Spencer: Most mid caps now look fully valued

Paul Spencer passed his five-year anniversary on the Rensburg UK Mid Cap Growth fund earlier this year after rejoining the group in 2006 boasting top-decile returns over all time periods.

His £513m portfolio is third in the 246-strong UK All Companies peer group over five years to 1 July, after returning almost four times the sector average performance with a 91% return. Franklin Templeton bought Rensburg from Investec last year but the UK-focused group retains many of its boutique tendencies, based in Leeds with little interference from its global parent. What are the prospects for mid caps against FTSE 100 peers and is there an argument stocks down the market-cap spectrum are fully valued after recent strong performance? Saying large or mid caps are cheap or expen...