Title: 242087122.pdf URL Source: https://documentscdn.financialexpress.net/Literature/DBA60F89102C123AE0F9F75EC572CAF1/242087122.pdf Number of Pages: 2 Markdown Content: Monthly Factsheet # 3o APril 2026 Launch Date 12 May 1999 Gross Assets £32.3m Bank Debt £Nil Core Dividend Yield 7.5%** Yield Including Special 7.5%*** ## Ordinary ## Shares Share Price (price per share) 136.250p NAV (Price per share) 144.08p* Premium / (Discount to NAV) (5.43%) Share Capital 22,450,000 *includes unaudited revenue reserve to 30/04/2026 **calculation includes last four dividends divided by the NAV per share ***calculation includes last four dividends and special dividend divided by the NAV per share ## Fund Managers ## Investment Objective and Policy The investment objective of the Company is to provide Ordinary shareholders with a high income and opportunity for capital gr owt h. 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 capit al growth, predominantly through investment in mid and smaller capitalised UK companies admitted to the Official List of the UK Lis ting Authority and traded on the London Stock Exchange Main Market, on AIM or AQSE 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 an y similar securities convertible into shares; nor will it invest in the securities of other investment trusts or in unquoted companies. Th e Company may retain investments in companies which cease to be listed after the initial investment was made, so long as the to tal is non -material in the context of the overall portfolio; however, the Company may not increase its exposure to such investments. ## Monthly Manager Commentary Macro forecasts continue to be dominated by events in the Gulf, and the outlook remains ‘fluid ’ to say the least. At the time of writing, expectations for domestic interest rates have moved from three increases to one this year. Obviously, the inflationary nature of recent oil price increases will weigh heavily on the Bank of England MPC, but it is interesting to note this month ’s decision to leave rates unchanged. The continual shift in the direction of interest rate moves has a corresponding short -term effect on investor sentiment and therefore on share price movements within our small and mid -cap investment universe. When the UK market was more ‘risk on ’ in the first two months of the year and consensus was for two rate cuts this year, 92% of our company reports were ‘in line ’ or upgrades and we saw corresponding share price increases over the following week in 60% of cases. Conversely in the month after the outbreak of hostilities in Iran when markets turned ‘risk off ’ 92% of reports were once again in line or better than market expectations but there were share price falls in 55% of the cases over the next week. We remain confident in the medium -term strength, resilience and relatively attractive valuation of our portfolio. As we have noted, day to day share price moves are sensitive to sentiment swings but it is worth remembering that these can turn positive very quickly. At the portfolio level, we started a position in Wilmington Plc, the global provider of compliance data and training for regulated industries. Positive contributors to performance included Mony Group, which was hit by AI disintermediation concerns in January and has been recovering since; Polar Capital who reported positive net inflows and encouraging fund performance and MTI Wireless Edge, who also reported positive trading news. Diversified Energy ’s share price peaked at the end of March on geopolitical tensions and higher gas prices, at which point we took the opportunity to trim our holding. Since then, the share price has given up some of its gains. Taylor Wimpey and Premier Miton also suffered, as Taylor Wimpey ’s outlook worsened due to Gulf related inflationary pressures, and Premier Miton suffered from a pullback in investor risk appetite. ## Annual Returns % GBP 2026* 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Share Price Ordinary Shares -1.70 -2.00 12.00 -14.28 -9.35 35.61 -16.50 33.39 -32.16 27.59 13.81 Share Price Morningstar Investment Trust UK Equity Income 2.50 22.20 10.47 -1.96 0.08 20.55 -7.84 22.53 -10.39 13.42 7.43 NAV Ordinary Shares 2.90 1.10 8.68 -18.19 -19.29 39.52 -15.97 25.31 -24.50 24.37 4.96 NAV Morningstar Investment Trust UK Equity Income 3.70 19.70 11.73 -0.50 3.92 23.17 -7.78 25.75 -5.81 11.15 8.39 Source: Chelverton Asset Management Limited and Morningstar *Year to Date Past performance is not a guide to future results The Key Information Document (“ KID ”) is available on The Chelverton UK Dividend Trust plc website: www.chelvertonukdividendtrustplc.com/investor -information/ Oliver joined Chelverton Asset Management in January 2020. He has extensive experience in UK small and mid cap equities having joined Brewin Dolphin as a generalist salesman after graduating from the University of Essex with a 1st class honours degree in Politics, Philosophy and Economics. Prior to joining Chelverton, he worked as an equity analyst for N+1 Singer, in their highly respected technology research franchise. Oliver is a CFA Charterholder. Oliver Knott David Horner David qualified as a chartered accountant in 1984 with Deloitte before joining 3i Corporate Finance Limited in 1986. In 1993 he joined Strand Partners Limited, and was appointed a director in 1994, where he carried out a range of corporate finance assignments identifying, structuring and managing investments in quoted and unquoted companies. In 1997 he left to set up Chelverton Asset Management Limited and, in 1999, he launched the Chelverton UK Dividend Trust, which he still co -manages. He has also