Title: URL Source: https://is.gd/0tPo1U Published Time: Tue, 24 Jun 2025 11:49:40 GMT Markdown Content: Monthly Factsheet # 30 April 2025 Launch Date 12 May 1999 Gross Assets £49.46m Net Assets £30.15m* Bank Debt £Nil Core Dividend Yield 9.6%** Yield Including Special 9.6%*** ## Ordinary ## Shares ## Zero ## Dividend ## Preference ## Shares Share Price (price per share) 132.00p 133.00p NAV (Price per share) 134.27p* 133.18p Premium / (Discount to NAV) (1.69%) (0.14%) Share Capital 22,450,000 14,500,000^ *includes unaudited revenue reserve to 30/04/2025 **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 ^redeemed at 133.18p —30/04/2025 ## 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 growth, having provided a capital return sufficient to repay the full final capital entitlement of the Zero Dividend Preferen ce shares issued by the wholly owned subsidiary company SDV ZDP 2025 PLC. 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, 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 any similar securities convertible into shares; nor will it invest in the securities of other investment trusts or in unquote d 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. ## Monthly Manager Commentary April was a turbulent month for UK markets. The March UK CPI inflation print surprised to the downside, with an encouraging f all in services inflation laying the foundations for the Bank of England to reduce the Base Rate in May, with the market pricing in further reductions over the next 12 months. This, combined with more encouraging consumer spending data in April has the potential to create a more encouraging backdrop for UK small and midcap equities. The domestic picture was largely overshadowed however by events in the US, with Trump ’s “Liberation Day ” tariff announcement, which was far more draconian than many commentators had expected. This sent Global markets into freefall, only to rally a few days later as the tariffs we re softened on a temporary basis for most countries (apart from China). The long -term effect of increased tariffs will depend on th e level to which they are ultimately enforced, however it is likely to be inflationary, particularly in the US, should higher t ari ff levels remain in place. The short -term effect is a dampening in business confidence as management teams pause investment decisions during the period of uncertainty. One potential positive from this upheaval is a renewed impetus to conclude trade talks and agreements which have been simmering in the background for some time. The recent agreement signed with India is a good example which may help to boost UK GDP over the medium to long -term. The combination of Global trade uncertainty and an improving UK domestic picture, led by falling mortgage rates, has resulted in a long -awaited pickup in demand for UK domestic stocks. In the month, all our top 10 contributors were UK domestic names. On the downside, RWS released a profits warning, which was disappointing given it ’s in -line AGM update less than 2 months previously. The above volatile market conditions did not provide a favourable backdrop for the placing of new zero dividend preference shares and, as previously announced, the proposed placing of 2031 ZDP ’s did not proceed. This resulted in some significant changes to the portfolio to allow the full redemption of 2025 ZDP ’s. As at the end of April, the Company had a significant cash balance, however this has now reduced post the ZDP redemption. As the Company is now ungeared, the underlying income from the restructured portfolio will lead to reduced dividend payments to ordinary shareholders. However, the Company has significant revenue reserves (Oct ’24: £2.8m), which can be used to supplement the underlying income. Consequently, the Board has announced its intention to pay a dividend of 2.5p/share on a quarterly basis for the next 3 years (effective from the fir st interim dividend in respect of the year to April ’26). ## Annual Returns % GBP 2025* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Share Price -12.02 12.00 -14.28 -9.35 35.61 -16.50 33.39 -32.16 27.59 13.81 29.36 Share Price Morningstar Investment Trust UK Equity Income 1.45 10.47 -1.96 0.08 20.55 -7.84 22.53 -10.39 13.42 7.43 5.96 NAV Ordinary Shares -12.47 8.68 -18.19 -19.29 39.52 -15.97 25.31 -24.50 24.37 4.96 24.79 NAV Morningstar Investment Trust UK Equity Income -0.57 11.73 -0.50 3.92 23.17 -7.78 25.75 -5.81 11.15 8.39 8.60 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 Investment Company website - theinvestmentcompanyplc.co.uk 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. ## 30/04/2025 2024 -25 2023 -24 2022 -23 2021 -22 2020 -21 2019 -20 2018 -19 2017 -18 2016 -17 2015 -16 P P P P P P P P P P First interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 1.70 Second interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 1.70 Third interim 3.25 3.15 2.943 2.75 2.50 2.40 2.19 2.02 1.85 1.70 Fourth interim 3.15 2.943 2.75 2.50 2.40 2.40 2.40 2.40 2.40 Subtotal 9.750 12.60 11.77 11.00 10.00 9.60 8.97 8.46 7.95 7.50 % increase 3.20 7.10 7.00 7.00 4.17 7.02 6.00 6.42 6.00 5.30 Special dividend N/A N/A N/A 0.272 N/A 2.50 0.66 1.86 1.60 TOTAL 9.750 12.60 11.77 11.00 10.272 9.60 11.47 9.12 9.81 9.10 ## Dividend History Directors ## Howard Miles 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 2.03%* Charge to Capital Management Fee and Bank Interest (75% to Capital: 25% to Revenue) * As at 30/04/22, calculated in accordance with AIC guidelines. Please see annual report for more details ## Price Information ZDP ORDS Reuters SDVP.L SDV.L SEDOL BZ7MQD8 0661582 Market Makers Canaccord Numis Shore Capital 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 Hargreaves Services Energy 3.27 Stelrad Consumer Durables & Apparel 3.25 Smiths News Consumer Discretionary Distribution & Retail 3.13 MTI Wireless Edge Technology Hardware & Equipment 3.06 Arbuthnot Banking Banks 2.93 Chesnara Insurance 2.76 Duke Royalty Financial Services 2.63 MP Evans Food, Beverage & Tobacco 2.36 Epwin Group Capital Goods 2.22 Wynnstay Food, Beverage & Tobacco 2.22 Bakkavor Group Food, Beverage & Tobacco 2.15 One Health Health Care Equipment & Services 2.09 Kier Group Capital Goods 2.08 Wickes Consumer Discretionary Distribution & Retail 2.04 Personal Group Insurance 2.00 Mony Media & Entertainment 1.98 Zigup Transportation 1.95 Hansard Global Insurance 1.92 TP ICAP Financial Services 1.83 Ramsdens Holdings Financial Services 1.82 Total 47.68% Income from Top 10 Holdings 25.00% ## 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 o the r share classes that 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 may be subject to sudden and large falls in value and you could get back nothing at all. Some sp lit capital shares have higher risk characteristics than conventional equities which can result in capital erosion. An invest or could lose all of their capital. Smaller 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 capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. The level of yield may be subject 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 document is issued by CAM, authorised and regulated by the Financial Conduct Authority. Thi s d ocument does not represent a recommendation by CAM to purchase shares in this Fund. This is a marketing communication and is int ended for Professional Investors and Eligible Counterparties only . We recommend private investors seek the services of a Financial Adv ise r. Sector % % of Portfolio Financial Services 19.4 Consumer Discretionary Distribution & 12.4 Capital Goods 10.8 Insurance 10.0 Food, Beverage & Tobacco 6.7 Energy 5.8 Media & Entertainment 5.3 Materials 5.1 Commercial & Professional Services 4.7 Technology Hardware & Equipment 4.5 Consumer Durables & Apparel 3.3 Banks 2.9 Health Care Equipment & Services 2.1 Transportation 2.0 Consumer Services 1.8 Equity Real Estate Investment Trusts 1.3 Real Estate Management & 1.1 Software & Services 1.0 Automobiles & Components 0 Consumer Staples Distribution & Retail 0 % of portfolio No of stocks Above £1bn 12.64 8 £500m - £1bn 16.37 10 £250m - £500m 10.71 6 £100m - £250m 30.37 16 Below £100m 29.90 22 Total 100.00% 62 # Monthly Factsheet # 30 April 2025 CHELVERTON UK DIVIDEND TRUST PLC IS REGISTERED IN ENGLAND. COMPANY NUMBER: 3749536 Source: Chelverton Asset Management Limited, Sector and Industry information per GICS