Schroder UK Mid 250 Fund Quarterly Fund Update

Size: px
Start display at page:

Download "Schroder UK Mid 250 Fund Quarterly Fund Update"

Transcription

1 Marketing material for professional investors and advisers only Schroder UK Mid 250 Fund Quarterly Fund Update First Quarter 2018 Cumulative returns to 31 March 2018 (%) Z accumulation shares months 1 year 3 years 5 years Portfolio Index Schroder UK Mid 250 FTSE 250 (ex IT) TR 3 mths 1 yr 3 yrs 5 yrs Discrete yearly performance (%) Fund Benchmark Source: Schroders, net of fees, bid to bid, with net income reinvested. Z Acc share class as at 31 December Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Summary The fund outperformed its benchmark over the quarter. Our top contributors included international veterinary products business Dechra Pharmaceuticals, globally diversified doorstep lender International Personal Finance and financial infrastructure specialist NEX Group. We established a new position in leading UK homewares specialist Dunelm, temporary power specialist Aggreko and generic drugs group Hikma Pharmaceuticals. We exited our holdings in manufacturer of health and safety devices Halma and Royal Mail following their promotion to the FTSE 100. Should sterling hold onto its gains there might be some light at the end of the tunnel for the UK consumer, which has had to contend with a foreign-exchange driven inflation spike. The outlook for the corporate sector seems less clear, and investors may wish to focus on the companies which have the power to pass on rising costs by increasing prices to end customers, without impacting volumes. Portfolio characteristics Fund manager Andy Brough Managed fund since 19/11/1999 Fund launch date 19/11/1999 Fund benchmark Fund size Ongoing charge 0.91% 1 FTSE 250 (ex IT) TR 1,153 million Source: Schroders, as at 31 March Based on the last year s expenses for the year ending December Schroder UK Mid 250 Fund First Quarter

2 What happened in the market UK equities performed poorly over the period as gilt yields rose in line with a broad-based sell-off in global bonds. Bond market yields rose amid signs that the world economy is moving from the recovery to expansion phase of the economic cycle, with a consequent increase in inflationary pressures and tighter monetary policy. As bond yields rose there was a rotation away from more stable and defensive areas of the market where valuations generally remain full. Sterling continued to strengthen on the back of building UK interest rate expectations and further progress with Brexit negotiations. In its latest quarterly inflation report the Bank of England nudged up its forecast for UK GDP growth in 2018 from 1.7% to 1.8% as the UK economy continued to confound low expectations. Sentiment towards UK equites struck new lows in the period as global asset allocators shunned the market amid ongoing political uncertainty and a weak outlook for domestic growth. Despite this, the trend for inbound merger and acquisition activity remained in train with a number of UK quoted companies becoming the subject of fresh bids from overseas trade buyers. Performance attribution (%) Allocation effect Selection effect Sector Total effect Consumer Goods Financials Health Care Telecommunications Basic Materials Oil & Gas Utilities Industrials Technology Consumer Services -0.4 Source: FactSet, average positions over the quarter by ICB Industry. International veterinary products business Dechra Pharmaceuticals was our top contributor following robust interim results and a well-received European acquisition. Globally diversified doorstep lender International Personal Finance enjoyed a share price recovery on the back of reassuring full-year results. The results underlined solid growth in the group s southern European markets (Hungary and Romania) and digital lending business. This offset challenging trading conditions in the northern European markets (Poland and the Czech Republic), where competitive and regulatory pressures are ongoing. Financial infrastructure specialist NEX Group was another top-performing holding following a robust third-quarter trading update and recommended bid approach from US-listed derivative exchange operator CME Group. The company s cautiously optimistic outlook for the current financial year was taken well by the market, as was news that the transformation programme is on track to deliver annualised cost savings of 40 million over the next three years. As a consequence of the bid we have reduced our holding, although retain a position given the potential for a counter offer in light of NEX s portfolio of unique and strategically attractive financial market infrastructure assets. e-commerce and direct mail operator and schools equipment supplier Findel extended its recent share price recovery on the back of a reassuring full-year trading update. The Express Gifts business in on course to deliver solid underlying growth this year as the management-led turnaround gains traction. Globally diversified derivatives platform provider CMC also bounced back in response to a reassuring fullyear trading update. The shares have performed poorly over the past 18 months amid rising fears over European-wide financial regulations to curtail the use of leveraged products by retail investors. The market, however, has begun to realise that the larger more Schroder UK Mid 250 Fund First Quarter

