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Schroders is giving access to a broad range of UK companies within its UK select Isa. The Isa will invest 50 per cent in the Schroder UK equity fund, 30 per cent in the Schroder UK mid-250 fund and 20 per cent in the Schroder UK smaller companies fund.

The UK equity fund invests in big, well-established companies in sectors such as banking, oil and gas, telecommunications and general retailing. Examples of holdings include GlaxoSmithKline, Shell and Vodafone. The UK mid-250 fund aims to spot medium-sized companies which have good growth prospects, while the UK smaller companies fund takes a bottom-up approach to stockpicking. Holdings are likely to be smaller companies which generate a strong cashflow and have excellent management teams.

The UK is currently one for the most popular investment regions and the attraction of this Isa is that it offers a spread of different-sized companies. The drawback is that investors are not diversifying investment risks on a global basis or across fund managers.

According to Standard & Poor&#39s, the UK equity and UK smaller companies funds are first quartile based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to December 10, 2001. There is no three-year past performance for the mid-250 fund.

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