Where is the best value: UK large, small or mid caps?

LARGE AND MID Andrew Neville, fund manager, Allianz RCM UK Mid Cap fund   If I had a penny for every time someone told me mid caps were at relative historical highs to the FTSE 100, I would have retired rich by now. Mid caps themselves are trading on a 12-month forward P/E of 12.1x, which is below its long-term average of 13.0x. However, at first glance, this looks relatively more expensive than the FTSE 100, which is trading on a 12-month forward P/E of 10.0x. But this hides the killer observation that mega caps (the top 20 stocks in the FTSE 100, or 70% by market capitalisatio...