Any reader who listened to last week’s IC Investment Hour podcast will know that the world of environmental, social and governance (ESG) investing is immensely confusing. However, it is also a theme that offers significant potential rewards. This latter point is the reason we’ve picked it as one of the theme’s for the Fund Manager Best Ideas lists we publish on rotation in the Ideas Farm.
This week we’re featuring a list of the most popular holdings of top global equity ESG funds - last week it was holdings of UK focused sustainable funds. We think top fund managers’ best ideas could prove particularly valuable for highlighting stocks in an area as confusing as ESG.
The CFA’s sustainability handbook gives no less than seven approaches to ESG equity investment: exclusions; best-in-class; ESG integration; exercise of voting rights; shareholder engagement; sustainability themes; and impact investing (investment targeting specific positive results)
Adding to the confusion created by the plethora of takes on sustainability, there is little evidence of any outperformance by ESG funds of conventional counterparts. What’s more, research from the Indian School of Business suggests only about half of the socially responsible funds on Morningstar’s database actually boast superior ESG metrics than that expected from an average conventional fund.
Perhaps ESG funds with weak ESG scores should not be too surprising given it can be an entirely legitimate, socially-conscious approach to engage with companies that have poor ESG policies to encourage them to do better. So too can investing in companies that provide sustainability solutions to others regardless of their own internal standards.
For investors, the more significant findings from academic research is that companies that focus on ESG issues do show some signs of share price outperformance. This seems to be particularly true of companies that focus on the most significant ESG issues in their sector - i.e. ESG that matters rather than ESG just for the sake of it. A potential implication is that as well as addressing risk, intelligently addressing ESG themes may also help companies find new areas of competitive advantage as well as marking out management that have broader capital allocation talents.
These are the type of companies we’d expect our sustainable Best Ideas lists to highlight, not least because of evidence that fund managers' biggest holdings tend to outperform. So far we feel the lists published in the Ideas Farm have offered rich pickings for ESG investment ideas, with a number of our tips over recent months taking inspiration from this source. Recent examples include industrial gases group and potential hydrogen-energy pioneer Linde, and leading wind turbine maker Vestas.
This week’s tip section includes a buy recommendation on Unilever (UNLR), which appears in the sustainability best ideas list below. It perhaps has a less obvious connection to the making-money-from-ESG theme. However, a sustainability drive to make the company carbon positive by 2030 could prove a canny way to differentiate its brands, which include the likes of Ben & Jerry’s ice cream and Dove soap. Essentially, by bringing its financial muscle to bear on sustainability, the group may be able to create a new competitive edge for its brands. This comes at a time when many fear Unilever’s historic advantage based on clout in advertising and product-placement could be undermined by local brands exploiting highly-targeted social media marketing and online sales.
