ABOUT FUNDS Toggle OEICS Toggle INVESTMENT TRUSTS Toggle INVESTOR CLUB Toggle FAMILY OFFICES CORPORATE FUNDING Toggle MEDIA CENTRE Toggle PEOPLE CONTACT Quick links Chelverton Equity Partners (CEPS) PLC Pillar 3 Disclosure Order Execution Policy RTS-28-Q121 Legal and Cookies Complaints Handling Policy Conflicts of Interest Shareholder Engagement and Voting Policy September 2021 Engagement Plan 2021 Engagement & Voting Record Q1 2021 Engagement and Voting Record Q2 2021 Engagement and Voting Record Q3 2021 Featured Press Chelverton Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Company number: 342348. Registered Office: 11 Laura Place, Bath, BA2 4BL. Created by AgencyUK Search for: Bath/Head Office & Unquoted Equity Team: 01225 483 030 London Office & Quoted Equity Team: 0207 222 8989 Edinburgh Office & European Quoted Equity Team: 0131 357 1040 INVESTMENT TRUSTSOPEN ENDED INVESTMENT COMPANIES Chelverton Funds Our Capabilities As a team, we specialise in UK small and mid-cap companies where we believe we can add long-term value. We are the quintessential investment ‘boutique’ as we do not invest in the largest 100 stocks, a rather overcrowded marketplace. We manage five distinctive, but complementary funds, including both income-focused and growth-focused Open-Ended Investment Companies (OEICs) and Investment Trusts. A more detailed description of each fund is set out below. Our belief in small and mid-cap Smaller companies are essentially those that comprise the lowest 10% in terms of the value of the market, and, as a consequence, they attract relatively little attention. However, in the long term, this part of the market has outperformed the main market on a total return basis. When this out-performance is compounded, the investment case becomes even more compelling. It is entirely logical that the smallest part of any business is going to attract the least interest, and so it is with the broking community in the City. It is simply much more lucrative to chase bigger deals. This results in relatively little coverage of a lot of the 1,500 or so UK small and mid-cap companies, which leads to significant opportunities to exploit pricing inefficiencies. We are in a good position to be able to do this as 100% of our time and effort is concentrated in this area. The increasingly short-time horizons of some participants in the market can lead to shares frequently being mispriced for those managers with a medium-term or longer-term outlook. Investing in small and mid-caps naturally puts us in this camp and our in-depth knowledge of the companies in which we invest allows us to take advantage of growing short-termism. For the reasons outlined above, share price movements can often be quite sharp, in both directions, but our investment process seeks to look through this short-term ‘noise’, as often these price changes will have nothing to do with the company itself. Whether we have our income or growth hats on, the one age-old adage to which we adhere is ‘cash is king’. For our income funds we look to invest in ‘dull but worthy’ companies and for our growth funds we look for more dynamic businesses. In the former, it is imperative that there is enough cash to pay good levels of dividend to shareholders and, in the latter, that there is sufficient cash to fund the growth of the business. We have a very experienced team and an investment approach, which we believe allow us to identify under-priced assets. By concentrating on our niche, we aim to deliver strong performance to our fund holders. Our Investment Trusts Investment trusts are quoted on the London Stock Exchange and hold a portfolio of other companies. They have a fixed number of shares, the price of which is subject to demand rather than the underlying value of the portfolio. Chelverton Growth Trust PLC Chelverton UK Dividend Trust PLC Our Open Ended Investment Companies (OEICs) These funds hold a portfolio of companies, which are valued daily. Units can be issued to new investors, or redeemed by existing ones, allowing the fund to expand or contract. Transactions are priced at the net asset value of the portfolio. MI Chelverton European Select Fund MI Chelverton UK Equity Growth Fund MI Chelverton UK Equity Income Fund Our Quoted Equity Team David Horner Managing Director David is an acclaimed fund manager, specialising in small and mid-cap quoted investment and SME unquoted investment. He has 30 years’ experience in corporate finance […] David Taylor Fund Manager David is a fund manager with specialist expertise investing in companies with sub-£1bn market capitalisations. He began his career as an analyst in the […] James Baker Fund Manager James joined Chelverton Asset Management in June 2014 to manage MI Chelverton UK Equity Growth Fund. A history graduate from Cambridge University, he has over […] Dale Robertson Fund Manager Dale has over 20 years’ experience as an equity analyst and fund manager of European equities. Most recently, at Edinburgh Partners, Dale built a […] Gareth Rudd Fund Manager Gareth also has over 20 years’ experience in equities, both as an asset manager and also as a research provider. He began his investment […] Edward Booth Assistant Fund Manager Edward joined Chelverton Asset Management in 2016 as an Assistant Fund Manager. Having graduated from the London School of Economics with a degree in Economics […] Oliver Knott Assistant Fund Manager Oliver joined Chelverton Asset Management in January 2020 as an Assistant Fund Manager. He has extensive experience in UK small and mid cap equities […] Henry Botting Assistant Fund Manager Henry joined Chelverton Asset Management in August 2021 as an Assistant Fund Manager. Prior to joining, Henry worked on the Equity Sales team at […] Sally Clifton Responsible Investing Manager Sally has over 20 years’ experience working in and around asset management. Trained as an equity analyst, she has worked for a number of […] Gregor Macdonald Corporate Governance Manager Gregor has over 27 years experience in the UK Smaller Companies sector starting with Standard Life Investments in 1987, where his time was split […] Funds under Management MI CHELVERTON UK EQUITY INCOME FUND Open Ended Investment Company Fund Size £537m As at 30 September 2021 ••••••