In the nineties and early noughties Peter Webb was considered one the UK's best small cap managers.

However, things turned sour and he left Unicorn Asset Management, the firm he founded, in 2008.

After five years out, he returned to fund management a little more than a year ago, when he was handed an underperforming small cap Income and Growth fund.

Webb has dragged this fund out of the doldrums spectacularly, delivering a 49% return in 12 months to end of March, propelling the fund to the top of its 103-strong fund peer group.

What have been the major drivers of this performance and does Webb feel vindicated?