Click here to view the tables in PDF form
| Fund Manager best ideas: Global Sustainable | |
| No. Funds | |
| Microsoft Corp | 10 |
| Thermo Fisher Scientific Inc | 5 (-1) |
| Adobe Inc | 3 (+1) |
| Alphabet Inc A | 3 |
| American Water Works Co Inc | 3 (+1) |
| Equinix Inc | 3 (+2) |
| Linde PLC | 3 |
| Amazon.com Inc | 2 |
| Chr. Hansen Holding A/S | 2 (+1) |
| Mastercard Inc A | 2 |
| Roche Holding AG Dividend Right Cert. | 2 (-1) |
| Synopsys Inc | 2 (+1) |
| Taiwan Semiconductor Manufacturing Co Ltd | 2 (NEW) |
| Visa Inc Class A | 2 (-1) |
| ABB Ltd | 1 |
| AbbVie Inc | 1 |
| adidas AG | 1 (NEW) |
| Adyen NV | 1 |
| Ain Holdings Inc | 1 |
| Apple Inc | 1 |
| AstraZeneca PLC | 1 |
| Autodesk Inc | 1 (-1) |
| Bandwidth Inc Class A | 1 |
| Bio-Rad Laboratories Inc | 1 |
| Borregaard ASA | 1 (NEW) |
| Bunzl PLC | 1 (NEW) |
| Cadence Design Systems Inc | 1 (NEW) |
| Charter Communications Inc A | 1 |
| Cisco Systems Inc | 1 |
| Clean Harbors Inc | 1 |
| Danone SA | 1 |
| Deere & Co | 1 (NEW) |
| Delivery Hero SE | 1 (NEW) |
| Diasorin SpA | 1 |
| Eli Lilly and Co | 1 (NEW) |
| Fresenius Medical Care AG & Co. KGaA | 1 (NEW) |
| Generac Holdings Inc | 1 |
| Gerresheimer AG | 1 |
| Hoya Corp | 1 |
| Humana Inc | 1 |
| Iberdrola SA | 1 |
| IQVIA Holdings Inc | 1 (-1) |
| Johnson & Johnson | 1 (NEW) |
| KDDI Corp | 1 |
| Keyence Corp | 1 |
| Koninklijke DSM NV | 1 |
| Lam Research Corp | 1 (NEW) |
| London Stock Exchange Group PLC | 1 (NEW) |
| Lonza Group Ltd | 1 |
| MarketAxess Holdings Inc | 1 |
| MSCI Inc | 1 |
| Nestle SA | 1 |
| Novartis AG | 1 |
| Novo Nordisk A/S B | 1 (-1) |
| NXP Semiconductors NV | 1 |
| PayPal Holdings Inc | 1 |
| Rayonier Inc | 1 |
| Rentokil Initial PLC | 1 |
| SAP SE | 1 |
| Schneider Electric SE | 1 |
| Shopify Inc A | 1 |
| SoftBank Group Corp | 1 |
| Staar Surgical Co | 1 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1 (NEW) |
| Tesla Inc | 1 (-1) |
| Texas Instruments Inc | 1 |
| The Estee Lauder Companies Inc Class A | 1 (NEW) |
| Unilever PLC | 1 |
| Varian Medical Systems Inc | 1 (NEW) |
Source: Morningstar, as at 9 September 2020. Based on top 5 holdings.
| New 52-week highs | |||
| Name | TIDM | Price | % from hi |
| Collagen Solutions | COS | 7p | 0.0% |
| Capital Gearing Trust Plc | CGT | 4,500p | 0.4% |
| Baillie Gifford Japan Tr | BGFD | 853p | 0.6% |
| JP Morgan Japan Smaller | JPS | 455p | 0.8% |
| BBGI | BBGI | 171p | 0.8% |
| SDCL Energy Efficiency | SEIT | 112p | 0.9% |
| Genus | GNS | 3,894p | 1.0% |
| Experian | EXPN | 2,924p | 1.1% |