3 established companies in the sector will potentially benefit as smaller less-well invested competitors struggle most with the new regulatory backdrop. CMC has responded to the changing regulatory landscape by focusing on experienced customers, so investors welcomed news in the update that the proportion of high value clients has significantly increased. On the negative side, not owning events and media business UBM and shopping centre owner Hammerson detracted from performance after they attracted bids. UBM recommended a bid from peer Informa while Hammerson rejected an offer from French peer Klépierre. Support services group Capita fell sharply following a profit warning. While the company revealed that trading for 2017 was in line with expectations, the new CEO guided profit forecasts down for Market sentiment was further negatively impacted by a decision to suspend dividends and conduct a rights issue in order to further strengthen the balance sheet. Management also announced a transformation programme, aiming to materially improve performance over the medium term by significantly simplifying the business, reducing costs and investing in their core software offering. In our opinion, further strengthening the balance sheet and investing in the business is the correct course of action, creating a solid platform for this multi-year turnaround. Following the period end a number of key clients have renewed contracts (including the BBC and Volkswagen) underscoring their confidence in Capita s outsourcing model. The market has also welcomed further details on the transformation programme, the circa 701 million rights issue (sufficiently large to restore confidence in the balance sheet) and confirmation of 2018 profit guidance. Specialist annuity provider Just Group also performed poorly, driven by technical factors after two private equity holders consecutively placed stock at a discount to the market price. Top stock contributors (%) Top stock detractors (%) Stock contributor Relative weight Total return Stock contributor Relative weight Total return Dechra Pharma UBM Int Per Fin Capita NEX Group Man Group Findel Hammerson Grainger Ocado Source: FactSet, average positions over the quarter. Portfolio positioning as at 31 March 2018 (%) Sector Relative weighting (%) Telecommunications 3.7 Consumer Goods Basic Materials Healthcare Oil & Gas Consumer Services Utilities Financials Technology -2.1 Source: FactSet. Industrials -4.5 Schroder UK Mid 250 Fund First Quarter

4 Key portfolio activity We used share price weakness to establish a new position in leading UK homewares specialist Dunelm which we expect will continue to take market share with its compelling multi-channel offering. The company is well placed to deliver on an ambitious medium-term growth target to double sales to 2 billion, driven by online sales growth (where Dunelm has been focusing new investment) and a highly selective expansion of its physical store estate. Prior to taking our holding the shares had performed very poorly amid ongoing weak sentiment towards UK consumer-focused sectors and following partially disappointing half-year results. While the interims revealed robust underlying growth in the core business, sales from the recently acquired Worldstores businesses were disappointing, which, in combination with higher-than-expected group operating costs meant Dunelm s half-year profits missed market expectations. Key stock positions (%) Overweights Sector Relative weight Grainger Financials +4.7 Telecom Plus Telecoms +3.0 Sports Direct Con Serv +2.9 Bovis Homes Con Goods +2.9 James Fisher Industrials +2.9 Source: FactSet as at 31 March Subsequent to the period end the company announced a reassuring third-quarter trading update, prompting the shares to bounce back. The update revealed that underlying sales growth had remained robust (and triggered talk of a possible slight improvement in market conditions) and that management expected to meet the recently downwardly revised full-year guidance. We further increased our exposure to the oil and gas sector, adding to our holdings in exploration and production business Cairn Energy, oil and gas equipment company Petrofac and initiating a new position in temporary power specialist Aggreko, which has exposure to the sector. We also initiated a position in another one-time FTSE 100 constituent, the generic drugs group Hikma Pharmaceuticals, which, like Aggreko, is set to benefit from management changes. We exited our holdings in manufacturer of health and safety devices Halma and Royal Mail following their promotion to the FTSE 100. Schroder UK Mid 250 Fund First Quarter

