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

£59.4m as at 31 October 2022


Numis Smaller Companies + AIM (ex ICs)

Fund manager

George Ensor


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 and the ES River and Mercantile UK Listed Smaller Companies Fund. George is a CFA charter holder.

photo of George Ensor

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

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