August is often a testy month for markets. The popular reasoning for this goes: as the holiday season gets underway in earnest, experienced investors and traders jet off to luxury resorts and seafront mansions, which reduces market liquidity (increasing share price sensitivity) just as jumpy juniors take the steering wheel.
With the Covid-19 pandemic very much still with us, and a looming US election also testing nerves, there’s certainly the potential for an interesting month ahead. Added to this, cries of “bubble” have been growing in volume over recent months.
The most vociferous members of the it’s-a-bubble brigade are value investors. Indeed, after a decade of terrible performance for “value”, topped off by corona-carnage this year, professional value investors' desire for a bursting of the purported “growth bubble” is as much about survival as anything else.
The style chart we ublish in the Ideas Farm shows that once again, “value” is losing out to all the other investment styles we monitor. Based on conventional wisdom, stock market recoveries should not really be like this. Indeed, normally the early stages of a recovery is dominated by a so called “dash for trash” in which downtrodden value stocks massively outperform. This column highlighted this phenomenon when it briefly emerged a couple of months ago. But growth, quality and momentum strategies have swiftly reasserted their dominance.
Value investors reckon things will change soon. Garry Channon, the founder of deep value investment firm Phoenix Asset Management and manager of Aurora investment trust, has said the story of value investing will prove to be like horror movie with a happy ending.
Meanwhile US value-focused hedge fund Longleaf Partners has recently written to investors saying it believes a speculative bubble very similar to that of the 1970’s and 1990’s has formed, focused on a relatively small number of excellent-but-grossly-overvalued companies. It expects a “near term” correction, marking “a rare moment that is measured in generations”.
Small-cap-value quant firm Verdad, meanwhile has produced an extensive study which in part highlights the fragility of valuations based on the popular argument that low interest rates make future earnings more valuable, thereby justifying higher valuations for growth stocks. Verdad points out the theoretical framework that supports this argument means that the lower rates are, the more value is put on earnings expected further out. So ever lower rates create an ever more speculative market in growth stocks given " it is a big, big bet that is 90-per-cent-plus dependent upon assumptions about what the 2030s and 2040s will look like".
Low interest rates and extremely loose monetary policy is a topic that has also exercised value legend Seth Klarman in his second quarter letter from his Baupost Partners hedge fund. He describes the market’s recovery as “surreal” while decrying the Federal Reserve for “infantalising” investors with its relentlessly accommodative policies.
There’s no point in pretending value managers are not desperate to make an argument for their floundering investment style. But the desperation does not mean their arguments are without substance. The cruel irony with value investing is that it is often when arguments appear most desperate that they are most right - although, it is worth remembering the desperation has been palpable and growing for several years now!
While not neglecting the markets’ dominant "growth" theme, our tips section this week also offers up some “value” plays for those finding that all the bubble talk has got to them. Both of the “value” plays also actually boast a decent long-term structural growth story.
In the case of Volution (FAN), a Covid hit has knocked earnings and the shares trade at a low double-digit forward price/earnings (PE) ratio. However, rising regulation should underpin good long-term growth. Meanwhile, there’s been no let-up in demand for the industrial units owned by Urban Logistics Reit (SHED). Based on solid rental-growth prospects, its shares offer the credible prospect of a 6 per cent dividend yield at a time when many erstwhile income stalwarts have disappointed.
