Threadneedle Navigator Growth Trust

Size: px
Start display at page:

Download "Threadneedle Navigator Growth Trust"

Transcription

1 Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the UK equity market, as measured by the FTSE All-Share Index (Total Return), rose by %. The offer price of accumulation units in the Trust rose by 22.92% from p to p during the same period. Please note that the FTSE All-Share Index (Total Return) return quoted above is at global close as of 31 May 2017, although the Trust is valued at 12 noon on the following day. Market Overview and Portfolio Activity Global equities performed very strongly over the period under review, with all of the major regional markets posting double-digit returns in local currency terms. The returns for UK-based investors were even stronger due to the weakness of sterling following the UK s vote to leave the European Union. Over the year as a whole, equity markets benefited from a marked improvement in global risk appetite, a rise in commodity prices, some better-than-expected corporate results, ongoing monetary stimulus and signs of economic stabilisation in China. Donald Trump s victory in November s US presidential election fuelled a strong market rally amid expectations of lower taxes, looser regulation and increased infrastructure spending. There were strong gains by cyclical (economy sensitive) stocks as new stimulus measures from the Trump administration could help boost global growth. Technology stocks have performed particularly well since the election. Within the US, robust employment data and solid economic growth heightened expectations for a rate hike. The Federal Reserve (Fed) duly delivered a rise of 25 basis points in both December and March. However, investors were reassured by the Fed s dovish comments that accompanied the second hike. Markets in the US and UK hit successive record highs in 2017, and key European markets scaled new heights as populist political parties in Europe lost ground. Sentiment was also supported by the continuation of record low interest rates in both Japan and the eurozone. Additionally, the European Central Bank extended its bond-buying scheme until at least December Throughout the year, the Bank of Japan endeavoured to boost inflation and weaken the yen, with mixed success. In the UK, the Bank of England (BoE) cut rates to a historic low after the Brexit vote, to help support the economy. Economic activity globally has generally been more robust than expected, particularly in the UK which has proved more resilient than many commentators predicted at the time of the Brexit vote. The muchanticipated triggering of Article 50 by Theresa May on 29 March, followed by the announcement of a UK general election on 8 June, had little immediate impact on the market. Emerging markets produced strong gains despite the rise in US interest rates and Trump s protectionist rhetoric. There was some thawing of relations between the US and China following April s meeting between the presidents of both countries. Core government bond markets experienced mixed fortunes. The market in Japan posted a negative return in contrast to the gains seen in the UK and Europe, while returns from US Treasury bonds were flat. The UK bond market was the best performer, buoyed by the BoE s measures to steady financial markets after the Brexit vote. In addition to cutting rates to 0.25%, the central bank introduced a bank-funding scheme and expanded its bond-purchasing programme to include corporate as well as government bonds. The latter measure provided further support for UK investment-grade corporate bonds, while high-yield bonds and emerging market bonds also had a strong year, buoyed the improvement in risk appetite. Early in the reporting period, we reduced the trust s exposure to European equities, given the initial uncertainty caused by the Brexit vote. However, later in the year we added back to Europe, as some of the political risk had dissipated and we were encouraged by the strength of company earnings and appealing valuations. During the year, we felt it prudent to realise some gains on UK equities following their strong performance. The shares of companies with substantial overseas earnings have performed particularly well as these firms are beneficiaries of the weaker pound. Other portfolio adjustments included a reduction in the trust s exposure to Japanese equities and an increased allocation to bonds. Having increased the weighting in US equities early in the period, we subsequently took some profits. As a result of the strong rise in the US market, equities looked relatively fully valued. There is also some debate as to whether President Trump will be able to deliver a major cut in corporate taxation, which in many cases has already been factored into valuations. Following the strong performance of stock markets in Asia and emerging markets, we realised some gains by reducing the holdings in the Asia Fund and the Global Emerging Markets Equity Fund. While political developments continue to pose a risk for Europe, the immediate threats have dissipated following the recent victories by pro-eu candidates in the French and Dutch elections. We continue to monitor global factors including the US political situation, the oil price and China s economic outlook, all of which can influence global equity markets. As regards bond markets, the prolonged easing of monetary policy by major central banks has driven down core government bond yields. More recently, there has been an increasing focus on the limits to monetary stimulus and the prospect of new fiscal stimulus is gaining credibility. While our long-term view of low real interest rates in developed economies remains intact, there is a risk of near-term corrections as markets adjust to changes in the desired policy mix. Election Update The commentary contains a market background with a snapshot of investor sentiment during the period under review. Although the UK election has since taken place, the result has no retroactive bearing on what investors were thinking prior to the vote. Fund Facts Fund Accounting and Distribution Dates Accounting Dates Payment Dates 1 June 1 August

