Share Name Share Symbol Market Type Share ISIN Share Description
Standard Life UK Smaller Companies Trust LSE:SLS London Ordinary Share GB0002959582 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +6.00p +1.18% 516.00p 512.00p 516.00p 514.00p 508.00p 508.00p 209,207 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 4.3 6.4 80.4 352.18

Standard Life UK Smaller Compani Share Discussion Threads

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'Standard Life UK Smaller Companies and FRC Meetings' Blog post available here: hTTps://
lot of buys
This week's Investors Chronicle gives this a buy.
nice! did they mention a price target?
It was recommended in this weekends Telegraph. Mentioned about the discount and the long-term performance. I have purchased some more this has done very well for me
nice rise today tiger hope you are still dripping!
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.
Hopefully you're right. These went from trading at a premium to trading at a discount so the fall was exaggerated.
Looks like the pull back is over. Weekly candles: free stock charts from
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.
simon gordon
Nimmo warns on liquidity in uk micro caps: htTp://
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.
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://
Jeez this owns a pile of in the sky stuff, bet holders here wish they had been in SDV instead.
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.
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%
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.
Good day today henry but mt HSL smaller co. did even better today
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://
Results out this morning-great over 5 to 10 years but last year slightly down against its benchmark-one of my core holdings. Good reading and graphs on this site Thanks
STopps.... interesting what Nimmo says about cyclicals being riskier. HSL tend to invest more heavily in cyclicals such as house builders & plant hire in their top ten stocks. it has given them a higher return over recent years but they got far greater hammering in the credit crunch: SLS BLUE, HSL GREY free stock charts from
Henry re harry
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
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
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