UK Barometer: July 2021

Mid and small cap stocks were the best performers last month in the UK

James Gard 3 August, 2021 | 9:05AM
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Barometer showing changeable weather

Every month we look at how the stocks in the Morningstar UK Index have performed according to size and investing style. In a fairly tepid month for the wider index, mid and small-cap growth and blend stocks were the best performing in July, outpacing value stocks of all sizes. Overall small-cap value stocks are ahead for the year to date, although there are signs that growth stocks are starting to catch up as the value rally runs out of steam.

Mid-cap blend stocks were the best performing category in the index, gaining 4.23%, taking the year-to-date rise to more than 15%. This 4%+ gain is more impressive in the context of an underwhelming 0.70% gain for the index. Mid-cap blend is the largest category in the Morningstar UK index with 65 stocks, which  combine elements of value and growth companies. Having a foot in both camps has been useful this year as growth and value have tussled for dominance on a monthly basis; value started well this year but growth has made a comeback. As you would expect from a large range of stocks, there is wide dispersion in performance in the group, from an 18% gain for antivirus software company Avast (AVST) to a monthly loss of nearly 10% for hydrogen energy specialist ITM Power (ITM). ITM Power is also the worst performing share within this cohort in the year to date.

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James Gard  is content editor for Morningstar.co.uk

 

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