Ethical Performance
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SRI Column

Roger Aitken, analyst, examines the most recent MorningStar data

February 2016

Among UK Registered funds over the past year to 31 December 2016, the £124.97m Kempen (Lux) Sustainable Eur Small Cap I fund ranked top out of a sector universe of 253 funds with a performance of +19.19%. This compared with +54.39%/10th over past three years and +43.94%/37th over five.

 It was followed in second place over the past 12 months by the £254.12m SLI UK Ethical Ret Acc fund with a performance of +14.80% (+50.59%/ 18th rank over past three years and +72.96%/9th over last five). Pictet-Water HR USD came third and was just slightly behind on +14.73% - versus +58.75%/7th over last three years and +64.33%/14th over past five.

While the SLI UK Ethical Ret Acc fund held its ranking for the past year over Morningstar’s previous analysis to end November 2015, Kempen (Lux) Sustainable Eur Small Cap I and Pictet-Water HR USD swapped positions.

Within the European funds sector, the €217.58m Öhman Sweden Micro Cap fund came top out of 1,263 funds. It posted a performance of +46.44% for the past one-year to date. However, over the past three years it posted a quite blistering investment performance of +135.33% (2nd) and an equally impressive +129.11% (4th) for the past five years.

A sister fund of the Swedish investment firm, Öhman Småbolagsfond A, came within the top five funds overall for the past 12 months posting a respectable +29.94% (4th) versus +89.14% (9th) over the past 3 years.

Öhman Sweden Micro Cap itself invests 87% of the fund’s assets in Sweden and the remaining 13% in the rest of Western Europe according to recent report from the fund as of 30 September 2015.

The fund’s top five stocks by weighting as of this date were: 1. Unibet Group PLC (5.0%); 2. NIBE Industrier AB B (5.0%); 3. Swedish Orphan Biovi (3.5%); ITAB Shop Concept AB (3.3%); and, Nolato AB B (3.1%). Sector wise, Industrials accounted for 20.9% of the fund, followed by Real Estate (16.9%), Basic Materials (13.8%), Consumer Cyclicals (12.9%) and Consumer Staples (12.8%).

It was followed in second place in the sector over the latest 12-month period by the €22.26m ID France Smidcaps C fund, which posted a performance of +37.86% (+110.70% for the past three years and +116.87% (9th) for last five years). Third top 1-YTD was the €433.27m Delphi Nordic fund with +37.57% versus +118.90%/3rd and +96.32%/31st over past three and five years, respectively.




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