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ASI Global Smaller Companies Class S - Accumulation (GBP)

Sell:167.70p Buy:167.70p Change: 2.70p (1.64%)
Prices as at 15 October 2021
Change: 2.70p (1.64%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 15 October 2021
Change: 2.70p (1.64%)
Prices as at 15 October 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

In the ASI Global Smaller Companies Fund, Harry Nimmo and his team hunt for smaller companies with the potential to deliver long-term capital growth. By investing globally, the fund could offer diversification to a UK focused portfolio with exposure to different regions and themes. Whilst smaller companies have more room to grow than larger ones, they do carry more risk. This fund could complement an adventurous growth-orientated portfolio investing in large or smaller companies.

Given how long Nimmo has managed funds, questions around his retirement are natural. At the moment he's still a resource for other team members, but we will review the situation whenever he does eventually decide to step back.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

Since launch in January 2012, the fund has outperformed the IA Global sector average, which tends to be focused on larger companies. Our analysis suggests stock picking has contributed to this and, whilst some of this cannot be attributed to the current managers, we believe Nimmo's process is the key driving force behind this.

Investment Philosophy

Nimmo and Desson look for companies around the world outside the usual candidates of large firms that dominate stock markets. They believe smaller companies have greater long-term growth potential and are relatively under-researched and so there's plenty of opportunity to uncover the larger companies of tomorrow.

Process and Portfolio Construction

Nimmo is the custodian of this process which hasn't changed since it was first implemented back in 1997. It revolves around a core set of principles which focus on company specific factors. The managers hunt for sustainable growth over the long term which means they don't invest in more economically sensitive parts of the market like energy or real estate. Their focus on quality leads them to companies with strong balance sheets and good management teams whilst avoiding those that are highly indebted or loss making. To identify these attributes, they use a quantitative tool called the 'matrix' which whittles down the universe of over 6,000 companies. The matrix output is continually reviewed, and the most attractive opportunities receive further analysis and team debate.

This results in a portfolio of between 40 to 80 companies. Just under half the portfolio is invested in the US, although this is less than the global stock market. In contrast, they invest more than the benchmark in Italy and the UK, a region Nimmo is very familiar with. The managers also invest in higher-risk emerging markets and can use derivatives, which if used adds risk.

The managers don't position the portfolio based on their broader economic views, instead preferring to focus on analysing individual companies. Although, when viewed at a portfolio level, many of these companies provide exposure to global trends such as digitalisation. Momentum is also important, which means the managers like to run their winners and cut their losers.

question mark Manager Track Record Based on HL Quantitative Research

  • ASI Global Smaller Companies...
  • IA Global

Fund Track Record

15/10/16 to 15/10/17 15/10/17 to 15/10/18 15/10/18 to 15/10/19 15/10/19 to 15/10/20 15/10/20 to 15/10/21
Annual return 25.99% 6.49% 2.96% 28.20% 21.35%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Standard Life, headquartered in Edinburgh and a member of the FTSE 100 index, was established in 1825, and is a provider of long term savings and investments. In the 1990s the group sought to diversify its operations into areas to complement its core life assurance and pensions business. Standard Life Investments began to offer retail investment products to investors in 1995 with the launch of its mutual fund range, and now spans equities, bonds, real estate, multi-asset and absolute return.

While Standard Life has traditionally been well known for its fixed interest funds, it is now gaining recognition for its range of equity and absolute return funds.

Information about the fund

Fund manager biography

manager photo
Manager Name: Harry Nimmo
Manager start date: 25 June 2020
Manager located in: Edinburgh

Harry Nimmo graduated with an MBA from Edinburgh University 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 company funds in 1990 and Investment Manager in 1993 responsible for the UK equity smaller (quoted) company funds. Harry became Fund Manager for the Standard Life Investments UK Smaller Companies Fund when it was launched in January 1997.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account