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Morningstar downgrades Nimmo’s SLI smaller companies fund


Morningstar has downgraded the £1.16bn Standard Life UK Smaller Companies fund from gold to silver amid concerns about fees and performance.

In an analyst note, Daniel Vaughan, senior manager research analyst at Morningstar, says positives on the fund exist, “such as Nimmo’s longevity and good long-term record, together with a quality growth approach that has been consistently applied”.

However, he says Morningstar has “less conviction given the combination of a change in the portfolio’s market cap composition, the high fee hurdle and the recent performance issues”.

The fund has underperformed over three and five years, delivering 60.84 per cent returns over three years to the end of June, compared to 69.85 per cent for the UK smaller companies average. Over five years the fund has returned 103.92 per cent compared to 111.32 per cent for the sector.

However, the fund has returned 270.86 per cent over 10 years, compared to 151.23 per cent for the sector.

The fund also appeared on Tilney Bestinvest’s Spot the Dog list of underperforming funds last year, after underperforming its benchmark by at least 10 per cent for three years.



Boris Johnson appoints Ed Truell as pensions adviser

Mayor of London Boris Johnson has recruited Edmund Truell as an adviser on pensions and investments. Truell, who founded the Pension Insurance Contribution, will work to drive collaboration between public sector pensions funds, and increase infrastructure investments. He will resign his current position as chair of the London Pension Fund Authority to take on the […]


CII replaces exams with coursework for level six unit

The Chartered Insurance Institute is changing one of its units for its level six qualification from being exam-based to coursework-based. Final written exams for the AF6 unit of the advanced diploma in financial planning, which covers senior management and supervision, will be in October 2016. After this point assessment will be via coursework only. Advisers […]


Emerging markets hit by China currency moves

Emerging market stocks and currencies dropped yesterday after the news of a second currency devaluation in China. The People’s Bank of China devalued the yuan for the second day running, causing a knock-on effect in emerging markets, reports the Financial Times. The MSCI Emerging Markets index fell to its lowest level since October 2011, plummeting […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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