DOCSLIB.ORG

Phoenix Unit Trust Managers Manager's Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Phoenix Unit Trust Managers Manager's Annual Report PHOENIX UNIT TRUST MANAGERS MANAGER’S ANNUAL REPORT For the year: 16 May 2018 to 15 May 2019 PUTM BOTHWELL UK ALL SHARE LISTED EQUITY FUND Contents Investment review* 2-4 Portfolio of investments* 5-13 Top ten purchases and sales 14 Statistical information* 15-18 Statements of total return & change in net assets attributable to unitholders 19 Balance sheet 20 Notes to the financial statements 21-30 Distribution tables 31 Responsibilities of the manager and the trustee 32 Trustee’s report and directors’ statement 33 Independent auditor’s report 34-36 Appendix 37-38 Corporate information* 39-41 *These collectively comprise the Authorised Fund Manager’s Report. 1 Investment review Dear Investor Performance Review Welcome to the PUTM Bothwell UK All Share Listed The PUTM Bothwell UK All Share Listed Equity Fund Equity Fund annual report (formerly PUTM Bothwell UK returned -4.25% over the review period (Source: Equity 350 Fund) for the 12 months to 15 May 2019. Standard Life Investments for the 12 months to 15/05/19). This is compared to the benchmark return -2.18% (Source: Datastream, FTSE ALL Share Index from 14/12/2018, prior to 13/12/2018 FTSE 350 Ex IT Index). The table shows how the Fund performed against its benchmark index over the last five discrete one-year periods. Standardised Past Performance May 18-19 May 17-18 May 16-17 May 15-16 May 14-15 % growth % growth % growth % growth % growth PUTM Bothwell UK All Share Listed -4.2 9.2 23.9 -9.8 10.7 Equity Fund Benchmark Index -2.2 8.0 25.4 -8.0 7.2 Source: Fund performance is Standard Life Investments, benchmark index performance is Datastream, FTSE ALL Share Index from 14 December 2018, prior to 13 December FTSE 350 Ex IT Index, to May 15 each year. This Fund was actively managed from inception to 1 April 2018. Thereafter, it was subject to a performance monetarism during the period of transition to enhanced index management, which completed on 31 May 2018. The Fund was renamed from the PUTM Bothwell UK Equity 350 Fund to the PUTM Bothwell UK All Share Listed Equity Fund on 14 December following a benchmark change. The enhanced index investment process is a low relative risk, active quantitative equity strategy. The Fund invests across multiple enhanced factors in a strategic manner, aiming to deliver consistent low-risk outperformance. 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 period, the tracking error halved to around 1%). Three, to Although UK share prices were up over the 12 months, increase exposure to the quantitative multifactor alpha there was some volatility along the way. The stock market signal. This alpha signal is made up of value, quality and had to weather political upheaval and Brexit-related momentum metrics. uncertainty. At the sector level, shares in technology and We also conducted a rebalance on 19 June 2018. This healthcare companies were among the top performers. was a standard monthly rebalance, which we carry out By contrast, telecoms and utilities struggled. for all ‘Better Beta’ mandates. We rebalance on a monthly After a weak start to 2018, the UK equity market basis to refresh the portfolio’s exposure to the multifactor rebounded into the summer. Sterling weakness benefited alpha signal. companies that make the bulk of their earnings overseas. Turning to performance, value contributed negatively to In particular, oil firms were in the ascendency as crude returns in Q2 2018, as the Fund had positive exposure to reached nearly $80 per barrel in May – its highest level the factor. This was partially offset by some of our quality in four years. The positive mood was not to last, however. and momentum factors, which performed well. The UK equities fell back, as stumbling Brexit negotiations, positive quality performance continued through the the worsening US-China trade conflict and emerging- summer and autumn, as equities sold off. By contrast, market volatility dominated headlines. Nevertheless, exposure to the momentum factor had a negative impact economic data was generally positive, with better-than- on the portfolio. However, the tables reversed in Q1 anticipated GDP growth and lower unemployment. This 2019, with quality a negative during the strong market led the Bank of England to increase interest rates to rally. This, though, was offset by the momentum factor. 