Beagles moves to highest-ever weighting in 'extraordinary value' small caps

Clive Beagles has increased the small cap weighting to the highest ever level in the history of his JOHCM UK Equity Income as he identifies 'extraordinary value' in the space.

Beagles (pictured) now has 18% of his and James Lowen's £2.7bn fund in small caps, believing valuations in this area of the market are at extreme lows. The FTSE Small Cap index has risen 4.5% over the past year, compared with a 10% rise for the FTSE 250. The FTSE 100 has risen 2% over the same period, but Beagles emphasised the attractive P/E ratios on offer among small caps. Speaking at the annual Morningstar UK Investment Conference, Beagles said: "Small caps are an area of extraordinary value in the UK. In the last 12 months it has been one of the worst performing areas of equity m...