GIS portfolio manager Eric Anderson tells Proactive's Stephen Gunnion that finding opportunities in small-cap markets comes down to one thing: doing the work yourself. As Anderson puts it, "in small cap, it's not there. You have to assemble the data yourself" — which is why GIS runs a global network of analysts embedded across Europe, the US and Asia. The strategy for the Global Smaller Companies Fund (Unlisted (UK):GSCF) is built on high conviction, strict valuation discipline and a clear definition of risk. Anderson describes risk as "the permanent loss of capital as opposed to volatility," and every investment must be made at a minimum 30% discount to intrinsic value — a margin of safety designed to balance upside potential with downside protection. The focus is on quality businesses with strong balance sheets, sustainable growth and genuine competitive advantages, identified early and held with conviction ahead of broader market recognition. Visit Proactive’s YouTube channel...