Click here to view this week's tables in PDF form
| New 52-week highs | |||
| Name | TIDM | Price | % from hi |
| Octopus Renewables Infra | ORIT | 116p | 0.0% |
| Sterling Energy | SEY | 13p | 0.0% |
| Hastings Group Holdings | HSTG | 215p | 0.4% |
| Centamin | CEY | 212p | 0.6% |
| BBGI | BBGI | 170p | 0.7% |
| Capital Gearing Trust Plc | CGT | 4,480p | 0.9% |
| Vectura Group | VEC | 107p | 0.9% |
| Gresham House | GHE | 693p | 1.1% |
| Clipper Logistics | CLG | 355p | 1.3% |
| Schroder Asian Total | ATR | 388p | 1.3% |
| YouGov | YOU | 815p | 1.5% |
| Bunzl | BNZL | 2,270p | 1.5% |
| Admiral Group | ADM | 2,471p | 1.5% |
| Scottish American Invt | SAIN | 436p | 1.6% |
| Polymetal International | POLY | 1,928p | 1.7% |
| Fidelity China Special | FCSS | 313p | 1.7% |
| IntegraFin Holdings | IHP | 548p | 1.8% |
| Herald Investment Trust | HRI | 1,680p | 1.9% |
| Renewables Infrastructure | TRIG | 137p | 1.9% |
| Computacenter | CCC | 1,986p | 1.9% |
| Civitas Social | CSH | 113p | 1.9% |
| SEGRO | SGRO | 963p | 1.9% |
| Impax Asset Management Gp | IPX | 402p | 2.0% |
| JTC | JTC | 488p | 2.0% |
| JP Morgan Emerging Mkts | JMG | 1,068p | 2.0% |
| Cello Health | CLL | 162p | 2.1% |
| Softcat | SCT | 1,306p | 2.2% |
| Serco | SRP | 165p | 2.2% |
| SDCL Energy Efficiency | SEIT | 111p | 2.2% |
| Allianz Technology Trust | ATT | 2,430p | 2.2% |
| JPMorgan Global Core Real | JARA | 110p | 2.2% |
| JPMorgan Global Core Real | JARA | 110p | 2.2% |
| Intercede Group | IGP | 88p | 2.2% |
| HomeServe | HSV | 1,340p | 2.2% |
| Martin Currie Global Port | MNP | 326p | 2.2% |
| Flutter Entertainment | FLTR | 11,705p | 2.3% |
| Ultra Electronics Hldgs | ULE | 2,402p | 2.3% |
| Tritax Big Box | BBOX | 153p | 2.3% |
| Gamesys Group | GYS | 969p | 2.4% |
| JLEN Env Assets Group | JLEN | 122p | 2.4% |
| B&M European Value Retail | BME | 473p | 2.6% |
| Serabi Gold | SRB | 95p | 2.6% |
| Antofagasta | ANTO | 1,055p | 2.6% |
| Montanaro Europn Small Tr | MTE | 1,305p | 2.6% |
| Reckitt Benckiser Group | RB | 7,804p | 2.7% |
| BlackRock World Mining Tr | BRWM | 413p | 2.8% |
| Renishaw | RSW | 4,910p | 2.9% |
| Croda International | CRDA | 5,738p | 2.9% |
| International Public | INPP | 167p | 2.9% |
| Syncona | SYNC | 262p | 3.0% |
Source: FactSet, as at 6 August 2020
| New 52-week lows | |||
| Name | TIDM | Price | % from lo |
| Gem Diamonds | GEMD | 23p | 0.4% |
| Kier Group | KIE | 60p | 0.7% |
| Reach | RCH | 58p | 0.9% |
| STV Group | STVG | 218p | 1.4% |
| Real Estate Investors | RLE | 29p | 1.4% |
| Advanced Medical Sol Grp | AMS | 194p | 2.0% |
| Stagecoach Group | SGC | 45p | 2.4% |
| Imperial Brands PLC | IMB | 1,280p | 2.5% |