0.75% in August. As for active stock positions, an overweight position in UK share prices ended 2018 in the doldrums. As a Shire contributed to Fund performance. Its shares result, the FTSE 100 Index delivered its weakest annual climbed after Japanese pharmaceuticals group Takeda performance since 2008. The broader FTSE All-Share announced it was buying the company. Staying with deal Index also closed the year with a double-digit decline. activity, Virgin Money performed well after CYBG The prospect of a worldwide economic slowdown and launched a successful takeover bid. Additional highlights Brexit uncertainty continued to dent sentiment. UK included Barclays, British American Tobacco and Tate & equities then enjoyed a rebound in the opening months of Lyle. 2019. In particular, a more dovish tone from the major By contrast, an overweight position in Royal Mail central banks and optimism over US-China trade talks disappointed after it issued a profit warning. The combined to boost investor sentiment. In April, the UK’s company blamed declining letter volumes and failure to decision to delay Brexit led to further gains for equities. meet cost-cutting targets. Royal Mail scored strongly on The quantitative investments team took on the our value and quality metrics. A profit warning also hit management of this portfolio on 16 April 2018. Over the financial firm PLUS500. It had scored strongly across course of six weeks, we transitioned the portfolio to a value, quality and momentum metrics. Positions in multifactor quantitative strategy. We carried out three Vodafone, IG Group and a lack of exposure to Experian large rebalance trades as part of this transition. The also hurt relative returns. trades were carried out on the weeks commencing 23 April, 7 May and 21 May 2018. Market Outlook and Fund Strategy Each rebalance trade had three aims. One, to raise £300 The UK market faces various risks in 2019. These million at each rebalance to facilitate strategic asset include the global economic cycle, Brexit negotiations, allocation flows of £900 million out of UK equity into trade wars and fragile UK consumer confidence. UK other strategies. Two, to reduce the tracking error in line inflationary pressures have started to ease, with real with the new mandate (over the course of the transition wage growth turning positive. Along with robust 3 Investment review employment numbers and increased government spending, this is supporting economic growth. The uncertainty around Brexit means that investment spending is likely to soften in 2019. From a central bank perspective, the market’s expectation for interest rate hikes in 2019 has reversed. Similarly, US rate rises have stalled. The Fund’s strategy is to gain exposure to factors that are RIPE (robust, intuitive, persistent & empirical). These include value, quality and momentum. We also aim to enhance these well-established risk premia by using better factor definitions. For example, value is enhanced by using forward-looking metrics (e.g. forward dividend yield). We enhance quality by including companies’ capital expenditures and efficiency of capital utilisation. Meanwhile, momentum is enhanced by including industry momentum, as well as stock momentum. We do not try to time factors or dynamically switch between them. Instead, we aim to maintain a diversified exposure across multiple uncorrelated factors. The volatility of the Fund is similar to the index and beta is close to 1. The projected tracking error of the Fund is close to the midpoint of the mandated range (0.5-1.5%). 