5 Outlook and strategy If sentiment towards UK equities has continued to plumb new depths, the same can t be said of the currency which has staged a recovery since the autumn of Sterling has rebounded against a backdrop of better-than-expected macroeconomic data, the decision by the Bank of England in November to reverse its 25 basis point postreferendum rate cut, and progress with Brexit negotiations. Should sterling hold onto its gains there might be some light at the end of the tunnel for the UK consumer, which has had to contend with a foreignexchange driven inflation spike. It may be that this spike peaked at the end of last year and, against the backdrop of a buoyant jobs market (and more recently some signs that wages are picking up) the rate of generalised price increases in the economy may begin to more closely resemble wage inflation during Indeed, just-released earnings data for February from the Office for National Statistics show that real wages have turned positive again. Schroder UK Mid 250 Fund: Risk factors Funds that invest solely in the companies of one country or region can carry more risk than funds spread over a number of countries or regions. The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses. Equity prices fluctuate daily, based on many factors including general, economic, industry or company news. Investments in smaller companies can be less liquid than investments in larger companies and price swings may therefore be greater than in larger company funds. In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares. Failures at service providers could lead to disruptions of fund operations or losses. Some consumer micro markets are showing a marked improvement in revenue and margin trends, and the recent surprisingly positive statement from sofa retailer DFS Furniture, for example, may be testament to this. The chief executive officer of FTSE 100 retailer Next, Simon Wolfson, has also given the impression of pressures easing in the consumer market. The outlook for the corporate sector seems less clear, and investors may wish to focus on the companies which have the power to pass on rising costs by increasing prices to end customers, without impacting volumes. It would be sensible to also avoid those with too much debt. If some of these very challenged companies do surpass lowly expectations, the rewards could be great, but so too could the risks of failure, as underlined by some pretty cataclysmic share price performances. Schroder UK Mid 250 Fund First Quarter

6 Important Information: This material is not suitable for retail clients. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Andy Brough has expressed his own views and these may change. The data contained in this document has been sourced by Schroders and should be independently verified before further publication or use. This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroder Unit Trusts Limited (Schroders) does not warrant its completeness or accuracy. No responsibility can be accepted for error of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Issued by Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA. Registered No: England. Authorised and regulated by the Financial Conduct Authority. Schroder UK Mid 250 Fund First Quarter

Schroder UK Mid 250 Fund Quarterly Fund Update

Schroder UK Mid 250 Fund Quarterly Fund Update Marketing material for professional investors and advisers only Schroder UK Mid 250 Fund Quarterly Fund Update Third Quarter 2018 Cumulative returns to 30 September 2018 (%) Z accumulation shares 60.0

More information

Schroder UK Equity. Quarterly Fund Update. Summary. Third Quarter Cumulative returns to 30 September 2018 (%) Discrete yearly performance (%)

Schroder UK Equity. Quarterly Fund Update. Summary. Third Quarter Cumulative returns to 30 September 2018 (%) Discrete yearly performance (%) Marketing material for professional investors and advisers only Schroder UK Equity Fund Quarterly Fund Update Third Quarter 2018 Cumulative returns to 30 September 2018 (%) Z accumulation shares 6 4 2-2

More information

Schroder. UK Mid 250 Fund. Interim Report and Accounts January 2018

Schroder. UK Mid 250 Fund. Interim Report and Accounts January 2018 Schroder UK Mid 250 Fund Interim Report and Accounts January 2018 Contents Schroder UK Mid 250 Fund Fund Information 1...............................................3 Investment objective and policy......................................3

More information

Schroder UK Mid 250 Fund. Interim Short Report 1 August 2015 to 31 January 2016

Schroder UK Mid 250 Fund. Interim Short Report 1 August 2015 to 31 January 2016 Schroder UK Mid 250 Fund Interim Short Report 1 August 2015 to 31 January 2016 Review of Investment Activities From 31 July 2015 to 29 January 2016, the price of A Accumulation units on a selling price

More information

Distribution Number 44

Distribution Number 44 Distribution Number 44 Legal & General UK Select Equity Fund Annual Manager s Short Report for the year ended 30 September 2017 Investment Objective and Policy The Fund aims to provide long-term capital

More information

Schroder UK Smaller Companies Fund. Final Short Report 1 June 2015 to 31 May 2016

Schroder UK Smaller Companies Fund. Final Short Report 1 June 2015 to 31 May 2016 Schroder UK Smaller Companies Fund Final Short Report 1 June 2015 to 31 May 2016 Schroder UK Smaller Companies Fund Review of Investment Activities From 29 May 2015 to 31 May 2016, the price of A Accumulation