| Worsley Investors | WINV | 23p | 2.7% |
| TOC Property Backed Lndng | PBLT | 86p | 2.9% |
Source: FactSet, as at 5 August 2020
| Shorts | |||
| Company | Short Interest | No. Shorters | 1wk chg in short interest |
| HAMMERSON PLC | 13.9% | 10 | -0.4% |
| Royal Mail Plc | 9.6% | 8 | 0.5% |
| METRO BANK PLC | 8.9% | 4 | -0.1% |
| CINEWORLD GROUP | 8.8% | 9 | 0.5% |
| PREMIER OIL PLC | 8.7% | 3 | 0.0% |
| TULLOW OIL PLC | 7.8% | 5 | 0.0% |
| SAINSBURY (J) PLC | 6.8% | 6 | 1.2% |
| PEARSON PLC | 6.5% | 6 | 0.5% |
| PETROFAC LTD | 6.1% | 5 | 0.6% |
| DOMINO'S PIZZA GROUP PLC | 5.6% | 7 | 0.1% |
| PETROPAVLOVSK PLC | 5.5% | 1 | 0.3% |
| WEIR GROUP PLC/THE | 5.3% | 6 | -0.4% |
| GW PHARMACEUTICALS PLC | 5.2% | 4 | 0.0% |
| BLUE PRISM GROUP PLC | 5.0% | 5 | -0.5% |
| TUI AG | 4.9% | 6 | 0.5% |
| PETS AT HOME GROUP PLC | 4.9% | 2 | 0.0% |
| BABCOCK INTL GROUP PLC | 4.9% | 3 | 0.0% |
| IQE PLC | 4.8% | 3 | 0.0% |
| FUTURE PLC | 4.6% | 3 | -0.4% |
| VODAFONE GROUP PLC | 4.0% | 4 | 0.0% |
| WM MORRISON SUPERMARKETS | 4.0% | 4 | 0.5% |
| DIGNITY PLC | 4.0% | 3 | 0.2% |
| CRODA INTERNATIONAL PLC | 3.8% | 4 | -0.1% |
| MICRO FOCUS INTERNATIONAL | 3.6% | 3 | 0.0% |
| SMITH (DAVID S) HOLDINGS PLC | 3.6% | 5 | -0.2% |
| ASHMORE GROUP PLC | 3.5% | 4 | 0.6% |
| WOOD GROUP (JOHN) PLC | 3.5% | 6 | 0.4% |
| KEYWORDS STUDIOS PLC | 3.5% | 4 | 0.0% |
| ASCENTIAL PLC | 3.5% | 4 | 0.1% |
| MARKS & SPENCER GROUP PLC | 3.2% | 2 | 0.0% |
| CAPITA PLC | 3.2% | 4 | -0.4% |
| HURRICANE ENERGY PLC | 3.1% | 3 | 0.1% |
| Primary Health Properties PLC | 3.1% | 4 | 0.0% |
| AGGREKO PLC | 3.0% | 3 | 0.0% |
| GVC Holdings Plc | 3.0% | 4 | 0.1% |
| ULTRA ELECTRONICS HLDGS PLC | 3.0% | 1 | 0.0% |
| A.G. Barr PLC | 3.0% | 3 | -0.3% |
| RESTAURANT GROUP PLC | 2.9% | 3 | -0.1% |
| VICTREX PLC | 2.8% | 3 | 0.0% |
| INTERCONTINENTAL HOTELS GROUP PLC | 2.8% | 2 | 0.0% |
| VALARIS PLC | 2.8% | 1 | 0.0% |
| AUTO TRADER GROUP PLC | 2.6% | 4 | 0.0% |
| AA PLC | 2.5% | 2 | 0.0% |
| HISCOX LTD | 2.5% | 2 | -0.1% |
| Signature Aviation PLC | 2.4% | 4 | 0.0% |
Source: FCA, as at 5 August 2020
| Upgrades | ||||
| FWD EPS CHG | ||||
| Name | TIDM | 1mth | 3mth | 1yr |
| Yellow Cake | YCA | 1027.8% | 4159.7% | 5404% |
| ASOS | ASC | 405.6% | - | 51% |
| Belvoir Group | BLV | 141.0% | 35.5% | 18% |
| Beazley | BEZ | 132.4% | 135.2% | -80% |
| Totally | TLY | 96.7% | 96.7% | 105% |
| ZOO Digital Group | ZOO | 76.8% | 76.2% | -61% |
| Next | NXT | 69.6% | -3.1% | -60% |
| Atalaya Mining | ATYM | 65.3% | 100.1% | -26% |
| Hochschild Mining | HOC | 65.2% | -15.2% | -26% |
| Wincanton | WIN | 64.5% | -40.4% | -40% |
| Luceco Plc | LUCE | 63.1% | 165.0% | 18% |
| EKF Diagnostics | EKF | 58.6% | 111.3% | 131% |
