Chelverton UK Dividend Trust plc (SDVP) Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2022 29-Nov-2022 / 11:56 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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Chelverton UK Dividend Trust PLC

Half-Yearly Financial Report

For the Six Months ended 31 October 2022

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 ('SDVP') ('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 provideboth income and capital growth, predominantly through investment in mid and smaller capitalised UK companiesadmitted to the Official List of the UK Listing Authority and traded on the London Stock Exchange Main Market ortraded on AIM.

-- the Company will not invest in preference shares, loan stock or notes, convertible securities or fixedinterest securities or any similar securities convertible into shares; nor will it invest in the securities ofother investment trusts or in unquoted companies.

Financial Highlights

 
 
                                                        31 October 30 April 
 
 Capital                                                2022       2022            % change 
 
 Total gross assets (GBP'000)                             49,543     58,805          (15.75) 
 
 Total net assets (GBP'000)                               31,899     41,382          (22.92) 
 
 
 
 Net asset value per Ordinary share                     152.99p    198.47p         (22.92) 
 
 Mid-market price per Ordinary share                    162.00p    192.50p         (15.84) 
 
 Premium/(discount)                                     5.89%      (3.01%) 
 
 
 
 Net asset value per Zero Dividend Preference share     120.87p    118.52p         1.98 
 
 Mid-market price per Zero Dividend Preference share    116.50p    118.50p         (1.69) 
 
 Premium/(discount)                                     (3.62%)    (0.02%) 
 
 
 
                                                  Six months to    Six months to 
 
                                                        31 October 31 October 
 
 Revenue                                                2022       2021            % change 
 
 Return per Ordinary share                              6.63p      4.67p           41.97 
 
 Dividends declared per Ordinary share*                 5.89p      5.50p           7.00 
 
 Special dividends declared per Ordinary share          -          -               - 
 
 Total return 
 
 Total return on Group's net assets**                   (20.05%)   (7.74%) 
 
 
 
 
 
               Dividend per Ordinary share includes the first interim paid and second interim declared for the period 
 *             to 31 October 2022 and 2021 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 2022. The net asset value per Ordinary share as at 31 October 2022 was 152.99p down from 198.47p at 30 April 2022, a decrease of 22.92% during the period compared to the MSCI Small Cap Index which also decreased by 15.1%. As at 21 November 2022 the NAV per share has increased to 165.97p.

Since the beginning of the Company's financial year, the Ordinary share price has decreased from 192.50p to 162.00p as at 31 October 2022, a decrease of 15.84%. Since the period end the shares have increased in price to 166.00p and as at 21 November 2022 the shares traded on a premium of 0.02%.

Dividend

Maintaining its record of increasing the annual core dividend paid by the Company for 13 years, the first interim dividend for the current year of 2.9425p (2021: 2.75p) per Ordinary share was paid on 14 October 2022. The Board has declared a second interim dividend of 2.9425p per Ordinary share (2021: 2.75p) payable on 9 January 2023 to shareholders on the register on 16 December 2022, making a total for the half year of 5.885p per Ordinary share (2021: 5.5p) an increase of 7.0%.

It is anticipated that the Company will maintain the level of dividend for the third and fourth quarter at 2.9425p making a total core dividend declared of 11.77p for the year (2022: 11.0p) an annual increase of 7.0%.

Portfolio

In the last six months we have increased our investment in 13 of our existing holdings, taking advantage of lower share prices and shares being available in Bakkavor Group, Chesnara, Close Brothers, Crest Nicholson, Duke Royalty, Jarvis Securities, R and Q Insurance, Spectra Systems, Springfield Properties, Strix, The Works.co.uk, Tyman and UP Global Sourcing.

During the period we added four new names to the portfolio: Fonix - Mobile Payments, Genuit (formerly Polypipe) - Sustainable Built Environment Products, Liontrust - Asset Management and Marshalls - Building Materials.

Funds were raised from the outright sale of two of our holdings, Contourglobal and RPS, both as a result of bids. The following holdings were reduced as they grew to become larger weightings on lower yields: Belvoir, Bloomsbury Publishing, Centaur Media, Curtis Banks, Town Centre Securities (as a result of a tender offer by the company at a significant premium to the prevailing share price), TP ICAP and Wilmington.

