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Phoenix Unit Trust Managers Manager's Interim Report

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PHOENIX UNIT TRUST MANAGERS MANAGER’S INTERIM REPORT For the half year: 2 May 2018 to 1 November 2018 PUTM UK STOCK MARKET FUND (SERIES 3) Contents Investment review 2-3 Portfolio of investments 4-10 Top ten purchases and sales 11 Statistical information 12-14 Statements of total return & change in unitholders’ funds 15 Balance sheet 16 Distribution table 17 Corporate information 18-19 1 Investment review Dear Investor Performance Review Welcome to the PUTM Stock Market Series 3 Unit Trust Over the review period, the accumulation units in the interim report for the six months to 1 November 2018. PUTM Stock Market Series 3 Unit Trust returned -6.8%. Over the same period, the FTSE 250 Mid ex IT Index returned -6.7% (Source: Standard Life Investments for the six months to 01/11/18). In the table below, you can see how the Fund performed against the FTSE 250 Mid ex IT Index over the last five discrete one-year periods. Standardised Past Performance Nov 17-18 Nov 16-17 Nov 15-16 Nov 14-15 Nov 13-14 % growth % growth % growth % growth % growth PUTM Stock Market Series 3 Unit Trust -5.1 18.8 3.2 14.2 2.2 FTSE 250 Mid ex IT Index -5.1 19.0 3.5 14.5 2.3 Source: Standard Life Investments to 1 November for 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 Investment review Portfolio and Market Review Market Outlook and Fund Strategy UK equities endured a difficult period, as the stock Recently, the market has become significantly more market weathered political upheaval and Brexit-related volatile, given concerns around market levels and global uncertainty. The pound fluctuated, with periods of growth. Risks, such as UK and Italian politics, US/China weakness helping to lift firms that make their revenues trade tensions and monetary tightening remain very overseas. much to the fore and we are seeing some material shift in After a weak start to 2018, the UK equity market stocks. rebounded into the summer months. Sterling weakness Despite this, most macro indicators remain positive and benefited companies that make the bulk of their earnings although the UK economy is set to lag others due to the overseas, pushing the FTSE 100 Index to record highs. In handbrake of Brexit, earnings for UK corporates look particular, oil firms were in the ascendency as crude much more attractive, with an average annual growth reached nearly $80 per barrel in May – its highest level rate of 10% for the next two years. in four years. Meanwhile, retailers benefited from a Over coming months, the UK market is likely to be combination of record-breaking temperatures and increasingly sensitive to EU negotiations, with a deal still increased spending over the two bank holiday weekends, in our view the most likely outcome. While investor focus with the major supermarket chains revealing sales has been on downside risk, we note the upside risk is increases. sterling strength, a rise in domestic equities and However, positive sentiment did not last, with UK shares downside pressure on the more internationally focused falling as stumbling Brexit negotiations, worsening US- FTSE 100 Index. China trade conflict and emerging-market volatility dominated headlines. In particular, the see-saw nature of Brexit negotiations was not helpful for share prices or sterling, with the latter slumping when talks failed to advance meaningfully. On the upside, GDP growth was better than anticipated with healthy consumer spending a driving factor. Unemployment fell to 4%, while the number of people in work and wages earned rose at a healthy pace. In August, the Bank of England increased interest rates to 0.75%, which investors had anticipated. 