Schroder Managed Wealth Portfolio. Final Short Report 1 February 2015 to 31 January 2016

Transcription

1 Schroder Managed Wealth Portfolio Final Short Report 1 February 2015 to 31 January 2016

2 Schroder Managed Wealth Portfolio Review of Investment Activities From 30 January 2015 to 29 January 2016, the price of A Accumulation units on a selling price to selling price basis fell 2.42%. In comparison, the MSCI World Index in sterling terms and the UK Interbank Seven Day Index generated total returns of 1.06% 1 and 0.48% 1 respectively. Over the same period, the FTSE* All Share Index and the FTSE* British Government Fixed All Stocks Index generated negative total returns of 4.63% 1 and 0.35% 1. 1 Source: Thomson Reuters Datastream. Over the year, capital market behaviour reflected investors concerns regarding slower growth in developed markets and the continued slowdown in emerging markets with its commensurate effect on commodities and inflation. Stockmarkets that performed well were generally those where monetary policy was still being eased, such as Europe and Japan. Corporate concerns also impacted the credit markets, with spreads continuously widening. Volatility is likely to be something that remains with us throughout In terms of activity, equity exposure has increased in Asian and global markets. New fund positions have included Polar Capital Global Insurance Fund and Ocean Dial Gateway to India Fund. The fixed income weighting was increased slightly with the addition of CG Portfolio Dollar Fund. Within the alternatives sector, hedge funds have been reduced through the sale of BlueCrest AllBlue Fund. We have also added two property positions; AEW UK REIT and Empiric Student Property. Fund Manager: Kieron Launder

3 Fund Information Interim Final Accounting dates 31 July 31 January Revenue allocation date 31 March For the year For the year Ongoing charges figure to to A Income units 1.97% 2.09% A Accumulation units 1.97% 2.09% S Income units 0.99% 1.11% 1 S Accumulation units 0.99% 1.11% 1 Z Income units 1.22% 1.34% Z Accumulation units 1.22% 1.34% 1 The Ongoing charges figure is annualised based on the fees incurred during the accounting period. Performance Record Net Asset Net Asset Value as at Value as at Net Asset Value Fund performance pence per unit pence per unit % change A Income units (2.00) A Accumulation units (1.99) S Income units (2.81) S Accumulation units (1.05) Z Income units (1.74) Z Accumulation units (1.24) 3 months 1 year 5 years Schroder Managed Wealth Portfolio (1.85)% (2.42)% 16.03% MSCI World Index 0.18% 1.06% 53.93% UK Interbank Seven Day Index 0.12% 0.48% 2.61% FTSE* All Share Index (3.77)% (4.63)% 30.38% FTSE* British Government Fixed All Stocks Index 3.51% (0.35)% 37.85% Fund Source: A Accumulation units on a selling price to selling price basis to Indices Source: Thomson Reuters Datastream, total return indices in sterling terms to * FTSE International Limited ( FTSE ) FTSE. FTSE is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

4 Comparative Tables A Income units Financial year to 31 January p per unit p per unit p per unit Change in net asset value Opening net asset value Return before operating charges (0.03) Operating charges (3.14) (3.19) (2.51) Return after operating charges* (3.17) Distributions 1 Nil (0.49) (0.45) Closing net asset value * after direct transaction costs of (0.08) (0.03) 0.02 Performance Return after charges (%) (2.00) Other information Closing net asset value ( 000 s) 5,060 17,742 20,638 Closing number of units 3,258,614 11,197,049 13,844,330 Operating charges (%) Direct transaction costs (%)** (0.01) Prices Highest buying price (p) Lowest selling price (p)

5 Comparative Tables (continued) A Accumulation units Financial year to 31 January p per unit p per unit p per unit Change in net asset value Opening net asset value Return before operating charges (0.04) Operating charges (4.07) (4.14) (3.25) Return after operating charges* (4.11) Closing net asset value Retained distributions 1 Nil * after direct transaction costs of (0.10) (0.04) 0.02 Performance Return after charges (%) (1.99) Other information Closing net asset value ( 000 s) 20,169 26,836 28,320 Closing number of units 9,981,343 13,015,973 14,645,269 Operating charges (%) Direct transaction costs (%)** (0.01) Prices Highest buying price (p) Lowest selling price (p)

6 Comparative Tables (continued) S Income units Financial year to 31 January p per unit p per unit Change in net asset value Opening net asset value Return before operating charges (0.02) 1.49 Operating charges (0.51) (0.30) Return after operating charges* (0.53) 1.19 Distributions 1 (0.91) Nil Closing net asset value * after direct transaction costs of (0.03) (0.01) Performance Return after charges (%) (1.04) 2.38 Other information Closing net asset value ( 000 s) 17,976 1 Closing number of units 36,134,582 2,000 Operating charges (%) Direct transaction costs (%)** Prices Highest buying price (p) Lowest selling price (p) The unit class was launched on 14 November 2014.

7 Comparative Tables (continued) S Accumulation units Financial year to 31 January p per unit p per unit Change in net asset value Opening net asset value Return before operating charges (0.03) 1.47 Operating charges (0.51) (0.28) Return after operating charges* (0.54) 1.19 Closing net asset value Retained distributions * after direct transaction costs of (0.03) (0.01) Performance Return after charges (%) (1.05) 2.38 Other information Closing net asset value ( 000 s) 7, Closing number of units 15,107,273 1,014,215 Operating charges (%) Direct transaction costs (%)** Prices Highest buying price (p) Lowest selling price (p) The unit class was launched on 14 November 2014.

