. Within smaller companies, to which the fund has a bias, management teams have a bigger impact on the fortunes of a business, so identifying issues here is integral to the successful application of ESG analysis in the process.
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