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Interim Short REPORT For the six months ended 30 September 2015 INTERIM SHORT Henderson UK Strategic Income Unit Trust Henderson UK Strategic Income Unit Trust Short Report For the six months ended 30 September 2015 Investment Fund Manager The fund’s risk level reflects the following: Henderson Multi-Asset Team • The fund invests in a mix of different asset classes. Investment objective and policy • Fluctuations in exchange rates may cause the To achieve a high level of income. value of your investment to rise or fall. The fund will invest principally in the UK in a The following risks apply to investments in the fund. managed portfolio of investment trust shares and These could be triggered or made worse by unusual other closed-ended vehicles. The fund may also market conditions or unpredictable market events. invest in exchange traded funds, unregulated collective investment schemes (which include Counterparty risk The fund could lose money if limited partnerships), money market instruments and a counterparty with which it transacts becomes deposits. unwilling or unable to meet its obligations to the fund. Risk and reward profile Focus risk The fund’s value may fall where it has The fund currently has 1 type of unit class in issue: concentrated exposure to an issuer or type of Income units. security that is heavily affected by an adverse event. The risk and reward profile which is as follows: Liquidity risk Certain securities could become hard to value or sell at a desired time and price. Typically Lower potential Typically Higher potential risk/reward risk/reward Management risk Investment management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. Lower Risk Higher Risk The full list of the fund’s risks are contained in the 1 2 3 4 5 6 7 “Risk Warnings” section of the fund’s prospectus. The Synthetic Risk and Reward Indicator (SRRI) The risk rating has changed from 6 to 5 in the is calculated based on historical volatility over a period. rolling 5 year period, it is reviewed monthly and The SRRI conforms to the ESMA guidelines for the updated if volatility has changed materially to calculation of the SRRI. cause a movement in the SRRI level. The SRRI is an indicator and may not accurately reflect future Investment review volatility and market conditions. Market volatility increased significantly during the The value of an investment in the fund can go up or period under review. In the second quarter of 2015, down. When you sell your units, they may be worth investor concerns centred on events unfolding in less than you paid for them. Greece and the possibility of a ‘Grexit’. In the third quarter, investors were unsettled by developments The risk/reward rating above is based on medium- in emerging markets, with China in focus as a result term volatility. In the future, the fund’s actual volatility of slowing growth and a surprise weakening of the could be higher or lower and its rated risk/reward yuan. level could change. The lowest category does not mean risk free. 2 Henderson UK Strategic Income Unit Trust In the US, it was generally expected that the initial quantitative easing (central bank liquidity measures) fall in capital expenditure, which was related to scheduled to continue until at least September 2016. a descent in the oil price in late 2014, would start to be outweighed by the positive impact The fund returned -3.6% during the period under of increased consumer spending resulting from review, outperforming both the IA UK Equity Income reduced transportation and energy costs. Though sector and the FTSE All Share Index, which returned this phenomenon took longer to occur than the -4.2% and -7.2%, respectively. market initially assumed, consumer spending began The largest factor in the fund’s performance was to pick up later in the period. The labour market good stock selection within its UK holdings. Of within the US also tightened, putting added pressure note were positions in Edinburgh Investment Trust on the Federal Reserve to raise rates; however, (+5.6%), Fidelity Special Values (+6.6%) and the policymakers resisted with an eye on the impact Mercantile Investment Trust (+10.2%). The fund also US dollar strength could have on both domestic benefited from its holding in Montanaro European corporate earnings and the rate of global growth. Equity Income (+2.6%). The performance of these The UK economy remained heavily in sync with the positions was particularly pleasing given the volatile US. The Bank of England also questioned when backdrop of equity markets during the period. to raise rates. Annualised GDP growth remained The largest detractor from performance was in excess of 2%, as it has since the last quarter Murray International Trust (-17.9%). The fund of 2013. UK monetary policymakers, like their US underperformed the market in net asset value terms counterparts, also remained cautious on raising and also saw its premium fall. However, the long interest rates, as inflation rates stayed close to term track record of the fund remained strong. zero. Wage