Announcement - VT Garraway UK Equity Market Fund

We are pleased to confirm that with effect from 30 April 2020, Malcolm Schembri has been appointed as the new lead manager of VT Garraway UK Equity Market Fund, taking over from David Urch, who recently decided to move on to new ventures, having worked within the Garraway business for the last seven years. Tim Hall, as co-manager, will continue to assist in the management of the Fund having co-managed the Fund with David since its inception. Malcolm has managed equity funds since 2012, and migrated his fund to Garraway Capital Management in November 2017 when it became the Garraway Global Equity Fund. Tim has also supported Malcolm in this role.

With an investment career spanning over 10 years, Malcolm is an accomplished equity fund manager with a strong track record in both Global and UK fund mandates. Prior to joining Garraway, Malcolm was the lead fund manager of TM Global Equity Fund, a UK-focussed global equity mandate, and of TM Innovation Fund, a mid-to-small cap UK equity fund. He obtained a Bachelor of Commerce degree in Management and Banking & Finance and a Master of Business Administration degree from the University of Malta in 2005. He is a CFA Charterholder.

Enhanced Process

We will continue to apply the current multi-cap approach, and while referencing our momentum overlay, will build upon the strong emphasis on fundamental analysis. As with the current process, Malcolm does not regard meeting management as crucial to building an investment position. Malcolm favours highly cash generative companies which possess durable business models and are able to redeploy capital at highly favourable rates of return. With his historic experience in managing UK mid and small cap stocks, a concentrated multi cap approach will be maintained. The quarterly distribution of income generated and the ability to include single name shorts in an ungeared fashion will be retained.