Threadneedle UK Property Authorised Investment Fund
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- Marcia Hunt
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1 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. UK GDP growth of 1.7% was below that of other major European economies but not reflective of an economy overly encumbered by the uncertainties presented by Brexit. Indeed, total employment in the UK as reported by the ONS (Office for National Statistics) reached 32.15m people by the end of 2017, 321,000 more than a year earlier. The rate of price inflation, propelled higher by sterling s weakness after the EU referendum, appears to have peaked, and there is now a degree of optimism around a welcome return to real wage growth. As at the end of April 2018, it is fair to say that the leaders of both of the UK s main political parties do look more secure in their positions than at various points over the preceding year. In addition, the recent in-principle agreement between the UK and the EU on a transitional deal with respect to the UK s withdrawal from the EU has, we believe, increased the likelihood of an orderly conclusion to these extremely complex negotiations. Supported by this reasonably favourable economic backdrop, the UK commercial property market generated strong investor returns during 2017, a trend that has continued into Q At the overall market level, economic growth has maintained upward pressure on commercial rental values whilst strong investor demand has maintained upward pressure on pricing. Over the twelve months to the end of April 2018, the commercial property market generated a gross total return of 11.1%, significantly up on the comparable figure of 4.0% over the preceding year. The sector s attractive income return of 5.4% was fractionally surpassed by capital appreciation of 5.6%. This capital appreciation was driven by a sharpening in investment yields, contributing a positive impact of 5.5%, as well as meaningful rental value growth of 1.9%. (Unless stated otherwise all statistics in this section are taken from the MSCI UK Monthly Index April 2018.) Commercial property was the top performing asset class over the period, substantially outperforming the marginally negative total returns generated by UK equities and gilts. Performance With reference to the UK IA Direct Property Sector benchmark for real estate funds, the TUKPAIF (Threadneedle UK Property Authorised Investment Fund) is ranked second quartile (26th out of 55 funds) over the 12 months to 30 April 2018, and second quartile (16th out of 44 funds) over the five years to 30 April This information is provided to demonstrate performance relative to the peer group. However, please be reminded that the fund is not managed with reference to any benchmark. Portfolio Strategy and Activity At 15 May 2018 the fund s property portfolio comprised a total of 193 properties and 1,153 individual tenancies. The portfolio continues to offer exceptional diversification benefits. By way of illustration, the ten most valuable properties represent 20% of the total portfolio value; similarly, the ten largest tenants in terms of total rental commitments represent just 16% of the entire portfolio rent roll. This diversification is a central component of the fund s investment approach and acts as a powerful control on risk. At the strategic level, the fund s investment performance benefited from its relatively high exposure to the industrial and logistics sector which, as described, was the stand out performer over the period. The fund s offices performed well in the context of the office sector. TUKPAIF has no central London office exposure, with the majority of its business space ownership weighted towards the South/South East. The asset management team have also delivered performance gains through tactical lease surrenders with simultaneous re-lettings, and the ongoing engagement of all occupiers. Over the twelve-month period to 15 May 2018, the asset management team successfully completed a total of 132 new lettings and lease renewals relating to a total rent roll of 4.6m per annum. Market Outlook In keeping with its fundamental philosophy, the fund continues to offer a highly appealing distribution yield. Over the twelve months to 15 May 2018, the fund s distribution yield to unit holders has been 5.05%*. In the anticipated outlook, featuring lower nominal total returns, this superior distribution yield represents an enhanced relative performance advantage for the fund. Controls and risk management remain central to the overall management of the fund. Liquidity will continue to be controlled as circumstances require, ensuring the appropriate protection of unit holders interests. We also expect the fund s excellent portfolio diversification to remain a significant positive in terms of performance and risk mitigation. Changes to Fund s Leadership Team Don Jordison, Managing Director of Threadneedle Portfolio Services Limited, announced his retirement earlier this year. He left the company on 1 May Following Don s retirement, John Willcock, Property Finance and Commercial Director, will become Head of UK Real Estate, reporting to Michelle Scrimgeour, Columbia Threadneedle s EMEA CEO. John has worked with Don at Columbia Threadneedle since The Company will continue to be managed by the existing co fund manager, Gerry Frewin. Gerry has 20 years industry experience and has worked on the TUKPAIF (and its predecessor, the Threadneedle UK Property Trust) for the past eight years. *Threadneedle UK Property Authorised Investment Fund Institutional Gross Income.
