The PFS Downing UK Micro-Cap Growth fund is now available on the Chelsea FundStore

An alternative to the Marlborough Nano-Cap Growth fund, this fund has been run by Judith Mackenzie since 2011, but remains very small with less than £40m assets under management. Judith uses her stock-picking skills to create strong capital growth by investing in UK-based smaller companies, typically with a market capitalisation of between £20m-£150m. This micro-cap fund has a concentrated portfolio of 25-30 holdings, selected from the Numis Smaller Companies Index. Each chosen company is one which the manager believes to be undervalued by the market. The fund has performed well since Judith took it on and has outperformed its micro-cap peer group, as well as doing well compared with the smaller companies sector average.