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SCHRODER UK DYNAMIC SMALLER COMPANIES C

SCHRODER UK DYNAMIC SMALLER COMPANIES C - Overview

Overview of SCHRODER UK DYNAMIC SMALLER COMPANIES C

The fund targets long term capital growth through investment primarily in the equities of small UK companies. The portfolio is spread widely across the investment universe, defined as the bottom 10% of the UK market by capitalisation, including AiM. Manager Paul Marriage favours profitable, cash generative companies, ideally with intellectual property and their own market niche.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched May, 1999
Size £436m
Yield 0.5%
Charging basis Income
Dividends paid Feb, Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.16%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 101
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash -1
Allocation Proportion(%)
UK 98
Europe 1
North America 1
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 4
Small Caps 96

View all performance data for this fund

Investment process

The fund is constructed using an entirely bottom-up process; sector positioning is not a focus. The portfolio is spread widely across the investment universe, defined as the bottom 10% of the small-cap market by capitalisation, including AiM. The manager aims to have 75% of the portfolio in core holdings matching his "P3M criteria": Product – a differentiated product, R&D backed and preferably with intellectual property. Market – a market leader, either for the UK in a large niche or globally in a small niche. Margin – profitable, cash generative companies that are growing margins. Management - Marriage looks for management that appreciates shareholders and own their own stock. He likes to meet each portfolio company twice a year, ideally on their own premises. The remaining 25% of the portfolio is invested in value situations, often "poor" companies that the market has mis-priced. Regardless of the company he also requires an "investment angle" - a catalyst such as a restructuring that will cause an uplift in the share price. Ideas are sourced from market knowledge gained at company meetings, the "library" of companies Marriage has met in previous years, fundamental research and from regional brokers. The roles of fund manager and analyst are combined, without the need for large teams of sector specific analysts.

Live feed

Bid price(inc) (135.80p) 432.40p
Accum units 486.90p
Fund commentary 30/05/14
Fund data updated on 18/10/17

Asset allocation

Allocation Proportion(%)
Equity 101
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash -1

Equity Geographic

Allocation Proportion(%)
UK 98
Europe 1
North America 1
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 0
Mid Caps 4
Small Caps 96

Top 10 holdings

As at: 31/08/2017
4.8921%Schroder Sterling Liquidity Plus I Acc
3.81% Quixant Plc
3.2463%Ig Design Group Plc
3.0862%Vp
2.8709%On The Beach Group Plc
2.8322%Wincanton
2.6732%Secure Income Reit Plc Ord 10p Reg S
2.448%Walker Greenbank
2.392%Treatt
2.3896%Mattioli Woods
Source: Trustnet

Sector breakdown

Industrials 25%
Consumer Goods 19%
Consumer Services 15%
Financials 14%
Technology 8%
Money Market 7%
Health Care 5%
Others 5%
Basic Materials 2%

Portfolio details

Target of 80 core holdings. Max 5% in one stock. Max Schroder ownership in any company is kept at 30%. No exposure to oil, gas, mining or non UK listed stocks.

Constraints

Position size between 1%-5%.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
-0.07% 0.02% 0.40% -0.28% 0.81%   0.31% 0.18% 0.27% 92.20% 91.30% 97.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Luke Biermann

Manager. Biermann is a portfolio manager on the Schroder European Smaller Companies Fund & UK Dynamic Smaller Companies Fund. He also has analyst research responsibilities across the Pan-European small cap universe. Biermann joined Schroders as a graduate in October 2006 and is a CFA Charterholder. He has completed a BSc (Hons) in Computer Science, University of Bath.

Track record

Luke Biermann has 5.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.27%. During the worst period of relative performance (from May 2015 - June 2016) there was a decline of 9% relative to the index. The worst absolute loss has been 11%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance
Absolute -11% (May 2014 - October 2014)
Relative -9% (May 2015 - June 2016)

Other funds managed

Sector record since December 2011 (6 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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