Word on the Street
#233: Downing - What challenges do investors face in the UK small and medium-sized market?
Sep 5, 2023
Judith Mackenzie, Head of Downing Fund Managers, discusses challenges and opportunities in UK small and medium-sized market, including due diligence, corporate behavior, and impact of the pandemic. They focus on unique companies with low debt and management stake, and the need to control what they can in the market.
15:04
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Quick takeaways
- Judith McKenzie and her team at Downing Fund Managers prioritize governance in smaller companies, actively managing positions and making board changes when necessary.
- Downing Fund Managers prioritize due diligence on management teams, spending significant time analyzing reporting accounts and focusing on high management alignment.
Deep dives
Investing in UK Companies
Judith McKenzie, head of Downing Fund Managers, specializes in investing in UK companies, including renewables and properties. Downing fund managers are focused and passionate about what they do, managing focused portfolios of 25 to 40 stocks. Due diligence is crucial, especially for smaller companies, where information may be limited. However, this limited coverage also presents opportunities for active investors. Many UK smaller companies have an international profile, with a significant portion of their earnings coming from overseas.
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