8 Comparative Tables (continued) Z Income units Financial year to 31 January p per unit p per unit p per unit Change in net asset value Opening net asset value Return before operating charges Operating charges (0.71) (0.74) (0.50) Return after operating charges* (0.71) Distributions 1 (0.29) (0.59) (0.48) Closing net asset value * after direct transaction costs of (0.03) (0.01) 0.01 Performance Return after charges (%) (1.24) Other information Closing net asset value ( 000 s) 1,447 10,928 12,347 Closing number of units 2,564,284 19,033,513 22,863,599 Operating charges (%) Direct transaction costs (%)** (0.01) Prices Highest buying price (p) Lowest selling price (p)

9 Comparative Tables (continued) Z Accumulation units Financial year to 31 January p per unit p per unit p per unit Change in net asset value Opening net asset value Return before operating charges (0.01) Operating charges (0.72) (0.75) (0.50) Return after operating charges* (0.73) Closing net asset value Retained distributions * after direct transaction costs of (0.03) (0.01) 0.01 Performance Return after charges (%) (1.24) Other information Closing net asset value ( 000 s) 6,372 7,199 6,663 Closing number of units 10,987,794 12,258,694 12,188,324 Operating charges (%) Direct transaction costs (%)** (0.01) Prices Highest buying price (p) Lowest selling price (p) These figures have been rounded to 2 decimal places. ** Direct transaction costs have been stated after deducting the proportion of the amounts collected from dilution adjustments. The Operating charges are calculated on an ex-post basis and as such may differ from the Ongoing charges figure where the Ongoing charges figure has been annualised for a unit class that has not been in existence for a full year. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

10 Portfolio Information % of net % of net assets assets as at as at Spread of investments Bermuda Guernsey Ireland Jersey Luxembourg United Kingdom United States Sterling Denominated Medium Term Bonds Net other assets % of net assets as at Major holdings Schroder Private Equity Fund of Funds EUR B Accumulation 6.82 Schroder Strategic Credit Fund S Income 5.12 Vanguard FTSE U.K. All Share Index Unit Trust 4.87 BH Macro 4.43 Treasury 0.125% Index Linked Stock Treasury 0.125% Index Linked Stock Majedie TortoiseFund Z Income 3.26 Trojan Fund O Accumulation 3.16 ishares MSCI World UCITS ETF 3.08 Findlay Park American Fund USD 3.02 % of net assets as at Schroder QEP US Core Fund I Income 9.04 Schroder Private Equity Fund of Funds EUR B Accumulation 7.24 Majedie UK Equity Fund X Income 7.14 Treasury 1.25% Index Linked Stock JOHCM UK Opportunities Fund A Income 5.25 Artemis UK Special Situations Fund R Accumulation 5.21 BH Macro 4.96 Schroder Strategic Credit Fund S Income 4.88 BlueCrest AllBlue Fund 4.68 Trojan Income Fund O Income 4.03 Investment Objective & Policy The fund s investment objective is to provide a total return primarily through investment in collective investment schemes as well as directly held transferable securities, derivatives, cash, deposits, warrants and money market instruments. The fund may also gain exposure to alternatives including hedge funds, private equity and property through investment in transferable securities which themselves invest in these asset classes.

11 Risk Profile Risk and reward indicator Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator changed from 5 to 4 with effect from 1 May 2015 for S Income units and S Accumulation units. A Income units, A Accumulation units, Z Income units and Z Accumulation units remain at 4. The risk category is based upon the fund s risk target and there is no guarantee that the fund will achieve it. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. The fund s risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk free investment. Specific risks The fund invests in assets which are exposed to currencies other than sterling. Exchange rates may cause the value of overseas investments and the revenue from them to rise or fall. The fund is index unconstrained and has the potential for greater volatility. The fund may invest in unregulated collective investment schemes, which involves a higher degree of risk as they are not regulated by the Financial Conduct Authority. The funds may not be readily realisable and priced less frequently than listed shares or authorised unit trusts, and therefore price swings may be more volatile. The fund invests in higher yielding bonds (non-investment grade). The risk of default is higher with non-investment grade bonds than with investment grade bonds. Higher yielding bonds may also have an increased potential to erode your capital sum than lower yielding bonds. The fund may invest in derivatives and invests in alternative investments (including commodities, hedge funds, property funds and private equity) which involves a higher degree of risk and can be more volatile. They should only be considered as a long term investment. For these reasons, the purchase of units should not normally be regarded as a short term investment.

12 Report & Accounts This document is a short report for the Schroder Managed Wealth Portfolio for the year ended 31 January The long form Report & Accounts for the fund are available on our website or upon written request to Schroders, FREEPOST, RLTZ-CHSY-HBUT, PO Box 1102, Chelmsford, Essex CM99 2XX. Other Information The information contained in this report is designed to enable unitholders to make an informed judgement on the activities of the fund during the period it covers and the results of those activities at the end of the period. For more information about the activities and performance of the fund during this and previous periods, please contact the Manager. The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website Schroders is required by the European Union Savings Directive to report payments to HM Revenue and Customs that are made by the fund to investors living in other European Union member states. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. For investors security, calls to Schroder Investor Services may be recorded. Manager: Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA. Authorised and regulated by the Financial Conduct Authority. Investment Adviser: Schroder Investment Management Limited, 31 Gresham Street, London, EC2V 7QA. Authorised and regulated by the Financial Conduct Authority. Trustee: J.P. Morgan Europe Limited, Chaseside, Bournemouth BH7 7DA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Independent Auditors: PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh EH3 8EX. For further literature please contact Schroder Investor Services on or at investorservices@schroders.com, or visit our website at Issued in March 2016 by Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA. Registered No: England. Authorised and regulated by the Financial Conduct Authority. w35659 MR043BF16