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MI Chelverton UK Equity Growth Fund

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MI Chelverton UK Equity Growth Fund MI Chelverton UK Equity Growth Fund Monthly Manager Commentary Monthly Fact Sheet The Fund returned 1.21% in October outperforming its IA UK All Companies benchmark, which posted a -3.23% negative return. Unusually, the technology and healthcare sectors provided both the best 31 October 2020 and worst contributors to the Fund’s performance, with Boku (fintech), EKF Diagnostics and Polarean (healthcare) leading the way and Clinigen (healthcare), IMIMobile and CentralNic (technology) being the main detractors. It was notable that outside the top three performers, some of the Fund’s more cyclical Launch Date 20 October 2014 holdings have started to perform with Tyman and Volution (building materials) and Weir, Synthomer and Volex (industrials) featuring amongst the top ten contributors. Fund Size £757m Dealing activity in October was characterised by top-slicing holdings on valuation grounds that have Historic Yield* 1.17% performed well through the pandemic, with reductions in technology momentum stocks (notably dotDigital, IMIMobile, Codemasters, Gamesys and AlphaFX) and healthcare stocks, such as Maxcyte, Avacta and EKF Diagnostics. On the buy side, money was recycled into more cyclical holdings, whose Share Price (as at 31.10.20) valuations have been impacted by the pandemic, such as Travis Perkins, VP Group, Vitec and Augean and other less highly rated names, including Stock Spirits, Brooks MacDonald, Qinetiq, Eco Animal Health, Shares Income Accumulation and Inspecs. B Shares 247.10p 261.06p The market continues to be characterised by high levels of volatility, as investors try to adapt their portfolios to evolving pandemic news-flow. The end of October saw a minor cyclicals sell-off, as England went back into a full lockdown, only to be followed by a sharp resurgence in value shares on news of a Investment Objective and Policy viable Covid-19 vaccine at the beginning of November, with investors scurrying around to re-position themselves in oversold cyclicals for the possibility of life returning to normal. Whilst it’s likely that the The objective of the Fund is to achieve long- pandemic will continue to have repercussions through 2021, what is evident is that businesses outside term capital growth by investing primarily in the travel and leisure sectors now seem better placed to cope than they were through the initial lockdown. a portfolio of fully listed and AIM traded UK Other uncertainties like BREXIT remain, but the likelihood of a deal now looks more promising, and the market is also anticipating a smooth transition to a Biden presidency in the USA, with any left leaning equities. agenda likely to be curtailed by a Republican Senate. Performance Since Launch (%) Fund Managers James Baker 175 a history graduate from 150 Cambridge University, has 125 over 30 years of equity 100 market experience on 75 both buy and sell sides, 50 specialising for all of his 25 career in UK Small and Mid 0 caps stock selection. He has -25 worked for several organisations over the years, Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 but most notably spent 11 years from 1999 to 2011 as part of the ABN Amro, Small Mid cap n Fund - B Acc GBP n IA UK All Companies sales team, which was consistently top ranked by Extel. Prior to joining Chelverton he worked Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.10.2020 as the Assistant fund manager on the Rathbone UK Recovery Fund. Cumulative Performance Since Edward Booth 1 m 3 m 1 yr 3 yrs 5 yrs Launch graduated from the London School of Economics with a Fund (%) 1.21 7.68 11.17 29.15 108.46 161.06 degree in Economics with Rank in sector 11/245 8/245 2/244 2/233 1/220 1/214 Economic History, and Quartile 1st 1st 1st 1st 1st 1st qualified as a Chartered Accountant at Deloitte, IA UK All Companies (%) ‑3.23 ‑1.97 ‑15.34 ‑12.76 8.97 22.04 where he focused on the Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.10.2020 Insurance