This week, we publish our table of the top holdings of some of the best-performing funds investing in sustainable UK equities for a second time. When this table was first published in mid May, I commented that not all the names on the list were what one would expect. Online fast-fashion retailer Boohoo (BOO) was highlighted as a prime example.
I also attempted to outline the logic of why a sustainable investor may buy into this kind of situation; some “green” investments are less about the starting point than the direction of travel. But the intervening few months at Boohoo have shown how this kind of approach can turn out to be dangerously contrived. Boohoo remains on the best ideas list, but readers should bear in mind this relates to latest portfolio disclosures at the end of May rather than current holdings. Both positions are in funds of Aberdeen Standard Investment.
There are broadly three things sustainable investors tend to be concerned about, which are captured in the acronym ESG: E for environment; S for social issues, such as worker rights; and G for governance. BooHoo currently looks an epic fail on all three fronts.
On the E front, while Boohoo has trumpeted initiatives to try to keep its product out of landfill, what it sells tends to have a worryingly short wardrobe life. Not much has changed here, although investors may have reason to feel more cynical about the 'green' initiatives.
The reason for increased cynicism is a result of developments on the S front. Leicester, where Boohoo sources much of its product, has long been characterised as an on-shoring dystopia (bringing sweatshops home). Boohoo has played up its supply chain auditing efforts and a move towards full supply chain transparency. But a barrage of reports about atrocious conditions at factories supplying Boohoo have led to the share price collapsing two-fifths and many other retailers, including Next and ASOS, have dropped Boohoo brands. The company is launching a QC-led investigation.
Then there is the G, often seen as the most important letter in ESG. In late May, shrewd short-selling specialist ShadowFall published a blistering attack. A key element of the short note concerned the relationship between the company and its two-thirds-owned subsidiary Pretty Little Thing. The subsidiary was founded by the son of Boohoo’s chairman and 12.1 per cent shareholder Mahmud Kamani. The remaining third of Pretty Little Thing, was swiftly bought out for £324m, which partly addressed Shadowfall's criticisms. Still, related-party transactions are, in general, viewed dimly by governance experts.
