The economy seems to have started to recover over the period, with markets performing strongly, and this has led Standard Life’s “Matrix” system of stock evaluation into areas that the fund group has avoided since 2007. "In terms of sector exposure, the company has increased significantly its exposure to the real estate, financial, insurance and media sectors for the first time since 2007," he said.
"This has been led by Matrix and reflects new found stability and growth prospects in these sectors."
"On the other hand, considerable reductions have been made to exposure to the electrical, engineering, food and drink and mining sectors during the period in question. Again, our Matrix is the key driver for stock and thus sector selection."
"Themes that remain powerful are 'online' business models, mass affluent brands and London as a place to do business."
"The exposure to development in China theme is very much on the wane and is reflected in the reductions in sector exposures."
Nimmo says the most significant new additions include Workplace, a provider of temporary office space in London.
"Their clients are generally small businesses that appreciate the all-services and short-term nature of their contract commitments," Nimmo said.
The stock has had a good run over the last 12 months, making 77.13 per cent while the FTSE 250 has made 34 per cent, according to data from FE Analytics.
Performance of stock vs index over 1yr
Source: FE Analytics
Nimmo also bought James Fisher & Sons, a Barrow on Furness based provider of specialist engineering services to the marine and offshore oil and gas industries during the period.
The company won a couple of large contracts over the summer which helped its share price recover from a rocky period in the spring.
The contracts include a deal to provide structural monitoring technology and support to the Firth of Forth Bridge.
Both stocks appear on the FTSE 250, which had marginally outperformed the FTSE Small Cap index over the past year until recent weeks.
Lookers is an auto dealer that sits on the FTSE Small Cap index and was also purchased by Nimmo over the period.
The manager also bought back into Supergroup, the owner of the Superdry brand, having sold out of the stock over a year ago when it had problems with a new IT system at one of its warehouses.
The company has recently signed a five-year franchise deal to distribute its products in Turkish company Demsa Group's luxury goods shops.
Shares leapt 40.79 per cent in the month of July alone and are up 135.42 per cent over a year.
Performance of stock vs index over 1yr
Source: FE Analytics
He also bought Lo-Q, a company that develops queuing technologies for visitor attractions.
"All these shares score well in our stock-selection process," Nimmo said. "They all are predictable growth businesses with proven business models."
In terms of what was sold, the manager disposed of his holding in First Quantum Minerals, the diversified copper producer.
"This share has been owned for eight years and is no longer a smaller company," he said.
"Profits were taken in Asos, although the holding remains the largest in the portfolio. The company has made 16.7 times its money on this holding."
"Profits have also been taken in Telecity, again a holding of long standing."
"NCC Group, the internet security company, was sold as it no longer complied with our stock selection process."
The entire holding in Mulberry was also sold, with the trust making 5.3 times its original investment on sale.
"This company has suffered from having grown too quickly, bringing question marks over the development of the business," Nimmo said.
The company was one of the trust’s worst-performing stocks over the past year.
"The poorest performers also included New Britain Palm Oil, which has been hit by lower palm oil prices and the wrong kind of weather," Nimmo said.
"Andor Technologies has suffered weaker demand from, in particular, US-based customers of its advanced cameras."
"Brainjuicer, the market research company, came unstuck at the end of last year following a buyer’s strike."
The trust’s best-performing stock over the past year has been Xaar, which designs and manufactures laser print-heads and managed to commercialise its technology in the ceramic tile industry.
"This breakthrough has caused the tile manufacturing industry worldwide to standardise on the Xaar technology, leading to earnings forecasts being beaten in a very meaningful way," Nimmo said.
Shares have made 240.91 per cent over the past year, according to data from FE Analytics, dwarfing the returns of the FTSE 250.
Performance of stock vs index over 1yr
Source: FE Analytics
ASOS was the next-best performer, continuing its outstanding contribution to the portfolio’s returns.
The company is expanding internationally, most notably into Russia and China, and this has helped it add 168.69 per cent over the year.
Dunelm, which sells soft furnishing products, was another success story for the trust, and Nimmo says it has become the leading player in its field.
"With scope to expand its store base from 120 to 200, this leaves plenty of expansion possible in the UK," he added.
"Ted Baker has succeeded in making the breakthroughs that have eluded them for many years outside the UK and in particular in the USA."
"A strong and controlled mass-affluent brand positioning and PR-led approach to expansion is starting to pay off in a major way."
Hargreaves Lansdown also continues to provide good returns for Nimmo.
"Their market-leading 'Vantage' platform continues to provide an information rich, low cost and easy to use method for clients to manage their investments," he said.