4 Portfolio of investments (unaudited) Investments held at 15 May 2019 Market Percentage of value total net assets Holding Investment £000 % UK Equities (15/05/18 – 87.77%) 90.74 Aerospace & Defence 1.40 1,668,256 BAE Systems 7,756 0.27 10,278,242 Cobham 11,748 0.41 2,090,119 Meggitt 11,073 0.38 1,241,537 QinetiQ 3,727 0.13 224,215 Rolls-Royce 2,053 0.07 15,919,265 Rolls-Royce Holdings preference Shares* – 0.00 1,844,515 Senior 4,161 0.14 Alternative Energy 0.08 204,763 Porvair 1,089 0.04 656,318 Volution Group 1,096 0.04 Banks 8.69 196,278 Bank of Georgia Group 3,209 0.11 10,660,434 Barclays 17,055 0.59 24,526,263 HSBC Holdings 162,585 5.64 105,309,244 Lloyds Banking Group 64,207 2.23 380,614 Royal Bank of Scotland 876 0.03 370,205 Standard Chartered 2,509 0.09 Beverages 4.13 3,586,123 Diageo 118,898 4.13 Chemicals 0.53 72,696 Johnson Matthey 2,275 0.08 137,724 Synthomer 548 0.02 539,875 Victrex 11,143 0.39 189,716 Zotefoams 1,142 0.04 Construction & Materials 0.69 184,396 Balfour Beatty 455 0.02 686,096 Costain Group 2,261 0.08 1,047,183 Forterra 2,984 0.10 232,013 Keller 1,640 0.06 234,899 Kier Group 802 0.03 12,289 Marshalls Group 81 0.00 159,163 MJ Gleeson 1,340 0.05 1,689,196 Redrow 9,713 0.34 117,747 Tyman 289 0.01 Electricity 0.17 1,524,229 Drax Group 4,996 0.17 Electronic & Electrical Equipment 0.82 1,167,218 Halma 20,771 0.72 80,466 Oxford Instruments
Load more

Recommended publications
  • 2010 Annual Report
    Annual Report2010 JPMorgan European Investment Trust plc Annual Report & Accounts Year Ended 31st March 2010 Financial Results Growth Share Class +62.4% +53.7% +47.4% Return to shareholders1 Return on net assets2 Benchmark return3 (2009: –43.1%) (2009: –37.5%) (2009: –31.1%) Long Term Performance S 4.85p Ordinary for periods ended 31st March 2010 Dividend E 70 (2009: 7.0p, plus special 62.4 57.9 60 56.2 R dividend of 2.5p) 53.7 47.4 49.5 50 46.7 A 40 38.3 36.9 H 30 S 20 10 4.0 0 H –10 –5.3 T –10.8 –20 One year Three years Five years Ten years W JPMorgan European Growth – Return to shareholders1 O JPMorgan European Growth – Return on net assets1 Benchmark return3 R G A glossary of terms and definitions is provided on page 92. 1Source: Morningstar. 2Source: J.P. Morgan. 3Source: FTSE. The Growth portfolio’s benchmark is the FTSE All World Developed Europe (ex UK) Index in sterling terms (total return). 2 JPMorgan European Investment Trust plc. Annual Report & Accounts 2010 Financial Results Income Share Class +64.2% +60.2% +47.5% Return to shareholders1 Return on net assets2 Benchmark return3 (2009: –33.9%) (2009: –30.5%) (2009: –30.5%) Performance 4.0p Ordinary 70 S Dividend 64.2 60.2 (2009: 4.0p, plus special 60 E dividend of 1.15p) 47.5 50 R 40 A 30 H 20.3 20 14.0 14.6 S 11.3 10 8.4 2.4 2.6 1.2 0 E –1.8 –10 One year Two years Three years Since inception, M 2nd August 2006 JPMorgan European Income – Return to shareholders1 O JPMorgan European Income – Return on net assets1 Benchmark return3 C N A glossary of terms and definitions is provided on page 92.
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • FT UK 500 2011 A-Z Company UK Rank 2011 3I Group 94 888 Holdings 485 Abcam 250 Aberdeen Asset Management 109 Admiral Group 72 A
    FT UK 500 2011 A-Z UK rank Company 2011 3I Group 94 888 Holdings 485 Abcam 250 Aberdeen Asset Management 109 Admiral Group 72 Advanced Medical Solutions 488 Aegis Group 127 Afren 138 African Barrick Gold 118 African Minerals 131 Aggreko 69 Albemarle & Bond 460 Allied Gold 306 Amec 75 Amerisur Resources 426 Amlin 124 Anglo American 11 Anglo Pacific Group 327 Anglo-Eastern Plantations 370 Anite 445 Antofagasta 29 Aquarius Platinum 136 Archipelago Resources 346 Arm Holdings 42 Ashley (Laura) 476 Ashmore 112 Ashtead Group 206 Asian Citrus 263 Asos 171 Associated British Foods 41 Assura 449 Astrazeneca 12 Atkins (WS) 240 Aurelian Oil & Gas 334 Autonomy 76 Avanti Communications 324 Aveva 192 Avis Europe 326 Aviva 31 Avocet Mining 287 Axis-Shield 469 AZ Electronic Materials 199 Babcock International 117 Bae Systems 35 Bahamas Petroleum 397 Balfour Beatty 111 Barclays 16 Barr (AG) 289 Barratt Developments 197 BBA Aviation 209 Beazley 257 Bellway 216 Bellzone Mining 292 Berendsen 222 Berkeley 160 Betfair Group 202 BG Group 8 BHP Billiton 7 Big Yellow Group 308 Blinkx 344 Bodycote 259 Booker 213 Boot (Henry) 478 Borders & Southern Petroleum 378 Bovis Homes Group 268 Bowleven 220 BP 4 Brammer 351 Brewin Dolphin 319 British American Tobacco 9 British Land 61 British Sky Broadcasting 27 Britvic 210 Brown (N) 237 BT Group 28 BTG 235 Bunzl 107 Burberry 59 Bwin Party Digital Entertainment 223 Cable & Wireless Communications 181 Cable & Wireless Worldwide 158 Cairn Energy 49 Caledon Resources 380 Camellia 389 Cape 270 Capita 66 Capital & Counties Properties
