IFSL Marlborough UK Micro-Cap Growth
(Class A Accumulation [GBP])
Onshore Unit Trust

Performance

Cumulative Performance (%)

	3m	6m	1Yr	3Yr	5Yr
Fund	8.95%	3.09%	-1.49%	-7.77%	10.40%
Sector	9.76%	1.97%	1.33%	6.42%	27.57%
Rank	25/44	19/44	25/43	35/43	34/41
Quartile	3	2	3	4	4

Discrete Performance (%) - to last month end

	05/20 to 05/21	05/21 to 05/22	05/22 to 05/23	05/23 to 05/24	05/24 to 05/25
Fund	61.32%	-20.69%	-19.76%	12.45%	-5.03%
Sector	52.66%	-14.23%	-12.57%	14.53%	-2.54%
Rank	13/41	38/42	38/43	26/43	25/43
Quartile	2	4	4	3	3

Fund Aims

The aim of the Fund is to provide capital growth, that is, to increase the value of your investment, over a minimum of 5 years, however, there is no certainty this will be achieved.

Fund Managers

Guy Feld manager for: 13 years 4 months

Guy, a graduate of Oxford University, has over 25 years’ City experience dedicated to the research and fund management of small and mid-cap equities. He joined the investment team in 2003 and has a particular focus on the tech sector and other ‘new economy’ and growth companies. Working with Eustace Santa Barbara, Guy co-manages Marlborough Special Situations, Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth. He is also Manager of the Marlborough Technology Fund.

Eustace Santa Barbara manager for: 4 years 5 months

Eustace, a graduate of Harvard University, joined the investment team from Close Brothers in December 2013. He has worked as both an analyst and fund manager and has over 16 years’ experience on the buy side. Working with Guy Feld, Eustace co-manages Marlborough Special Situations, Marlborough UK Micro-Cap Growth and Marlborough Nano-Cap Growth.

Fund Overview

Price

Bid 783.50p

Offer 783.50p (16/06/2025)

Historic yield

0.00%

Fund size

£488.4m

Number of holdings

161

Initial charge

5.00%

Annual Management Charge

1.50%

Ongoing Charges

1.54%

Top 10 Holdings
Stock Name	% Weight
ALPHA GROUP INTERNATIONAL	3.4%
FILTRONIC	3.4%
ACTIVEOPS	2.1%
TRUSTPILOT GROUP	1.9%
BOKU INC	1.7%
ZEGONA COMMUNICATIONS	1.7%
CONCURRENT TECHNOLOGIES	1.6%
SIGMAROC	1.6%
Keystone Law Group PLC Keystone Law Group Ord 0.2P	1.5%
GREATLAND GOLD	1.5%
Total	20.3%

Equity Sector Allocation

FTSE/ICB Supersector	% Weight
Technology	22.3%
Industrial Goods & Services	16.5%
Financial Services	13.6%
Basic Resources	6.6%
Travel & Leisure	6.2%
Construction & Materials	5.8%
Health Care	5.0%
Telecommunications	5.0%
Consumer Products & Services	4.4%
Retail	3.1%
Other	8.5%
Cash and Equivalents	0.6%

Data accurate at: 02/06/2025

Performance figures show total return with no initial charge and net income reinvested, except for Offshore funds which show gross income reinvested. Cumulative performance figures are calculated from the previous working day. Discrete performance figures are calculated from the previous month end.

Data accurate at: 02/06/2025

Asset Allocation

	UK Equities	89.8%
	International Equities	5.4%
	Other	2.9%
	Investment Trusts	1.3%
	Cash & Equivalents	0.6%

Equity Sector Allocation

ICB Industries ICB Supersectors ICB Sectors ICB Subsectors

ICB Industries

Industrials		22.4%
Technology		22.3%
Consumer Discretionary		15.8%
Financials		15.5%
Basic Materials		7.0%
Health Care		5.0%
Telecommunications		5.0%
Non-Classified		2.9%
Energy		2.0%
Consumer Staples		1.4%
Cash and Equivalents		0.6%

ICB Supersectors

Technology		22.3%
Industrial Goods & Services		16.5%
Financial Services		13.6%
Basic Resources		6.6%
Travel & Leisure		6.2%
Construction & Materials		5.8%
Health Care		5.0%
Telecommunications		5.0%
Consumer Products & Services		4.4%
Retail		3.1%
Non-Classified		2.9%
Media		2.1%
Energy		2.0%
Banks		1.9%
Personal Care, Drug & Grocery Stores		1.1%
Cash and Equivalents		0.6%
Chemicals		0.5%
Food, Beverage & Tobacco		0.3%

