Morningstar Fund Report  | 05/04/2025Print

MI Chelverton UK Equity Income Fund B Accumulation shares

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
MI Chelverton UK Equity Income Fund B Accumulation shares
Fund22.7-12.22.47.9-6.3
+/-Cat4.9-8.7-4.4-0.1-7.2
+/-B’mrk---5.2-1.9-11.5
 
Category: UK Equity Income
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
04/04/2025		 GBX 238.29
Day Change -4.42%
Morningstar Category™ UK Equity Income
IA (formerly IMA) Sector UK Equity Income
ISIN GB00B1Y9J570
Fund Size (Mil)
04/04/2025		 GBP 157.53
Share Class Size (Mil)
04/04/2025		 GBP 47.35
Max Initial Charge 5.00%
Ongoing Charge
14/01/2025		  0.93%
Investment Objective: MI Chelverton UK Equity Income Fund B Accumulation shares
The objective of the Sub-fund is to provide a progressive income stream and achieve long-term capital growth by investing primarily in a portfolio of fully listed and AIM traded UK equities. The Sub-fund will invest primarily in UK companies which aim to provide a high initial dividend; progressive dividend payments, and longterm capital appreciation. The asset classes in which the Sub-fund is permitted to invest includes transferable securities, money market instruments, cash and near cash and deposits as permitted for UCITS schemes under COLL and in accordance with the Sub-fund’s investment powers.
Returns
Trailing Returns (GBP)04/04/2025
YTD-10.98
3 Years Annualised-2.79
5 Years Annualised9.02
10 Years Annualised3.37
12 Month Yield 6.01
Management
Manager Name
Start Date
Oliver Knott
01/01/2020
David Taylor
27/11/2006
Click here to see others
Inception Date
02/07/2007

Category Benchmark
Fund BenchmarkMorningstar Benchmark
IA UK Equity IncomeMorningstar UK All Cap TME NR GBP
Portfolio Profile for  MI Chelverton UK Equity Income Fund B Accumulation shares28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock94.220.0094.22
Bond0.000.000.00
Property0.000.000.00
Cash3.300.003.30
Other2.480.002.48
Top 5 Regions%
United Kingdom95.34
United States2.86
Latin America1.27
Asia - Developed0.54
Canada0.00
Top 5 Sectors%
Financial Services26.33
Industrials23.88
Consumer Cyclical16.11
Basic Materials6.35
Consumer Defensive6.21
Top 5 HoldingsSector%
Chesnara PLCFinancial ServicesFinancial Services3.12
Bakkavor Group PLC Ordinary SharesConsumer DefensiveConsumer Defensive2.83
Telecom Plus PLCUtilitiesUtilities2.60
Phoenix Group Holdings PLCFinancial ServicesFinancial Services2.44
Polar Capital Holdings PLCFinancial ServicesFinancial Services2.31
Increase Decrease New since last portfolio
MI Chelverton UK Equity Income Fund B Accumulation shares
Growth Of 1000 (GBP) 31/03/2025
Fund:  MI Chelverton UK Equity Income Fund B Accumulation shares
Category:  UK Equity Income
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-14.2024.59-14.4522.68-12.162.387.94-6.33
+/- Category-3.645.64-1.894.87-8.72-4.38-0.15-7.20
+/- Category Index------5.24-1.89-11.49
% Rank in Category8418731887915393
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-4.42   -3.83-2.91
1 Week-7.05   -5.18-4.85
1 Month-4.86   -1.38-1.01
3 Months-10.96   -10.43-14.39
6 Months-11.43   -10.41-14.93
YTD-10.98   -10.95-14.93
1 Year-3.90   -10.03-14.57
3 Years Annualised-2.79   -7.13-9.81
5 Years Annualised9.02   -2.32-3.86
10 Years Annualised3.37   -1.15-2.46
 
Category: UK Equity Income
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-6.33---
2024-0.477.292.84-1.72
2023-0.85-2.95-0.857.31
2022-6.22-9.40-9.6814.45
20219.577.514.25-0.10
2020-38.5613.40-0.1122.93
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowAbove Average1 star
5-YearLowHigh1 star
10-YearBelow AverageHigh2 star
OverallBelow AverageHigh2 star
 
Category :  UK Equity IncomeClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev14.38 %
3-Yr Mean Return-0.02 %
 
