Standard Life Uk Smaller... Dividends - SLS

Standard Life Uk Smaller... Dividends - SLS

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Stock Name Stock Symbol Market Stock Type
Standard Life Uk Smaller Companies Trust Plc SLS London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 728.50 08:09:50
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Standard Life Uk Smaller... SLS Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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speedsgh: From today's Tempus column in the Times... HTTPS:// The challenges that have faced the Standard Life UK Smaller Companies Trust in the past couple of years are clear for all to see (Greig Cameron writes). Its financial year runs to June 30, so its 2019 results were affected by the sell-off in stock markets near the end of 2018; this year’s results, published last week, took into account the initial impact of Covid-19. The resulting two years of negative absolute returns could be a cause for concern for some investors, perhaps, but look a little deeper and the trust has comfortably outperformed its benchmark — the Numis Smaller Companies plus Aim index, excluding investment companies — in both periods. And having seen the value of its portfolio dive by close to 40 per cent in March, a net asset value total return of -0.5 per cent over the full year to the end of June underlines the recovery in equities post-lockdown. Harry Nimmo has run the trust since 2003 and oversaw an expansion in 2018, when it was merged with Dunedin Smaller Companies Investment Trust. He and his team have a strong record of solid returns, with an average of 15.6 per cent annual growth since they took over. The aim is to pick the best of UK smaller and mid-cap companies with a long-term view. Mr Nimmo, 63, states that the principles of “risk-aversion, resilience, growth and momentum” have not changed and that the pandemic may actually accelerate trends beneficial for smaller companies. However, “with the potential for further spikes in Covid outbreaks, a vaccine some way off and a difficult negotiation on Brexit ahead, the recovery may be punctuated by setbacks”. Digital businesses are a favourite, with Kainos, the software developer, Gamma Communications, a telecoms company, and Future, the magazine and online publisher, among its biggest holdings. The 7.7p dividend was flat year-on-year, with the trust dipping into its revenue reserves to maintain it at that level. The shares entered 2020 at more than 630p, but halved to 314p in March. A recovery since then means that the shares are now changing hands for about 540p. ADVICE: Hold WHY: Growth potential for patient investors
lozzer69: SLS now powering ahead and now at a premium ?
henryatkin: I've got my doubts. Nimo said this in his latest report: "From the start of the Company's financial year until 6 March 2014, the market was happy to take on risk and in particular support high growth companies, with valuation a secondary consideration. In general, markets took the view that the smaller the stock, the better the performance. This is typical of a bull market: stocks exhibiting earnings and price momentum were favoured. All this was supported by a buoyant economic backdrop, especially in the UK, but also in the US. Indeed an unusually strong confluence of economic growth and recovery was evident all round the world including Japan, China and even continental Europe. This was a vintage period for smaller companies, with this part of the market up by 27% in the period to 6 March 2014. Following that date and Fed Chair Yellen's comments, investors, including the increasingly influential multi-asset, global macro segment, moved to reduce risk by exiting small and mid sized companies. This was often achieved by indirect methods such as derivatives or selling exchange traded funds (ETFs). This, in turn, caused selling in the underlying holdings and prompted downwards share price pressure in particular on the smaller constituents of the FTSE 250 which also coincide with some of our larger holdings. At the same time the new issues market was unusually active, particularly with retail new issues. Fund managers who wish to participate in these new issues tend to sell previous winners, especially existing retail holdings. High growth stocks which did particularly well in the preceding period were sold due to being seen as high risk. The microcap segment, in which this Company is only a small participant, was exempt from this major rotation as there are no derivatives in this part of the market. Microcaps were not weighed down by new issues. Indeed, there were strong money flows into this sub-sector during the year." ............................................................................... imho, at a coming of a correction or long period of consolidation high PER/high PEG growth stocks tend to sell off faster than income stocks. Smaller UK Funds are generally high PER/high PEG growth stocks which are the first to go risk-off. Hence year to date, SLS & BRSC are down 13% while SDV is only down 2%. Unit trusts low PER/low PEG, Slater Growth Fund & Marlborough Micro cap Fund have gained 12% & 6%, confirming Nimo's last two sentences.
henryatkin: URVNME...I've had no problems "trading" small cap etf's with tech analysis. Tight spreads and good volatility. SLS high PER is largely down to the higher quality momentum stocks that Harry Nimmo selects so it tends to have a higher PER in both bull and bear markets and is no more or less likely to be have a higher volatility than any of its competitors. In fact Sharescope shows SLS & BRSC have the lowest volatility of all those you list, so long term you get highest returns with lowest volatility.
urvnme: Short term is irrelevant unless you are trading ETF's. 10 year period returns excluding dividends & costs: AAS 480% SLS 480% BRSC 350% SCP 290% HSL 260% ASL 160% SDV 60% PeterBill... ETF's are a bit like property companies where P/E is of little use for valuation. Here most investors look at NAV premium or discount which is why that is the figure the funds publish. If you look at a property company like GPOR for instance you'll find its on an adjusted P/E of 57 but the Net Asset Value is £1932m with a current Market Cap of £2193 which represents a 13% premium to NAV (quite toppy). P/E is a historic market sentiment valuation put on a stock by individual investors but NAV is what is considered to be closer to the intrinsic value of the company or fund. hTTp://
peterbill: I think SLS is still too expensive ... PE ratio of 63?, Divi yld of 1.3%, Cover 1.13, etc. ADVFN figures so may have to compare with Digital Look.
henryatkin: Another high risk, high reward fund is Gervais Williams CF Miton UK smaller companies (CGLERS). It seems higher risk than SLS but is up 60% year to date compared to 30%. I'm now looking at a basket of UK smaller company funds of SLS, BRSC, HSL, & CGLERS. Equally weighted they have a return of year on year +43.5%
henryatkin: yep, HSL is doing very nicely of late, up 6% on the week. I don't know what's changed because on a ten year basis they underperformed SLS & BRSC. They seem to have their act together now though, so perhaps a new fund manger came in somewhere along the line.
henryatkin: tiger... yes the report is a very good read. The Nunis Small Company Index follow a higher path than the SMX or SMXX so SLS are still trading well above the small cap index as a whole. Numis are reporting a 50% probability of their small company index going from 15800 to 25000 by the end of 2018 - that's approximately 60% potential rise over five years: hxxp://
henryatkin: I wonder whether SLS's high valuation is holding it back relative to HSL & BRSC. It has lagged every year since 2009. SLS is red on the following chart: free stock charts from
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