2 Ongoing Charges Figure The Ongoing Charges Figure (OCF) is the European standard method of disclosing the charges of a unit class of a trust based on the financial year s expenses and may vary from year to year. It includes charges such as the trust s annual management charge, registration fee, custody fees and distribution cost but ordinarily excludes the costs of buying or selling assets for the trust (unless these assets are shares of another fund). The Key Investor Information Document (KIID) contains the current OCF. For a more detailed breakdown please visit columbiathreadneedle.com/fees. Unit class 1 June June 2016 Accumulation units 1.75% 1.72% Summary of Trust Performance Performance History (%) Unit class Accumulation units To 31 May Source: Morningstar and Threadneedle. Bid to bid prices are quoted (i.e. not including any initial charge) with net income reinvested for a UK basic rate tax payer and gross income reinvested for a non-uk resident. Performance data is quoted in sterling, unless otherwise stated. Past performance is not a guide to future investment performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. Net Asset Value (NAV) NAV pence per unit Number of units in issue As at Unit class NAV ( ) 1 June 2017 Accumulation units 20,509, ,673,646 1 June 2016 Accumulation units 18,068, ,735,437 1 June 2015 Accumulation units 19,608, ,475,440 Distribution History/Unit Price Range Pence per unit Highest offer price (pence) Lowest bid price (pence) Year to Unit class 1 June 2017 Accumulation units June 2016 Accumulation units June 2015 Accumulation units Past performance is not a guide to future performance.

3 Classification of Investments 1 June 2017 vs 1 June % 1 June June % 10% 5% 0% Collective investment schemes Corporate bonds Banks Pharmaceuticals & biotechnology Personal goods Electronic & electrical equipment Software & computer services Portfolio Information Top Five Holdings as at 1 June 2017 Construction & materials Media Travel & leisure Health care equipment & services Support services Oil & gas producers Financial services Automobiles & parts Life insurance Nonlife insurance Technology hardware & equipment Beverages General retailers % of Trust Threadneedle Asia Fund 6.44 Threadneedle Global Emerging Markets Equity Fund 3.40 Royal Dutch Shell B Shares 1.45 Nestle 1.44 Sika 1.32 Top Five Holdings as at 1 June 2016 Chemicals Industrial engineering Tobacco Mobile telecommunications Food producers Aerospace & defence Food & drug retailers Leisure goods Gas, water & multiutilities General industrials Industrial transportation Fixed line telecommunications Oil equipment, services & distribution Real estate investment trusts Government bonds Household goods & home construction Real estate investment & services Electricity Industrial metals & mining Net other assets % of Trust Threadneedle Asia Fund 6.49 Threadneedle Global Emerging Markets Equity Fund 3.40 Royal Dutch Shell B Shares 1.65 GlaxoSmithKline 1.44 Novo Nordisk 1.29

4 Investment Objective and Policy To achieve capital growth. The Manager s investment policy is to invest primarily in UK equities, UK government securities and fixed interest investments and worldwide equities. The Manager does not envisage remaining fully invested at all times and may utilise stock lending, forward transactions and derivatives in order to hedge against price or currency fluctuations and to facilitate Efficient Portfolio Management. Key Investor Information Document (KIID) Subscription requirements The KIID is a pre-contractual document and investors have to confirm that they have read the latest KIID before making a subscription. Threadneedle has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. Investors can obtain the latest KIID from columbiathreadneedle.com. Changes to the directors of the Manager The following changes have been made to the directors of the Manager: Appointment of Ms. Laura Weatherup on 11 July 2016 Appointment of Mr. Dominik Kremer on 22 July 2016 Resignation of Mr. Tim Gillbanks on 31 March 2017 Increase to the Trustee s Fee From 1 June 2016, the fee payable to the Trustee was increased from 0.008% to 0.01% per annum. This was agreed as a result of additional services to be performed by the Trustee. Changes to the Prospectus There have been no changes made to the prospectus during the period from 2 June 2016 to 1 June Changes to the Trust Deed There have been no changes made to the trust deeds during the period from 2 June 2016 to 1 June Key Risks Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Derivatives for EPM/Hedging Risk: The investment policy of the trust allows it to invest in derivatives for the purposes of reducing risk or minimising the cost of transactions. Volatility Risk: The trust may exhibit significant price volatility. Effect of Dual Pricing Risk: The trust is dual priced and there is a difference between the buying price and the selling price of units. Further risks applicable to the trust can be found in the Prospectus. Risk and Reward Profile As at 1 June 2017 the figure for the risk and reward profile disclosed in the most recent KIID representing this trust is 5. The trust is in this specific category because historically it has shown a medium to high level of volatility (how much the value of the trust went up and down compared to other categories). It is based on past performance data in pound sterling. If your investment in the trust is not in pound sterling, please check the figure for the risk and reward profile disclosed on our website (columbiathreadneedle.com) according to the currency of your investment in the trust.