| Hipgnosis Songs | SONG | 122p | 1.2% |
| Gresham House | GHE | 690p | 1.4% |
| Hastings Group Holdings | HSTG | 252p | 1.5% |
| HgCapital Trust | HGT | 275p | 1.6% |
| Renishaw | RSW | 5,255p | 1.7% |
| Baillie Gifford Shin | BGS | 203p | 1.7% |
| JPMorgan Global Core Real | JARA | 111p | 1.8% |
| JPMorgan Global Core Real | JARA | 111p | 1.8% |
| TR European Growth Trust | TRG | 990p | 1.8% |
| BlackRock Greater Eu Invt | BRGE | 452p | 1.8% |
| BH Macro | BHMG | 3,600p | 1.9% |
| JPMorgan Japanese Invt | JFJ | 552p | 2.1% |
| Intertek Group | ITRK | 6,046p | 2.1% |
| CQS Natural Resources | CYN | 95p | 2.2% |
| Schroder Asian Total | ATR | 404p | 2.2% |
| Schroder AsiaPacific Fund | SDP | 491p | 2.2% |
| Fidelity Japan Trust | FJV | 184p | 2.3% |
| Miton UK MicroCap Trust | MINI | 55p | 2.3% |
| Greatland Gold | GGP | 17p | 2.3% |
| JPMorgan Asia Growth | JAGI | 417p | 2.6% |
| Jersey Electricity | JEL | 475p | 2.7% |
| Croda International | CRDA | 5,936p | 2.8% |
| Gore Street Energy | GSF | 106p | 2.8% |
| JP Morgan European Small | JESC | 394p | 2.8% |
| Hikma Pharmaceuticals | HIK | 2,594p | 2.8% |
| JP Morgan Emerging Mkts | JMG | 1,058p | 2.9% |
Source: FactSet, as at 9 September 2020
New 52-week lows
| Name | TIDM | Price | % from lo |
| Altitude Group | ALT | 15p | 1.6% |
| Standard Chartered | STAN | 376p | 1.9% |
| HSBC Holdings | HSBA | 321p | 2.0% |
| John Laing Group | JLG | 278p | 2.4% |
| KKV Secured Loan Fund | KKVX | 40p | 2.5% |
| Rotala | ROL | 19p | 2.7% |
| TOC Property Backed Lndng | PBLT | 86p | 2.9% |
Source: FactSet, as at 9 September 2020
Shorts
| Company | Short Interest | No. Shorters | 1wk chg in short interest |
| HAMMERSON PLC | 14.0% | 11 | 0.0% |
| METRO BANK PLC | 8.7% | 5 | -0.1% |
| SAINSBURY (J) PLC | 8.4% | 7 | -0.1% |
| PREMIER OIL PLC | 8.1% | 2 | 0.0% |
| PEARSON PLC | 8.1% | 8 | 1.2% |
| CINEWORLD GROUP | 7.9% | 8 | -0.2% |
| TULLOW OIL PLC | 7.5% | 6 | 0.0% |
| Royal Mail Plc | 7.2% | 6 | 0.0% |
| PETROFAC LTD | 5.6% | 2 | 0.0% |
| PETS AT HOME GROUP PLC | 5.6% | 7 | -0.3% |
| PETROPAVLOVSK PLC | 5.5% | 7 | -0.1% |
| TUI AG | 5.2% | 6 | 0.4% |
| DOMINO'S PIZZA GROUP PLC | 5.0% | 3 | 0.1% |
| WEIR GROUP PLC/THE | 5.0% | 4 | 0.1% |
| BABCOCK INTL GROUP PLC | 4.8% | 5 | 0.0% |
| FUTURE PLC | 4.7% | 3 | 0.0% |
| BLUE PRISM GROUP PLC | 4.0% | 4 | 0.0% |
| IQE PLC | 3.8% | 3 | 0.1% |
| VODAFONE GROUP PLC | 3.7% | 4 | 0.0% |
| MICRO FOCUS INTERNATIONAL | 3.7% | 5 | -0.9% |
| CRODA INTERNATIONAL PLC | 3.6% | 3 | 0.7% |
| CAPITA PLC | 3.5% | 3 | 0.0% |
| N. Brown Group | 3.5% | 4 | 0.0% |