| Tyman | TYMN | 58.4% | -9.4% | -27% |
| LoopUp Group | LOOP | 57.8% | 232.6% | 133% |
| CVS Group | CVSG | 57.6% | 21.4% | -14% |
| RM | RM | 55.0% | -76.7% | -76% |
| 3i Group Plc | III | 52.7% | - | -29% |
| Allergy Therapeutics | AGY | 50.0% | - | - |
| Numis | NUM | 45.8% | - | 38% |
| Hollywood Bowl Group | BOWL | 44.3% | -18.2% | -75% |
| Glencore | GLEN | 43.7% | 0.6% | -72% |
| Fresnillo | FRES | 41.0% | 54.2% | 54% |
| Antofagasta | ANTO | 39.6% | 113.6% | -47% |
| Panoply Holdings | TPX | 38.5% | 38.5% | 22% |
| Clipper Logistics | CLG | 38.0% | 27.4% | 12% |
| Blancco Technology Group | BLTG | 37.9% | 20.8% | 31% |
| DWF Group | DWF | 34.6% | -19.4% | -37% |
| Barclays | BARC | 33.7% | -35.4% | -91% |
| Wey Education | WEY | 33.3% | 33.3% | - |
| Hays | HAS | 33.2% | 16.9% | -60% |
| Redcentric | RCN | 32.7% | 32.7% | 44% |
| Kainos Group | KNOS | 30.1% | 19.9% | 19% |
| Centrica | CNA | 29.9% | -0.5% | -35% |
| Knight Group Holdings | KGH | 27.8% | 15.8% | 15% |
| Hargreaves Services | HSP | 25.3% | 25.3% | 40% |
| Royal Dutch Shell | RDSB | 25.1% | -23.5% | -80% |
| Royal Dutch Shell | RDSA | 24.8% | -21.8% | -80% |
| Jarvis Securities | JIM | 24.4% | 24.4% | 48% |
| Keller Group | KLR | 22.6% | 14.5% | -14% |
| Kingfisher | KGF | 22.4% | -0.9% | -9% |
| National Express Group | NEX | 22.0% | -70.2% | -81% |
| Ideagen | IDEA | 19.5% | 19.5% | 6% |
| TI Fluid Systems | TIFS | 19.3% | -59.4% | -91% |
| GVC Holdings | GVC | 19.2% | 1.0% | -15% |
| Motorpoint Group | MOTR | 17.3% | 17.3% | 22% |
| Helical | HLCL | 16.0% | -18.6% | -3% |
| G4S | GFS | 15.9% | 12.9% | -34% |
| Ferrexpo | FXPO | 15.6% | 28.4% | -50% |
| Nucleus Financial Group | NUC | 14.8% | 14.5% | -30% |
| Focusrite | TUNE | 14.7% | 24.2% | 49% |
| Liontrust Asset Mgmt | LIO | 14.5% | 15.4% | 16% |
| Just Grp | JUST | 14.2% | 11.1% | 19% |
| IMI | IMI | 13.7% | 12.5% | -9% |
| B&M European Value Retail | BME | 12.6% | 52.6% | 47% |
| Ergomed | ERGO | 12.3% | 14.6% | 102% |
| Connect Group | CNCT | 12.1% | 12.4% | -5% |
| Rathbone Brothers | RAT | 11.9% | 2.3% | -21% |
| Plus500 | PLUS | 11.9% | -2.3% | 128% |
| Ariana Resources | AAU | 11.1% | 11.1% | -25% |
| Renishaw | RSW | 10.6% | 15.7% | -62% |
| AA | AA | 9.8% | -10.7% | -14% |
| Impact Healthcare | IHR | 9.2% | 6.9% | - |
| Impax Asset Management Gp | IPX | 9.2% | 13.1% | 29% |
| Renewi Plc | RWI | 9.1% | -73.8% | -79% |
| Computacenter | CCC | 8.2% | 12.3% | 18% |
| M&G | MNG | 8.2% | 7.4% | - |
| Curtis Banks Group | CBP | 8.1% | 1.7% | -11% |
| Draper Esprit | GROW | 8.1% | 85.1% | -16% |
| Phoenix Group Holdings | PHNX | 8.0% | 3.1% | 26% |
| Persimmon | PSN | 7.7% | -3.5% | -31% |
