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ASI Global Smaller Companies P1

Global small and mid cap (< US$5bn in size) equity fund.

  • 193.60p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.90%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.05%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 07 May 2021

Launched on 19 January 2012, this fund targets long term growth from small and mid cap companies (up to US$5bn in size) worldwide. This process is similar to that used on Standard Life’s UK Smaller Companies fund, relying on the group’s quantitative stock “Matrix” to filter the investment universe. The team will then undertake detailed stock research in conjunction with Standard Life’s regional teams to form the portfolio – like the UK fund, this is likely to have a bias to quality growth companies.

Fund summary

Sector Global
Structure OEIC
Launched May, 2012
Size £1,507m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.90%
Ongoing charges figure 1.05%

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Investment process

The fund’s investment universe consists of around 6000 companies in the MSCI AC World Small Cap index, though in practice the fund will invest primarily in companies between US$300m and US$5bn in size. The universe will be reduced to around 200-300 companies using Standard Life’s quantitative stock “Matrix”, which has been adapted from the UK version to take account of differing conditions in local markets. These companies will then be researched in more depth. Named manager Harry Nimmo will oversee the process from Edinburgh, with team members travelling the world to carry out company meetings. The team will also feed off the research of Standard Life’s regional and global equity teams and their regional partners. Stock selection criteria will be similar to those used on the UK fund, with the portfolio likely to have a bias to quality growth companies. Regional and sector weightings will be the product of bottom-up stock selection.

Manager research

Average monthly relative returns

  • 16/17 0.03%
  • 17/18 1.02%
  • 18/19 0.25%
  • 19/20 0.33%
  • 20/21 -0.13%

Bestinvest MRI

  • 3 years 0.15%
  • 5 years 0.30%
  • Career 0.19%
  • 3 years 67.40%
  • 5 years 85.50%
  • Career 90.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Harry Nimmo / Alan Roswell

Nimmo obtained an MBA from Edinburgh University in 1984 and joined Standard Life as an investment analyst with responsibility for UK Equity funds in 1985. He became Senior Investment Analyst with sector responsibility for larger UK quoted company funds in 1990 and an Investment Manager in 1993 responsible for the UK equity smaller (quoted) company funds. He is head of the small cap team. Roswell joined the Standard Life Investments smaller companies team in 2011, having previously spent five years working as a US equity portfolio manager for Standard Life’s Boston office. He has a BSc in Ecoonomics and Politics, the IMC and is an associate of the Society of Investment Professionals.

Track record

Harry Nimmo / Alan Roswell has 9.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from October 2020 - March 2021) there was a decline of 16% relative to the index. The worst absolute loss has been 24%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 90%.

Periods of worst performance

Absolute -24.00% (August 2018 - March 2020)
Relative -16.00% (October 2020 - March 2021)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 30 June 2020

4.2% Kornit Digital Ltd
4.1% Chegg Inc
4% Nihon M&A Center
3.9% Axon Enterprise Inc
3.8% Appen Ltd
3.3% Insulet Corp
3.3% Pool Corp
3.1% Voltronic Power Technology Corp
2.8% Mani Inc
2.8% Sinbon Electronics Co
Source: Trustnet

Sector breakdown

Information Technology 30.00%
Industrials 30.00%
Health Care 14.00%
Consumer Discretionary 12.00%
Money Market 4.00%
Financials 4.00%
Consumer Staples 3.00%
Communications 2.00%

Portfolio

40-80 stocks. The UK holdings are also likely to be held in the UK fund.

Constraints

Stock positions +/-5% versus index; sector weights +/-15%; country weights +/-20%.

Key Investor Information

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