Small caps hit SVM UK Active

Small-cap exposure damaged returns on the SVM UK Active trust over 12 months to end March, despite a...

Small-cap exposure damaged returns on the SVM UK Active trust over 12 months to end March, despite a strong NAV recovery in the second half of the year. The trust, managed by Colin McLean and Hector Kilpatrick, produced an NAV return of -15% over the year compared to -10.8% in the All-Share. This underperformance took place in the first six months of the period, according to chairman Mark Powell. "Stock markets were weak during the year under review, against a backdrop of growing concern about the impact of banking problems," he said. "Investment in larger and medium-sized mining an...