Top of the Pops

We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Schroder UK Mid Cap

SCP targets unique exposures from the dynamic mid-cap index, which is arguably still cheap…

Schroder UK Mid Cap

Schroder UK Mid Cap (SCP) is managed by Jean Roche and Andy Brough. Their aim is to generate total returns in excess of the FTSE250 ex Investment Trusts Index, through investing predominantly in UK mid-cap stocks. With an extensive analyst support team, they take a bottom-up stock selection approach to running a high conviction strategy – seeking companies that can demonstrate sustainable growth prospects with management teams that have a strong vision for success. They also favour companies tha

Schroder UK Mid Cap Fund - Overview

Schroder UK Mid Cap (SCP) is a FTSE 250 ex-IT focused trust. Managed by Andrew Brough and Jean Roche, the trust focuses on mid caps, exiting companies when they are promoted to the large-cap FTSE 100 index. Andrew and Jean construct a portfolio from what they deem the best opportunities in a universe of c.190 companies (the FTSE 250, minus other investment trusts). The focus of the managers is very much on bottom-up stock analysis, seeking to identify two positive categories and one negative ca

Gym Group - The power of marginal gains

Gym Group has accompanied confirmation of FY23 profit resilience and continued buoyancy (like-for-like revenue up 12% in the first two months of 2024) with a clear commitment ‘to accelerate, not reinvent the wheel.’ The latter is telling with new senior management endorsing Gym Group’s sweet spot as a low-cost operator in the long-term growth market of health and fitness. Its confidence in material scope for enhanced pricing and member acquisition and retention is complemented by expansion targe

Avacta Group - AACR update

As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor

Strong trading and investing for growth

Year-end trading update