It was less than a month before there was more G-based discontent. In mid June, a third of shareholders voted against the company’s remuneration report. A week later the company went ahead with a £150m management incentive scheme based solely on share price performance to 2023. Schemes based on share price are often a worry because they can run counter to long-term operational concerns and wider stakeholder interests. This latter point seems particularly pertinent in light of the supply chain controversy.
With hindsight, it feels staggering Boohoo could be an ESG play. But, ironically, there could be a strong commercial logic in cleaning up supply, creating a barrier to new entrants. This is particularly relevant given the success of Boohoo-like retailer I Saw It First, which was founded in 2017 by Jalar Kamani, big brother of Boohoo’s chairman and the company’s former trading director – boohoo indeed!
Click here to view the tables as a PDF
| New 52-week highs | |||
| Name | TIDM | Price | % from high |
| Clipper Logistics | CLG | 340p | 0.0% |
| Active Energy Group | AEG | 1p | 0.0% |
| Premier Foods | PFD | 80p | 0.0% |
| Baillie Gifford US Growth | USA | 227p | 0.0% |
| Croda International | CRDA | 5,374p | 0.1% |
| International Biotech | IBT | 808p | 0.2% |
| Pacific Horizon Invt Tr | PHI | 526p | 0.4% |
| Hipgnosis Songs | SONG | 121p | 0.4% |
| Edinburgh Worldwide Invt | EWI | 280p | 0.5% |
| Aberdeen Japan Invt Trust | AJIT | 650p | 0.5% |
| Bunzl | BNZL | 2,229p | 0.6% |
| Biotech Growth Trust | BIOG | 1,387p | 0.6% |
| Smithson Investment Trust | SSON | 1,520p | 0.7% |
| JP Morgan Japan Smaller | JPS | 454p | 0.7% |
| Schroder Asian Total | ATR | 386p | 0.8% |
| BATM Advanced Comm | BVC | 118p | 0.8% |
| JPMorgan Japanese Invt | JFJ | 545p | 1.1% |
| Scottish Mortgage Invt Tr | SMT | 892p | 1.1% |
| Capital Gearing Trust Plc | CGT | 4,440p | 1.1% |
| Renishaw | RSW | 4,220p | 1.1% |
| JBM CN Grw&Inc | JCGI | 516p | 1.1% |
| Air Partner | AIR | 99p | 1.2% |
| Cello Health | CLL | 163p | 1.2% |
| Octopus Renewables Infra | ORIT | 112p | 1.2% |
| Monks Investment Tr | MNKS | 1,110p | 1.2% |
| IG Group Holdings | IGG | 863p | 1.3% |
| Herald Investment Trust | HRI | 1,624p | 1.3% |
| B&M European Value Retail | BME | 434p | 1.3% |
| Polar Capital Tech | PCT | 2,120p | 1.3% |
| Personal Assets Trust | PNL | 44,350p | 1.4% |
| Gaming Realms | GMR | 18p | 1.6% |
| Avon Rubber | AVON | 3,440p | 1.7% |
| Manchester & London Invt | MNL | 686p | 1.7% |
| Antofagasta | ANTO | 976p | 1.8% |
| Spirax-Sarco Engineering | SPX | 10,025p | 1.8% |
| Avast | AVST | 544p | 1.9% |
| Halma | HLMA | 2,331p | 1.9% |
| Witan Pacific Invt Tr | WPC | 353p | 1.9% |
| International Public | INPP | 168p | 2.0% |
| BlackRock Greater Eu Invt | BRGE | 432p | 2.0% |
| Sterling Energy | SEY | 12p | 2.0% |
| Reckitt Benckiser Group | RB | 7,438p | 2.1% |
| Henderson EuroTrust | HNE | 1,255p | 2.1% |
