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MI Chelverton UK Equity Income Fund

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MI Chelverton UK Equity Income Fund MI Chelverton UK Equity Income Fund Monthly Manager Commentary Against a daily diet of confusion over Brexit, worries over domestic politics and bearish rhetoric Monthly Fact Sheet with respect to global trade, ‘bottom up’ corporate news has remained robust. It is generally 30 April 2019 accepted that UK plc has had the benefit of a short-term inventory build ahead of the original Brexit date and companies that we speak to are currently in the process of deciding whether to run stock levels down or stay as they are. It is fair to say that the jury is currently out on this subject. One Launch Date 4th December 2006 other tangible effect of Brexit, deferred corporate spending, shows no sign of being reversed, Fund Size £681m although as already noted we have seen a pick up in corporate activity. The outperformance of small and mid cap in the month was partly a result of the underperformance of some of the more Historic Yield (%)* 4.87 defensive large cap sectors. More importantly, however, it does appear that one consequence of the large drawdown at the end of last year is that analyst forecasts for domestic small and mid caps are Share Price (as at 30.04.19) now generally at realistic levels which leave scope for outperformance. Shares Income Accumulation B Shares 120.95p 239.03p Our best performer in the last month was KCOM which was the subject of an agreed cash offer, our third so far this year. We sold our holding at the uplifted capital value and recycled the proceeds to Investment Objective and Policy replace the lost dividend income and added to a number of existing holdings including National Express, Sabre Insurance, Bakkavor, SOCO and Tyman. We also added a new stock to the portfolio, The objective of the Fund is to provide a Wincanton, a domestic logistics company on a dividend yield of just under four and a half percent. progressive income stream and achieve long-term Other stocks that performed well included Hostelworld, Morgan Advanced Materials, Flowtech and capital growth by investing primarily in a TT Electronics and it is no coincidence that all these stocks released figures in the period which was portfolio of fully listed and AIM traded UK a catalyst for analysis and commentary, the majority of it positive. It is a short term absence of equities. The Fund will invest in UK companies newsflow that in a lot of cases creates the pricing inefficiencies inherent within our small and mid which aim to provide a high initial dividend, cap universe. On the downside we had a profit warning and dividend cut from Saga and Galliford progressive dividend payments and long term Try continued to suffer problems in its contracting business, this time on a contract for the capital appreciation. Queensferry Crossing. Interestingly, despite the resilience of markets, after the recent results season we currently have more potential new holdings that meet our investment and yield criteria than for Fund Managers some time. David Horner Joined 3i Corporate Finance Limited in 1986 where he Cumulative Performance was a manager giving 1 m 3 m YTD 1 yr 3 yrs 5 yrs 7 yrs corporate finance advice. In May 1993 he joined Strand Fund (%) 4.69 7.24 13.34 -2.66 29.95 44.88 145.34 Partners Limited, and was Sector Rank 10/86 42/86 28/86 65/83 10/77 2/73 1/69 appointed a director in January 1994, where he Quartile Ranking 1st 2nd 2nd 4th 1st 1st 1st carried out a range of corporate finance IA UK Equity Income (%) 3.22 6.73 12.06 -0.09 21.83 28.35 78.00 assignments identifying, structuring and managing investments in quoted and unquoted Source: Lipper, NAV to NAV, B Shares Acc, Total Return to 30.04.2019 companies. In October 1997 he left to set up Chelverton Asset Management Limited and was responsible for setting up, in May 1999, the Small Discrete Annual Performance Companies Dividend Trust, which he still manages. He has co-managed the Chelverton UK 30.04.18 30.04.17 30.04.16 30.04.15 30.04.14 Equity Income Fund since launch. 