FP Matterley UK & International Growth Fund
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1 FP Matterley UK & International Growth Fund Short Report for the six months ended 31 July 2015 Investment Objective and Policy The investment objective of the FP Matterley UK and International Growth Fund is to provide long-term capital growth through investment in a diversified portfolio of global equities with a focus on UK Blue-Chip companies. The Fund may also invest in other transferable securities and Collective Investment Schemes (which may provide some exposure to alternative assets including private equity and hedge funds and, through transferable securities only, property), exchange traded funds, corporate bonds and government securities. Money market instruments and cash deposits may be held if the investment manager deems it appropriate in light of equity market conditions to meet the objectives of the fund. There will be no limitations to geographical area (other than the focus on UK Blue-Chip companies) or industrial sector. Fund Facts Risk Profile Interim/Annual Accounting End Dates 31 July 31 January Ex-dividend (xd) Dates 01 August 01 February Income Distribution/ Accumulation Dates 30 September 31 March Please refer to the Full Prospectus for details of all the risks. The Fund has exposure to credit, counterparty and usual market risks. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. You should always regard investments in the Fund as medium to long term. Charges Share Class Initial Charge Annual Management Charge as at 31/07/15 Ongoing Charge Figures as at 31/07/15 Ongoing Charge Figures as at 31/01/15 Share Class A Accumulation 0.00% 1.00% 1.44% 1.43% Page 1
2 Distributions/Accumulations The distribution for Share Class A Accumulation is p per Share, payable 30 September Comparative Tables Net Asset Value Date Net Asset Value of Share Class ( ) Shares in issue Net Asset Value per Share (p) Share Class A Accumulation 31/01/13 59,978,884 37,635, /01/14 76,395,769 43,518, /01/15 96,468,455 49,224, /07/15 102,380,708 51,129, Price and Revenue History Calendar Year Highest Published Share price (p) Lowest Published Share price (p) Net Revenue per Share (p) Share Class A Accumulation From 1 January to 31 July Includes distributions paid 31 March and payable 30 September Major Holdings Top 10 Holdings % of Fund as at 31/07/15 JPMorgan US Equity Income 3.97 Jupiter North American Income 3.90 Aviva Investors US Equity Income 3.10 Loomis Sayles US Equity Leaders 2.98 AXA Framlington American Growth 2.90 GlaxoSmithKline 2.74 Henderson US Growth 2.62 Novartis 2.55 BP 2.26 Royal Dutch Shell 'B' 2.16 Top 10 Holdings % of Fund as at 31/01/15 JPMorgan US Equity Income 4.22 Jupiter North American Income 4.14 Aviva Investors US Equity Income 3.44 Loomis Sayles US Equity Leaders 2.95 GlaxoSmithKline 2.74 AXA Framlington American Growth 2.70 Novartis 2.64 Henderson US Growth 2.61 Threadneedle American Smaller Companies 2.47 Royal Dutch Shell 'B' 2.36 Page 2
3 Portfolio Information Breakdown by Investment type % % % 7.20% 6.79% 6.09% % 3.22% 2.72% 1.98% 1.90% 1.38% 1.09% 0 Comparative figures shown above in square brackets relate to 31 January Risk and Reward Profile As at 31 July 2015 Typically lower rewards Lower risk Typically higher rewards Higher risk FP Matterley UK & International Growth Fund Share Class A This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean risk free. The Fund appears as a 5 on the scale. This is because it invests in the shares of companies whose values tend to vary more widely. Page 3
4 Investment Manager s Report Investment Review The Fund ended the six-month period up 1.8% 1 compared to an increase in the IA Global sector of 1.9% 1. At the start of this review period the consumer packaging business Rexam agreed to a cash and shares offer from US company Ball Inc. Completion was not expected until Q and came with high regulatory risks, with the outcome of any review not expected until sometime 2H These risks were substantial with a high possibility that the deal would fall through due to competition concerns, leading to the holding of Rexam being sold in the portfolio in February. During March we undertook a number of changes increasing the Fund s weighting to Europe, adding to two of our actively managed holdings, Lazard European Alpha and Baring German Growth and also introducing the BlackRock Continental European Income. This new holding increased the direct exposure to dividend-growing European businesses. The manager adopts an entirely bottom-up stock picking process with a focus on higher yielding undervalued stocks. While finding more attractive valuation opportunities in European equities, we looked to reduce the Threadneedle American Smaller Companies fund. Valuations in the US looked stretched, after significant outperformance over the past couple of years. We reduced our exposure to insurer Legal & General in April. The dividend rebasing story had largely played out and, with a dividend of around 4.4% 1, this indicated a relatively high pay-out ratio. After the share price had rallied strongly, since the lows of March 2009, we felt that given a likely slowdown in growth momentum the stock was fully valued. A number of corporate actions took place over the period. Reckitt Benckiser announced the demerger of its pharmaceuticals division with shareholders receiving one new share in Indivior for every one share held in Reckitt Benckiser. This small holding was later sold in April, due to concerns over pricing pressures. Meanwhile, global miner BHP Billiton and commodity trader Glencore both demerged their stakes in Lonmin and South32. These inherited holdings were later sold in the Fund during May and June respectively. Market Overview Equity markets finished the review period in a cautious mood as the Greek parliament agreed to a last-ditch deal with its creditors, after they approved a series of revised austerity measures to unlock 7.2bn in bailout funding, narrowly avoiding a potentially catastrophic default. US equity