| JPMorgan Global Core Real | JARA | 110p | 2.2% |
| JPMorgan Global Core Real | JARA | 110p | 2.2% |
| Ceres Power | CWR | 610p | 2.2% |
| Games Workshop Group | GAW | 8,440p | 2.3% |
| Schroder AsiaPacific Fund | SDP | 488p | 2.3% |
| Bankers Invt Trust | BNKR | 1,014p | 2.3% |
| Baillie Gifford Shin | BGS | 193p | 2.3% |
| BB Healthcare Trust | BBH | 168p | 2.3% |
| Polar Cap Gbl Healthcare | PCGH | 250p | 2.3% |
| Allianz Technology Trust | ATT | 2,350p | 2.5% |
| Worldwide Healthcare Tr | WWH | 3,640p | 2.5% |
| discoverIE Group | DSCV | 590p | 2.6% |
| Bail Giff Eur | BGEU | 1,100p | 2.7% |
| Martin Currie Global Port | MNP | 321p | 2.7% |
| Verditek | VDTK | 11p | 2.8% |
| Experian | EXPN | 2,873p | 2.8% |
| Fidelity China Special | FCSS | 298p | 2.9% |
| Fidelity European Values | FEV | 265p | 2.9% |
| Lancashire | LRE | 827p | 3.0% |
Source: FactSet (9 Jul 20)
| New 52-week lows | |||
| Name | TIDM | Price | % from low |
| STV Group | STVG | 220p | 0.0% |
| Babcock International Group | BAB | 297p | 0.6% |
| Pittards | PTD | 40p | 1.3% |
| Impellam Group | IPEL | 225p | 2.2% |
| TOC Property Backed Lndng | PBLT | 86p | 2.9% |
Source: FactSet (9 Jul 20)
| Shorts | Thursday, 9 July 2020 | ||
| Company | Short Interest | No. Shorters | 1wk chg in short interest |
| HAMMERSON PLC | 12.6% | 9 | 0.0% |
| Royal Mail Plc | 9.1% | 7 | -0.2% |
| PREMIER OIL PLC | 8.7% | 3 | -0.1% |
| TULLOW OIL PLC | 8.1% | 6 | 0.4% |
| PEARSON PLC | 6.3% | 6 | -0.5% |
| DOMINO'S PIZZA GROUP PLC | 5.9% | 8 | 1.1% |
| PETS AT HOME GROUP PLC | 5.7% | 3 | 0.3% |
| PETROFAC LTD | 5.3% | 5 | 0.5% |
| GW PHARMACEUTICALS PLC | 5.2% | 4 | 0.0% |
| PETROPAVLOVSK PLC | 5.2% | 1 | 0.0% |
| FUTURE PLC | 4.8% | 3 | 0.2% |
| BLUE PRISM GROUP PLC | 4.7% | 5 | 0.7% |
| CRODA INTERNATIONAL PLC | 4.6% | 5 | 0.1% |
| BABCOCK INTL GROUP PLC | 4.6% | 3 | -0.6% |
| SMITH (DAVID S) HOLDINGS PLC | 4.5% | 6 | 0.4% |
| DIGNITY PLC | 4.1% | 3 | -0.1% |
| WEIR GROUP PLC/THE | 4.1% | 5 | 0.4% |
| TUI AG | 4.0% | 4 | 0.0% |
| ASCENTIAL PLC | 4.0% | 5 | 0.0% |
| VODAFONE GROUP PLC | 3.9% | 4 | 0.0% |
| WOOD GROUP (JOHN) PLC | 3.9% | 6 | 0.0% |
| SAINSBURY (J) PLC | 3.8% | 2 | 0.1% |
| A.G. Barr PLC | 3.8% | 3 | 0.0% |
| CAPITA PLC | 3.7% | 5 | 0.3% |
| WM MORRISON SUPERMARKETS | 3.7% | 3 | -0.7% |
| KEYWORDS STUDIOS PLC | 3.5% | 4 | 0.0% |
| MARKS & SPENCER GROUP PLC | 3.2% | 2 | 0.0% |
| Primary Health Properties PLC | 3.2% | 4 | 0.0% |
| BURBERRY GROUP PLC | 3.2% | 4 | -0.1% |
| AUTO TRADER GROUP PLC | 3.1% | 5 | 0.0% |
| ULTRA ELECTRONICS HLDGS PLC | 3.0% | 1 | -0.3% |
| DAILY MAIL & GENERAL TRUST | 3.0% | 3 | -0.1% |
| RESTAURANT GROUP PLC | 2.9% | 3 | 0.1% |
| VALARIS PLC | 2.8% | 1 | 0.0% |
| VICTREX PLC | 2.7% | 3 | 0.1% |