2 Fund Facts Fund Accounting and Distribution Dates Accounting Dates Payment Dates 15 May 15 July 15 August 15 October 15 November 15 January 15 February 15 April Ongoing Charges Figure The Operating charges are represented by the Ongoing Charges Figure (OCF) which is the European standard method of disclosing the charges of a share class of a fund based on the financial year s expenses and may vary from year to year. It includes charges such as the fund 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 non-ucits retail scheme Key Investor Information (NURS-KII) contains the current OCF. For a more detailed breakdown please visit columbiathreadneedle.com/fees. Share class 15 May May 2017 Class 1 Net income shares 1.63% 1.62% Class 1 Net accumulation shares 1.63% 1.62% Class 1 Gross income shares 1.63% 1.62% Class 1 Gross accumulation shares 1.63% 1.62% Class 2 Net income shares 0.81% 0.80% Class 2 Net accumulation shares 0.81% 0.80% Class 2 Gross income shares 0.81% 0.80% Class 2 Gross accumulation shares 0.81% 0.80% Class F Gross accumulation units 0.02% 0.01% Property Expense Ratio A property expense ratio is shown which takes into account expenses that are associated with the day to day maintenance of the property assets and excludes costs associated with operating the Fund. Share class 15 May May 2017 Class 1 Net income shares 0.68% 0.72% Class 1 Net accumulation shares 0.68% 0.72% Class 1 Gross income shares 0.68% 0.72% Class 1 Gross accumulation shares 0.68% 0.72% Class 2 Net income shares 0.68% 0.72% Class 2 Net accumulation shares 0.68% 0.72% Class 2 Gross income shares 0.68% 0.72% Class 2 Gross accumulation shares 0.68% 0.72% Class F Gross accumulation units 0.68% 0.72%
3 Summary of Fund Performance Performance History (%) Threadneedle UK Property Authorised Investment Fund Shares class Class 1 Net income shares Class 1 Net accumulation shares Class 1 Gross income shares Class 1 Gross accumulation shares Class 2 Net income shares Class 2 Net accumulation shares Class 2 Gross income shares Class 2 Gross accumulation shares To 30 April Shares commenced 13 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. Peformance data is quoted in sterling. The performance data prior to 14 May 2016 (the launch date of the Fund) relates to the Threadneedle UK Property Trust whose assets transferred to the Threadneedle Property Authorised Investment Fund and Threadneedle UK Property Authorised Trust on 14 May Net Asset Value (NAV) NAV pence per share Number of shares in issue As at Unit class NAV ( ) 15 May 2018 Class 1 Net income shares 1,668, ,320, May 2017 Class 1 Net income shares 2,021, ,814, May 2018 Class 1 Net accumulation shares 22,121, ,050, May 2017 Class 1 Net accumulation shares 27,568, ,852, May 2018 Class 1 Gross income shares 399, , May 2017 Class 1 Gross income shares 504, , May 2018 Class 1 Gross accumulation shares 45,615, ,765, May 2017 Class 1 Gross accumulation shares 37,708, ,767, May 2018 Class 2 Net income shares 89,339, ,437, May 2017 Class 2 Net income shares 50,116, ,905, May 2018 Class 2 Net accumulation shares 28,460, ,144, May 2017 Class 2 Net accumulation shares 20,713, ,983, May 2018 Class 2 Gross income shares 51,231, ,763, May 2017 Class 2 Gross income shares 45,516, ,229, May 2018 Class 2 Gross accumulation shares 64,066, ,023, May 2017 Class 2 Gross accumulation shares 39,961, ,488, May 2018 Class F Gross accumulation units 1,204,846, ,921, May 2017 Class F Gross accumulation units 1,012,478, ,100,329
4 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Threadneedle UK Property Authorised Investment Fund Distribution History/Share Price Range Pence per share Highest offer price (pence) Lowest bid price (pence) As at Unit class 15 May 2018 Class 1 Net income shares May 2017 Class 1 Net income shares May 2018 Class 1 Net accumulation shares May 2017 Class 1 Net accumulation shares May 2018 Class 1 Gross income shares May 2017 Class 1 Gross income shares May 2018 Class 1 Gross accumulation shares May 2017 Class 1 Gross accumulation shares May 2018 Class 2 Net income shares May 2017 Class 2 Net income shares May 2018 Class 2 Net accumulation shares May 2017 Class 2 Net accumulation shares May 2018 Class 2 Gross income shares May 2017 Class 2 Gross income shares May 2018 Class 2 Gross accumulation shares May 2017 Class 2 Gross accumulation shares May 2018 Class F Gross accumulation units May 2017 Class F Gross accumulation units Past performance is not a guide to future performance. Classification of Investments 15 May 2018 vs 15 May % 80% 15 May May % 60% 50% 40% 30% 20% 10% 0% Direct properties Collective investment scheme Net other assets Portfolio Information Top Five Holdings as at 15 May 2018 % of Fund BlackRock Institutional Cash Series Sterling Liquidity Platinum 2.66 Southport, Ocean Plaza 2.42 Fareham, Fusion Building Reading Retail Park 2.07 Larkfield Mill 2.02 Top Five Holdings as at 15 May 2017 % of Fund Fareham, Fusion Building Reading Retail Park 2.54 Larkfied Mill 1.87 Brentwood, Baytree Shopping Centre 1.56 Chelmsford, One Legg Street 1.48