5 General Information The information in this report is designed to enable unitholders to make an informed judgement on the activities of the trust during the period it covers and the results of those activities at the end of the period. For further information, please contact Threadneedle Investment Services Limited. The Long Form Report and Financial Statements is available free of charge on request from the Manager and on our website. For more information about the activities and performance of the trust during the period and previous periods, please contact the Manager at the administration address noted below, or visit our website at columbiathreadneedle.com. Contacts: Manager Threadneedle Investment Services Limited (Authorised and Regulated by the Financial Conduct Authority (FCA)) Registered Office Cannon Place 78 Cannon Street London EC4N 6AG Client Services Details Address: Threadneedle Investment Services Limited PO Box 10033, Chelmsford, Essex CM99 2AL Telephone UK Investors: (dealing & customer enquiries): * Telephone non-uk Residents: (dealing & customer enquiries): * Fax UK Investors (dealing): Fax non-uk Investors (dealing): (enquiries): Registrar Threadneedle Investment Services Limited Delegated to: International Financial Data Services (UK) Limited (Authorised and regulated by the FCA) St Nicholas Lane Basildon Essex SS15 5FS Directors of the Manager K Cates (non-executive) T Gillbanks (Resigned from the Board on 31 March 2017) D Jordison D Kremer (Appointed to the Board on 22 July 2016) A Roughead (non-executive) L Weatherup (Appointed to the Board on 11 July 2016) Investment Manager Threadneedle Asset Management Limited (Authorised and regulated by the FCA) Registered Office Cannon Place 78 Cannon Street London EC4N 6AG * Calls will be recorded. Trustee Citibank Europe plc, UK Branch (Authorised by the Prudential Regulatory Authority (PRA) and regulated by the FCA and PRA) Head Office and Registered Office Citigroup Centre Canada Square Canary Wharf London E14 5LB Legal Advisers Eversheds LLP One Wood Street London EC2V 7WS Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

6 To find out more visit columbiathreadneedle.com Threadneedle Investment Services Limited, ISA Manager, Authorised Corporate Director and Unit Trust Manager. Registered No Registered in England and Wales. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated by the Financial Conduct Authority. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. columbiathreadneedle.com

Threadneedle Navigator Growth Managed Trust

Threadneedle Navigator Growth Managed Trust Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the offer price of accumulation units rose by 21.60% from 125.90p to 153.10p. In view

More information

Threadneedle Navigator UK Index Tracker Trust

Threadneedle Navigator UK Index Tracker Trust Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the UK equity market, as measured by the FTSE All-Share Index rose by +24.52% on a total

More information

Threadneedle Navigator Cautious Managed Trust

Threadneedle Navigator Cautious Managed Trust Interim Short Report 1 December 2017 Fund Manager s Report Alex Lyle Performance During the period under review the offer price of accumulation units fell by -1.67% from 119.80p to 117.80p. In view of

More information

Threadneedle Navigator Growth Managed Trust

Threadneedle Navigator Growth Managed Trust Interim Short Report 1 December 2017 Fund Manager s Report Alex Lyle Performance During the period under review the offer price of accumulation units fell by -0.72% from 153.10p to 152.00p. In view of

More information

Threadneedle Dynamic Real Return Fund

Threadneedle Dynamic Real Return Fund Interim Short Report 25 November 2017 Fund Manager s Report Toby Nangle Performance of Class 2 Income shares* Over the six months to 25 November 2017, the published of the Threadneedle Dynamic Real Return

More information

Threadneedle Managed Equity Fund

Threadneedle Managed Equity Fund Interim Short Report 15 November 2018 Fund Managers Report Mark Burgess Alex Lyle Fund Performance During the period under review the offer price of Class A units fell by 5.16% from 205.30p to 194.70p

More information

Threadneedle Navigator Income Trust

Threadneedle Navigator Income Trust Interim Short Report 1 December 2017 Fund Manager s Report Alasdair Ross Performance Over the six months to 1 December 2017, the iboxx Sterling Non-Gilt Index produced a total return of -0.59%. The offer

More information

Threadneedle Managed Bond Focused Fund

Threadneedle Managed Bond Focused Fund Interim Short Report 15 November 2018 Fund Manager s Report Alex Lyle Fund Performance During the period under review the offer price of Class A units fell by 2.06% from 116.40p to 114.00p and the offer

More information

Threadneedle Managed Bond Fund

Threadneedle Managed Bond Fund Interim Short Report 15 November 2018 Fund Manager s Report Alex Lyle Fund Performance During the period under review the offer price of Class A units fell by 0.82% from 99.45p to 98.63p and the offer

More information

Threadneedle Managed Equity & Bond Fund

Threadneedle Managed Equity & Bond Fund Interim Short Report 15 November 2018 Fund Managers Report Mark Burgess Alex Lyle Fund Performance During the period under review the offer price of Class A units fell by 2.98% from 157.90p to 153.20p

More information

PORTFOLIO ADVANTAGE FUNDS ICVC

PORTFOLIO ADVANTAGE FUNDS ICVC UNAUDITED INTERIM REPORT AND FINANCIAL STATEMENTS THREADNEEDLE PORTFOLIO ADVANTAGE FUNDS ICVC JUNE 2016 THREADNEEDLE PORTFOLIO ADVANTAGE FUNDS ICVC COLUMBIATHREADNEEDLE.COM Contents Company Information...