ICB Sectors

Software & Computer Services		20.0%
Investment Banking & Brokerage Services		11.3%
Industrial Support Services		8.8%
Travel & Leisure		6.2%
Construction & Materials		5.8%
Precious Metals & Mining		5.7%
Telecommunications Equipment		3.4%
Retailers		3.1%
Non-Classified		2.9%
Electronic & Electrical Equipment		2.6%
Technology Hardware & Equipment		2.4%
Pharmaceuticals & Biotechnology		2.2%
Media		2.1%
Non-Renewable Energy		2.0%
Banks		1.9%
Industrial Engineering		1.8%
Leisure Goods		1.7%
Telecommunications Service Providers		1.7%
Health Care Providers		1.5%
Industrial Transportation		1.5%
Medical Equipment & Services		1.3%
Equity Investment Instruments		1.3%
Personal Goods		1.1%
Personal Care, Drug & Grocery Stores		1.1%
General Industrials		1.1%
Household Goods & Home Construction		1.0%
Finance & Credit Services		1.0%
Industrial Metals & Mining		0.9%
Aerospace & Defence		0.8%
Consumer Services		0.6%
Cash and Equivalents		0.6%
Chemicals		0.5%
Beverages		0.3%
Nonequity Investment Instruments		<0.1%

ICB Subsectors

Software		10.6%
Computer Services		6.6%
Professional Business Support Services		5.6%
Investment Services		5.2%
Gold Mining		4.9%
Asset Managers & Custodians		4.6%
Building Materials: Other		3.9%
Telecommunications Equipment		3.4%
Non-Classified		2.9%
Consumer Digital Services		2.7%
Restaurants & Bars		2.0%
Specialty Retailers		1.9%
Oil: Crude Producers		1.9%
Banks		1.9%
Electrical Components		1.7%
Transaction Processing Services		1.7%
Telecommunications Services		1.7%
Computer Hardware		1.6%
Cement		1.6%
Diversified Financial Services		1.5%
Health Care Services		1.5%
Media Agencies		1.5%
Travel & Tourism		1.4%
Biotechnology		1.3%
Machinery: Industrial		1.3%
Equity Investment Instruments		1.3%
Casinos & Gambling		1.2%
Home Improvement Retailers		1.1%
Commercial Vehicle-Equipment Leasing		1.1%
Miscellaneous Consumer Staple Goods		1.1%
Diversified Industrials		1.1%
Industrial Suppliers		1.1%
Pharmaceuticals		0.9%
Defense		0.8%
Platinum & Precious Metals		0.8%
Home Construction		0.8%
Semiconductors		0.8%
Toys		0.8%
Electronic Equipment: Gauges & Meters		0.8%
Medical Equipment		0.8%
Recreational Services		0.7%
Clothing & Accessories		0.7%
Publishing		0.6%
Consumer Services: Misc.		0.6%
Airlines		0.6%
Cash and Equivalents		0.6%
Medical Supplies		0.5%
Iron & Steel		0.5%
Electronic Entertainment		0.5%
Consumer Lending		0.5%
Mortgage Finance		0.5%
Machinery: Construction & Handling		0.5%
Specialty Chemicals		0.5%
Business Training & Employment Agencies		0.4%
Consumer Electronics		0.4%
Cosmetics		0.4%
Marine Transportation		0.3%
Distillers & Vintners		0.3%
Nonferrous Metals		0.3%
Household Equipment & Products		0.2%
Building, Roofing/Wallboard & Plumbing		0.2%
Building: Climate Control		0.2%
Hotels & Motels		0.2%
Oil Equipment & Services		<0.1%
General Mining		<0.1%
Electronic Equipment: Pollution Control		<0.1%
Copper		<0.1%
Nonequity Investment Instruments		<0.1%

Interactive Sector Breakdown

Drill down to specific information by clicking the folders.

