ALLSHARE INCOME UNIT TRUST

Transcription

1 ALLSHARE INCOME UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2012

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3 Manager St. James's Place Unit Trust Group Limited P.O. Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: (Authorised and regulated by the Financial Services Authority) Directors of the Manager D. C. Bellamy I. S. Gascoigne A. M. Croft D. J. Lamb Secretary of the Manager St. James's Place Administration Limited Investment Adviser AXA Investment Managers UK Limited 7 Newgate Street London, EC1A 7NX United Kingdom (Authorised and regulated by the Financial Services Authority) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Services Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Services Authority) Auditor PricewaterhouseCoopers LLP Erskine House Queen Street Edinburgh, EH2 4NH 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 P.O. Box 9034, Chelmsford CM99 2XA. Freephone:

4 Report of the Manager During the period under review, 1 April 2012 to 30 September 2012, the St. James's Place Allshare Income Unit Trust Income unit offer price rose by 1.5% from 82.61p to 83.83p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 3.6% from 98.65p to 102.2p. On the 15 November 2012, the latest available date before the printing of this report, the Income unit offer price was 82.25p and the Accumulation unit offer price was 101.2p. The estimated yield was 4.00%. The Trust's Performance The performance of the Trust since its launch in October 2007 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. Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share FTSE All-Share (net income reinvested) Source: Lipper for Fund returns 01/10/07 to 31/03/12 to 30/09/12 30/09/12 % change % change 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 UK equities made modest progress over the reporting period. Global economic growth rates slowed with parts of Europe, including the UK, falling back into recession. Worries in the euro zone continued with austerity measures threatening a self-perpetuating downward spiral of spending cuts leading to poor tax receipts triggering further cuts. Emerging economies saw growth rates slow as the tightening of monetary policy from the previous year impacted. The US economy continued to generate slow growth albeit at an insufficient pace to bring down unemployment significantly. Equity markets were initially weak as data disappointed but then rallied as investors anticipated further policy action from central banks. This was a benign background for bond markets which continued to rise as investors chased income. The fall in corporate bond yields helped improve the attractiveness of yielding equities. The portfolio outperformed during the period mainly due to some good increases in some of the smaller capitalised companies. EMIS, who supply software to doctor s surgeries, saw the share price rise by nearly 50% as profit forecasts were increased on the back of an increase in their rollout rate. The performance of Tarsus was strong due to robust trading while Vectura benefitted from the approval of one of their drugs which triggered licence payments. The period was weak for resource stocks but an underweight position helped performance. KBC Advanced Technology fell in value after a profit warning, while Titan Europe lost ground despite being subject to a takeover bid. During the period holdings were acquired in GKN, based on their acquisition of Volvo Aerospace, and Wolseley, due to their US housing exposure. In the FTSE 250 arena, Micro Focus International was bought due to the company s attractive yield profile from both ordinary and special dividends as they flex their strong balance sheet and cash flows. Earnings forecasts are under pressure due to the economic slowdown but this appears to be largely reflected in share prices. The impending US fiscal cliff will produce market volatility which should provide good opportunities and company finances are generally strong, which will provide good support for dividends. AXA Investment Managers UK Limited 12 October

5 Performance Record The was first offered on 1 October 2007 at an offer price of p per unit. 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/payable per unit is shown below: Income Accumulation Net revenue distributed Net revenue distributed per 1,000 per 1,000 Invested Invested per unit at 01/10/07 per unit at 01/10/07 Calendar year p p * Net Asset Values Year ended March * Units in Issue Units in Issue Market NAV per NAV per Unit Income Accumulation NAV of Trust Income Accumulation '000 p p 6,863, ,641, , ,263, ,734, , ,728, ,132, , ,168, ,218, , Ongoing Charges Figure The Ongoing Charges Figure for the period ended 30 September 2012 was 1.83%. From July 2012, following the implementation of the UCITS IV Directive, the Total Expense Ratio (TER) has been replaced by an Ongoing Charges Figure (OCF). Both figures aim to provide an indication of the annual operating expenses of the unit trust, the main difference between them is that the OCF additionally includes certain portfolio transaction based fees charged by the custodian. Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place Worldwide Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 6. It was calculated using performance data up to 31 May The risk category is recalculated weekly and in the period from 31 May 2012 to 30 September 2012, the risk category did not change. * To 30 September