| WM MORRISON SUPERMARKETS | 3.4% | 4 | 0.0% |
| ASHMORE GROUP PLC | 3.3% | 3 | 0.1% |
| KEYWORDS STUDIOS PLC | 3.3% | 5 | 0.6% |
| HURRICANE ENERGY PLC | 3.2% | 2 | 0.0% |
| GVC Holdings Plc | 3.2% | 5 | -0.1% |
| MARKS & SPENCER GROUP PLC | 3.1% | 5 | 0.0% |
| WOOD GROUP (JOHN) PLC | 3.1% | 4 | 0.0% |
| AUTO TRADER GROUP PLC | 3.0% | 1 | 0.0% |
| Primary Health Properties PLC | 3.0% | 3 | -0.2% |
| ULTRA ELECTRONICS HLDGS PLC | 2.9% | 3 | 0.0% |
| INTERCONTINENTAL HOTELS GROUP PLC | 2.9% | 3 | 0.2% |
| VICTREX PLC | 2.9% | 3 | 0.2% |
| SMITH (DAVID S) HOLDINGS PLC | 2.8% | 1 | 0.0% |
| NETWORK INTERNATIONAL HOLDINGS PLC | 2.5% | 3 | 0.3% |
| RESTAURANT GROUP PLC | 2.4% | 2 | 0.0% |
| B&M EUROPEAN VALUE RETAIL S.A. | 2.3% | 2 | -1.0% |
| HISCOX LTD | 2.2% | 2 | 0.0% |
| VITEC GROUP PLC (THE) | 2.2% | 4 | NEW |
Source: FCA, as at 9 September 2020
1-month EPS upgrades
| FWD EPS CHG | ||||
| Name | TIDM | 1mth | 3mth | 1yr |
| MJ Hudson Group | MJH | 180.0% | 180.0% | - |
| Alfa Financial Software | ALFA | 169.9% | 100.6% | -72% |
| Halfords Group | HFD | 138.0% | -27.9% | -26% |
| Mpac Group | MPAC | 125.2% | 8.8% | -19% |
| ASOS | ASC | 111.7% | - | 248% |
| TI Fluid Systems | TIFS | 79.3% | 102.6% | -85% |
| Science Group | SAG | 72.3% | -1.0% | 12% |
| Alumasc Group | ALU | 65.7% | 65.6% | -13% |
| Renishaw | RSW | 65.1% | 82.5% | -34% |
| Accrol Group Holdings | ACRL | 58.2% | 58.2% | - |
| Wentworth Resources | WEN | 53.8% | 32.4% | -36% |
| SigmaRoc | SRC | 53.8% | 54.8% | -19% |
| IXICO | IXI | 50.0% | - | - |
| Intu Properties | INTU | 40.4% | -23.2% | -72% |
| Clipper Logistics | CLG | 39.7% | 36.7% | 0% |
| Capital | CAPD | 39.0% | 44.9% | 70% |
| Grafton Group | GFTU | 38.6% | 20.0% | -45% |
| Luceco Plc | LUCE | 38.6% | 126.1% | 63% |
| Plus500 | PLUS | 35.0% | 54.4% | 206% |
| Keystone Law Group | KEYS | 30.9% | -24.5% | -51% |
| Frontier Developments | FDEV | 30.9% | 34.1% | 87% |
| Proactis | PHD | 30.0% | 30.0% | - |
| Ariana Resources | AAU | 26.7% | 40.7% | -5% |
| Gem Diamonds | GEMD | 25.6% | -81.0% | -95% |
| Hummingbird Resources | HUM | 25.2% | 46.2% | 343% |
| AO World | AO | 24.0% | - | - |
| 3i Group Plc | III | 22.8% | 96.6% | -13% |
| Lok 'n' Store Group | LOK | 20.2% | 20.2% | 13% |
| BATM Advanced Comm | BVC | 19.5% | 100.8% | 62% |
| Chesnara | CSN | 19.5% | 27.5% | -22% |
| Grainger | GRI | 18.6% | 30.0% | -12% |
| Henry Boot | BOOT | 18.6% | 18.6% | -69% |
| 4Imprint Group | FOUR | 18.5% | -52.6% | -85% |
| CRH | CRH | 18.0% | 25.1% | -16% |
| CMC Markets | CMCX | 17.5% | 29.7% | 429% |
