REG - Chelverton UK DivTst - Half-year Report
28/11/2023 10:45
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RNS Number : 9264U Chelverton UK Dividend Trust PLC 28 November 2023
Chelverton UK Dividend Trust PLC
Half-Yearly Financial Report
For the Six Months ended 31 October 2023
Investment Objective and Policy
The investment objective of Chelverton UK Dividend Trust PLC ('the Company')
is to provide Ordinary Shareholders with a high income and opportunity for
capital growth, having provided a capital return sufficient to repay the full
final capital entitlement of the Zero Dividend Preference shares issued by the
wholly owned subsidiary company, SDV 2025 ZDP PLC ('SDVP').
Chelverton UK Dividend Trust PLC, and its subsidiary SDV 2025 ZDP PLC ('the
Subsidiary'), together form the Group ('the Group').
The Company's investment policy is that:
· the Company will invest in equities in order to achieve its investment
objectives, which are to provide both income and capital growth, predominantly
through investment in mid and smaller capitalised UK companies admitted to the
Official List of the UK Listing Authority and traded on the London Stock
Exchange Main Market, traded on AIM or traded on other qualifying UK
marketplaces.
· the Company will not invest in preference shares, loan stock or notes,
convertible securities or fixed interest securities or any similar securities
convertible into shares; nor will it invest in the securities of other
investment trusts or in unquoted companies. The Company may retain investments
in companies which cease to be listed after the initial investment was made,
so long as the total is non-material in the context of the overall portfolio;
however, the Company may not increase its exposure to such investments.
Financial Highlights
31 October 30 April
Capital 2023 2023 % change
Total gross assets (£'000) 45,936 53,674 (14.42)
Total net assets 27,636 35,563 (22.30)
(£'000)
Net asset value per Ordinary 129.38p 168.15p (23.06)
share
Mid-market price per Ordinary 131.00p 174.50p (24.93)
share
Premium/(discount) 1.25% 3.78%
Net asset value per Zero Dividend Preference share 125.65p 123.21p 1.98
Mid-market price per Zero Dividend Preference share 117.00p 117.50p (0.43)
Premium/(discount) (6.88%) (4.64%)
Six months to Six months to
31 October 31 October
Revenue 2023 2022 % change
Return per Ordinary 6.32p 6.63p (4.68)
share
Dividends declared per Ordinary 6.30p 5.89p 7.05
share*
Total return
Total return on Group net (23.82%) (20.05%)
assets**
* Dividend per Ordinary share includes the first interim paid and second interim
declared for the period to 31 October 2023 and 2022 and will differ from the
amounts disclosed within the statement of changes in net equity.
** Adding back dividends distributed in the period.
Interim Management Report
This Half-Yearly report covers the six months to 31 October 2023. The Net
Asset Value (NAV) per Ordinary share as at 31 October 2023 was 129.38p, down
from 168.15p at 30 April 2023, a decrease of 23.06% during the period. As at
23 November 2023 the NAV per share had increased to 139.20p.
From the beginning of the Company's financial year until 31 October 2023, the
Ordinary share price decreased by 24.93% from 174.50p to 131.00p. Since the
period end, the share price has increased to 141.50p as at 23 November 2023,
on which date the shares were trading at a premium of 1.65%%.
Dividend
Maintaining its record of increasing the annual core dividend paid by the
Company for the 14th year running, the first interim dividend for the current
year of 3.15p (2022: 2.9425p) per Ordinary share was paid on 13 October 2023.
The Board has declared a second interim dividend of 3.15p per Ordinary share
(2022: 2.9425p) payable on 12 January 2024 to shareholders on the register on
15 December 2023, making a total for the half year of 6.30p per Ordinary share
(2022: 5.89p), an increase of 7.05%.
It is anticipated that the Company will maintain the level of dividend for the
third and fourth quarter at 3.15p making a total core dividend of 12.6p for
the year (2023: 11.77p), an annual increase of 7.05%.
Portfolio
In the last six months we have increased our investment in 14 of our existing
holdings taking advantage of lower prices and shares being available in
Arbuthnot Banking Group, Bakkavor, Hargreaves Services, Liontrust Asset
Management, Marshalls, MTI Wireless Edge, OSB Group, Paypoint, Premier Miton
Group, RTC Group, Regional REIT, Somero, Spectra Systems and Watkin Jones.