More information

Threadneedle Global Bond Fund

Threadneedle Global Bond Fund Annual Short Report 7 March 2017 Fund Managers Report Dave Chappell Adrian Hilton Performance of Income Class 1 Shares* Over the twelve months to 7 March 2017, the published share price of the Threadneedle

More information

Threadneedle UK Property Authorised Investment Fund

Threadneedle UK Property Authorised Investment Fund Annual Short Report 15 May 2017 Fund Manager s Report Don Jordison Property Market Commentary We believe that the UK commercial property market has weathered the impact of the referendum result rather

More information

Threadneedle UK Institutional Fund

Threadneedle UK Institutional Fund Annual Short Report 7 March 2018 Fund Managers Report Chris Kinder Jeremy Smith Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1

More information

Threadneedle UK Property Authorised Investment Fund

Threadneedle UK Property Authorised Investment Fund Interim Short Report 15 November 2017 Fund Managers Report Don Jordison Gerry Frewin Review This report covers the period from 16 May 2017 to 15 November 2017. Property Market Commentary The UK property

More information

Threadneedle UK Select Fund

Threadneedle UK Select Fund Interim Short Report 7 September 2017 Fund Manager s Report Mark Westwood Performance of Class 1 Income shares* Over the six months to 7 September 2017, the published of the Threadneedle UK Select Fund

More information

Threadneedle American Fund

Threadneedle American Fund Annual Short Report 7 March 2018 Fund Manager s Report Nadia Grant Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Accumulation

More information

Threadneedle UK Property Authorised Investment Fund

Threadneedle UK Property Authorised Investment Fund Annual Short Report 15 May 2018 Fund Manager s Report Gerry Frewin Property Market Commentary In 2017, the UK economy continued to defy the dire economic predictions widely associated with a leave outcome.

More information

Threadneedle UK Monthly Income Fund

Threadneedle UK Monthly Income Fund Annual Short Report 7 March 2018 Fund Manager s Report Jonathan Barber Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Income shares in

More information

Threadneedle UK Smaller Companies Fund

Threadneedle UK Smaller Companies Fund Annual Short Report 7 March 2018 Fund Manager s Report James Thorne Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Income shares in the

More information

Threadneedle UK Mid 250 Fund

Threadneedle UK Mid 250 Fund Interim Short Report 31 October 2017 Fund Managers Report James Thorne Philip Macartney Performance of Class 1 Accumulation shares* Over the six months to 31 October 2017, the published share price of

More information

Threadneedle American Smaller Companies Fund (US)

Threadneedle American Smaller Companies Fund (US) Interim Short Report 7 September 2017 Fund Manager s Report Nicolas Janvier Performance of Class 1 Accumulation shares* Over the six months to 7 September 2017, the published share price of the Threadneedle

More information

Threadneedle UK Extended Alpha Fund

Threadneedle UK Extended Alpha Fund Interim Short Report 31 October 2017 Fund Manager s Report Chris Kinder Performance of Class 1 Accumulation shares* Over the six months to 31 October 2017, the published share price of Class 1 Accumulation

More information

Threadneedle UK Equity Income Fund

Threadneedle UK Equity Income Fund Interim Short Report 7 September 2017 Fund Manager s Report Richard Colwell Performance of Class 1 Income shares* Over the six months to 7 September 2017, the published of the Threadneedle UK Equity Income

More information

THREADNEEDLE MANAGED EQUITY INCOME FUND

THREADNEEDLE MANAGED EQUITY INCOME FUND INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS THREADNEEDLE MANAGED EQUITY INCOME FUND AUGUST 2017 THREADNEEDLE MANAGED EQUITY INCOME FUND COLUMBIATHREADNEEDLE.COM Contents Introduction... 2 Directors

More information

Threadneedle Global Equity Income Fund

Threadneedle Global Equity Income Fund Interim Short Report 31 October 2018 Fund Manager s Report Jonathan Crown Performance of Class 1 Income shares* Over the six months to 31 October 2018, the published share price of Class 1 Income shares

More information

Threadneedle European Smaller Companies Fund

Threadneedle European Smaller Companies Fund Annual Short Report 7 March 2018 Fund Manager s Report Mark Heslop Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published of Class 1 Accumulation shares in the

More information

Threadneedle UK Equity Income Fund

Threadneedle UK Equity Income Fund Annual Short Report 7 March 2018 Fund Manager s Report Richard Colwell Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published of Class 1 Income shares in the Threadneedle

More information

Threadneedle Global Extended Alpha Fund

Threadneedle Global Extended Alpha Fund Annual Short Report 30 April 2017 Fund Managers Report Neil Robson Ashish Kochar Performance of Accumulation Class 1 Shares* Over the twelve months to 30 April 2017, the published of Class 1 shares in

More information

Threadneedle European Select Fund

Threadneedle European Select Fund Annual Short Report 7 March 2018 Fund Managers Report David Dudding Mark Nichols Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1

More information

Threadneedle High Yield Bond Fund

Threadneedle High Yield Bond Fund Annual Short Report 7 March 2018 Fund Managers Report Barrie Whitman David Backhouse Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published of Class 1 Income shares

More information

THREADNEEDLE MANAGED FUNDS

THREADNEEDLE MANAGED FUNDS INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS THREADNEEDLE MANAGED FUNDS NOVEMBER 2017 THREADNEEDLE MANAGED FUNDS COLUMBIATHREADNEEDLE.COM Contents Introduction 2 Threadneedle Managed Equity Fund 3

More information

Threadneedle Sterling Fund

Threadneedle Sterling Fund Annual Short Report 7 March 2018 Fund Manager s Report Paul Witchalls Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Income shares in

