Overstone UCITS Global Smaller Companies Fund

Investment objective

The objective of the Fund is to attempt to achieve over the long term a total return in excess of that of the MSCI World Small and Mid Cap Index (with net dividends reinvested). The Fund seeks to achieve its objective through investment in a concentrated portfolio of equity and equity-related securities of primarily small and medium-sized companies, selected from all the major markets and to a lesser extent from emerging markets worldwide. The approach is focussed on valuations and bottom-up fundamental research of individual companies.

Portfolio manager

Harry Fraser

Portfolio Manager

Harry Fraser

Portfolio Manager

Global Smaller Companies Equities

Harry joined OP in August 2011. He was previously employed by Herald Investment Management as a research analyst covering the media sector for a total of 5 years. He graduated from Newcastle University, and is a CFA Charterholder. He manages global smaller companies portfolios, and contributes to the overall investment selection.

Latest publications

Fund particulars

Launch date	01 October 2007
Domicile	Ireland
Structure	UCITS
Base currency	USD
Dealing	Daily
Min. investment	£10,000
Benchmarks	MSCI World Small Mid Cap
	MSCI World

Commentary

Please click here to read this quarter's commentary.

Commentary

Harry Fraser Partner and Portfolio Manager at Oldfield Partners

	1 month	YTD	1 year	Since 2012*	Annualised
	1 month	YTD	1 year	Since 2012*	3 years	5 years	Since 2012*
I USD	-2.4	-3.0	-3.0	+177.6	+1.8	+4.1	+8.2
MSCI World Small Mid Cap	-5.8	+9.6	+9.6	+223.0	+0.9	+6.8	+9.4
MSCI World	-2.6	+18.7	+18.7	+297.4	+6.3	+11.2	+11.2

Cumulative Annualised

	1 month	YTD	1 year	Since 2012*
I USD	-2.4	-3.0	-3.0	+177.6
MSCI World Small Mid Cap	-5.8	+9.6	+9.6	+223.0
MSCI World	-2.6	+18.7	+18.7	+297.4

	3 years	5 years	Since
I USD	+1.8	+4.1	+8.2
MSCI World Small Mid Cap	+0.9	+6.8	+9.4
MSCI World	+6.3	+11.2	+11.2

Preceding five calendar years performance	2024	2023	2022	2021	2020
Fund (I shares)	-3.0	+30.2	-16.4	+7.6	+7.5
MSCI World Small Mid Cap	+9.6	+15.6	-18.9	+16.7	+15.8
MSCI World	+18.7	+23.8	-18.1	+21.8	+15.9

Preceding five calendar years performance

	2024	2023	2022	2021	2020
Fund (I shares)	-3.0	+30.2	-16.4	+7.6	+7.5
MSCI World Small Mid Cap	+9.6	+15.6	-18.9	+16.7	+15.8
MSCI World	+18.7	+23.8	-18.1	+21.8	+15.9

The I USD shares launched on 1 Oct 2009. The Overstone Smaller Companies Fund merged into the Overstone UCITS Global Smaller Companies Fund on close of business 13 September 2016. The performance shown for the I shares is that of the Overstone Smaller Companies Fund, a sub-fund of Overstone Fund plc, from inception up to 13 September 2016 and of the Overstone UCITS Global Smaller Companies Fund from 14 September 2016 onwards. *Since 2012 performance reflects the period from when Harry Fraser became portfolio manager of the Global Smaller Companies strategy, on 01 January 2012. Performance is calculated net of all fees and expenses and on a total return basis, inclusive of all distributions to unit holders.
MSCI World index is for comparison purposes only.
Source: Oldfield Partners.

The value of all investments and the income from them can go down as well as up; this may be due, in part, to exchange rate fluctuations. Past performance is not a guide to future performance.

