MI Chelverton UK Equity Growth

Whilst this fund is not very old, James is a veteran of UK small-caps and spent 28 years as a broker. The fund will invest in anything below the FTSE 100, but usually has a lot of small-caps. James initially screens for companies with growth, good cash conversion, reasonable debt and high gross margins. This leaves him and the team with about 250 stocks to analyse. They then undertake more detailed fundamental and valuation analysis. James has excellent knowledge of the small-cap end of the market and this fund has a very sensible process. If small-caps are out of favour, this fund will underperform.

James Baker, Edward Booth, Henry Botting


James Baker has over 30 years of equity market experience, specialising for all of his career in UK small and medium-sized company stocks. He has worked for several organisations over the years, but most notably spent 12 years from 1999 to 2011 as part of the ABN Ambro small & mid-cap sales team. Prior to joining Chelverton, he worked as an assistant fund manager at Rathbones. He graduated from Cambridge with a degree in history.

James is supported by Edward Booth and Henry Botting.

Ed joined the team in 2016 and became a co-manager in 2017. He graduated from the London School of Economics with a degree in Economics with Economic History. He is a qualified chartered accountant. Prior to joining Chelverton, Ed worked as a business analyst for Barclays.

Henry joined Chelverton Asset Management in August 2021 as an assistant fund manager, becoming a fund manager in August 2022. Prior to joining, Henry worked on the Equity Sales team at FinnCap, where he specialised in UK small and micro-cap companies. He has a degree in Economic and Social History from the University of Edinburgh and prior investment management experience at Rathbones and OLIM. Henry is a CFA Charterholder.

This is a truly active fund which completely ignores any benchmark index. We particularly like the clear investment process. Quantitative screens are well-thought out and are combined with a disciplined qualitative assessment.