Threadneedle UK Institutional Fund
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- Aldous Dickerson
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1 Annual Short Report 7 March 2018 Fund Managers Report Chris Kinder Jeremy Smith Performance of Class 1 Accumulation shares* Over the twelve months to 7 March 2018, the published share price of Class 1 Accumulation shares in the Threadneedle UK Institutional Fund has risen from p to p. Looking at performance within its peer group, the total return on the fund for the twelve months ending 28 February 2018, including net reinvested income, is +3.56% as compared to a sector median return of +5.36% over the same period. (For information the FTSE All-Share Total Return Index returned +4.40% over the same period). Market Overview and Portfolio Activity The FTSE All-Share index returned 4.4% in the year under review. Sterling advanced over the review period, especially in the second half when investors grew more confident about the UK s ability to secure a favourable post-brexit trade deal with the EU and anticipated that the Bank of England would raise rates. In political news, Prime Minister Theresa May s unexpected call in April for a snap general election fuelled hopes that this would lead to an increased parliamentary majority for the Conservatives, which would strengthen the government s hand in the Brexit negotiations. In the event, June s election resulted in the Conservatives losing their overall majority; this triggered angst over the implications for Brexit. The end of 2017 saw UK and European officials conclude the first stage of the Brexit negotiations, with agreement on some key sticking points, including the so-called divorce settlement. However, investors remained anxious about the next stage of the negotiations and the border between Northern Ireland and the Republic post-brexit. On the economic front, high inflation prompted a quarter-point rate hike from the Bank of England in November. The rise in inflation, along with sluggish wage growth, has weighed on consumer spending; this contributed to the slowdown in the UK s growth in However, wage growth improved in the fourth quarter. On another positive note, productivity growth was resilient; indeed, the second half of 2017 constituted the best six months for productivity growth since the financial crisis. *In pound Sterling and against UK peer group. Tesco was added to the portfolio, following its acquisition of Booker, which we previously held. We believe that the acquisition and the deal on the pension fund, along with the company s improved operating performance and focus on cashflow should lead to a complete reappraisal of the balance sheet woes which have weighed on Tesco s shares for some time. We also initiated a position in easyjet. In our view, it is a well-run business with a very strong brand and a flexible, healthy balance sheet. It is consolidating footholds in several key airport hubs and improving its fleet, while disposing of old aircraft and retaining deferral options on new deliveries. We believe these measures should put the company in a good position to deliver healthy long-term returns. Over the review period, we also focused on adding to our existing holdings, such as John Wood Group, Imperial Brands and Johnson Matthey. For John Wood Group, we expect its takeover of Amec Foster Wheeler to deliver material cost synergies. We are also positive about the management of John Wood Group and have been consistently impressed by their track record of capital allocation. Imperial Brands sold off in July following news of the US Food and Drug Administration s plans to lower nicotine levels in cigarettes; however, we believe the market overreacted. Imperial Brands has shown its ability to adapt to such changes in Europe, and in any case, we do not feel any regulatory changes are imminent. We are positive about Johnson Matthey s progress in developing battery technology and in enhancing existing technology for diesel and gasoline, while the healthcare division has strong growth potential. In our view, many UK-listed firms including some with more overseas exposure are attractively valued, relative to their international peers. This is mostly due to the uncertainty around Brexit, which has led to global asset allocators being generally underweight in UK equities. This theme, along with the fact that sterling is still below the level seen before the EU referendum, should help ensure that UK firms remain attractive candidates for overseas takeover bids. Political noise after the UK s election last June seemed to slow bid momentum, but overall deal volumes are now