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Royal London UK Smaller Companies Class M - Accumulation (GBP)

Sell:267.10p Buy:267.10p Change: 1.30p (0.49%)
Prices as at 27 February 2026
Sell:267.10p
Buy:267.10p
Change: 1.30p (0.49%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 27 February 2026
Sell:267.10p
Buy:267.10p
Change: 1.30p (0.49%)
Prices as at 27 February 2026
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
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.

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Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Henry Lowson and Henry Burrell stopped managing the fund and left Royal London in February 2026. Richard Marwood, Head of UK Equities, took over the fund’s management.

A large part of this fund is currently owned internally, mostly by pension funds that Royal London manage. Royal London have confirmed it will sell these assets over the coming months. Once this process has been completed, the fund will either be closed, or the remaining investments will be merged into a different fund.

Our conviction in the fund was based on managers Lowson and Burrell’s continued involvement. With the additional news that the fund will either be closed or merged into a different fund in the relatively near future, we removed the fund from the Wealth Shortlist.

Our view on the sector

Smaller companies in the UK are among the most innovative and exciting around. They can be pioneers of an emerging industry, and adapt quickly to new opportunities. We think their long-term growth prospects are compelling. Some will blossom into the giants of tomorrow. But others will struggle or fail altogether, so they are higher risk. Unlike larger companies such as Tesco or Vodafone, which might have dozens of analysts poring over their accounts, smaller companies tend to be less researched. They might only have one or two analysts covering them which creates opportunities for eagle-eyed fund managers to spot hidden gems. Over the past decade, innovations such as the internet have allowed smaller companies to level the playing field with larger rivals. Even so, they tend to be more sensitive to the UK economy then larger companies so you should expect more ups and downs along the way. We think UK smaller companies could be a great addition to a diversified portfolio able to accept the increased volatility.

Performance Analysis

Lowson delivered impressive returns over the early part of his management career, which started in 2005 at AXA before joining Royal London in 2016. However, since 2022 this fund underperformed both its benchmark and peer group. The managers’ investment style has been out of favour in recent years which has been a headwind to performance.

Investment Philosophy

Changes in fund manager can lead to changes to the investment philosophy. Marwood’s experience is largely in managing funds that provide an income. It’s likely that he will adopt a philosophy that is more aligned to how he and the UK Equities team manage other funds.

Process and Portfolio Construction

Changes in manager can lead to changes to the investment process used to manage a fund.

While the inputs into idea generation for the fund might remain similar, decisions around what stocks to pick and how much of the fund to invest in them are likely to be different under a new manager.

The fund will continue to focus on investing in smaller companies, which are higher risk.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

27/02/21 to 27/02/22 27/02/22 to 27/02/23 27/02/23 to 27/02/24 27/02/24 to 27/02/25 27/02/25 to 27/02/26
Annual return 2.98% -17.47% 1.24% 1.58% 3.57%

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.

Information about the fund

Fund manager biography

manager photo
Manager Name: Henry Lowson
Manager start date: 1 September 2016
Manager located in: TBC

Henry joined Royal London Asset Management in September 2016 as a Senior Fund Manager and is lead manager on the RL UK Smaller Companies Fund. Henry began his fund management career in 2005, spending almost 12 years working for AXA Investment Managers. In May 2012 he became lead Fund Manager of the AXA Framlington UK Smaller Companies Fund, which he ran successfully until joining RLAM. He was also responsible for co-managing a variety of segregated UK small/mid cap mandates while at AXA. He is a CFA Charterholder and a Member of the Chartered Institute for Securities and Investment. Henry graduated from Edinburgh University in 2004 with a MA (Hons) degree in Economics and Geography.

manager photo
Manager Name: Henry Burrell
Manager start date: 1 January 2020
Manager located in: London

Henry joined RLAM UK Equities team in December 2017 and works closely with Henry Lowson, focusing on the RL UK Smaller Companies Fund and the RL Mid Cap Growth Fund. He began his career at Smith & Williamson Investment Management in 2011 where he spent six years as an equity analyst. Henry has a BA Hons in History from Warwick University and is a CFA charterholder.

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
Invest now