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Phoenix Unit Trust Managers Manager's Interim Report

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Phoenix Unit Trust Managers Manager's Interim Report 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 1 PHOENIX UNIT TRUST MANAGERS MANAGER’S INTERIM REPORT For the half year: 16 May 2015 to 15 November 2015 PUTM BOTHWELL UK EQUITY INCOME FUND 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 2 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 3 Contents Investment review 2-3 Portfolio of investments 4-7 Top ten purchases and sales 8 Statistical information 9-11 Statements of total return & change in net assets attributable to unitholders 12 Balance sheet 13 Distribution table 14 Corporate information 15 1 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 4 Investment review Performance Review Over the review period, the UK Equity Income Fund returned -6.2%, which compares with a benchmark return of -9.6 %. (Source: Lipper, bid-to-bid, net income reinvested for six months to 15/11/2015.) Standardised Past Performance Nov 14-15 Nov 13-14 Nov 12-13 Nov 11-12 Nov 10-11 % growth % growth % growth % growth % growth PUTM Bothwell UK Equity Income (B) (Inc) 0.83 3.35 18.86 6.14 -8.37 Benchmark* -2.20 3.09 24.22 8.54 -2.10 *FTSE All Share ex IT. Source: Lipper, bid to bid to 15 November each year. Past Performance is not a guide to future performance. The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested. Please note that all past performance figures are calculated without taking the initial charge into account. 2 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 5 Investment review Portfolio and Market Review Key transactions included the purchase of ARM Holdings In the first half of the review period, investor sentiment in in the technology sector. As the company is exposed to the UK was affected by the Greek bailout negotiations in growth in smartphones and with a low valuation relative June. Despite this, positive economic news continued. In to history, the shares should have room to rise further. We particular, first-quarter GDP grew faster than initial also bought shares in Jupiter, the investment estimates. Consumer confidence also hit 15-year highs, management company, due to consistent fund inflows helped by the removal of election uncertainty and solid and scope for more special dividends. Sales activity wage growth against a backdrop of persistently low reflected our concern about future trading prospects for inflation. some holdings and we therefore sold shares in Britvic, Dunelm and Anglo American. Berkeley Group was However, in the latter half of the period, investor reduced after strong performance and HellermannTyton sentiment was driven by the fallout from weakening exited the Fund after the bid approach. economic data – and stock-market selloffs – in China. The weakness in China led to a revision down in market expectations for global GDP growth. This seemingly had an impact on the US Federal Reserve, as its September Market Outlook and Fund Strategy meeting resulted in no change to interest rates. The UK equity market remains range-bound, as sharp Persistently low commodity prices also took their toll on divergence in sector fundamentals prevents the headline UK equities, given UK indices’ relatively large exposure to indices from making further progress. Fears about the oil companies and miners. outlook for emerging markets continue to hold back more internationally focused large-caps, while persistent Towards the end of the period, the UK’s economy commodity price weakness weighs on the sizeable energy continued to expand but the underlying data revealed and materials sectors. As interest rate increases move some signs of a slowdown in certain areas. In particular, onto the agenda in the US and UK, we also expect some manufacturing was disappointing and demonstrated that expensively valued bond proxy sectors to struggle. By the UK is not immune from economic weakness contrast, the outlook for UK domestic consumer sectors is elsewhere in the world. In contrast, the service sector, the bright. Record employment is helping nominal wages to UK economy’s largest, continued to demonstrate robust rise while declines in the cost of living are ensuring that growth. real wages are picking up. We continue to identify many Over the third quarter of 2015, stocks contributing attractively valued UK domestic stocks that offer double- positively to performance included Beazley, digit earnings and dividend growth. moneysupermarket.com and International Consolidated Airlines, the owner of British Airways and Iberia. Our underweight positions in Standard Chartered and Rolls Royce were also positive in relative terms as they both continued to experience earnings downgrades. Meanwhile, a bid for HellermannTyton boosted Fund returns. Negatives included the