Vantage: Pinnacle Associates, a top performing US-based small cap fund that loves the UK

Published on 14 January 2022

Vantage returns in 2022 with an interview with Randy Baron of Pinnacle Associates, which was recorded at the end of 2021. Randy is one of the most successful small and mid cap fund managers, yet is relatively unknown to much of our audience. At a time when many fund managers were ignoring the UK, Randy has built up significant exposure to UK stocks in his international small cap strategy. In this interview Randy talks about his background, his fund and how he patiently builds positions in stocks as he sees management teams executing on goals over time, illustrating this approach by describing his investment in Renalytix (LSE: RENX). We explore what he thinks his investment edge is, with Randy explaining how he became comfortable with maverick risk, which leads us to explore his investment in UK stocks post Brexit at a time when many investors regarded the UK market as a pariah, thus finding unappreciated growth. His final piece of advice is one we think aspiring investors should listen to.

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