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Maturities Corporate Bond Fund Schroder All Maturities Corporate Bond Fund Interim Report and Accounts April 2017 Contents Schroder All Maturities Corporate Bon d Fund Fund Information 1 . .3 Investment objective and policy . .3 Financial highlights . .3 Fund information . .3 Ongoing charges figure . .4 Total purchases and sales . .4 Review of Investment Activities 1 . .5 Risk Profile 1 . .6 Risk and reward indicator . .6 Specific risks . .6 Net Asset Value and Comparative Tables 1 . .7 Unit price range . .7 Net revenue . .8 Net asset value . .9 Fund performance . .10 Portfolio Statement 1 . .11 Summary of Portfolio Transactions 1 . .25 Largest purchases . .25 Largest sales . .25 Statement of the Manager’s Responsibilities . .26 Statement of Total Return (unaudited) . .27 Statement of Change in Net Assets Attributable to Unitholders (unaudited) . .27 Balance Sheet (unaudited) . .28 Notes to the Accounts (unaudited) . .29 Basis of preparation . .29 Accounting policies . .29 Distribution Table (unaudited) . .30 Interim distribution for the six months ended 30 April 2017 . .30 Equalisation . .30 General Information 1 . .31 Authorisation . .31 Other information . .31 1 Collectively these comprise the Authorised Fund Manager’s report. Schroder All Maturities Corporate Bond Fund Fund Information Investment objective The fund’s investment objective is to provide capital growth and income primarily through investment in non-government debt securities. and policy The fund may also invest in a wide range of investments including transferable securities, derivatives, cash, deposits, collective investment schemes and money market instruments. Financial Dealing price 28.4.17 31.10.16 % change A Income units 61.21p 60.42p 1.31 highlights A Accumulation units 83.15p 80.62p 3.14 I Income units 58.25p 57.55p 1.22 I Accumulation units 278.20p 268.70p 3.54 X Accumulation units 145.80p 140.60p 3.70 Z Income units 65.08p 64.08p 1.56 Z Accumulation units 88.43p 85.51p 3.41 30.6.17 30.6.16 Interim distribution per Z Income unit 1.2269p 1.0273p With effect from 6 April 2017, there is no longer a requirement to deduct income tax from interest distributions paid by UK Authorised Funds. Consequently, all distributions paid after this date are paid gross of tax. Fund information Launch date 24 March 2005 Launch price 127.70p per I Accumulation unit 65.07p per X Accumulation unit Launch date 27 February 2009 Launch price 50.00p per Z Income unit 50.00p per Z Accumulation unit Launch date 9 March 2009 Launch price 50.00p per A Income unit 50.00p per A Accumulation unit Launch date 28 October 2009 Launch price 50.00p per I Income unit Interim Final Accounting dates 30 April 31 October Revenue allocation dates 30 June 31 December 3 Schroder All Maturities Corporate Bond Fund Fund Information (continued) For the period For the year Ongoing charges to 30.4.17 to 31.10.16 figure A Income units 1. 11%¹ 1.12% A Accumulation units 1. 11%¹ 1.12% I Income units 0. 26%¹ 0.27% I Accumulation units 0. 26%¹ 0.27% X Accumulation units² 0. 01%¹ 0.02% Z Income units 0. 56%¹ 0.57% Z Accumulation units 0. 56%¹ 0.57% 1 The Ongoing charges figure is annualised based on the fees incurred during the accounting period. 2 The Annual management charge for X Accumulation units is invoiced directly to unitholders and is therefore not included in the Ongoing charges figure for that unit class. For the period For the year Total purchases to 30.4.17 to 31.10.16 and sales £000’s £000’s Total purchases 173,099 319,159 Total sales 153,534 337,229 4 Schroder All Maturities Corporate Bond Fund Review of Investment Activities From 31 October 2016 to 28 April 2017, the price of I Accumulation units on a dealing price to dealing price basis rose from 268.7 0p to 278.20 p, an increase, net of fees, of 3.54 %. In comparison, the Bank of America Merrill Lynch Sterling Non-Gilts All Stocks Index generated a total return of 3.12% 1 over the same period. Sterling and euro credit markets made a reasonable return over the period outperforming government bonds. With rising inflation expectations, exacerbated Fund Manager: by the election of Donald Trump, as well as Brexit uncertainty conditions were Alix Stewart more challenging for bond markets overall. Credit remained supported by solid balance sheets and company fundamentals and in the UK, the Bank of England’s (BoE’s) corporate bond purchase scheme. Sterling corporate bonds Investment career started in 1994 rose 3.6% 2, outperforming gilts by 1.5% 2, as ten year gilt yields fell. Euro and US dollar bond credit prices rose 0.3% 2. Joined Schroders in August 2012 as a Credit Portfolio Manager The portfolio generated a