MW Smaller Companies Fund
Fund launch date
Fund size
at 19/10/2017
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12pm on
Change in price (+/-)
Dividend yield
Calculate your fund holding value

Your fund holding value based on above price: £

Objectives and policy

The investment objective of the Smaller Companies Fund is to grow the real value of investors’ capital and income. Investments will primarily be in global smaller companies, which do not form part of the leading market indices. An equal emphasis will be placed on the generation of income and on capital growth. 

The fund may invest in any geographical area and any economic sector. In accordance with the firm’s ethical principles, the fund has no investments in tobacco companies or companies directly involved in the development of arms. 


The fund holds a portfolio of direct investments in a diversified range of international smaller companies. Individual investments and geographic allocations are continually evaluated and adjustments are made according to the relative merits of each holding and the opportunities in the smaller company sector offered by different international markets.


The fund is structured as an authorised unit trust. Its structure provides investors with certain institutional safeguards and simplicity of administration. Furthermore, as no tax is suffered on capital gains realised within the fund, there are no tax constraints on active management of fund holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.

Asset allocation
  • 2%
  • 98%

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Geographic allocation
  • 32%
  • 30%
  • 29%
  • 3%
  • 6%

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Political uncertainty is weighing on investment prospects, even if the state of the world economy is otherwise reasonably encouraging. 

The USA’s direction under a Trump Presidency remains open to question.  His pledges for tax cuts and massive infrastructure spending may be more difficult to implement than some investors initially anticipated, leaving companies with optimistically high valuations vulnerable.  Nevertheless, growth in the US economy seems solidly based; for now at least, business and consumer sentiment have been positive and unemployment is low. 

The UK and Europe, too, face considerable political uncertainty. There is still no framework for the future relationship between the UK and the eurozone and negotiations are likely to be complicated further by the results of the UK's general election.  In these circumstances, the ultimate impact of ‘Brexit’ for the UK and eurozone is difficult to assess.  While the UK economy has been performing relatively strongly, consumer spending is likely to be impacted by the lack of growth in real incomes. However the economic outlook in Europe has improved with a modest increase in inflation and a pick-up in manufacturing activity.

In Asia, expectations have brightened.  Growth has accelerated in countries such as India, Indonesia and the Philippines, and the picture in China is brightening.  Japan remains home to some excellent companies with strong market positions, even if the overall success of the much-touted ‘Abenomics’ programme continues to be debatable.

Monetary policy remains supportive for investment in most regions, with central banks retaining accommodative stances in the UK, Japan and Europe. Even in the USA, the Federal Reserve has indicated that any further interest rate rises are likely to be gradual.

Elevated equity valuations give rise to some concern, particularly in the USA, and look vulnerable to any delay or legislative difficulties in implementing the eagerly anticipated tax cuts.  Nevertheless, any market weakness is likely to might throw up good long-term investment opportunities in smaller companies which can be marked down indiscriminately in the short term. 

McInroy & Wood believes long-term investment in smaller companies can be particularly rewarding. Over the past 30 years, global investment institutions have come to dominate equity markets. Their buying naturally has been concentrated on the biggest and most liquid stocks, rather than smaller companies, however attractive the values and prospects of the latter may be. As a specialist private client firm, McInroy & Wood is much less hampered by liquidity considerations in its investment selections, and is in a strong position to exploit opportunities in the smaller company sector on behalf of its clients.

Total return on investment
net of charges and assuming re-investment of dividends

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Total return (£)
Value of initial £1,000 investment
RPI inflation
Total returns
Total return (%)
to 30th September 2017
1 year
3 years
5 years
10 years
Since launch
Cumulative return
Annualised return
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
12 months to 30th September
  • 15.5
  • 28.5
  • 6.2
  • 5.6
  • 24.6
  • 8.7
  • 3.4
  • 24.5
  • 22.7
  • -16.3
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
Launch date
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
BNY Mellon Trust & Depositary (UK) Ltd 
Fund size (at 19/10/2017)
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
IA sector
Valuation and dealing
12pm on each UK business day 
Valuation basis
Forward, single-price basis 
Unit type
Income (reinvestment facility available) 
Min. initial and subsequent investment
Regular savings facility
£100 monthly minimum investment 
Reporting periods
31st January and 31st July 
Current tax year ISA/JISA limits
£20,000 / £4,128 
Dividend information
Ex-dividend dates
1st February and 1st August 
Payment dates
On or before 31st March and 30th September for each reporting period 
Most recent dividends:
Personal class
Unit class
Personal class
Launch date
Unit price
(at 19/10/2017)
Dividend yield
Fees and charges
Personal class
Initial charge
Ongoing charges figure
(including 1.00% annual management charge)
Exit charge
Performance fee

If you are considering investing in the fund or wish to manage existing investments all the information and forms you need can be downloaded using the links below. All investments require the completion of the appropriate form which should then be sent to the postal address below.

Our funds are also available from various platforms. These are categorised as either Retail (for anyone investing directly in their own right) or Advisor (for investments made via a professional intermediary).

Please do not hesitate to contact our Unit Trust Team should you have any questions.

Fund documentation
Contact us
If you require further information or clarification, or would simply like to discuss any aspect of the services we provide, please call us on the number below and we will make sure the right person speaks to you.


+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
PO Box 12177
CM99 2EA

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