Over the year to the end of March 2015, SVM UK Emerging underperformed its benchmark index, the IMA UK All Companies Sector Average Index, as it returned 2.0% on net assets against the benchmark’s 5.6%. The return to shareholders was 2.2% as the discount narrowed slightly from 21.9% to 21.7%. The manager did not charge a management fee for the period.
The statement says that the most significant positive contributions to performance came from financials and consumer sectors while the main disappointments over the period under review were Flybe and Claremont. Flybe was sold as it appears the challenges to its businesses are increasing, and Claremont written-down as it put assets up for sale.
SVM UK lags benchmark