More information

Threadneedle Sterling Fund

Threadneedle Sterling Fund Interim Short Report 7 September 2018 Fund Manager s Report Paul Witchalls Performance of Class 1 Income shares* Over the six months to 7 September 2018, the published share price of the has risen from

More information

Threadneedle Absolute Return Bond Fund

Threadneedle Absolute Return Bond Fund Annual Short Report 30 April 2018 Fund Manager s Report Adrian Hilton Performance of Class 1 Accumulation shares* Over the twelve months to 30 April 2018, the published share price of Class 1 accumulation

More information

Threadneedle American Fund

Threadneedle American Fund Interim Short Report 7 September 2018 Fund Manager s Report Nadia Grant Performance of Class 1 Accumulation shares* Over the six months to 7 September 2018, the published of the has risen from 282.61p

More information

Threadneedle Emerging Market Local Fund

Threadneedle Emerging Market Local Fund Interim Short Report 31 October 2017 Fund Manager s Report Henry Stipp Performance of Class 1 Income shares* Over the six months to 31 October 2017, the published share price of Class 1 Income shares in

More information

Threadneedle Global Emerging Markets Equity Fund

Threadneedle Global Emerging Markets Equity Fund Annual Short Report 30 April 2018 Fund Manager s Report Ilan Furman Performance of Class 1 Accumulation shares* Over the twelve months to 30 April 2018, the published share price of Class 1 accumulation

More information

Threadneedle Asia Fund

Threadneedle Asia Fund Annual Short Report 7 March 2018 Fund Manager s Report Vanessa Donegan Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Accumulation

More information

Threadneedle Latin America Fund

Threadneedle Latin America Fund Annual Short Report 7 March 2018 Fund Manager s Report Ilan Furman Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Accumulation

More information

Threadneedle Emerging Market Bond Fund

Threadneedle Emerging Market Bond Fund Annual Short Report 7 March 2018 Fund Manager s Report Henry Stipp Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Income shares in the

More information

Threadneedle European Bond Fund

Threadneedle European Bond Fund Annual Short Report 7 March 2018 Fund Manager s Report Adrian Hilton Performance of Class 1 Income shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Income shares in

More information

Threadneedle Absolute Return Bond Fund

Threadneedle Absolute Return Bond Fund Interim Short Report 31 October 2018 Fund Manager s Report Adrian Hilton Performance of Class 1 Accumulation shares* Over the six months to 31 October 2018, the published share price of Class 1 Accumulation

More information

(Authorised and regulated by the Financial Conduct Authority) (Authorised and regulated by the Financial Conduct Authority)

(Authorised and regulated by the Financial Conduct Authority) (Authorised and regulated by the Financial Conduct Authority) Equity Income UNIT TRUST FOR THE PERIOD ENDING 31 MARCH 2017 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and

More information

Threadneedle Global Select Fund

Threadneedle Global Select Fund Interim Short Report 7 September 2018 Fund Manager s Report William Davies Performance of Class 1 Accumulation shares* Over the six months to 7 September 2018, the published of the has risen from 213.58p

More information

Threadneedle European Corporate Bond Fund

Threadneedle European Corporate Bond Fund Annual Short Report 7 March 2018 Fund Manager s Report Alasdair Ross Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Accumulation

More information

Threadneedle European Bond Fund

Threadneedle European Bond Fund Interim Short Report 7 September 2018 Fund Manager s Report Adrian Hilton Performance of Class 1 Income shares* Over the six months to 7 September 2018, the published share price of the has fallen from

More information

THREADNEEDLE NAVIGATOR TRUSTS

THREADNEEDLE NAVIGATOR TRUSTS ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS THREADNEEDLE NAVIGATOR TRUSTS JUNE 2018 THREADNEEDLE NAVIGATOR TRUSTS COLUMBIATHREADNEEDLE.COM Contents Introduction 2 Threadneedle Navigator UK Index Tracker

More information

INDEX LINKED GILTS UNIT TRUST

INDEX LINKED GILTS UNIT TRUST INDEX LINKED GILTS UNIT TRUST FOR THE PERIOD ENDING 30 SEPTEMBER 2016 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised

More information

Growth Trust. Manager s Half-Year Short Report 2013

Growth Trust. Manager s Half-Year Short Report 2013 Growth Trust Manager s Half-Year Short Report 2013 Manager s report Trust Review This is the half-year report of the Wesleyan Growth Trust covering the six months from 1 July to 31 December 2013. It was

More information

INDEX LINKED GILTS UNIT TRUST

INDEX LINKED GILTS UNIT TRUST INDEX LINKED GILTS UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2012 Manager St. James's Place Unit Trust Group Limited P.O. Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised

More information

INDEX LINKED GILTS UNIT TRUST

INDEX LINKED GILTS UNIT TRUST INDEX LINKED GILTS UNIT TRUST FOR THE YEAR ENDED 31 MARCH 2014 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and

More information

GILTS UNIT TRUST FOR THE PERIOD ENDING 30 SEPTEMBER 2016

GILTS UNIT TRUST FOR THE PERIOD ENDING 30 SEPTEMBER 2016 GILTS UNIT TRUST FOR THE PERIOD ENDING 30 SEPTEMBER 2016 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and regulated

