Nimmo takes hit from ASOS as trust sees NAV dive

Small-cap star Harry Nimmo has revealed his investment trust took a hit from the sharp sell-off in online clothes retailer ASOS in the last six months of 2011.

Nimmo, running the Standard Life UK Smaller Companies trust, said his holding in ASOS - as well as a number of other stocks - had impacted the trust in the second half as investors turned their backs on smaller companies and focused on preserving capital. The stock contributed to the downside as the trust saw its NAV tumble 17.7% in the six months to end of December, a steeper fall than the Hoare Govett Smaller Companies benchmark of 14%. The NAV per ordinary share by the end of the year stood at 194.92p, down from 240.65p six months previously, while the trust also moved onto a disco...