starting to pick up. We will retain our focus on bottom-up corporate fundamentals and use volatile markets to top up and acquire strong businesses as they become more favourably valued. Fund Facts Fund Accounting and Distribution Dates Accounting Dates Payment Dates 7 March 7 May 7 September 7 November Ongoing Charges Figure The Ongoing Charges Figure (OCF) 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 fund (unless these assets are shares of another fund). Where published, the Key Investor Information Document (KIID) contains the current OCF. For a more detailed breakdown please visit columbiathreadneedle.com/fees. Share class 7 March March 2017 Class 1 Accumulation shares 1.67% 1.66% Class 2 Accumulation shares 0.81% 0.80%
2 Summary of Fund Performance Performance History (%) Share class Class 1 Accumulation shares Class 2 Accumulation shares To 28 February 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 and gross income reinvested for a non-uk resident. Performance data is quoted in sterling apart from hedged share classes, where applicable, which are in the hedged currency. Past performance is not a guide to future investment performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. Net Asset Value (NAV) As at Share class NAV ( ) NAV pence per share Number of shares in issue 7 March 2018 Class 1 Accumulation shares 52,595, ,333,758 7 March 2017 Class 1 Accumulation shares 63,598, ,851,564 7 March 2016 Class 1 Accumulation shares 60,110, ,316,029 7 March 2018 Class 2 Accumulation shares 1,009,559, ,798,273 7 March 2017 Class 2 Accumulation shares 1,005,099, ,926,600 7 March 2016 Class 2 Accumulation shares 825,607, ,383,730 Distribution History/Share Price Range Highest share price (pence) Lowest share price (pence) Year to Share class Pence per share 7 March 2018 Class 1 Accumulation shares March 2017 Class 1 Accumulation shares March 2016 Class 1 Accumulation shares March 2018 Class 2 Accumulation shares March 2017 Class 2 Accumulation shares March 2016 Class 2 Accumulation shares Past performance is not a guide to future performance.
3 Classification of Investments 7 March 2018 vs 7 March % Threadneedle UK Institutional Fund 7 March March % 10% 5% 0% Financials Consumer services Industrials Consumer goods Health care Oil & gas Basic materials Telecommunications Collective investment schemes Technology Utilities Net other assets Portfolio Information Top Five Holdings as at 7 March 2018 % of Fund Royal Dutch Shell B Shares 5.97 GlaxoSmithKline 3.83 AstraZeneca 3.23 British American Tobacco 3.15 Prudential 2.94 Top Five Holdings as at 7 March 2017 % of Fund Royal Dutch Shell B Shares 5.98 GlaxoSmithKline 5.03 British American Tobacco 3.65 Unilever 3.39 Diageo 3.06
4 Investment Objective and Policy To achieve long term capital growth. The ACD s investment policy is to invest the assets of the Fund in a wide spread of primarily UK companies, which are considered to have good potential for capital growth. Investment will tend to focus on large companies with sound long-term prospects. Key Investor Information Document (KIID) Subscription requirements The KIID is a pre-contractual document and investors have to confirm that they have read the latest KIID before making a subscription. Threadneedle has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. Investors can obtain the latest KIID from columbiathreadneedle.com. Changes to the management of the ACD The following changes have been made to the directors of the ACD: Resignation of Mr Tim Gillbanks on 31 March 2017; Resignation of Mr Don Jordison on 1 May 2018; Appointment of Michelle Scrimgeour on 14 August Changes to the Prospectus During the period from 8 March 2017 to 7 March 2018 the following changes were made to the Prospectus of the Threadneedle Investment Funds ICVC (the Company): Introduction of co-management for the Japan Fund, and changes to the investment policy of the fund, effective from 1 November 2017; Introduction of a compulsory conversion clause effective from 1 February 2018; Change of the name of the transfer agent and the legal advisors for the Company; Reduction of fees for certain share classes from 1 February 2018; Inclusion of a definition of near cash ; Disclosures required as a result of changes to COLL as a result of the Markets in Financial Instruments Directive (MiFID II), including amendment to the description of Class 2 Shares and Class Z Shares; Disclosures relating to the UK s decision to leave the European Union ( Brexit ); Updates to include changes to the COLL rules (including PRN, changes regarding short reports, eligible markets); Updates to reflect changes being made to UK tax on