An update from our co-managers, Abby Glennie and Amanda Yeaman - 25 August 2021
We feel in a very positive place about the outlook for the rest of this year and beyond. Small and mid caps tend to lead a market recovery, and companies in our portfolio are reporting strongly driving earnings upgrades. Performance in recent months has been very encouraging, and the value rally feels a long way behind us now. The IPO market remains busy, however this summer season is quieter for listings- we expect this to accelerate again later in the year. As always we remain very selective about our participation, however we are meeting many businesses at pre-IPO stage to get a better understanding of the business models and whether they fit our investment process. M&A remains a busy topic in the UK, and whilst many of these bids are for recovery stocks in somewhat opportunistic approaches, we have had some interest (Ultra Electronics). Bids are coming heavily from Private Equity who are sitting on buckets of cash, but also from trade buyers- with UK assets looking attractive relative to other regions, and the FX weakness of £ over recent years also helping their attractiveness to international buyers. As always, company engagement remains key to our ability to identify the quality growth momentum businesses we like to back, and whilst we are in the quieter summer season, we look forward to the next reporting period with optimism over further earnings upgrades. Encouragingly, balance sheets are in a strong position, and we are seeing dividend growth coming through and are well way on our way to a more normal dividend situation across the portfolio.
Abby Glennie is an Investment Director at abrdn. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined the company in 2013 from Kames Capital where she was an Investment Analyst
Abby graduated with a joint 1st MA, in Economics and Finance from University of Aberdeen and is a CFA charterholder.
Amanda is an Investment Manager at abrdn. Amanda is responsible for providing research support predominantly for our UK Smaller Companies strategy but also to the wider Smaller Companies team. Amanda Joined the company in June 2019 from Investec Securities where she was a small and mid-cap equity sales specialist.
Investment Director
Abby Glennie is an Investment Director at abrdn. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined the company in 2013 from Kames Capital where she was an Investment Analyst
Abby graduated with a joint 1st MA, in Economics and Finance from University of Aberdeen and is a CFA charterholder.
Investment Manager
Amanda is an Investment Manager at abrdn. Amanda is responsible for providing research support predominantly for our UK Smaller Companies strategy but also to the wider Smaller Companies team. Amanda Joined the company in June 2019 from Investec Securities where she was a small and mid-cap equity sales specialist.
Robert Lister, appointed in March 2012, is a non-executive director of Investec Wealth and Investment Limited. He has over 20 years' experience of investment management and formerly global head of equities at Dresdner Kleinwort and head of European equities at Barclays de Zoete Wedd.
David Fletcher, appointed on 1 August 2016, is Group Finance Director of Stonehage Fleming Family & Partners, a leading independently owned family office, having joined in 2002. Prior to that, he spent 20 years in investment banking with JPMorgan Chase, Robert Fleming & Co. and Baring Brothers & Co Limited, latterly focused on financial services in the UK (asset management and life insurance). He started his career with PricewaterhouseCoopers and is a chartered accountant. He is also an independent non-executive director of JP Morgan Claverhouse Investment Trust plc.
Dagmar Kent Kershaw, appointed on 2 May 2017, has over 20 years’ investment experience specialising in credit and structured finance markets. She was Head of Credit Fund Management for Europe and Asia-Pacific at Intermediate Capital Group from 2008 until 2016. Prior to that she was the founder and Head of Structured Products at Prudential M&G and was also Head of Debt Private placements. Her previous experience in credit markets included roles at Scotiabank and NatWest Bank.
Christopher, has over 30 years’ experience in investment management, having been an investment manager at Newton Investment Management from 2006-2017, and prior to that at Schroder Investment Management and Henderson Administration Group.
He is currently a non-executive director of Martin Currie Global Portfolio Trust plc and JP Morgan US Smaller Companies Investment Trust plc.
Chairman
Robert Lister, appointed in March 2012, is a non-executive director of Investec Wealth and Investment Limited. He has over 20 years' experience of investment management and formerly global head of equities at Dresdner Kleinwort and head of European equities at Barclays de Zoete Wedd.
Independent Non-Executive Director
David Fletcher, appointed on 1 August 2016, is Group Finance Director of Stonehage Fleming Family & Partners, a leading independently owned family office, having joined in 2002. Prior to that, he spent 20 years in investment banking with JPMorgan Chase, Robert Fleming & Co. and Baring Brothers & Co Limited, latterly focused on financial services in the UK (asset management and life insurance). He started his career with PricewaterhouseCoopers and is a chartered accountant. He is also an independent non-executive director of JP Morgan Claverhouse Investment Trust plc.
Independent Non-Executive Director
Dagmar Kent Kershaw, appointed on 2 May 2017, has over 20 years’ investment experience specialising in credit and structured finance markets. She was Head of Credit Fund Management for Europe and Asia-Pacific at Intermediate Capital Group from 2008 until 2016. Prior to that she was the founder and Head of Structured Products at Prudential M&G and was also Head of Debt Private placements. Her previous experience in credit markets included roles at Scotiabank and NatWest Bank.
Independent Non-Executive Director
Christopher, has over 30 years’ experience in investment management, having been an investment manager at Newton Investment Management from 2006-2017, and prior to that at Schroder Investment Management and Henderson Administration Group.
He is currently a non-executive director of Martin Currie Global Portfolio Trust plc and JP Morgan US Smaller Companies Investment Trust plc.
| Year End | 31 December |
| Accounts Published | May |
| Annual General Meeting | April |
| Dividend Paid | January, April, July, October |
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