| Gear4music Holdings | G4M | 7.5% | 179.3% | 338% |
| KAZ Minerals | KAZ | 7.5% | 21.5% | -17% |
| Breedon Grp | BREE | 7.4% | -48.4% | -52% |
| Brewin Dolphin | BRW | 7.4% | 9.8% | -6% |
| Vectura Group | VEC | 7.3% | 1.3% | 24% |
| CMC Markets | CMCX | 7.0% | 14.7% | 350% |
| Rentokil Initial | RTO | 6.9% | 3.6% | -13% |
| Schroders | SDR | 6.9% | 12.1% | -11% |
| Morses Club | MCL | 6.7% | -24.0% | -19% |
| XP Power | XPP | 6.3% | 11.1% | 0% |
| Dunelm Group | DNLM | 6.2% | 0.0% | -16% |
| Grafton Group | GFTU | 6.0% | -39.6% | -61% |
| Capital | CAPD | 5.9% | -4.5% | - |
| Diageo | DGE | 5.9% | 1.1% | -18% |
| Polar Capital | POLR | 5.7% | 1.8% | -2% |
| Just Eat Takeaway.com | JET | 5.7% | 14.3% | - |
| Mortgage Advice Bureau | MAB1 | 5.6% | 5.6% | -32% |
| Begbies Traynor Group | BEG | 5.6% | 5.7% | 9% |
| Standard Chartered | STAN | 5.2% | -25.3% | -59% |
| discoverIE Group | DSCV | 5.2% | -15.2% | -22% |
| Aggreko | AGK | 5.2% | -14.0% | -46% |
| Associated British Foods | ABF | 5.2% | -4.7% | -45% |
| Quilter | QLT | 5.0% | 6.9% | -38% |
| Gamma Communications | GAMA | 4.8% | 5.0% | 34% |
| Iofina | IOF | 4.7% | - | 53% |
| Gateley Holdings | GTLY | 4.6% | 0.1% | -2% |
| Applegreen | APGN | 4.5% | 4.5% | 22% |
| Sage Group | SGE | 4.5% | -1.8% | -11% |
| Weir Group | WEIR | 4.5% | 3.3% | -32% |
| Ninety One Plc | N91 | 4.4% | -8.7% | - |
| AJ Bell | AJB | 4.4% | 9.6% | 15% |
| Volution Group | FAN | 4.0% | -3.4% | -27% |
| Jupiter Fund Management | JUP | 4.0% | 10.7% | -27% |
| Idox | IDOX | 3.9% | -3.2% | 36% |
| Photo-Me | PHTM | 3.9% | 35.9% | -5% |
| Palace Capital | PCA | 3.8% | 3.8% | -25% |
| 888 | 888 | 3.8% | 26.9% | 0% |
| RHI Magnesita | RHIM | 3.6% | 2.6% | -48% |
| Ultra Electronics Hldgs | ULE | 3.5% | 1.2% | 9% |
| EVRAZ | EVR | 3.5% | -5.8% | -63% |
| St James's Place | STJ | 3.5% | 7.0% | 18% |
| McBride | MCB | 3.5% | 20.0% | -11% |
| Codemasters Group Holdings | CDM | 3.4% | 38.2% | 26% |
| Serco | SRP | 3.4% | 12.4% | 26% |
| CRH | CRH | 3.4% | 0.5% | -27% |
| CLS Holdings | CLI | 3.4% | -5.8% | -25% |
| Premier Miton Group | PMI | 3.4% | 6.1% | -21% |
| Chesnara | CSN | 3.3% | 6.7% | -15% |
| Future | FUTR | 3.2% | 3.6% | 54% |
| Record | REC | 3.1% | -25.9% | -4% |
| Euromoney Instl Investor | ERM | 3.1% | 2.7% | -51% |
| Reckitt Benckiser Group | RB | 3.0% | 5.2% | -7% |
| Berkeley Group Holdings | BKG | 3.0% | -1.9% | -11% |
Source: FactSet, as at 5 August 2020
| Downgrades | ||||
| FWD EPS CHG | ||||
| Name | TIDM | 1mth | 3mth | 1yr |
| Syncona | SYNC | -99.8% | - | -100% |
| Hunting | HTG | -95.5% | -99.7% | -100% |
| Melrose Industries | MRO | -90.4% | -93.8% | -97% |
