GLOBAL UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2014

Transcription

1 GLOBAL UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2014

2 Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager D. C. Bellamy A. M. Croft I. S. Gascoigne D. J. Lamb Investment Adviser Artisan Partners Limited Partnership 875 East Wisconsin Avenue, Suite 800 Milwaukee, Wisconsin United States of America (Authorised by the Securities and Exchange Commission) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Conduct Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Conduct Authority) Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX United Kingdom Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at PO Box 9034, Chelmsford CM99 2XA. Freephone:

3 Report of the Manager During the period under review, 1 April 2014 to 30 September 2014, the St. James's Place Global Unit Trust Income unit offer price rose by 3.7% from 158.4p to 164.2p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 3.7% from 163.2p to 169.2p. On the 20 November 2014, a recent available date before the printing of this report, the Income unit offer price was 171.7p and the Accumulation unit offer price was 177.1p. The estimated yield was 0.00%. The Trust's Performance The performance of the Trust since its launch in January 2007, over the five year period since September 2009 and over the period under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. 08/01/07 to 30/09/09 to 31/03/14 to 30/09/14 30/09/14 30/09/14 % change % change % change St. James's Place Global Unit Trust Income units (offer to offer)* Accumulation units (offer to offer) Indices - actual MSCI World (net income reinvested) MSCI World** * Income Units were made available on the 1 October ** MSCI World return is from 1 October 2007 to 30 September Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments Global equities climbed steadily during the second quarter as markets chose to view the glass as half full. Positive sentiment was driven by statements from the Fed and the ECB echoing an ongoing commitment to low interest rates. Global mergers and acquisition volume was also a tailwind. In the third quarter, data pointed to a further divergence between a strengthening US economy and fragile conditions elsewhere. The US economy continued its upward trajectory while the eurozone faced stagnating growth and a low inflation rate. In China, the central bank turned to targeted liquidity measures in response to flagging domestic demand. For the six months ended 30 September 2014, the portfolio slightly lagged behind the MSCI All Country World Index, which advanced 5.5% in GBP terms. We benefited from strength in the financials and technology sectors, led by Royal Bank of Scotland, Bank of New York Mellon, Microsoft and Cisco. Shares of Royal Bank of Scotland rose as the company showed significant improvements to credit quality as well as progress on its costreduction initiatives. Shares of Microsoft have benefited from signs of an improving PC cycle and changes within the board. Regionally, our US holdings were a source of strength. On the downside, Tesco detracted from overall performance. Tesco continues to face intense competition from hard discounters as well as other mainstream players as participants fight over market share in what is an oversupplied market. Shares were further pressured after the company disclosed it had overstated profits due to an alleged accounting error. We opened a position in Qualcomm, a global leader in mobile phone technology and equipment. We believe the company is well positioned to benefit from the rapid growth in global smartphone penetration, both through ownership of intellectual property critical to providing mobile broadband and also through a market-leading mobile semiconductor business. We exited our position in 3M. We will continue to maintain our disciplined research process, working to uncover opportunities which meet our investment criteria. Artisan Partners Limited Partnership 7 October

4 Performance Record Unit Price History Calendar year * Income Accumulation Highest Lowest Highest Lowest Offer Bid Offer Bid p p p p Distributions The record of net distributions paid per unit is shown below: Income Accumulation Net revenue distributed Net revenue distributed per 1,000 per 1,000 Invested Invested per unit at 02/01/09 per unit at 02/01/09 Calendar year p p * Net Asset Values Year ended March * Units in Issue Units in Issue Market NAV per Unit NAV per Unit Income Accumulation NAV of Trust Income Accumulation 000 p p 9,947, ,213,726 1,084, ,188,806 1,069,142,447 1,498, ,501,585 1,229,516,862 1,926, ,870,162 1,290,305,969 2,096, Ongoing Charges Figure The Ongoing Charges Figure for the period ended 30 September 2014 was 1.76% (31 March 2014: 1.77%). The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the period, annualised, against its average net asset value. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). The OCF can fluctuate as underlying costs change. Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place Global Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 5. It was calculated using performance data up to 3 March The risk category is recalculated weekly and during the period under review, the risk category did not change. * To 30 September

5 Investment Assets as at 30 September 2014 (unaudited) Security Holdings Market Value 000 % of Net Assets BELGIUM (1.82%) 31, Groupe Bruxelles Lambert 568,955 31, BERMUDA (2.88%) 56, Arch Capital 1,662,021 56, Markit 46, BRAZIL (0.00%) 2, BR Malls Participacoes 249,300 1, Raia Drogasil 238,400 1, BRITISH VIRGIN ISLANDS (0.00%) 9, Tianhe Chemicals 52,380,000 9, CANADA (2.42%) 50, Imperial Oil 1,672,374 49, Tourmaline Oil 50,663 1, CAYMAN ISLANDS (0.00%) 5, Alibaba ADR 11, Baidu ADR 13,756 1, Sands China 336,000 1, Tencent 204,300 1, DENMARK (2.12%) 58, Carlsberg 552,315 30, ISS 1,695,390 28, FRANCE (1.85%) 21, Sanofi 35,753 2, Vivendi 1,286,813 19, HONG KONG (0.00%) 1, Hong Kong Exchanges and Clearing 125,200 1, INDIA (0.16%) - - IRELAND (0.97%) 21, Accenture 396,949 19, James Hardie Industries 287,050 1, ITALY (0.00%) Moncler 79, JAPAN (2.06%) 26, FANUC 26,600 2, Kao 899,500 21, Tokyo Electron 54,500 2, LUXEMBOURG (0.00%) 1, Eurofins Scientific 7,369 1, MEXICO (0.00%) 2, Infraestructura Energetica Nova 367,210 1, TF Administradora Industrial# 750,599 1, NETHERLANDS (2.52%) 48, ING 5,099,956 44, TNT Express 1,023,232 3, NORWAY (1.24%) 25, Orkla 4,524,976 25, RUSSIA (0.00%) Magnit GDR 23,

6 Investment Assets (continued) as at 30 September 2014 (unaudited) Security Holdings Market Value 000 % of Net Assets SINGAPORE (0.73%) 16, Flextronics International 2,596,376 16, SOUTH KOREA (3.13%) 80, Kia Motors 1,052,376 33, Samsung Electronics 68,020 47, SWEDEN (0.00%) 4, Hexagon 206,750 4, SWITZERLAND (7.91%) 161, ABB 665,172 9, Adecco 865,043 35, Novartis 1,039,673 60, Pargesa 43,997 2, TE Connectivity 1,500,924 53, UNITED KINGDOM (26.62%) 533, AMEC 2,709,070 29, Aon 765,459 41, Associated British Foods 19, Compass 4,414,600 44, Diageo 1,333,357 23, Direct Line Insurance 771,009 2, Intertek 40,201 1, Lloyds Banking Group 50,166,565 38, Rotork 70,919 1, Royal Bank of Scotland 19,858,126 73, Serco 2,409,604 6, St. James's Place Money Market Unit Trust L Acc 189,140, , Tesco 21,211,871 39, TSB Banking 1,379,487 3, Unilever ADR 1,066,259 27, Weir 34, UNITED STATES (39.60%) 885, Abbott Laboratories 55,159 1, Amazon.com 4, American Express 870,284 47, Anadarko Petroleum 43,030 2, Apple 24,881 1, Applied Materials 3,581,087 48, Aramark 95,008 1, Bank of New York Mellon 3,317,711 79, Biogen Idec 17,053 3, Chipotle Mexican Grill 2,763 1, Chubb 771,964 43, Cisco Systems 3,652,865 56, Citigroup 1,896,622 61, Citizens Financial 15, Discover Financial Services 76,115 3, EQT 15, Facebook 46,377 2, Google 'A' Shares 60,616 22, Google 'C' Shares 44,541 15, IHS 64,323 4, Illumina 20,229 2,

7 Investment Assets (continued) as at 30 September 2014 (unaudited) Security Holdings Market Value 000 % of Net Assets Johnson & Johnson 981,004 64, Keurig Green Mountain 19,154 1, Marsh & McLennan 1,672,969 54, Mastercard 852,948 39, Medtronic 1,498,413 57, Microsoft 2,719,302 78, Monsanto 22,653 1, Oracle 3,983,114 94, Progressive 1,980,755 31, QUALCOMM 1,087,151 50, Regeneron Pharmaceuticals 22,575 4, Starbucks 50,878 2, Visa 14,177 1, Walt Disney 19,911 1, Workday 39,210 2, DERIVATIVES (0.02%) Forward Curerncy Contracts Bought JPY235,246,675 for GBP1,324, Settlement 13/02/2015 Bought JPY254,721,247 for GBP1,487,393 (48) - Settlement 13/02/2015 Sold JPY3,809,680,128 for GBP22,233, Settlement 13/02/2015 Sold JPY238,000,499 for GBP1,385,393 Settlement 41-13/02/2015 Investment assets^ 2,047, Total other assets (net) 48, Net assets 2,096, Comparative figures shown in brackets relate to 31 March All investments held are listed, unless otherwise stated. Derivative contracts were traded on an eligible derivatives exchange. Stocks shown as ADRs and GDRs represent American Depositary Receipts and Global Depositary Receipts. During the period under review the Manager decided to place some of the sterling cash held on deposit into the St. James s Place Money Market Unit Trust in order to spread risk across a number of institutions. The St. James s Place Money Market Unit Trust is highly liquid and is rated AAA by Standard & Poors. This investment is a related party. This investment is a related party. # Real Estate Investment Trust (REIT). ^ Including investment liabilities of ( 48k). 6

8 Material Portfolio Changes Cost Purchases 000 St. James's Place Money Market Unit Trust L Acc 58,500 Citigroup 54,290 QUALCOMM 48,515 Samsung Electronics 24,099 ISS 22,635 URS 9,645 ABB 9,208 Tianhe Chemicals 9,185 Serco 8,072 Tesco 7,124 Proceeds Sales 000 3M 46,248 St. James's Place Money Market Unit Trust L Acc 42,744 Apple 36,430 Aramark 22,806 Kao 17,909 URS 17,832 Total 15,479 Aon 8,302 Compass 5,890 American Express 5,481 This investment is a related party. 7