| TBC Bank Group | TBCG | 17.3% | -6.6% | -44% |
| Watches of Switzerland Group | WOSG | 15.7% | 15.7% | -12% |
| JD Sports Fashion | JD | 15.4% | -53.0% | -51% |
| Sylvania Platinum | SLP | 15.1% | 32.5% | 141% |
| ContourGlobal Plc | GLO | 14.9% | 51.1% | 2% |
| Spectra Systems | SPSY | 14.4% | - | 11% |
| Barratt Developments | BDEV | 13.5% | -7.4% | -30% |
| Robinson | RBN | 13.4% | 13.4% | 41% |
| Wincanton | WIN | 12.4% | -33.0% | -32% |
| Persimmon | PSN | 12.3% | 13.7% | -22% |
| Capital & Regional | CAL | 12.2% | -6.9% | -60% |
| Genus | GNS | 11.9% | 11.0% | 13% |
| Ferrexpo | FXPO | 11.7% | 49.6% | -38% |
| Kenmare Resources | KMR | 11.7% | -61.1% | -77% |
| Tritax EuroBox | EBOX | 11.6% | 12.8% | 27% |
| Admiral Group | ADM | 11.4% | 15.4% | 20% |
| Jadestone Energy | JSE | 11.3% | - | -98% |
| SDL | SDL | 11.3% | 13.2% | -19% |
| CLS Holdings | CLI | 11.2% | 15.0% | -9% |
| Flutter Entertainment | FLTR | 10.8% | 19.4% | 36% |
| River & Mercantile Group | RIV | 10.8% | 12.8% | -29% |
| Travis Perkins | TPK | 10.3% | -14.0% | -45% |
| McBride | MCB | 10.1% | 13.9% | 9% |
| Tribal Group | TRB | 10.0% | 10.0% | -7% |
| Bunzl | BNZL | 9.9% | 35.1% | -1% |
| Renew | RNWH | 9.3% | 9.3% | - |
| Up Global Sourcing Holdings | UPGS | 9.0% | 42.7% | -1% |
| GVC Holdings | GVC | 8.5% | 26.2% | -13% |
| Beazley | BEZ | 8.5% | 188.3% | -78% |
| Caledonia Mining | CMCL | 8.1% | 13.0% | - |
| Hochschild Mining | HOC | 8.0% | 19.3% | -18% |
| Royal Dutch Shell | RDSA | 8.0% | 69.4% | -77% |
| Bank of Georgia Group | BGEO | 7.7% | -26.6% | -46% |
| Gamesys Group | GYS | 7.6% | 7.0% | 32% |
| Royal Dutch Shell | RDSB | 7.4% | 57.6% | -77% |
| Dechra Pharmaceuticals | DPH | 7.4% | 6.0% | -1% |
| Codemasters Group Holdings | CDM | 7.4% | 49.4% | 38% |
| Polymetal International | POLY | 6.9% | 16.3% | 72% |
| EVRAZ | EVR | 6.7% | 16.2% | -56% |
| Future | FUTR | 6.7% | 10.1% | 48% |
| Breedon Grp | BREE | 6.6% | -42.4% | -51% |
| Fresnillo | FRES | 6.5% | 55.1% | 61% |
| Pets At Home | PETS | 6.4% | -2.4% | -15% |
| Kainos Group | KNOS | 6.3% | 38.3% | 28% |
| Empiric Student | ESP | 6.1% | 11.6% | -45% |
| Compass Group | CPG | 5.9% | -0.5% | -73% |
| RHI Magnesita | RHIM | 5.8% | 8.0% | -47% |
| Hikma Pharmaceuticals | HIK | 5.6% | 8.0% | 16% |
| Panoply Holdings | TPX | 5.6% | 46.2% | 8% |
| Next Fifteen Comm | NFC | 5.4% | 8.1% | -12% |
| Rio Tinto | RIO | 5.1% | 17.2% | -16% |
| Aviva | AV | 5.1% | 4.0% | -17% |
| Arcontech Group | ARC | 5.0% | 5.0% | 2% |
| Cranswick | CWK | 4.8% | 15.5% | 28% |