More information

Marketing material. A guide to multi-manager investing

Marketing material. A guide to multi-manager investing Marketing material A guide to multi-manager investing What is multi-manager investing? Multi-manager funds invest in a selection of individual funds to form a complete portfolio in one package. They re

More information

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global

More information

Legal & General Managed Monthly Income Trust Interim Manager s Short Report for the period ended 22 August Distribution Number 156

Legal & General Managed Monthly Income Trust Interim Manager s Short Report for the period ended 22 August Distribution Number 156 Legal & General Managed Monthly Income Trust Interim Manager s Short Report for the period ended 22 August 2018 Distribution Number 156 Investment Objective and Policy The investment objective of this

More information

1 month 3 mths FYTD 1 Year Fund (Net)

1 month 3 mths FYTD 1 Year Fund (Net) Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and

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

Schroder Income. Quarterly Fund Update. Summary. First Quarter Cumulative returns to 31 March 2018 (%) Portfolio characteristics

Schroder Income. Quarterly Fund Update. Summary. First Quarter Cumulative returns to 31 March 2018 (%) Portfolio characteristics Marketing material for professional investors and advisers only Schroder Income Fund Quarterly Fund Update First Quarter 2018 Cumulative returns to 31 March 2018 (%) Z accumulation shares 80 60 40 20 0-20

More information

M&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018

M&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018 M&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018 Fund information The Authorised Corporate Director (ACD) of M&G Investment

More information

M&G Global High Yield Bond Fund

M&G Global High Yield Bond Fund M&G Global High Yield Bond Fund a sub-fund of M&G Investment Funds (2) Interim Short Report November 2017 For the six months ended 30 November 2017 Fund information The Authorised Corporate Director (ACD)

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

Schroder Global Core Fund Wholesale Class. Overview. Performance to 30 June Fund characteristics as at 30 June Quarterly Report June 2018

Schroder Global Core Fund Wholesale Class. Overview. Performance to 30 June Fund characteristics as at 30 June Quarterly Report June 2018 Overview Fund objective To outperform the MSCI World ex Australia Index (net dividends reinvested) before fees across a broad range of market environments with limited index-relative risk. The Fund provides

More information

European Equities. Q&A roadshow #QAroadshow2016. James Sym Fund Manager

European Equities. Q&A roadshow #QAroadshow2016. James Sym Fund Manager European Equities Q&A roadshow 2016 #QAroadshow2016 James Sym Fund Manager June 2016 For professional advisers only. This material is not suitable for retail clients Over the last 5 years is your main

More information

Schroder Global Quality Fund

Schroder Global Quality Fund Q3/ Schroder Global Quality Fund Overview Portfolio objective To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks

More information

Legal & General Growth Trust Annual Manager s Short Report for the year ended 15 May Distribution Number 27

Legal & General Growth Trust Annual Manager s Short Report for the year ended 15 May Distribution Number 27 Legal & General Growth Trust Annual Manager s Short Report for the year ended 15 May 2018 Distribution Number 27 Investment Objective and Policy The investment objective of this Trust is to secure capital

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

Schroder UK Mid Cap Fund plc Half Year Report and Accounts. For the six months ended 31 March 2018

Schroder UK Mid Cap Fund plc Half Year Report and Accounts. For the six months ended 31 March 2018 Schroder UK Mid Cap Fund plc Half Year Report and Accounts For the six months ended 31 March 2018 Investment objective The Company s investment objective is to invest in Mid Cap equities with the aim of

More information

Outlook 2018: Commodities

Outlook 2018: Commodities ECONOMICS Outlook 2018: Commodities With global in!ation forecast to pick up, is it time to add exposure to commodities, where fundamentals are improving and valuations are attractive? 13 DECEMBER 2017

More information

My Future: fund report for members covering the three months to the end of December 2016.