sector. Prior to joining Chelverton, he worked as a Business Calendar Year Performance (%) Analyst for Barclays, focusing on a number of YTD 2019 2018 2017 2016 2015 areas including Investment Bank Revenue and Group Capital performance. Fund -3.04 40.58 ‑8.91 33.35 19.14 26.67 IA Sector (%) -21.19 22.37 ‑11.15 14.05 10.95 4.80 *The historic yield reflects distributions over the Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.10.2020 past 12 months as a percentage of the bid price of the B share class as at the date shown. It does not include any initial charge and investors may be subject to tax on their distributions. © Morningstar 2020. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accu- rate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. MI Chelverton UK Equity Growth Fund Monthly Fact Sheet Top 20 Holdings Holding Sector % of Portfolio 31 October 2020 1. Future Media 2.2 2. Clinigen Healthcare 1.8 3. SDL Technology 1.7 4. Premier Foods Consumer 1.7 ACD Maitland Institutional Services Limited 5. Volution Group Construction 1.6 6. Codemasters Consumer 1.5 Investment Advisor Chelverton Asset Management Limited 7. Tyman Construction 1.5 8. Diversified Gas & Oil Resources 1.5 Administrator Maitland Institutional Services Limited 9. CentralNic Technology 1.4 10. Weir Group Industrials 1.4 11. Brooks MacDonald Financials 1.4 Income Paid Annually 12. Augean Support Services 1.3 13. Curtis Banks Group Financials 1.3 XD Dates 31 December 14. Renew Holdings Support Services 1.3 Valuation 12 Noon 15. IMImobile Technology 1.3 16. Eco Animal Health Group Healthcare 1.3 17. Alliance Pharma Healthcare 1.2 18. Amryt Pharma Healthcare 1.2 Codes (B Shares) 19. Boku Technology 1.2 Income Accumulation 20. Zegona Communications Telecoms 1.2 Sedol BP85595 BP855B7 Source: Chelverton Asset Management Limited ISIN GB00BP855954 GB00BP855B75 Sector Breakdown Market Cap Breakdown % of Portfolio % of Portfolio No. of Stocks Annual Management Fee (%) B Shares 0.75 Technology 17.0 Above £1bn 12.8 13 Healthcare 14.2 £500m - £1bn 15.6 13 Support Services 13.2 £250m - £500m 33.1 36 Minimum Investment B Shares £1,000 Industrials 10.5 £100m - £250m 26.0 37 Consumer 10.5 Below £100m 10.8 33 Ongoing Charge (%) Financials 9.9 Cash and Income 1.7 N/A B Shares 0.87 Construction 8.0 Total 100.0 132 Media 7.1 Resources 4.2 Aerospace & Defence 2.5 Dealing Line 0345 305 4217 Telecoms 1.2 Dealing Fax 0845 280 0188 Cash 1.7 Source: Chelverton Asset Management Limited Disclaimer: This fund invests in smaller companies and carries a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid and their performance more volatile over shorter time periods. The fund can also invest in smaller companies listed on the Alternative Investment Market (AIM) which also carry the risks described above. This document is provided for information purposes only and should not be interpreted as investment advice. If you have any doubts as to the suitability of an investment, please consult your financial adviser. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“CAM”) considers to be FURTHER INFORMATION reliable. However, CAM cannot guarantee the accuracy or completeness of the information Please contact Spring Capital Partners, provided, and therefore no investment decision should be based solely on this data. Past in the first instance. performance is not a guide to future performance. This document is issued by CAM, authorised Tel +44 (0)20 3195 0076 and regulated by the Financial Conduct Authority. This document does not represent a recommendation by CAM to purchase shares in this Fund. The contents of this document are Email [email protected] intended for Professional Investors and Eligible Counterparties only. We recommend private Visit springcapitalpartners.com investors seek the services of a Financial Adviser. Maitland Institutional Services Limited are the Authorised Corporate Director of this fund and prospectuses for the fund are obtainable directly from them. Please email [email protected] or call +44 (0)345 305 4217. .
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