9 Statement of Total Return for the period 01 April 2014 to 30 September 2014 (unaudited) Income Net capital gains Revenue Expenses Finance costs: Interest Net (expenses)/revenue before taxation Taxation Net (expenses)/revenue after taxation Total return before equalisation Finance costs: Equalisation Change in net assets attributable to unitholders from investment activities 01/04/14 to 30/09/14 01/04/13 to 30/09/ ,017 83,203 16,849 15,613 (17,737) (14,142) - - (888) 1,471 (1,579) (1,309) (2,467) ,550 83, ,640 83,455 Statement of Change in Net Assets Attributable to Unitholders for the period 01 April 2014 to 30 September 2014 (unaudited) 01/04/14 to 30/09/14 01/04/13 to 30/09/ Opening net assets attributable to unitholders 1,926,419 1,498,139 Movement due to creation and cancellation of units: Amounts receivable on creation of units 103, ,762 Amounts payable on cancellation of units (6,203) (26,052) Stamp duty reserve tax Change in net assets attributable to unitholders from investment activities (see above) Closing net assets attributable to unitholders 97,123 98,710 (12) (60) 72,640 83,455 2,096,170 1,680,244 Comparative information is provided for the Statement of Change in Net Assets Attributable to Unitholders. Since this information is for the prior interim period, the net assets at the end of that period do not correspond to the net assets at the start of the current period. The prices per unit as at 30 September 2014 (unaudited) were: Income units Accumulation units Bid Offer p p

10 Balance Sheet as at 30 September 2014 (unaudited) Assets Investment assets Debtors Cash and bank balances Total other assets Total assets 30/09/14 31/03/ ,047,726 1,850,442 6,149 9,158 46,797 68,903 52,946 78,061 2,100,672 1,928,503 Liabilities Investment liabilities (48) (40) Creditors (4,454) (2,044) Total other liabilities (4,454) (2,044) Total liabilities Net assets attributable to unitholders Accounting and Distribution policies for the period 01 April 2014 to 30 September 2014 (unaudited) (4,502) (2,084) 2,096,170 1,926,419 Basis of accounting The interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended 31 March They have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in October 2010 (the IMA SORP 2010). Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft D. J. Lamb London 24 November

11 General Information The Trust St. James's Place Global Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 8 January The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment Scheme Sourcebook and is classified as a UCITS Scheme. The Trust Manager The Manager of the Trust is St. James's Place Unit Trust Group Limited which is a member of the IMA and is authorised and regulated by the Financial Conduct Authority. Investment Objectives The investment objective of the Scheme is to achieve capital appreciation through investment in a global portfolio. The Scheme will invest primarily in UK and overseas equities and may also invest in fixed interest and index linked securities and cash. The Scheme is also permitted to invest in other transferable securities, money market instruments, units in collective investment schemes and deposits. The Scheme will concentrate on seeking opportunities for exceptional growth in stocks which, in the opinion of the Investment Adviser, offer good value for money. The Scheme may also invest in transferable securities in new and emerging markets. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. European Savings Directive It is the Manager's intention that the Trust will not normally hold 15% or more of its value in money debt instruments. Efficient Portfolio Management The efficient portfolio management techniques permitted in the fund as at 30 September 2014 comprise of: Technique Counterparty Exposure ( ) Currency Forwards State Street Bank and Trust Company 25,722,102 The revenues in the period were nil with no collateral placed or received. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published on the Manager's website: and are available by calling the Administration Centre on Minimum Investment The minimum lump sum investment is 1,500, thereafter the minimum additional investment is 1,000. The minimum monthly investment is 150 and the minimum monthly increment is 50. The minimum annual investment is 1,500 and the minimum annual increment is

12 General Information (continued) Management Charges The Trust Deed permits the following management charges which are receivable by the Manager: (a) A Preliminary Charge of 5 per cent which is included in the offer price of the Units. (b) An Annual Management Charge at a rate of 1.67 per cent of the value of the Trust. Income Distributions Income distributions are made annually on or before the 31 May. Accumulation Distributions Revenue due to accumulation unitholders is reflected in the price of their units. Tax Vouchers Income unitholders that receive income distributions by direct credit and accumulation unitholders (where the distribution income is reinvested) receive an annual consolidated tax voucher in May with all the relevant payment and tax information required to complete a tax return. Tax vouchers will be enclosed if income unitholders receive payment by cheque. Report A report is sent semi-annually to all unitholders on or before 31 May and 30 November. Capital Gains Tax The Trust is not liable to tax on capital gains and any individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2014/2015 exceed 11,000 (2013/ ,900). To calculate capital gains on accumulation units, the total amount of reinvested net revenue (shown on the annual tax credit vouchers) should be added to the base cost of the units purchased. Unitholders should consult their professional advisers for any advice regarding their tax position. 11

13 St. James s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority. St. James s Place Unit Trust Group Ltd Registered Office: St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number Perivan Financial Print Global (11/14)