30.04.19 30.04.18 30.04.17 30.04.16 30.04.15 Fund (%) -2.66 10.04 21.31 4.68 6.50 David Taylor began his career as an analyst IA UK Equity Income (%) -0.09 5.00 15.89 -2.77 8.55 in the research department at Wedd Durlacher and moved Source: Lipper, NAV to NAV, B Shares Acc, Total Return to 30.04.2019 into fund management in 1987 with the Merchant Navy Officers Pension Fund. He Dividend History joined Gartmore Investment Q1 Q2 Q3 Q4 Total Limited in 1991, during this time, he ran a combination of institutional funds 2016 B Income 0.75p 1.20p 1.20p 1.93p 5.08p and investment trusts, namely the Clydesdale Investment Trust and London & Strathclyde 2017 B Income 0.78p 1.25p 1.25p 2.48p 5.76p Trust. In 1995, he moved to LGT to manage small cap retail funds and latterly spent nearly seven 2018 B Income 0.79p 1.40p 1.40p 2.29p 5.88p years as head of UK smaller companies at HSBC 2019 B Income 0.80p Asset Management. He joined Chelverton Asset Management in January 2006 and has co- managed the Chelverton UK Equity Income Fund History of dividends declared per share. Source: Chelverton Asset Management Limited since launch. *The historic yield reflects distributions over the 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. MI Chelverton UK Equity Income Fund Top 20 Holdings Monthly Fact Sheet Holding Sector % of Portfolio 30 April 2019 1. Phoenix Group Life Insurance 1.81 2. Ultra Electronics Aerospace & Defence 1.78 3. XP Power Electronic & Electrical Equipment 1.78 4. Ashmore Financial Services 1.71 5. TT Electronics Electronic & Electrical Equipment 1.61 ACD Maitland Institutional Services Limited 6. Tate & Lyle Food Producers 1.53 7. Morgan Advanced Materials Electronic & Electrical Equipment 1.53 Investment Advisor Chelverton Asset Management Ltd 8. RPS Group Support Services 1.52 9. Inchcape General Retailers 1.50 Administrator Maitland Institutional Services Limited 10. DFS Furniture General Retailers 1.48 11. Diversified Gas & Oil Oil & Gas 1.47 12. Polypipe Group Construction & Materials 1.46 Income Paid Quarterly 13. IMI Industrial Engineering 1.46 14. BBA Aviation Industrial Engineering 1.43 XD Dates 31 March, 30 June 30 September, 31 December 15. Go-Ahead Group Travel & Leisure 1.41 16. Soco International Oil & Gas 1.41 Valuation 12 Noon, Daily 17. Senior Aerospace & Defence 1.40 18. Crest Nicholson Household Goods & Home Construction 1.39 19. Essentra Support Services 1.39 SEDOL Codes 20. National Express Travel & Leisure 1.39 Income Accumulation Source: Chelverton Asset Management Limited B Shares B1FD646 B1Y9J57 Market Cap Breakdown Initial Charge (%) % of Portfolio No. of Stocks B Shares 5.0* Above £1bn 30.47 25 Annual Management Fee (%) £500m - £1bn 29.18 25 B Shares 0.75 £250m - £500m 21.71 21 £100m - £250m 12.59 16 Minimum Investment B Shares £1,000 Below £100m 3.58 11 Cash and Income 2.47 - Ongoing Charge (%) Total 100.00 98 B Shares 0.86 Source: Chelverton Asset Management Limited * or any such lower amount agreed with the ACD Dealing Line 0345 305 4217 Dealing Fax 0845 280 0188 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 FURTHER INFORMATION adviser. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“CAM”) considers to be reliable. However, CAM cannot Please contact Spring Capital Partners, in the first instance. guarantee the accuracy or completeness of the information provided, and therefore no investment decision should be based solely on this data. Past performance is not a guide to future performance. Tel +44 (0)20 3195 0076 This document is issued by CAM, Authorised and regulated by the Financial Conduct Authority. Email [email protected] This document does not represent a recommendation by CAM to purchase shares in this Fund. We Visit springcapitalpartners.com recommend private 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) 1245 459 962..
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