During the period we added six new names to the portfolio: FDM Group -
Information Technology, Gateley - Business Services, Lendinvest - Non-bank
lender, Stelrad - supplier of central heating radiators, Vanquis Banking -
sub-prime lender and Wickes Group - retailer of building materials.
Funds were raised from the outright sale of seven of our holdings: Bloomsbury
Publishing, Numis Corporation, Saga, Synthomer, Restaurant Group, Vertu Motors
and Vistry Group. The following holdings were reduced as they grew to become
larger weightings on lower yields: Belvoir Lettings, Castings, Clarke (T.),
Essentra, Fonix Mobile, Gattaca, Hilton, Kier Group, Kitwave Group, ME Group
International, Ramsdens Holdings, Sancus Lending Group, Smiths News, Ultimate
Products and Wilmington Group.
Outlook
The stock market for the last six months, and in fact the last two years, has
been very difficult for small and mid cap companies. It is well-documented
that UK shares have been lowly rated over several years and this is
particularly so in the area of the market in which the Company invests.
There is no need to recount here the extraordinary events and circumstances
that the United Kingdom and indeed the world have experienced over the recent
past. Gradually, however, the macro environment is improving. The rate of
inflation is now reducing across Europe and, in the UK, has fallen to 4.6% and
is on course to trend down to target levels during the next year. There is no
expectation of a return to the extraordinarily low interest rates that have
prevailed over the past decade, but latest developments suggest that we may be
at or near the peak in interest rates. That will take the pressure off central
banks to increase rates further and should lead to a gradual reduction from
current levels.
Logically this will lead to a reduction in mortgage rates and combined with an
expectation that energy prices will decline further in the near future should
result in an improvement in household spending power and confidence.
Our portfolio has and is experiencing an unprecedented level of share
buy-backs by portfolio companies. This de-equitisation process, whilst
rewarding for shareholders, will ultimately be damaging for the London Stock
Market. The headlong rush by wealth managers to switch from UK equities to
Global equities has been part of the problem leading to the general decline in
UK share values. When this trend reverses there will be a sharp upward
correction in share prices.
To date there has only been a handful of takeovers in the portfolio but the
concern has to be that in the future some of our companies will be acquired at
unduly low valuations.
However, it is reassuring that the underlying performance of the companies in
the portfolio continues to be positive as managements are reacting rapidly to
changing circumstances and the challenges of the current marketplace. We
continue to see compelling evidence that our companies are, in the main,
managing the current tricky environment. As we said one year ago, "It is
likely that our companies will only receive the ratings they deserve once the
world political and economic situation is stable and then improving". Nothing
has occurred to change our view.
We are pleased to recommend an annual 7.05% rise in the dividend and are
heartened by the resilience of the portfolio's revenue stream. Over the life
of the Company there have been a number of periods where the asset value has
declined sharply only for a very strong recovery to take place soon
thereafter. We have been gently repositioning the current portfolio to take
full advantage of the potential for similar capital recovery in the future.
Chelverton Asset Management Limited
27 November 2023
Principal Risks
The principal risks facing the Group are substantially unchanged since the
date of the Annual Report for the year ended 30 April 2023 and continue to be
as set out in that report on pages 11 to 13. Risks faced by the Group include,
but are not limited to, market risk, discount volatility, regulatory risks,
financial risk, political risk, global pandemics risk and risks associated
with accounting policies, gearing and the loss of key personnel.
Going concern
Having assessed the principal risks and the other matters discussed in
connection with the viability statement as set out on pages 15 and 16 of the
Annual Report for the year ended 30 April 2023, the Directors believe that the
Group is well placed to manage its business risks successfully and it is
appropriate to adopt the going concern basis in preparing the accounts.
Change of Auditor
The Company's auditor, Hazlewoods LLP, resigned with effect from 31 October
2023 on the grounds that they have taken the decision to no longer continue
their registration as an auditor eligible to undertake Public Interest Entity
audits.
The Company's Audit Committee carried out a formal, competitive tender process
and, after careful consideration, recommended to the Board the appointment of
Johnston Carmichael LLP as the Company's new auditors. This appointment was
approved by the Board.
Johnston Carmichael LLP will carry out the audit of the Company's annual
report and accounts for the year ending 30 April 2024 and their appointment
will be put to a vote of the shareholders at the Company's next Annual General
Meeting in September 2024.
