Experienced in UK and European equity investments

About Us

Our Team

Paul Marriage

Fund Manager

Paul launched Tellworth Investments in October 2017. He joined Cazenove Capital in 2005 and became Head of UK Dynamic at Schroders in 2013 after the acquisition of Cazenove. Prior to this, Paul was Head of UK Small Cap investments at Insight Investments and an analyst at GH Asset Management. He has over 20 years of investment experience.

Paul graduated from University College, Oxford University with a degree in Modern History. 

John Warren

Fund Manager

John launched Tellworth Investments in October 2017. He joined Cazenove Capital in 2010, moving to Schroders in 2013 after the acquisition of Cazenove. Prior to this, John worked at UBS, Investec Bank and HSBC in UK equities and before this PriceWaterhouseCoopers. He has over 20 years of investment experience.

John graduated from Loughborough University with a degree in Economics and Accountancy.

Seb Jory, CFA

Fund Manager

Seb joined Tellworth in January 2018 and manages the TM Tellworth UK Select Fund. Prior to this, Seb was Head of Strategy & Stock Selection at Liberum, where he led a three-person team publishing strategy pieces and investment lists on UK FTSE 350 equities.  In this role, he and the team built several proprietary models and frameworks to help UK equity PMs better forecast UK economic data in the wake of the Brexit vote - a product called ‘UK Thermostat’ - and several factor models to help company analysis, the most prominent being ‘Sinners’. Since joining Tellworth, alongside the rigorous bottom-up fundamental work required of all of the team, Seb has brought these tools into a live portfolio environment with the Dynamic funds, particularly developing ‘alternative data’ methods for insights into single-stocks, as well as macro.
Seb started his career in 2009 trading distressed debt at RBS before joining Liberum as a UK Equity analyst. He graduated from Bristol University with a first class degree in Mathematics and is a CFA Charterholder.

James Gerlis, CFA

Head of Research & Responsible Investment

James has been Head of Research & Responsible Investment at Tellworth since March 2020, having joined the company as an Equity Analyst in October 2017. He is responsible for coordinating and progressing the research effort at Tellworth, in addition to finding and researching stock-specific investment opportunities and supporting in the overall management of portfolios. James has ten years’ investment experience, including seven years at BlackRock in an Equity Analyst role for the UK and Emerging Market fundamental equity teams.

James graduated from Balliol College, Oxford University with a degree in Economics and Management.

JP Hodder-Williams

Equity Trader

JP joined Tellworth in October 2019 as an Equity Trader. He has over 15 years of experience in the global equity markets with a focus on UK and pan-European equities. JP started as a trader in 2004 working for GAM, moving to RWC Partners in 2017. Before that he worked for Morgan Stanley Quilter.
JP graduated from Kings College London with a degree in Chemistry.

Fred Batoua

Fund Manager

Fred joined Tellworth Investments in February 2020 as a Fund Manager. He has over 20 years’ experience as an investment analyst on both the buy-side and sell-side with a focus on European and U.S stocks. Fred began his career as a sell side equity analyst at Goldman Sachs. His most recent role was as a senior equity analyst at Chilton Investment.

Fred graduated from Audencia Business School (ESC Nantes), with Master Degree in Business and Finance.

Johnnie Smith

Fund Manager

Johnnie joined Tellworth in June 2020 as a Fund Manager. He joined from CZ Capital where he was previously a Portfolio Manager, managing UK Equity long/short mandates. He was previously an analyst at the firm researching UK mid and large cap equities across multiple sectors. Prior to this Johnnie worked at JP Morgan in Equity Sales as a UK Specialist. He has over 9 years of investment experience. 

Johnnie graduated from the University of Exeter with a degree in History & Politics.


  • February 2021

    Tellworth Insights
    James Gerlis, Head of Research & Responsible Investment at Tellworth, discusses stock-specific opportunities and a balanced portfolio approach in ‘Are we nearly there yet?’
      read more

  • January 2021

    Tellworth Insights
    Paul Marriage discusses the 2020 performance of the AIM market in 'Looks like a bubble' read more

  • November 2020

    Tellworth Insights
    Johnnie Smith, Fund Manager at Tellworth Investments, discusses the return of M&A to the UK stock market, and the opportunities it is creating in 'Barbarians at the Gate' read more

  • October 2020

    Tellworth Insights
    James Gerlis - Head of Research & Responsible Investment at Tellworth, discusses the efficacy of active engagement with companies on ESG matters, as part of the teams approach to responsible invesment in 'ESG: Active Ownership 2.0' read more

  • September 2020

    Tellworth Insights
    Seb Jory discusses the utility of the Tellworth 'Sinners' model, and how it aids in seeking value, and avoiding value traps in 'Sinners 2020. Accounting red flags for UK stocks​' read more

