UK Leading Companies manager Richard Hallett warns against backing commodities too heavily.
The manager of the £41m Marlborough UK Leading Companies fund has taken small-cap exposure to its highest level since 2007, attracted by growth prospects and exposure to emerging markets.
The IMA UK Smaller Companies sector has delivered a second year of strong performance after generating phenomenal returns in 2009.
Marlborough has reorganised the management of its £68m Far East Growth fund in a bid to improve performance.