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Standard Life UK Smaller Companies Trust plc

Fund objective

To achieve long-term capital growth by investment in UK-quoted smaller companies.

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Morningstar rating:
5 out of 5

Daily prices as of {{asOfDate}}

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Profile

The Company intends to achieve its investment objective by investing in a diversified portfolio consisting mainly of UK-quoted smaller companies. The portfolio will normally comprise around 50 individual holdings representing the Investment Manager’s highest conviction investment ideas. In order to reduce risk in the Company without compromising flexibility, no holding within the portfolio should exceed 5% of total assets at the time of acquisition.

The Company may use derivatives for portfolio hedging purposes (i.e. only for the purpose of reducing, transferring or eliminating the investment risks in its investments in order to protect the Company’s portfolio).

Within the Company’s Articles of Association, the maximum level of gearing is 100% of net assets. The Directors have set parameters of between 5% net cash and 25% net gearing (at the time of drawdown) for the level of gearing that can be employed in normal market conditions. The Directors have delegated responsibility to the Investment Manager for the operation of the gearing level within the above parameters.

The Investment Manager’s investment process combines asset allocation, stock selection, portfolio construction, risk management, and dealing. The investment process has evolved out of the Investment Manager’s “Focus on Change” philosophy and is led by Quality, Growth and Momentum. The Investment Manager’s stock selection led investment process involves compiling a shortlist of potential investments using a proprietary screening tool known as “The Matrix” which reflects Quality, Growth and Momentum based factor analysis. The final portfolio is research intensive and includes face to face meetings with senior management of these potential investments. This disciplined process has been embedded for many years and has delivered a consistency of performance through economic and market cycles.

Key people

Harry Nimmo

Harry Nimmo

Investment Manager

Harry graduated with an MBA from the University of Edinburgh in 1984 and joined Standard Life as an Investment Analyst with responsibility for UK equity funds in 1985. He became Senior Investment Analyst with sector responsibility for larger UK-quoted companies funds in 1990 and Investment Manager responsible for the UK equity smaller (quoted) company funds in 1993. Harry has managed our UK Smaller Companies Fund since its launch in January 1997.

  • Harry Nimmo

    Investment Manager
    Harry graduated with an MBA from the University of Edinburgh in 1984 and joined Standard Life as an Investment Analyst with responsibility for UK equity funds in 1985. He became Senior Investment Analyst with sector responsibility for larger UK-quoted companies funds in 1990 and Investment Manager responsible for the UK equity smaller (quoted) company funds in 1993. Harry has managed our UK Smaller Companies Fund since its launch in January 1997.
Allister Langlands

Allister Langlands

Chairman

Allister was appointed as a Director on 1 July 2014 and was appointed Chairman on 22 August 2017 . He also chairs the Nomination Committee. Allister is a chartered accountant and was, until 2014, Chairman of John Wood Group PLC, having served as chief executive from 2007 to 2012 and previously as deputy chief executive from 1999 and as group finance director from 1991. He is also independent non-executive Chairman of Maven Income and Growth VCT 5 plc. Allister was, until July 2017, Chairman of Exova Group plc and a non-executive director of WS Atkins plc. Allister is also Chairman or non-executive director of a number of smaller private companies in the energy/industrial services sectors.
Ashton Bradbury

Ashton Bradbury

Director

Ashton was appointed as a Director on 2 July 2018. He has previously held roles at Charterhouse Tilney, Hill Samuel Investment Management and HSBC Asset Management Europe and was, until 2014, a fund manager with Old Mutual Global Investors Limited, where he established its Small and Mid Cap equities team. Ashton is currently a non-executive Director of Hargreave Hale AIM VCT plc and is a director of Golf Union of Wales Limited. Ashton holds a BSc in Banking and Finance from Loughborough University of Technology.
Alexa Henderson

Alexa Henderson

Director

Alexa was appointed as a Director on 8 October 2018. Alexa has over 30 years’ experience in finance, accounting and audit having worked with KPMG, Arthur Andersen and Deutsche Bank (WM Company). She is currently a non-executive Director of BMO Real Estate Investments Limited and Chairman of JP Morgan Japan Smaller Companies Trust PLC. In addition, Alexa sits on the board of James Walker(Leith) Limited and Bravura Solutions Ltd, incorporated in Australia. Previous directorships include Scottish Building Society (which she chaired for 4 years) and Adam & Company Group PLC (a private wealth subsidiary of RBS). Alexa Henderson holds a BSc in Economics and Accounting from Edinburgh University and is a Chartered Accountant .
Caroline Ramsay

Caroline Ramsay

Director

Caroline was appointed as a Director on 22 August 2016 and is Chair of the Audit Committee . Caroline is currently a non-executive Director of Aegon UK PLC where she also chairs the Audit Committee and non-executive director of Scottish Equitable plc, Scottish Equitable Holdings Ltd and Cofunds Ltd. She is a non-executive director of Tesco Underwriting Limited and Brit Syndicates Limited and is a member of the Financial Conduct Authority’s Regulatory Decisions Committee. Until June 2015, Caroline was the Group Chief Auditor for RSA plc having held previous senior positions at RSA plc including UK Chief Financial Officer. After qualifying and practising as a chartered accountant with KPMG, she held various roles within Aviva Plc.
Tim Shoefield

