UK Investor Magazine
The cyclical opportunity in UK small and mid-cap shares with the Rights and Issues Investment Trust
Nov 29, 2023
Dan Nickols, Head of strategy at Jupiter Asset Management and manager of the Rights and Issues Investment Trust, highlights the cyclical opportunity in UK small and mid-cap shares. He discusses the current environment for UK small and mid-cap's from a macro-economic perspective and shares specific companies in their portfolio. The portfolio has a highly concentrated nature with just 23 high-conviction selections. Dan also explores the potential for a recovery in UK small and mid-caps and catalysts for that recovery.
37:45
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Quick takeaways
- The UK small and mid-cap sector offers deep historical value due to attractive valuations resulting from a significant de-rating over the past few years.
- The Rights and Issues Investment Trust follows a balanced approach of top-down and bottom-up analysis, targeting businesses with strong growth prospects and earnings recovery.
Deep dives
Introduction to Rights and Issues Investment Trust
Dan Nichols, head of strategy at Jupiter Asset Management, provides an introduction to the Rights and Issues Investment Trust. The trust, managed by Simon Nott for 39 years, has a current net asset value of approximately £125 million and focuses on a highly concentrated portfolio of around 23 holdings. Nichols highlights the trust's long-term success and distinctive approach, and emphasizes the importance of stock selection and thematic trends in portfolio construction.
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