Downing Fund Managers

Downing Fund Managers is a boutique of established managers offering specialist single strategy portfolios that they believe have the potential to offer attractive long-term returns.

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Boutique asset manager

that draws on Downing's 30-year track record.

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Award winning fund managers

Judith MacKenzie and Rosemary Banyard.

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5 specialist funds

under one roof.

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Private equity approach

to stock picking. 

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Your capital is at risk and you may not get back the full amount you invested. Investments in these funds/trust are for the long term and higher risk compared to investments solely in larger, more established companies. Please read full details of the risks here.

Understanding Downing Fund Managers

  • What's our story so far?

    We're a boutique asset management company. Here's our story so far:

    • 2009 – Judith MacKenzie joins Downing LLP after 9 years at Aberdeen Asset and 2 years at Acuity Capital, a management buyout from Electra.
    • 2011 – Judith establishes Downing Public Equity and takes over the MI Downing UK Micro-Cap Growth Fund.
    • 2012 – James Lynch joins Downing LLP as part of the unlisted team, before transferring to Downing Public Equity in 2013.
    • 2013 & 2015 – Judith MacKenzie is named Small Cap Fund Manager of the Year at the Small Cap Awards for the MI Downing UK Micro-Cap Growth Fund. 
    • 2016 – Downing take over the Querns Monthly Income Fund, which is rebranded the MI Downing Monthly Income Fund and managed by James.
    • 2017 – Downing launch the Strategic Micro-Cap Investment Trust.
    • 2020 – In March, Downing Public Equity rebrands to Downing Fund Managers and launches VT Downing Unique Opportunities Fund – for new recruit Rosemary Banyard. The VT Downing Global Investors Fund was launched for Anthony Eaton. 
  • Who are Downing Fund Managers?

    VT Downing Unique Opportunities Fund managed by Rosemary Banyard. 

    Launched in March 2020, the VT Downing Unique Opportunities Fund focuses on UK small and mid-cap companies that are considered ‘unique’ because they can achieve above average returns on capital, based on a sustainable competitive advantage. The fund adopts an unconstrained approach, investing in UK companies across the market cap spectrum, including the FTSE100, mid and small cap, and the Alternative Investment Market (AIM). The fund aims to have a relatively concentrated portfolio of between 25-40 positions. 

    VT Downing Global Investors Fund managed by Anthony Eaton.

    The VT Downing Global Investors Fund is a thematic fund, that focuses on opportunities created by the expansion of the global middle class population. It aims to achieve capital and income growth over the long term, by investing in around 150 equity positions across global markets.

    MI Downing Monthly Income Fund managed by James Lynch.

    The MI Downing Monthly Income Fund aims to achieve a high level of income, together with long-term capital growth. We have a high conviction approach to income investing and the fund's strategy is to unlock value in a concentrated portfolio of profitable smaller businesses that have a sustainable competitive advantage and strong management teams - at the right price. We focus on companies whose efficient operations and strong balance sheets allow them to pay secure and growing dividends. 

    Downing Strategic Micro-Cap Investment Trust plc. managed by Judith MacKenzie.

    The Downing Strategic Micro-Cap Investment Trust seeks to provide investors with long-term capital growth through a concentrated portfolio of UK listed companies, typically with a market capitalisation below £150 million. The trust intends to take influential positions in businesses believed to be undervalued and that could benefit from strategic and operational initiatives to drive performance and unlock shareholder value.

    MI Downing UK Micro-Cap Growth Fund managed by Judith MacKenzie and Nick Hawthorn.

    The MI Downing UK Micro-Cap Growth Fund aims to invest in a concentrated portfolio of between 25-40 UK companies - typically those with market capitalisations between £20 and £350 million. The fund seeks to generate capital growth, whilst retaining a strong focus on capital preservation. We aim to outperform returns from other UK small-cap equity funds by selecting investments that we believe are undervalued by the market.


    Podcasts

    Click here to find out what Judith MacKenzie, Head of Downing Fund Managers, has to say on the Downing Fund Managers approach to public markets. Please note, sign up to SharingAlpha is required. 

    Click here to listen to James Lynch, Fund Manager of the MI Downing Monthly Income Fund, discuss how he finds dividend income in small-caps and how he is investing.

  • What are the key risks of investing with Downing Fund Managers?

    Our investment funds and trust are not suitable investments for everyone, so we recommend seeking financial advice. As with all investments, there are risks you should be aware of and comfortable with before you invest.

    • The value of your portfolio can go down as well as up so your capital is at risk and there is no guarantee you will get your investment back.
    • Any income received from your investment can rise and fall
    • The past performance of a fund/trust is not a reliable indicator of future results.
    • In difficult market conditions, the value of some investments may be less predictable than normal and the fund/trust may not be able to buy and sell these investments at the best time or at a fair price. 
    • Investments in the MI Downing Monthly Income Fund, Downing Strategic Micro-Cap Investment Trust, MI Downing UK Micro-Cap Growth Fund and VT Downing Unique Opportunities Fund are generally higher risk compared to investments in blue chip companies on a main stock exchange. The companies may be more volatile and less liquid. 
    • The VT Downing Global Investors Fund invests overseas, which can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of your investment to go up and down.
    • The VT Downing Global Investors Fund VT Downing Global Investors Fund also invests in emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This means your money is at greater risk.

    Please note this is only a brief overview of the risks. Read full details of all the risks here before investing. 

Your investment fund options


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MI Downing Monthly Income Fund

The fund aims to provide investors with a high level of income by investing in 30-40 companies that are typically listed on a UK stock exchange, pay dividends and have long-term capital growth prospects.

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VT Downing Unique Opportunities Fund

Launched in March 2020, this UK equity fund seeks to maximise returns to investors over the long-term, by aiming to invest in 25-40 positions across the market cap spectrum. The fund is considered ‘unique’ because it invests in businesses that can achieve above average returns on capital, based on a sustainable competitive advantage.

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VT Downing Global Investors Fund

This thematic fund focuses on opportunities created by the expansion of the global middle class population. It aims to achieve capital and income growth over the long term, by investing in around 150 equity positions across global markets.

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Read more

Downing Strategic Micro-Cap Investment Trust

The trust seeks to provide investors with long-term capital growth through a concentrated portfolio of UK listed companies, typically with a market capitalisation below £150 million. The trust intends to take influential positions in businesses believed to be undervalued and that could benefit from strategic and operational initiatives to drive performance and unlock shareholder value.

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MI Downing UK Micro-Cap Growth Fund

The fund aims to generate growth over the long-term, with a focus on preserving capital. The team invests in a portfolio of up to 40 UK companies listed on AIM - typically those with a market capitalisation of under £350 million* at the time of investment.

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We're here to help

If you are a financial adviser, or discretionary fund manager please call us on 020 7630 3319 or email us at sales@downing.co.uk.

If you are a private investor you can speak to our investor relationship team on 020 3828 0975 or email customer@downing.co.uk.