3 Portfolio of investments (unaudited) Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% United Kingdom (01/05/18 – 85.87%) 85.99 Aerospace & Defence (01/05/18 – 3.01%) 3.40 178,014 Cobham 191,899 0.85 57,986 Meggitt 304,658 1.34 41,529 QinetiQ 115,326 0.51 30,276 Senior 83,259 0.37 5,284 Ultra Electronics Holdings 75,931 0.33 Automobiles & Parts (01/05/18 – 0.14%) 0.10 10,826 TI Fluid Systems 22,367 0.10 Banks (01/05/18 – 2.70%) 2.54 2,603 Bank of Georgia 43,012 0.19 93,516 CYBG 258,852 1.14 6,752 Metro Bank 162,048 0.72 18,913 OneSavings Bank 72,285 0.32 2,332 TBC Bank 39,318 0.17 Beverages (01/05/18 – 0.74%) 0.91 6,807 A G Barr 52,346 0.23 19,561 Britvic 155,021 0.68 Chemicals (01/05/18 – 1.40%) 1.49 44,241 Elementis 93,437 0.41 19,304 Synthomer 82,660 0.37 6,088 Victrex 161,088 0.71 Construction & Materials (01/05/18 – 1.71%) 1.85 51,680 Balfour Beatty 138,812 0.61 28,941 Ibstock 65,696 0.29 4,973 Keller 32,722 0.15 6,619 Kier Group 60,266 0.27 15,793 Marshalls Group 70,374 0.31 13,447 Polypipe Group 50,830 0.22 Electricity (01/05/18 – 0.54%) 0.65 15,022 ContourGlobal 29,789 0.13 29,287 Drax Group 117,734 0.52 Electronic & Electrical Equipment (01/05/18 – 2.55%) 2.41 20,226 Morgan Advanced 54,651 0.24 2,518 Renishaw 106,360 0.47 64,246 Rotork 195,308 0.86 8,852 Spectris 189,875 0.84 Financial Services (01/05/18 – 9.16%) 8.85 44,930 AA 45,986 0.20 8,235 Amigo Holdings 18,512 0.08 28,599 Ashmore Group 98,381 0.43 20,984 Brewin Dolphin 70,758 0.31 9,446 Charter Court Financial 28,262 0.13 11,421 Close Brothers 170,972 0.76 27,286 IG Group Holdings 167,809 0.74 21,008 Intermediate Capital Group 202,307 0.89 49,439 Investec 241,065 1.06 4 Portfolio of investments (unaudited) Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Financial Services (continued) 77,431 IP Group 87,187 0.39 35,561 John Laing Group 113,440 0.50 118,857 Man Group 187,140 0.83 19,490 Paragon Group of Companies 84,704 0.37 18,796 Provident Financial 99,243 0.44 139,966 Quilter 166,308 0.73 4,090 Rathbone Brothers 97,342 0.43 43,675 Tullett Prebon 127,487 0.56 Fixed Line Telecommunications (01/05/18 – 0.41%) 0.52 53,522 TalkTalk Telecom Group 67,545 0.30 3,935 Telecom Plus 49,660 0.22 Food & Drug Retailers (01/05/18 – 2.24%) 1.44 7,651 Greggs 90,970 0.40 34,914 SSP Group 236,438 1.04 Food Producers (01/05/18 – 1.55%) 2.06 8,674 Bakkavör Group 12,994 0.06 3,952 Cranswick 114,845 0.51 11,952 Dairy Crest Group 55,147 0.24 5,253 Hilton Food Group 47,907 0.21 34,795 Tate & Lyle 235,562 1.04 Gas, Water & Multiutilities (01/05/18 – 0.86%) 1.05 31,346 Pennon Group 239,170 1.05 General Industrials (01/05/18 – 1.65%) 1.80 105,810 Coats Group 86,553 0.38 30,561 RPC Group 232,325 1.03 15,754 Vesuvius 88,616 0.39 General Retailers (01/05/18 – 4.26%) 3.92 22,789 Card Factory 41,955 0.18 73,555 Dixons Carphone 128,133 0.56 6,867 Dunelm Group 42,472 0.19 15,916 Halfords Group 50,677 0.22 30,312 Inchcape 169,899 0.75 26,303 JD Sports Fashion 110,525 0.49 84,916 Saga 101,814 0.45 14,556 Sports Direct International 49,083 0.22 5,302 Superdry 44,457 0.20 7,847 WH Smith 150,192 0.66 Healthcare Equipment & Services (01/05/18 – 1.05%) 1.38 110,849 Convatec 175,862 0.78 28,761 Mediclinic International 111,363 0.49 20,616 Spire Healthcare Group 26,079 0.11 5 Portfolio of investments (unaudited) Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Household Goods (01/05/18 – 3.19%) 3.17 9,183 Bellway 279,531 1.23 9,734 Bovis Homes Group 99,725 0.44 35,068 Countryside Properties 108,781 0.48 17,912 Crest Nicholson Holdings 64,841 0.29 7,740 Galliford Try 70,086 0.31 17,209 Redrow 95,510 0.42 Industrial Engineering (01/05/18 – 3.62%) 3.02 14,382 Bodycote International 114,840 0.50 6,224 Hill & Smith 64,107 0.28 19,832 IMI 199,113 0.88 19,375 Weir Group 308,159 1.36 Industrial Metals (01/05/18 – 0.20%) 0.22 22,458 Ferrexpo 49,610 0.22 Industrial Transportation (01/05/18 – 1.38%) 1.30 78,375 BBA Group 191,078 0.84 1,919 Clarkson 46,728 0.21 3,190 James Fisher & Sons 57,037 0.25 Leisure Goods (01/05/18 – 0.23%) 0.33 2,389 Games Workshop 76,090 0.33 Life Insurance (01/05/18 – 0.34%) 0.31 73,422 Just Group 69,347 0.31 Media (01/05/18 – 3.21%) 2.05 30,521 Ascential 121,657 0.54 4,248 Euromoney Institutional Investor 54,714 0.24 53,273 Merlin Entertainments 174,043 0.77 38,437 Moneysupermarket.com 114,235 0.50 Mining (01/05/18 – 1.36%) 0.88 18,113 Hochschild Mining 29,506 0.13 17,919 Kaz Minerals 94,111 0.42 326,301 Sirius Minerals 75,898 0.33 Mobile Telecom (01/05/18 – 0.51%) 0.70 34,075 Inmarsat 158,687 0.70 Non-Equity Investment Instruments (01/05/18 – 0.99%) 0.99 57,976 BCA Marketplace 121,460 0.53 30,794 Jupiter Fund Management 103,745 0.46 Non-Life Insurance (01/05/18 – 1.79%) 2.15 39,725 Beazley Group 214,912 0.95 22,039 esure Group 61,533 0.27 22,501 Hastings Group 41,807 0.18 8,980 Jardine Lloyd Thompson 169,542 0.75 6 Portfolio of investments (unaudited) Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Oil & Gas Producers (01/05/18 – 1.35%) 2.01 45,249 Cairn Energy 90,091 0.40 6,036 Energean Oil & Gas 37,846 0.17 59,447 Premier Oil 62,419 0.27 104,877 Tullow Oil 230,625 1.01 30,568 Vivo Energy 35,850 0.16 Oil Equipment & Services (01/05/18 – 1.46%) 0.29 9,902 Hunting 66,838 0.29 Personal Goods (01/05/18 – 0.39%) 0.34 14,997 PZ Cussons 32,753 0.15 2,263 Ted Baker 43,563 0.19 Pharmaceuticals & Biotechnology (01/05/18 – 3.61%) 3.24 28,410 BTG 158,386 0.70 7,328 Dechra Pharmaceuticals 167,372 0.74 4,750 Genus 105,925 0.46 10,382 Hikma