| INTERCONTINENTAL HOTELS GROUP PLC | 2.6% | 2 | 0.3% |
| HARGREAVES LANSDOWN PLC | 2.6% | 4 | NEW |
| AA PLC | 2.5% | 2 | -0.6% |
| Signature Aviation PLC | 2.5% | 4 | 0.1% |
| VIRGIN MONEY UK PLC | 2.5% | 3 | NEW |
| AGGREKO PLC | 2.5% | 2 | -0.2% |
| MICRO FOCUS INTERNATIONAL | 2.4% | 2 | NEW |
| BRITISH LAND CO PLC | 2.4% | 3 | NEW |
| CREST NICHOLSON HLDGS PLC | 2.4% | 3 | NEW |
| ASHMORE GROUP PLC | 2.3% | 2 | -0.6% |
| N. Brown Group | 2.3% | 2 | 0.0% |
Source: FCA
| Upgrades | ||||
| Wednesday, 8 July 2020 | FWD EPS CHG | |||
| Name | TIDM | 1mth | 3mth | 1yr |
| Yellow Cake | YCA | 1604.3% | - | 1943% |
| Rl Est Cred | RECI | 807.1% | 10.2% | - |
| Trackwise Designs | TWD | 226.9% | 157.6% | 70% |
| Draper Esprit | GROW | 209.2% | 26.9% | -22% |
| Gear4music Holdings | G4M | 164.0% | 356.7% | 265% |
| Best of the Best | BOTB | 110.2% | 168.5% | 311% |
| System1 Group | SYS1 | 105.3% | 181.7% | 27% |
| Totally | TLY | 96.4% | 96.7% | - |
| RM | RM | 92.1% | -76.7% | -76% |
| Atalaya Mining | ATYM | 86.5% | 36.2% | -52% |
| Urban&Civic | UANC | 82.7% | 70.0% | -44% |
| United Oil & Gas | UOG | 76.8% | - | - |
| BATM Advanced Comm | BVC | 75.4% | 69.6% | 135% |
| Antofagasta | ANTO | 70.4% | 0.0% | -59% |
| DWF Group | DWF | 69.9% | -6.5% | 25% |
| BP | BP | 67.1% | -80.2% | -95% |
| De La Rue | DLAR | 61.9% | 57.0% | -55% |
| MJ Gleeson | GLE | 49.5% | -43.6% | -63% |
| Numis | NUM | 45.8% | - | 38% |
| Equals Group | EQLS | 42.9% | 42.9% | 0% |
| ECO Animal Health Group | EAH | 39.6% | 39.6% | -58% |
| Photo-Me | PHTM | 35.9% | 35.9% | 2% |
| Codemasters Group Holdings | CDM | 34.5% | 42.3% | 20% |
| Up Global Sourcing Holdings | UPGS | 30.9% | -15.3% | 0% |
| Hummingbird Resources | HUM | 30.8% | - | 0% |
| B&M European Value Retail | BME | 29.9% | 35.7% | 28% |
| Orchard Funding Group | ORCH | 29.7% | 29.7% | -9% |
| Manolete Partners | MANO | 27.4% | 35.0% | 37% |
| ContourGlobal Plc | GLO | 27.2% | -14.1% | -28% |
| Iofina | IOF | 25.1% | 128.3% | 132% |
| 888 | 888 | 24.2% | 5.7% | -2% |
| BOKU | BOKU | 23.5% | 19.4% | 43% |
| Venture Life Group | VLG | 23.0% | 237.0% | 125% |
| Eckoh | ECK | 22.8% | 22.8% | 23% |
| NCC Group | NCC | 22.0% | 21.9% | -22% |
| Games Workshop Group | GAW | 20.8% | 11.3% | 6% |
| Bunzl | BNZL | 19.9% | 0.2% | -11% |
| boohoo group | BOO | 18.6% | 32.6% | 53% |
| Ferrexpo | FXPO | 17.8% | 20.2% | -48% |
| Just Eat Takeaway.com | JET | 17.6% | 12.7% | - |
| Shearwater Group | SWG | 16.4% | 16.0% | - |
| 1Spatial | SPA | 15.3% | 15.3% | 17% |
| National Express Group | NEX | 14.1% | -76.7% | -81% |
| IG Design Group | IGR | 14.0% | 9.5% | 8% |
| KAZ Minerals | KAZ | 13.8% | 6.2% | -22% |
| Serco | SRP | 13.7% | 1.6% | 24% |
| Beazley | BEZ | 13.4% | -89.9% | -92% |
| Palace Capital | PCA | 13.2% | -11.5% | -22% |
