This web-site is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this web-site has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this web-site may from time to time include information that relates to specified investments or regulated activity (“Regulated Information”). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this web-site is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this web-site place investors’ capital at risk and could result in a total loss of capital.
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this web-site by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this web-site or for any decision based on it.
I confirm that I understand and accept the information above:
A £44m market cap investment trust has outperformed the giants of the investment world to be the best performing UK smaller companies fund of the past 12 months.
Data compiled by FTAdviser shows the Gresham House Strategic investment trust has outperformed all 48 open ended funds in the IA UK Smaller Companies sector and the 17 other investment trusts in the AIC UK Smaller Companies sector over the past year to 23 November.
The Gresham House trust has returned 18.3 per cent in 12 months, while the average trust lost 6.5 per cent.
The sector average for the relevant open ended fund is a net loss of 4 per cent.
The best performing open-ended smaller company fund, the £180m Marlborough Nano Cap Growth fund, returned 10 per cent during the period in question.
Gresham House Strategic trades at a 26 per cent discount to its net assets, which is the largest such discount in the sector.
The managers of the fund aim to invest in shares that have little exposure to the wider economic cycle, and so may offer more defensive characteristics than other small cap funds.
A spokesman for the investment trust stated it seeks to deploy private equity investment styles to listed companies, and such a strategy tends to perform well when markets are choppy, aiding the present bout of strong performance.
Darius McDermott, managing director at Chelsea Financial Services, said his favourite UK small cap funds is Livingbridge UK MicroCap for growth focused investors and Montanaro Income for income focused investors.
He said: “There are a number of larger funds in the small cap area that we respect, but in the post Mifid-world mid and small cap funds have the opportunity, because there is less research around, to outperform, and smaller specialist funds can do that, looking at the data shows the potential to find such hidden gems.”Last month, the Investment Association reported investors have withdrawn £10bn from UK equity funds since the Brexit vote in June 2016.
Investor outflows from all equity sectors amounted to £308m in August, while the IA Global sector had inflows of £417m during the month.
UK-focused funds saw another £423m being withdrawn from the sector.
The cash taken out of equities appeared to have been deployed into mixed asset and absolute return funds during the month.
In total, £539m of net inflows went into the mixed investment sectors, while £36m went into funds categorised as “other” which includes absolute return funds.
26 November 2018