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    Issue 2 May 2014 THE The British Insurance Brokers’ Association www.biba.org.uk Broker BIBA’s Broking matters: INDUSTRY- WIDE CLAIMS Stuart Reid and INITIATIVE Focused on fairer Peter Blanc outcomes A SCORECARD Leading our new Larger FOR THE FCA Brokers’ Advisory Board Rating the new regulator CUSTOMER… CUSTOMER… CUSTOMER JOIN US FOR BIBA 2014 We’ve come a long way. AD We first sent out commercial rates to brokers 30 years ago enabling them to provide a fast, simple service to their customers. Today our online quote engines provide instant terms to thousands of users on a daily basis. To find out how Gresham continues to work with brokers visit us at BIBA 2014 or online. www.greshamonline.co.uk Gresham Underwriting Limited is an appointed representative of Tasker & Partners Limited registered in England No. 08284648. Registered office 3 Lloyd’s Avenue, London, EC3N 3DS. Authorised and regulated by the Financial Conduct Authority. Gresham A4 Ad The Broker May 2014 V2.indd 1 14/04/2014 10:28 CONTENTS Welcome Conference is fast approaching and I’m looking forward to catching up with members in Do not miss Manchester. If you’re looking to be informed, the most entertained and of course to network like nowhere else, then Customer… important Customer… Customer has it all. From event of the big name insurance sector debates to presentations from top names the broking like Karren Brady and former Prime calendar Minister John Major, this has to be one of our strongest programmes ever. We have plenty to talk to members Regulars about in terms of future strategy DON’T MISS 05 CEO update including the significant progress 14 Stuart Reid and Peter Blanc Steve White on the issues that matter made in our new advisory boards – you speak out 06 News can read an interview with Bluefin’s Why they are heading up the new Larger Brokers’ The latest from BIBA and from around Stuart Reid and Arthur J Gallagher’s Advisory Board the regions Peter Blanc about their new roles on page 14.
  • The UK Private Equity IPO Report

    The UK Private Equity IPO Report

    THE UK PRIVATE EQUITY IPO REPORT Private equity-backed IPOs: 1 January 2009 – 31 December 2017 IN ASSOCIATION WITH 2 | THE UK PRIVATE EQUITY IPO REPORT CONTENTS FOREWORD 03 HISTORIC ANALYSIS OF PRIVATE EQUITY-BACKED IPOS IN THE UK 04 BETWEEN 1 JANUARY 2009 AND 31 DECEMBER 2017 VOLUME AND VALUE OF PRIVATE EQUITY-BACKED IPOS LISTING IN THE UK 05 TOP 10 PRIVATE EQUITY-BACKED IPOS 06 INDUSTRIES 07 FREE FLOAT 12 USE OF PROCEEDS 13 PRICING 14 PERFORMANCE 15 ANALYSIS OF ACTIVE PRIVATE EQUITY HOUSES BY SIZE 17 LOCK-UP PERIODS 18 HOLDING PERIODS 20 PRIVATE EQUITY-BACKED IPO ACTIVITY IN 2017 21 APPENDIX 23 PRIVATE EQUITY-BACKED IPOS 1 JANUARY 2009 - 31 DECEMBER 2017 23 METHODOLOGY 31 CONTACTS 32 3 | THE UK PRIVATE EQUITY IPO REPORT FOREWORD Public markets have long been an important exit route for private equity houses selling their stakes into the companies they have backed, yet little research has been conducted into how these businesses perform after they have floated. This report, published by the BVCA and PwC, provides an historic analysis of private equity-backed IPOs in the UK between 1 January 2009 and 31 December 2017. It looks at a number of metrics including the use of proceeds, pricing and performance to build a picture of the IPO market and the key trends with the market. The performance numbers are particularly revealing as they show that private equity-backed IPOs are trading on average 43.9% higher than their offer price for the period from IPO to 31 December 2017 compared to the non-private equity-backed IPOs of the same period which are trading at an average of 26.6% higher.