CHELVERTON UK DIVIDE

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Chelverton UK Dividend Trust plc: Full year -3-

06/24/2021 | 02:05am

at 30 April 2021

Market 
 
Value 
                                                   % of 
Bid 
Market sector                          GBP'000         portfolio 
Financial Services                     10,776        17.1 
Industrial Goods & Services            10,460        16.6 
Construction & Materials               6,050         9.7 
Consumer Products and Services         5,582         9.0 
Retail                                 4,442         7.1 
Insurance                              4,326         6.8 
Real Estate                            4,182         6.6 
Travel & Leisure                       3,526         5.6 
Media                                  3,509         5.5 
Food, Beverage & Tobacco               2,873         4.7 
Telecommunications                     2,184         3.5 
Energy                                 1,827         2.9 
Basic Resources                        1,232         2.0 
Banks                                  794           1.3 
Utilities                              597           1.0 
Personal Care, Drugs & Grocery Stores  408           0.6 
                                            62,768     100.0 Breakdown of Portfolio by Market Capitalisation 

at 30 April 2021

Number of Companies

>GBP500m - 20

GBP250-500m - 11

GBP100-250m - 17

GBP75-100m - 6

GBP50-75m - 9

GBP25-50m - 5

<GBP25m - 6

% of Portfolio as at 30 April 2021

>GBP500m - 27%

GBP250-500m - 15%

GBP100-250m - 23%

GBP75-100m - 8%

GBP50-75m - 12%

GBP25-50m - 7%

<GBP25m - 8%

Source: Maitland Administration Services Limited Portfolio Statement

at 30 April 2021

Market value                                                     % of 
Security                    Sector                         GBP'000 portfolio 
Belvoir Lettings            Real Estate                    2,150 3.4 
Diversi?ed Gas & Oil        Energy                         1,827 2.9 
Alumasc Group               Construction & Materials       1,712 2.7 
UP Global Sourcing Holdings Consumer Products and Services 1,610 2.6 
Jarvis Securities           Financial Services             1,500 2.4 
Finncap Group               Financial Services             1,320 2.1 
Randall & Quilter           Insurance                      1,320 2.1 
Flowtech Fluid Power        Industrial Goods & Services    1,265 2.0 
Devro                       Food, Beverage & Tobacco       1,230 2.0 
STV                         Media                          1,220 1.9 
MTI Wireless Edge           Telecommunications             1,206 1.9 
DFS Furniture               Retail                         1,197 1.9 
Redde Northgate             Industrial Goods & Services    1,091 1.7 
Vistry Group                Consumer Products and Services 1,065 1.7 
Tyman                       Construction & Materials       1,056 1.7 
Epwin Group                 Construction & Materials       1,045 1.7 
Premier Miton Group         Financial Services             1,032 1.6 
Coral Products              Industrial Goods & Services    1,015 1.6 
Brewin Dolphin Holdings     Financial Services             1,014 1.6 
Clarke (T.)                 Construction & Materials       1,000 1.6 
Brown (N) Group             Retail                         983   1.6 
Amino Technologies          Telecommunications             978   1.6 
Sever?eld                   Construction & Materials       975   1.6 
Marston's                   Travel & Leisure               970   1.5 
Chesnara                    Insurance                      964   1.5 
Polar Capital Holdings      Financial Services             958   1.5 
Numis Corporation           Financial Services             950   1.5 
MP Evans                    Food, Beverage & Tobacco       918   1.5 
Castings                    Industrial Goods & Services    915   1.5 
Bloomsbury Publishing       Media                          903   1.4 
Vertu Motors                Retail                         902   1.4 
TheWorks.co.uk              Retail                         876   1.4 
Regional REIT               Real Estate                    840   1.3 
Crest Nicholson             Consumer Products and Services 818   1.3 
Ramsdens Holdings           Financial Services             810   1.3 
Headlam Group               Consumer Products and Services 100%   1.3 
Close Brothers Group        Banks                          794   1.3 
Essentra                    Industrial Goods & Services    794   1.3 
Appreciate Group            Financial Services             760   1.2 
Smiths News                 Industrial Goods & Services    760   1.2 
Braemar Shipping Services   Industrial Goods & Services    756   1.2 
Bakkavor                    Food, Beverage & Tobacco       725   1.2 
Restaurant Group            Travel & Leisure               720   1.1 
Centaur Media               Media                          714   1.1 
Personal Group Holdings     Insurance                      708   1.1 
Photo-me International      Consumer Products and Services 693   1.1 
Anglo Paci?c                Basic Resources                692   1.1 Portfolio Statement 

at 30 April 2021 (continued)