modest positive return and outperformed the benchmark index. Positive factors included overweight exposure to subordinated Prior to joining Schroders Alix worked insurance, in euro and sterling, and senior banking. The fund retains a for the following companies: constructive stance on these sectors as well as selective telecommunications 2011 – UBS Global AM, Head of UK and utilities issuers. The portfolio remained underweight in more cyclical Fixed Interest industrials sectors, notably capital goods. An overweight US duration position in Treasury futures detracted in November amid the sharp sell-off following the US 2009 – UBS Global AM, Fund election reducing the level of outperformance. Manager – UK Corporate Bonds Credit markets will likely remain characterised by selective investment 2008 – UBS Global AM, Fund opportunities and differentiating between issuers will be increasingly important. Manager – Global Corporate Bonds A good example is financials. Rising rates are a broad tailwind across the sector, but dispersion in performance resulted in some differentiation in valuations. The 2006 – SWIP, Fund Manager – High UK market has been skewed somewhat, and in some cases valuations Alpha UK Retail Corporate Bonds stretched, by the BoE’s programme of corporate bond purchases. This led to a 2003 – Gartmore, Fund Manager – compression in sterling bond spreads and the resultant search for yield benefited High Alpha UK Retail Corporate Bonds banks disproportionately relative to insurance in our view. 1 Source: Thomson Reuters Datastream. 1999 – Standard Life Investments, Fund Manager – Corporate Bonds 2 Source: Bloomberg. 1994 – Scottish Mutual (ANFIS ), Fund Please remember that past performance is not a guide to future performance Manager – Corporate Bonds and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount 1991 – Scottish Mutual (ANFIS ), originally invested. Because of this, you are not certain to make a profit on your Actuarial Trainee investments and you may lose money. BSc (Hons) in Economics and Mathematics from University of Leeds 5 Schroder All Maturities Corporate Bond Fund Risk Profile Risk and reward Lower risk Highe r risk Potentially lower reward Potentially higher reward indicator 1 2 3 44 5 6 7 The risk and reward indicator changed from 3 to 4 with effect from 17 February 2017 for A Income units, Z Income units, A Accumulation units and Z Accumulation units and on 5 April 2017 for I Income units, I Accumulation units and X Accumulation units. The risk category was calculated using historical performance data and may not be a reliable indicator of the fund’s future risk profile. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. The fund’s risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk free investment. Specific risks The fund invests in assets which are exposed to currencies other than sterling. Exchange rates may cause the value of overseas investments and the revenue from them to rise or fall. More than 35% of the property of the fund may be invested in Government securities. The fund invests in higher yielding bonds (non-investment grade). The risk of default is higher with non-investment grade bonds than with investment grade bonds. Higher yielding bonds may also have an increased potential to erode your capital sum than lower yielding bonds. The fund uses derivatives for specific investment purposes. This involves a higher degree of risk and may lead to a higher volatility in the unit prices of the fund. The Manager employs a risk management process to allow the Manager to measure derivative and forward positions and their contribution to the overall risk profile of the fund. As part of this risk management process, the Manager conducts daily value at risk analysis of the fund and performs both stress and back testing of the fund. As a result of the Annual management charge being charged wholly to capital except for X Accumulation units, the distributable revenue of the fund may be higher, but the capital value of the fund may be eroded which may affect future performance. For these reasons, the purchase of units should not normally be regarded as a short term investment. 6 Schroder All Maturities Corporate Bond Fund Net Asset Value and Comparative Tables Unit price range Financial year to 31 October A Income units A Accumulation units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2014 58.86 55.59 73.21 67.71 2015 61.30 56.72 77.71 72.14 2016 63.14 55.51 84.53 72.84 Financial period to 30 April 2017 61.28 58.08 83.25 78.90 Financial year to 31 October I Income units I Accumulation units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2014 55.37
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