We were delighted to win recognition for our funds from three major fund industry journals during the year, particularly as these awards are not based on short-term performance, but cover longer periods, and include metrics concerning risk and costs. In June the TB Amati UK Smaller Companies fund won the Money Observer award category Best Smaller UK Smaller/Mid Cap Equity. This award is for consistently superior risk-adjusted performance over a 3 year period to 31 March 2016