    [Show full text]
  • FTSE Russell Publications
    2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore
    [Show full text]
  • SAVANNAH Q3 2020 BOARD REVIEW an Analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board Appointments in Q3 2020 INTRODUCTION
    www.savannah-group.com SAVANNAH Q3 2020 BOARD REVIEW An analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board appointments in Q3 2020 INTRODUCTION I am pleased to present our analysis of the executive director appointments already in the first 9 appointments to the FTSE 100 and FTSE 250 boards months. in the third quarter of 2020. As usual, we report the appointments of executive and non-executive Clearly, there has been a catch up and a quick directors to the boards of these companies, identify extrapolation of these numbers shows that we will the trends and we name individuals concerned. see around 100 executive director appointments to the FTSE 350 companies this year. This is still Just as this report was being finalised, we hosted well short of the 2018 numbers, and we have not a webinar to discuss “Boardroom Gender Diversity yet seen the impact of the Covid-19 lockdown. – Unfinished Business”. Moderated by the author, Given the lead time for very senior appointments, our panellists were Denise Wilson OBE, CEO of and being aware first hand that many search the Hampton Alexander Committee, Sir Andrew assignments were immediately put “on hold” when Mackenzie, recently retired CEO of BHP Plc and now the first lockdown was introduced, we expect to see Non-Executive Director at Royal Dutch Shell, and the impact materialise in Q4 and Q1 2021, perhaps Ruth Cairnie, Chair of Babcock International and later. On a positive note, we are seeing a trend of SID at Associated British Foods. We were joined by increasing numbers of women appointed to the 100 FTSE chairs, CEOs and senior directors from the executive director roles.
    [Show full text]
  • FT UK 500 2012 A-Z Company UK Rank 2012 3I Group 114 888 Holdings 401 Abcam 261 Aberdeen Asset Management 93 Admiral Group 88 A
    FT UK 500 2012 A-Z UK rank Company 2012 3I Group 114 888 Holdings 401 Abcam 261 Aberdeen Asset Management 93 Admiral Group 88 Advanced Medical Solutions 458 Aegis Group 111 Afren 163 African Barrick Gold 148 African Minerals 128 Aggreko 55 Albemarle & Bond 423 Allied Gold 383 Alternative Networks 490 Amec 79 Amerisur Resources 388 Amlin 143 Andor Technology 459 Anglo American 15 Anglo Pacific Group 333 Anglo-Eastern Plantations 346 Anite 316 Antofagasta 36 Aquarius Platinum 256 Archipelago Resources 322 Arm Holdings 45 Ashley (Laura) 445 Ashmore 102 Ashtead Group 171 Asian Citrus 281 Asian Plantations 487 Asos 166 Associated British Foods 40 Assura 452 Astrazeneca 13 Atkins (WS) 244 Avanti Communications 357 Aveva 191 Aviva 41 Avocet Mining 326 AZ Electronic Materials 195 Babcock International 94 Bae Systems 39 Bahamas Petroleum 483 Balfour Beatty 120 Barclays 16 Barr (AG) 297 Barratt Developments 167 Bayfield Energy 478 BBA Aviation 206 Beazley 246 Bellway 211 Bellzone Mining 386 Berendsen 220 Berkeley 138 Betfair Group 223 BG Group 7 BHP Billiton 9 FT UK 500 2012 A-Z UK rank Company 2012 Big Yellow Group 325 Blinkx 402 Bodycote 243 Booker 169 Boot (Henry) 438 Borders & Southern Petroleum 353 Bovis Homes Group 260 Bowleven 350 BP 3 Brammer 311 Breedon Aggregates 497 Brewin Dolphin 303 British American Tobacco 6 British Land 67 British Sky Broadcasting 33 Britvic 218 Brooks Macdonald 473 Brown (N) 257 BT Group 26 BTG 196 Bumi 189 Bunzl 84 Burberry 52 Bwin Party Digital Entertainment 174 Cable & Wireless Communications 233 Cable & Wireless
    [Show full text]
  • Does Your Investment Trust Have Skin in the Game?