5 Investment Objective and Policy The objective of the Threadneedle UK Property Authorised Investment Fund (the Company) is to obtain a total return based on income and capital appreciation predominantly through investment in certain kinds of real estate, property related securities, government and public securities and units in collective investment schemes. The Company will invest primarily in UK commercial real estate. It may also invest in US or continental European real estate, property-related securities, property investment companies, collective investment schemes (including other collective investment schemes managed, advised or operated by the ACD or its associates), cash and near cash, warrants, deposits and money market instruments. Derivatives may be used for investment purposes on the giving of 60 days notice to Shareholders. At the date of this report derivatives are used for efficient portfolio management purposes only. It is intended that the Company be a PAIF (Property Authorised Investment Fund) at all times and so its investment objective is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business as further described below. HM Revenue & Customs has confirmed to the ACD that the Company meets the requirements to qualify as a PAIF under regulation 69O of the PAIF Tax Regulations. The Company will be managed so as to be eligible as an ISA investment for the purposes of the Individual Savings Account Regulations 1998 (as amended from time to time). Non-UCITS Retail Scheme Key Investor Information Documentation (NURS KII) Subscription requirements The NURS-KII is a pre-contractual document and investors have to confirm that they have read the latest NURS-KII before making a subscription. Threadneedle has the right to reject a subscription if the investor does not confirm that they have read the latest NURS-KII at the time of application. Investors can obtain the latest NURS-KII from columbiathreadneedle.com. Changes to the management of the ACD The following changes have been made to the management of the ACD: Appointment of Michelle Scrimgeour on 14 August 2017; Resignation of Mr Don Jordison on 1 May Changes to the prospectus of the Company During the period from 15 May 2017 to 14 May 2018, the prospectus of the Company was amended as follows: Disclosures required as a result of changes to COLL as a result of the Markets in Financial Instruments Directive (MiFID II); Disclosures relating to the UK s decision to leave the European Union ( Brexit ); Change of the name of the transfer agent and the legal advisors for the funds; Miscellaneous updates to performance, dilution adjustments and available share classes. Key Risks Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Property Liquidity Risk: It may be difficult or impossible to realise an investment in the Trust because the underlying property concerned may not be readily saleable. Property Valuation Risk: The value of a property is a matter of a valuer s opinion and the true value may not be recognised until the property is sold. Property Market Risk: The performance of the Fund would be adversely affected by a downturn in the Property market in terms of capital value or a weakening of rental yields. Uninvested Cash Risk: Due to the illiquid nature of property and the time it can take to buy or sell assets, under normal circumstances up to 20% of the Fund s assets may be held as cash deposits. In exceptional circumstances, the level of cash held by the Fund may be significantly higher. Holding high levels of cash will have an impact on the performance of the Fund and its distributable income until the excess cash is invested in property assets. Effect of Dual Pricing Risk: The Fund is dual priced, and there is a price to buy shares and a different price to sell them. Because of the cost of transacting in property, the difference between the two prices is likely to be wider than for other Funds. The price at which you deal may change depending on whether the Fund is experiencing inflows or outflows of cash, and any change will mean an increase or decrease in the price at which you deal.
6 General Information The information in this report is designed to enable shareholders to make an informed judgement on the activities of the Fund during the period it covers and the results of those activities at the end of the period. For further information, please contact Threadneedle Investment Services Limited. The Report and Financial Statements is available free of charge on request from the ACD and on our website. For more information about the activities and performance of the Company during the period, please contact the Manager at the administration address noted below, or visit our website at columbiathreadneedle.com. Directory Management and Administration The Company and Head Office Threadneedle UK Property Authorised Investment Fund Cannon Place 78 Cannon Street London EC4N 6AG Authorised Corporate Director (ACD) and Alternative Investment Fund Manager (AIFM) Threadneedle Investment Services Limited Registered office and head office: Cannon Place 78 Cannon Street London EC4N 6AG Registrar Threadneedle Investment Services Limited Delegated to: DST Financial Services Europe Limited** Authorised and regulated by the Financial Conduct Authority (FCA) St Nicholas Lane Basildon Essex SS15 5FS ACD Client Services Department Threadneedle Investment Services Limited PO Box Chelmsford Essex CM99 2AL Telephone (dealing & customer enquiries): * Fax (dealing): (enquiries): Investment Manager Threadneedle Asset Management Limited Cannon Place 78 Cannon Street London EC4N 6AG Depositary Citibank Europe plc, UK Branch (Authorised by the Prudential Regulatory Authority (PRA) and regulated by the FCA and PRA) Citigroup Centre Canada Square Canary Wharf London E14 5LB Legal Advisers Eversheds Sutherland (International) LLP One Wood Street London EC4V 7WS Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Standing Independent Valuers CBRE Limited Henrietta House Henrietta Place London W1G 0NB Colliers International Property Consultants Ltd 1st Floor 50 George Street London W1U 7GA Transfer Agent DST Financial Services Europe Limited** Authorised and regulated by the Financial Conduct Authority (FCA) St Nicholas Lane Basildon Essex SS15 5FS *Please note that calls may be recorded. **International Financial Data Services (UK) Limited changed its name to DST Financial Services Europe Limited on 15 August 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
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