Asset Management Boutique. We started by imagining the kind of firm we would choose to manage our money. It would have to offer great value (like a passive manager), but also aim to beat the market (like an active one). Funds would be closed to new investors before size impacted on performance, and the manager would be paid only for positive returns that beat the benchmark. We put these ideas into practice, and called it Cape Wrath Capital. Key features of the VT Cape Wrath Capital Focus Fund: - Concentrated 20 stock portfolio - Benchmark agnostic - Hard close at £200m to protect performance - Manager’s net worth invested in the fund - 45bp TER cap