IFSL Marlborough UK Micro-Cap Growth

Introduction to the fund

This fund is similar to the Marlborough Special Situations fund and run by the same managers with the same focus. The main difference being that it invests further down the market-cap spectrum. The managers do many company meetings and undertake detailed analysis of potential stocks. This portfolio typically holds around 200 companies to reduce stock-specific risk. Relatively small positions are taken initially and the managers will add to the stocks as their stories unfold. Conversely, losers will be cut quickly. The fund has underperformed recently during a very difficult time for UK smaller companies but long-term performance remains strong.

Fund manager

Guy Feld, Eustace Santa Barbara



This fund is co-managed by Guy Feld and Eustace Santa Barbara. Guy has more than 20 years’ experience investing in small caps. He joined Marlborough in 2003 and became co-manager of the UK Micro-Cap Growth fund in February 2012. Guy’s specialist area is tech and growth stocks. Eustace has co-managed this fund since January 2021, having joined the company in December 2013, and previously worked as senior investment manager at Close Brothers Asset Management. Giles Hargreave, who had managed the fund since launch, stepped back from his role in January 2021, but continues to lead the team’s weekly investment meeting.

Opinion on fund

This is one of the standout funds in the sector. The Hargreave Hale team is renowned for its small-cap expertise and has delivered exceptional performance for investors over a very long period. The team has a proven capability of adding value through stock selection as a result of company meetings and diligent research. Investors should be aware that this fund is a unit trust, and because it invests in small-caps, it is sometimes subject to swings between the bid and the offer price depending on fund flows.

Fund performance

Documents

Key facts

  • Fund size

    £439.8m

  • Chelsea rating

    Buy

  • Core Selection

    No

  • Chelsea Risk Rating

    8

  • AMC

    0.75%

  • OCF

    0.79%

  • Unit Type

    Acc

  • Yield

    0.56%

  • FundCalibre rating

    Elite Rated

How to invest

Once you know where you want to invest, there are a number of ways you can invest:

  • Log in here and process your instruction
  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.