It is often considered axiomatic in investment markets that smaller companies offer greater pricing inefficiencies, and thus greater opportunities to active managers to generate outperformance. In the UK Small Cap space, we have certainly seen suggestions over the long term that this is true, with the Morningstar UK Small Cap sector producing an average NAV return of c. 173.4% over the ten years to 05/02/2021, compared to a return of c. 115.2% from the Numis Small Cap including AIM excluding Inv ....
10 Feb 2021
Eye of the Pfizer
MIGO Opportunities Trust PLC GBP (MIGO:LON), 342 | Miton UK Microcap Trust Plc (MINI:LON), 48.7 | CT Global Managed Portfolio Trust PLC Growth Shs GBP (CMPG:LON), 243 | BlackRock Throgmorton Trust PLC GBP (THRG:LON), 567 | Blackrock Smaller Companies Trust PLC (BRSC:LON), 0 | Golden Prospect Precious Metals Limited (GPM:LON), 0 | Aberforth Smaller Companies Trust PLC (ASL:LON), 0 | Blackrock World Mining Trust PLC (BRWM:LON), 558
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Eye of the Pfizer
MIGO Opportunities Trust PLC GBP (MIGO:LON), 342 | Miton UK Microcap Trust Plc (MINI:LON), 48.7 | CT Global Managed Portfolio Trust PLC Growth Shs GBP (CMPG:LON), 243 | BlackRock Throgmorton Trust PLC GBP (THRG:LON), 567 | Blackrock Smaller Companies Trust PLC (BRSC:LON), 0 | Golden Prospect Precious Metals Limited (GPM:LON), 0 | Aberforth Smaller Companies Trust PLC (ASL:LON), 0 | Blackrock World Mining Trust PLC (BRWM:LON), 558
- Published:
10 Feb 2021 -
Author:
Callum Stokeld -
Pages:
6
It is often considered axiomatic in investment markets that smaller companies offer greater pricing inefficiencies, and thus greater opportunities to active managers to generate outperformance. In the UK Small Cap space, we have certainly seen suggestions over the long term that this is true, with the Morningstar UK Small Cap sector producing an average NAV return of c. 173.4% over the ten years to 05/02/2021, compared to a return of c. 115.2% from the Numis Small Cap including AIM excluding Inv ....