My Future: fund report for members covering the three months to the end of December 2016. All data as at unless otherwise stated. My Future: fund report for members covering the three months the end of December 2016. This report provides factual information only. The information

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

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based

More information

Schroder European Alpha Plus Fund. Interim Short Report 16 March 2016 to 15 September 2016

Schroder European Alpha Plus Fund. Interim Short Report 16 March 2016 to 15 September 2016 Schroder European Alpha Plus Fund Interim Short Report 16 March 2016 to 15 September 2016 Schroder European Alpha Plus Fund Review of Investment Activities From 15 March 2016 to 15 September 2016, the

More information

Defining prime, secondary and tertiary property

Defining prime, secondary and tertiary property September 1 For professional investors and advisers only. Not suitable for retail clients Schroder Property How resilient is secondary property? Introduction Mark Callender, Head of Property Research The

More information

Fund (Net)

Fund (Net) Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks relative to the indices.

More information

JPMorgan Claverhouse Investment Trust plc

JPMorgan Claverhouse Investment Trust plc JPMorgan Claverhouse Investment Trust plc Annual General Meeting 18 April 2018 William Meadon, Portfolio Manager Callum Abbot, Portfolio Manager FOR AGM USE ONLY NOT FOR FURTHER PUBLIC DISTRIBUTION Co-fund

More information

Monthly Markets Review Overview of markets in February 2018

Monthly Markets Review Overview of markets in February 2018 Marketing material Monthly Markets Review Overview of markets in February 2018 Please note any past performance mentioned in this document is not a guide to future performance and may not be repeated.

More information

Quarterly Reports for Quarter 3, 2018

Quarterly Reports for Quarter 3, 2018 November 2018 Review prepared by Morningstar Investment Management Europe Ltd 1 Oliver s Yard, 55-71 City Road, London EC1Y 1HQ Model Portfolios for Zurich Cautious Long Term Quarterly Reports for Quarter

More information

BlackRock Throgmorton Trust plc

BlackRock Throgmorton Trust plc OCTOBER 2017 Key risk factors Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment

More information

SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q2 2017

SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q2 2017 SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q2 2017 FOR PROFESSIONAL ADVISERS ONLY EXECUTIVE SUMMARY Equity markets continued their upward trend in the second quarter of 2017,

More information

JPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016

JPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016 JPMorgan Income & Growth Investment Trust plc Annual General Meeting 14 June 2016 Agenda JPMIGIT Performance Trust Overview UK Equity Portfolio Outlook 1 Investment objectives The Company s investment

More information

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life Investment Report Standard Life Corporate Investment Proposition Q3 2016 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based

More information

FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June 2018

FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June 2018 Date: 30 July 2018 Contact: Paul Niven Fund Manager 0207 011 4385 F&C Investment Business Limited FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June

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

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life Investment Report Standard Life Corporate Investment Proposition Q3 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based

More information

Distribution Number 26

Distribution Number 26 Distribution Number 26 Multi-Index Income 4 Fund (a Sub-fund of Legal and General Multi-Index Funds) Interim Manager s Short Report for the period ended 15 February 2018 Investment Objective and Policy

More information

Schroder Value Investing

Schroder Value Investing Schroder Value Investing Why active matters Simon Adler, Fund Manager October 2018 Marketing material for professional investors only. Not for retail clients Schroder Value Investing Agenda 01 02 03 The

More information

Schroder ISF* US Large Cap Quarterly Fund Update

Schroder ISF* US Large Cap Quarterly Fund Update Marketing material for professional investors and advisers only Schroder ISF* US Large Cap Quarterly Fund Update Second Quarter 2018 Cumulative returns to 30 June 2018 (%) A Accumulation shares USD returns

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

Schroder QEP Global Active Value Fund. Interim Short Report 21 June 2016 to 20 December 2016

Schroder QEP Global Active Value Fund. Interim Short Report 21 June 2016 to 20 December 2016 Schroder QEP Global Active Value Fund Interim Short Report 21 June 2016 to 20 December 2016 Schroder QEP Global Active Value Fund Review of Investment Activities From 20 June 2016 to 20 December 2016,

More information

Skyline Asset Management, L.P. Executive Summary Skyline Small Cap Value Composite December 31, 2018

Skyline Asset Management, L.P. Executive Summary Skyline Small Cap Value Composite December 31, 2018 Overview The composite generated a -20.3% return for the fourth quarter, compared to a -20.2% return for the Russell 2000 Index and a -18.7% return for the Russell 2000 Value Index. For all of 2018, the

More information

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.

