A note on capacity

Global Equity closes at GBP 1.5bn. It is well below that today, and its current size is on the Mandates page. When it reaches the limit it will close to new money and stay closed.

The limit is not a marketing device. Twelve holdings in developed markets can absorb a certain amount of money before the size of the position starts to decide the investment case, and that point arrives well before the point at which the fee income would stop being attractive.

Fixed Income and Credit has no stated limit because the constraint is different. Marcus Thorne reads the documents on every bond he buys, and that caps the book at around seventy issuers however much money arrives.

If a mandate closes, existing clients keep their access to it and can add to their holding. We would rather turn away new money than explain a worse version of the same strategy to the people already in it.