Citywire Selection verdict: Derek Stuart and Andy Gray look for unloved companies that are in the process of management turnaround. Around 80% of the fund is split equally between large cap and mid cap firms, and the rest in small and unquoted stocks. Stuart has been at the helm since launch in 2000 with Gray recently appointed as co-manager. The fund has shown dependable long term outperformance with lower volatility than the FTSE All Share index. The fund is skewed towards technology companies and oil & gas, and away from financials. Despite the recent dip in returns, we back this fund to continue to perform in the future.