Standard Life Uk Smaller... Investors - SLS

Standard Life Uk Smaller... Investors - 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
-4.50 -0.63% 706.00 16:29:55
Open Price Low Price High Price Close Price Previous Close
703.00 694.00 706.00 710.50
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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
hiriam007: This week's Investors Chronicle gives this a buy.
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.
simon gordon: What Investment - 18/7/14: Shock for investors as Harry Nimmo's UK Smaller Companies fund named on 'Spot the Dog' list Investors in Harry Nimmo's Standard Life Investments UK Smaller Companies fund, long a beacon for smaller companies investors, has been named on Bestinvest's 'Spot the Dog' list of funds to avoid. Bestinvest compiles its list of 'dog' funds for investors to avoid by looking for funds that have underperformed the benchmark in each of the past three years, and by a cumulative 10 per cent over the entire three-year period. Nimmo's fund has a sterling long-term track record, having delivered 738 per cent since 1997, compared to 371 per cent for the IMA UK Smaller Companies sector. But the past three years have been more challenging. The fund is ranked 50th out of 51 funds in its peer group over that time period, and is the absolute worst fund in the sector over the past 12 months. Jason Hollands, managing director at BestInvest, acknowledged the previous strong performance of the fund by commenting that he wouldn't be surprised if this was the only year in which it made the list of 'dog' funds. However, he added that the size of the fund, now over £1 billion, would make it more difficult for Nimmo to repeat the spectacular outperformance that its investors have enjoyed in the past.
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://
henryatkin: Valuation for Dec 31st portfolio: The top ten stocks average Adjusted PER 40.3 compares with the ten year average (PE10) of 22.6 for the same portfolio of stocks. ASC & TEP distort the figure of 40.3 but the ten year averages seem a realistic reflection of how overvalued the markets currently are in the Smallcaps compared to the main FTSE100index which is close to its ten year average. None of the top ten stocks have a current rolling PER less than their PE10. Clearly the portfolio reflects the price investors are prepared to pay for quality growth/momentum companies but the danger of valuations almost 100% above their PE10 is that it could cause a high volatility retracement on the slightest bad news as was the case with DIA which has fallen 50% from its peak price. EDIT. The top ten stocks average rolling P/E of 40 looks very expensive compared to HSL average P/E 14.6
henryatkin: I hold and question whether I need to hold anything else - I do of course but after reading Harry's report in the annual accounts I think a novice investor could learn so much from investing here and researching each company individually. One question; why does Harry weight the UK consumer sector so heavily? I would have thought that with salaries tight against inflation & personal credit already so high consumers have limited growth in disposable cash.
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