Morningstar Fund Report  | 11/04/2025Print

TM Cerno Global Leaders Fund Class A USD Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
TM Cerno Global Leaders Fund Class A USD Acc
Fund--17.316.7-0.1-4.6
+/-Cat-0.80.7-15.32.0
+/-B’mrk-1.7-5.6-24.14.0
 
Category: Global Large-Cap Growth Equity
Category Benchmark: Morningstar Gbl Growth TME ...
Key Stats
NAV
10/04/2025		 USD 9.45
Day Change 5.85%
Morningstar Category™ Global Large-Cap Growth Equity
ISIN GB00BKSG4V87
Fund Size (Mil)
28/02/2025		 GBP 115.30
Share Class Size (Mil)
10/04/2025		 USD 0.38
Max Initial Charge 5.00%
Ongoing Charge
19/02/2025		  0.84%
Investment Objective: TM Cerno Global Leaders Fund Class A USD Acc
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-8.76
3 Years Annualised0.25
5 Years Annualised-
10 Years Annualised-
12 Month Yield 0.22
Management
Manager Name
Start Date
James Spence
01/11/2017
Inception Date
14/01/2021

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Morningstar Global Markets NR GBPMorningstar Gbl Growth TME NR USD
Portfolio Profile for  TM Cerno Global Leaders Fund Class A USD Acc31/03/2025
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 A USD Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  TM Cerno Global Leaders Fund Class A USD Acc
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
 20222023202431/03
Price Return-17.3016.69-0.11-4.62
+/- Category0.780.67-15.301.95
+/- Category Index1.67-5.62-24.063.98
% Rank in Category54439926
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day5.85   7.16-1.20
1 Week-1.21   6.801.97
1 Month-8.73   2.39-2.90
3 Months-11.70   3.731.16
6 Months-11.79   -1.39-6.27
YTD-8.76   4.761.77
1 Year-12.98   -5.10-14.76
3 Years Annualised0.25   -1.15-6.18
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
2025-4.62---
20244.180.12-0.76-3.50
20236.852.97-4.6611.24
2022-11.19-12.440.715.60
2021-6.52-0.655.77
 
 
 
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 Dev13.50 %
3-Yr Mean Return2.06 %
 
3-Yr Sharpe Ratio-0.14
 
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 Beta0.921.73
3-Yr Alpha-5.03-2.67
 
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 Date14/01/2021
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 Charge0.84%
Purchase Details
Minimum Investments
Initial5000  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsNo