DOCSLIB.ORG

Lindsell Train Limited(“Lindselltrain”) Asportfoliomanager

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lindsell Train Limited(“Lindselltrain”) Asportfoliomanager 246557 Finsbury Growth & Inc Cover 14/12/2017 10:44 Page 1 Finsbury Growth & Income Trust PLC & Income Trust Finsbury Growth Annual Report for the year ended 30 September 2017 Annual Report for the year ended 30 September 2017 A member of the Association of Investment Companies Winner: • Citywire Investment Trust Awards, UK Equity Income 2017 • Money Observer Trust Awards, Best UK Income Trust 2017 • Moneywise, Investment Trust of the Year 2016 and 2015 UK Equity Income Category • Rated Fund: Money Observer Rated Funds 2015 • FT & Investors’ Chronicle Awards 2015, Best Income Fund • Investment Week, Investment Company of the Year 2016 and UK Equity Income Category • What Investment Trust 2016, Best UK Investment Trust Finsbury Growth & Income Trust PLC 25 Southampton Buildings, London WC2A 1AL LINDSELL TRAIN www.finsburygt.com @finsburygt 246557 Finsbury Growth & Inc Cover 14/12/2017 10:44 Page 2 About Finsbury Growth & Income Trust PLC Finsbury Growth & Income Trust PLC aims to achieve capital and income growth and to provide shareholders with a total return in excess of that of the FTSE All- Share Index. Further details of the Company’s investment objective and policies are set out on page 16. Keep up to date with Finsbury Growth & Income Trust PLC For more information about Finsbury Growth & Income Trust PLC visit the website at www.finsburygt.com Follow us on Twitter @finsburygt Winner: • Citywire Investment Trust Awards, UK Equity Income 2017 • Money Observer Trust Awards, Best UK Income Trust 2017 • Moneywise, Investment Trust of the Year 2016 and 2015, UK Equity Income Category • Rated Fund: Money Observer Rated Funds 2015 • FT & Investors’ Chronicle Awards 2015, Best Income Fund • Investment Week, Investment Company of the Year 2016 and 2015, UK Equity Income Category • What Investment Trust 2016, Best UK Investment Trust This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (TCF) process. 246557 Finsbury Growth & Inc pp01-pp25 SR 15/12/2017 13:18 Page 01 Finsbury Growth & Income Trust PLC 01 Annual Report for the year ended 30 September 2017 Company Summary Contents STRATEGIC REPORT STRATEGIC The Company Strategic Report The Company is an investment trust and its shares are listed on the 2 Company Performance premium segment of the Official List and traded on the main 4 Chairman’s Statement market of the London Stock Exchange. The Company is a member 6 Discount Control Mechanism of the Association of Investment Companies (“AIC”). 8 Investment in our Key Service Providers The Company’s net assets as at 30 September 2017 were 9 Investment Portfolio £1,164.4 million (2016: £936.0 million) and the market capitalisation 10 Performance Summary was £1,170.3 million (2016: £936.5 million). 11 Contributions to Total Return GOVERNANCE Management 12 Portfolio Analysis The Company is an Alternative Investment Fund (“AIF”) under the 13 Portfolio Manager’s Review European Union Alternative Investment Fund Managers’ Directive 16 Business Review (“AIFMD”). Governance The Company has appointed Frostrow Capital LLP (“Frostrow”) as 26 Board of Directors Alternative Investment Fund Manager (“AIFM”) to provide company management, company secretarial, administrative and marketing 29 Corporate Governance services. The Company and Frostrow have jointly appointed 39 Audit Committee Report Lindsell Train Limited (“Lindsell Train”) as Portfolio Manager. 43 Directors’ Remuneration Report Further details of the terms of these appointments are provided 46 Directors’ Remuneration Policy Report FINANCIAL STATEMENTS on page 19 and full disclosures required under the AIFMD can be 47 Responsibility Statement of the Directors in found on the Company’s website: www.finsburygt.com. respect of the annual financial report Performance Financial Statements Performance is measured against the FTSE All-Share Index (total 48 Income Statement return), the Company’s benchmark. 49 Statement of Changes in Equity Dividend 50 Statement of Financial Position A first interim dividend of 6.8p per share (2016: 6.1p) was paid on 51 Statement of Cash Flows 10 May 2017 to shareholders registered at the close of business on 52 Notes to the Financial Statements 7 April 2017. The associated ex-dividend date was 6 April 2017. Independent Auditors’ Report A second interim dividend of 7.4p per share (2016: 7.0p) was paid on 10 November 2017 to shareholders registered at close of 65 Independent Auditors’ Report business on 13 October 2017. The associated ex-dividend date REPORT INDEPENDENT AUDITORS’ Report of the Directors was 12 October 2017. The total dividend paid for the year was 14.2p per share (2016: 13.1p per share). 