| Barclays | BARC | 13.1% | -82.6% | -92% |
| RPS Group | RPS | 13.0% | 36.6% | -33% |
| Fresnillo | FRES | 12.7% | 9.4% | -31% |
| TI Fluid Systems | TIFS | 12.6% | -87.6% | -93% |
| CVS Group | CVSG | 12.4% | -41.0% | -44% |
| Picton Property Income | PCTN | 11.7% | 11.3% | 7% |
| Premier Foods | PFD | 11.6% | 14.4% | 18% |
| Civitas Social | CSH | 11.0% | 10.4% | 3% |
| Tatton Asset Management | TAM | 10.8% | 10.8% | 12% |
| Cranswick | CWK | 10.2% | 10.4% | 25% |
| Pan African Resources | PAF | 10.1% | 10.3% | 91% |
| Warehouse REIT | WHR | 10.1% | 0.2% | 28% |
| CentralNic Group | CNIC | 10.0% | 141.5% | 9% |
| Rio Tinto | RIO | 9.3% | 6.4% | -21% |
| Brooks MacDonald Group | BRK | 9.0% | -6.0% | 2% |
| Caledonia Mining | CMCL | 8.7% | 67.1% | 200% |
| TalkTalk Telecom Group | TALK | 8.6% | 7.3% | -7% |
| Associated British Foods | ABF | 7.7% | -30.9% | -46% |
| Frontier Developments | FDEV | 7.0% | 22.7% | -15% |
| GlobalData | DATA | 6.9% | 6.9% | 29% |
| Water Intelligence | WATR | 6.8% | 3.2% | 12% |
| UNITE Group | UTG | 6.7% | -26.2% | -42% |
| Liontrust Asset Mgmt | LIO | 6.4% | 7.5% | 15% |
| Urban Logistics REIT | SHED | 6.3% | -10.8% | -9% |
| Rathbone Brothers | RAT | 5.6% | -18.1% | -30% |
| Empiric Student | ESP | 5.6% | -42.4% | -48% |
| Jupiter Fund Management | JUP | 5.4% | -0.5% | -29% |
| Flutter Entertainment | FLTR | 5.2% | 96.6% | 19% |
| Glencore | GLEN | 5.2% | -40.4% | -83% |
| Marlowe | MRL | 5.0% | 5.0% | 7% |
| MJ Hudson Group | MJH | 5.0% | 31.3% | - |
| PayPoint | PAY | 5.0% | -16.8% | -18% |
| 3i Group Plc | III | 4.9% | - | -54% |
| G4S | GFS | 4.5% | -31.8% | -43% |
| Midwich Group | MIDW | 4.5% | 4.5% | -1% |
| Serica Energy | SQZ | 4.4% | -62.1% | -66% |
| Dart Group | DTG | 4.1% | 21.4% | 53% |
| Drax Group | DRX | 4.0% | -3.8% | 21% |
| BHP Group | BHP | 3.9% | -1.2% | -5% |
| St James's Place | STJ | 3.8% | -4.1% | 2% |
| Impax Asset Management Gp | IPX | 3.8% | 9.6% | 21% |
| Polymetal International | POLY | 3.4% | 7.4% | 60% |
| Sirius Real Estate | SRE | 3.4% | -21.3% | -13% |
| Chesnara | CSN | 3.4% | -39.4% | -1% |
| Smart Metering Systems | SMS | 3.3% | -3.3% | -45% |
| Grainger | GRI | 3.3% | -12.5% | -32% |
| Computacenter | CCC | 3.1% | 3.7% | 13% |
| CMC Markets | CMCX | 3.1% | 7.2% | 301% |
| Schroders | SDR | 3.0% | 1.7% | -17% |
Source: FactSet
| Downgrades | ||||
| Wednesday, 8 July 2020 | FWD EPS CHG | |||
| Name | TIDM | 1mth | 3mth | 1yr |
| On The Beach Group | OTB | -95.4% | -98.7% | -99% |
| ULS Technology | ULS | -84.2% | -84.2% | -86% |
| Hunting | HTG | -81.9% | -95.2% | -98% |
| Nexus Infrastructure | NEXS | -80.7% | -82.5% | -75% |
| Speedy Hire | SDY | -78.5% | -78.5% | -79% |
| Halfords Group | HFD | -74.2% | -72.3% | -76% |
