MI Chelverton UK Equity Income B

High dividend paying UK smaller companies fund.

  • 126.43p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 272.61p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.98%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.30%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 30 July 2021, fund data last updated 19 February 2009

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.

Fund summary

Sector UK Equity Income
Structure OEIC
Launched June, 2008
Size £527m
Yield 2.30%
Charging basis Capital
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.98%

Allocation

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Investment process

Manager research

Average monthly relative returns

  • 16/17 0.86%
  • 17/18 1.73%
  • 18/19 0.33%
  • 19/20 0.58%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.91%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 99.20%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

David Horner

Horner qualified as a Chartered Accountant in 1984 at Touche Ross, where he also worked in insolvency. In 1986 he moved to 3i plc where he gained experience in a range of activities from fundraising through to advising on the sale of companies, in both the quoted and unquoted sector. In 1993 he joined Strand Partners where he was involved in identifying, structuring, negotiating and making investments in the 'Micro-Cap' quoted sector. In 1998 he left to set up Chelverton Asset Management Limited.

Track record

David Horner has 7.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.91%. During the worst period of relative performance (from June 1999 - March 2000) there was a decline of 36% relative to the index. The worst absolute loss has been 38%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -38.00% (April 2002 - February 2003)
Relative -36.00% (June 1999 - March 2000)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

2.4965% Ultra Electronics Hldgs
2.4763% Sabre Insurance Group Plc
2.3862% Fdm Group Plc
2.3204% Diversified Gas & Oil Plc
2.2637% Xp Power Ltd
2.2555% Contourglobal Plc Ord 1p Wi
2.0635% Chesnara
1.9732% Strix Group Plc
1.8907% Ashmore Group Plc
1.74% Synthomer Plc
Source: Trustnet

Sector breakdown

Building & Construction 11.00%
Support Services 8.00%
Electronic & Electrical Equipment 7.00%
Investment Companies 7.00%
Other Financial 7.00%
Engineering & Machinery 6.00%
Insurance 5.00%
Media 4.00%
Chemicals 4.00%
Oil & Gas 4.00%

Portfolio

80-90 holdings, 80% of the fund is invested in small companies.

Constraints

Maximum in any sector is 20% of gross assets Maximum of 5% in any company No more than 5% income to be derived from any single source

Key Investor Information - Income

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Key Investor Information - Accumulation

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