6 Investment Assets as at 30 September 2012 (unaudited) Security Holdings Market Value 000 % of Net Assets Aerospace & Defence (0.03%) 5 - Hampson Industries 2,600, Automobiles & Parts (0.28%) 5, GKN 2,250,000 4, Nationwide Accident Repair Services 1,800,000 1, Banks (5.18%) 26, HSBC 3,700,000 21, Lloyds Banking Group 2,500, Secure Trust Bank 350,000 4, Chemicals (3.66%) 17, AZ Electronic Materials 2,900,000 9, Victrex 599,848 7, Construction & Materials (2.40%) 9, Low & Bonar 15,500,000 9, T Clarke 1,900, Corporate Bonds (0.06%) London Mining Jersey 8% 15/02/ , Electricity (0.65%) 7, KSK Power Ventur 500,000 2, SSE 350,000 4, Electronic & Electrical Equipment (2.11%) 9, E2V Technologies 6,582,907 8, Stadium 1,700,000 1, Equity Investment Instruments (2.62%) 12, Ecofin Water & Power Opportunities Fund 3,650,000 4, Greenwich Loan Income Fund 3,525,000 1, HICL Infrastructure 788, Juridica Investments 6,100,000 5, Financial Services (3.01%) 15, Charlemagne Capital 4,000, City of London 1,506,024 1, City of London Trust Placing 142, Close Brothers 550,000 4, Fusion IP 4,343,333 2, Ground Rents Income Fund 3,500,000 3, London Capital 2,100,000 1, Medicx Fund 2,840,000 2, Fixed Line Telecommunications (2.47%) 13, BT 2,750,000 6, Kcom 8,000,000 6, Food Producers (6.50%) 29, Devro 3,450,000 11, Hilton Food 3,500,000 9, Unilever 385,000 8, Forestry & Paper (0.14%) Cambium Global Timberland 1,058, Gas, Water & Multiutilities (4.19%) 20, Centrica 2,850,000 9, National Grid 950,000 6, Severn Trent 250,000 4,

7 Investment Assets (continued) as at 30 September 2012 (unaudited) Security Holdings Market Value 000 % of Net Assets General Retailers (2.17%) 10, Pendragon 46,500,000 6, Topps Tiles 8,400,000 3, Industrial Engineering (5.60%) 24, Alumasc 1,600,000 1, Castings 1,450,000 5, Optare Warrants 30/06/12 * 4,333, Senior 4,700,000 9, Titan Europe 5,250,000 5, Zytronic 977,800 3, Industrial Transportation (0.91%) 4, Clarkson 350,000 4, Life Insurance (1.88%) 9, Aviva 800,000 2, Legal & General 3,500,000 4, Phoenix 500,000 2, Media (3.95%) 20, Cineworld 4,215,600 10, Tarsus 5,600,000 9, Mining (4.69%) 20, Anglo Pacific 3,700,000 10, ATH Resources 1,401, Consolidated General Minerals * 1,207, Firestone Diamonds 18,320, Rio Tinto 320,000 9, Mobile Telecommunications (4.72%) 21, Vodafone 12,000,000 21, Non Equity Investments (2.07%) 5, Carador Income Fund 7,000,000 4, Carador Income Fund 'C' shares 1,500, Non Life Insurance (0.54%) Personal 265, Oil & Gas Producers (11.48%) 52, ACM Shipping 1,058,285 1, BP 4,500,000 19, Caza Oil & Gas 1,700, Indus Gas 190,000 1, Rockhopper Exploration 300, Royal Dutch Shell 'B' shares 1,225,000 27, Trap Oil 6,350,000 1, Oil Equipment, Services & Distribution (0.80%) 2, KBC Advanced Technologies 5,006,000 2, KBC Advanced Technologies Placing 500, Pharmaceuticals & Biotechnology (5.19%) 25, GlaxoSmithKline 1,400,000 20, Phytopharm 5,000, Vectura 6,000,000 5,

8 Investment Assets (continued) as at 30 September 2012 (unaudited) Market Value 000 % of Net Assets Security Holdings Real Estate Investment & Services (0.80%) 6, NewRiver Retail 1,400,000 2, Redefine International 3,500,000 1, Redefine International Rights United Kingdom 2,423, Redefine International Rights Isle of Man 2,423, Redefine International Placing 10,384,615 2, Real Estate Investment Trusts (2.32%) 10, Local Shopping 3,000,000 1, Mucklow A & J 1,350,000 4, Primary Health Properties 1,427,868 4, Software & Computer Services (3.90%) 28, Bond International Software 1,400, Craneware 456,657 1, EMIS 875,000 6, ienergizer 2,500,000 9, Micro Focus International 900,000 5, Playtech 250, Statpro 4,263,750 4, Support Services (5.80%) 31, Ashtead 2,250,000 7, Brulines 1,500,000 1, Healthcare Locums * 11,025, Hydrogen 1,400,000 1, Latchways 800,000 8, Matchtech 1,233,770 2, Norcon 2,349, Office2office 2,600,000 3, Wolseley 250,000 6, Technology Hardware & Equipment (1.78%) 7, IQE 30,250,000 7, Tobacco (5.54%) 28, British American Tobacco 575,000 18, Imperial Tobacco 425,000 9, Investment assets 480, Total other assets (net) 5, Net assets 485, Comparative figures shown in brackets relate to 31 March All investments held are listed, unless otherwise stated. This investment is a related party. * Unlisted and suspended securities. 6

9 Material Portfolio Changes Cost Purchases 000 St. James's Place Money Market Unit Trust (Acc) 52,287 Wolseley 6,783 SSE 4,855 GKN 4,817 Micro Focus International 4,607 British American Tobacco 4,273 HSBC 3,874 Royal Dutch Shell 'B' shares 3,827 Ground Rents Income Fund 3,500 BP 3,334 Proceeds Sales 000 St. James's Place Money Market Unit Trust (Acc) 56,616 Hardy Underwriting Bermuda 1,400 Morson 1,225 Victrex 353 EMIS 203 Ground Rent 47 ATH Resources 18 This investment is a related party. 7

