Share Name Share Symbol Market Type Share ISIN Share Description
Standard Life Uk Smaller Companies Trust Plc 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
  -1.50p -0.30% 497.50p 494.00p 502.00p 498.00p 495.00p 498.00p 96,471 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 5.1 7.2 68.7 366.77

Standard Life Uk Smaller... Share Discussion Threads

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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
The main issue I have with smallcaps is their drawdown volatility in market corrections. That is especially true when their relative valuations are so high as they currently are. In the year 2011/12 SLS peaked and fell 20% compared to just 8% on UKX. In What Works On Wall Street, James O'Shaughnessy suggests a basket of smallcap growth stocks and main market high yield stocks to reduce total volatility and maintain risk adjusted returns. His reasoning is that high yield large Mcaps usually act as a defensive portfolio in market pull backs (or bear markets) for their total return qualities. UKX works well enough but a UK high yield large Mcap fund might work better. Probably better to scale in and out at a fixed percentage drawdown. free stock charts from
Henry - have similar thoughts. Keep getting bitten by individual small caps - so wonder why bother. Stick to funds instead. Be nice to see some new highs to show that the uptrend continues.
Five year comparison charts for BRSC (blue), SLS (red), SCP (green) & UKX (brown). It makes me wonder whether I should load more of my investments into a basket of these smallcap funds and trade just a very small number of exceptional potential high growth stocks. Its questionable after accounting for costs, time and research, whether running my own strategies and portfolio is worthwhile as all three funds comfortably outperform the smallcap index by around 100% over five year period giving an average compound interest in excess of 25%: free stock charts from
14:40 Fidelity funds management have out done Hargreavea Lansdown by introducing a new charge of 0.35% with no extra's for buying, selling, transfers, closing out etc. on accounts up to £250,000. Fidelity's fund supermarket introduces 0.35% annual fee and trumps Hargreaves Lansdown with 'no additional charges' claim Will customers be the winners from a price war between fund supermarkets? Fund supermarket Fidelity has announced that it will be introducing a 0.35 per cent service fee on all funds and shares held on its platform. But Mark Till, head of personal investing at Fidelity, claimed that in contrast to competitors there would be 'no additional charges' to pay such as fees for transfers in or out, probate valuations or buying and selling funds. The aim, said Till, was to make Fidelity's pricing 'as straightforward as we could'. The 0.35 per cent fee applies on any holdings up to the value of £250,000. Once customers hold more than £250,000, they will be charged a lower fee of 0.2 per cent on all their holdings. Those who hold over £1 million will pay the 0.2 per cent fee only on the first £1 million of their holdings, and nothing on any excess. 'We've gone for a cap so our fees aren't forever rising. At £1 million we feel we've done all the work we can and earned the fees that are appropriate,' said Till. The changes come into force from 9 February, but existing Fidelity customers will, said Till, be given a choice about whether to move to the new pricing structure or stick with the old one. The news from Fidelity follows hot on the heels of an announcement last week from the company's main rival Hargreaves Lansdown of its new pricing structure. Hargreaves Lansdown's headline service fee at 0.45 per cent is higher than Fidelity's, and there are additional charges for services such as probate valuations, which have attracted criticism from customers. Hargreaves Lansdown claimed that the funds within its Wealth 150 list of recommended funds had an annual management fee of 'approximately 0.65 per cent'. Fidelity said today that the average annual management charge on funds in its Select List was '0.64 per cent'. However, Fidelity's figure includes passive tracker funds, which pull down the average. Fidelity allows customers to trade shares on the Share Network brokerage platform, whose charges remain the same, with dealing costs of £9 per transaction. This also applies to investment trusts if they are held through Share Network. However, for the five Fidelity investment trusts held on Fidelity's fund platform, the annual service fee will not be charged. They will count towards the £250,000 and £1 million thresholds for lower fees, though. Till said that Fidelity will contact existing customers by letter, email and phone to talk to them about whether they are better to move 'some, all or none' of their money across to the new pricing structure. 'That way, we don't force any existing customers' charges to rise,' he added. While Till acknowledged that other providers offer lower annual service fees than 0.35 per cent, he defended Fidelity's pricing. 'We're not an execution-only business, we're a guidance business. We're going to help you find the best investments. 'We have 350 analysts in 13 different countries that allow us to investigate the best investment opportunities wherever they happen to exist
SLS finished the year up 36% which compares to 32% for the SMX and 25% for MCX. Many other investment funds and unit trust's did much better though: THRG 48%, HSL 50%, IPU 33%, JMI 55%, SCP 65%, BRSC53%, River & Mercantile UKSC 57%, Aberforth UKSC 45%, Cazenove UKSC 43% and Fidelity UKSC 48%. Generally UK smaller companies did much better than SMX so fund managers earned their crust. Looking at their respective portfolio's its the quality of their top 20 holdings that give them the edge over the index.