More information

Legal & General UK Alpha Trust Annual Manager s Short Report for the year ended 18 June Distribution Number 24

Legal & General UK Alpha Trust Annual Manager s Short Report for the year ended 18 June Distribution Number 24 Legal & General UK Alpha Trust Annual Manager s Short Report for the year ended 18 June 2017 Distribution Number 24 Investment Objective and Policy The investment objective of this Trust is to secure

More information

Legal & General Multi-Asset Target Return Fund Annual Manager s Short Report for the year ended 14 April Distribution Number 3

Legal & General Multi-Asset Target Return Fund Annual Manager s Short Report for the year ended 14 April Distribution Number 3 Legal & General Multi-Asset Target Return Fund Annual Manager s Short Report for the year ended 14 April 2018 Distribution Number 3 Investment Objective and Policy The Fund aims to provide long-term growth

More information

GILTS UNIT TRUST FOR THE YEAR ENDING 31 MARCH 2015

GILTS UNIT TRUST FOR THE YEAR ENDING 31 MARCH 2015 GILTS UNIT TRUST FOR THE YEAR ENDING 31 MARCH 2015 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and regulated

More information

Threadneedle Credit Opportunities Fund

Threadneedle Credit Opportunities Fund Annual Short Report 21 January 2018 Fund Manager s Report Barrie Whitman Performance of Class 1 Gross Accumulation shares Over the twelve months to 21 January 2018, the published share price of the Threadneedle

More information

Aberdeen Foundation Growth Fund

Aberdeen Foundation Growth Fund Aberdeen Foundation Growth Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long term capital growth and to produce a return that, before

More information

Schroder UK Alpha Plus Fund. Final Short Report 1 June 2015 to 31 May 2016

Schroder UK Alpha Plus Fund. Final Short Report 1 June 2015 to 31 May 2016 Schroder UK Alpha Plus Fund Final Short Report 1 June 2015 to 31 May 2016 Review of Investment Activities From 29 May 2015 to 31 May 2016, the price of A Accumulation units on selling price to selling

More information

Aberdeen Multi-Asset Growth 2 Portfolio

Aberdeen Multi-Asset Growth 2 Portfolio Aberdeen Multi-Asset Growth 2 Portfolio Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return. The Portfolio aims to achieve long term

More information

The All-In-1 Investment Bond and Guaranteed Capital Bond. Investment Report 2016

The All-In-1 Investment Bond and Guaranteed Capital Bond. Investment Report 2016 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2016 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2016 This information does not constitute investment

More information

Period End Date for Distribution:

Period End Date for Distribution: Legal & General European Trust Interim Manager s Short Report for the period ended 28 January 2017 Investment Objective and Policy The investment objective of the Trust is to secure capital growth from

More information

Distribution Number 9

Distribution Number 9 Distribution Number 9 Legal & General Emerging Markets Government Bond (Local Currency) Index Fund Annual Manager s Short Report for the year ended 20 April 2018 Investment Objective and Policy The objective

More information

Aberdeen Diversified Growth Fund

Aberdeen Diversified Growth Fund Aberdeen Diversified Growth Fund Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return with lower volatility than equities. Note: The

More information

Schroder MM International Fund. Interim Short Report 29 February 2016 to 31 August 2016

Schroder MM International Fund. Interim Short Report 29 February 2016 to 31 August 2016 Schroder MM International Fund Interim Short Report 29 February 2016 to 31 August 2016 Review of Investment Activities From 26 February 2016 to 31 August 2016, the price of A Accumulation units on a dealing

More information

Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee Plan and Flexible Guarantee Funds. Investment Report 2016

Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee Plan and Flexible Guarantee Funds. Investment Report 2016 Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee Plan and Flexible Guarantee Funds Investment Report 2016 Flexible Guarantee Bond, Flexible Guarantee Bond Series 2, Flexi Guarantee

More information

RNPFN Managed Growth Fund. Investment Report 2016

RNPFN Managed Growth Fund. Investment Report 2016 RNPFN Managed Growth Fund Investment Report 2016 RNPFN Managed Growth Fund Investment Report 2016 This information does not constitute investment advice and we recommend that you speak to a suitably qualified

More information

The Virgin Bond, Gilt and UK Share Fund. Interim Report and Financial Statements For the six month period ended 31 January 2018 (unaudited)

The Virgin Bond, Gilt and UK Share Fund. Interim Report and Financial Statements For the six month period ended 31 January 2018 (unaudited) The Virgin Bond, Gilt and UK Share Fund Interim Report and Financial Statements Contents Page Manager s report Management and professional services 1 Manager s investment report 2 Net asset value and operating

More information

JPM Global High Yield Bond Fund

JPM Global High Yield Bond Fund Fund Annual Short Form Report 31 January Changes to the Registrar With effect from 7 December the ACD delegated registrar services for the Company to International Financial Data Services (UK) Limited

More information

Schroder Strategic Bond Fund. Interim Short Report 16 June 2016 to 15 December 2016

Schroder Strategic Bond Fund. Interim Short Report 16 June 2016 to 15 December 2016 Schroder Strategic Bond Fund Interim Short Report 16 June 2016 to 15 December 2016 Review of Investment Activities From 15 June 2016 to 15 December 2016, the price of Z Accumulation units on a dealing