Responsibility Statement of the Directors in respect of the Half-Yearly Report
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in
compliance with the IAS 34 'Interim Financial Reporting' and gives a true and
fair view of the assets, liabilities and financial position of the Group; and
· the interim management report and notes to the Half-Yearly Report
include a fair view of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of the important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the Group during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
This Half-Yearly Report was approved by the Board of Directors on 27 November
2023 and the above responsibility statement was signed on its behalf by Howard
Myles, Chairman.
Condensed Consolidated Statement of Comprehensive Income (unaudited)
for the six months ended 31 October 2023
Six months to 31 October Year to 30 April Six months to 31 October
2023 2023 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on investments at fair value through profit or loss - (7,766) (7,766) - (5,543) (5,543) - (9,134) (9,134)
Investment income 1,599 - 1,599 3,202 - 3,202 1,631 - 1,631
Investment management fee (61) (183) (244) (133) (400) (533) (65) (195) (260)
Other expenses (163) (7) (170) (333) (14) (347) (168) (8) (176)
Net deficit before finance costs and taxation 1,375 (7,956) (6,581) 2,736 (5,957) (3,221) 1,398 (9,337) (7,939)
Finance costs
Preference shares
Preference shares - (354) (354) - (680) (680) - (340) (340)
Net deficit before taxation 1,375 (8,310) (6,935) 2,736 (6,637) (3,901) 1,398 (9,677) (8,279)
Taxation (see note 2) (25) - (25) (32) - (32) (16) - (16)
Total comprehensive expense for the period 1,350 (8,310) (6,960) 2,704 (6,637) (3,933) 1,382 (9,677) (8,295)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Net return per:
Ordinary share (see note 3) 6.32 (38.91) (32.59) 12.94 (31.77) (18.83) 6.63 (46.41) (39.78)
Zero Dividend Preference share 2025 (see note 3) - 2.44 2.44 - 4.69 4.69 - 2.34 2.34
The total column of this statement is the Statement of Comprehensive Income of
the Group prepared in accordance with UK adopted IFRSs and in with the
requirements of the Companies Act 2006. All revenue and capital items in the
above statement derive from continuing operations. No operations were acquired
or discontinued during the period. All of the net return for the period and
the total comprehensive income for the period is attributed to the
Shareholders of the Group. The supplementary revenue and capital return
columns are presented for information purposes as recommended by the Statement
of Recommended Practice issued by the Association of Investment Companies
('AIC').
Condensed Consolidated Statement of Changes in Net Equity (unaudited)
for the six months ended 31 October 2023
Share capital Share premium account Capital redemption reserve Capital reserve Revenue Total
reserve
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31 October 2023 5,288 17,980 5,004 4,564 2,727 35,563
30 April 2023
Total comprehensive expense for the period - - - (8,310) 1,350 (6,960)
Ordinary shares issued 53 303 - - - 356
Expenses of Ordinary share issue - (22) - - - (22)
Dividends paid (see note 4) - - - - (1,301) (1,301)
31 October 2023 5,341 18,261 5,004 (3,746) 2,776 27,636
Year ended 30 April 2023 (audited) 5,213 17,517 5,004 11,201 2,447 41,382
30 April 2022
Total comprehensive expense for the year - - - (6,637) 2,704 (3,933)
Ordinary shares issued 75 466 - - - 541
Expenses of Ordinary share issue - (3) - - - (3)
Dividends paid (see note 4) - - - - (2,424) (2,424)
30 April 2023 5,288 17,980 5,004 4,564 2,727 35,563
5,213 17,517 5,004 11,201 2,447 41,382
Six months ended 31 October 2022
30 April 2022
Total comprehensive expense for the period - - - (9,677) 1,382 (8,295)
Dividends paid (see note 4) - - - - (1,188) (1,188)
31 October 2022 5,213 17,517 5,004 1,524 2,641 31,899
Condensed Consolidated Balance Sheet
(unaudited)
as at 31 October 2023
31 October 30 April 31 October
2023 2023 2022
£'000 £'000 £'000
(audited)
Non-current assets
Investments at fair value through profit or loss 45,277 52,825 48,919
Current assets
Trade and other receivables 283 469 289
Cash and cash equivalents 376 380 335
659 849 624
Total assets 45,936 53,674 49,543
Current liabilities
Trade and other payables (80) (245) (118)
(80) (245) (118)
Total assets less current liabilities 45,856 53,429 49,425
Non-current liabilities
Zero Dividend Preference shares 2025 (18,220) (17,866) (17,526)
Total liabilities (18,300) (18,111) (17,644)
