Downing Fund Managers

Downing Fund Managers is a boutique of established managers offering specialist single strategy portfolios that they believe have the potential to offer attractive long-term returns.

add

Boutique asset manager

that draws on Downing's 30-year track record.

add

Award winning fund managers

Judith MacKenzie and Rosemary Banyard.

info
add

4 specialist funds

under one roof.

info
add

Private equity approach

to stock picking. 

info

Your capital is at risk and you may not get back the full amount you invested. Investments in these funds/trust are for the long term and higher risk compared to investments solely in larger, more established companies. Please read full details of the risks here.

Understanding Downing Fund Managers

  • What's our story so far?

    We're a boutique asset management company. Here's our story so far:

    • 2009 – Judith MacKenzie joins Downing LLP after 9 years at Aberdeen Asset and 2 years at Acuity Capital, a management buyout from Electra.
    • 2011 – MacKenzie establishes Downing Public Equity and takes over the Downing UK Micro-Cap Growth Fund.
    • 2012 – James Lynch joins Downing LLP as part of the unlisted team, before transferring to Downing Public Equity in 2013.
    • 2013 & 2015 – Judith MacKenzie is named Small Cap Fund Manager of the Year at the Small Cap Awards for the Downing UK Micro-Cap Growth Fund. 
    • 2016 – Downing take over the Querns Monthly Income Fund, which is rebranded Downing Monthly Income Fund and managed by Lynch.
    • 2017 – Downing launch the Strategic Micro-Cap Investment Trust.
    • 2020 – In March, Downing Public Equity rebrands to Downing Fund Managers and launches VT Downing Unique Opportunities Fund – for new recruit Rosemary Banyard. 
  • Who are Downing Fund Managers?

    VT Downing Unique Opportunities Fund managed by Rosemary Banyard. 

    Launched in March 2020, the VT Downing Unique Opportunities Fund focuses on UK small and mid-cap companies that are considered ‘unique’ because they can achieve above average returns on capital, based on a sustainable competitive advantage. The fund adopts an unconstrained approach, investing in UK companies across the market cap spectrum, including the FTSE100, mid and small cap, and the Alternative Investment Market (AIM). The fund aims to have a relatively concentrated portfolio of between 25-40 positions. 

    Downing Monthly Income Fund managed by James Lynch.

    The Downing Monthly Income Fund aims to achieve a high level of income, together with long-term capital growth. We have a high conviction approach to income investing and the fund's strategy is to unlock value in a concentrated portfolio of profitable smaller businesses that have a sustainable competitive advantage and strong management teams - at the right price. We focus on companies whose efficient operations and strong balance sheets allow them to pay secure and growing dividends. 

    Downing Strategic Micro-Cap Investment Trust plc. managed by Judith MacKenzie.

    The Downing Strategic Micro-Cap Investment Trust seeks to provide investors with long-term capital growth through a concentrated portfolio of UK listed companies, typically with a market capitalisation below £150 million. The trust intends to take influential positions in businesses believed to be undervalued and that could benefit from strategic and operational initiatives to drive performance and unlock shareholder value.

    Downing UK Micro-Cap Growth Fund managed by Judith MacKenzie and Nick Hawthorn.

    The Downing UK Micro-Cap Growth Fund aims to invest in a concentrated portfolio of between 25-40 UK companies - typically those with market capitalisations between £20 and £350 million. The fund seeks to generate capital growth, whilst retaining a strong focus on capital preservation. We aim to outperform returns from other UK small-cap equity funds by selecting investments that we believe are undervalued by the market.

  • What are the key risks of investing with Downing Fund Managers?

    Our investment funds and trust are not suitable investments for everyone, so we recommend seeking financial advice. As with all investments, there are risks you should be aware of and comfortable with before you invest.

    • The value of your portfolio can go down as well as up so your capital is at risk and there is no guarantee you will get your investment back.
    • Any income received from your investment can rise and fall
    • The past performance of a fund/trust is not a reliable indicator of future results.
    • In difficult market conditions, the value of some investments may be less predictable than normal and the fund/trust may not be able to buy and sell these investments at the best time or at a fair price. 
    • Investments in the Downing Monthly Income Fund, Downing Strategic Micro-Cap Investment Trust, Downing UK Micro-Cap Growth Fund and VT Downing Unique Opportunities Fund are generally higher risk compared to investments in blue chip companies on a main stock exchange. The companies may be more volatile and less liquid. 

    Please note this is only a brief overview of the risks. Please read full details of all the risks here before investing.