UBS: Microcap Fund

Joel Fleming. portfolio manager UBS Asset Management

The success of the likes of Uber and Airbnb highlight how the biggest companies of today aren’t necessarily the ones with a 10 or 20 year track record, but those which can best identify and fill a gap in our current marketplace. The UBS Microcap Fund doesn’t purport to find the next $100 billion company, however, by finding and evaluating the right people in the right companies in the microcap sector, it does seek to access the opportunities presented and tap into emerging growth.

See Joel in action by viewing episode 5 of Learn from the Money Masters.

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What you'll learn /

The UBS Microcap Fund Money Masters course with Joel Fleming will give you insights into:

How to access the microcap market while minimising risk
The value in identifying up-and-coming businesses early on in their development
The strength of long-term investment in the microcap market
The value of a higher-risk segment of your overall portfolio

About the expert /

Joel Fleming /

portfolio manager UBS Asset Management

Joel Fleming is a portfolio manager in the Australian Small Companies team and shares responsibility for analysis of Australian emerging companies. He is the dedicated portfolio manager of the UBS Microcap Fund. Joel joined UBS Asset Management in October 2011, following the acquisition of ING Investment Management (ING IM).

  • CPD hours1
  • Knowledge AreaManaged Investments
  • TypeMoney Masters
  • PriceFree
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Outline of the course /


Fund Philosophy

The UBS Microcap Fund believes in the full potential of the investable universe, and looks outside the top 100 companies to access this value. By thinking outside of the markets’ short-term focus, the fund seeks to access companies which have the ability to grow through to their full potential.

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Competitive Advantage

The UBS Microcap Fund utilises an experienced team and is backed by the resources and network of a major financial institution. These resources allow the team to focus completely on the in-depth analysis needed to succeed in the microcap market.

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Aims and Objectives

By identifying exciting businesses early on in their development, the UBS Microcap Fund aims to deliver long-term capital growth and beat the small ordinaries benchmark.

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Role in Portfolio

Although other managers may be wary of the fast-paced nature and diversity of the microcaps space, the team at UBS sees these factors as crucial to opportunity. By noting the rapid changes in the world and in technology, the fund attempts to mitigate the inherent risks and deliver returns. As such, the UBS Microcap Fund aims to supplement an existing portfolio by providing access to a higher-risk market segment which may be suitable for those with the right risk tolerance and a desire for long-term capital growth.

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The Team

The team behind the UBS Microcap Fund consists of four passionate, experienced individuals who are specialists in the area of small and microcaps. This unique team creates a holistic view of potential investments through close market analysis and in-depth company visits and evaluations, which helps the team to successfully spot emerging opportunities.

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Rules and Returns

The UBS Microcap Fund holds between 40 and 70 stocks, with no individual one exceeding 10 per cent of the fund. Since its inception, the fund has returned in excess of 15 per cent, per annum net of fees.

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Buy and Sell Disciplines

The disciplined approach adopted by the UBS Microcap Fund means a lot of time is spent ensuring the suitability of potential investments, and that the appropriate milestones are achieved in accordance with projected timelines. The fund goes on a journey with the companies it invests in, however does not shy away from selling if the value offering of these stocks change.

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The Ideal Investor

Those with a higher risk tolerance may be interested in investing in this fund, as it serves to supplement overall portfolios with a minimum $20,000 investment. Additionally, the UBS Microcap Fund may be suitable to investors who want to add to longer-term capital growth within their portfolio.

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Key Considerations for Investors

While microcap investing can sometimes be seen as a gamble, the UBS Microcap Fund team takes a dedicated investment approach to harness risk. By diversifying its portfolio, the fund attempts to find that next small company that may be a Top 100 business of the future and provide investors with capital growth in the long term.

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Test yourself /