Little positive news for UK small caps

The UK Smaller Companies sector has suffered a difficult three years in which no fund has delivered positive returns in each of the discrete 12-month periods. All 70 funds lost double-digit sums in the 12 months to the end of April 2003 and over three years to the end of April, the average portfolio fell by 37.52% before charges, according to Standard & Poor's. Divergence in performance across different funds was marked, with only three vehicles, those managed by Discretionary, Aberforth and Premier, delivering positive returns over three years. A £1,000 investment in the top perform...