MW Smaller Companies Fund
 
Fund launch date
 26/03/2001
Fund size
at 16/11/2018
£116m
Personal class
Unit class launch date
01/01/2013
Unit class size
£116m
Current price
per personal unit
at 12pm on
 16/11/2018
 
£53.684xd
Change in price (+/-)
 -£0.045
Dividend yield
 
1.0%
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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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 34%
    UK
  • 30%
    Europe
  • 24%
    USA
  • 6%
    Japan
  • 6%
    Australasia

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

The state of the world economy remains reasonably positive for investment prospects. Generally GDP growth and corporate profits are holding up well. Interest rates look set to be raised at a measured pace as central banks unwind stimulatory policies. However stock valuations seem stretched in some markets, and political uncertainty in the USA, UK and Europe continues to disconcert investors.

The prospect of a global trade war is a major concern. President Trump's 'America First' policy is likely to prove very harmful to cross-border commerce. Higher US tariffs on selected imports have already triggered retaliation from other countries. Although only a few sectors have been involved to date, extensive damage to the international trading system cannot be ruled out.

Nevertheless, the US economy is in vigorous health, recording 4.1% growth in the second quarter. Unemployment has touched its lowest level since 1969. Against this background, the Federal Reserve is almost certain to raise interest rates further this year, although it has indicated that it expects that this will be a gradual process. At present real wage growth remains restrained, but recent tax cuts may put upwards pressure on bond yields and, by extension, interest rates overall.

There is still little clarity over the likely outcome or implications of Brexit negotiations. Deep divisions cut across the UK political spectrum on the issue. Meanwhile, there are increasingly shrill warnings from UK companies of the impact on business in an already lagging economy.

The eurozone is expected to grow a further 2% this year, despite a recent slowdown in new orders and a decline in business confidence. With underlying inflation still below 2%, the European Central Bank is set to move cautiously in unwinding its accommodative policy, particularly when the Italian government has pledged to defy the currency union's fiscal rules.

In Japan, the economy has made an encouraging recovery after the longest upswing in nearly three decades ended in the first quarter. The country remains home to many globally competitive businesses and some exporting companies continue to offer attractive investment opportunities.

We believe long-term investment in smaller companies can be particularly rewarding. Over the past 30 years, global investment institutions have come to dominate equity markets. This trend has been reinforced by the growth of large passive investment funds whose aim is simply to track market indices. Institutional 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 31st October 2018
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 26/03/2001
Cumulative return
6.0
54.0
75.8
387.5
626.6
Annualised return
6.0
15.5
11.9
17.2
11.9
Discrete annual returns
Total return (%)
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
12 months to 31st October
  • 6.0
  • 20.4
  • 20.7
  • 9.1
  • 4.6
  • 30.3
  • 3.5
  • 3.0
  • 29.8
  • 53.8
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
Bank of New York Mellon (International) Limited 
Fund size (at 16/11/2018)
£116m
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
28th February and 31st August 
Current tax year ISA/JISA limits
£20,000 / £4,260 
Dividend information
Ex-dividend dates
1st March and 1st September 
Payment dates
On or before 30th April and 31st October 
Most recent dividends:
Personal class
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
20.000p
03.09.18
31.10.18
Final
36.851p
01.03.18
30.04.18
Unit class
Personal class
Launch date
 01/01/2013
Unit price
(at 16/11/2018)
 
£53.684xd
Dividend yield
 1.0%
SEDOL
 B8NC4D9
ISIN
 GB00B8NC4D98
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.16%
(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

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