The company offers investors a rare opportunity to invest, via a closed-ended vehicle in the micro cap part of the market, into companies with a market capitalisation of less than £100 million.

Why UK micro cap?

Investors can have access to the vast potential of opportunity in this under-researched sector, which our specialist team has the ability to analyse through their proven Potential, Valuation and Timing (PVT) process.

By virtue of operating within a closed-ended vehicle, we can take a high-conviction, concentrated approach  holding approximately 40 stocks  which is not usually possible with open-ended structures.

Investment philosophy and process

The portfolio manager invests according to River and Mercantile's long established PVT philosophy, where stocks are evaluated by a combination of their potential to create value, their valuation and the timing of buying into a position.

Sophisticated quantitative analysis and intelligent screening finds only the best opportunities for the manager and investment team to debate and validate by applying rigorous fundamental research.

Investment facts

AUM

Estimated NAV £93.9m as at 31 October 2020

Benchmark

Numis Smaller Companies + AIM (ex ICs)

Fund manager

George Ensor

Performance

About the fund manager

George_Ensor

George Ensor
Portfolio Manager

George graduated from Bristol University with an Upper Second Class degree in Chemistry in 2008 before joining Smith & Williamson Investment Management as a graduate trainee where he worked for five years as an analyst and Private Client Investment Manager.

George joined R&M in March 2014 as a UK equity analyst and is currently Portfolio Manager of the UK Micro Cap Investment Company Limited. George is a CFA charter holder.

George_Ensor

Speak to our team

Simon Smith

Head of Wholesale Distribution

Simon Smith

Head of Wholesale Distribution

Simon is Managing Director, and Head of UK Wholesale Distribution, responsible for creating a market leading customer centric distribution business working with wealth managers across the UK for the benefit of investors. Simon has spent a 25 year career working for some of the industry's leading asset managers including M&G, Standard Life Investments and most recently nine years overseeing the growth of Merian UK Wholesale (Old Mutual Global Investors).

Tom De Lisle

Sales Director, London

Tom De Lisle

Sales Director, London

Tom is Sales Director for London within the Wholesale Distribution team. He looks after a wide range of clients including Discretionary Wealth Managers, Multi Managers, Family Offices, Private Banks and Global Financial Institutions. Tom joined R&M in February 2013. He started his career in financial services in 2004 at a London stockbroking firm advising high net worth individuals on US stocks and helped launch the alternative investments division. He then moved to Neptune Investment Management in 2007 as Sales Manager covering the London and Greater London area and also became Head of Family Office Business Development. Tom has a degree in Modern and Medieval French from the University of Oxford, he holds the IMC certificate and is a member of the CFA UK Society.

Marcus Honig

Sales Director, London & South East

Marcus Honig

Sales Director, London & South East

Marcus graduated from Glasgow University with an MA (Hons) degree in 2001. Throughout his career in financial services Marcus has worked for companies including Chase de Vere, Scottish Widows and Neptune Investment Management, before joining R&M in June 2017. Marcus holds the CII Level 4 Diploma in Regulated Financial Planning as well as the Certificate in Discretionary Investment Management. He is an experienced Sales and Distribution professional with strong client relationships across the UK.

Martin Canavan

Sales Director, North England, Scotland, Ireland & Isle of Man

Martin Canavan

Sales Director, North England, Scotland, Ireland & Isle of Man

About the River and Mercantile UK Micro Cap Investment Company

River and Mercantile UK Micro Cap Investment Company Limited is a closed-ended investment company limited by shares, registered and incorporated in Guernsey under the Companies Law on 2 October 2014, with registered number 59106. It is regulated in Guernsey by the Guernsey Financial Services Commission (GFSC).

The Company is a non-cellular investment company and has been declared by the GFSC to be a registered closed-ended collective investment scheme. The manager of the Company is Carne Global AIFM Solutions (C.I.) Limited (the “Manager”), which has delegated portfolio management to River and Mercantile Asset Management LLP (the “Portfolio Manager”). However, the Board will actively and continuously supervise both the Manager and the Portfolio Manager in the performance of their respective functions.

The Company’s investment objective is to achieve long term capital growth from investment in a diversified portfolio of UK Micro Cap Companies, typically comprising companies with a free float market capitalisation of less than £100m at the time of purchase.

Carne Global AIFM Solutions (C.I.) Ltd has been appointed as Manager to the fund under the terms of the AIFM Agreement.

Carne Global AIFM Solutions (C.I.) Ltd is a Jersey incorporated company specialising in the provision of AIFM Management Company Services and is regulated by the Jersey Financial Services Commission for the conduct of Fund Services Business. The company was incorporated on the 21 July 2014 and is 100% owned by the ultimate parent company being Carne Global Financial Services Ltd (Ireland).

Carne Global Financial Services Ltd (Ireland) is a privately owned company incorporated in Ireland and is the ultimate parent company to the Carne Group.

The Association of Investment Companies

River and Mercantile UK Micro Cap Investment Company Limited Is a non-cellular investment company. For more details on investment companies, please visit the AIC.

"Markets have been through a very difficult period through the continued impact of Covid-19. However, our cautious investment strategy - with an absence of leverage - has enabled the Company to remain resilient through this period of crisis and disruption."

Andrew Chapman, Chairman of river and mercantile uk micro cap investment company. may 2020

2020 Interim Report

Governance

Learn more about the Board of Directors, the governance committees and Terms of Reference.

Regulatory news

Read the latest RNS releases from River and Mercantile Group PLC.

Financial calendar

Financial year end

30 September

Interim reporting period

31 March

First reporting period

31 December & 30 June

Interim management statements

31 March, 2015

Manager

Carne Group

Channel House
Green Street
St Helier
Jersey
JE2 4UH

Phone: 01534 679510
www.carnegroup.com

Company Registrar
Company secretary
Buying and Selling Shares
Media enquiries

Latest perspectives

Integrating ESG risks: Looking beyond the headline number

Integrating ESG risks: Looking beyond ...

Article November 17, 2020

COVID-19 pushed Environmental, Social and Governance (ESG) risks to the backburner for many trustee boards.…

5 min read

ESG Momentum: a way to add value to your portfolio?

ESG Momentum: a way to ...

Article November 17, 2020

It is fair to say that Environmental, Social and Governance (“ESG”) has been the investment…

5 min read

Europe Masterclass: November 2020

Europe Masterclass: November 2020

Video November 15, 2020

James Sym, manager of the ES R&M European Fund joins the Asset TV Europe Masterclass,…

Learn more

Picking the wrong master trust could cost members £300 a week

Picking the wrong master trust ...

Article November 10, 2020

We previously wrote about the importance of setting objectives for Defined Contribution (DC) schemes -…

4 min read