Outlook

Having recovered strongly from the depths of the pandemic, the market has reacted very badly to the ongoing Ukrainian conflict and its impact on energy prices and other commodities. Coupled with this, the UK has exacerbated the general European problems by creating massive self-inflicted political uncertainty. It is hoped that the recent changes within government, will, in time, restore stability and therefore confidence.

However, it is reassuring that the underlying performance of the companies in the portfolio continues to be positive as the companies 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, emerging from the pandemic episode as better companies with more efficient processes. 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.

We are pleased to recommend an annual 7% rise in the dividend and, after three years of utilising reserves to pay the increasing dividends, the forecasts for the current year indicate that we will be able to pay the increased dividend from current revenue.

Chelverton Asset Management

29 November 2022

Principal Risks

The principal risks facing the Group are substantially unchanged since the date of the Annual Report for the year ended 30 April 2022 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, climate change risk, global pandemics and risks associated with accounting policies and gearing.

Going concern

Having assessed the principal risks and the other matters discussed in connection with the viability statement as set out on pages 14 and 15 of the Annual Report for the year ended 30 April 2022, including the additional risks related to the coronavirus pandemic, 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.

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 'InterimFinancial 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 informationrequired 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 29 November 2022 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 2022

 
 
                                                 Six months to 31        Year to 30 April        Six months to 31 
                                                 October                                         October 
                                                                         2022 
                                                 2022                                            2021 
 
 
 
                                                 Revenue Capital Total   Revenue Capital Total   Revenue Capital Total 
 
                                                 GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 
 (Losses)/gains on investments at fair value     -       (9,134) (9,134) -       (4,610) (4,610) -       649     649 
 through profit or loss 
 
 Investment income                               1,631   -       1,631   2,576   -       2,576   1,214   -       1,214 
 
 Investment management fee                       (65)    (195)   (260)   (158)   (473)   (631)   (83)    (248)   (331) 
 
 Other expenses                                  (168)   (8)     (176)   (302)   (12)    (314)   (144)   (5)     (149) 
 
 Net (deficit)/surplus before finance costs and  1,398   (9,337) (7,939) 2,116   (5,095) (2,979) 987     396     1,383 
 taxation 
 
 Finance costs 
 
 Preference shares 
 
 Preference shares                               -       (340)   (340)   -       (654)   (654)   -       (326)   (326) 
 
 Net (deficit)/surplus before taxation           1,398   (9,677) (8,279) 2,116   (5,749) (3,633) 987     70      1,057 
 
 Taxation (see note 2)                           (16)    -       (16)    (32)    -       (32)    (13)    -       (13) 
 
 Total comprehensive (expense)/ income for the   1,382   (9,677) (8,295) 2,084   (5,749) (3,665) 974     70      1,044 
 period 
 
                                                 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)                     6.63    (46.41) (39.78) 10.00   (27.57) (17.57) 4.67    0.34    5.01 
 
 Zero Dividend Preference share 2025 (see note   -       2.34    2.34    -       4.51    4.51    -       2.25    2.25 
 3) 
 

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 2022

 
 
                                           Share      Share premium    Capital redemption  Capital     Revenue Total 
                                           capital    account          reserve             reserve     reserve 
 
                                           GBP'000      GBP'000            GBP'000               GBP'000       GBP'000   GBP'000 
 
 Six months ended 31 October 2022 
                                           5,213      17,517           5,004               11,201      2,447   41,382 
 30 April 2022 
 
 Total comprehensive (expense)/ income     -          -                -                   (9,677)     1,382   (8,295) 
 for the period 
 
 Dividends paid (see note 4)               -          -                -                   -           (1,188) (1,188) 
 
 31 October 2022                           5,213      17,517           5,004               1,524       2,641   31,899 
 
 
 
 Year ended 30 April 2022 (audited) 
                                           5,213      17,517           5,004               16,950      2,661   47,345 
 30 April 2021 
 
 Total comprehensive (expense)/ income     -          -                -                   (5,749)     2,084   (3,665) 
 for the year 
 
 Dividends paid (see note 4)               -          -                -                   -           (2,298) (2,298) 
 
