Top performer Richard Penny: UK equities rally has further room to run

CRUX fund sees triple-digit returns

The outlook for UK equities remains strong, with the market still discounting positive developments in the country's vaccine rollout, according to Richard Penny, portfolio manager of CRUX UK Special Situations, which has seen triple-digit returns over the past year driven by allocations to over-sold names.

Penny, whose fund has been by far the best performer in the IA UK All Companies sector with a return of 114% over one year to 23 March, compared to a peer average of 54.4%, told Investment Week there is room for double-digit share price gains across some large-cap names and the opportunity for even greater returns further down the market cap spectrum. CRUX's Ward: Why UK equities will come out of the Covid-19 crisis stronger Over one year since the UK went into lockdown on 23 March 2020, the FTSE All Share has returned 43.8% compared to the MSCI World's return of 47.2%, according to F...