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Investec Funds Series I Annual Report and Accounts for the Year Ended 30 September 2018 REPORT and ACCOUNTS Investec Funds Series I Annual Report and Accounts

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Investec Funds Series I Annual Report and Accounts for the Year Ended 30 September 2018 REPORT and ACCOUNTS Investec Funds Series I Annual Report and Accounts OEIC | REPORT AND ACCOUNTS INVESTEC FUNDS SERIES I Investec Funds Series i Annual Report and Accounts For the year ended 30 September 2018 REPORT AND ACCOUNTS Investec Funds Series i Annual Report and Accounts Cautious Managed Fund* 2-4 Diversifi ed Income Fund* 5-7 Enhanced Natural Resources Fund* 8-10 Global Multi-Asset Total Return Fund* 11-13 UK Alpha Fund* 14-16 UK Equity Income Fund* 17-19 UK Smaller Companies Fund* 20-23 UK Special Situations Fund* 24-26 Portfolio Statements per Fund* 27-59 Authorised Corporate Director’s Report* 60-61 Statement of Depositary’s Responsibilities and Report to Shareholders 62 Independent Auditor’s Report 63-64 Statement of Authorised Corporate Director’s Responsibilities65 Comparative Tables 66-90 Financial Statements 91-178 Securities Financing Transactions (‘SFTs’) 179 Other Information180 Glossary 181-183 Directory 184 * The above information collectively forms the Authorised Corporate Director’s Report Investec Funds Series i 1 REPORT AND ACCOUNTS Cautious Managed Fund Summary of the Fund’s investment objective and policy The Fund aims to provide income and long-term capital growth. The Fund seeks to invest conservatively around the world in a diverse range of shares of companies (up to 60% of the Fund’s value at any time) and bonds (contracts to repay borrowed money which typically pay interest at fi xed times). The Fund may invest in other assets such as cash, other funds and derivatives (fi nancial contracts whose value is linked to the price of an underlying asset). The Investment Manager is free to choose how the Fund is invested and does not manage it with reference to an index. Performance record 12 Months (%) Investec Cautious Managed Fund 'I’ accumulation shares -1.75* Performance comparison index 2.65** Peer group sector average 2.64** Past performance is not a reliable indicator of future results, losses may be made. Total deemed income distributions per ‘I’ accumulation share 12 months to 30 September 2018 1.39 pence 12 months to 30 September 2017 1.02 pence The amount of income payable may rise or fall. Performance review The Fund delivered a negative return during the period under review, underperforming its performance comparison index and peer group sector average. Factors hindering performance The Fund’s short position in US equities (designed to profi t from a fall in value in US equities) was the main detractor over the period. We hold this position to offer protection if the market were to fall in value. While this position has clearly struggled given the strong performance in US equities, there have been instances of heightened market volatility over the year to date where this position has helped the Fund. The large position in the portfolio is justifi ed given the high valuation of US stocks in general relative to history. Precious metals and related equities also produced negative returns over the period. With the exception of palladium, most precious metals sold-off over the 12-month period, with gold down nearly 6% on the back of the stronger US dollar. Platinum continued to feel the pain from lower demand for diesel engines. We continue to use precious metals – both bullion and shares – to protect the portfolio against the risks of a return to quantitative easing or higher-than-expected infl ation. In terms of companies held, builders’ merchant Travis Perkins was the largest detractor. Management recently reported fi rst-half numbers that were broadly in line with expectations, but lowered expectations for the rest of the year. We believe that there is little wrong with the underlying operations that a closer eye on costs wouldn’t fi x and the valuation takes no account of any upside here or from the longer-term prospect of a healthier housing market. We continue to hold the stock. 