| Antofagasta | ANTO | 4.8% | 136.5% | -40% |
| Bodycote | BOY | 4.7% | -5.5% | -44% |
| Ibstock | IBST | 4.5% | -53.9% | -75% |
| RSA Insurance Group | RSA | 4.5% | -1.4% | 1% |
| Bushveld Minerals | BMN | 4.4% | -16.6% | -53% |
| Central Asia Metals | CAML | 4.3% | 3.3% | -37% |
| STV Group | STVG | 4.2% | -22.1% | -32% |
| Standard Chartered | STAN | 4.2% | 2.1% | -56% |
| Just Grp | JUST | 4.0% | 18.2% | 9% |
| Gear4music Holdings | G4M | 4.0% | 261.1% | 457% |
| Capita | CPI | 4.0% | -24.1% | -51% |
| AA | AA | 3.9% | 14.2% | -10% |
| Prudential | PRU | 3.9% | 1.5% | -1% |
| Dunelm Group | DNLM | 3.7% | 11.7% | -17% |
| NCC Group | NCC | 3.7% | 27.3% | -31% |
| Playtech | PTEC | 3.7% | 7.0% | -60% |
| Clarkson | CKN | 3.4% | -5.7% | -14% |
| Network International Holdings | NETW | 3.2% | -19.4% | -49% |
| Games Workshop Group | GAW | 3.2% | 22.6% | 2% |
| Barclays | BARC | 3.1% | 191.6% | -80% |
| Computacenter | CCC | 3.1% | 15.1% | 19% |
| Direct Line Insurance Grp | DLG | 3.1% | -2.0% | -14% |
| Burford Capital | BUR | 3.1% | -18.4% | -39% |
Source: FactSet, as at 9 September 2020
1-month EPS downgrades
| FWD EPS CHG | ||||
| Name | TIDM | 1mth | 3mth | 1yr |
| Mears Group | MER | -88.0% | -94.9% | -96% |
| Churchill China | CHH | -87.9% | - | -86% |
| PageGroup | PAGE | -73.4% | -93.5% | -98% |
| Midwich Group | MIDW | -65.2% | -70.3% | -72% |
| Appreciate Group | APP | -62.2% | -62.2% | -63% |
| H&T Group | HAT | -57.3% | -57.5% | -40% |
| Hays | HAS | -53.1% | -46.3% | -80% |
| Petrofac | PFC | -40.3% | -55.8% | -80% |
| Balfour Beatty | BBY | -37.8% | -38.2% | -64% |
| Melrose Industries | MRO | -37.4% | -94.0% | -98% |
| Inspiration Healthcare Gp | IHC | -37.1% | -47.6% | -35% |
| Vitec Group | VTC | -31.8% | -41.1% | -91% |
| InterContinental Hotels Group | IHG | -30.6% | -63.5% | -86% |
| Coats Group | COA | -30.2% | -34.8% | -81% |
| Saga | SAGA | -27.7% | -26.9% | -75% |
| Investec | INVP | -26.0% | -26.0% | -43% |
| Card Factory | CARD | -25.3% | -25.4% | -89% |
| Bloomsbury Publishing | BMY | -24.9% | -24.9% | -46% |
| CentralNic Group | CNIC | -22.9% | -18.7% | -34% |
| Hammerson | HMSO | -22.8% | -31.9% | -69% |
| Morses Club | MCL | -21.2% | -21.2% | -35% |
| NewRiver REIT | NRR | -20.9% | -60.9% | -54% |
| Glencore | GLEN | -20.1% | -14.6% | -81% |
| Lancashire | LRE | -19.9% | -39.6% | -51% |
| Anexo Group | ANX | -19.5% | -34.0% | -36% |
| Mattioli Woods | MTW | -19.2% | -19.2% | -5% |
| Serabi Gold | SRB | -18.9% | -37.4% | 22% |
| Bellway | BWY | -18.0% | -24.8% | -49% |