| Arbuthnot Banking Group | ARBB | -90.2% | -94.4% | -93% |
| Gem Diamonds | GEMD | -87.2% | -88.9% | -97% |
| Jadestone Energy | JSE | -81.7% | - | -99% |
| Stagecoach Group | SGC | -77.3% | -78.3% | -82% |
| ScS Group | SCS | -72.0% | -20.2% | -86% |
| Halfords Group | HFD | -69.7% | -66.6% | -71% |
| Victoria | VCP | -65.7% | -68.2% | -73% |
| MJ Gleeson | GLE | -64.4% | -80.0% | -87% |
| JD Sports Fashion | JD | -59.3% | -59.3% | -57% |
| Mears Group | MER | -57.7% | -66.9% | -70% |
| Lloyds Banking Group | LLOY | -52.8% | -68.8% | -91% |
| Bigblu Broadband | BBB | -52.3% | -52.3% | -48% |
| IG Design Group | IGR | -50.4% | -50.4% | -53% |
| Ince Group | INCE | -49.1% | -46.0% | -54% |
| Forterra Plc | FORT | -45.8% | -78.0% | -83% |
| PageGroup | PAGE | -45.5% | -58.2% | -88% |
| Kenmare Resources | KMR | -45.2% | -65.9% | -82% |
| Advanced Medical Sol Grp | AMS | -43.3% | -46.5% | -55% |
| MITIE Group | MTO | -42.2% | -59.9% | -66% |
| Countryside Properties | CSP | -38.5% | -47.3% | -57% |
| Polypipe Group | PLP | -36.4% | -54.7% | -62% |
| Gattaca | GATC | -36.2% | -35.0% | - |
| Frenkel Topping Group | FEN | -35.7% | -35.7% | -31% |
| Ascential | ASCL | -35.7% | -59.2% | -85% |
| Shearwater Group | SWG | -34.8% | -34.8% | -33% |
| Franchise Brands | FRAN | -34.3% | -34.3% | -4% |
| Trifast | TRI | -32.0% | -31.6% | -51% |
| Flowtech Fluidpower | FLO | -30.3% | -48.5% | -61% |
| RPS Group | RPS | -28.7% | -28.4% | -57% |
| Picton Property Income | PCTN | -27.7% | -19.0% | -21% |
| Taylor Wimpey | TW | -26.8% | -50.4% | -64% |
| Crest Nicholson | CRST | -26.8% | -46.7% | -75% |
| St Modwen Properties | SMP | -26.7% | -47.4% | -41% |
| Calisen | CLSN | -26.0% | -10.5% | - |
| InterContinental Hotels Group | IHG | -25.8% | -59.9% | -80% |
| Alfa Financial Software | ALFA | -25.7% | -53.7% | -89% |
| Inchcape | INCH | -25.3% | -63.3% | -69% |
| Intu Properties | INTU | -24.9% | -53.3% | -81% |
| Signature Aviation | SIG | -24.4% | -47.2% | -73% |
| Marshalls | MSLH | -23.9% | -37.6% | -48% |
| Serica Energy | SQZ | -23.3% | 31.3% | -77% |
| Bank of Georgia Group | BGEO | -23.3% | -28.6% | -51% |
| Serabi Gold | SRB | -23.0% | -21.1% | 121% |
| Dialight | DIA | -22.3% | -22.3% | -80% |
| Petropavlovsk | POG | -22.2% | 196.9% | 1558% |
| Smart Metering Systems | SMS | -21.9% | -24.3% | -49% |
| Robert Walters | RWA | -21.9% | -21.6% | -88% |
| IG Group Holdings | IGG | -21.7% | -17.4% | 23% |
| Wentworth Resources | WEN | -20.6% | -22.7% | -59% |
| Vistry Group | VTY | -20.6% | -27.3% | -38% |
| Ricardo | RCDO | -20.6% | -39.6% | -50% |
| Biffa Plc | BIFF | -20.2% | -84.9% | -86% |
| Mediclinic International | MDC | -20.0% | -53.7% | -54% |