    Does your investment trust have skin in the game? By Emma Agyemang 03 May 2018 Investors Chronicle Copyright 2018 The Financial Times Ltd. All rights reserved Investment trusts are companies listed on the stock market so have a board of directors. These fulfil a number of functions relating to the running of the trust, including appointing and dismissing the trust's investment manager, and setting its level of fees. Boards are also responsible for deciding whether to buy back or issue shares to control discounts or premiums to net asset value (NAV), and they decide how much debt (gearing) a trust can have. Because of boards' key role in running investment trusts, some argue that they and the investment managers should have their own money invested in them. "To align interests, investors look for directors and managers to have a meaningful personal investment in the companies they direct and/or manage," says Ben Newell, analyst at broker Canaccord Genuity. "We have never met one investor who has argued against this, and strongly believe that 'skin in the game' sends a clear and powerful message to both existing and potential investors." “Knowing that an investment trust's managers and board directors are in the same boat as them when markets are difficult can be reassuring to shareholders”, adds Jason Hollands, managing director at wealth manager Tilney Group. So Canaccord Genuity regularly produces a report outlining how much managers and board directors have of their own money in the investment trusts they run, and the latest edition covers 283 investment trusts. It found that 58 chairmen or directors of these have a personal investment in the trust they are involved with worth more than £1m, and 67 managers or management teams have in excess of £1m in the trust they run.
    [Show full text]
  • The Scottish Investment Trust PLC 118Th Report & Accounts 2005
    The Scottish Investment Trust PLC 118th Report & Accounts 2005 Contents The Company 1 Ten Year Record 2 Ten Year Growth Record 2 Financial Highlights 3 Dividend Growth 3 Chairman’s Statement 4 Board of Directors 6 Management Team 7 Management Review 8 Distribution of Total Assets by Sector 17 List of Investments 18 Investor Information 20 Directors’ Report 22 Directors’ Remuneration Report 26 Independent Auditors’ Report 27 Statement of Total Return 28 Balance Sheet 29 Cash Flow Statement 30 Accounting Policies 31 Notes to the Financial Statements 32 Financial Calendar 2006 40 Useful Addresses 40 Notice of Meeting 41 The Scottish Investment Trust PLC The Company Company Data as at 31 October 2005 STOCKHOLDERS’ FUNDS TOTAL ASSETS (with borrowings at par) MARKET CAPITALISATION »1,037.0 million »889.0 million »787.6 million Objectives of The Scottish Investment Trust PLC (SIT) à To provide investors with above average returns through a diversified portfolio of international equities; and à To achieve, over the long term, asset growth in excess of the company’s stated benchmark and dividend growth ahead of UK inflation.* Risk SIT’s portfolio is invested over a range of industries and is diversified on a geographical basis so that risk is lowered. It regularly employs borrowed money to invest in equities with the objective of improving overall returns. The use of borrowings magnifies market movements both up and down. The company has a policy not to invest more than 15% of gross assets in other UK listed investment companies. Benchmark* The company’s benchmark is made up of 50% FTSE Actuaries UK All-Share IndexTM and 50% FTSE World (ex UK) Index Series.TM Management The company is managed by its own employees led by the manager who is responsible to the directors for all aspects of the day to day management of the company.