  • September 2020

    Webinar: Knock out or knocked out? Finding opportunities in the world’s most unloved market
    In the aftermath of Brexit and Covid 19, there can be little doubt that UK equities are out of favour and unloved by investors. However, the team at Tellworth believes there are great investment opportunities available – if you just know where to look! Fund Managers Paul Marriage, John Warren and Sebastian Jory hosted a webinar to discuss the UK Market and Tellworth’s differentiated approach to finding opportunities.
      Watch Video

  • August 2020

    Tellworth Insights
    Seb Jory discusses the implications and opportunities of the current market backdrop relating to monetary velocity and growth in 'Inflation: Looking beyond the Twilight Zone' read more

  • June 2020

    Tellworth Insights
    James Gerlis, Head of Research & Responsible Investment, discusses how the team considers stock specific alternative data sources to improve their understanding of the companies in which they invest in 'The Data Lens.'
      read more

  • May 2020

    Tellworth Insights
    Seb Jory discusses how certain data can detect trends and sense-check naturally held views and biases in 'How they spend it.'
      read more

  • April 2020

    Tellworth Insights
    Seb Jory discusses the significant challenges and exciting opportunities presented in the markets today in 'Stocks & Shapes.' read more

  • July 2019

    UK Smaller Companies strategy update
    For Professional Investors only. In this video Paul Marriage and John Warren discuss the UK Smaller Companies strategy update, their thoughts on current market conditions, current opportunities in UK small cap and the rest of 2019. Watch Video

  • Q1 2019

    Tellworth Insights
    Paul Marriage on ‘Why UK Smaller Companies’ read more

  • Q1 2019

    Tellworth Insights
    Seb Jory: A One in Ten Year Opportunity read more

  • Q4 2018

    Citywire Wealth Management
    Paul Marriage: 'Six small-caps I'm happy to buy right now' read more

  • Q2 2018

    Tellworth Insights
    Seb Jory: 'Is it time to start buying UK domestics?' read more

  • Q2 2018

    Video Insight: Live with Paul Marriage and John Warren
    Watch here... read more


  • 20 August 2019

    Stephen Nash

    John and I are deeply saddened to announce the sudden passing of Stephen Nash, Tellworth’s trader.  Steve was a highly valued member of the Tellworth team and passed away unexpectedly on 19 August 2019.  Everyone at Tellworth would like to take this opportunity to extend their deepest condolences to Steve’s family and friends.  Steve will be very fondly remembered by us all at Tellworth and many others throughout his City career as a true professional who was fun to work with, loyal and caring.

    Paul Marriage

  • 19 August 2019

    Tomorrow's Titans
    Paul Marriage and Sanjiv Bhatia are tomorrow's titans, it's official! Both Fund Managers of BennBridge made the accomplished short list in this year's edition. Read the biennial report here

  • 31 May 2019

    Tellworth fund now available on Hargreaves Lansdown platform
    Tellworth Investments (“Tellworth”) is pleased to announce that its long only fund, LF Tellworth UK Smaller Companies Fund, will now be available on the Hargreaves Lansdown platform. In addition, the fund can be accessed on the following platforms: Raymond James, AJ Bell Investcentre, AJ Bell Youinvest, Link Asset Services and Transact. Paul Marriage, Fund Manager, says ‘We are delighted that the LF Tellworth UK Smaller Companies Fund is now available on the Hargreaves Lansdown platform. We have always enjoyed a loyal following of Hargreaves Lansdown customers at Cazenove and Schroders and we look forward to continuing that here at Tellworth.’ For further details on how to access the fund on the platform, please visit Hargreaves Lansdown or contact your broker. Tellworth Investments ("Tellworth") is an appointed representative of BennBridge Ltd (“BennBridge”). All investment management is conducted by BennBridge.

  • 22 May 2019

    AJ Bell includes Tellworth UK Smaller Companies fund on MPS platform
    Ryan Hughes, who jointly runs the managed portfolio service at platform business AJ Bell, is focusing on boutique firms run by big name fund managers as they can offer a "track record". read more

  • 27 February 2019

    Cambridge women are Varsity lacrosse queens once more
    Having come up trumps in the latest Tellworth-sponsored Varsity lacrosse match, Cambridge University women will today be setting their sights on the Championship Trophy. read more

  • 16 February 2019

    The Times: Take a chance on the new funds run by the old faces
    When Paul Marriage said that he was snapping up stocks for his Tellworth UK Smaller Companies fund, it made headlines in the investment industry press... read more

  • 13 February 2019

    Tellworth Investments to become title sponsor for 2019 & 2020 Varsity Lacrosse Matches
    Tellworth Investments, a BennBridge boutique, is to become the title sponsor for the Varsity Lacrosse Matches being held in 2019 (Cambridge) and 2020 (Oxford) across the Men’s, Women’s and Mixed matches... read more

