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.
• Managed by David Shapiro who has 20 years experience researching and managing UK equities.

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

David Shapiro joined Collins Stewart Fund Management in August 2007 to launch the UK Focus Fund. He has been a stockbroker and fund manager for over 20 years.

Prior to joining Collins Stewart Fund Management he was head of UK Value at Morley Fund Management managing over £4.5bn.

Prior to this he managed funds at UBS Asset Management, Montanaro, the Universities Superannuation Scheme (USS) and Manulife. During his time at UBS Asset Management he was also responsible for Pan-European sector funds.