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The Chelverton Small Companies Dividend Trust (SDV.L), is an income fund (with a historic yield of c.4%) paying dividends quarterly. Using a disciplined investment approach, the trust invests in smaller, less well researched companies (average market capitalisation c.£300m across the portfolio which spans <£100m – £1bn+) that are yielding over 4% at the point of investment and exits when the yield falls to below 2%.

Over the last year the Trust delivered an NAV total return of 32.22%. It is the number one ranked CEF in the UK growth & Income sector, over 1,3 and 5 years, in NAV total return and share price total return.


David Horner: In October 1997, David set up Chelverton Asset Management Ltd and in May 1999, he launched the Small Companies Dividend Trust PLC. He has co-managed MI Chelverton UK Equity Income Fund since its launch, the success of which consistently earns him a Citywire AAA fund manager rating.

David Taylor: David joined Chelverton in January 2006. He co-manages the Small Companies Dividend Trust PLC, the MI Chelverton UK Equity Growth and MI Chelverton UK Equity Income Fund, the latter of which consistently earns him a AAA Citywire Fund Manager rating.


CAPITAL30 Apr 2017
30 Apr 2016
Total net assets (£~000)41,72435,077
NAV/ ordinary share248.35211.95
Mid market price/ ordinary share230190.50
REVENUE30 Apr 17
30 Apr 16
Return per Ordinary share12.17p11.23p
Dividends declared per Ordinary share7.95p7.50p
Special dividends per ordinary share1.86p1.60p
Total return on group's net assets (inc dividends paid in year)23.46%12.42%

Peer Group

  • Acorn Income Fund (AIF)
  • Henderson Opportunities Trust (HOT)
  • Miton UK MicroCap Trust (MINI)
  • Rights & Issues IT (RIIT)
  • River & Mercantile UK Micro Cap IT (RMMC)

Major Shareholders

  • Hargreaves Lansdown – 18.62%
  • Alliance Trust Savings Limited – 8.6%
  • Interactive Investor Trading Limited – 4.69%
  • Intergrated Financial Arrangements – 4.61%
  • TD Direct Investing – 4.38%
  • Halifax Share Dealing – 4.31%
  • AJ Bell Securities – 4.26%

Macro Indicators

Stockdale Research Note (Nov 2017)

“As documented in their various studies, Professors Elroy Dimson, Paul Marsh and Mike Staunton have demonstrated that over the long term smaller companies have provided superior returns compared to their larger counterparts. (We believe) that while share prices of smaller companies tend to be more volatile than their larger-cap counterparts, the riskadjusted return is generally more attractive vs large-cap peers.”

Media coverage

Fund Strategy (Nov 2017)

“The top-performing income trust looking to double its assets – Launched in 1999, the Chelverton Small Companies Dividend trust has returned 851% compared to the UK equity income sector average of 218%. ” (Mar 2017)

“Turbocharge your ISA with these smaller company investment trusts.”

Broker Coverage

Stockdale (House Broker, Nov 2017)
“Over the last one, three and five years the Chelverton Small Companies Dividend Trust (SDV) has been the top performing UK Equity Income trust. SDV is managed by David Horner and David Taylor, who both have a long history ofgenerating strong returns by investing in the mid and smaller company space.”


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