 30 April 2022                             5,213      17,517           5,004               11,201      2,447   41,382 
 
 
 
 
 
 Six months ended 31 October 2021          5,213      17,517           5,004               16,950      2,661   47,345 
 
 30 April 2021 
 
 Total comprehensive income for the year   -          -                -                   70          974     1,044 
 
 Dividends paid (see note 4)               -          -                -                   -           (1,151) (1,151) 
 
 31 October 2021                           5,213      17,517           5,004               17,020      2,484   47,238 
 

Condensed Consolidated Balance Sheet

(unaudited)

as at 31 October 2022

 
 
                                                  31 October 30 April 31 October 
 
                                                  2022       2022     2021 
 
                                                  GBP'000      GBP'000    GBP'000 
 
 Non-current assets 
 
 Investments at fair value through profit or loss 48,919     57,751   63,888 
 
 
 
 Current assets 
 
 Trade and other receivables                      289        520      181 
 
 Cash and cash equivalents                        335        534      187 
 
                                                  624        1,054    368 
 
 Total assets                                     49,543     58,805   64,256 
 
 Current liabilities 
 
 Trade and other payables                         (118)      (237)    (160) 
 
                                                  (118)      (237)    (160) 
 
 Total assets less current liabilities            49,425     58,568   64,096 
 
 Non-current liabilities 
 
 Zero Dividend Preference shares 2025             (17,526)   (17,186) (16,858) 
 
 Total liabilities                                (17,644)   (17,423) (17,018) 
 
 Net assets                                       31,899     41,382   47,238 
 
 
 
 Represented by: 
 
 Share capital                                    5,213      5,213    5,213 
 
 Share premium account                            17,517     17,517   17,517 
 
 Capital redemption reserve                       5,004      5,004    5,004 
 
 Capital reserve                                  1,524      11,201   17,020 
 
 Revenue reserve                                  2,641      2,447    2,484 
 
 Equity shareholders' funds                       31,899     41,382   47,238 
 
 
 
 Net asset value per: (see note 5)                pence      pence    pence 
 
 Ordinary share                                   152.99     198.47   226.56 
 
 Zero Dividend Preference share 2025              120.87     118.52   116.26 
 

Condensed Consolidated Statement of Cash Flows

(unaudited)

for the six months ended 31 October 2022

 
 
                                                     Six months to Year to  Six months to 
 
                                                     31 October    30 April 31 October 
 
                                                      2022         2022     2021 
 
 
 
                                                     GBP'000         GBP'000    GBP'000 
 
 Operating activities 
 
 Investment income received                          1.799         2,370    1,320 
 
 Investment management fee paid                      (278)         (643)    (324) 
 
 Administration and secretarial fees paid            (32)          (67)     (34) 
 
 Other cash payments                                 (187)         (236)    (113) 
 
 Cash generated from operations (see note 7)         1,302         1,424    849 
 
 Purchases of investments                            (4.028)       (8,795)  (5,079) 
 
 Sales of investments                                3,715         9,715    5,080 
 
 Net cash inflow/(outflow) from operating activities 989           2,344    850 
 
 Financing activities 
 
 Dividends paid                                      (1,188)       (2,298)  (1,151) 
 
 Net cash outflow from financing activities          (1,188)       (2,298)  (1,151) 
 
 Change in cash and cash equivalents                 (199)         46       (301) 
 
 Cash and cash equivalents at start of period        534           488      488 
 
 Cash and cash equivalents at end of period          335           534      187 
 

Notes to the Condensed Half-Yearly Report

for the six months ended 31 October 2022

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 2021, 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 2022. 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 GBP1,382,000 (30 April 2022: GBP2,084,000. 31 October 2021: GBP974,000) and on 20,850,000 (30 April 2022: 20,850,000, 31 October 2021: 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 GBP9,677,(30 April 2022: GBP5,749,000. 31 October 2021: profit of GBP70,000) and on 20,850,000 (30 April 2022: 20,850,000, 31 October 2021: 20,850,000) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

Zero Dividend Preference shares

Capital earnings per Zero Dividend Preference share 2025 is based on allocations from the Company of GBP340,000 (30 April 2022: GBP654,000, 31 October 2021: GBP326,000) and on 14,500,000 (30 April 2022: 14,500,000, 31 October 2021: 14,500,000) Zero Dividend Preference shares 2025, being the weighted average number of Zero Dividend Preference shares in issue during the year.

