Marlborough Multi-Cap Growth A Inc

•  Invests in leading UK companies with a sustainable competitive advantage
•  Unconstrained approach with stocks selected from across market cap spectrum
•  Manager works with support of a large and experienced investment team
•  Portfolio is diversified by theme, sector, style, currency of earnings and market cap

The Marlborough Multi-Cap Growth Fund invests in a portfolio of what Manager Richard Hallett believes to be the UK’s leading companies – regardless of their size.

Richard looks for companies with a sustainable competitive advantage that will allow them to go on growing throughout the business cycle, in challenging economic conditions as well as in more positive ones.

He holds a portfolio of between 35 and 55 stocks selected from across the market cap spectrum, so the portfolio includes businesses from the FTSE 100, FTSE 250 and AIM indices.

Identifies superior business models 

While investment decisions are informed by a macroeconomic view, Richard is primarily a stock-picker and, working with a sizeable and experienced team, he identifies companies that have a superior business model to their competitors and are able to use that edge to grow faster and increase their market share. 

That edge may be in superior management, branding, distribution, sales and marketing, product innovation, research and development, intellectual property or, more likely, a combination of a number of these attributes.

A key element of the investment process is fundamental analysis of a company’s balance sheet, accounting policies, cash generation, asset value and likely business risks. There is a preference for organic rather than acquisition-led growth and a particular focus on quality of earnings, which should enable the company to grow throughout the business cycle.

Unconstrained approach

Richard is free of the constraint of benchmarks that might require him to have specified weightings to particular UK stock market indices. Instead he is able to make investment decisions based purely on what he judges to be the growth potential of a company.

He manages risk by holding a portfolio diversified by investment theme, sector, style, currency of earnings and market capitalisation.

Risk Warning: The value of investments and the income from them may fall as well as rise and you may not get back the amount you originally invested. The Fund invests mainly in the UK. Therefore it may be more vulnerable to market sentiment in that country.