| Informa | INF | -18.0% | -40.5% | -69% |
| Frasers Group | FRAS | -17.4% | 5.5% | -4% |
| United Oil & Gas | UOG | -15.2% | 42.4% | - |
| Cake Box Holdings | CBOX | -14.2% | - | -6% |
| Ricardo | RCDO | -13.9% | -36.3% | -59% |
| FRP Advisory Group | FRP | -13.8% | -13.8% | - |
| Stagecoach Group | SGC | -13.7% | -80.3% | -84% |
| Serica Energy | SQZ | -13.5% | -30.3% | -80% |
| Airtel Africa | AAF | -13.2% | -12.8% | -27% |
| Taylor Wimpey | TW | -11.8% | -52.1% | -69% |
| De La Rue | DLAR | -10.9% | 27.2% | -64% |
| Aggreko | AGK | -10.9% | -29.5% | -57% |
| Signature Aviation | SIG | -10.2% | -32.1% | -75% |
| First Derivatives | FDP | -9.1% | -18.2% | -37% |
| HSBC Holdings | HSBA | -8.9% | -20.0% | -69% |
| Rank Group | RNK | -8.5% | -11.6% | -48% |
| Go-Ahead Group | GOG | -8.1% | -31.1% | -64% |
| Dignity | DTY | -7.8% | -8.1% | -29% |
| Howden Joinery Group | HWDN | -7.4% | -35.8% | -52% |
| Amino Technologies | AMO | -7.3% | -5.5% | -5% |
| Costain Group | COST | -7.2% | -31.7% | -73% |
| Marks & Spencer Group | MKS | -7.2% | -7.9% | -66% |
| Redrow | RDW | -7.1% | -33.8% | -53% |
| Lloyds Banking Group | LLOY | -7.0% | -30.3% | -85% |
| Workspace Group | WKP | -6.9% | -16.4% | -36% |
| Babcock International Group | BAB | -6.2% | -38.0% | -41% |
| Ascential | ASCL | -6.2% | -51.3% | -89% |
| Next | NXT | -6.0% | 63.7% | -61% |
| Kier Group | KIE | -6.0% | -28.0% | -62% |
| Greencore Group | GNC | -5.9% | -20.8% | -62% |
| BHP Group | BHP | -5.8% | -7.5% | -24% |
| James Fisher & Sons | FSJ | -5.6% | -13.0% | -33% |
| STM Group | STM | -5.4% | -5.4% | -40% |
| Severfield | SFR | -5.3% | -27.1% | -24% |
| Dixons Carphone | DC | -5.3% | -15.3% | -39% |
| Abcam | ABC | -5.1% | -18.2% | -47% |
| Inchcape | INCH | -5.0% | -32.9% | -70% |
| Rl Est Cred | RECI | -5.0% | - | 2% |
| RDI REIT | RDI | -5.0% | -2.4% | -45% |
| Centrica | CNA | -4.9% | 16.4% | -36% |
| Nucleus Financial Group | NUC | -4.8% | 9.2% | -33% |
| Fevertree Drinks | FEVR | -4.7% | -9.1% | -38% |
| Vistry Group | VTY | -4.6% | -26.8% | -40% |
| Vectura Group | VEC | -4.5% | -3.2% | 16% |
| CVS Group | CVSG | -4.3% | 69.6% | -18% |
| Alliance Pharma | APH | -4.2% | -4.9% | -8% |
| Diageo | DGE | -4.2% | -1.2% | -23% |
| Ebiquity | EBQ | -4.2% | -4.2% | -44% |
| Great Port Est REIT | GPOR | -3.7% | -4.3% | -18% |
| Pearson | PSON | -3.2% | -11.8% | -51% |
| Virgin Money UK | VMUK | -3.0% | -2.7% | -81% |
| Pebble Group | PEBB | -3.0% | -2.4% | - |
Source: FactSet, as at 9 September 2020
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