| Renewi Plc | RWI | -72.0% | -69.0% | -75% |
| IGas Energy | IGAS | -70.9% | -93.2% | -89% |
| Biffa Plc | BIFF | -68.7% | -80.1% | -82% |
| Renold | RNO | -68.7% | -68.7% | -84% |
| Scapa Group | SCPA | -65.7% | -67.9% | -74% |
| JD Sports Fashion | JD | -65.5% | -65.5% | -64% |
| IWG | IWG | -63.8% | -86.1% | -94% |
| Wincanton | WIN | -63.8% | -63.5% | -63% |
| 1pm | OPM | -59.6% | -57.4% | -63% |
| 4Imprint Group | FOUR | -58.4% | -80.8% | -87% |
| Steppe Cement | STCM | -57.9% | -59.2% | -60% |
| HML | HMLH | -53.2% | - | -53% |
| First Property Group | FPO | -52.2% | - | -52% |
| N Brown Group | BWNG | -51.9% | -52.4% | -60% |
| Mpac Group | MPAC | -51.7% | -68.8% | -45% |
| Forterra Plc | FORT | -51.5% | -63.4% | -69% |
| NewRiver REIT | NRR | -49.5% | -53.1% | -50% |
| Griffin Mining | GFM | -47.7% | -49.4% | -55% |
| Norcros | NXR | -47.5% | -52.2% | -58% |
| Polypipe Group | PLP | -47.2% | -55.6% | -59% |
| Breedon Grp | BREE | -46.8% | -57.2% | -56% |
| Vp Plc | VP | -42.8% | -42.7% | -46% |
| Arbuthnot Banking Group | ARBB | -41.5% | -42.7% | -26% |
| Grafton Group | GFTU | -40.2% | -65.0% | -71% |
| D4t4 Solutions | D4T4 | -39.2% | -52.0% | -52% |
| Ibstock | IBST | -38.7% | -58.4% | -66% |
| Kenmare Resources | KMR | -36.7% | -50.4% | -63% |
| Mediclinic International | MDC | -33.8% | -54.1% | -53% |
| Ashtead Group | AHT | -32.6% | -37.0% | -42% |
| LSL Property Services | LSL | -32.3% | -32.3% | -48% |
| Savills | SVS | -32.0% | -32.8% | - |
| Hochschild Mining | HOC | -31.8% | -63.1% | -53% |
| Tyman | TYMN | -31.8% | -51.1% | -54% |
| Auto Trader Group | AUTO | -31.2% | -31.1% | -32% |
| MITIE Group | MTO | -31.0% | -30.6% | -41% |
| Melrose Industries | MRO | -30.7% | -56.7% | -77% |
| InterContinental Hotels Group | IHG | -30.5% | -65.1% | -73% |
| Secure Income REIT | SIR | -30.0% | -30.0% | -50% |
| Howden Joinery Group | HWDN | -29.1% | -46.4% | -42% |
| Record | REC | -27.7% | -28.5% | -3% |
| Intu Properties | INTU | -27.2% | -51.3% | -76% |
| Costain Group | COST | -26.5% | -51.5% | -74% |
| Taylor Wimpey | TW | -25.5% | -40.4% | -50% |
| GB Group | GBG | -25.3% | -23.9% | -22% |
| STV Group | STVG | -25.2% | -38.0% | -38% |
| Capital & Counties Props | CAPC | -24.2% | -70.4% | -57% |
| DS Smith | SMDS | -23.6% | -24.3% | -30% |
| Kier Group | KIE | -23.4% | -31.6% | -64% |
| Redrow | RDW | -23.3% | -34.8% | -45% |
| Johnson Matthey | JMAT | -23.3% | -25.2% | -37% |
| Severfield | SFR | -22.9% | -23.0% | -20% |
| Petrofac | PFC | -22.7% | -46.1% | -65% |
| Crest Nicholson | CRST | -22.4% | -42.4% | -67% |
| McKay Securities | MCKS | -21.5% | - | -21% |
| Oxford Instruments | OXIG | -21.4% | -24.0% | -27% |
| discoverIE Group | DSCV | -21.3% | -20.2% | -26% |
| Informa | INF | -21.3% | -46.5% | -60% |
