Fund manager interview. UK smallcap investor William Tamworth of Artemis talks through 17 stock ideas

23rd Sep by Paul Hill

7 comments 825 reads

In this fascinating interview, accomplished UK small/midcap fund manager William Tamworth of Artemis takes me through 17 stock ideas, including:

00:00 His approach to investing

08:05 Beeks Financial Cloud

11:50 Alpha Group International & importance of ‘X-factor’ management

17:45 Alphawave IP (audience question)

18:50 NCC

22:10 GB Group

26:10 Pressure Technologies (audience question)

28:05 Serco

31:15 Warpaint

35:15 Future

39:10 Moneysupermarket

42:25 Moonpig

47:15 Next 15

53:05 MJ Gleeson

55:35 AOTI Inc (REG-S, June IPO)

61:05 Alliance Pharma

64:00 H&T

67:45 Supreme (audience question)

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About the Author

Paul Hill

Premium Member

Stocks owned : EQLS, AGFX, Pfizer, Bristol Myers, Roche, WATR, VCT, MBH, ASTO, IOM, TR25, ESYS, ELCO, IHC, Paypal & AOM Elsewhere, I'm also paid by Vox Markets (as a contractor) to interview interview fund managers, capital market experts & companies (re EQLS, VRCI, BELL, FIN, AVG, AVCT, LLAI, VLG, FADL, SUP, ELCO, LORD , MPAC & ONC). I believe all these stocks are clients of Vox.Lastly my 24 year HIT RATE is only 62%. Meaning 38% of the time I lose money (ie often wrong) - albeit my winners are (on average) 1.5x larger than my losers. Please Do Your Own Research. more »

7 comments

sharw

23rd Sep

The case for Alpha International (LON:ALPH) was well made but I cannot work out why the stock report shows a 30% drop in eps from the TTM figure of 223 to the estimated full year figure of 146.

Paul Hill

23rd Sep

Valuation metrics wrt the stocks discussed

Paul Hill

24th Sep

Great spot Sharw

As Will implied in the interview, there are two main EPS figures for ALPH - adjusted and reported.

The adjusted FY24 EPS of 77.1p/share (vs 75.6p LY & 86.7p FY25 - source Panmure Liberum ) is increasing , and ignores interest income earned on 3rd party cash balances.

Whereas the reported FY24 EPS figure of 213p (PL) includes all this interest.

Wrt Stockopedia, I believe the system looks at censensus estimates. Meaning it might have mistakenly averaged the two numbers across the various analysts who cover the company?

What do you think - possible?

brileen

24th Sep

Thanks Paul for another informative interview. Like you I was intrigued by Williams inclusion of AOTI and I am attempting to do further research. A problem I have is getting over why a medical company like this whose home is in California should choose to list on aim where it will probably trade on a lower rating than it would if it were listed on NASDAQ. Do you have any further insight? Thanks as always.

Paul Hill

24th Sep

Hi brileen

Unfortunately I suspect AOTI would have probably struggled to raise capital on Nasdaq, as its $190m mrkcap is still too low to attract US investors.

Therefore instead of AIM, AOTI would have been looking at the US OTC market (re Wolf on Wall Street) - which historically is even more wide-west than the UK's junior market.

brileen

24th Sep

Very helpful reply, thanks.

illiswilgig

26th Sep

Another great exchange thank you Paul.

I got a lot more from this discussion than I expected - I'm not particularly interested in any of the companies discussed - but I was fascinated to gain insight into the detail of his investment process. Particularly his approach to company culture and management team building.

Having come from an industry background rather than a financial background I think that there is often a lot more to a successful management team than meets an investors eye. I shall keep an eye out for Mr Tamworth, and look forward to your next discussion with him,

cheers

Mark

PS - also looking forward to the Judith MacKenzie exchange - another fund manager that walks to their own drumbeat?

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Fund manager interview. UK smallcap investor William Tamworth of Artemis talks through 17 stock ideas

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About the Author

Paul Hill

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