| Lancashire | LRE | -19.7% | -30.1% | -41% |
| Midwich Group | MIDW | -18.1% | -14.4% | -19% |
| Vivo Energy | VVO | -17.2% | -49.6% | -59% |
| Savills | SVS | -17.0% | -44.2% | -39% |
| Instem | INS | -16.3% | 3.0% | -2% |
| Ibstock | IBST | -15.8% | -56.5% | -70% |
| Beeks Financial Cloud Grp | BKS | -15.4% | -15.4% | -33% |
| Tekmar Group Plc | TGP | -15.0% | -14.8% | -52% |
| Elementis | ELM | -14.8% | -15.3% | -56% |
| Babcock International Group | BAB | -14.5% | -32.8% | -36% |
| Burberry Group | BRBY | -13.9% | -25.8% | -45% |
| Abcam | ABC | -13.4% | -16.5% | -44% |
| SimplyBiz Group | SBIZ | -12.4% | -12.4% | -6% |
| Greencore Group | GNC | -12.3% | -58.7% | -59% |
| De La Rue | DLAR | -11.8% | 38.5% | -60% |
| Zotefoams | ZTF | -11.5% | -11.0% | -41% |
| James Halstead | JHD | -11.2% | -13.7% | -15% |
| Burford Capital | BUR | -11.1% | -30.6% | -45% |
| Warehouse REIT | WHR | -11.0% | -10.9% | 14% |
| K3 Capital Group | K3C | -10.9% | -10.9% | 30% |
| HSBC Holdings | HSBA | -10.9% | -32.1% | -67% |
| Frasers Group | FRAS | -10.7% | -27.4% | -32% |
| Howden Joinery Group | HWDN | -10.7% | -45.0% | -49% |
| Moneysupermarket com Grp | MONY | -10.6% | -22.6% | -24% |
| Redde Northgate | REDD | -10.5% | -12.8% | -24% |
| SSE | SSE | -10.2% | -9.9% | -17% |
| Hummingbird Resources | HUM | -9.7% | - | -12% |
| SThree | STEM | -9.7% | -17.5% | -60% |
| Bushveld Minerals | BMN | -9.6% | -18.6% | -52% |
| Capital & Counties Props | CAPC | -9.6% | -59.8% | -65% |
| Close Brothers Group | CBG | -9.3% | -32.2% | -48% |
| DS Smith | SMDS | -9.1% | -27.4% | -34% |
| Sylvania Platinum | SLP | -8.8% | -9.1% | 66% |
| Pan African Resources | PAF | -8.8% | -4.7% | 72% |
| Clarkson | CKN | -8.7% | -8.7% | -17% |
| Network International Holdings | NETW | -8.5% | -35.3% | -53% |
| Urban&Civic | UANC | -8.4% | 58.8% | -56% |
| Redrow | RDW | -8.4% | -30.7% | -48% |
| Legal & General Group | LGEN | -8.2% | -9.6% | -16% |
| Equiniti Group | EQN | -8.2% | -13.3% | -35% |
| Pelatro | PTRO | -7.9% | - | -87% |
| TBC Bank Group | TBCG | -7.9% | -32.3% | -54% |
| Watches of Switzerland Group | WOSG | -7.8% | 5.3% | -29% |
| Vitec Group | VTC | -7.7% | -66.6% | -87% |
| Meggitt | MGGT | -7.6% | -20.6% | -48% |
| Clinigen Group | CLIN | -7.4% | -8.3% | 19% |
| Informa | INF | -7.2% | -36.9% | -63% |
| GCP Student Living | DIGS | -7.0% | -15.8% | -21% |
| Keywords Studios | KWS | -7.0% | -5.7% | -21% |
| STV Group | STVG | -6.8% | -37.4% | -38% |
| James Fisher & Sons | FSJ | -6.6% | -12.0% | -29% |
| Pennon Group | PNN | -6.5% | -35.1% | -38% |
| McKay Securities | MCKS | -6.5% | - | -26% |
| Go-Ahead Group | GOG | -6.4% | -43.0% | -63% |
| Victrex | VCT | -6.3% | -20.5% | -29% |
