• Deutsche Numis indices

The Deutsche Numis family of indices spans the entire UK equity market with a special focus on small and mid-sized companies.

The Deutsche Numis Smaller Companies index is the most widely used UK smaller companies benchmark, used by most of the UK’s largest fund management groups.


  • The index was created by Professor Elroy Dimson and Professor Paul Marsh of London Business School, who have been instrumental in promoting a global understanding of the ‘smaller companies effect’ that traces the long term outperformance of smaller companies.

  • The Deutsche Numis Smaller Companies index was first published in 1987, with a back-history dating from 1955.

  • On a cumulative basis, a typical investment in smaller companies in 1955, with dividends reinvested, would at the end of 2023 have been worth almost 400x the original investment, in real terms. By comparison, an investment in UK larger companies would be worth around 60x the original investment.

  • Over 1955-2023 the Deutsche Numis Smaller Companies index excluding investment companies has outperformed UK larger companies by 2.9% p.a.

The Deutsche Numis Alternative Markets index tracks the long-term performance of widely-used UK markets other than the UK main list. Currently, therefore, this index tracks the AIM market and is widely used to benchmark funds and portfolios invested in AIM.

Over fifty fund management and wealth management organisations use the Deutsche Numis indices. This reflects their long back history, their strong reputation for performance measurement across the whole size range of the UK market, and wide availability of index data on third party platforms.

 For further details, contact index.data@db.com.