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Our Portfolio

The club holds shares in the following companies:

  • Adnams

    Founded in 1872, Adnams is a regional brewer based in Suffolk, with some 45 managed…

  • Anheuser-Busch InBev

    Based in Belgium, AB InBev claims to be the world’s largest brewer. In the UK it owns…

  • Asahi

    Asahi is a major Japanese multinational brewer. It acquired the Fuller’s and Dark Star…

  • Bedlam

    Based at a farm in the South Downs, the business entered administration in February 2023…

  • Beer Consortium

    A Nottingham based EIS private company, founded in 2014 and operating five externally…

  • Big Penny

    At one time the largest brewery in the UK by volume, the Trumans brand was once ubiquitous…

  • Black Sheep

    Established in 1992 as a free trade brewer, Black Sheep entered into administration in May…

  • Brain SA

    The family controlled company was already in a troubled financial position prior to Covid…

  • Brasserie du Renard

    A micro Belgian co-operative brewer (with approx. 300 members) of artisanal organic beers…

  • C&C Group

    The company owns cask beer distributor Matthew Clark and various alcohol brands, including Bulmers…

  • Caledonia Investments

    This London listed investment trust has owned Liberation Group (Butcombe and Liberation…

  • Carlsberg

    A Danish brewery operating internationally, Carlsberg owns the Tetley branded UK cask ales…

  • City Pub Group

    City Pub Group is an AIM listed pub company, headquartered in London and operating around…

  • CK Asset Holding

    Hong Kong based and listed real estate business, CK Asset Holding is part of a larger group…

  • Fuller, Smith & Turner

    Once a leading brewer of cask beer at its Chiswick plant, the company, which is London listed…

  • Heavitree

    Heavitree is an Exeter based pub chain, which no longer brews. It has been strengthening…

  • Heineken Holdings

    A Dutch headquartered brewer that claims to be second largest in the world is also said…

  • Hop Back

    Operating primarily in the Wiltshire area as a cask ale brewery, the company was an early…

  • Hydes

    Now based in Salford, Hydes is a long-established business, which has restructured itself…

  • Joseph Holt

    Founded in 1849, this family-controlled brewery now has sixth generation members involved…

  • Loch Lomond

    Founded in 2011, the family run company produces traditional cask and supplies small…

  • Loungers

    Floated on AIM in April 2019, the company has over 240 predominantly café-bar outlets throughout…

  • Marston’s

    Now a pub owning business, Marston’s merged its brewing interests into a joint company…

  • McMullens

    McMullens has 125 tied pubs across South-East England, with a strong cask beer tradition…

  • Mitchells & Butler

    Mitchells & Butler is a leading pub company with over 1700 largely freehold sites across…

  • Molson Coors

    Based in Denver, Colorado, the company acquired parts of the Bass business from Interbrew…

  • Nethergate

    One of the original microbreweries (being formed in 1986), Nethergate had a troubled…

  • Revolution Bars Group

    Founded in 1991, in Ashton under Lyne, the company originally focused on operating late…

  • Shaftesbury Capital

    A leading property company, owning what many view as the pre-eminent central London retail…

  • Shepherd Neame

    Claiming to be the UK’s oldest continuous brewer (from 1698), the Kent based business…

  • Thwaites

    The family-controlled business continues to brew and retail its own beers despite closing…

  • Twickenham Fine Ales

    Founded in 2004 by American Steve Brown, the company now claims to be London’s oldest…

  • Wadworth

    Founded in 1875 and based in Wiltshire, largely operating in the Wessex region, the…

  • West Berkshire

    The company entered into administration in January 2022. There will be no return to…

  • Wetherspoon

    A leading pub operator with over 830 outlets (including c55 hotels) throughout the UK…

  • Whitbread

    No longer directly brewing but owning over 300 pubs, operating under various brands…

  • Young & Co

    Founded as a brewery in 1831, the company fully sold its beer brands to Charles Wells…

Our Portfolio

Full listing refers to a quote on the main regulated London Stock Exchange (LSE). AIM is a sub-market of the LSE, with a more flexible regulatory regime and attracts smaller and or less viable companies than the main market.

Aquis Stock Exchange (AQSE) is a recognised stock exchange based in London. A real estate investment trust (REIT) is a property company that must have 75% of its assets or revenue from property income, and must distribute 90% of its rental income to shareholders.

The portfolio is invested on an index-agnostic basis, using a process based upon stock picking but constrained by appropriate risk control parameters. It is ungeared, although individual companies within it do have borrowings secured on their own assets.

Whilst the contents of this note are thought to be accurate readers should not rely upon the information it contains.

The value of investments can go down as well as up, so an investor might not get back the amount originally invested when leaving the club.

CMIC Asset Allocation Guidelines

The below are set out as guidelines and not as targets, and their relevance will be monitored by the committee on an ongoing basis:

  • Given the club’s focus, the majority of the portfolio is expected to be invested in UK listed companies. However, the overall geographic profile of the portfolio will change from time to time.
  • The club’s policy is not to invest more than 15% of net assets in any one investment. The total number of holdings in the portfolio will vary, but the top positions will have a proportionally larger weighting.
  • The club has allocated up to 5% of its investments to be held in “riskier” companies. This broad definition covers microbreweries and those stocks where security trading is restricted to other existing shareholders, the company, other prescribed persons, or similar.
  • The committee is aware of the need to actively manage its cash resources carefully in line with the policy of being fully invested, whenever possible. Consequently, the club monitors the liquidity of its investments and recognises that holding a company that is fully listed on the London Stock Exchange, or other recognised stock exchange, does not necessarily mean that the investment is easily realisable. However, club policy will be to aim to have not less than 50% of net assets in fully listed securities; not more than 20% invested in AIM listed securities; and not more than 20% invested in companies traded on other UK security markets, such as AssetMatch or AQSE.
  • The club may not use derivatives or gearing.
  • The club will not, as a matter of course, hold more than 15% of the voting equity of an individual investment, but this policy is subject to preserving the club’s economic interests in such investments, where circumstances indicate it would be prudent to do so, as during money-raising or follow-on situations, for example.