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 (£'000) | 27,636 | 35,563 | (22.30) | |
| |
| | | |
| Net asset value per Ordinary share | 129.38p | 168.15p | (23.06) | |
| Mid-market price per Ordinary share | 131.00p | 174.50p | (24.93) | |
| 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 share | 6.32p | 6.63p | (4.68) | |
| Dividends declared per Ordinary share* | 6.30p | 5.89p | 7.05 | |
| Total return | | | | |
| Total return on Group net assets** | (23.82%) | (20.05%) | | |
| * | 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 2023 | Year to 30 April 2023 | Six months to 31 October 2022 | ||||||
| |
Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'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 |
| | | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Six months ended 31 October 2023 30 April 2023 | 5,288 | 17,980 | 5,004 | 4,564 | 2,727 | 35,563 | |
| 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) 30 April 2022 | 5,213 | 17,517 | 5,004 | 11,201 | 2,447 | 41,382 | |
| 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 |
|
| | | | | | | |
|
Six months ended 31 October 2022 30 April 2022 | 5,213 | 17,517 | 5,004 | 11,201 | 2,447 | 41,382 | |
| 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 2023 £'000
| 30 April 2023 £'000 (audited) | 31 October 2022 £'000
|
| 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 31 October 2023 £'000 | Year to 30 April 2023 £'000 (audited) | Six months to 31 October 2022 £'000 |
| 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 2023 £'000 | 30 April 2023 £'000 | 31 October 2022 £'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 | |||
| Security | Sector | £'000 | portfolio | |||
| Belvoir Lettings | Real Estate | 1,610 | 3.6 |
| ||
| Alumasc Group | 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 | 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 |
| ||
| 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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