Hi, Mitchell Sneddon here, Head of Portfolio Services at InvestSMART. Today’s fund manager interview is with Carlos Gil, the Founder and Chief Investment Officer of Microequities, a boutique fund manager who, as the name would suggest, invests in micro caps and small caps. Carlos has overseen the Microequities investment strategy from the start. The flagship fund, the Deep Value Fund, has been running for just over ten years now and has impressively returned over 17% pa after fees. Recently though, this portfolio has significantly underperformed the market and this is what I discuss with Carlos.