A complete listing of all stocks held by the fund at its most recent reporting date can be found here.
Summary of investment activities to 31st January 2018
The fund’s financial year end has moved to 28th February (from 31st January). Investors will receive a report on the extended period of thirteen months in April.
The price of units in the fund at 31st January stood at £52.948, a rise of 19% over preceding year. The general strength in equity markets over the period was amplified by superior returns from smaller companies.
After a sustained period of remarkably low volatility, equity markets have been much less settled since the end of January. In part, this reflects heightened anxiety over the prospect of rising interest rates. Furthermore, market movements are likely to have been amplified by mechanistic transactions from passive funds. Highly valued stocks may prove more vulnerable in such circumstances.
Nevertheless, the history of the Smaller Companies Fund demonstrates the value of identifying able management teams and strong business models. Smaller companies are by no means immune to potential market weakness, but the sector continues to justify its place in a long-term investment portfolio.