Morningstar Fund Report  | 11/04/2025Print

TM Cerno Global Leaders Fund Class D GBP Inc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
TM Cerno Global Leaders Fund Class D GBP Inc
Fund16.7-17.816.6-0.2-4.7
+/-Cat2.10.30.6-15.41.9
+/-B’mrk-1.41.2-5.7-24.13.9
 
Category: Global Large-Cap Growth Equity
Category Benchmark: Morningstar Gbl Growth TME ...
Key Stats
NAV
10/04/2025		 GBP 14.66
Day Change 6.77%
Morningstar Category™ Global Large-Cap Growth Equity
IA (formerly IMA) Sector -
ISIN GB00BLH73Y53
Fund Size (Mil)
28/02/2025		 GBP 115.30
Share Class Size (Mil)
10/04/2025		 GBP 0.06
Max Initial Charge 5.00%
Ongoing Charge
19/02/2025		  0.74%
Investment Objective: TM Cerno Global Leaders Fund Class D GBP Inc
The investment objective of the Fund is to achieve long term growth (over 5 years) in value, net of fees. The Fund will have a long term (over 5 years), low turnover portfolio, investing predominantly (i.e. a minimum of 90%) in a concentrated portfolio of equities of global leading companies. A concentrated portfolio means a portfolio with no more than 30 holdings (excluding cash).
Returns
Trailing Returns (GBP)10/04/2025
YTD-8.24
3 Years Annualised0.45
5 Years Annualised-
10 Years Annualised-
12 Month Yield 1.03
Dividend Paying Frequency Half-yearly
Management
Manager Name
Start Date
James Spence
01/11/2017
Inception Date
16/06/2020

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Morningstar Global Markets NR GBPMorningstar Gbl Growth TME NR USD
Portfolio Profile for  TM Cerno Global Leaders Fund Class D GBP Inc31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock96.660.0096.66
Bond0.000.000.00
Property0.000.000.00
Cash3.340.003.34
Other0.000.000.00
Top 5 Regions%
United States48.02
Europe - ex Euro16.24
Eurozone13.72
Asia - Developed9.31
United Kingdom8.71
Top 5 Sectors%
Technology39.14
Industrials24.74
Healthcare19.51
Basic Materials12.40
Financial Services4.21
Top 5 HoldingsSector%
RELX PLCIndustrialsIndustrials4.27
Linde PLCBasic MaterialsBasic Materials4.27
Experian PLCIndustrialsIndustrials4.15
Givaudan SABasic MaterialsBasic Materials4.10
S&P Global IncFinancial ServicesFinancial Services4.07
Increase Decrease New since last portfolio
TM Cerno Global Leaders Fund Class D GBP Inc
Growth Of 1000 (GBP) 31/03/2025
Fund:  TM Cerno Global Leaders Fund Class D GBP Inc
Category:  Global Large-Cap Growth Equity
Category Index:  Morningstar Gbl Growth TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 202120222023202431/03
Price Return16.68-17.7716.62-0.18-4.67
+/- Category2.120.310.60-15.371.90
+/- Category Index-1.381.20-5.69-24.133.93
% Rank in Category4356439926
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day6.77   8.09-0.28
1 Week-0.95   7.062.23
1 Month-8.15   2.97-2.32
3 Months-10.83   4.602.03
6 Months-11.18   -0.77-5.66
YTD-8.24   5.282.29
1 Year-11.69   -3.81-13.48
3 Years Annualised0.45   -0.95-5.98
5 Years Annualised-   --
10 Years Annualised-   --
 
Category: Global Large-Cap Growth Equity
Category Index: Morningstar Gbl Growth TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-4.67---
20244.34-0.12-0.58-3.66
20236.793.61-5.6411.70
2022-11.36-12.431.264.61
20213.905.920.075.96
2020--7.089.32
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAverage2 star
5-Year--Not Rated
10-Year--Not Rated
OverallBelow AverageAverage2 star
 
Category :  Global Large-Cap Growth EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.19 %
3-Yr Mean Return1.83 %
 
3-Yr Sharpe Ratio-0.17
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Growth TME NR USD  Morningstar EAA USD Mod Tgt Alloc NR USD
3-Yr Beta0.911.71
3-Yr Alpha-5.22-2.89
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 65997-
Market Capitalisation% of Equity
Giant31.97
Large44.32
Medium23.71
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings20.260.84
Price/Book3.490.70
Price/Sales3.440.92
Price/Cash Flow10.450.63
Dividend-Yield Factor0.970.85
 
Long-Term Projected Earnings Growth7.850.70
Historical Earnings Growth10.230.76
Sales Growth5.130.57
Cash-Flow Growth21.911.80
Book-Value Growth10.130.91
 
Category: Global Large-Cap Growth Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock96.660.0096.66
Bond0.000.000.00
Property0.000.000.00
Cash3.340.003.34
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States48.020.73
Canada0.000.00
Latin America0.000.00
United Kingdom8.711.70
Eurozone13.721.29
Europe - ex Euro16.243.04
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan3.991.30
Australasia0.000.00
Asia - Developed9.312.53
Asia - Emerging0.000.00
 
Category: Global Large-Cap Growth Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials12.404.42
Financial ServicesFinancial Services4.210.28
HealthcareHealthcare19.511.41
IndustrialsIndustrials24.742.27
TechnologyTechnology39.141.32
 
Category: Global Large-Cap Growth Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings26
Total Number of Bond Holdings0
Assets in Top 10 Holdings40.89
NameSectorCountry% of Assets
RELX PLC310United Kingdom4.27
Linde PLC101United States4.27
Experian PLC310United Kingdom4.15
Givaudan SA101Switzerland4.10
S&P Global Inc103United States4.07
Assa Abloy AB Class B310Sweden4.05
Thermo Fisher Scientific Inc206United States4.01
Ansys Inc311United States4.00
Microsoft Corp311United States3.99
Koninklijke Philips NV206Netherlands3.98
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Growth Equity
 
Management
Name of CompanyCerno Capital Partners LLP
Phone+44 (0)20 7382 4110
Websitewww.cernocapital.com
Address34 Sackville Street
 London   W1S 3ED
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date16/06/2020
Fund Advisor(s)
Cerno Capital Partners LLP
Fund ManagerJames Spence
Manager Start Date01/11/2017
Career Start Year2003
Education
St. Amdrews University, M.A.
 
Biography
James Spence is a founding partner of Cerno Capital Partners LLP. Prior to founding Cerno, he worked as a partner of the London office of IWM Independent Wealth Management LLP. He has 18 years investment experience and worked for UBS as an Asian Equity Strategist (2001-2004), HSBC as a Director of Quantitative Research and Paribas as Head of Indonesian Research and Head of Equities, Singapore & Malaysia. He previously worked at WI Carr between 1991 and 1997 as a Hong Kong analyst and Head of Indonesian Research. James graduated from St. Andrews University, Scotland with an MA in Philosophy & Logic and qualified as a chartered accountant in 1989, training with the London City office of Coopers & Lybrand. James is a Member of the Securities and Investment Institute.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.65%
Ongoing Charge0.74%
Purchase Details
Minimum Investments
Initial5000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsNo