Spencer overhauls Franklin UK small-cap fund

Franklin Templeton manager opts for a more concentrated portfolio, focusing on stocks with a market capitalisation of between £100m and £1bn.

Franklin Templeton’s mid-cap star Paul Spencer (pictured) is starting to turn around performance on his newly-inherited small-cap portfolio after he disposed of almost half its holdings. Spencer and co-manager Richard Bullas took over the underperforming Franklin UK Smaller Companies fund from Stuart Sharp at the end of June last year, and have since sold 28 of the 59 stocks in the portfolio. The pair have now concentrated the portfolio and introduced a strategy similar to that employed on Spencer’s top-performing £624m UK Mid Cap fund. “There is only so long the market will give y...