Morningstar Fund Report  | 17/04/2025Print

VT Downing European Unconstrained Income Fund Class Z GBP (Income)

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
VT Downing European Unconstrained Income Fund Class Z GBP (Income)
Fund----2.4
+/-Cat-----2.9
+/-B’mrk-----5.4
 
Category: Europe ex-UK Equity
Category Benchmark: Morningstar DM Eur xUK TME ...
Key Stats
NAV
16/04/2025		 GBP 1.04
Day Change 0.22%
Morningstar Category™ Europe ex-UK Equity
IA (formerly IMA) Sector Europe Excluding UK
ISIN GB00BK97Q926
Fund Size (Mil)
15/04/2025		 GBP 37.38
Share Class Size (Mil)
15/04/2025		 GBP 7.75
Max Initial Charge -
Ongoing Charge
31/12/2024		  0.62%
Investment Objective: VT Downing European Unconstrained Income Fund Class Z GBP (Income)
The investment objective of the Fund is to generate income with the potential for long term (5 years) capital growth. The Fund will seek to achieve its objective by investing at least 75% in equities issued by companies based in developed European markets (being member states of the European Union, Norway, Switzerland or the United Kingdom). The Fund may also invest in emerging and frontier European markets including Turkey and Iceland.
Returns
Trailing Returns (GBP)16/04/2025
YTD5.23
3 Years Annualised-
5 Years Annualised-
10 Years Annualised-
12 Month Yield 3.63
Dividend Paying Frequency Quarterly
Management
Manager Name
Start Date
Michael Clements
17/11/2020
Pras Jeyanandhan
17/11/2020
Inception Date
01/02/2024

Category Benchmark
Fund BenchmarkMorningstar Benchmark
IA Europe (ex UK) SectorMorningstar DM Eur xUK TME NR EUR
Portfolio Profile for  VT Downing European Unconstrained Income Fund Class Z GBP (Income)31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock92.880.0092.88
Bond0.000.000.00
Property0.000.000.00
Cash7.120.007.12
Other0.000.000.00
Top 5 Regions%
Eurozone75.06
Europe - ex Euro16.33
United Kingdom3.36
Europe - Emerging2.80
Australasia2.45
Top 5 Sectors%
Industrials31.74
Financial Services29.23
Real Estate9.20
Technology6.56
Basic Materials6.55
Top 5 HoldingsSector%
Dovalue SpAFinancial ServicesFinancial Services6.39
RENK Group AGIndustrialsIndustrials3.69
Infrastrutture Wireless Italiane... Real EstateReal Estate3.39
Cadeler AS Ordinary SharesIndustrialsIndustrials3.37
KBC Ancora SAFinancial ServicesFinancial Services3.35
Increase Decrease New since last portfolio
VT Downing European Unconstrained Income Fund Class Z GBP (Income)
Growth Of 1000 (GBP) 31/03/2025
Fund:  VT Downing European Unconstrained Income Fund Class Z GBP (Income)
Category:  Europe ex-UK Equity
Category Index:  Morningstar DM Eur xUK TME NR EUR
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 31/03
Price Return2.35
+/- Category-2.89
+/- Category Index-5.38
% Rank in Category77
Trailing Returns (GBP)16/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.22   -0.50-0.01
1 Week8.22   3.191.26
1 Month-0.99   4.714.46
3 Months3.17   3.552.92
6 Months5.52   7.324.25
YTD5.23   2.50-0.12
1 Year10.69   11.707.07
3 Years Annualised-   --
5 Years Annualised-   --
10 Years Annualised-   --
 
Category: Europe ex-UK Equity
Category Index: Morningstar DM Eur xUK TME NR EUR
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20252.35---
2024-3.000.15-0.33
 
 
 
Morningstar Rating™(Relative to Category)-
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-Year--Not Rated
5-Year--Not Rated
10-Year--Not Rated
Overall--Not Rated
 
Category :  Europe ex-UK EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev -
3-Yr Mean Return -
 
