Who We Are

ASSOCIATION OF INVESTMENT PROFESSIONALS

Founded by Robert and Virginia Millington, Constance is an unincorporated association of investment professionals based principally in the UK and Spain. Constance does not charge fees, members’ input is in the form of intellectual capital and the contribution to aggregate portfolio returns. Portfolios are managed individually. Constance has developed particular expertise in UK smaller capitalisation companies (<£100mn) quoted principally on the London Alternative Investment Market (AIM) and Venture Capital Trusts, but invests in equities worldwide and across the full market capitalisation spectrum. Constance also uses commodities, indexed linked bonds, peer to peer (P2P) loans and other alternative instruments to spread investment risk.

OUR ETHOS

LONG TERM SHAREHOLDER

We do not adhere to any particular investment style but typical positions often demonstrate strong asset backing and robust underlying cash-flow. Very long duration positions include, D4t4, Young & Co, Fullers, Games Workshop, Diploma, Castings, Swisscom & Baronsmead VCTs. More than half of portfolio equity positions have been held in excess of 5 years.

VALUING MANAGEMENT CONTACT

Constance highly values direct contact with the management of the companies in which it invests and believes excellence in investor relations is a key factor in low portfolio turnover.

KEY PEOPLE

ROBERT MILLINGTON

FOUNDING PORTFOLIO MANAGER

Robert has over 30 years experience in financial analysis and portfolio management including with BZW, Credit Suisse and Government of Singapore Investment Management. Robert has a BA in Philosophy, Politics & Economics from Lincoln College, Oxford

VIRGINIA MILLINGTON

CO-FOUNDER

Virginia has extensive experience in the Retail industry in Europe and Asia and played a leading role in the expansion plans of a major UK multiple in Japan.

CRAIG PRIME

COLLABORATOR

Graduate engineer from Imperial College. After several years working in fund management in Edinburgh Craig moved to Spain and to stockbroking. Craig has worked for FG inversiones (became Merrill Lynch), Credit Suisse and Banco Santander. Apart from a three year stretch in NY Craig has been in Madrid since 1989.