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

Estimated NAV

£108.5m as at 31 October 2021


Numis Smaller Companies + AIM (ex ICs)

Fund manager

George Ensor


Views from the manager

Watch the latest webinar with George Ensor in which he discusses the portfolio, the market and his current thinking re positioning and outlook.

Please note that this webinar is hosted by BrightTALK, a free service which does require users to register with their name and a valid email address. 

About the fund manager

photo of 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.

photo of George Ensor

Speak to our team

Simon Smith

Head of Wholesale Distribution

Simon Smith

Head of Wholesale Distribution

Simon Smith 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

photo of Marcus Honig

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

Martin began his career in asset management sales in 1996 with Deutsche Bank. He has since held roles with AEGON Asset Management and Merian Global Investors (formerly Old Mutual), before joining R&M in August 2020. He is a highly experienced Sales professional with strong relationships across a range of client segments, covering the UK, Isle of Man and Ireland. Martin holds the Investment Management Certificate.

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.

In the world of UK micro-caps, valuations are attractive and the lack of broker guidance for smaller companies leaves an excellent opportunity for uncovering profitable gems.

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

2020 Annual Report


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


Carne Group

Channel House
Green Street
St Helier

Phone: 01534 679510

Company Registrar
Company secretary
Buying and Selling Shares
Media enquiries

Latest perspectives

Dan Hanbury on… the current opportunity for UK smaller companies

Dan Hanbury on… the current ...

Video 25 November, 2021

Dan discusses how his fund looks to exploit the current opportunities in UK small caps.

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Why the ‘because of staglation’ narrative is wrong

Why the ‘because of staglation’ ...

Article 21 November, 2021

Hugh Sergeant explains why he believes that the “because of stagflation” anti-consumer stock narrative is…

3 min read

Finding patterns in the prosaic

Finding patterns in the prosaic

Article 4 November, 2021

William Lough, Portfolio Manager at River and Mercantile, considers how the team’s proven and repeatable…

5 min read

James Sym on… his approach to selecting ESG stocks

James Sym on… his approach ...

Video 12 October, 2021

James Sym discusses his valuation conscious approach to selecting ESG stocks for his European equity…

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