Bill D. Murray

Munros is an active, fundamental research-oriented manager which focuses exclusively on European small-cap companies. The firm's investment process aims to identify the most profitable risk adjusted returns available in European small-cap companies, while taking into account the peculiarities of Europe. The process is based on the belief that earnings and cash flow generation tied to fiscal stability and valuation are rewarded by market performance. Munros performs fundamental company research and follows a bottom-up approach to construct profiles. The firm requires a highly inefficient, sizeable market to provide sufficient depth so that macro events do not easily deprive them of opportunity. Working in a stock universe of approximately six thousand European small-cap firms, they conduct financial, business model, management and valuation analyses, followed by business risk, projected risk adjusted returns and top-down risk diversification control to screen the number of suitable choices for their portfolio to approximately fifty firms. The final part of Munros' investment process is a strong sell discipline.

Van Lanschot Kempen UK is an active, fundamental manager that follows a bottom-up investment style, which the firm describes as 'performance through specialization'. The firm is a European specialist in shares, with dedicated teams for European small and mid-cap companies, European real estate projects, and European large-cap companies. Their portfolios are invested in European equities, bonds and real estate securities.