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Andrew Vaughan reunites with Rosemary Banyard at Downing Fund Managers
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Andrew Vaughan has reunited with former colleague Rosemary Banyard on the VT Downing Unique Opportunities Fund (DUO).
The pair formerly worked closely together at Sanford Deland where Rosemary launched and managed the CFP Free Spirit Fund (Free Spirit). Andrew took over management of Free Spirit following Rosemary’s departure from the company in 2019.
Rosemary Banyard comments:
“Andrew has over 20 years of experience in the industry and proven stock-picking abilities. He will generate new ideas as we grow our AUM, but also challenge our existing positions in DUO. We share a common philosophy and investment style which focuses on very good quality businesses with strong finances, superior returns on equity and demonstrable barriers to competition.”
Examples of the ‘unique’ types of companies with the characteristics Rosemary and Andrew typically seek out include fantasy hobby miniatures company Games Workshop; Kainos, an IT provider; Tatton Asset Management, an on-platform discretionary and IFA support services group; and Diploma, a specialised technical products and services provider.
DUO is a relatively concentrated portfolio of between 25-40 positions which adopts an unconstrained approach. The fund invests in UK companies across a broad market cap spectrum but with a focus on UK mid and small-caps, including the Alternative Investment Market (AIM).
The fund recently passed its three-year anniversary, having launched into the teeth of the Covid pandemic. Since launch, the accumulation units in DUO rose by 43.6% to 30 April 2023.
Risk warning: Opinions expressed represent the views of the fund manager at the time of publication, are subject to change, and should not be interpreted as investment advice. Please refer to the latest full Prospectus and KIID before investing; your attention is drawn to the risk, fees and taxation factors contained therein. Please note that past performance is not a reliable indicator of future results. Capital is at risk. Investments and the income derived from them can fall as well as rise and investors may not get back the full amount invested. Investments in this fund should be held for the long-term.
Important notice: This document is intended for retail investors and their advisers and has been approved and issued as a financial promotion under the Financial Services and Markets Act 2000 by Downing LLP (“Downing”). This document is for information only and does not form part of a direct offer or invitation to purchase, subscribe for or dispose of securities and no reliance should be placed on it. Downing does not offer investment or tax advice or make recommendations regarding investments. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England No. OC341575. Registered Office: St Magnus House, 3 Lower Thames Street, London EC3R 6HD.