ICB Industry				ICB Subsectors	ICB Sectors	ICB Supersectors	ICB Industries
			Expand all / Collapse all
Industrials							22.4%
	Industrial Goods & Services					16.5%
		Industrial Support Services			8.8%
			Professional Business Support Services	5.6%
			Transaction Processing Services	1.7%
			Industrial Suppliers	1.1%
			Business Training & Employment Agencies	0.4%
		Electronic & Electrical Equipment			2.6%
			Electrical Components	1.7%
			Electronic Equipment: Gauges & Meters	0.8%
			Electronic Equipment: Pollution Control	0.1%
		Industrial Engineering			1.8%
			Machinery: Industrial	1.3%
			Machinery: Construction & Handling	0.5%
		Industrial Transportation			1.5%
			Commercial Vehicle-Equipment Leasing	1.1%
			Marine Transportation	0.3%
		General Industrials			1.1%
			Diversified Industrials	1.1%
		Aerospace & Defence			0.8%
			Defense	0.8%
	Construction & Materials					5.8%
		Construction & Materials			5.8%
			Building Materials: Other	3.9%
			Cement	1.6%
			Building, Roofing/Wallboard & Plumbing	0.2%
			Building: Climate Control	0.2%
Technology							22.3%
	Technology					22.3%
		Software & Computer Services			20.0%
			Software	10.6%
			Computer Services	6.6%
			Consumer Digital Services	2.7%
		Technology Hardware & Equipment			2.4%
			Computer Hardware	1.6%
			Semiconductors	0.8%
Consumer Discretionary							15.8%
	Travel & Leisure					6.2%
		Travel & Leisure			6.2%
			Restaurants & Bars	2.0%
			Travel & Tourism	1.4%
			Casinos & Gambling	1.2%
			Recreational Services	0.7%
			Airlines	0.6%
			Hotels & Motels	0.2%
	Consumer Products & Services					4.4%
		Leisure Goods			1.7%
			Toys	0.8%
			Electronic Entertainment	0.5%
			Consumer Electronics	0.4%
		Personal Goods			1.1%
			Clothing & Accessories	0.7%
			Cosmetics	0.4%
		Household Goods & Home Construction			1.0%
			Home Construction	0.8%
			Household Equipment & Products	0.2%
		Consumer Services			0.6%
			Consumer Services: Misc.	0.6%
	Retail					3.1%
		Retailers			3.1%
			Specialty Retailers	1.9%
			Home Improvement Retailers	1.1%
	Media					2.1%
		Media			2.1%
			Media Agencies	1.5%
			Publishing	0.6%
Financials							15.5%
	Financial Services					13.6%
		Investment Banking & Brokerage Services			11.3%
			Investment Services	5.2%
			Asset Managers & Custodians	4.6%
			Diversified Financial Services	1.5%
		Equity Investment Instruments			1.3%
			Equity Investment Instruments	1.3%
		Finance & Credit Services			1.0%
			Consumer Lending	0.5%
			Mortgage Finance	0.5%
		Nonequity Investment Instruments			< 0.1%
			Nonequity Investment Instruments	< 0.1%
	Banks					1.9%
		Banks			1.9%
			Banks	1.9%
Basic Materials							7.0%
	Basic Resources					6.6%
		Precious Metals & Mining			5.7%
			Gold Mining	4.9%
			Platinum & Precious Metals	0.8%
		Industrial Metals & Mining			0.9%
			Iron & Steel	0.5%
			Nonferrous Metals	0.3%
			General Mining	0.1%
			Copper	< 0.1%
	Chemicals					0.5%
		Chemicals			0.5%
			Specialty Chemicals	0.5%
Health Care							5.0%
	Health Care					5.0%
		Pharmaceuticals & Biotechnology			2.2%
			Biotechnology	1.3%
			Pharmaceuticals	0.9%
		Health Care Providers			1.5%
			Health Care Services	1.5%
		Medical Equipment & Services			1.3%
			Medical Equipment	0.8%
			Medical Supplies	0.5%
Telecommunications							5.0%
	Telecommunications					5.0%
		Telecommunications Equipment			3.4%
			Telecommunications Equipment	3.4%
		Telecommunications Service Providers			1.7%
			Telecommunications Services	1.7%
Energy							2.0%
	Energy					2.0%
		Non-Renewable Energy			2.0%
			Oil: Crude Producers	1.9%
			Oil Equipment & Services	0.1%
Consumer Staples							1.4%
	Personal Care, Drug & Grocery Stores					1.1%
		Personal Care, Drug & Grocery Stores			1.1%
			Miscellaneous Consumer Staple Goods	1.1%
	Food, Beverage & Tobacco					0.3%
		Beverages			0.3%
			Distillers & Vintners	0.3%
Non-Classified							2.9%
Cash and Equivalents							0.6%

Regional Allocation

	UK	89.8%
	North America	4.4%
	Non-Classified	4.2%
	Middle East & Africa	0.8%
	Cash and Equivalents	0.6%
	Developed Asia	0.2%
	Developed Europe - Excl UK	< 0.1%

Show/Hide Full Country Weights

Interactive Region Breakdown

Drill down to specific information by clicking the folders.

Breakdown By Market Cap (%)

Top 10 Holdings
	Stock name	% Weight	Country	Sector
1	ALPHA GROUP INTERNATIONAL	3.4 %	United Kingdom	Financials
2	FILTRONIC	3.4 %	United Kingdom	Telecommunications
3	ACTIVEOPS	2.1 %	United Kingdom	Technology
4	TRUSTPILOT GROUP	1.9 %	United Kingdom	Technology
5	BOKU INC	1.7 %	United States	Industrials
6	ZEGONA COMMUNICATIONS	1.7 %	United Kingdom	Telecommunications
7	CONCURRENT TECHNOLOGIES	1.6 %	United Kingdom	Technology
8	SIGMAROC	1.6 %	United Kingdom	Industrials
9	Keystone Law Group PLC Keystone Law Group Ord 0.2P	1.5 %	United Kingdom	Industrials
10	GREATLAND GOLD	1.5 %	United Kingdom	Basic Materials

