Schroder UK Mid Cap Fund plc: Half Year Reports and Accounts 2021

Schroder UK Mid Cap Fund plc: Half Year Reports and Accounts 2021

Schroder UK Mid Cap Fund plc: Half Year Reports and Accounts 2021

Schroder UK Mid Cap Fund plc (the 'Company') has today released its Half Year Report and Accounts for the six months ended 31 March 2021.

22/06/2021

Schroder UK Mid Cap Fund plc (the 'Company') has today released its Half Year Report and Accounts for the six months ended 31 March 2021.

22/06/2021

Schroder UK Mid Cap Fund plc (the 'Company') has today released its Half Year Report and Accounts for the six months ended 31 March 2021.

Highlights for the period were:

• During the six month period to 31 March 2021, the Company's net asset value total return ('NAV') was 23.9% compared to the 28.8% from the Company's Benchmark (FTSE 250 ex Investment Companies Index).
• While this was a strong absolute return, relative performance was impacted by the rise in the UK equity market being dominated by those companies which were seen as shorter-term winners from the re-opening of the economy.
• The Board has announced an unchanged interim dividend of 3.80 pence per share for the year ended 30 September 2021.
• The discount to NAV that the Company trades at narrowed significantly to 4.6% at the end of March 2021.

Jean Roche, Lead Portfolio Manager of Schroder UK Mid Cap Fund plc, said:

'Just over a year ago, when the implications of the pandemic were becoming clear, we kept faith in our homework. The crisis has meant that companies have had to accelerate fundamental changes to their businesses driven by customers' changing needs. As usual, it has been the companies with genuine competitive advantages which have been most successful during the period in terms of market positions and balance sheets.'

Robert Talbut, Chairman of SchroderUK Mid Cap Fund plc, said:

'The Board is pleased with the strong absolute progress made by the Company in the six months ended 31 March 2021 as the UK economy has continued to emerge from lockdown.

'The ongoing COVID-19 crisis still poses some risks to the recovery in economic activity but current forecasts paint the picture of growing confidence and building momentum. This should present our investment managers with many opportunities to identify interesting stock picking investment ideas for the benefit of shareholders.'

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