Listen to the latest podcast episode where Scott Heaney, Investment Research Analyst at Square Mile Research sits down with Rosie Simmonds, Co-Manager of the Barings Europe Select Trust Fund – a fund focused on European small-cap equities and rated ‘AA’ in our Academy of Funds.

Together they explore Rosie’s journey into investment management and what led her to specialise in European small-caps. The conversation covers the fund’s bottom-up, thematically unconstrained approach, how the team manages volatility, and what sets their strategy apart from competitors. Rosie also shares insights on current market themes, recent portfolio changes, and the structural biases that naturally emerge from the team’s investment process.

Don't have time to listen to the full episode, jump to your favourite part:

• 00:50 Could you tell us a bit about your journey into investment management and what has led you to European small-caps?
• 02:41 What is the fund aiming to deliver for investors, and how would you describe its core investment philosophy and process
• 04:46 What do you think sets your approach apart from your peers?
• 06:43 The fund is thematically unconstrained, but are there any structural or sectoral biases that naturally tend to emerge in the portfolio due to your bottom-up approach?
• 08:10 Is it a misconception that small and mid-cap investing is often associated with higher volatility? And how do you think about risk in the context of this strategy, and then manage it?
• 11:36 In a recent article, you highlighted three catalysts for change in European small caps, could you expand on those themes and how they’re influencing your current positioning?
• 16:12 How do you gain exposure to some of the more compelling themes in the portfolio today and give us an example of a stock that reflects each of the key drivers you’re seeing?
• 20:34 Could you share a company that has exited the portfolio, and what prompted those decisions?
• 22:15 When you’re not analysing European equities, what do you enjoy doing? Any hidden talents or hobbies our listeners might be surprised to hear about?

This podcast was recorded in September 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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