Fund overview and investment objective

The investment objective of the Fund is to seek to produce long term capital growth in excess of the FTSE All Share Index. The fund will focus on the managers best investment ideas. The fund will invest in great businesses, earning good returns, available at attractive valuations.

The fund’s main investment features include

• Concentrated, best ideas product.
• The fund invests primarily in UK quoted companies and is unconstrained by size.
• Focusing on undervalued companies that have sound fundamentals. Our preference is for simple, understandable businesses that may be out of favour for some reason.

Fund’s investment strategy

• The product's investment philosophy is value orientated.
• The strategy employs screening followed by intensive company research to confirm candidates for the portfolio.
• Portfolio candidates must be purchased at a significant discount to our estimate of their intrinsic value. Investments are not made where the manager is unable to calculate intrinsic value.

Fund Manager profile

Sean O’Flanagan started his investment management career at BWD Rensburg plc (since renamed Rensburg Sheppards plc) in 1998. In 2002 he joined Unicorn Asset Management Limited and was responsible for creating one of the largest and most successful AIM based Venture Capital Trust divisions in the UK (source: taxefficientreview.com). Sean joined Collins Stewart in 2006 to launch the UK Catalyst Fund and an Inheritance Tax Portfolio Service. He was co-manager of the Unicorn Free Spirit Fund between mid 2002 and February 2006. The Free Spirit Fund was the best performing open ended Fund in the UK All Companies category over this period.