More information

Aberdeen Asia Pacific Equity Enhanced Index Fund

Aberdeen Asia Pacific Equity Enhanced Index Fund Aberdeen Asia Pacific Equity Enhanced Index Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long-term capital growth by investing in

More information

Legal & General Ethical Trust Interim Manager s Short Report for the period ended 12 June Distribution Number 24

Legal & General Ethical Trust Interim Manager s Short Report for the period ended 12 June Distribution Number 24 Legal & General Ethical Trust Interim Manager s Short Report for the period ended 12 June 2017 Distribution Number 24 Investment Objective and Policy The investment objective of this Trust is to secure

More information

HIGH OCTANE UNIT TRUST

HIGH OCTANE UNIT TRUST HIGH OCTANE UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2015 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and

More information

WESLEYAN INTERNATIONAL TRUST FINAL SHORT REPORT FOR THE YEAR ENDED 31 MARCH 2016

WESLEYAN INTERNATIONAL TRUST FINAL SHORT REPORT FOR THE YEAR ENDED 31 MARCH 2016 WESLEYAN INTERNATIONAL TRUST FINAL SHORT REPORT FOR THE YEAR ENDED 31 MARCH 2016 Manager s Report May 2016 02 Wesleyan International Trust Manager s report MANAGER S REPORT Trust Review The offer price

More information

Distribution Number 10

Distribution Number 10 Distribution Number 10 Legal & General Emerging Markets Government Bond (US$) Index Fund Annual Manager s Short Report for the year ended 10 November 2017 Investment Objective and Policy The objective

More information

Annual Short Report 31 October Vanguard FTSE U.K. All Share Index Unit Trust

Annual Short Report 31 October Vanguard FTSE U.K. All Share Index Unit Trust Annual Short Report 31 October 2015 Vanguard FTSE U.K. All Share Index Unit Trust Vanguard s Principles for Investing Success We want to give you the best chance of investment success. These principles,

More information

Interim Report & Financial Statements. FP Frontier ICVC. For the six months ended 30 November 2018 (unaudited)

Interim Report & Financial Statements. FP Frontier ICVC. For the six months ended 30 November 2018 (unaudited) Interim Report & Financial Statements FP Frontier ICVC For the six months ended 30 November 2018 (unaudited) contents FP Frontier ICVC Page Authorised Corporate Director s ( ACD ) Report* 3 Certification

More information

The Virgin Stakeholder Pension Scheme. Final Report and Financial Statements For the year ended 15 December 2017

The Virgin Stakeholder Pension Scheme. Final Report and Financial Statements For the year ended 15 December 2017 The Virgin Stakeholder Pension Scheme Final Report and Financial Statements For the year ended 15 December 2017 Contents Manager s Report Page Management and professional services 1 Manager s investment

More information

INTERIM SHORT REPORT. Henderson Institutional Emerging Markets Fund. For the six months ended 30 April 2015

INTERIM SHORT REPORT. Henderson Institutional Emerging Markets Fund. For the six months ended 30 April 2015 INTERIM SHORT REPORT For the six months ended 30 April 2015 Henderson Institutional Emerging Markets Fund Henderson Institutional Emerging Markets Fund Short Report For the six months ended 30 April 2015

More information

ORSO 職業退休計劃. Fidelity Advantage Portfolio Fund

ORSO 職業退休計劃. Fidelity Advantage Portfolio Fund ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018 SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management

More information

JPM Strategic Bond Fund

JPM Strategic Bond Fund Fund Annual Short Form Report 31 January Changes to the Registrar With effect from 7 December the ACD delegated registrar services for the Company to International Financial Data Services (UK) Limited

More information

Short report For the year ended 31 Dec 2016

Short report For the year ended 31 Dec 2016 Short report For the year ended 31 Dec 2016 Architas MA Active Intermediate Income Fund For the year ended 31 Dec 2016 Investment objective The aim of the Fund is for you to receive an above average level

More information

Index LInked GILts UnIt trust

Index LInked GILts UnIt trust Index Linked Gilts UNIT TRUST FOR THE YEAR ENDED 31 MARCH 2017 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and

More information

Legal & General High Income Trust Annual Manager s Short Report for the year ended 5 September Distribution Number 49

Legal & General High Income Trust Annual Manager s Short Report for the year ended 5 September Distribution Number 49 Legal & General High Income Trust Annual Manager s Short Report for the year ended 5 September 2017 Distribution Number 49 Investment Objective and Policy The investment objective is to invest in a variety

More information

Schroder Monthly High Income Fund. Interim Short Report 28 July 2015 to 27 January 2016

Schroder Monthly High Income Fund. Interim Short Report 28 July 2015 to 27 January 2016 Schroder Monthly High Income Fund Interim Short Report 28 July 2015 to 27 January 2016 Schroder Monthly High Income Fund Review of Investment Activities From 27 July 2015 to 27 January 2015, the price