Market value                                                       % of 
Security               Sector                                GBP'000 portfolio 
Curtis Banks Group     Financial Services                    690   1.1 
Hansard Global         Insurance                             684   1.1 
Palace Capital         Real Estate                           674   1.1 
Wilmington Group       Media                                 672   1.1 
Saga                   Travel & Leisure                      665   1.1 
Sabre Insurance        Insurance                             650   1.0 
Duke Royalty           Financial Services                    630   1.0 
iEnergizer             Industrial Goods & Services           612   1.0 
Go-Ahead Group         Travel & Leisure                      611   1.0 
Portmeirion Group      Consumer Products and Services        600   1.0 
Contour Global         Utilities                             597   1.0 
Gattaca                Industrial Goods & Services           592   0.9 
Babcock International  Industrial Goods & Services           576   0.9 
Revolution Bars Group  Travel & Leisure                      560   0.9 
Chamberlin             Basic Resources                       540   0.9 
Town Centre Securities Real Estate                           518   0.8 
Hargreaves Services    Industrial Goods & Services           505   0.8 
Strix Group            Industrial Goods & Services           493   0.8 
Shoe Zone              Retail                                484   0.8 
Orchard Funding Group  Financial Services                    480   0.8 
RTC Group              Industrial Goods & Services           441   0.7 
RPS Group              Industrial Goods & Services           440   0.7 
McColl's Retail Group  Personal Care, Drugs & Grocery Stores 408   0.6 
Vector Capital         Financial Services                    352   0.6 
GLI Finance            Financial Services                    280   0.4 
Kier Group             Construction & Materials              262   0.4 
DX Group               Industrial Goods & Services           205   0.3 

Total Portfolio 62,768 100.0

Investment Objective and Policy

The investment objective of the Company is to provide Ordinary shareholders with a high income and opportunity for capital growth, having provided a capital return suf?cient to repay the full ?nal capital entitlement of the Zero Dividend Preference shares issued by the wholly owned subsidiary company SDVP.

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

Of?cial List of the UK Listing Authority and traded on the London Stock Exchange Main Market or traded on AIM. ? The Company will not invest in preference shares, loan stock or notes, convertible securities or ?xed interest

securities or any similar securities convertible into shares; nor will it invest in the securities of other

investment trusts or in unquoted companies. Performance Analysis using Key Performance Indicators

At each quarterly Board meeting, the Directors consider a number of key performance indicators ('KPIs') to assess the Group's success in achieving its objectives, including the net asset value ('NAV'), the dividend per share and the total ongoing charges. ? The Group's Consolidated Statement of Comprehensive Income is set out on page 47. ? A total dividend for the year to 30 April 2021 of 10.272p (2020: 9.60p) per Ordinary share has been declared to

shareholders by way of three payments totalling 7.50p per Ordinary share plus a planned fourth interim dividend

payment of 2.50p per Ordinary share and a special dividend of 0.272p per Ordinary share. ? The NAV per Ordinary share at 30 April 2021 was 227.07p (2020: 124.86p). ? The ongoing charges (including investment management fees and other expenses but excluding exceptional items) for

the year ended 30 April 2021 were 2.33% (2020: 2.12%). The increase in the annualised ongoing charges during the

year is primarily due to the reduction in net asset value for the ?rst half of the year due to the uncertainties

around Covid-19.

The Directors, in conjunction with the Investment Manager, also took time during the 2020-21 ?nancial year to speci?cally benchmark the Group's performance against different comparator peer groups and performance metrics to inform decision making.

Further detailed information is available in the Company's Key Information Document which was updated during the year and can be found on the Company's website: https://www.chelvertonam.com/fund/ chelverton-uk-dividend-trust-plc/ Principal Risks

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June 24, 2021 02:04 ET (06:04 GMT)

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