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
tom@cernocapital.com

Tom Milnes
Business Development Director
020 7036 4126

Tom joined Cerno Capital to help with the firm’s intermediary client relationships. Before joining Cerno, Tom was Business Development Director at Investec Wealth & Investment and had been with the company for six years. Prior to this, he had roles in investment sales at LV Asset Management and Rathbones. Tom is a member of the CISI.

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£68.4mn
Fund Launch Date04/09/13
Legal StructureUK OEIC (UCITS)
Dealing FrequencyDaily
Suitable for SIPPs/ISAs/JISAsYes
IA SectorFlexible Investment
Available Share ClassesBC
Ongoing Charges1.65%1.40%
Cerno Capital AMC1.00%0.75%
Allocated Managers' Fees0.52%0.52%
Other Fees (incl. running costs)0.13%0.13%
Investment Minimums£5,000£1mn
1. Cerno Global Leaders Strategy* 23.4%
A long term equity strategy investing in quality companies who are leaders in their respective industries.
2. Ocean Dial Gateway to India 9.3%
3. Infrastructure Equity Basket 9.1%
4. Baillie Gifford Global Discovery 7.5%
5. Michinori Japan Equity 5.2%
Top Non-Equity Holdings:
1. US Treasuries (Inflation Protected) 25.2%
2. Gold 5.5%
3. HICL Infrastructure 4.0%
4. John Laing Infrastructure 3.8%
5. Options 0.6%
Net Equity Exposure* 58.1%
The difference between a portfolio’s long and short book. A measure of market exposure.
Gross Equity Exposure* 58.1%
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* 58.1%
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 1.0
Calmar Ratio 0.9
Upside Capture* 53.3%
Quantifies the percentage of periodic positive returns captured by the manager relative to the MSCI AC World Index
Downside Capture* 60.9%
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* 6.4%
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 CODES ISIN SEDOL Bloomberg
B GB00BCZXTM29 BCZXTM2 TMCESBA
C GB00BCZXTP59 BCZXTP5 TMCESCA
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