    [Show full text]
  • APPROVED by Order of the Director of CJSC “Capital Com Bel” of 02 April 2020, No.7-OD V.G.Rzheutskaya
    1 APPROVED By order of the director of CJSC “Capital Com Bel” of 02 April 2020, No.7-OD V.G.Rzheutskaya RULES for Trading with Non-Deliverable OTC Financial Instruments in CJSC “Capital Com Bel” 1. TERMS AND DEFINITIONS 1.1. The Rules for Trading with Non-Deliverable OTC Financial Instruments in CJSC “Capital Com Bel” (hereinafter referred to as the Rules) have been developed in accordance with Edict of the President of the Republic of Belarus No.231 “On Carrying out Activities in the Over-the-counter Forex Market” dated June 4, 2015, Resolution of the Board of the National Bank of the Republic of Belarus No.69 “On Approval of the Instruction on Setting Requirements to Organizing Internal Control and Risk Management in Forex Companies, the National Forex Center” dated February 12, 2016, Resolution of the Board of the National Bank of the Republic of Belarus No.64 of “On Approval of the Instruction on the Requirements to Content of the Rules of Conducting Transactions in Non- Deliverable Over-the-counter Financial Instruments Approved by Forex Companies, Banks, Nonbank Financial Institutions, the National Forex Center” dated February 9, 2016, Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus No.123/5 “On Determining Underlying Assets in Transactions with Non-Deliverable OTC Financial Instruments” dated February 15, 2016, and other applicable legislative acts. 1.2. The Rules shall establish the procedure of trading with non-deliverable OTC financial instruments by CJSC “Capital Com Bel” (hereinafter referred to as the “Forex Company”).
    [Show full text]
  • Hampton-Alexander Review FTSE Women Leaders
    Hampton-Alexander Review FTSE Women Leaders Improving gender balance in FTSE Leadership November 2019 Sponsored by For over a decade McKinsey research has supported the economic, business and societal case for gender parity. In 2019, our dataset continues to show a significant link between diversity and financial performance, with companies in the top quartile for executive team diversity 15-24% more likely to outperform their national industry median EBIT margin than their bottom quartile peers. Whilst progress on representation is perceptible, the pace of change remains disappointing. There is a need for far bolder action to make leaders accountable for participation, advance women into senior and technical roles, and tackle obstacles in the way of building truly inclusive, agile organisations. Vivian Hunt DBE Managing Partner, UK and Ireland McKinsey & Company 2 Contents Forewords 4 Executive Summary 8 1. Executive Committee and Direct Reports FTSE 100 Progress 10 FTSE 250 Progress 15 Leading by Example 20 Experiences of Workplace Culture 24 2. Women on Boards FTSE 100 Progress 28 FTSE 250 Progress 30 FTSE Board Stories 34 UK Progress Compared Internationally 38 3. Stakeholders Executive Search Firms 40 Investor Community 42 The UK Diversity Landscape for Business 44 Closing Word from Chris Cummings 46 Thanks to our Contributors during the Year 47 Appendices A – FTSE 350 Women on Boards 9 Year Analysis 48 B – FTSE 350 Women in Leadership 4 Year Analysis 49 C – FTSE 100 Rankings Women on Boards and in Leadership 50 D – FTSE 250 Rankings Women on Boards and in Leadership 54 E – FTSE 350 Sector Analysis 64 Further Reading 78 @HA_Review www.ftsewomenleaders.com 3 Joint Foreword Alex Chisholm John Manzoni Permanent Secretary, Department for Business Chief Executive of the Civil Service and Energy & Industrial Strategy Permanent Secretary for the Cabinet Office We thank Sir Philip Hampton, Denise Wilson and the Review team for all their efforts this year and for producing once again such a comprehensive and authoritative report.
