Every month we study the universe of funds in the investment marketplace to assess whether they meet our exacting standards and should be given the RSMR seal of approval.
MI Chelverton European Select is managed by a relatively small but very experienced team of stock pickers who specialise in investing in European mid and small cap shares. This fund can provide a high degree of diversification in any Europe ex-UK portfolio with a view to generating a higher level of alpha. It aims to provide capital growth by investing across the market cap spectrum in Europe ex-UK. The team’s philosophy explicitly seeks a blend of value and growth by trading off value (as defined by free cash flow yield) and growth (average sales growth).
The fund aims to deliver attractive total returns and a stable stream of income over the long-term by investing in a portfolio of predominantly small and mid-cap companies listed in the UK. The investment process is driven by bottom-up, fundamental analysis and the resultant portfolio is differentiated from peers as the fund usually avoids traditional large-cap income stalwarts such as oil & gas companies. The sources of income are more diversified than a typical UK equity income fund and there is a focus on quality rather than cyclical names, which has led to lower relative volatility and a low correlation to other funds in the sector. The portfolio is concentrated and is a credible option for diversifying a UK equity allocation.
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