2 Investec Funds Series i REPORT AND ACCOUNTS Factors helping performance The Fund’s exposure to US equities proved the most profi table over the period as the S&P 500 continued to reach new highs throughout the year. Global software giant Microsoft continues to go from strength to strength. It continued to see strong user growth in its Microsoft Offi ce suite and migration towards its online Cloud storage offering, Azure, is really starting to pick up pace. Our position in Conduent was also among the top contributors. Conduent is the old business process outsourcing segment of Xerox. It was spun-off at the end of 2018 and was saddled with a number of loss-making or low-margin contracts, which originated from the fact that Xerox had been run for revenues, not profi tability. Since being spun-off, Conduent has effectively been in turnaround mode, shedding low-margin business and investing in higher-value offerings. This means that its revenue line is declining, but profi tability has been rising, with operating margins expanding from 2% in 2016 to 8.5% today. Our position in Worley Parsons, a provider of engineering, consulting and construction services to the oil & gas industry, performed well. The company’s prospects continue to be positively reassessed by the market on the back of a recovery in capital expenditure in the energy sector on the back of rising oil prices. Portfolio activity Signifi cant purchases Capita; United Kingdom Treasury Infl ation Linked 0.125% 22/11/2019; TAV Havalimanlari; Cielo; United Kingdom Gilt 2% 22/07/2020; Conduent; Travis Perkins; Barclays; Impala Platinum; SKF. Signifi cant sales United Kingdom Treasury Infl ation Linked 1.25% 22/11/2017, Metcash; United Kingdom Treasury 1.25% 22/07/2018; Tesco; Microsoft; Standard Chartered; Wm Morrison Supermarkets; Investec UK Total Return Fund; ETFS Physical Silver; Washington Federal. Outlook We believe investors should be focusing more on a potential pick-up in infl ation. In the US, with recent tax cuts coming at a time when the labour market is very tight, this scenario should not be under-estimated. In this situation we would expect some reluctance from central banks to raise short-term interest rates too quickly (for fear of causing a recession), and, consequently, markets could conclude that policymakers were behind the curve and willing to see higher-than-expected infl ation. While in this scenario short-term rates would be kept low, long-term interest rates could rise, potentially dragging equities lower but lifting precious metals. Alternatively, the huge mountain of global debt that has been created (or to be more accurate, added to) since the global fi nancial crisis could hold back any sustained economic recovery and make the global economy far more vulnerable to even small rises in interest rates, consequently bringing on a recession. This could probably drive bond yields back to their lows and quite possibly re-ignite central bank enthusiasm for quantitative easing. Markets desperately want to believe the ‘muddle-through’ outcome: everything turns out alright, with growth fi ne, infl ation under control and interest rates returned to normal levels without causing asset markets any great problems. This outcome continues to be investors’ core scenario. If it happens perhaps it justifi es the historically low level of bond yields and high US equity valuations. However, even this is not assured as bond yields are surely too low for this to play out. And a reversal for bond yields could prove diffi cult for other asset classes. With investors, we believe, under-estimating the probability of the tail risks of boom and bust, we believe it is right to remain defensively positioned. *Source: Morningstar, total return, income reinvested, no initial charge, accumulative (acc) share class, net of fees in GBP. ** Index (UK CPI (composite index pre 01/02/14) and peer group sector average (Investment Association Mixed Investment 20-60% Shares sector) shown for performance comparison purposes only. The opinions expressed herein are as at September 2018. Investec Funds Series i 3 REPORT AND ACCOUNTS Risk and Reward profi le* Lower risk Higher risk Potentially lower rewards Potentially higher rewards 1 2 3 4 5 6 7 This indicator is based on historical data and may not be a reliable indication of the future risk profi le of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean ‘risk free’. The value of your investment and any income from it can fall as well as rise and you are not certain of making profi ts; losses may be made. The Fund appears towards the middle of the risk and reward indicator scale. This is because, although it invests in the shares of companies whose values typically tend to fl uctuate widely, it also invests signifi cantly in bonds which do not typically fl uctuate as much. The following risks may not be fully captured by the Risk and Reward Indicator: Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Default: There is a risk that the issuers of fi xed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large fi nancial loss. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profi ts and future prospects as well as more general market factors.
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