10 Statement of Total Return for the period 01 April 2012 to 30 September 2012 (unaudited) Income Net capital gains/(losses) Revenue Expenses Finance costs: Interest Net revenue before taxation Taxation Net revenue after taxation Total return before distributions Finance costs: Distributions Change in net assets attributable to unitholders from investment activities 01/04/12 to 30/09/12 01/04/11 to 30/09/ ,724 (37,256) 9,497 6,225 (3,957) (2,822) - (1) 5,540 3, (8) 5,552 3,394 16,276 (33,862) (9,465) (6,183) 6,811 (40,045) Statement of Change in Net Assets Attributable to Unitholders for the period 01 April 2012 to 30 September 2012 (unaudited) 01/04/12 to 30/09/12 01/04/11 to 30/09/ Opening net assets attributable to unitholders 401, ,042 Movement due to creation and cancellation of units: Amounts receivable on creation of units 72,943 68,544 Amounts payable on cancellation of units (3,950) (2,484) Stamp duty reserve tax Change in net assets attributable to unitholders from investment activities (see above) Retained distribution on accumulation units Closing net assets attributable to unitholders 68,993 66,060 (66) (44) 6,811 (40,045) 8,807 5, , ,009 The presentation of the financial statements has been changed from 's to 000's, the comparatives have been restated accordingly. 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 28 September 2012 (unaudited) were: Income units Accumulation units Bid Offer p p

11 Balance Sheet as at 30 September 2012 (unaudited) Assets Investment assets Debtors Cash and bank balances Total other assets Total assets 30/09/12 31/03/ , ,093 4,335 5,579 6,477 9,713 10,812 15, , ,385 Liabilities Creditors (4,687) (4,695) Distribution payable on income units (415) (336) Total liabilities (5,102) (5,031) Net assets attributable to unitholders 485, ,354 Accounting and Distribution policies for the period 01 April 2012 to 30 September 2012 (unaudited) 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 Services Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft London D. J. Lamb 19 November

12 Distribution Tables Distributions in pence per unit Group 1 Group 2 Income First interim Units purchased on or after 1 April 2012 to 30 June 2012 Second interim Units purchased on or after 1 July 2012 to 30 September 2012 Net revenue Equalisation Distributions paid to/ payable 31/12/12 Distributions paid to 31/12/11 Group 1 (p) (p) (p) (p) First interim Second interim Group 2 (p) (p) (p) (p) First interim Second interim Accumulation Net revenue Equalisation Distributions paid to/ payable 31/12/12 Distributions paid to 31/12/11 Group 1 (p) (p) (p) (p) First interim Second interim Group 2 (p) (p) (p) (p) First interim Second interim Corporate Tax First interim Units purchased prior to 1 April 2012 Second interim Units purchased prior to 1 July 2012 A unitholder liable to corporation tax receives this distribution, excluding equalisation, as follows: All dividends % of the dividend, together with the tax credit, is received as franked investment income. All dividends % of the dividend is received as an annual payment (non-foreign element) received after deduction of income tax at the lower rate and is liable to corporate tax. The tax deemed to have been deducted is treated as income tax. All dividends % of the dividend is received as an annual payment (foreign element) received after deduction of income tax at the lower rate and is liable to corporate tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hands of the investor, who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue and Customs. 10

13 General Information The 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 1 October The Unit Trust is subject to the rules of the Financial Services 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 Services Authority. Investment Objectives The investment objective of the Scheme is to achieve a level of income in excess of the average yield of the stocks comprising the FTSE All-Share Index whith the potential for capital appreciation over the medium to long-term. The Scheme will be invested in a combination of primarily UK, but also global, equities. The Scheme is also permitted to invest in other asset classes permitted for UCITS schemes under COLL including other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, deposits, and derivatives and forward transactions (for the purposes of hedging only). 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. 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, P.O. 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 the dealing day, 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. Telephone instructions are not accepted for ISA wrapped investments or the Unit Trust Investment Plan (Regular Premium Unit Trust). 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 in the Daily Telegraph and on the Manager's website: Minimum Investment The minimum lump sum investment is 1,500, thereafter the minimum additional investment is 1,000. The minimum monthly investment to the Unit Trust Investment Plan is 150 and the minimum monthly increment is 50. The minimum annual investment to the Unit Trust Investment Plan is 1,500 and the minimum annual increment is 500. 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 1.75 per cent of the value of the Trust. 11

14 General Information (continued) Income Distributions Income distributions are made quarterly on or before 31 March, 30 June, 30 September and 31 December each year. 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 each year. Capital Gains Tax The Trust is not liable to tax on capital gains and an individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2012/2013 exceed 10,600 (2011/ ,600). 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. 12

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16 UK members of the St. James s Place Wealth Management Group are authorised and regulated by the Financial Services Authority. St. James s Place Unit Trust Group Limited: Registered Office St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP United Kingdom. Registered in England Number Perivan Financial Print Allshare Income (11/12)