Royal London UK Smaller Companies M

Invests in growth companies outside FTSE 350

  • 329.40p
    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!

  • 0.70%
    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).

  • 0.77%
    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.

  • 0.30%

    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 27 January 2022, we don’t currently provide commentary on this fund.

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched May, 2012
Size £411m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.70%
Ongoing charges figure 0.77%


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

Investment process

Fund invested primarily in companies outside the FTSE 350, which are expected to deliver strong growth. The Fund may hold transferable securities, units in collective investment schemes, Exchange Traded Funds, deposits, cash, derivatives and forwards contracts.

Manager research

Average monthly relative returns

  • 17/18 0.36%
  • 18/19 0.12%
  • 19/20 0.83%
  • 20/21 0.61%
  • 21/22 0.12%

Bestinvest MRI

  • 3 years 0.52%
  • 5 years 0.41%
  • Career 0.24%
  • 3 years 94.60%
  • 5 years 97.70%
  • Career 96.70%

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

Henry Lowson

Henry joined AXA Framlington in January 2005 as a UK equity analyst. He graduated from Edinburgh University in 2004 with an MA (Hons) degree in Economics and Geography. He passed the Investment Management Certificate in April 2005 and he became a CFA Charterholder in June 2007. He became lead fund manager of the AXA Framlington UK Smaller Companies Fund in May 2012. He was also responsible for management of the AIM Inheritance Tax Portfolio Service until the sale of the Portfolio Management Team to Psigma in October 2014.

Track record

Henry Lowson has 9.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.24%. During the worst period of relative performance (from January 2016 - March 2017) there was a decline of 12% relative to the index. The worst absolute loss has been 27%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -27.00% (January 2020 - March 2020)
Relative -12.00% (January 2016 - March 2017)

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.


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

Top 10 holdings

Data accurate as at 30 November 2017

2.4949% Restore Plc
2.3122% Coats Group Plc
2.2995% Conviviality Plc
2.211% Clinigen Group Plc
2.1814% Cranswick
2.1579% Dechra Pharmaceuticals
2.1468% Diploma
2.0417% Gb Group
2.0121% Sanne Group Plc
1.8104% Consort Medical Plc
Source: Trustnet

Sector breakdown

Industrials 34.00%
Consumer Services 19.00%
Health Care 11.00%
Financials 11.00%
Technology 9.00%
Consumer Goods 7.00%
Basic Materials 5.00%
Telecommunications 3.00%
Oil & Gas 1.00%
Utilities 1.00%

Key Investor Information