More information

Schroder ISF* QEP Global Quality Q Investment Report

Schroder ISF* QEP Global Quality Q Investment Report For professional investors only Schroder ISF* QEP Global Quality Q2 2018 Investment Report * Schroder International Selection Fund is referred to as Schroder ISF throughout this document. Q2/2018 Schroders

More information

Continental European real estate

Continental European real estate October 216 For professional investors only. This material is not suitable for retail clients 1 Schroders Insurance Asset Management Insurance Strategy Continental European real estate The right time to

More information

Schroder US Mid Cap Fund Quarterly Fund Update

Schroder US Mid Cap Fund Quarterly Fund Update Marketing material for professional investors and advisers only Schroder US Mid Cap Fund Quarterly Fund Update Second Quarter 2018 Cumulative returns to 30 June 2018 (%) Z accumulation shares 120.0 100.0

More information

Fund Management Monthly Commentary

Fund Management Monthly Commentary Fund Management Monthly Commentary Covering the month of September 2018 September Market Update Margetts monthly diary summarises major economic and market developments that occur over the month. It is

More information

Institutional Growth Fund

Institutional Growth Fund Schroder Institutional Growth Fund Interim Report and Accounts December 2017 Contents Schroder Institutional Growth Fund Fund Information 1...............................................3 Investment objective

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

Vanguard LifeStrategy Funds ICVC

Vanguard LifeStrategy Funds ICVC Interim Report and Financial Statements For the six months ended 30 September 2017 Vanguard LifeStrategy Funds ICVC (An open-ended investment company incorporated with limited liability and registered

More information

Templeton Eastern Europe Fund A. A (acc) EUR

Templeton Eastern Europe Fund A. A (acc) EUR Templeton Eastern Europe Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 326615602.78 Fund Inception Date 10/11/1997 Number of Issuers

More information

Schroders Investing in Property During and After a Recession

Schroders Investing in Property During and After a Recession August 29 For professional investors and advisors only. Not suitable for retail clients. Schroders Investing in Property During and After a Recession Mark Callender Head of Property Research, Schroders

More information

Schroder European Smaller Companies Fund. Final Short Report 1 December 2015 to 30 November 2016

Schroder European Smaller Companies Fund. Final Short Report 1 December 2015 to 30 November 2016 Schroder European Smaller Companies Fund Final Short Report 1 December 2015 to 30 November 2016 Schroder European Smaller Companies Fund Review of Investment Activities From 30 November 2015 to 30 November

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

Performance to 31 st December Fund Factsheet. IFSL Sinfonia Risk Targeted Fund Range

Performance to 31 st December Fund Factsheet. IFSL Sinfonia Risk Targeted Fund Range Performance to 31 st December 2017 Fund Factsheet IFSL Sinfonia Risk Targeted Fund Range IFSL Sinfonia OEIC Portfolios Performance to 31 st December 2017 Investment Commentary Market Overview Global equities

More information

The Deloitte CFO Survey Political risk and corporate expansion

The Deloitte CFO Survey Political risk and corporate expansion The Deloitte CFO Survey Political risk and corporate expansion Political risk has eclipsed worries about the economy as a concern for the Chief Financial Officers of the UK s largest companies. CFOs rank

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

F O C U S. Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy

F O C U S. Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy F O C U S Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy 1 Important Information For professional investor use only. Not for distribution

More information

Fixed Income The ICE BofAML Global High Yield Index declined 1.0% and the ICE BofAML Global Corporate Index declined 0.4%.

Fixed Income The ICE BofAML Global High Yield Index declined 1.0% and the ICE BofAML Global Corporate Index declined 0.4%. November 2018 Commentary Diversified Real Assets Securities Strategy MARKET REVIEW Global equities rebounded in November following the previous month s selloff. The MSCI World Index advanced 1.2%, with

More information

Schroder All Maturities Corporate Bond Fund. Final Short Report 1 November 2015 to 31 October 2016

Schroder All Maturities Corporate Bond Fund. Final Short Report 1 November 2015 to 31 October 2016 Schroder All Maturities Corporate Bond Fund Final Short Report 1 November 2015 to 31 October 2016 Schroder All Maturities Corporate Bond Fund Review of Investment Activities From 30 October 2015 to 31