Net assets 27,636 35,563 31,899
Represented by:
Share capital 5,341 5,288 5,213
Share premium account 18,261 17,980 17,517
Capital redemption reserve 5,004 5,004 5,004
Capital reserve (3,746) 4,564 1,524
Revenue reserve 2,776 2,727 2,641
Equity shareholders' funds 27,636 35,563 31,899
Net asset value per: (see note 5) pence pence pence
Ordinary share 129.38 168.15 152.99
Zero Dividend Preference share 2025 125.65 123.22 120.87
Condensed Consolidated Statement of Cash Flows
(unaudited)
for the six months ended 31 October 2023
Six months to Year to Six months to
31 October 30 April 31 October
2023 2023 2022
£'000 £'000 £'000
(audited)
Operating activities
Investment income received 1,781 3,170 1,799
Investment management fee paid (260) (546) (278)
Administration and secretarial fees paid (32) (64) (32)
Refund of tax 1 - -
Other cash payments (189) (273) (187)
Cash generated from operations (see note 7) 1,301 2,287 1,302
Purchases of investments (6,538) (12,624) (4,028)
Sales of investments 6,200 12,069 3,715
Net cash inflow from operating activities 963 1,732 989
Financing activities
Issue of Ordinary shares 356 541 -
Expenses of Ordinary share issue (22) (3) -
Dividends paid (1,301) (2,424) (1,188)
Net cash outflow from financing activities (967) (1,886) (1,188)
Change in cash and cash equivalents (4) (154) (199)
Cash and cash equivalents at start of period 380 534 534
Cash and cash equivalents at end of period 376 380 335
Notes to the Condensed Half-Yearly Report
for the six months ended 31 October 2023
1 General information
The financial information contained in this Half-Yearly Report does not
constitute statutory financial statements as defined in Section 434 of the
Companies Act 2006. The statutory financial statements for the year ended 30
April 2023, which contained an unqualified auditors' report, have been lodged
with the Registrar of Companies and did not contain a statement required under
the Companies Act 2006. These statutory financial statements were prepared in
accordance with UK adopted International Financial Reporting Standards ('UK
adopted IFRSs') and in accordance with the Statement of Recommended Practice
('SORP'): Financial Statements of Investment Trust Companies and Venture
Capital Trusts issued by the AIC in July 2022.
The Group has financial resources which substantially exceed its expense
commitments and therefore the Directors believe that the Group is well placed
to manage its business risks and also believe that the Group will have
sufficient resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing this report.
This report has not been reviewed by the Group's Auditors.
This report has been prepared using accounting policies adopted in the audited
financial statements for the year ended 30 April 2023. This report has also
been prepared in compliance with IAS 34 'Interim Financial Reporting' and the
Companies Act 2006.
2 Taxation
The Company has an effective tax rate of 0% as investment gains are exempt
from tax owing to the Company's status as an Investment Trust and there is
expected to be an excess of management expenses over taxable income and thus
there is no charge for corporation tax.
Deferred tax assets in respect of unrelieved excess expenses are not
recognised as it is unlikely that the Group will generate sufficient taxable
income in the future to utilise these expenses. Deferred tax is not provided
on capital gains and losses because the Company meets the conditions for
approval as an investment trust company.
3 Earnings per share
Ordinary shares
Revenue earnings per Ordinary share is based on revenue on ordinary activities
after taxation of £1,350,000 (30 April 2023: £2,704,000, 31 October 2022:
£1,382,000) and on 21,355,216 (30 April 2023: 20,890,547, 31 October 2022:
20,850,000) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.
Capital earnings per Ordinary share is based on the capital loss of
£8,310,000 (30 April 2023: £6,637,000, 31 October 2022: £9,677,000) and on
21,355,216 (30 April 2023: 20,890,547, 31 October 2022: 20,850,000) Ordinary
shares, being the weighted average number of Ordinary shares in issue during
the period.
Zero Dividend Preference shares
Capital earnings per Zero Dividend Preference share 2025 is based on
allocations from the Company of £354,000 (30 April 2023: £680,000, 31
October 2022: £340,000) and on 14,500,000 (30 April 2023: 14,500,000, 31
October 2022: 14,500,000) Zero Dividend Preference shares 2025 being the
weighted average number of Zero Dividend Preference shares in issue during the
period.