markets touched near record highs, and European markets rallied, as this latest chapter in the Eurozone project removed much of the uncertainty over a potential Grexit ensuring that their debt is restructured and banking system is re-capitalised. A surprise victory for the Conservative Party in May provided a boost to UK equities, while sterling reacted positively, as the election delivered a result significantly less complex than analysts and the opinion polls had been predicting. The resource-heavy FTSE 100 continued to lag behind its global counterparts during the first half of 2015, as the blue chip index was held back by the knock-on effects of the oil and commodity slump. The strength of the UK economy, boosted by the unemployment rate hitting a six-and-a half-year low of 5.4%, had raised the prospect of an initial interest rate rise in Concerns over the potential breakup of the Eurozone, together with weak inflation numbers, has now pushed this firmly back to the first half of Page 4
5 Investment Manager s Report (continued) Market Overview(continued) Federal Reserve (Fed) chairwoman Janet Yellen removed the word patient from the Fed statement, leading to expectations of an imminent interest rates rise. An ultra-easy monetary policy has been in place for over six years, helping the global equity markets surge to new highs. Moderate US economic data and an improving labour market lead to many economists believing a rate rise might be due as soon as September An emergency rate cut by the People s Bank of China failed to stem a steep correction in the Shanghai equity market, as investors downgraded growth expectations for the Chinese economy. This potential slowdown in the region s largest economy, together with a weakening Yuan and strengthening US Dollar, hit emerging market equites and pushed commodity prices to multi-year lows. Brent crude oil plunged down to $50 per barrel, extending its downward spiral and tumbling to a fresh seven year low, as traders bet that the global oversupply of oil will continue well into Outlook Global equity markets have now been in a bull trend for nearly seven years, propelled by investors seeking a reliable source of income in an ultra-low interest rate environment. Looking ahead for the remainder of the year, the economic recovery is tentatively improving in the Eurozone whilst in America the Fed chair Janet Yellen needs to carefully manage investors expectations on the potential timing of first interest rate rise in the US. The European Central Bank (ECB) 60bn-a-month Quantitative Easing programme continues to provide support to risk assets. Meanwhile, in Spain, the rising popularity of the anti-austerity party Podemos increases the risk of instability in the periphery and will help make for cautious mood. The recent collapse in the oil price, originally due to the shale gas bonanza and then latterly the slowdown in Chinese growth, has increased fears of deflation in the Eurozone however; this should be viewed as a clear positive for global growth and may help sustain the recovery over the coming months. The Federal Reserve has kept US interest rates pinned at 0.25% since December 2008 and hasn t raised rates since June Forecasters continue to expect Janet Yellen to begin the tightening cycle in September; however, with inflation likely to remain low for the remainder of the year and ongoing turmoil in China and the Eurozone, a growing number of investors now believe that normalisation of monetary policy may not begin until the year end. Although Athens has agreed to the punitive austerity conditions, imposed by the European Central Bank, a final deal has yet to be finalised. With pressure from Germany to ensure that the Greek parliament delivers, on this their third bailout, the stakes continue to be high to ensure the stability of the region. In this low interest rate environment, we will continue to favour investment in large Blue-Chip, high quality equities which provide a secure dividend yield and potential for earnings growth. Equities are forecast to benefit further from growing developed economies and the fund maintains an underweight position in Japan, in favour of UK and US stock markets. Source: 1 FE Analytics - Performance for period 31/01/2015 to 31/07/2015. Total Return, Sterling, net income reinvested Investment Manager Charles Stanley & Co Limited 31 July 2015 Page 5
6 Important events during the period The Investment Association (IA) has published in accordance with FRS 102 a revised Statement of Recommended Practice (SORP) in May 2014 which supersedes the previous SORP for the preparation of Financial Statements by UK Authorised Funds. The recommendations of this SORP are applicable to accounting periods beginning on or after 1 January 2015 and as a result the requirement for Umbrella Funds to present aggregated accounts has been removed for the interim Financial Statements of the Company. The information in this report is designed to enable shareholders to make an informed judgment on the activities of the Fund during the period it covers and the result of those activities at the end of the period. The long Report and Accounts are available free of charge on request. For more information about the activities and performance of the Fund during the period and previous periods, please contact: Authorised Corporate Director Fund Partners Limited Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset, BH21 7SB Customer Service Centre: Depositary State Street Trustees Limited 20 Churchill Place, London, E14 5HJ Investment Manager Charles Stanley & Co Limited Granville House, 25 Luke Street, London, EC2R 4AR Authorised and regulated by the FCA Authorised and regulated by the FCA Authorised and regulated by the FCA Auditor Deloitte LLP Chartered Accountants and Statutory Auditor Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2DB Please note that telephone calls may be recorded for monitoring and training purposes, and to confirm investors' instructions Page 6
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