The Company currently conducts its affairs so that its shares can be recommended by IFAs to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company's shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
Mrs Balfour managed equity portfolios for Stewart Ivory, Baillie Gifford and, latterly, Axa Framlington. She is a non-executive director of British Empire Trust plc, Martin Currie Asia Unconstrained Trust plc, F&C Global Smaller Companies PLC and Scottish Friendly Assurance.
Mr Gibbs worked for the Fleming Group, after which he helped set up and run two Far Eastern brokerages before joining J.O. Hambro (latterly Waverton). Mr Gibbs is now Chairman of the Burdett Trust and an independent non-executive Director of the M&G Charibond Charities Fixed Interest Common Investment Fund and a member of the Advisory Committee of the M&G Equities Investment Fund for Charities.
Mrs Richards is a former senior partner at Deloitte LLP. She is currently a non-executive director and the chair of the audit committee of Wm Morrison Supermarkets PLC, a non-executive director of The Monks Investment Trust plc, Avast plc and Phoenix Group Holdings. Mrs Richards is a former director of Aviva UK Life and Pensions, Balfour Beatty plc, Grainger plc and Friends Life Group plc.
Mr Macpherson’s experience spans 30 years of working in corporate finance and capital markets, with Noble, Merril Lynch and Lazard in London, Asia, New York and Edinburgh. He is currently the non-executive chairman of Pacific Horizon Investment Trust plc and the non-executive chairman of Henderson Diversified Income plc. Mr Macpherson is a former director of JP Morgan Elect Plc. In addition, he is a trustee of the Scottish Policy Foundation and a director of Noble & Company (UK) Limited.
Angus Macpherson appointed 1 February 2020, he is also a member of all the committee meetings.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.
The Company invests in smaller companies that may be less liquid than in larger companies and price swings may therefore be greater than investment companies that invest in larger companies.
The Company will invest solely in the companies of one country or region. This can carry more risk than investments spread over a number of countries or regions.
The Company holds investments denominated in currencies other than sterling, investors should note that exchange rates may cause the value of these investments, and the income from them, to rise or fall.
The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.