More information

Schroder Tokyo Fund. Final Short Report 1 March 2015 to 28 February 2016

Schroder Tokyo Fund. Final Short Report 1 March 2015 to 28 February 2016 Schroder Tokyo Fund Final Short Report 1 March 2015 to 28 February 2016 Review of Investment Activities From 27 February 2015 to 26 February 2016, the price of A Accumulation units on a selling price to

More information

(Authorised and regulated by the Financial Conduct Authority) (Authorised and regulated by the Financial Conduct Authority)

(Authorised and regulated by the Financial Conduct Authority) (Authorised and regulated by the Financial Conduct Authority) Gilts UNIT TRUST FOR THE YEAR ENDED 31 MARCH 2017 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and regulated

More information

THREADNEEDLE INVESTMENT FUNDS ICVC

THREADNEEDLE INVESTMENT FUNDS ICVC ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS THREADNEEDLE INVESTMENT FUNDS ICVC MARCH 2018 THREADNEEDLE INVESTMENT FUNDS ICVC COLUMBIATHREADNEEDLE.COM Contents Company Information*... 3 Authorised Corporate

More information

Schroder Tokyo Fund. Interim Short Report 29 February 2016 to 31 August 2016

Schroder Tokyo Fund. Interim Short Report 29 February 2016 to 31 August 2016 Schroder Tokyo Fund Interim Short Report 29 February 2016 to 31 August 2016 Review of Investment Activities From 26 February 2016 to 31 August 2016, the price of Z Accumulation units on a selling price

More information

Aberdeen Foundation Growth Fund

Aberdeen Foundation Growth Fund Aberdeen Foundation Growth Fund Annual short report for the year ended 31 December 2015 Investment objective and policy The Fund aims to achieve long term capital growth and to produce a return that, before

More information

Risk Profile. Trust Facts

Risk Profile. Trust Facts Legal & General Japan Index Trust Interim Manager s Short Report for the period ended 24 April 2017 Investment Objective and Policy The investment objective of this Trust is to track the capital performance

More information

Legal & General Asian Income Trust Annual Manager s Short Report for the year ended 10 September Distribution Number 34

Legal & General Asian Income Trust Annual Manager s Short Report for the year ended 10 September Distribution Number 34 Legal & General Asian Income Trust Annual Manager s Short Report for the year ended 10 September 2017 Distribution Number 34 Investment Objective and Policy The investment objective is to generate income

More information

Schroder Managed Balanced Fund Interim Report and Accounts August 2018

Schroder Managed Balanced Fund Interim Report and Accounts August 2018 Interim Report and Accounts August 2018 August 2018 Contents Fund Information 1 3 Investment objective and policy 3 Financial highlights 3 Fund information 3 Ongoing charges figure 4 Total purchases and

More information

FP Verbatim Portfolio 5 Growth Fund

FP Verbatim Portfolio 5 Growth Fund FP Verbatim Portfolio 5 Growth Fund Short Report for the year ended 31 December 2015 Investment Objective and Policy The Fund will use a broadly cautious balanced strategy with the aim of achieving capital

More information

THREADNEEDLE MANAGED EQUITY INCOME FUND

THREADNEEDLE MANAGED EQUITY INCOME FUND ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS THREADNEEDLE MANAGED EQUITY INCOME FUND FEBRUARY 2018 THREADNEEDLE MANAGED EQUITY INCOME FUND COLUMBIATHREADNEEDLE.COM Contents Introduction... 2 Directors

More information

Schroder Asian Income Maximiser. Final Short Report 1 January 2016 to 31 December 2016

Schroder Asian Income Maximiser. Final Short Report 1 January 2016 to 31 December 2016 Schroder Asian Income Maximiser Final Short Report 1 January 2016 to 31 December 2016 Schroder Asian Income Maximiser Review of Investment Activities From 31 December 2015 to 30 December 2016, the price

More information

Schroder MM Diversity Income Fund. Interim Short Report 29 February 2016 to 31 August 2016

Schroder MM Diversity Income Fund. Interim Short Report 29 February 2016 to 31 August 2016 Schroder MM Diversity Income Fund Interim Short Report 29 February 2016 to 31 August 2016 Schroder MM Diversity Income Fund Review of Investment Activities From 26 February 2016 to 31 August 2016, the

More information

WESLEYAN CASH FUND FINAL SHORT REPORT FOR THE YEAR ENDED 30 JUNE 2016

WESLEYAN CASH FUND FINAL SHORT REPORT FOR THE YEAR ENDED 30 JUNE 2016 WESLEYAN CASH FUND FINAL SHORT REPORT FOR THE YEAR ENDED 30 JUNE 2016 Manager s Report August 2016 2 Cash Fund Manager s report MANAGER S REPORT Fund Review It should be noted that the Wesleyan Cash Fund

More information

PORTFOLIO ADVANTAGE FUNDS ICVC

PORTFOLIO ADVANTAGE FUNDS ICVC AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS THREADNEEDLE PORTFOLIO ADVANTAGE FUNDS ICVC DECEMBER 2015 THREADNEEDLE PORTFOLIO ADVANTAGE FUNDS ICVC COLUMBIATHREADNEEDLE.COM Contents Company Information*...

More information

equity income unit trust

equity income unit trust equity income UNIT TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2016 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and

More information