Hargreave moves up market cap spectrum as Special Sits nears £500m

Marlborough's Giles Hargreave has been moving up the market cap spectrum in his Special Situations fund to boost liquidity, following a wave of inflows.

The fund’s asset base has more than doubled over the past two years, rising from £224m in November 2010 to £493m at the end of last month, as strong performance attracted investors.  Hargreave has repositioned the fund in response to the asset increase and now typically holds 33% in mid-cap names, up from 10% two years ago. He said the mid-cap holdings embody similar characteristics to his small-cap investments, where he focuses on international earnings and brand power. “Over the past couple of years I have been increasingly moving up the market cap as the fund continues to grow ...