The Heriot Global Smaller Companies Fund

His investment career began at Aberdeen Asset Management in 2005, where he spent the first decade of his career analysing Emerging Market companies, as well as managing Global Emerging Market, Frontier Markets and Israeli equity portfolios. He then joined the Global Equity team where he managed both large and small cap Global and EAFE equity portfolios. He is a CFA charterholder, having graduated from the University of St Andrews in 2003 with a BSc in Geography. Andrew attended Heriot Watt University’s “Practical History of Financial Markets” course in 2011, as well as undertaking courses in Value Investing at Columbia Business School, and Disruptive Strategy from Harvard Business School.

James has a unique journey from fields to fund management. He hails from a farming family he mastered herding and machinery. The daily challenges of running and growing a business whet his appetite to know more. Post-university, armed with a degree and practical skills, James pivoted into consultancy, adeptly applying financial expertise to support local rural businesses. In his late 20s he took those transferable skills harnessed in the field and found a home at Dundas, co-developing its approach to research and investment. He co-leads the firm’s investment research process with Gavin Harvie as well as the EAFE strategy with Andrew Brown.

Gavin is a Partner and Investment Manager at Dundas having joined the firm at its inception in 2010. Gavin is the Lead Manager of the Heriot Global Smaller Companies Fund, Deputy Manager of the Heriot Global Equity Fund and co-Leads the Dundas investment research process. Since joining the firm Gavin has been instrumental in crafting Dundas' investment research process, embedding technology within the firm and stewarding the investment philosophy. Gavin has a BSc in Financial Economics from the University of St Andrews graduating in 2010 and has been a CFA charter holder since 2014.

David joined Dundas in 2021 as an Investment Manager and in 2025, was appointed Managing Partner. He is also the firm's lead on Stewardship. His career in finance started with a B Com Honours in business studies and accounts from Edinburgh University and then progressed to becoming both a Chartered Accountant (CA) and Chartered Financial Analyst. Examining and understanding the finances of companies is what David knows best and he enjoys being able to do that on a daily basis at Dundas in his role in the investment team. David also sits on the True Potential Investment Committee as an Independent member.

Alan is Dundas' senior citizen and Senior Partner. When starting out in 2010 he wanted Dundas to be the simplest investment business possible where he, colleagues and clients invested together to enhance the long-term value of their savings by keeping inflation’s corrosive effect at bay. With only one degree and no CFA, what Alan brings to the firm and its portfolios is decades of experience investing and running investment businesses, alongside unrepentant impatience with and intolerance for pointless complexity and illogicality. He aspires to being Dundas' CSO - Chief Simplification Officer. He chairs the Partnership and the Investment Committee and is a lead manager for the Heriot Global Fund in which most of his own savings are invested. Alan previous roles include CEO/CIO at Walter Scott, Head of Institutional at GAM and Director for Ivory & Sime.