MW Smaller Companies Fund
 
Fund launch date
 26/03/2001
Fund size
at 24/03/2017
£85m
Personal class
Unit class launch date
07/01/2013
Unit class size
£85m
Current price
per personal unit
at 12pm on
 24/03/2017
 
£44.793xd
Change in price (+/-)
 +£0.070
Dividend yield
 
1.4%
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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. 

Composition

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.

Structure

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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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%
    Cash
  • 98%
    Equities

If you cannot see this chart, please download the Quarterly Fact Sheet

Geographic allocation
  • 32%
    UK
  • 30%
    Europe
  • 30%
    USA
  • 2%
    Japan
  • 6%
    Australasia

If you cannot see this chart, please download the Quarterly Fact Sheet

Critically for financial investments, monetary policy remains supportive in most regions.  Negative interest rates have been introduced in the eurozone and Japan, and both the European Central Bank and the Bank of Japan are sustaining their policies of quantitative easing.  Even in the USA, the Federal Reserve has indicated that any further interest rate rises are likely to be very gradual.

The timing and nature of the UK’s withdrawal from the EU is unclear.  The UK government faces difficult political decisions.  A hard choice will have to be made between access to the single market and any refusal to accept the principle of the free movement of labour.  A similar dilemma is evident between remaining in the European customs union or having the ability to negotiate bilateral trade deals with third parties.  Negotiations are likely to be complicated by the elections in Germany and France next year.  In these circumstances, the ultimate impact of the decision for the UK and eurozone economies is difficult to assess.

In the USA, Donald Trump has won the presidential election.  Here too, there is considerable uncertainty about how the rhetoric of his campaign will translate into practical policy, but any move towards protectionism would be likely to damage global economic prospects.  For now at least, data for US business and consumer sentiment have been positive and unemployment continues to be low.  Yet US equity market valuations seem stretched given the muted prospects being expressed by corporate America.

In Asia, the outlook has improved.  Growth has accelerated in countries such as India, Indonesia and the Philippines and the picture in China is brightening.  By contrast, conditions are still difficult in Japan where the strength of the currency is beginning to stifle recovery expectations.

Equity market valuations remain quite demanding and may come under further pressure, should political anxiety intensify.  Nevertheless, the world is not in recession and short-term weakness might throw up good long-term investment opportunities, particularly in smaller companies, which can be marked down indiscriminately in the short term.  Against this very confused background, it becomes more important than ever to maintain a well-diversified portfolio.

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 28th February 2017
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 26/03/2001
Cumulative return
24.0
40.0
85.6
180.2
504.1
Annualised return
24.0
11.9
13.2
10.9
12.0
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
12 months to 28th February
  • 24.0
  • 4.3
  • 8.3
  • 19.0
  • 11.4
  • 3.1
  • 29.0
  • 55.4
  • -24.1
  • -3.7
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
General
Launch date
26/03/2001 
Manager
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
BNY Mellon Trust & Depositary (UK) Ltd 
Fund size (at 24/03/2017)
£85m
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
GBP 
IA sector
Global 
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
£1,000 
Regular savings facility
£100 monthly minimum investment 
Reporting periods
31st January and 31st July 
Current tax year ISA/JISA limits
£15,240 / £4,080 
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
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
20.000p
01.08.16
30.09.16
Final
42.719p
01.02.17
31.03.17
Unit class
Personal class
Launch date
 07/01/2013
Unit price
(at 24/03/2017)
 
£44.793xd
Dividend yield
 1.4%
SEDOL
 B8NC4D9
ISIN
 GB00B8NC4D98
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.22%
(including 1.00% annual management charge)
Exit charge
 Nil
Performance fee
 Nil

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.

Telephone

+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
PO Box 12177
Chelmsford
CM99 2EA

Forms
Application – for initial investments and regular savings plans
Transfer – to move existing ISA/JISA investments
Top up – to add to existing investments
Switch – to move investments between funds
Other

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