Unicorn manager passes away

It is with extreme sadness that we share the news that Unicorn Asset Management's John McClure has passed away.

McClure was one of the UK's most acclaimed smaller companies investors, and managed the Unicorn UK Income, UK Growth and UK Smaller Companies funds, as well as the Acorn Income investment trust.

Unicorn does operate a team-based approach to investing, but John McClure was a key figure in that team. As a consequence, Chelsea has downgraded the Unicorn UK Income and Smaller Companies funds, which were previously a 'buy' rating, to a 'hold'. These ratings will be reviewed when Chelsea's research team have had an update meeting with the other managers.