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PFS CHELVERTON UK EQUITY INCOME I - Fund overview

No Bestinvest rating
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Overview of PFS CHELVERTON UK EQUITY INCOME I

A generalist UK equity fund focusing primarily on smaller companies that offer the prospect of growth and dividend income at a reasonable price. To qualify for inclusion companies must offer a prospective yield at purchase that is 50% greater than the FTSE Mid and Small cap average yield. The manager has an established track record running a similar closed ended version of the fund.

Standard Initial Charge

0.00% 0.00%

Fund summary

Sector  UK Equity Income
Product type  OEIC
Launched  November, 2006
Size  £338m
Yield 4.0%
Charging basis  –
Dividends paid  31 Mar, 30 Jun, 30 Sep, 31 Dec
Bid price(inc) 102.94p
Bid price(acc) 162.43p

Fund Charges

Standard Initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Total expense ratio 1.14%
Reduction in yield (10yr) 1.14%

Bestinvest says


This is a specialised fund within the Equity Income Sector with a focus on small cap stocks that offer a prospective yield at purchase that is 50% greater than the FTSE Mid and Small cap average yield. The manager has established a a good track record within the small cap universe and whilst the fund offers an attractive income yield, investors should consider the extra risks associated with investing in small cap companies.

Portfolio

pfs chelverton uk equity income i asset allocation illustration
Allocation Proportion
Equity 96%
High yield bonds
Quality bonds 0%
Property 0%
Commodities
Hedge
Fund cash 4%
pfs chelverton uk equity income i equity geographic illustration
Allocation Proportion
UK 99%
Europe 1%
Nth America 0%
Japan 0%
Pacific 0%
Other Equity 0%
pfs chelverton uk equity income i equity capitalisation illustration
Allocation Proportion
Large Caps 0%
Mid Caps 33%
Small Caps 67%

Investment process


The fund has 3 investment objectives; in order of priority these are: preservation of capital, increasing dividend payments by the rate of inflation, and an increase in capital values.
To achieve this the manager will invest in companies that can demonstrate strong balance sheets (less than 30% gearing) and cashflows, with the prospect of growing earnings supported by dividend payments. These companies should also carry a low enterprise value / ebitda rating. Target companies can broadly be split into those that offer high but stable dividend yields and those are lower yielding but offer the prospect of dividend growth. Often this may involve the manager adopting a contrarian approach to investing.
The fund is diversified across a broad selection of industries and tends to be focused on smaller companies with market capitalisations of less than £100m at investment.

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