growth, however, showed signs of improvement, which could prove to be the catalyst Trading activity within the period was low. We for rising rates in the short to medium term. exited positions in Alcentra European Floating Rate Income Fund and 3i Infrastructure. The position in While the eurozone is at an earlier stage of recovery Alcentra was closed due to European secured loans than either the US or UK, both consumer sentiment performing well in the first half of the year − we and spending have begun to increase. The area found some liquidity in what is a relatively small has been a beneficiary of a depreciating currency trust. Infrastructure funds have performed extremely (which has improved corporate performance), and well in recent years due to their high, stable yields. also of falling energy costs. Monetary policy is still Premiums within the sector were high as a result, accommodative and looks set to remain so, with and we seized the opportunity to take profits. Henderson UK Strategic Income Unit Trust 3 Performance summary Six One Five Since Cumulative performance months year years launch 31 Mar 15 - 30 Sep 14 - 30 Sep 10 - 29 Apr 88 - 30 Sep 15 30 Sep 15 30 Sep 15 30 Sep 15 % % % % Henderson UK Strategic Income Unit Trust (3.6) 3.4 46.8 112.8 FTSE All Share Total Return Index (7.2) (2.3) 38.2 874.9 Discrete performance 30 Sep 14 - 30 Sep 13 - 30 Sep 12 - 30 Sep 11 - 30 Sep 10 - 30 Sep 15 30 Sep 14 30 Sep 13 30 Sep 12 30 Sep 11 % % % % % Henderson UK Strategic Income Unit Trust 3.4 3.8 16.8 12.6 4.0 FTSE All Share Total Return Index (2.3) 6.1 18.9 17.3 (4.4) Source: Morningstar, bid to bid and net of fees as at valuation point, based on performance of income units. Benchmark values are as at close of business. Figures in brackets are negative. Please remember that past performance is not a guide to future performance. The value of an investment and the revenue from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Summary of fund performance Net asset value* Net asset value* Net asset value 30/09/15 31/03/15 % change Unit class p p Income units 10.35 10.88 (4.87) * The net asset value is calculated as at close of business on the last business day of the accounting period. The investments are valued at fair value which is generally deemed to be the bid market price. Net revenue distribution 30/09/15 30/09/14 Unit class p p Income units 0.18 0.19 Total dividend distribution for the six months ended 30 September 2015, comparison is for the same period last year. 4 Henderson UK Strategic Income Unit Trust Fund facts Accounting dates Payment dates 30 September, 31 March 31 May, 31 August, 30 November, Last day of February Ongoing charge figure* 30/09/15 31/03/15 % % Income units 1.71 1.71 The annualised ongoing charge figure (OCF) of the fund is calculated as the ratio of the total ongoing charges to the average net asset value for twelve months. The OCF includes a synthetic element of 0.04% (31/03/2015: 0.04%) to incorporate the OCF of underlying funds. The OCF is calculated in accordance with guidance issued by the European Securities and Markets Authority (ESMA). * The fund is a non-UCITS fund and we have adopted this disclosure to enable comparison across our fund range. Performance record Net revenue Highest price Lowest price Calendar year (pence per unit) (pence per unit) (pence per unit) Income units 2010 0.49 10.46 8.11 2011 0.48 10.59 8.48 2012 0.42 10.23 8.70 2013 0.44 10.86 9.40 2014 0.39 10.67 9.68 2015 0.32* 11.40+ 10.16+ * to 30 November + to 30 September Past performance is not a guide to future performance Henderson UK Strategic Income Unit Trust 5 Major holdings Major holdings as at 30/09/15 % as at 31/03/15 % Edinburgh Investment Trust 9.24 Edinburgh Investment Trust 7.64 Finsbury Growth & Income Investment Trust 7.22 Finsbury Growth & Income Investment Trust 6.62 Perpetual Income & Growth Investment 6.88 Fidelity Special Values Investment Trust 6.26 Trust Fidelity Special Values Investment Trust 6.73 Alliance Trust 6.11 Alliance Trust 6.35 Perpetual Income & Growth Investment Trust 5.94 RIT Capital Partners 6.25 RIT Capital Partners 5.65 Troy Income & Growth Trust 6.16 Troy Income & Growth Trust 5.42 London (City of) Investment Trust 5.76 London (City of) Investment Trust 5.21 Foreign & Colonial Investment Trust 5.44 Temple Bar Investment Trust 5.10 Temple Bar Investment Trust 5.30 Murray International Trust 5.03 Asset allocation Asset allocation as at 30/09/15 % as at 31/03/15 % UK Equity 54.00 UK Equity 47.94 Specialist Equity 22.06 Specialist Equity 21.07 Global Equity 17.69 Global Equity 16.67 Europe ex UK Equity 4.88 Europe ex UK Equity 4.76 Property 2.44 Property 4.39 Private Equity 0.07 High Yield Bonds 1.56 Other net liabilities (1.14) Private Equity 0.06 Total net assets 100.00 Other net assets 3.55 Total net assets 100.00 6 Henderson UK Strategic Income Unit Trust Report and accounts Risk warning This document is a short report of the Henderson Please remember that past performance is not UK Strategic Income Unit Trust for the six months a guide to future performance.
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