Elaine Morgan, manager of Kames Capital's UK Smaller Companies fund, says a well-balanced combination of top-down macro analysis and bottom-up stockpicking has helped her fund to second spot in Camradata's latest performance figures for the sector.

According to the fund data specialist, Kames' £15m small-to-mid-cap offering is up by 16.66% during the three years to June 30. One other fund made 18%, but has declined to make its name public.