PROACTIVE
GLOBAL INVESTORS
Nutshell manages the retail Nutshell Growth Fund, a long only UCITS fund and the institutional Nutshell Dynamic Long Short Fund, an offshore equity fund. You can find out more here.
Lord Michael Spencer |CHAIRMAN
Michael Spencer is one of the UK’s most successful entrepreneurs. He was educated at Oxford University and began his City career in 1976 at Simon and Coates. He later founded Intercapital (ICAP), which entered the FTSE 100 in 2006. Following the 2016 sale of ICAP's global hybrid voice broking business to Tullett Prebon, the remaining ICAP businesses became NEX Group, a technology-driven financial services company where Michael served as CEO. NEX was acquired by CME Group in 2018, with Michael joining its board until 2020. He now chairs IPGL, investing in early-stage companies, and holds roles at Bordeaux Index and the Centre for Policy Studies. Michael was nominated for a life peerage in the 2020 Political Honours list and created Baron Spencer of Alresford in 2020.
With over 30 years in global financial markets, Mark Ellis has built a career blending analytical insight with hands-on trading experience. Starting at NatWest Markets, he led the Nordic Desk and earned recognition as one of the top market makers worldwide. He went on to broaden his expertise at Citibank, Bear Stearns, and later Symmetry Investments, where he managed dynamic, multi-asset portfolios using both systematic and discretionary strategies. Mark holds degrees from the London School of Economics and Cass Business School, where his award-winning research on market momentum was published in the Journal of Asset Management.
Industry RECOGNITION
Nutshell has earned a 5-star Morningstar rating, a 5 Crown Rating from FE fundinfo, FundCalibre’s Elite Radar badge and Nutshell Growth Fund ranks in the top 1% of its peer group, as of April 2025.