3-Yr Sharpe Ratio-0.28
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  Morningstar UK Small Cap TME NR GBP
3-Yr Beta1.050.78
3-Yr Alpha-8.15-0.74
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 547-
Market Capitalisation% of Equity
Giant0.00
Large0.00
Medium10.19
Small42.17
Micro47.65
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings9.220.79
Price/Book1.230.76
Price/Sales0.440.57
Price/Cash Flow5.080.69
Dividend-Yield Factor7.211.63
 
Long-Term Projected Earnings Growth7.910.88
Historical Earnings Growth-8.021.67
Sales Growth4.220.83
Cash-Flow Growth1.601.99
Book-Value Growth-0.20-0.11
 
Category: UK Equity Income
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock94.220.0094.22
Bond0.000.000.00
Property0.000.000.00
Cash3.300.003.30
Other2.480.002.48
World Regions28/02/2025
 % of EquityRelative to Category
United States2.861.11
Canada0.000.00
Latin America1.2745.57
United Kingdom95.341.04
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.00-
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.542.33
Asia - Emerging0.000.00
 
Category: UK Equity Income
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials6.351.05
Consumer CyclicalConsumer Cyclical16.111.64
Financial ServicesFinancial Services26.331.05
Real EstateReal Estate2.260.65
Consumer DefensiveConsumer Defensive6.210.47
HealthcareHealthcare0.310.04
UtilitiesUtilities3.130.67
Communication ServicesCommunication Services6.121.00
EnergyEnergy3.240.44
IndustrialsIndustrials23.881.79
TechnologyTechnology6.082.58
 
Category: UK Equity Income
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings81
Total Number of Bond Holdings0
Assets in Top 10 Holdings23.65
NameSectorCountry% of Assets
Chesnara PLC103United Kingdom3.12
Bakkavor Group PLC Ordinary Shares205United Kingdom2.83
Telecom Plus PLC207United Kingdom2.60
Phoenix Group Holdings PLC103United Kingdom2.44
Polar Capital Holdings PLC103United Kingdom2.31
Zigup PLC310United Kingdom2.24
Mony Group PLC308United Kingdom2.10
Wickes Group PLC102United Kingdom2.09
PayPoint PLC311United Kingdom2.00
Dunelm Group PLC102United Kingdom1.94
 
Increase Decrease New since last portfolio
Category: UK Equity Income
 
Management
Name of CompanyChelverton Asset Management Ltd
Phone+44 1225 483030
Websitewww.chelvertonam.com
Address11 Laura Place
 Bath   BA2 4BL
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date02/07/2007
Fund Advisor(s)
Chelverton Asset Management Ltd
Fund ManagerOliver Knott
Manager Start Date01/01/2020
Education
University of Essex, B.A.
 
Biography
Oliver joined Chelverton Asset Management in January 2020 as an Assistant Fund Manager. He has extensive experience in UK small and mid cap equities having joined Brewin Dolphin as a generalist salesman after graduating from the University of Essex with a 1st class honours degree in Politics, Philosophy and Economics. Prior to joining Chelverton, he worked as an equity analyst for N+1 Singer, in their highly respected Technology research franchise. Oliver is a CFA Charterholder.
Fund ManagerDavid Taylor
Manager Start Date27/11/2006
 
Biography
David Taylor began his career as an analyst in the research department at Wedd Durlacher and moved into fund management in 1987 with the Merchant Navy Officers Pension Fund. He joined Gartmore Investment Limited in 1991, during this time, he ran a combination of institutional funds and investment trusts, namely the Clydesdale Investment Trust and London & Strathclyde Trust. In 1995, he moved to LGT to manage small cap retail funds and latterly spent nearly seven years as head of UK smaller companies at HSBC Asset Management. He joined Chelverton Asset Management in January 2006.
Fund ManagerDavid Horner
Manager Start Date27/11/2006
 
Biography
David Horner joined 3i Corporate Finance Limited in 1986 where he was a manager giving corporate finance advice. In May 1993 he joined Strand Partners Limited, and was appointed a director in January 1994, where he carried out a range of corporate finance assignments identifying, structuring and managing investments in quoted and unquoted companies. In October 1997 he left to set up Chelverton Asset Management Limited and was responsible for setting up, in May 1999, the Small Companies Dividend Trust, which he still manages.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.93%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional500  GBP
Savings-
Tax Free Savings Schemes
ISAsYes