In this episode of focusIR Fireside Chats, Karl West sits down with Judith MacKenzie, Partner and Head of Downing Fund Managers, to explore the world of UK small-cap investing, AIM-listed companies and the characteristics that separate long-term winners from the rest of the market.
Having founded Downing Fund Managers in 2010, Judith has built a highly regarded investment team focused on identifying high-quality UK smaller companies with sustainable competitive advantages and long-term growth potential. Downing is also a certified responsible investor, integrating environmental, social and governance considerations into its investment approach.
During this wide-ranging conversation, Judith explains what she looks for when assessing new investment opportunities, why active management remains crucial in the UK smaller companies sector, and how meeting management teams can reveal insights that never appear in a company's annual report.
The discussion also moves beyond investing to cover Judith's own career in fund management, the evolution of diversity within the financial services industry, the importance of mentorship, and why improving financial education for young people is one of her biggest personal passions.
Whether you're an investor looking for insights into UK equities, an investment trust follower, or simply interested in how professional fund managers identify exceptional businesses, this interview offers valuable perspectives from one of the UK's leading small-cap investors.
Timestamps
00:00 – Introduction to Focus IR Fireside Chats
00:24 – Introducing Judith MacKenzie, Partner & Head of Downing Fund Managers
00:53 – What Judith looks for when selecting UK small-cap investments
23:50 – Building a career in fund management
24:00 – How opportunities for women in finance have evolved
24:40 – The mentors who shaped Judith's investment career
25:36 – Lessons learned from working alongside Martin Gilbert
26:33 – Why mentoring the next generation matters
27:23 – Improving financial education in schools
28:34 – Closing thoughts and thanks