distributions (gross vs net shares, as well as tax changes more generally); Updates to the list of funds managed by the ACD and the directors of the ACD; Enhanced disclosures regarding hedged share classes and performance fee calculations; Updates to performance, dilution adjustments and available share classes; Miscellaneous changes including address of the Financial Services Ombudsman, clarification on privacy statement, clarification of dividend payment dates, addresses of paying agents. Changes to the Instrument of Incorporation During the period from 8 March 2017 to 7 March 2018, the instrument of incorporation of the Company has been updated to include a compulsory conversion clause effective 1 February Brexit In June 2016 the United Kingdom voted to leave the European Union. While negotiations progress, there is significant uncertainty relating to the UK s withdrawal from the EU, the potential consequences and precise timeframe. It is expected that the UK will exit from the EU on 29 March Depending on the outcome of the UK s negotiations with the European Union, and the existence or otherwise of any formal implementation period, it is possible that the Funds may no longer be eligible to enjoy the rights set out in the UCITS Directive. Ceasing to be so eligible may affect the ability of non-uk domiciled investors to make new investments in the Company. The ACD is monitoring the situation and will keep shareholders informed. Key Risks Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Currency Risk: Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. Derivatives for EPM/Hedging Risk: The investment policy of the fund allows it to invest in derivatives for the purposes of reducing risk or minimising the cost of transactions. Volatility Risk: The fund may exhibit significant price volatility. Further risks applicable to the fund can be found in the Prospectus. Risk and Reward Profile As at 7 March 2018 the figure for the risk and reward profile disclosed in the most recent KIID representing this fund is 5. The fund is in this specific category because historically it has shown a medium to high level of volatility (how much the value of the fund went up and down compared to other categories). It is based on past performance data in pound sterling. If your investment in the fund is not in pound sterling, please check the figure for the risk and reward profile disclosed on our website (columbiathreadneedle.com) according to the currency of your investment in the fund.
5 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 Long Form 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 and previous periods, please contact the ACD at the administration address noted below, or visit our website at columbiathreadneedle.com. Contacts: Registered Office Cannon Place 78 Cannon Street London EC4N 6AG Authorised Corporate Director (ACD) Threadneedle Investment Services Limited 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 Investment Manager Threadneedle Asset Management Limited Cannon Place 78 Cannon Street London EC4N 6AG Authorised Corporate Director Client Services Details UK Investors Address: Threadneedle Investment Services Limited PO Box Chelmsford Essex CM99 2AL Telephone (dealing & customer enquiries): * Fax (dealing): (enquiries): Asian Investors Address: Threadneedle Investment Services Limited International Financial Data Services 47, avenue JF Kennedy L-1855 Luxembourg Telephone (dealing & customer enquiries): * Fax (dealing): (enquiries): All Other Investors Address: Threadneedle Investment Services Limited International Financial Data Services 47, avenue JF Kennedy L-1855 Luxembourg Telephone (dealing & customer enquiries): * Fax (dealing): (enquiries): Website: columbiathreadneedle.com Depositary Citibank Europe plc, UK branch (Authorised by the Prudential Regulatory Authority (PRA) and regulated by the FCA and PRA) Citigroup Centre 33 Canada Square Canary Wharf London E14 5LB Legal Advisers Eversheds Sutherland (International) LLP One Wood Street London EC2V 7WS Baum Financial Services Law Team Grosser Burstah Hamburg Germany Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Paying and Information Agent in Belgium CACEIS Belgium S.A Avenue du Port 86C B Brussels Belgium Representative and Paying Agent in Switzerland BNP Paribas Securities Services, Paris, Succursale de Zurich Selnaustrasse Zurich Switzerland * Calls will be recorded. ** International Financial Data Services (UK) Limited changed its name to DST Financial Services Europe Limited on 15 August 2017.
6 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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