Sector breakdown (%)

Consumer Discretionary	22.7
Consumer Staples	18.2
Energy	14.6
Industrials	14.5
Financial Services	7.2
Health Care	4.5
Insurance	4.3
Banks	3.5
Real Estate	3.5
Communication Services	2.9
Information Technology	2.0
Cash	2.1

Country breakdown (%)

United Kingdom	30.7
Germany	12.9
United States	10.6
China/Hong Kong	8.4
Canada	8.1
Japan	6.9
France	4.5
Poland	3.7
Greece	3.5
South Korea	2.3
Switzerland	2.1
Turkey	2.0
Italy	2.0
Cash	2.1

Top 10 holdings (%)

	Weight	1 month total return (%)*
	Weight	MTD*	QTD*
J D Wetherspoon	8.8	-6.5	-17.9
Hellofresh	8.4	+1.7	+27.2
Jet2	7.9	+0.6	+13.1
First Pacific	7.5	+2.7	+12.3
Serica Energy	6.1	+5.1	+8.2
Trigano	4.5	+2.2	+7.1
Draegerwerk Pref	4.5	+6.8	-0.5
Allegiant Travel	4.5	+16.9	+82.9
Fairfax	4.3	-0.9	+17.7
Frasers Group	4.0	-17.2	-27.0

Weight 1 month total return*

J D Wetherspoon	8.8
Hellofresh	8.4
Jet2	7.9
First Pacific	7.5
Serica Energy	6.1
Trigano	4.5
Draegerwerk Pref	4.5
Allegiant Travel	4.5
Fairfax	4.3
Frasers Group	4.0

	MTD*	QTD*
J D Wetherspoon	-6.5	-17.9
Hellofresh	+1.7	+27.2
Jet2	+0.6	+13.1
First Pacific	+2.7	+12.3
Serica Energy	+5.1	+8.2
Trigano	+2.2	+7.1
Draegerwerk Pref	+6.8	-0.5
Allegiant Travel	+16.9	+82.9
Fairfax	-0.9	+17.7
Frasers Group	-17.2	-27.0

Fund characteristics

	Fund	Benchmark
P/E ratio (fwd)	8.1	16.4
P/B ratio (hist)	1.2	2.0
Gross div. yield (fwd)	3.7	2.3

Active share (%)**	99.9

*Inclusive of portfolio activity.
**Active share is calculated using the sum of the absolute value of the differences of the weight of each holding in the manager’s portfolio versus the weight of each holding in the benchmark index, divided by two.
All data as at 31 December 2024.
Source: Oldfield Partners.

Literature

The Overstone UCITS Fund plc applies the UK Stewardship Code Statement of Oldfield Partners LLP as its shareholder engagement policy.

The Overstone UCITS Global Smaller Companies Fund is a constituent of the Oldfield Partners Smaller Companies Equity Composite.

Oldfield Partners LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Oldfield Partners LLP has been independently verified for the periods 1 January 2000 to 31 December 2011 by HSBC Securities Services and from 1 January 2012 to 31 December 2018 by Ernst & Young LLP. To receive a copy of a GIPS® compliant presentation and/or a list and description of our composites, please contact us.

Share class details

	AMC*	OCF**	SEDOL	Bloomberg	ISIN
I USD	0.65%	1.00%	BD3H6C2	OCUSCIU ID	IE00BD3H6C20
A USD	1.00%	1.35%	BD3H688	OVUSCAU ID	IE00BD3H6883
I GBP Hedged	0.65%	1.00%	BD3H6D3	OVUSCIG ID	IE00BD3H6D37
I GBP	0.65%	1.00%	BL53TS1	OVGSCOU ID	IE000SKL79B0

*AMC - Annual management charge

**OCF - Ongoing charge figure

Please note that the shares in the Fund are not marketed to investors resident in certain member states of the European Economic Area (EEA). If you are not resident in the EEA or would like to receive further information regarding the states in which the shares in the Fund are marketed, please contact us.

Overstone UCITS Global Smaller Companies Fund

Investment objective

Fund particulars

Portfolio manager

Harry Fraser

Investment objective

Portfolio manager

Harry Fraser

Fund particulars

Commentary

Commentary

Commentary

Commentary

Commentary

Commentary

Preceding five calendar years performance

Sector breakdown (%)

Country breakdown (%)

Top 10 holdings (%)

Fund characteristics

Literature

Share class details

Global Smaller Companies Strategy

Latest publication

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Overstone UCITS Global Smaller Companies Fund

Investment objective

Fund particulars

Portfolio manager

Harry Fraser

Harry Fraser

Latest publications

Latest publications

Investment objective

Portfolio manager

Harry Fraser

Harry Fraser

Latest publications

Latest publications

Fund particulars

Commentary

Commentary

Commentary

Commentary

Commentary

Commentary

Preceding five calendar years performance

Sector breakdown (%)

Country breakdown (%)

Top 10 holdings (%)

Fund characteristics

Literature

Select share class

Share class details

Global Smaller Companies Strategy

Latest publication

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