Gresham House hit £500mn milestone on UK income fund

Gresham House defies sentiment to surpass £500mn milestone on UK Multi Cap
Income Fund. 

Defying negative sentiment towards UK equities, the fund is one of few in the IA UK Equity Income sector to secure net inflows so far this year.

The fund is managed by Ken Wotton and Brendan Gulston, whose meticulous private equity approach to selecting and investing in high-quality, publicly listed companies has helped generate 51.3% performance since its inception in June 2017 to 31 October 2023. This is more than triple the performance of the IA UK Equity Income sector, which returned 13.9% over the same period, demonstrating the team’s ability to identify compelling income opportunities in under-researched areas across the UK market cap spectrum.

The fund has grown in size by more than ten times since the investment team joined Gresham House in November 2018 as part of its acquisition of the Livingbridge fund management business. The managers target high-quality niche growth businesses with robust fundamentals via a highly selective investment process. By populating the portfolio with established and cash generative businesses, Wotton and Gulston have been able to minimise downside pressure during several periods of heightened market volatility.

The WS Gresham House UK Smaller Companies fund, which launched in 2019 and is managed by Wotton, has also enjoyed steady inflows this year and is fast approaching the £100mn milestone.

Ken Wotton, co-portfolio manager of the WS Gresham House UK Multi Cap Income Fund, said:

“Bull markets, bear markets, dramatic changes in inflation and interest rate environments, and style shifts oscillating from growth to value and back again – in the six years since launch, this fund has operated through some of the most volatile markets I’ve seen in my career. What hasn’t shifted is our private equity approach to public markets and steadfast focus on business fundamentals, which have allowed us to navigate the ever-changing environment effectively and consistently.

“The UK is currently home to some of the most attractively valued publicly-listed investment opportunities – even if the stock exchange has not realised it yet. This was also the case in 2009 and 2010, in the aftermath of the financial crisis, and some of the best investments I’ve ever made were in that period when it felt quite uncomfortable.

“The investment team have done themselves proud maintaining the strong investment track record and the sales team have done a wonderful job swimming against the tide of persistent outflows from UK equity funds. We’re grateful for the trust placed in us by both new and existing investors who backed us from the start.”

 

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