I think there are a few shareholders on the forum. Looking at performance the medium term is poor and Board a) skate over this b) do not own significant holding relative to their annual fees and c) make derisory buy backs so compounding the discount problem. I have written to the chairman. I other did the same it might have some impact. Address email@example.com or 31 Gresham Street EC2V 7QA
Dear Mr Sanderson
I have a small holding in the Schroder UK Mid Cap Investment Trust. That is, I thought it was small until I saw the derisory holdings of the board members.
You lament the discount as though it were an alien affliction. It is not. The achievements of 2007-13 are long past. The last five years, excepting 2017 have been mediocre. 3 & 5 years NAV total returns of 28 and 64.8 as of today may broadly match the FMC index but this is a near 1% fee, actively managed fund fishing in a large pool of relatively poorly followed assets. Compare with JP Morgan Mid Cap (37 and 102%) and you will see why you are out of favour. It was not helped by the company purchase of shares last year being so derisory.
Now is a time for some board leadership before someone else forces the issue. Directors shareholding should be in line with their trust income at least. You need to explicit with the management about performance failings and clear where they lead if continued. Purchases of nearer £20M are needed to close the discount. Fees should be cut or partially reset to performance. The starting point is stop waffling about the long term and start with the record that is most relevant and examining the things the board can change – the discount the fees and the manager.