4 Dividends
During the period, a fourth interim dividend of 2.9425p per Ordinary share was
paid to Shareholders in respect of the financial year ended 30 April 2023.
In respect of the year ending 30 April 2024, a first interim dividend of 3.15p
per ordinary share has been paid to the Shareholders.
In addition, for the year ending 30 April 2024, the Board has declared a
second interim dividend of 3.15p per Ordinary share payable on 12 January 2024
to Shareholders on the register at 15 December 2023 (ex-dividend date 14
December 2023).
5 Net asset values
Ordinary shares
The net asset value per Ordinary share is based on assets attributable of
£27,636,000 (30 April 2022: £35,563,000, 31 October 2022: £31,899,000) and
on 21,360,000 (30 April 2023: 21,150,000, 31 October 2022: 20,850,000)
Ordinary shares being the number of shares in issue at the period end.
Zero Dividend Preference shares
The net asset value per Zero Dividend Preference shares is based on assets
attributable of £18,220,000 (30 April 2023: £17,866,000, 31 October 2022:
£17,526,000) and on 14,500,000 (30 April 2023: 14,500,000, 31 October 2022:
14,500,000) Zero Dividend Preference shares being the number of shares in
issue at the period end.
6 Fair value hierarchy
Financial assets and financial liabilities of the Company are carried in the
condensed Consolidated Balance Sheet at their fair value. The fair value is
the amount at which the asset could be sold or the liability transferred in a
current transaction between market participants, other than a forced or
liquidation sale. For investments actively traded in organised financial
markets, fair value is generally determined by reference to Stock Exchange
quoted market bid prices and Stock Exchange Electronic Trading Services
('SETS') at last trade price at the Balance Sheet date, without adjustment for
transaction costs necessary to realise the asset.
The Company measures fair values using the following hierarchy that reflects
the significance of the inputs used in making the measurements. Categorisation
within the hierarchy has been determined on the basis of the lowest level
input that is significant to the fair value measurement of the relevant assets
as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
An active market is a market in which transactions for the asset or liability
occur with sufficient frequency and volume on an ongoing basis such that
quoted prices reflect prices at which an orderly transaction would take place
between market participants at the measurement date. Quoted prices provided by
external pricing services, brokers and vendors are included in Level 1, if
they reflect actual and regularly occurring market transactions on an arm's
length basis.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices).
Level 2 inputs include the following:
· quoted prices for similar (i.e. not identical) assets in active
markets;
· quoted prices for identical or similar assets or liabilities in
markets that are not active. Characteristics of an inactive market include a
significant decline in the volume and level of trading activity, the available
prices vary significantly over time or among market participants or the prices
are not current;
· inputs other than quoted prices that are observable for the asset
(for example, interest rates and yield curves observable at commonly quoted
intervals); and
· inputs that are derived principally from, or corroborated by,
observable market data by correlation or other means (market-corroborated
inputs).
Level 3 - Inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement
is categorised in its entirety is determined on the basis of the lowest level
input that is significant to the fair value measurement in its entirety. If a
fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, that measurement is a Level 3
measurement. Assessing the significance of a particular input to the fair
value measurement in its entirety requires judgement, considering factors
specific to the asset or liability.
As at 31 October 2023, 30 April 2023 and 31 October 2022 all of the Company's
investments are classified as Level 1.
7 Reconciliation of net return before and after taxation to cash generated
from operations
31 October 30 April 31 October
2023 2023 2022
£'000 £'000 £'000
Net deficit before taxation (6,935) (3,901) (8,279)
Taxation (25) (32) (16)
Net deficit after taxation (6,960) (3,933) (8,295)
Net capital deficit 8,310 6,637 9,677
Decrease in receivables 186 5 184
Decrease in payables (45) (8) (61)
Interest and expenses charged to the capital reserve (190) (414) (203)
Net cash inflow from operating activities 1,301 2,287 1,302
8 Related party transactions
The Group's investments are managed by Chelverton Asset Management Limited.
The amounts paid to the Investment Manager in the period to 31 October 2023
were £244,000 (year ended 30 April 2023: £533,000, six months to 31 October
2022: £260,000).
At 31 October 2023 there were amounts outstanding to be paid to the Investment
Manager of £45,000 (year ended 30 April 2023: £61,000, six months to 31
October 2022: £55,000).