4 Dividends

During the period, a fourth interim dividend of 2.75p per Ordinary share was paid to Shareholders in respect of the financial year ended 30 April 2022.

In respect of the year ended 30 April 2023, a first interim dividend of 2.9425p per ordinary share has been paid to the Shareholders.

In addition, for the year ended 30 April 2023, the Board has declared a second interim dividend of 2.9425p per Ordinary share payable on 9 January 2023 to Shareholders on the register at 16 December 2022 (ex-dividend date 15 December 2022).

5 Net asset values

Ordinary shares

The net asset value per Ordinary share is based on assets attributable of GBP31,899,000 (30 April 2022:

GBP41,382,000, 31 October 2021: GBP47,238,000) and on 20,850,000 (30 April 2022: 20,850,000, 31 October

2021: 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 GBP17,526,000 (30 April 2022: GBP17,186,000, 31 October 2021: GBP16,858,000) and on 14,500,000 (30 April 2022: 14,500,000, 31 October 2021: 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 yieldcurves observable at commonly quoted intervals); and

-- inputs that are derived principally from, or corroborated by, observable market data by correlation orother 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 2022, 30 April 2022 and 31 October 2021 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 30 April 31 October 
 
                                                      2022       2022     2021 
 
                                                      GBP'000      GBP'000    GBP'000 
 
 Net return before taxation                           (8,279)    (3,633)  1.057 
 
 Taxation                                             (16)       (32)     (13) 
 
 Net return after taxation                            (8,295)    (3,665)  1.044 
 
 Net capital return                                   9,677      5,749    (70) 
 
 Decrease/(increase) in receivables                   184        (172)    119 
 
 (Decrease)/increase in payables                      (61)       (3)      9 
 
 Interest and expenses charged to the capital reserve (203)      (485)    (253) 
 
 Cash generated from operations                       1,302      1,424    849 
 

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 2022 were GBP260,000 (year ended 30 April 2022: GBP314,000, six months to 31 October 2021: GBP331,000).

At 31 October 2022 there were amounts outstanding to be paid to the Investment Manager of GBP55,000 (year ended 30 April 2022: GBP73,000, six months to 31 October 2021: GBP92,000).

Portfolio Investments

as at 31 October 2022

 
 
                                                                                     Market       % of 
                                                                                     value 
 
 Security                            Sector                                          GBP'000        portfolio 
 
 Diversified Energy                  Energy                                          1,761      3.6 
 
 iEnergizer                          Industrial Goods & Services                     1,631      3.3 
 
 Belvoir Lettings                    Real Estate                                     1,600      3.3 
 
 UP Global Sourcing Holdings         Consumer Products and Services                  1,190      2.4 
 
 Alumasc Group                       Construction & Materials                        1,152      2.4 
 
 Coral Products                      Industrial Goods & Services                     1,085      2.2 
 
 Kitwave Group                       Personal Care, Drugs & Grocery Stores           1,060      2.2 
 
 MP Evans Group                      Food, Beverage & Tobacco                        1,015      2.1 
 
 Chesnara                            Insurance                                       998        2.0 
 
 ME Group                            Consumer Products and Services                  927        1.9 
 
 Bloomsbury Publishing               Media                                           911        1.9 
 
 STV                                 Media                                           905        1.9 
 
 Smiths News                         Industrial Goods & Services                     895        1.8 
 
 Devro                               Food, Beverage & Tobacco                        894        1.8 
 
 MTI Wireless Edge                   Telecommunications                              864        1.8 
 
 Curtis Banks Group                  Financial Services                              861        1.8 
 
 Wilmington Group                    Media                                           858        1.8 
 
 Duke Royalty                        Financial Services                              853        1.7 
 
 Redde Northgate                     Industrial Goods & Services                     831        1.7 
 
 Ramsdens Holdings                   Financial Services                              830        1.7 
 
 Appreciate Group                    Financial Services                              780        1.6 
 
