With Britain's economic prospects looking grim, it's no wonder UK-focused funds are cheap. In some cases that's justified, but in others it looks like investors are getting carried away.
Take Standard Life Investments UK Smaller Companies Fund, run by Harry Nimmo. It has sold off by 5.8% in the last six months despite an excellent track record of rewarding investors. There is no doubt about it, says Investment Week, Harry Nimmo is a "small-cap maestro". Over the past five years his fund has returned more than three times as much as the average UK Smaller Companies fund. Nimmo has managed 18.9%, 48.1% and 71% over the last one, three and five years respectively.
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Standard Life UK Smaller Companies top ten holdings
| ASOS | 5% |
| Paddy Power | 4.2% |
| Rightmove | 3.5% |
| Abcam | 3.2% |
| Telecom Plus | 3.2% |
| New Britain Palm Oil | 2.8% |
| Renishaw | 2.8% |
| 1st Quantum Minerals | 2.7% |
| Hargreaves Lansdown | 2.5% |
| Aveva | 2.3% |
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