More information

ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND. Quarterly Report 31 March For professional investors only, not for retail investors

ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND. Quarterly Report 31 March For professional investors only, not for retail investors ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND Quarterly Report 31 March 2018 For professional investors only, not for retail investors Contents CONTENTS ROYAL LONDON GMAP BALANCED FUND 3 2 PAGE Royal

More information

Wasatch Global Opportunities Fund (WAGOX/WIGOX) Quarterly Comments from Lead Portfolio Managers JB Taylor and Ajay Krishnan, CFA

Wasatch Global Opportunities Fund (WAGOX/WIGOX) Quarterly Comments from Lead Portfolio Managers JB Taylor and Ajay Krishnan, CFA Wasatch Global Opportunities Fund (WAGOX/WIGOX) Quarterly Comments from Lead Portfolio Managers JB Taylor and Ajay Krishnan, CFA Open to all investors Average Annual Total Returns For Periods Ended December

More information

Chilvester Investment Strategies

Chilvester Investment Strategies Chilvester Investment Strategies Portfolio Review October 2017 Contents Introduction... 2 Investment returns... 3 Portfolio Review... 4 Summary... 6 Appendix... 7 Important information... 10 Economic update...

More information

Fund (Net)

Fund (Net) Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and

More information

BlackRock World Mining Trust plc

BlackRock World Mining Trust plc DECEMBER 2017 Key risk factors Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment

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

An economic update Craig Botham, Economist May 2017

An economic update Craig Botham, Economist May 2017 An economic update Craig Botham, Economist May 2017 2016 image of the year Donald and Nigel at Trump towers Source: Splashnews.com. 1 Key issues UK: the election, Brexit and beyond Europe: out of the woods?

More information

Global Investment Outlook

Global Investment Outlook PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook 2015 Year Ahead - Global Investment Outlook Stocks likely to Post Solid Gains in 2015 Fuelled by Fresh QE Stimulus in Eurozone

More information

Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January Distribution Number 35

Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January Distribution Number 35 Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January 2017 Distribution Number 35 Investment Objective and Policy The investment objective is to achieve

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

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

Investment Report. Standard Life Corporate Investment Proposition MyFolio Managed Pension Funds Report Q2 2018

Investment Report. Standard Life Corporate Investment Proposition MyFolio Managed Pension Funds Report Q2 2018 Investment Report Standard Life Corporate Investment Proposition Q2 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based

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

Fidelity Special Values PLC

Fidelity Special Values PLC Fidelity Special Values PLC Half-Yearly Results for the six months ended 28 February 2018 (unaudited) Financial Highlights: Fidelity Special Values PLC will pay an interim dividend of 1.85 pence per share,

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back

More information

Market Review And Outlook JUNE 2007

Market Review And Outlook JUNE 2007 Market Review And Outlook JUNE 2007 % Major Market Indices Source: Micropal, as of June.30, 2007, in USD. HONG KONG Hang Seng Index gained 5.5% in June, boosted by the relaxation of restrictions on Chinese

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

The SunGard Retirement Benefits Scheme Quarterly Investment Monitoring Report to 31 March 2012

The SunGard Retirement Benefits Scheme Quarterly Investment Monitoring Report to 31 March 2012 Quarterly Investment Monitoring Report to 31 March 2012 Executive Summary Scheme Asset Valuation The SunGard Section's assets increased in value over the quarter to 75,233,620. This is an increase of 5,188,852

More information

M&G Pan European Dividend Fund

M&G Pan European Dividend Fund Quarterly Review M&G Pan European Dividend Fund Third quarter 2016 Fund manager Phil Cliff Overview The fund delivered a positive return during the third quarter and outperformed the MSCI Europe Index,

More information

Schroder Multi-Manager High Alpha Fund. Final Short Report 16 March 2014 to 15 March 2015

Schroder Multi-Manager High Alpha Fund. Final Short Report 16 March 2014 to 15 March 2015 Schroder Multi-Manager High Alpha Fund Final Short Report 16 March 2014 to 15 March 2015 Schroder Multi-Manager High Alpha Fund Review of Investment Activities From 14 March 2014 to 24 October 2014, the

More information

Investment Report. Standard Life Corporate Investment Proposition Passive Plus Funds Report Q3 2018

