Standard Life UK Smaller Companies | Winterflood Research

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Strong performing UK Small Cap fund with discount control

Standard Life UK Smaller Companies* aims to achieve long-term capital growth through investment in UK quoted smaller companies. Harry Nimmo has managed the fund since the beginning of September 2003 and in December 2015 he confirmed his intention to manage it for a further seven years. Harry is currently Head of Smaller Companies at Aberdeen Standard Investments (ASI), although it has recently been announced that he will step down from this position, after 27 years, with effect from 31 March. His title will become Investment Leader of the Smaller Companies team and he will continue to manage both the open-ended ASI UK Smaller Companies Fund and the Standard Life UK Smaller Companies Trust, which he has managed for 23 and 17 years respectively. In the recently published interim results to 31 December 2019, the investment trust’s Board noted Harry Nimmo's change of role, stating that the change was considered to be positive as it allows Harry more time to focus on managing the portfolio.

The fund’s performance record under Harry Nimmo is very strong, with the NAV up 1,036% on a total return basis since his appointment as manager, compared with a return of 296% for the fund’s benchmark, the NSCI + AIM ex ICs. Over the last five years, the fund has delivered a NAV total return of 110%, outperforming the 40% return of the benchmark and the 57% return of the UK Smaller Companies peer group. The fund has a hard discount target of 8%, where the Board will use its share buy-back authority to maintain the discount at less than 8% (based on the fund’s cum-income NAV) in “normal market conditions”.

*Denotes a corporate broking client of Winterflood Securities

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