co - managed the Chelverton UK Equity Income Fund since launch. In 2013 he resigned his membership of the Institute of Chartered Accountants in England and Wales, as his career is now fully involved in fund management. He is Chairman of CEPS plc and Managing Director of Macaulay Capital plc. ## 30/04/2026 2024 -25 2023 -24 2022 -23 2021 -22 2020 -21 2019 -20 2018 -19 2017 -18 2016 -17 2025 -26 P P P P P P P P PP First interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 2.50 Second interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 2.50 Third interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 2.50 Fourth interim 3.25 3.15 2.943 2.75 2.50 2.40 2.40 2.40 2.40 Subtotal 13.00 12.60 11.77 11.00 10.00 9.60 8.97 8.46 7.95 7.50 % change 3.20 7.10 7.00 7.00 4.17 7.02 6.00 6.42 6.00 Special dividend N/A N/A N/A N/A 0.272 N/A 2.50 0.66 1.86 TOTAL 13.00 12.60 11.77 11.00 10.272 9.60 11.47 9.12 9.81 7.50 ## Dividend History Directors Howard Myles Non -Executive Chairman Andrew Watkins Non -Executive Director Denise Hadgill Non -Executive Director ## Calendar Year End 30 April AGM September Dividends (Declared) March, June, September, December Management Fee 1% Ongoing Fee 2.79%* Charge to Capital Management Fee (75% to Capital: 25% to Revenue) *For the year ended 30/04/25, calculated in accordance with AIC guidelines. Please see annual report for more details Price Information Reuters SDV.L SEDOL 0661582 Market Makers Cavendish Investec Peel Hunt Shore Cap Singers Winterflood Contact Us E: info@chelvertonam.com A: Chelverton Asset Management Limited Basildon House 7 Moorgate W: www.chelvertonukdividendtrustplc.com ## Top Twenty Holdings Holding Sector % of Portfolio Chesnara Insurance 3.68 Hargreaves Services Energy 3.55 Polar Capital Financial Services 3.24 Smiths News Consumer Discretionary Distribution & Retail 3.21 MTI Wireless Edge Technology Hardware & Equipment 3.12 ZigUp Transportation 2.54 Serica Energy 2.51 MP Evans Food, Beverage & Tobacco 2.28 MONY Group Media & Entertainment 2.25 Duke Royalty Financial Services 2.22 Personal Group Insurance 2.19 Wynnstay Food, Beverage & Tobacco 2.15 ME Group International Consumer Services 2.08 Sabre Insurance Insurance 2.04 Hollywood Bowl Consumer Services 2.02 Man Group Financial Services 2.02 TP ICAP Financial Services 2.00 Arbuthnot Banking Banks 2.00 Hansard Global Insurance 1.84 Conduit Insurance 1.75 Total 48.69% Income from Top 10 Holdings 29% Sector Breakdown % Market Cap Breakdown Risk Factors The value of investments and the income from them may go down as well as up and you may not get back your original investment . I nvestment trusts can borrow money to make additional investments on top of shareholders funds (gearing). If the value of thes e i nvestments fall in value, gearing will magnify the negative impact on performance. Particular share classes may also be structurally geared by other share classes t hat have earlier entitlement to the Company ’s assets up to a predetermined limit. If an investment trust incorporates a large amount of gearing the value of its shares m ay be subject to sudden and large falls in value and you could get back nothing at all. Some split capital shares have higher risk cha racteristics than conventional equities which can result in capital erosion. An investor could lose all of their capital. Sma lle r companies are riskier and less liquid than larger companies which means their share price may be more volatile. Some of the annual management fee is currently charged to the c api tal of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. The level of yield may b e s ubject to fluctuation and is not guaranteed. Net Asset Value (“ NAV ”) performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Risk Rating of Shares Zero Dividend Preference Shares - Medium Ordinary shares - High This document is provided for information purposes only and should not be interpreted as investment advice. If you have any d oub ts as to the suitability of an investment, please consult your financial adviser. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“ CAM ”) considers to be reliable. However, CAM cannot guarantee the accuracy or completeness of the information provided, and therefo re no investment decision should be based solely on this data. Past performance is not a guide to future performance. This docum ent is issued by CAM, authorised and regulated by the Financial Conduct Authority. This document does not represent a recommendation by CAM to purchase shares in this Fund. This is a marketing communication and is intended for Professional Investors and Eligibl e Counterparties only . We recommend private investors seek the services of a Financial Adviser. Sector % % of Portfolio Financial Services 20.2 Insurance 11.5 Consumer Discretionary Distribution & Retail 10.0 Energy 8.2 Capital Goods 6.7 Food, Beverage & Tobacco 5.9 Media & Entertainment 5.7 Materials 5.2 Commercial & Professional Services 4.9 Technology Hardware & Equipment 4.2 Consumer Services 4.1 Health Care Equipment & Services 2.9 Consumer Durables & Apparel 2.6 Transportation 2.5 Equity Real Estate Investment Trusts (REITs) 2.4 Banks 2.0 Software & Services 0.7 Real Estate Management & Development 0.2 Automobiles & Components 0.0 Consumer Staples Distribution & Retail 0.0 % of portfolio No of stocks Above £1bn 17.11 11 £500m -£1bn 22.47 11 £250m -£500m 10.81 7 £100m -£250m 26.01 16 Below £100m 23.60 23 Total 100.00 68 # Monthly Factsheet # 30 April 2026 CHELVERTON UK DIVIDEND TRUST PLC IS REGISTERED IN ENGLAND. COMPANY NUMBER: 3749536 Source: Chelverton Asset Management Limited, Sector and Industry information per GICS