One of the co-managers behind a breakout UK smaller companies fund is to step down from the mandate.
The Teviot UK Smaller Companies fund is the stole strategy from Edinburgh boutique Teviot Partners, which was founded by its managers Andy Bamford and Barney Randle in November 2016.
Launched in 2017, the £120m fund has been giving better known rivals a run for their money with its value investment bent catapulting it to the top of the IA UK Smaller Companies sector.
It is the third best performer on a 12-month view, returning 71.4% to investors and outperforming the sector average by 15.9%.
| 3m | 6m | 1y | 3y | |
| Teviot UK Smaller Companies | 6% | 19.4% | 71.4% | 64.3% |
| IA UK Smaller Companies | 7% | 22.5% | 55.4% | 45.4% |
Source: FE Fundinfo
Its punchy performance has put it on the radars of some heavy hitting investors, including Brewin Dolphin, which added the fund to its MI Select Managers UK Equity fund last August, and Hawksmoor Investment Management.
Teviot has alerted shareholders Bamford will be leaving the business he helped create following several organisational changes.
It described Bamford’s exit “as part of an orderly transition” in a letter to shareholders seen by Portfolio Adviser and said he would be succeeded by newcomer Dan Vaughan on the Teviot UK Smaller Companies fund.
Bamford’s future plans are unknown, and Teviot did not respond to Portfolio Adviser’s request for comment. Prior to setting up the £200m boutique with Randle, he was a partner at Aberforth Partners for 14 years, according to his Linkedin profile.
His successor Vaughan joined Teviot in May and is slated to become a partner in late 2021. He was previously head of UK small caps at Columbia Threadneedle until 2013 when he took a career break.
Additionally, Teviot has also appointed Elizabeth Ballantine as compliance officer and recruited Viki Macrae to the team. It told clients the changes would see the firm through the next stage of its evolution.