Tim Scholefield

Director

Tim was appointed as a Director on 20 February 2017 and is the Company’s Senior Independent Director. He also chairs the Management Engagement Committee. Tim is an Associate of the Society of Investment Professionals and previously held roles at Royal Sun Alliance Investments and Scottish Widows Investment Partnership. He was, until 2014, Head of Equities at Baring Asset Management. Tim is currently Chairman of City Merchants High Yield Trust Ltd, a non-executive Director of BMO Capital and Income Investment Trust Plc and Fidelity Asian Values Plc. In addition, he is a member of the Investment Committee of the General Medical Council, Chairman of the Investment Management Certificate Panel, a non-executive director of Jupiter Unit Trust Managers Ltd and a consultant to Gresham House Asset Management.
Liz Airey

Liz Airey

Director

Liz was appointed as a Director on 21 August 2019. She is currently non-executive Chairman of Jupiter Fund Management plc, a non-executive director of Kirk Lovegrove & Company Limited, a member of the Corporate Governance Committee and Investments Committee of the Institute of Chartered Accountants in England and Wales, and Chair of Trustees of the Rolls-Royce UK Pension Fund. She has previously been a non-executive director of Tate & Lyle plc, Dunedin Enterprise Investment Trust plc, JP Morgan European Smaller Companies Trust plc, Zetex plc and AMEC plc. In her executive career, Liz was Finance Director of Monument Oil and Gas plc, a post she held from 1990 until the sale of the company to Lasmo plc in 1999.

  • Allister Langlands

    Chairman
    Allister was appointed as a Director on 1 July 2014 and was appointed Chairman on 22 August 2017 . He also chairs the Nomination Committee. Allister is a chartered accountant and was, until 2014, Chairman of John Wood Group PLC, having served as chief executive from 2007 to 2012 and previously as deputy chief executive from 1999 and as group finance director from 1991. He is also independent non-executive Chairman of Maven Income and Growth VCT 5 plc. Allister was, until July 2017, Chairman of Exova Group plc and a non-executive director of WS Atkins plc. Allister is also Chairman or non-executive director of a number of smaller private companies in the energy/industrial services sectors.

  • Ashton Bradbury

    Director
    Ashton was appointed as a Director on 2 July 2018. He has previously held roles at Charterhouse Tilney, Hill Samuel Investment Management and HSBC Asset Management Europe and was, until 2014, a fund manager with Old Mutual Global Investors Limited, where he established its Small and Mid Cap equities team. Ashton is currently a non-executive Director of Hargreave Hale AIM VCT plc and is a director of Golf Union of Wales Limited. Ashton holds a BSc in Banking and Finance from Loughborough University of Technology.

  • Alexa Henderson

    Director
    Alexa was appointed as a Director on 8 October 2018. Alexa has over 30 years’ experience in finance, accounting and audit having worked with KPMG, Arthur Andersen and Deutsche Bank (WM Company). She is currently a non-executive Director of BMO Real Estate Investments Limited and Chairman of JP Morgan Japan Smaller Companies Trust PLC. In addition, Alexa sits on the board of James Walker(Leith) Limited and Bravura Solutions Ltd, incorporated in Australia. Previous directorships include Scottish Building Society (which she chaired for 4 years) and Adam & Company Group PLC (a private wealth subsidiary of RBS). Alexa Henderson holds a BSc in Economics and Accounting from Edinburgh University and is a Chartered Accountant .

  • Caroline Ramsay

    Director
    Caroline was appointed as a Director on 22 August 2016 and is Chair of the Audit Committee . Caroline is currently a non-executive Director of Aegon UK PLC where she also chairs the Audit Committee and non-executive director of Scottish Equitable plc, Scottish Equitable Holdings Ltd and Cofunds Ltd. She is a non-executive director of Tesco Underwriting Limited and Brit Syndicates Limited and is a member of the Financial Conduct Authority’s Regulatory Decisions Committee. Until June 2015, Caroline was the Group Chief Auditor for RSA plc having held previous senior positions at RSA plc including UK Chief Financial Officer. After qualifying and practising as a chartered accountant with KPMG, she held various roles within Aviva Plc.

  • Tim Scholefield

    Director
    Tim was appointed as a Director on 20 February 2017 and is the Company’s Senior Independent Director. He also chairs the Management Engagement Committee. Tim is an Associate of the Society of Investment Professionals and previously held roles at Royal Sun Alliance Investments and Scottish Widows Investment Partnership. He was, until 2014, Head of Equities at Baring Asset Management. Tim is currently Chairman of City Merchants High Yield Trust Ltd, a non-executive Director of BMO Capital and Income Investment Trust Plc and Fidelity Asian Values Plc. In addition, he is a member of the Investment Committee of the General Medical Council, Chairman of the Investment Management Certificate Panel, a non-executive director of Jupiter Unit Trust Managers Ltd and a consultant to Gresham House Asset Management.

  • Liz Airey

    Director
    Liz was appointed as a Director on 21 August 2019. She is currently non-executive Chairman of Jupiter Fund Management plc, a non-executive director of Kirk Lovegrove & Company Limited, a member of the Corporate Governance Committee and Investments Committee of the Institute of Chartered Accountants in England and Wales, and Chair of Trustees of the Rolls-Royce UK Pension Fund. She has previously been a non-executive director of Tate & Lyle plc, Dunedin Enterprise Investment Trust plc, JP Morgan European Smaller Companies Trust plc, Zetex plc and AMEC plc. In her executive career, Liz was Finance Director of Monument Oil and Gas plc, a post she held from 1990 until the sale of the company to Lasmo plc in 1999.

Financial calendar

Year End 30 June
Accounts Published August
Annual General Meeting October
Dividend Paid April, October

Trust details

Standard Life UK Smaller Companies Trust Plc

Registered Office:
1 George Street
Edinburgh
EH2 2LL

Registered in Scotland. Company number SC145455

Launch date: 9 July 1993

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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