Portfolio Investments
as at 31 October 2023
Market % of
value
Security Sector £'000 portfolio
Belvoir Lettings Real Estate 1,610 3.6
Alumasc Group Construction & Materials 1,136 2.5
Smiths News Industrial Goods & Services 1,128 2.5
Ultimate Products Consumer Products and Services 1,080 2.4
Chesnara Insurance 1,010 2.2
Diversified Energy Energy 936 2.1
M P Evans Group Food, Beverage & Tobacco 927 2.0
ME Group Consumer Products and Services 911 2.0
Coral Products Industrial Goods & Services 910 2.0
Duke Royalty Financial Services 866 1.9
Redde Northgate Industrial Goods & Services 839 1.9
Ramsdens Holdings Financial Services 835 1.9
Hargreaves Services Industrial Goods & Services 832 1.8
Castings Industrial Goods & Services 823 1.8
Severfield Construction & Materials 770 1.7
Conduit Insurance 766 1.7
Somero Industrial Goods & Services 765 1.7
RTC Group Industrial Goods & Services 740 1.7
Spectra Systems Retail 740 1.7
Fonix Mobile Industrial Goods & Services 731 1.6
Tyman Construction & Materials 728 1.6
Clarke (T.) Construction & Materials 693 1.5
TheWorks.co.uk (http://TheWorks.co.uk) Retail 684 1.5
MTI Wireless Edge Telecommunications 677 1.5
Vector Capital Financial Services 665 1.5
Palace Capital Real Estate 654 1.4
Kier Group Construction & Materials 654 1.4
Hilton Food, Beverage & Tobacco 653 1.4
Stelrad Construction & Materials 644 1.4
STV Media 643 1.4
Close Brothers Group Banks 637 1.4
Epwin Group Construction & Materials 630 1.4
Bakkavor Food, Beverage & Tobacco 612 1.4
OSB Group Financial Services 599 1.3
Sabre Insurance Insurance 577 1.3
Wickes Group Retail 576 1.3
Arbuthnot Banking Group Banks 569 1.3
Hansard Global Insurance 564 1.2
Kitwave Group Personal Care, Drugs & Grocery Stores 560 1.2
Personal Group Holdings Insurance 560 1.2
One Health Group Health Care 550 1.2
TP ICAP Financial Services 550 1.2
Genuit Group Construction & Materials 531 1.2
Bellway Consumer Products and Services 522 1.2
Polar Capital Holdings Financial Services 521 1.2
Gateley Industrial Goods & Services 520 1.1
DFS Furniture Retail 515 1.1
Marshalls Construction & Materials 515 1.1
Crest Nicholson Consumer Products and Services 480 1.1
Wilmington Group Media 472 1.0
Topps Tiles Retail 466 1.0
Jarvis Securities Financial Services 465 1.0
Lendinvest Financial Services 450 1.0
FDM Group Industrial Goods & Services 436 1.0
Ecora Resources Basic Resources 429 1.0
Gattaca Industrial Goods & Services 428 0.9
Orchard Funding Group Financial Services 425 0.9
Regional REIT Real Estate 422 0.9
RWS Industrial Goods & Services 415 0.9
Portmeirion Group Consumer Products and Services 403 0.9
Town Centre Securities Real Estate 383 0.8
Headlam Group Consumer Products and Services 360 0.8
Premier Miton Group Financial Services 357 0.8
Vanquis Banking Financial Services 347 0.8
Paypoint Industrial Goods & Services 346 0.8
Liontrust Asset Management Financial Services 335 0.7
Springfield Properties Consumer Products and Services 306 0.7
Watkin Jones Consumer Products and Services 302 0.7
Marston's Travel & Leisure 290 0.7
Strix Group Industrial Goods & Services 290 0.7
Brown (N) Group Retail 263 0.6
DSW Capital Financial Services 240 0.5
Chamberlin Basic Resources 225 0.5
Essentra Industrial Goods & Services 223 0.5
Cavendish Financial Financial Services 189 0.4
R&Q Insurance Insurance 112 0.3
iEnergizer Industrial Goods & Services 105 0.2
Aferian Telecommunications 63 0.1
Revolution Bars Group Travel & Leisure 52 0.1
Sancus Lending Group Financial Services 40 0.1
Total Portfolio
45,277 100.0
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