positions in commodities conglomerate Glencore, GKN and Entertainment One. The underweight stance in brewing firm SAB Miller was also detrimental as the shares rose in response to a takeover approach from AB Inbev. Towards the end of the period, terrorist attacks around the world led to declines in the Fund’s travel and tourism stocks, but in November the underweight in mining benefited the Fund. 3 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 6 Portfolio of investments Investments held at 15 November 2015 Market Total value net assets Holding Investment £000 % UK Equities (15/05/15: 86.39%) 91.98 Aerospace & Defence (15/05/15: 0.86%) 0.69 387,666 Senior 860 0.69 Automobiles & Parts (15/05/15: 0.96%) 0.87 387,558 GKN 1,093 0.87 Banks (15/05/15: 8.12%) 9.98 1,072,061 Barclays 2,413 1.93 1,339,526 HSBC Holdings 6,874 5.49 4,070,732 Lloyds Banking Group 2,961 2.36 43,021 Standard Chartered 247 0.20 Beverages (15/05/15: 1.85%) 1.01 109,050 A.G. Barr 574 0.46 96,394 Britvic 685 0.55 Construction & Materials (15/05/15: 0.99%) 1.47 76,849 Kier Group 1,001 0.80 277,069 Polypipe Group 841 0.67 Electronic & Electrical Equipment (15/05/15: 0.87%) 0.00 Financial Services (15/05/15: 4.96%) 5.59 105,139 Close Brothers Group 1,566 1.25 70,616 IG Group Holdings 540 0.43 253,393 Investec 1,251 1.00 70,146 London Stock Exchange Group 1,747 1.39 53,449 Provident Financial 1,901 1.52 Fixed Line Telecom (15/05/15: 2.94%) 3.46 911,365 BT Group 4,330 3.46 Gas, Water & Multiutilities (15/05/15: 3.41%) 4.04 317,988 National Grid 2,888 2.31 169,648 Pennon Group 1,349 1.08 37,879 Severn Trent 808 0.65 General Retailers (15/05/15: 4.61%) 4.70 408,219 Dixons Carphone 1,857 1.48 121,276 Inchcape 937 0.75 39,148 Next 3,010 2.40 13,092 RPC 90 0.07 Healthcare Equipment & Services (15/05/15: 0.52%) 0.57 66,365 Smith & Nephew 712 0.57 4 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 7 Portfolio of investments Investments held at 15 November 2015 Market Total value net assets Holding Investment £000 % Household Goods (15/05/15: 5.75%) 6.21 42,155 Bellway 996 0.80 85,351 Berkeley Group Holdings 2,593 2.07 103,695 Persimmon 1,872 1.50 37,450 Reckitt Benckiser 2,310 1.84 Industrial Engineering (15/05/15: 1.12%) 0.38 55,077 IMI 479 0.38 Industrial Transport (15/05/15: 0.80%) 1.12 747,362 BBA Group 1,398 1.12 Leisure Goods (15/05/15: 0.00%) 0.28 130,214 Pets at Home Group 350 0.28 Life Insurance (15/05/15: 8.73%) 8.64 400,861 Aviva 1,917 1.53 1,359,701 Legal & General 3,558 2.84 243,214 Prudential 3,569 2.85 188,332 St James’s Place 1,775 1.42 Media (15/05/15: 5.99%) 6.96 810,244 ITV 2,107 1.68 568,840 Moneysupermarket.com 1,824 1.46 134,718 RELX Group 1,544 1.23 51,760 Rightmove 2,003 1.60 117,361 Sky 1,243 0.99 Mining (15/05/15: 3.71%) 2.35 80,616 BHP Billiton 712 0.57 9,184 Lonmin 1 0.00 99,449 Rio Tinto 2,232 1.78 Mobile Telecom (15/05/15: 3.34%) 3.59 2,041,855 Vodafone Group 4,500 3.59 Non-Equity Investment Instruments (15/05/15: 0.00%) 0.34 92,402 Jupiter Fund Management 423 0.34 Non-Life Insurance (15/05/15: 1.09%) 1.40 441,743 Direct Line Insurance Group 1,758 1.40 Oil & Gas Producers (15/05/15: 8.57%) 8.35 123,537 BG Group 1,195 0.95 1,287,631 BP 4,693 3.75 172,431 Royal Dutch Shell ‘A’ 2,704 2.16 117,648 Royal Dutch Shell ‘B’ 1,860 1.49 5 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 8 Portfolio of investments Investments held at 15 November 2015 Market Total value net assets Holding Investment £000 % Personal Goods (15/05/15: 0.60%) 0.00 Pharmaceuticals & Biotechnology (15/05/15: 3.32%) 3.91 53,032 AstraZeneca 2,171 1.73 122,681 BTG 664 0.53 157,098 GlaxoSmithKline 2,062 1.65 Real Estate Investment Trusts (15/05/15: 1.24%) 1.42 210,205 Great Portland Estates 1,774 1.42 Real Estate Investment & Services (15/05/15: 1.06%) 1.23 168,980 Savills 1,543 1.23 Software & Computer Services (15/05/15: 0.58%) 0.66 154,046 Sage Group 827 0.66 Support Services (15/05/15: 5.79%) 6.18 97,541 Ashtead Group 959 0.77 91,183 Babcock International Group 869 0.68 90,866 Capita 1,089 0.87 205,298 Carillion 611 0.49 71,505 Diploma 435 0.35 88,822 Essentra 682 0.54 318,679 Howden Joinery Group 1,587 1.27 79,643 Travis Perkins 1,513 1.21 Technology Hardware & Equipment (15/05/15: 0.00%) 1.38 96,563 ARM Holdings 999 0.80 336,119 Imagination Technologies 733 0.58 Tobacco (15/05/15: 3.38%) 4.07 65,199 British American Tobacco 2,415 1.93 77,494 Imperial Tobacco Group 2,676 2.14 Travel & Leisure (15/05/15: 1.23%) 1.13 90,255 Greene King 716 0.57 105,261 Restaurant Group 695 0.56 European Equities (15/05/15: 4.33%) 5.03 Travel & Leisure (15/05/15: 4.33%) 5.03 778,363 International Consolidated Airlines 4,608 3.68 149,280 TUI 1,693 1.35 Canadian Equities (15/05/15: 0.35%) 0.41 Media (15/05/15: 0.35%) 0.41 227,661 Entertainment One 515 0.41 6 130535_BothUKEqIncmIR_v6 14/01/2016 11:46 Page 9 Portfolio of investments Investments
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