Description

Our main global funds concentrate on the largest capitalisation stocks, generally well over $10bn - the average market capitalisation of companies whose shares we hold is typically US$60-70bn. However, we frequently find interesting and undervalued companies that are smaller than we would buy in the main global funds. Overstone Smaller Companies Fund is the home for such ideas. NOTE: The Overstone Smaller Companies Fund was formerly called Overstone All Cap Equity Fund prior to 13th October 2008. The name was changed to better reflect the investment approach being used.

The fund is managed by Nigel Waller who began his investing career working with Richard Oldfield in 1994 on the global equity team at Mercury Asset Management. He manages this fund with a similar philosophy to that of our other funds at Oldfield Partners – concentrated and index ignorant, with the usual emphasis on cash flow and value.

Investments in small and mid-sized companies tend to carry a higher general level of risk than investments in large companies. In addition, we do not limit the fund's exposure to emerging markets as we do in our main global funds. As at 30th April 2009, Overstone Smaller Companies has 21 holdings including seven with market capitalisations of $2-5bn and nine below $1bn.

Overstone Smaller Companies Fund is a clone of the Eccleston Special Situations Fund that Nigel Waller has been managing since April 2005. We launched a version under the Overstone umbrella to make the subscription process easier for our existing investors and in order to house all of our pooled funds in the same umbrella vehicle. Overstone Smaller Companies Fund is only available to Qualifying Investors. Please see important notes below on Qualifying Investors.

Should you have any questions or wish to obtain an application form, please contact us.

Newsletters

(Please note that our newsletters are published in 'PDF' format. Should you have trouble opening our newsletters you may need to download Adobe Reader. Use the button at the bottom of this page for this purpose.)

If you would like to receive our monthly newsletter by email, please contact us.

We have been publishing a monthly newsletter for Overstone Smaller Companies Fund (previously known as Overstone All Cap Equity Fund) since its inception in October 2007:
Overstone Smaller Companies Fund June 2010
2010: Jan Feb Mar Apr May Jun Jul
2009: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007: Oct Nov Dec

We have been publishing a regular newsletter for the Eccleston Special Situations Fund since April 2005, all of which can be found by clicking on the links below.

2010: Jan Feb Mar Apr May Jun Jul
2009: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006: Q1 Q2 Q3 Oct Nov Dec
2005: Q2 Q3 Q4

Eccleston Special Situations Fund and Overstone Smaller Companies Fund are constituents of Oldfield Partners LLP's Smaller Companies Equity Composite. The performance of this composite is available by clicking on this link.

Oldfield Partners LLP claims compliance with the Global Investment Performance Standards (GIPS®). HSBC Securities Services has completed a verification of compliance in accordance with the Global Investment Performance Standards (GIPS®) for Oldfield Partners LLP for the period from 1st January 2000 to 31st December 2008. To receive a copy of a GIPS® compliant presentation and/or a list and description of our composites, please contact us.

Qualifying Investors

Subscriptions may be made by Qualifying Investors only. A Qualifying Investor is an investor who

(a) is

(i) a natural person with a minimum net worth (which excludes main residence and household goods) in excess of €1,250,000 or

(ii) an institution (being an entity other than a natural person) which either owns/invests on a discretionary basis at least €25,000,000 or its equivalent in other currencies; or has beneficial owners who are qualifying investors in their own right;

and

(b) certifies in writing to the Company that the investor meets the minimum criteria set forth in (a)(i) or (a)(ii) above and is aware of the risks involved in the proposed investment and of the fact that inherent in such investments is the potential to lose all of the sum invested.

The minimum subscription to the fund is the foreign currency equivalent of €250,000.