3-Yr Sharpe Ratio -
 
Modern Portfolio Statistics31/03/2025-
 Standard IndexBest Fit Index
 Morningstar DM Eur xUK TME NR EUR  
3-Yr Beta--
3-Yr Alpha--
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 2434-
Market Capitalisation% of Equity
Giant1.59
Large12.28
Medium42.05
Small28.44
Micro15.64
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings10.090.67
Price/Book1.280.60
Price/Sales0.770.49
Price/Cash Flow3.630.37
Dividend-Yield Factor3.611.04
 
Long-Term Projected Earnings Growth10.371.11
Historical Earnings Growth-6.05-0.84
Sales Growth3.200.89
Cash-Flow Growth11.993.85
Book-Value Growth-2.21-0.40
 
Category: Europe ex-UK Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock92.880.0092.88
Bond0.000.000.00
Property0.000.000.00
Cash7.120.007.12
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America0.00-
United Kingdom3.362.06
Eurozone75.061.13
Europe - ex Euro16.330.57
Europe - Emerging2.806.56
Africa0.00-
Middle East0.00-
Japan0.00-
Australasia2.45202.97
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: Europe ex-UK Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials6.551.03
Consumer CyclicalConsumer Cyclical2.970.31
Financial ServicesFinancial Services29.231.37
Real EstateReal Estate9.2012.43
Consumer DefensiveConsumer Defensive3.340.49
HealthcareHealthcare3.430.25
UtilitiesUtilities3.031.18
Communication ServicesCommunication Services1.110.27
EnergyEnergy2.841.06
IndustrialsIndustrials31.741.50
TechnologyTechnology6.560.59
 
Category: Europe ex-UK Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings39
Total Number of Bond Holdings0
Assets in Top 10 Holdings36.02
NameSectorCountry% of Assets
Dovalue SpA103Italy6.39
RENK Group AG310Germany3.69
Infrastrutture Wireless Italiane SpA104Italy3.39
Cadeler AS Ordinary Shares310Denmark3.37
KBC Ancora SA103Belgium3.35
Aumann AG310Germany3.25
Fagron SA206Belgium3.19
Teleperformance SE310France3.15
Amundi SA103France3.13
Allfunds Group PLC103United Kingdom3.12
 
Increase Decrease New since last portfolio
Category: Europe ex-UK Equity
 
Management
Name of CompanyValu-Trac Investment Management Limited
Phone01343 880344
Websitewww.valu-trac.com
AddressOrton Moray IV32 7QE
 Orton   IV32 7QE
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date01/02/2024
Fund Advisor(s)
Downing LLP
Fund ManagerMichael Clements
Manager Start Date17/11/2020
Career Start Year2000
Education
University of Warwick, B.S.
 
Biography
MICHAEL CLEMENTS, CFA His investment career began in 1999 as a European equity analyst at UBS Asset Management. In 2008, he moved to Franklin Templeton Investments where he managed the €3 billion Franklin European Growth Fund and related mandates. Between 2014 to 2020, he was Head of European Equities at Syz Asset Management, managing a range of Pan European and Europe ex. UK funds, including the Oyster Continental European Income Fund. Mr. Clements holds a B.Sc. (Hons) in industrial economics from the University of Warwick and is a Chartered Financial Analyst (CFA) Charterholder.
Fund ManagerPras Jeyanandhan
Manager Start Date17/11/2020
 
Biography
He began his career in 2005 with KPMG, qualifying as a Chartered Accountant (ACA), before moving to HSBC as a strategy analyst. In 2011, Pras joined Berenberg Bank as an equity analyst, leading coverage on the Financials sector before joining Mike Clements at Syz Asset Management in 2015 as an investment analyst and then portfolio manager. From January 2019, Pras co-managed the Oyster European Opportunities Fund alongside Mike as well as providing support across the other portfolios.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.35%
Ongoing Charge0.62%
Purchase Details
Minimum Investments
Initial10000000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsNo