TM Cerno Select is our flagship fund. It is a global strategy, agnostic to any benchmarks and with an unconstrained approach to asset allocation. We aim to preserve and grow capital through investing in an approved range of investment vehicles, including direct securities, passive funds and active managers.
Contact Tom Milnes +44 (0)20 7036 4126

Katie Dodd
Marketing and Business Development
0207 036 4120

Katie is responsible for the firm’s marketing strategy. As part of this role she coordinates public relations and communications and is responsible for the firm’s visual identity and livery. She works alongside the front office on existing and prospective investor contact, including all aspects of the firm’s relationships with intermediaries. Katie manages the firm’s outreach programme which helps UK women athletes, explorers and adventurers and promotes participation and inclusion. Katie previously worked at Savills, and holds an MA in Art History from the University of St Andrews. Katie is a member of the Chartered Institute of Marketing.

TM Cerno Select Unit Price *
Class B
Last Updated
Class C
Last Updated

*The Unit Price for TM Cerno Select is displayed in GBP and taken from Yahoo Finance.

James Spence Fund Manager

James Spence
Managing Partner
0207 036 4110

James is a co-founder of Cerno Capital and lead manages a number of the firm’s collective and private portfolios. After qualifying as a chartered accountant in London (Coopers & Lybrand, 1989) he relocated to Asia. Between 1991 and 2004 he worked as an equity analyst, head of research, and latterly as an equity strategist at WI Carr, Paribas, HSBC and UBS, based variously in Hong Kong, Singapore and Jakarta. James graduated from the University of St Andrews, Scotland with an MA in Philosophy & Logic in 1986. James is a Member of the Chartered Institute for Securities & Investment.

Fund Facts:
Top 5 Equity Holdings:
Risk Data:
Fund Size£72.0mn
Fund Launch Date04/09/13
Legal StructureUK OEIC (UCITS)
Dealing FrequencyDaily
Suitable for SIPPs/ISAs/JISAsYes
IA SectorFlexible Investment
Available Share ClassesBC
Ongoing Charges1.55%1.30%
Cerno Capital AMC1.00%0.75%
Allocated Managers' Fees0.28%0.28%
Other Fees (incl. running costs)0.27%0.27%
Investment Minimums£5,000£1mn
1. Cerno Global Leaders Strategy* 24.0%
A long term equity strategy investing in quality companies who are leaders in their respective industries.
2. Infrastructure Equity Basket 8.7%
3. Baillie Gifford Global Discovery 8.0%
4. Ocean Dial Gateway to India 7.5%
5. Michinori Japan Equity 5.2%
Top Non-Equity Holdings:
1. US Treasuries (Inflation Protected) 23.0%
2. Gold 5.0%
3. HICL Infrastructure 3.7%
4. John Laing Infrastructure 3.6%
5. Options 0.9%
Net Equity Exposure* 57.0%
The difference between a portfolio’s long and short book. A measure of market exposure.
Gross Equity Exposure* 57.0%
The sum of the long and short book. It indicates the total exposure to financial markets.
Short Equity Exposure* 0%
Investment in a financial asset that is expected to go down in value. The investment will increase in value if the asset’s price goes down.
Long Equity Exposure* 57.0%
Investment in a financial asset that is expected to go up in value. The investment will increase in value if the asset’s price goes up.
Best Month* 4.1%
The highest returns over a single calendar month.
Worst Month* -3.8%
The lowest returns over a single calendar month.
Sharpe Ratio 1.1
Calmar Ratio 1.0
Upside Capture* 53.5%
Quantifies the percentage of periodic positive returns captured by the manager relative to the MSCI AC World Index
Downside Capture* 51.8%
Quantifies the percentage of periodic negative returns captured by the manager relative to the MSCI AC World Index
Maximum Drawdown* -7.7%
The largest peak to trough decline during a given period of an investment, quoted in percentage terms.
Annualised Volatility* 6.2%
A statistical measure of the dispersion of returns of a security over a given year.
Beta (vs World Equity Index)* 0.8
As the beta of the market is 1, a beta greater than 1 suggests the security is more volatile than the market (below 1, less volatile).
Fund & Risk Ratings
So that we can provide you with appropriate content,
please select one of the two classes:
Individual Investors: Class ‘B’  Advisers & Institutions: Class ‘C’  Download

Please ensure you read the Key Investor Information Document (KIID) for the fund selected before making an
investment decision. The document contains important information including risk factors and details of charges.


Please fill out the details requested below to receive the TM Cerno Select Factsheet



Email Address

Contact Number

Monthly factsheetMonthly newsletterJournals



If you would like to receive our DDQ, please fill in the following fields



Email Address

Contact Number





I agree
I disagree

Before accessing this section of CERNO CAPITAL PARTNERS LLP’s (“CERNO CAPITAL”) website and its contents please read these terms and conditions as they constitute a Legal Notice and contain important legal information.

CERNO CAPITAL’s website contains certain information about its approach to providing investment management services but does not provide specific investment advice and is presented for informational purposes only. It does not represent that the services described on the site are suitable for any specific investor. You are advised not to rely on any information contained in this site in the process of making a fully informed investment decision. Instead, you are urged to base investment decisions upon a thorough investigation and to obtain all necessary professional advice.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation or in which CERNO CAPITAL does not hold any necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use this website.

Persons who wish to access this section of the website are required by CERNO CAPITAL to inform themselves of the legal or regulatory restrictions which may affect their eligibility to access the website or subscribe for units in the funds described herein.

The information on this website is only intended to be viewed by persons who fall outside the scope of laws that seek to regulate financial promotions in their country of residence. Examples of such persons may be governmental agencies, persons sufficiently experienced in investment business to appreciate the risks associated with investment services promoted on this site, large corporations and trusts and high net worth individuals. These examples are not country specific, may not be relevant to your country of residence and are provided for illustration purposes only. If you are uncertain about your position under the laws of your country of residence then you should seek clarification by obtaining legal advice from a lawyer practising in your country of residence before accessing our site.

In particular, CERNO CAPITAL is not registered as an investment adviser with the Securities and Exchange Commission and therefore this website is neither directed at nor intended for use by any person or entity in the United States.

Any past performance data contained on this website is no indication of future performance and nothing on this website should be interpreted to state or imply otherwise. The value of investments may fall as well as rise and investors may not get back the full amount invested. In addition, the information and materials herein shall not constitute an offer or solicitation, or an offer to sell, shares of any of the funds or any advisory or management service in any jurisdiction.

Additionally, the information on this website is provided “as is” and “as available”. CERNO CAPITAL is under no obligation to update the information to reflect changes after the publication date. It is presented without warranty of any kind, either express or implied, including without limitation of any warranties concerning the availability, reliability, accuracy, completeness, timeliness or sequencing of the site or the content, products or services available on or via the website. Also, the information offered does not carry a guarantee of accuracy, completeness or timeliness for any particular purpose and neither expressly or impliedly carries warranties or implied warranties regarding its merchantability and fitness for a particular purpose.

CERNO CAPITAL reserves the right to change the information displayed on the website or this legal notice at any time. They will not be responsible for any loss or damage that could result from interception by third parties of any information available on this website. In no event shall CERNO CAPITAL be liable for any indirect, incidental, special, punitive or consequential damages (including, without limitation, damages for loss of data, business or profits) arising out of or in connection with this legal notice, the website, the inability to use the site or any products, services or content purchased, obtained or stored in or from the site, whether based on contract, tort, strict liability or otherwise, even if CERNO CAPITAL has been advised of the possibility of such damages, and notwithstanding the failure of the essential purpose of any remedy without limiting the foregoing provisions of this paragraph, these limitations also apply to any third party claims against you.

This Legal Notice is governed by English Law and the English courts shall have exclusive jurisdiction over any matter arising out of this Legal Notice or from your accessing of the website. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

The information contained herein does not constitute an offer to sell or the solicitation of any offer to buy or sell securities and or any derivatives and may not be reproduced, further distributed or published by any recipient without prior permission from CERNO CAPITAL.

By accessing and using the CERNO CAPITAL’s website you acknowledge that you have reviewed this Legal Notice and understand and agree to the terms and conditions contained herein.
This website has been published by CERNO CAPITAL which is authorised and regulated in the UK by the Financial Conduct Authority.

CERNO CAPITAL is a registered limited liability partnership in England and Wales (Incorporation Number OC326579), registered office: 34 Sackville Street, London, W1S 3ED.
By clicking on the “Submit” button you are stating that you are eligible to access this site and that you agree to be bound by all terms and conditions set out above, and you acknowledge that all the above information has been brought to your attention. The information contained in this website is offered to you conditional on your acceptance without modification of the terms, conditions and notices contained herein. If you do not agree with these, please do not access this website.


Please select your preferred language.



The Endowment Fund (hereafter “the Fund”) is an Unregulated Collective Investment Scheme (“UCIS”) for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the ‘Act’) and as a consequence its promotion in the UK is restricted by law.

Interests in the Fund will be offered for sale only pursuant to the prospectus (offering memorandum) of the Fund and investment into the Fund may be made solely on the basis of the information contained therein.

Access to information about the Fund is intended solely for distribution to professional clients, eligible counterparties and those persons to whom the promotion of UCIS is permitted under the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and COBS 4.12 of the Financial Conduct Authority’s Handbook. Investors may not have the benefit of the Financial Services Compensation Scheme and other protections afforded by the Act or any of the rules and regulations made there under. If you are unsure on whether you are eligible to access this section of the website, please contact our compliance officer.

There is not an active secondary market for shares in the fund. As such the only method of obtaining a return of capital may be via redemption. There may be notice periods, redemption penalties or other impediments to liquidity. In addition, some of the underlying investments contain gate clauses that prevent more than a certain percentage of investors redeeming at any one time.

By submitting your email address below you are stating that you are eligible to access this website and that you agree to be bound by all terms and conditions set out above, and you acknowledge that all the above information has been brought to your attention. The information contained in this website is offered to you conditional on your acceptance without modification of the terms, conditions and notices contained herein. If you do not agree with these, please do not access this web site.

Submit Email
I disagree


Thank you for requesting access to our Funds pages.

We will shortly mail you a password to the email address you supplied. Should this not reach your inbox within the next 5 minutes (be sure to check your junkmail) please contact us for further assistance via our contact page.