FL Dual Aspect Analysis
	UK Equities	Int'l Equities	UK Bonds	Int'l Bonds	UK Gilts	Managed Funds	Property	Other	Cash & Equiv	Total
Technology	22.3%									22.3%
Telecommunications	5.0%									5.0%
Financials	14.2%							1.3%		15.5%
Consumer Discretionary	15.4%	0.4%						0.7%		16.5%
Consumer Staples	1.4%									1.4%
Energy	1.7%	0.3%								2.0%
Health Care	4.3%	0.7%								5.0%
Industrials	19.9%	2.5%								22.4%
Basic Materials	5.6%	1.5%								7.0%
Cash and Equivalents									0.6%	0.6%
Non-Classified								2.2%		2.2%
Total	89.8%	5.4%						4.2%	0.6%	100.0%

The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.

Identification Codes

Sedol Code

B02TPH6

Mex Code

FMMC

ISIN code

GB00B02TPH60

Distribution Details

Income Frequency

Annually

Distribution Payment Basis

Net

Charges

Discounted initial charge

0.000%

Net discounted AMC

0.750%

Initial charge

5.00%

Annual Management Charge

1.50%

Exit charge

None

Performance fees

None

Ongoing Charges

1.54%

Distribution Dates

Ex dividend date(s)	Income payment date(s)
31st July	30th September

Ratings

Aims & Benchmark

Benchmark

FTSE AIM All-Share Index

IA sector

UK Smaller Companies

Aims

The aim of the Fund is to provide capital growth, that is, to increase the value of your investment, over a minimum of 5 years, however, there is no certainty this will be achieved.

Fund Administration

Fund Trustee/Depository

HSBC Bank plc

Fund Administrator

Internal

Fund Registrar

Internal

Fund Custodian

HSBC Bank plc

Fund Background

Valuation point

Daily 12:00

Fund type

Unit Trust

Launch date

04/10/2004

Launch price

£1.00

Fund currency

Pound Sterling

Fund domicile

United Kingdom

Group Details

Group name

IFSL Marlborough

Group address

Marlborough House,
59 Chorley New Road,
Bolton,
BL1 4QP

Group telephone

0808 145 2500

Dealing telephone

0808 145 2501

service@marlboroughgroup.com

Homepage

www.marlboroughgroup.com

Fax number

01204 533045

Dealing

EMX

Yes

ISA Eligible

Yes

Minimum investment

£1000

Settlement period: buy

4 days

Settlement period: sell

4 days

Pricing basis

Forward

Data accurate at: 02/06/2025

Risk Analysis

Ratio

Value

Alpha

-3.6431

Beta

0.8981

Sharpe

-0.0109

Volatility

13.9594

Info Ratio

-0.675

Risk Factors

Risk Factor

Yes/No

Charges to Capital

Emerging Markets

Concentrated Portfolio

Smaller Companies

Yes

High Yield Bonds

Sector Specific

Geared Investments

Value of Investments

Yes

Investments Long Term

Yes

Property

Exchange Rate

Higher Risk

Performance Charges

Derivative Exposure

Fund Specific Risks
Smaller Companies - The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk. Value Of Investments - The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed. Investments Long Term - Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.

Fund Specific Risks

Smaller Companies - The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
Value Of Investments - The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term - Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.

Expand all / Collapse all		Country	Region
UK			89.8%
	United Kingdom	89.8%
North America			4.4%
	United States	2.7%
	Canada	1.8%
Non-Classified			4.2%
Middle East & Africa			0.8%
	Israel	0.8%
Cash and Equivalents			0.6%
Developed Asia			0.2%
	Singapore	0.2%
Developed Europe - Excl UK			< 0.1%
	Spain	< 0.1%

IFSL Marlborough UK Micro-Cap Growth (Class A Accumulation [GBP]) Onshore Unit Trust

Performance

Cumulative Performance (%)

Discrete Performance (%) - to last month end

Fund Aims

Fund Managers

Fund Overview

Top 10 Holdings

Equity Sector Allocation

Asset Allocation

Equity Sector Allocation

ICB Industries

ICB Supersectors

ICB Sectors

ICB Subsectors

Interactive Sector Breakdown

Regional Allocation

Interactive Region Breakdown

Breakdown By Market Cap (%)

Top 10 Holdings

FL Dual Aspect Analysis

Identification Codes

Distribution Details

Charges

Distribution Dates

Ratings

Aims & Benchmark

Fund Administration

Fund Background

Group Details

Dealing

Performance

Risk Analysis

Risk Factors

IFSL Marlborough UK Micro-Cap Growth
(Class A Accumulation [GBP])
Onshore Unit Trust