Morningstar Fund Report  | 02/04/2025Print

WS Ardtur Continental European Fund R Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
WS Ardtur Continental European Fund R Accumulation
Fund15.315.118.0-2.413.1
+/-Cat-0.123.84.5-3.47.9
+/-B’mrk-1.922.53.1-4.45.4
 
Category: Europe ex-UK Equity
Category Benchmark: Morningstar DM Eur xUK TME ...
Key Stats
NAV
01/04/2025		 GBX 1989.11
Day Change 1.65%
Morningstar Category™ Europe ex-UK Equity
IA (formerly IMA) Sector Europe Excluding UK
ISIN GB0031831570
Fund Size (Mil)
28/02/2025		 GBP 213.19
Share Class Size (Mil)
01/04/2025		 GBP 19.32
Max Initial Charge 4.00%
Ongoing Charge
18/02/2025		  1.63%
Investment Objective: WS Ardtur Continental European Fund R Accumulation
To achieve long term capital growth, after all costs and charges have been taken, above that of the MSCI Daily TR Net Europe Ex UK USD (converted into GBP), over any 5-year period. Capital is at risk and there is no guarantee that the objective will be achieved over any time period. The Sub-fund will invest, directly and/or indirectly at least 60% of its net asset value in equity and equity related securities issued by companies incorporated or domiciled in Continental Europe.
Returns
Trailing Returns (GBP)01/04/2025
YTD15.01
3 Years Annualised13.47
5 Years Annualised22.09
10 Years Annualised10.07
12 Month Yield 2.53
Management
Manager Name
Start Date
Oliver Kelton
01/07/2015
Inception Date
23/04/1997

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI Europe Ex UK NR GBPMorningstar DM Eur xUK TME NR EUR
Portfolio Profile for  WS Ardtur Continental European Fund R Accumulation31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock100.000.00100.00
Bond0.000.000.00
Property0.000.000.00
Cash0.210.210.00
Other0.000.000.00
Top 5 Regions%
Eurozone69.34
Europe - ex Euro14.32
United Kingdom10.37
United States5.98
Canada0.00
Top 5 Sectors%
Financial Services26.21
Energy22.88
Basic Materials16.36
Communication Services15.46
Technology9.25
Top 5 HoldingsSector%
Shell PLCEnergyEnergy10.37
Orange SACommunication ServicesCommunication Services10.11
Commerzbank AGFinancial ServicesFinancial Services6.82
Deutsche Bank AGFinancial ServicesFinancial Services6.62
Telefonaktiebolaget L M Ericsson... TechnologyTechnology6.57
Increase Decrease New since last portfolio
WS Ardtur Continental European Fund R Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  WS Ardtur Continental European Fund R Accumulation
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
 201820192020202120222023202431/03
Price Return0.602.8210.5915.3315.0718.04-2.3913.14
+/- Category12.36-16.441.22-0.0823.814.52-3.407.85
+/- Category Index--2.69-1.8922.543.05-4.415.41
% Rank in Category199296111385-
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.65   3.750.49
1 Week-2.50   1.20-0.16
1 Month3.10   6.434.78
3 Months15.01   10.086.03
6 Months10.86   10.566.21
YTD15.01   10.086.03
1 Year9.95   10.186.04
3 Years Annualised13.47   7.535.12
5 Years Annualised22.09   10.508.72
10 Years Annualised10.07   2.812.44
 
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
202513.14---
20242.10-1.550.60-3.47
20238.65-2.866.495.03
20224.55-7.20-1.5820.50
20219.954.373.57-2.96
2020-27.1122.45-2.5627.16
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighAbove Average5 star
5-YearHighHigh5 star
10-YearHighAbove Average4 star
OverallHighAbove Average5 star
 
Category :  Europe ex-UK EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev15.01 %
3-Yr Mean Return14.02 %
 
3-Yr Sharpe Ratio0.61
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar DM Eur xUK TME NR EUR  Morningstar Dev Europe Val TME NR EUR
3-Yr Beta0.841.07
3-Yr Alpha5.622.30
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 31533-
Market Capitalisation% of Equity
Giant29.02
Large53.02
Medium15.72
Small2.23
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings9.950.63
Price/Book0.970.43
Price/Sales0.730.44
Price/Cash Flow4.220.37
Dividend-Yield Factor4.881.50
 
Long-Term Projected Earnings Growth15.291.51
Historical Earnings Growth-8.02-1.07
Sales Growth2.810.78
Cash-Flow Growth-2.98-0.97
Book-Value Growth5.500.99
 
Category: Europe ex-UK Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock100.000.00100.00
Bond0.000.000.00
Property0.000.000.00
Cash0.210.210.00
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States5.983.49
Canada0.000.00
Latin America0.00-
United Kingdom10.376.68
Eurozone69.341.03
Europe - ex Euro14.320.49
Europe - Emerging0.000.00
Africa0.00-
Middle East0.00-
Japan0.00-
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.00-
 
Category: Europe ex-UK Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials16.362.48
Financial ServicesFinancial Services26.211.32
Consumer DefensiveConsumer Defensive6.430.99
Communication ServicesCommunication Services15.463.95
EnergyEnergy22.889.58
IndustrialsIndustrials3.410.16
TechnologyTechnology9.250.76
 
Category: Europe ex-UK Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings22
Total Number of Bond Holdings0
Assets in Top 10 Holdings66.24
NameSectorCountry% of Assets
Shell PLC309United Kingdom10.37
Orange SA308France10.11
Commerzbank AG103Germany6.82
Deutsche Bank AG103Germany6.62
Telefonaktiebolaget L M Ericsson Class B311Sweden6.57
Telefonica SA308Spain5.36
TotalEnergies SE309France5.24
BNP Paribas Act. Cat.A103France5.17
Eni SpA309Italy5.10
Anheuser-Busch InBev SA/NV205Belgium4.90
 
Increase Decrease New since last portfolio
Category: Europe ex-UK Equity
 
Management
Name of CompanyS. W. Mitchell Capital LLP
Phone+44 20 72903580
Websitewww.swmitchellcapital.com
Address38 Jermyn Street
 London   SW1Y 6DN
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date23/04/1997
Fund Advisor(s)
S. W. Mitchell Capital LLP
Fund ManagerOliver Kelton
Manager Start Date01/07/2015
Education
2001, University of Bristol
 
Biography
Oliver joined S. W. Mitchell Capital in September 2023 as the Investment Manager of the Ardtur European Equity Funds. He previously worked at Brook Asset Management as the lead Portfolio Manager for European Equity and at Waverton Investment Management, where he joined as a European Equity Analyst. In 2003, he started managing specialist Pan-European equity portfolios and took over running the Waverton European Focus Fund in 2010 (now Ardtur European Focus Fund). He also assumed responsibility for the Brook Continental European Fund in 2015 (now Ardtur Continental European Fund) and the Odey Pan European Fund in 2023 (now Ardtur Pan European Fund). In 2016, Oliver successfully launched the Brook European Absolute Return Focus Fund (now Ardtur European Focus Absolute Return Fund), a plain vanilla long-short European equity fund. He has a 1st class honours degree in Economics and Politics from Bristol University.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge4.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.63%
Purchase Details
Minimum Investments
Initial5000  GBP
Additional-
Savings100  GBP
Tax Free Savings Schemes
ISAsYes