ASI UK Smaller Companies R

  • 81.87p
    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.

  • 877.00p
    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?

  • 4.00% 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!

  • 1.35%
    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).

  • 1.36%
    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.

  • 1.90%
    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 17 September 2020, fund data last updated 27 May 2014

The Fund aims to provide long term capital growth by investing in small and mid-cap companies listed on the UK stock market. The manager, Harry Nimmo takes a pure stockpicking approach, combining use of Standard Life’s quantitative stock screen “Matrix” with in-depth fundamental analysis. His portfolios typically have a bias towards quality growth companies. Small companies offer less liquidity compared to larger and medium sized companies and therefore carry more risk.

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched
Size £1,703m
Yield 1.90%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Annual management charge 1.35%
Ongoing charges figure 1.36%

Allocation

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Investment process

The manager looks for “tomorrow’s large companies today”, and believes such companies typically expand organically and operate within growth sectors. The Fund will focus on the Numis Smaller Companies index, which makes up the bottom 10% of the UK stock market by value - this includes smaller FTSE 250 stocks as well as traditional small caps. AiM listed companies are also included. The investment process is based around Standard Life's in-house quantitative stock screen, “Matrix”, which scores companies on such factors as earnings and price momentum, director dealing, valuation and liquidity. On completion of the screen the manager is typically left with c.800 companies which are then matched against fundamental business analysis including regular company meetings. This is used to verify the scores of the “Matrix” and to ensure the business model is strong and repeatable – factors such as recurring revenue, barriers to entry, pricing power and market share are important. The ultimate portfolio will include the top 50 best ideas.

This fund was previously rated 5 stars by Bestinvest, but was downgraded in 2011 after it was soft closed to limit assets under management. Fund manager Harry Nimmo has a successful track record in smaller companies investing dating back to 1997. He benefits from the considerable resources of the Standard Life group, including the stock “Matrix” which is a key part of his process. The fund’s quality growth style bias often provides a degree of resilience in falling markets, but can lead to underperformance during recovery or value led rallies.

Manager research

Average monthly relative returns

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  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

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  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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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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Sector breakdown

Consumer Services 24.00%
Industrials 20.00%
Financials 15.00%
Consumer Goods 15.00%
Technology 11.00%
Telecommunications 6.00%
Money Market 6.00%
Health Care 2.00%

Portfolio

50 stocks. Turnover c.25%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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