| Babcock International Group | BAB | -20.9% | -21.8% | -25% |
| Kin and Carta | KCT | -20.8% | -20.8% | -45% |
| IMImobile Plc | IMO | -20.5% | -27.1% | -28% |
| Trifast | TRI | -20.3% | -23.6% | -43% |
| Burford Capital | BUR | -20.2% | -11.6% | -36% |
| Go-Ahead Group | GOG | -19.9% | -54.4% | -60% |
| Hill & Smith | HILS | -19.9% | -19.9% | -33% |
| Kingfisher | KGF | -19.7% | -19.2% | -26% |
| Capita | CPI | -19.6% | -32.6% | -48% |
| Braemar Shipping Services | BMS | -18.9% | -18.9% | -16% |
| Anexo Group | ANX | -18.0% | -18.9% | -9% |
| Shaftesbury | SHB | -17.8% | -36.9% | -46% |
| Capital & Regional | CAL | -17.0% | -39.8% | -65% |
| Helical | HLCL | -16.7% | -30.0% | -16% |
| Inspiration Healthcare Gp | IHC | -16.7% | -11.1% | 0% |
| Senior | SNR | -15.5% | -54.9% | -80% |
| Air Partner | AIR | -15.5% | 24.5% | -12% |
| TBC Bank Group | TBCG | -14.8% | -52.1% | -51% |
| Tekmar Group Plc | TGP | -14.4% | -14.4% | -52% |
| Network International Holdings | NETW | -14.2% | -46.7% | -48% |
| Barratt Developments | BDEV | -14.2% | -26.5% | -34% |
| Standard Chartered | STAN | -14.2% | -55.6% | -60% |
| Royal Dutch Shell | RDSB | -14.0% | -51.4% | -84% |
| FRP Advisory Group | FRP | -13.8% | - | - |
| Essentra | ESNT | -13.4% | -29.9% | -41% |
| Hays | HAS | -12.7% | -36.3% | -70% |
| Pets At Home | PETS | -12.7% | -30.5% | -24% |
| Bank of Georgia Group | BGEO | -12.5% | -28.7% | -47% |
| City of London Investment | CLIG | -12.4% | -26.4% | -11% |
| Aggreko | AGK | -11.7% | -34.8% | -46% |
| Intermediate Capital Grp | ICP | -11.3% | -18.7% | -27% |
| Volex | VLX | -11.2% | - | 11% |
| Tesco | TSCO | -11.1% | -21.8% | -22% |
| Close Brothers Group | CBG | -11.1% | -35.5% | -43% |
| Moneysupermarket com Grp | MONY | -10.9% | -15.1% | -15% |
| Vivo Energy | VVO | -10.7% | -46.2% | -51% |
| Dixons Carphone | DC | -10.4% | -24.8% | -37% |
| Travis Perkins | TPK | -10.3% | -36.7% | -45% |
| Vodafone Group | VOD | -10.3% | 5.9% | -7% |
| Litigation Capital Mgmt | LIT | -10.2% | -1.9% | 26% |
| Workspace Group | WKP | -10.1% | -30.2% | -32% |
| Marshalls | MSLH | -10.1% | -31.9% | -32% |
| First Derivatives | FDP | -10.0% | -31.0% | -32% |
| Royal Dutch Shell | RDSA | -9.9% | -49.2% | -85% |
| Bushveld Minerals | BMN | -9.9% | -9.9% | -62% |
| Morgan Advanced Materials | MGAM | -9.8% | -21.2% | -30% |
| Rightmove | RMV | -9.5% | -32.0% | -40% |
| Diaceutics | DXRX | -9.1% | -9.1% | -23% |
| Medica Group | MGP | -9.0% | -26.9% | -34% |
| AEW UK REIT | AEWU | -9.0% | -9.0% | - |
| SThree | STEM | -8.7% | -21.7% | -56% |
| Restore | RST | -8.5% | -40.5% | -41% |
| Lloyds Banking Group | LLOY | -8.5% | -62.9% | -81% |
| Lancashire | LRE | -8.5% | -35.4% | -34% |
| Compass Group | CPG | -8.1% | -63.9% | -75% |