Investment Report. Standard Life Corporate Investment Proposition Passive Plus Funds Report Q3 2018 Investment Report Standard Life Corporate Investment Proposition Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based

More information

JPMorgan Claverhouse Investment Trust. Annual General Meeting 20 April 2016

JPMorgan Claverhouse Investment Trust. Annual General Meeting 20 April 2016 JPMorgan Claverhouse Investment Trust Annual General Meeting 20 April 2016 Co-fund managers Co-manager of Claverhouse Appointed 1 st March 2012 33 years industry experience 20 years at J.P. Morgan Asset

More information

Latest news about the fund, what it invests in and how it performed in the three months to the end of June 2017

Latest news about the fund, what it invests in and how it performed in the three months to the end of June 2017 All data as at unless otherwise stated. My Future (NGP) Second quarter 2017 Latest news about the fund, what it invests in and how it performed in the three months the end of June 2017

More information

BULL MARKETS DON T DIE OF OLD AGE

BULL MARKETS DON T DIE OF OLD AGE BULL MARKETS DON T DIE OF OLD AGE Issue #11 September/October 2017 Multi asset views from RLAM Royal London Asset Management manages 106.2 billion in life insurance, pensions and third party funds*. The

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

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

Schroder Multi-Manager Cautious Managed Fund. Interim Short Report 1 October 2013 to 31 March 2014

Schroder Multi-Manager Cautious Managed Fund. Interim Short Report 1 October 2013 to 31 March 2014 Schroder Multi-Manager Cautious Managed Fund Interim Short Report 1 October 2013 to 31 March 2014 Schroder Multi-Manager Cautious Managed Fund Review of Investment Activities From 30 September 2013 to

More information

Investment Report With Profits Fund

Investment Report With Profits Fund Investment Report 2011 With Profits Fund With Profits Fund Investment Report 2011 The information in this report should not be considered as investment advice and we recommend that you speak to a suitably

More information

INVESTOR UPDATE OCTOBER 2016

INVESTOR UPDATE OCTOBER 2016 INVESTOR UPDATE OCTOBER 2016 IMPORTANT NOTE This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426 and issued by Perpetual Trustee Company Limited

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

Quick facts St. James s Place Unit Trust Group Limited

Quick facts St. James s Place Unit Trust Group Limited PRODUCT KEY FACTS St. James s Place Index Linked Gilts Unit Trust # # This is an index fund. December 2017 This statement provides you with key information about this product. This statement is a part

More information

In attendance Robin Herd Robert Dundas Natasa Margariti Lorna Blyth Piers Hillier Robert Whitehouse

In attendance Robin Herd Robert Dundas Natasa Margariti Lorna Blyth Piers Hillier Robert Whitehouse Investment Advisory Committee (IAC) Quarterly Meeting Minutes Of Meeting Date 24/2/2015 Present members Julius Pursaill (Chair) Colin Taylor Andrew Carter Ewan Smith Rachel Elwell Isobel Langton In attendance

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

Franklin U.S. Rising Dividends Fund

Franklin U.S. Rising Dividends Fund Product Profile Product Details 1 Fund Assets $1,033,530,863.57 Fund Inception Date 11/24/2000 Number of Issuers 64 Base Currency Morningstar Category Distribution Frequency CAD US Equity Annually Fund

More information

Franklin U.S. Opportunities Fund A (acc) USD

Franklin U.S. Opportunities Fund A (acc) USD Franklin U.S. Opportunities Fund A (acc) USD Franklin Templeton Investment Funds Fund Manager Report Growth Equity Product Details 1 Fund Assets $3,989,873,252.69 Fund Inception Date 03.04.2000 Number

More information

Templeton Euroland Fund A (acc) EUR

Templeton Euroland Fund A (acc) EUR Templeton Euroland Fund A (acc) EUR Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets 581,473,382.53 Fund Inception Date 08.01.1999 Number of Issuers 56

More information

Threadneedle Navigator Growth Trust

Threadneedle Navigator Growth 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 (Total Return), rose by

More information

Seven-year asset class forecast returns

Seven-year asset class forecast returns For professional investors and advisers only. Seven-year asset class forecast returns 2017 Update Seven-year asset class forecast returns 2017 update Introduction Our seven-year returns forecast largely

More information