Listen to a consistent outperformer

Only two out of several hundred mainstream UK equity funds have beaten the FTSE All-Share index in every rolling five-year period since 2000, according to research by FE Trustnet. In my latest Money Makers podcast, I talk to one of them, Richard Hallett, the little known but impressive manager of the Marlborough UK Multi-Cap Growth fund. To hear what he thinks now, you can listen here or (if you are a subscriber) read the full transcript in my subscription-only Investment Reader newsletter, together with my latest Notebook pieces.

Q and A: Michael MacPhee (Baillie Gifford)

Small funds and investment trusts that fly below the media radar can sometimes offer better returns for discerning investors than many bigger and better known counterparts backed by heavy marketing spend. One example is Mid Wynd International, a £60m investment trust managed since 1998 by Michael MacPhee, a partner at Edinburgh-based Baillie Gifford. The trust, which targets stocks that are too specialist to sit comfortably in Baillie Gifford’s two larger investment trusts, Scottish Mortgage and Monks, has returned 75% over ten years, three times the return of the FTSE All-Share index over the same period. Michael MacPhee gives his latest views in this Q and A.