    [Show full text]
  • Liste Des Valeurs Concernées Par Le BREXIT
    ISIN Valeur Nature de ISIN Valeur Nature de regroupement regroupement GB00BMSKPJ95 AA ACTION QS0002902318 PORTFOLIO BPO SERVICES ACTION GB00B9GQVG73 AB DYNAMICS ACTION GB0006957293 PORTMEIRION GROUP LS-,05 ACTION GB00B3LXPB43 ABACO CAPITAL ACTION GB0006963689 PORVAIR ACTION GB0000037191 ABBEYCREST ACTION GB00BYWJZ743 POWER METAL RES. LS 0,001 ACTION GB00B6774699 ABCAM ACTION GB00B4WQVY43 POWERHOUSE ENER.GR.LS-005 ACTION GB0007352502 ABERDEEN DEVELOPMENT CAPITAL ACTION GB00B08JHZ23 POWERLEAGUE GROUP ACTION GB0000312933 ABERDEEN HIGH INCOME TRUST ACTION GB0006992480 PRELUDE TRUST ACTION GB0003920757 ABERDEEN JAPAN LS-,10 ACTION GB00BSZLMS59 PREM. VETERIN. GP. LS-,10 ACTION GB0000100767 ABERDEEN STAND.AS.F.LS-25 ACTION GB00B7N0K053 PREMIER FOODS ACTION GB0000059971 ABERDEEN. THAI INV.LS-,25 ACTION GB00BZB2KR63 PREMIER MI..GRP. LS-,0002 ACTION QS0002911012 ABINGWORTH BIOVENTURES VLP ACTION GB00B3DDP128 PRESIDENT ENERG.PLC LS-01 ACTION GB00BN65QN46 ABZENA ACTION GB00B1XFKR57 PRESSURE TECH.PLC LS -,05 ACTION GB00BYWF9Y76 ACACIA PHARMA GROUP ACTION GB0007015182 PRESTON NORTH END ACTION QS0002967642 ACCENT EQUITY ACTION QS0011204169 PRIMAYER ACTION QS0003014931 ACCES CAPITAL ACTION GB00B847MY01 PRIME MANTLA ACTION GB00BGQVB052 ACCESS INTELLIGEN. LS-,05 ACTION GB00B4ZG0R74 PRIME PEOPLE PLC LS-,10 ACTION GB0001771426 ACCESSO TECHNOLOGY ACTION GB00B40ZK133 PRIME UK HLDGS ACTION QS0003602388 ACCOMPLISH GP HOLDCO AO A ACTION GB00BKTCLJ25 PRIMORUS INV.PLC LS-,002 ACTION QS0003602396 ACCOMPLISH GP HOLDCO AO B ACTION GB00B0K32V35 PRINCIPLE CAPITAL INVEST.TRUST
    [Show full text]
  • Marten & Co / Quoted Data Word Template
    QuotedData Monthly roundup | Investment companies April 2018 Winners and losers in March Best performing funds in price terms in March Worst performing funds in price terms in March (%) (%) British & American 16.7 Premier Global Infrastructure (14.7) Lindsell Train 10.3 Infrastructure India (13.3) Aberforth Split Level Income 9.5 Residential Secure Income (12.3) Mithras 7.7 EPE Special Opportunities (11.8) LMS Capital 7.6 TR European Growth (11.7) F&C Private Equity 7.6 Baker Steel Resources (10.1) Woodford Patient Capital 6.8 Blue Capital Alternative Income (10.0) EJF Investments 6.1 India Capital Growth (9.9) JZ Capital Partners 5.3 Pershing Square (9.7) Kubera Cross-Border 5.2 Golden Prospect Precious Metals (9.2) Source: Morningstar, Marten & Co Source: Morningstar, Marten & Co Best performing funds in NAV terms in March Worst performing funds in NAV in March (%) (%) British & American 47.4 City Natural Resources (7.5) EJF Investments 6.2 BlackRock Emerging Europe (7.2) TR Property 3.4 TR European Growth (7.1) VietNam Holding 2.8 Establishment (5.7) Gulf Investment Fund 2.4 Acorn Income (5.6) Sanditon 2.2 Polar Capital Global Financials (5.5) Ecofin Global Utilities & Infrastructure 1.9 Henderson Opportunities (5.4) Dunedin Smaller Companies 1.5 Chelverton Small Companies Dividend (5.3) Gresham House Strategic 1.1 JPMorgan Chinese (5.3) ScotGems 0.9 Manchester & London (5.2) Source: Morningstar, Marten & Co Source: Morningstar, Marten & Co British & American tops both tables. The NAV of the fund, which Negative investor sentiment towards global infrastructure and is quite highly geared, benefited from the performance of Geron, utilities contributed to a widening discount for Premier Global its largest holding.
    [Show full text]