  • 18 January 2019

    Portfolio Adviser: AJ Bell drops Merian in first change to MPS growth range
    AJ Bell has dropped Merian UK Smaller Companies from the highest-risk portfolio in its managed portfolio service (MPS) in a blow to the team... read more

  • 17 January 2019

    Money Observer: Chart that tells a story: The FTSE 100 offers investors 'once-in-a-decade opportunity'
    Valuations on the index are at lows only seen at the nadir of cycles. That's good news for investors... read more

  • 17 January 2019

    The Armchair Trader: UK value stocks represent 'once in a decade opportunity' says fund manager
    The largest UK stocks currently offer investors a once-in-a-decade opportunity after a slide in valuations seen only at the nadir of most cycles, Tellworth fund manager Seb Jory has said... read more

  • 8 November 2018

    Shares Magazine: Small cap fans: get ready for the return of champion investor Paul Marriage
    A well-known fund manager who in his previous job generated nearly four times as much money for investors than the broader market is back with a new fund... read more

  • 16 October 2018

    Tellworth Investments launches UK Smaller Companies Fund
    Tellworth Investments LLP, a BennBridge boutique, is pleased to announce the upcoming launch of the LF Tellworth UK Smaller Companies Fund... read more

  • 16 October 2018

    Citywire: Former Schroders small cap star to launch rival fund
    Star small cap investor Paul Marriage is launching a rival to his former Schroder UK Dynamic Smaller Companies fund at his new firm Tellworth Investments... read more

  • 4 July 2018

    Kepler Short-form report
    A UK equity long/short fund with a fundamental approach to stock picking, primarily focussed on small and mid-cap UK companies... read more

  • 20 February 2018

    Investment Week interviews Paul Marriage as he unveils plans for Tellworth Investments and warns of AIM bubble
    Tellworth Investments' Paul Marriage, manager of the UK Dynamic Absolute Return strategies, has warned of a bubble at the top end of the AIM market as a result of IHT funds... read more

  • 2 October 2017

    BennBridge launches first boutique partner Tellworth Investments with £385m
    Multi-boutique investment firm BennBridge Ltd ("BennBridge") is pleased to announce the launch of its first long-term strategic partner, boutique firm Tellworth Investments ("Tellworth")... read more

  • 2 October 2017

    Investment Week: Marriage and Warren's boutique Tellworth launches with £385m
    Multi-boutique firm BennBridge has launched Tellworth Investments, the boutique led by former Schroders fund managers Paul Marriage and John Warren, with £385m in assets under management... read more

  • 1 June 2017

    BennBridge to be appointed investment manager on Schroders' UK Dynamic Absolute Return strategy
    BennBridge today announces it has agreed in principle with Schroders to become investment manager of both SARFCO* UK Dynamic Absolute Return Fund and SAS** UK Dynamic Absolute Return Fund, subject... read more


Fund managers Paul Marriage and John Warren have been recognised with a number or ratings and awards, including:

  • Sauren Fund Manager Golden Awards Ceremony

    2018 – Tellworth awarded two gold awards for excellent fund management in the ‘Absolute Return UK Equity’ category

  • FE Alpha Manager of the Year

    2018 - Tellworth Investments

  • EuroHedge Nominations

    EuroHedge (2017) - European Equity (under $500m)

    EuroHedge (2013) – Specialist Equity Fund of the Year

    EuroHedge (2012) – Long-term performance, equity strategies and Specialist Equity Fund of the Year

    EuroHedge (2008, 2009, 2011) – UK Equity Fund of the Year

  • Investment Week

    Winners of Investment Week’s UK Smaller Companies Manager of the Year award for 2013 & 2014

    Winners of Investment Week’s Absolute Return and UK Smaller Companies Manager of the Year award for 2013

  • Lipper Fund Awards

    Winner of ‘Equity UK small and mid-caps’ category over 3 and 5 years in the UK Lipper Fund Awards 2013

  • Portfolio Adviser Fund Awards

    Platinum Award 2014 for UK Equity and Absolute Return

    Gold Award 2013 for UK Equity

  • Moneywise Fund Awards 2013

    Highly Recommended (UK Smaller Companies)

  • Financial Express 2013

    Alpha Manager Rating for consistent outperformance

  • Citywire Selection Award

    Plus+ rated by Citywire (to 30/06/2014)

  • Morningstar OBSR Bronze rating

    An indication of excellence and serves to demonstrate a strong and disciplined investment process that will lead to long-term performance


For all enquiries, please contact Helme Harrison

Helme Harrison

Director of Business Development

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