Schroder UK Mid Cap Fund

(SCP) 603p

DISCOUNT TO NAV: 9.7%

YIELD: 3.2%

ONGOING CHARGE: 0.89%

The share price rebound at Schroder UK Mid Cap Fund (SCP) should have further to run should interest in British shares be rekindled in 2023, hopefully narrowing the 9.7% discount to net asset value on the UK All Companies sector’s best one and five-year share price total return performer, according to AIC data.

Managed by Jean Roche and Andy Brough, Schroder UK Mid Cap aims to deliver a total return in excess of the FTSE 250 (ex-investment companies) index.

The managers refer to the FTSE 250 as the ‘Heineken index’ given its potential to ‘refresh’ portfolios in a way other parts of the UK stock market cannot.

The fund’s three leading sector allocations are to industrials, consumer discretionary and financials, while top portfolio positions span global autos distributor Inchcape (INCH), fantasy miniatures maker Games Workshop (GAW), homewares retailer Dunelm (DNLM) and multi-utility supplier Telecom Plus (TEP).