 Jarvis Securities                   Financial Services                              774        1.6 
 
 Castings                            Industrial Goods & Services                     765        1.6 
 
 Ecora Resources                     Basic Resources                                 765        1.6 
 
 Braemar Shipping Services           Industrial Goods & Services                     730        1.5 
 
 R & Q Insurance                     Insurance                                       730        1.5 
 
 Clarke (T.)                         Construction & Materials                        708        1.4 
 
 Fonix Mobile                        Industrial Goods & Services                     700        1.4 
 
 Vector Capital                      Financial Services                              695        1.4 
 
 Vertu Motors                        Retail                                          683        1.4 
 
 Regional REIT                       Real Estate                                     668        1.4 
 
 Hargreaves Services                 Industrial Goods & Services                     648        1.3 
 
 Palace Capital                      Real Estate                                     642        1.3 
 
 Epwin Group                         Construction & Materials                        621        1.3 
 
 DFS Furniture                       Retail                                          605        1.2 
 
 Vistry Group                        Media                                           603        1.2 
 
 Severfield                          Construction & Materials                        600        1.2 
 
 Close Brothers Group                Banks                                           589        1.2 
 
 Orchard Funding Group               Financial Services                              588        1.2 
 
 Bakkavor                            Food, Beverage & Tobacco                        585        1.2 
 
 TheWorks.co.uk                      Retail                                          579        1.2 
 
 Finncap Group                       Financial Services                              569        1.2 
 
 Essentra                            Industrial Goods & Services                     561        1.1 
 
 Personal Group Holdings             Insurance                                       552        1.1 
 
 TP ICAP                             Financial Services                              552        1.1 
 
 DSW Capital                         Financial Services                              550        1.1 
 
 Strix Group                         Industrial Goods & Services                     538        1.1 
 
 Polar Capital Holdings              Financial Services                                526      1.1 
 
 Premier Miton Group                 Financial Services                                510      1.0 
 
 Crest Nicholson                     Consumer Products and Services                    505      1.0 
 
 Town Centre Securities              Real Estate                                       504      1.0 
 
 Tyman                               Construction & Materials                          480      1.0 
 
 Hansard Global                      Insurance                                         474      1.0 
 
 Spectra Systems                     Retail                                            461      0.9 
 
 Springfield Properties              Consumer Products and Services                    460      0.9 
 
 Numis Corporation                   Financial Services                                450      0.9 
 
 Liontrust Asset Management          Financial Services                                426      0.9 
 
 Headlam Group                       Consumer Products and Services                    421      0.9 
 
 Kier Group                          Construction & Materials                          418      0.9 
 
 Centaur Media                       Media                                             403      0.8 
 
 Chamberlin                          Basic Resources                                   396      0.8 
 
 Topps Tiles                         Retail                                            383      0.8 
 
 Marshalls                           Construction & Materials                          379      0.8 
 
 Aferian                             Telecommunications                                352      0.7 
 
 Marston's                           Travel & Leisure                                  351      0.7 
 
 Sabre Insurance                     Insurance                                         312      0.6 
 
 Brown (N) Group                     Retail                                            304      0.6 
 
 Portmeirion Group                   Consumer Products and Services                    300      0.6 
 
 Gattaca                             Industrial Goods & Services                       272      0.6 
 
 RTC Group                           Industrial Goods & Services                       249      0.5 
 
 Synthomer                           Chemicals                                         225      0.5 
 
 Genuit Group                        Construction & Materials                          191      0.4 
 
 Restaurant Group                    Travel & Leisure                                  191      0.4 
 
 Revolution Bars Group               Travel & Leisure                                  176      0.4 
 
 Saga                                Travel & Leisure                                  150      0.3 
 
 Sancus Lending Group                Financial Services                                149      0.3 
 
 Total Portfolio                                                                       48,919   100.0 
 
 
 

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ISIN:          GB0006615826, GB00BZ7MQD81 
Category Code: IR 
TIDM:          SDVP 
LEI Code:      213800DAF47EJ2HT4P78 
Sequence No.:  204863 
EQS News ID:   1500659 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 

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(END) Dow Jones Newswires

November 29, 2022 06:56 ET (11:56 GMT)

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