janeann... its been a great year all round, lets hope it continues. Hargreaves Lansdown wealth 150 review:
Henry; well having looked at BRSC following your early post I bought some of those on 8 dec as well as sls. Very pleased so far with both but especially bsrc! Mrch still sitting quietly ! thanks
I understand Cazenove small companies was closed to new entrants on Friday. It has become so popular that they have hit £1bn under management which the fund manager feels is the limit he can handle whilst maintaining its current growth rate. It's still smaller than SLS which currently has £1.2bn under management but also holds a few larger companies compared to Cazenove. MRCH is one I haven't looked at too closely but I can see the attraction of the Large Mcap helping reduce over all portfolio volatility and giving good income.
Already hold the Cazenova unit trust - or at least my daughter does. Also hold and like MRCH although that has stood relatively still for a few months now (along with the ftse 100); nice dividend c 4.5% there though. Never like buying right at the top - unless its a top up, although cant avoid it sometimes!
These give such a diverse portfolio of good quality companies that I personally wouldn't worry too much about tops and bottoms. Looking at Hargreaves Lansdown latest wealth 150 report, Cazenove UK smaller companies Unit Trust has outperformed both SLS and BRSC over the past five years. Annual % growth rates: Cazenove - 50.5, 24.8, 12.7, 28.1, 47.5 BRSC - 24.4, 32.3, 1.3, 19.1, 34.2 SLS - 35.9, 42, 4.6, 12.2, 31.5 Considering the smallcap index SMX lost over 12% in 2011 they all did well to achieve positive growth.
henryatkin - thanks for that; agree brsc is also good - if not marginally better, but standard life buying into thal (announced 7/11) pushed me in this direction. just hope i havent bought in at a peak!
janeann...Blackrock also does quite well - BRSC.
Just been researching various IT's and come to the conclusion this is one of the best - cerrtainly in terms of recent performance.
12:56 With much the same commentary as the recent September newsletter... Activity The Company bought shares in Ocado, the on-line food retailer and distributor, during the quarter. The announcement of its joint venture with Wm. Morrison's puts the business on a sound financial footing, giving it a platform for strong growth. The Company also acquired a new holding in Delcam, the provider of computer-aided design software products to various industries. The business is well managed, enjoying earnings upgrades and fits the Company's investment process well. The Company also purchased shares in 4imprint, the manufacturer of branded corporate marketing and promotional products. The industry is highly fragmented and it is expected that the company will use its scale and operating leverage to acquire competitors and grow market share. Notable sales included the disposal of Domino's Pizza, which is suffering delays to its German expansion, and scientific equipment manufacturer Oxford Instruments which is experiencing a concerning deterioration in demand. Telecity was also reduced significantly as the company reported waning pricing trends.
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.
Yes I have just bought this for my SIPP
With thanks to Roger Lawson of ShareSoc who alerted me to this trust through his excellent AGM write-up on the ShareSoc Members Network: hxxp:// I have some common holdings and the performance looks terrific here, hence I decided to create the thread and watch how the trust develops and the themes and stocks Harry Nimmo introduces in future. Any holders here? SM
HTTP:// Top Twenty Holdings - as at 31 July 2015 4.3 - Ted Baker 3.9 - Workspace 3.4 - Telecom Plus 3.3 - 2.8 - Emis 2.6 - Computacenter 2.6 - Greggs 2.5 - Victrex 2.5 - Rightmove 2.5 - CVS 2.3 - Dechra Pharmaceuticals 2.3 - Paypoint 2.3 - GB Group 2.3 - Restaurant Group 2.2 - Abcam 2.1 - Big Yellow 2.1 - Paragon 2.1 - Cranswick 2.0 - Dunelm 1.9 - NMC Health ---------------- 52.0 - Total ---------------- 10-Oct-13: HTTP://
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