| Smith & Nephew | SN | -8.0% | -30.6% | -34% |
| Paragon Banking Group | PAG | -7.9% | -28.1% | -35% |
| WPP | WPP | -7.7% | -26.4% | -44% |
| Phoenix Group Holdings | PHNX | -7.7% | -12.9% | 10% |
| AG BARR | BAG | -7.6% | -23.9% | -39% |
| Ricardo | RCDO | -7.5% | -26.3% | -38% |
| Bakkavor Group | BAKK | -7.4% | -18.1% | -38% |
| Man Group | EMG | -7.3% | -11.8% | -24% |
| Meggitt | MGGT | -7.0% | -37.0% | -44% |
| Keller Group | KLR | -6.6% | -16.1% | -31% |
| Vistry Group | VTY | -6.5% | -14.0% | -21% |
| Playtech | PTEC | -6.5% | -36.7% | -65% |
| Vesuvius | VSVS | -6.3% | -37.3% | -55% |
| Porvair | PRV | -6.3% | -15.4% | -22% |
| Bodycote | BOY | -6.3% | -21.0% | -46% |
| Morses Club | MCL | -6.2% | -10.9% | -24% |
| Nichols | NICL | -6.0% | -24.6% | -34% |
| Next | NXT | -6.0% | -71.9% | -76% |
| Persimmon | PSN | -6.0% | -20.9% | -36% |
| Avingtrans | AVG | -5.9% | -5.9% | 19% |
| Curtis Banks Group | CBP | -5.9% | -5.9% | -17% |
| GCP Student Living | DIGS | -5.9% | -17.8% | -23% |
| Morgan Sindall Group | MGNS | -5.9% | -26.2% | -36% |
| Advanced Medical Sol Grp | AMS | -5.7% | -5.7% | -20% |
| Centrica | CNA | -5.7% | -39.2% | -54% |
| Spectris | SXS | -5.6% | -20.6% | -38% |
| Equiniti Group | EQN | -5.6% | -25.3% | -30% |
| Vectura Group | VEC | -5.6% | -7.3% | 15% |
| Redde Northgate | REDD | -5.5% | -6.0% | -19% |
| Inchcape | INCH | -5.5% | -50.9% | -59% |
| Virgin Money UK | VMUK | -5.4% | -66.0% | -82% |
| PageGroup | PAGE | -5.3% | -66.6% | -79% |
| Victrex | VCT | -4.9% | -18.0% | -26% |
| St Modwen Properties | SMP | -4.8% | -32.2% | -22% |
| National Grid | NG | -4.5% | -3.7% | -2% |
| Fevertree Drinks | FEVR | -4.4% | -26.8% | -37% |
| HSBC Holdings | HSBA | -4.4% | -47.1% | -62% |
| Big Yellow Group | BYG | -4.4% | -5.1% | -8% |
| AB Dynamics | ABDP | -4.3% | -17.0% | -5% |
| Gem Diamonds | GEMD | -4.3% | -53.2% | -74% |
| Coats Group | COA | -4.1% | -54.7% | -71% |
| Britvic | BVIC | -4.1% | -17.6% | -29% |
| Greencore Group | GNC | -4.0% | -56.7% | -54% |
| Prudential | PRU | -4.0% | -12.7% | -4% |
| RELX | REL | -4.0% | -9.3% | -7% |
| Science In Sport | SIS | -3.9% | -3.9% | - |
| Severn Trent | SVT | -3.9% | -20.6% | -20% |
| McCarthy & Stone | MCS | -3.7% | -15.7% | -56% |
| Polar Capital | POLR | -3.7% | -2.0% | -2% |
| Land Securities Group | LAND | -3.7% | -25.5% | -25% |
| Bellway | BWY | -3.6% | -16.9% | -35% |
| John Wood Group | WG | -3.5% | -35.2% | -54% |
| Rank Group | RNK | -3.3% | -36.9% | -36% |
| TT Electronics | TTG | -3.2% | -17.9% | -42% |
| James Fisher & Sons | FSJ | -3.2% | -29.8% | -25% |
| Sanne Group | SNN | -3.2% | -4.7% | -12% |
| SSE | SSE | -3.2% | -3.6% | -13% |
| Diploma | DPLM | -3.1% | -9.5% | -11% |
| British Land | BLND | -3.1% | -21.6% | -22% |
Source: FactSet
