Schroders to reopen Marriage's small-cap fund

Paul Marriage's Schroder UK Dynamic Smaller Companies fund is to reopen to new investment on 20 October after assets fell to a more manageable level.

The fund was hard-closed in January in order to protect existing investors after AUM rose to over £1bn, but Schroders has decided there is now "sufficient available capacity". That decision comes after AUM fell back to £740m as of the end of September, amid a difficult year for the smaller end of the market. The fund has lost 13% year-to-date, compared with an average return of 7.4% for the IMA UK Smaller Companies sector, according to FE. Over the longer-term, however, the fund remains an outperformer, returning 70.5% compared to the sector average 54% over the past three years. ...