| Pearson Plc | PSON | -6.2% | -12.9% | -49% |
| National Grid | NG | -6.2% | -8.7% | -9% |
| Man Group | EMG | -6.0% | -14.1% | -33% |
| Capita | CPI | -6.0% | -24.4% | -52% |
| UDG Healthcare | UDG | -5.9% | -14.1% | -18% |
| Avingtrans | AVG | -5.9% | -5.9% | 19% |
| GlobalData | DATA | -5.9% | 0.6% | 21% |
| Micro Focus International | MCRO | -5.6% | -7.0% | -35% |
| Inspecs Group | SPEC | -5.4% | -73.8% | - |
| BT Group | BT.A | -5.3% | -20.5% | -25% |
| BHP Group | BHP | -5.2% | -2.8% | -10% |
| Craneware Plc | CRW | -5.2% | -7.9% | -13% |
| Bodycote | BOY | -5.1% | -9.0% | -47% |
| United Oil & Gas | UOG | -5.0% | - | - |
| Bellway | BWY | -5.0% | -10.9% | -38% |
| Halma | HLMA | -4.9% | -4.9% | -8% |
| Restore | RST | -4.8% | -17.7% | -45% |
| BATM Advanced Comm | BVC | -4.8% | 64.4% | 50% |
| MJ Hudson Group | MJH | -4.8% | 25.0% | - |
| Petrofac | PFC | -4.7% | -39.2% | -67% |
| GoCo Group | GOCO | -4.6% | -8.9% | -1% |
| Drax Group | DRX | -4.6% | -1.6% | 9% |
| Airtel Africa | AAF | -4.6% | -5.9% | - |
| Fevertree Drinks | FEVR | -4.5% | -8.4% | -35% |
| Vodafone Group | VOD | -4.4% | 2.6% | -17% |
| 600 Group | SIXH | -4.4% | -9.8% | -78% |
| MP Evans Group | MPE | -4.4% | -26.3% | 10% |
| Amiad Water Systems | AFS | -4.4% | - | - |
| Water Intelligence | WATR | -4.4% | 0.4% | 5% |
| Empyrean Energy | EME | -4.4% | - | - |
| Caledonia Mining | CMCL | -4.4% | 43.2% | 180% |
| Kape Technologies | KAPE | -4.4% | -5.5% | 91% |
| Telit Communications | TCM | -4.4% | -4.8% | 159% |
| Griffin Mining | GFM | -4.4% | -50.8% | -58% |
| 4Imprint Group | FOUR | -4.4% | -73.4% | -88% |
| BOKU | BOKU | -4.4% | 16.2% | 34% |
| Volex | VLX | -4.4% | -16.4% | -14% |
| PayPoint | PAY | -4.4% | -19.9% | -21% |
| Strix Group | KETL | -4.3% | -3.1% | -4% |
| Standard Life Aberdeen | SLA | -4.1% | -2.0% | -31% |
| Avast | AVST | -4.1% | -4.9% | 1% |
| Johnson Matthey | JMAT | -4.0% | -27.0% | -39% |
| NWF Group | NWF | -3.8% | -3.8% | 16% |
| Direct Line Insurance Grp | DLG | -3.8% | -8.5% | -17% |
| Smith & Nephew | SN | -3.7% | -24.1% | -38% |
| ITV | ITV | -3.7% | -9.6% | -36% |
| Nichols | NICL | -3.6% | -11.5% | -36% |
| Rightmove | RMV | -3.6% | -20.1% | -41% |
| Aviva | AV | -3.6% | -4.3% | -25% |
| AstraZeneca | AZN | -3.5% | -4.2% | 6% |
| Barratt Developments | BDEV | -3.4% | -19.7% | -37% |
| Shaftesbury | SHB | -3.4% | -33.1% | -48% |
| ConvaTec Group | CTEC | -3.3% | -4.4% | -20% |
| Coats Group | COA | -3.2% | -38.9% | -73% |
| Dixons Carphone | DC | -3.2% | -17.2% | -38% |
| Intermediate Capital Grp | ICP | -3.1% | -18.3% | -27% |
| YouGov | YOU | -3.1% | 1.1% | 19% |
Source: FactSet, as at 5 August 2020
