Dunedin Enterprise Investment Trust DNE

Page 1 of 2 | Morningstar Factsheets | All data as at 30 Jan 2015 unless stated otherwise
Dunedin Enterprise Investment Trust
Morningstar Peer Group Classification
Private Equity
DNE
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To target a rate of return on equity in excess of 8% p.a. over the long-term
by Investing only in direct private equity investments or via private equity
funds managed by Dunedin Capital Partners within UK lower mid-market
buyouts.
Valuation statistics (NAVs estimated1) GBX
30 Jan 2015
Price
368.00
Fair Cum NAV
499.58
Fair Ex NAV
499.58
Par Cum NAV
499.58
Par Ex NAV
499.58
Fair Cum Discount
-26.34
Fair Ex Discount
-26.34
Par Cum Discount
-26.34
Par Ex Discount
-26.34
Peer Group Discount
+0.52
-0.77
Z-Statistic2
12 m High
431.25
Low
333.00
515.80
499.26
-15.41
-33.79
Last Actual NAVs (GBX) as at 30 Sep 2014
Fair Cum NAV
501.70
Fair Ex NAV
Par Cum NAV
501.70
Par Ex NAV
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2013)
Market Capitalisation (GBP)
Net Dividend Yield6
UK
01 Apr 1987
31 Dec
London (LSE)
May 2015
Quarterly
Annual
104.3m
104.3m
20,868,562
100
65
0.011m
0.071m
1.16%
76.8m
4.48%
Dividend Policy
The fund intends to pay annual dividends
Performance (Total Return %)8 GBP
1 month 3 months
Price
+3.66
+2.22
NAV
-0.46
-0.55
Peer Group (Price)
+1.62
+10.94
Peer Group (NAV)
+2.46
+3.27
Benchmark
+2.20
+9.26
6 months
-10.90
-1.03
+10.50
+5.61
+8.40
1 year
-5.38
+0.54
+14.41
+12.59
+11.24
YTD
+4.43
-0.37
+1.03
+0.76
+2.05
3 years
+19.39
+0.95
+92.11
+31.09
+71.88
5 years
+43.36
+35.24
+99.93
+48.20
+99.38
Peer Group: Morningstar IT Private Equity P
Morningstar Benchmark: LPX United Kingdom Index
Fund distributions reinvested on ex-dividend date8
Dividend Yields over 5 years (or since inception)
Distributions (GBP) over 5 years (or since inception)
Year-on-Year Dividend Growth % (financial year 31 Dec)
2015
0.00
2014
0.00
2013
153.85
2012
30.00
2011
31.58
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.00
3 years
36.41
4 years
34.78
5 years
34.13
Directors
Duncan Budge (Chairman), Elisabeth Airey, Brian Finlayson, Federico
Marescotti
Fund Manager: Shaun Middleton (01 Jan 1994) / Graeme Murray (01
Jan 1996)
Dunedin LLP
Saltire Court, 20 Castle Terrace, Edinburgh, UK, EH1 2EN
Telephone: +44 (0)131 225 6699
Website: www.dunedinenterprise.com
Stockbroker: Cantor Fitzgerald Europe
Latest Dividend History (GBp)
Type
Income
Income
Special
Income
Dividend Declared Date
16.500
19 Mar 14
6.500
20 Mar 13
16.000
31 Aug 12
5.000
01 Mar 12
Ex Div Date
30 Apr 14
01 May 13
05 Sep 12
02 May 12
Record Date
02 May 14
03 May 13
07 Sep 12
04 May 12
Payment Date
23 May 14
24 May 13
28 Sep 12
25 May 12
Financial Year
2013
2012
2012
2011
Initial Public Offering
18,662,400 Ordinary shares at 1.14 GBP on 01 Apr 1987 raising 27.3m gross and 21.3m net of expenses
Management Fee Summary
Management Fees payable quarterly in advance, 1.5% p.a. on Investments
and 0.5% on undrawn commitments & cash. Dunedin Managed Funds pay
same fees as paid by third party investors in such Funds. Contract
terminable on 18 months notice. The Manager is entitled to receive a
performance-related management fee.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Page 2 of 2 | Morningstar Factsheets | All data as at 30 Jan 2015 unless stated otherwise
Dunedin Enterprise Investment Trust
DNE
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
-0.01
0.00
0.00
-2.74
21
1
12
11
5
6 months
-0.01
0.00
-2.25
23
1
12
11
9
1 year
0.07
-0.05
0.01
0.11
21
2
11
11
8
3 years
0.07
-0.05
0.01
20
6
10
11
5
5 years
0.44
0.03
0.00
0.70
23
8
15
13
6
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 30 Jun 2014
CitySprint (UK) Group
Hawksford International Limited
CGI Group
Weldex (International) Offshore
Realza Capital FCR
Formaplex Group Limited
Kee Safety
EV Offshore
U-POL
Innova/5 LP
Total
Capital Structure
Number of Shares
20,868,562
25.3%
13.6%
12.7%
12.3%
10.6%
9.9%
9.3%
8.6%
8.0%
6.5%
116.8%
Share Type
Ord 25p
Price
+4.43
-15.84
+7.40
+39.18
+5.70
+13.30
+106.77
+3.19
-6.42
NAV Peer Price
-0.37
+1.03
+0.92
+12.80
-1.34
+38.60
+1.78
+24.46
+9.43
-18.52
+22.42
+24.53
+41.93
+269.28
+6.90
-9.25
+10.67
-10.94
Peer NAV Benchmark
+0.76
+2.05
+11.80
+9.14
+12.94
+28.79
+3.03
+26.19
-3.53
-7.53
+17.98
+23.55
+31.53
+288.41
-8.48
-7.22
-8.74
-11.23
Wind-up Provisions/Buy Back Policy
The Company has an unlimited life. If the Company shall be wound up, the liquidator may divide among the
members in specie the whole or any part of the assets of the Company and may determine how such division shall
be carried out as between the different classes of members. The Company is authorised to repurchase up to
14.99% of the issued capital. At least 50% of the capital gains made on realisations of the Companys investments in
UK lower mid-market buyouts and a substantial proportion of the net proceeds from any sales of the Companys
existing investments in third party managed funds will be used to fund Share buy backs, tender offers, returns of
capital, dividend payments or other distributions to Shareholders.
Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions
respectively.
2
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included).
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
3
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
4
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns.
5
The figure shown is the annualized Sharpe Ratio.
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
1
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an
estimation of its value calculated using points over gilt methodology.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of
warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more
detailed methodology document please contact [email protected]
Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the
past year, calculated as (Current Discount – Mean) / Std Dev
Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a
percentage. Cash and fixed interest represents not-equity exposure.
Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
Average Net Assets
Period
2015
2014
2013
2012
2011
2010
Since FTSE 2009 Low (13 Mar 09)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
6
7
8
9

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