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The Standard Life UK Smaller Companies Fund (unit trust) was previously rated five stars by Bestinvest and was then downgraded to a two-star hold in 2011 after it was soft closed to new investors to limit growth in assets under management. However assets under management for the fund remain high. We believe they are likely to continue to compromise the manager’s ability to implement his investment style efficiently and, in doing so, his ability to deliver outperformance on a par with the past. We have higher conviction in alternative mandates that we believe are less constrained in this respect and have downgraded our rating to a 1 star.
The UK Smaller Companies investment trust also managed by Nimmo has historically outperformed his unit trust, although this distinction has become less pronounced over the last three years. The trust pursues an identical investment strategy and has a reasonably high degree of overlap with his open ended fund, consequently we would also expect it to be subject to the same challenges going forward. The trust is currently trading marginally below its rolling one-year discount to NAV, consequently we have downgraded our rating to a two star.
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Current or past yield figures provided should not be considered a reliable indicator of future performance.
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