The TM Brickwood UK Value Fund, co-managed by Ben Whitmore and Kevin Murphy, has reached £220 million1 in assets under management within its first year.
Launched into an environment marked by macro and political uncertainty, the Fund has benefited from strong investor demand for a disciplined, valuation-led approach to UK equities. The Fund produced a strong absolute return over the period, reinforcing the team’s conviction that valuation remains a critical driver of long-term returns.
Since launch on 24 February 2025, the Fund has returned 23%.2 Over the same period, its benchmark the FTSE All Share returned 26%.
Ben Whitmore commented. “The way we run the UK Value Fund is with exactly the same value philosophy, the same time horizon and the same focus on fundamentals that Kevin and I used when we worked together two decades ago, and that we have applied since.”
The Fund is managed using a systematic value process centred on the CAPE Yield, which adjusts earnings for inflation and averages profits across an economic cycle. This approach is designed to identify companies trading at significant discounts to their long-term fundamentals, while avoiding areas where valuations already reflect high expectations.
Over the past year, portfolio positioning has evolved as valuations have changed. Positions in areas that rallied sharply, including financials, mining and defence, have been reduced as valuations became less attractive. At the same time, the Fund has recycled capital into what the managers describe as “faded glamour” stocks: businesses with strong cash generation, solid balance sheets and resilient operating characteristics that were highly rated several years ago but have since fallen out of favour.
Examples include consumer-facing and branded companies such as Diageo and JD Sports, alongside selected domestic UK businesses exposed to areas of economic pessimism where valuations imply overly negative outcomes.
Kevin Murphy commented: “The opportunity set changes, but the discipline does not. As we enter our second year, we continue to see opportunity for patient value investors prepared to look beyond market concentration, short-term narratives and fashionable themes.”
The boutique asset manager was founded in January 2024 by an experienced team with more than three decades of shared heritage.
Reflecting on the firm’s first year, CEO Claudia Ripley added: “We set out to build a firm for our clients that combined the focus and agility of a boutique with an institutional-grade platform and governance standards. We are delighted that we have gained traction so quickly, reflecting confidence in our investment approach and the way the business has been built.”
1Source: Brickwood Asset Management, as at 24 February 2026
2Source: Brickwood Asset Management, total returns in sterling after fees, 12 months to 24 February 2026
