UK mid-caps: Where are the success stories now?

Martin Cholwill is backing 'British leaders' in the mid-cap space, especially in the industrials sector, in his £500m Royal London UK Equity Income fund.

The manager said investors have overlooked the international nature of many UK-listed mid-cap companies, highlighting Spirax Sarco, which provides maintenance services for industries that use steam. The company has a £1bn market cap with 80%-90% of its business coming from overseas, and Cholwill (pictured) said its shares should be priced much higher. "Spirax has 15% of global market share in a very fragmented market. It is as  big as its next four competitors. "A lot of sectors have become quite politicised, for example, banks and energy suppliers. Spirax is not on the political r...