71 Report of the Directors 76 AIFMD Disclosures ISA Status 77 Depositary Report The Company’s shares are eligible for Individual Savings Accounts (‘ISAs’) and for Junior ISAs. Further Information 78 Shareholder Information 79 Glossary of Terms and Alternative Performance Measures 81 How to Invest REPORT OF THE DIRECTORS 83 Notice of the Annual General Meeting 89 Location of the Company’s Annual General Meeting 90 Explanatory Notes to the Resolutions 92 Company Information 93 Disability Act FURTHER INFORMATION 246557 Finsbury Growth & Inc pp01-pp25 SR 15/12/2017 13:18 Page 02 Finsbury Growth & Income Trust PLC 02 Annual Report for the year ended 30 September 2017 Strategic Report / Company Performance The Company was incorporated in Scotland on 15 January 1926. Lindsell Train was appointed in December 2000. The total return of the Company’s net asset value per share over the ten years to 30 September 2017 has been 205.2%*, equivalent to a compound annual return of 11.8%*. This compares to a total return of 75.2%* from the Company’s benchmark, equivalent to a compound annual return of 5.8%*. *Source: Morningstar, FTSE International Limited (“FTSE”)©FTSE 2017 Ten Year Total Return Performance to 30 September 2017 350 330 310 290 270 Share Price (+215.0%) 250 Net Asset Value Per 230 Share (+205.2%) 210 FTSE All-Share Index (+75.2%) 190 170 150 130 110 90 70 50 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Rebased to 100 as at 30 September 2007 Source: Morningstar Financial Highlights for the Year Share price total return Net asset value per FTSE All-Share Index share total return total return +14.2% +13.7% 11.9% 2016: +20.8% 2016: + 20.6% 2016: 16.8% Share price Net asset value Dividends for the year per share 736.5p 732.8p 14.2p 2016: 658.0p 2016: 657.7p 2016: 13.1p +11.9% +11.4% +8.4% Source: Morningstar, FTSE International Limited (“FTSE”)©FTSE 2017 246557 Finsbury Growth & Inc pp01-pp25 SR 15/12/2017 13:18 Page 03 Finsbury Growth & Income Trust PLC 03 Annual Report for the year ended 30 September 2017 Strategic Report / Company Performance STRATEGIC REPORT STRATEGIC Financial Highlights for the year continued As at As at 30 September 30 September % 2017 2016 Change GOVERNANCE Share price 736.5p 658.0p +11.9% Net asset value per share 732.8p 657.7p +11.4% Premium/(discount) of share price to net asset value per share 0.5% 0.0% Gearing 1.9% 2.2% Shareholders’ funds £1,164.4m £936.0m +24.4% Number of shares in issue 158,896,712 142,318,212 +11.6% Year ended Year ended 30 September 30 September % 2017 2016 Change FINANCIAL STATEMENTS Share price total return1 +14.2% +20.8% Net asset value per share total return1 +13.7% +20.6% FTSE All-Share Index total return (Company benchmark)1, 2 +11.9% +16.8% Ongoing charges 0.7% 0.7% Revenue return per share 15.8p 15.2p 3.9% Dividends per share: First interim dividend 6.8p 6.1p +11.5% Second interim dividend 7.4p 7.0p +5.7% –––––– –––––– Total dividends for the year 14.2p 13.1p +8.4% A glossary of terms and alternative performance measures is provided on pages 79 and 80 1 Source – Morningstar INDEPENDENT AUDITORS’ REPORT INDEPENDENT AUDITORS’ 2 Source – FTSE International Limited (“FTSE”)©FTSE 2017* One Year Total Return Performance 125 120 115 Share Price (+14.2%) 110 Net Asset Value Per Share (+13.7%) 105 FTSE All-Share Index REPORT OF THE DIRECTORS (+11.9%) 100 95 Jul-17 Apr-17 Oct-16 Jan-17 Jun-17 Mar-17 Feb-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17 Rebased to 100 as at 30 September 2016 Source: Morningstar FURTHER INFORMATION 246557 Finsbury Growth & Inc pp01-pp25 SR 15/12/2017 13:18 Page 04 Finsbury Growth & Income Trust PLC 04 Annual Report for the year ended 30 September 2017 Strategic Report / Chairman’s Statement Company’s Annual General Meeting in January 2017 and again Anthony Townsend at a General Meeting held just recently in December 2017. Chairman The Company’s share issuance authority will as usual be proposed for renewal at the Company’s Annual General Meeting to be held in January 2018. Return and Dividend The Income Statement shows a total return per share of Dear Shareholder, 89.6 pence per share (year ended 30 September 2016: 114.4 pence) consisting of a revenue return per share of Performance 15.8 pence (year ended 30 September 2016: 15.2 pence) and The Company’s net asset value return per share for the year a capital return per share of 73.8 pence (year ended was 13.7% (2016: 20.6%) and the share price total return was 30 September 2016: 99.2 pence).
Load more

Recommended publications
  • List of British Entities That Are No Longer Authorised to Provide Services in Spain As from 1 January 2021
    LIST OF BRITISH ENTITIES THAT ARE NO LONGER AUTHORISED TO PROVIDE SERVICES IN SPAIN AS FROM 1 JANUARY 2021 Below is the list of entities and collective investment schemes that are no longer authorised to provide services in Spain as from 1 January 20211 grouped into five categories: Collective Investment Schemes domiciled in the United Kingdom and marketed in Spain Collective Investment Schemes domiciled in the European Union, managed by UK management companies, and marketed in Spain Entities operating from the United Kingdom under the freedom to provide services regime UK entities operating through a branch in Spain UK entities operating through an agent in Spain ---------------------- The list of entities shown below is for information purposes only and includes a non- exhaustive list of entities that are no longer authorised to provide services in accordance with this document. To ascertain whether or not an entity is authorised, consult the "Registration files” section of the CNMV website. 1 Article 13(3) of Spanish Royal Decree-Law 38/2020: "The authorisation or registration initially granted by the competent UK authority to the entities referred to in subparagraph 1 will remain valid on a provisional basis, until 30 June 2021, in order to carry on the necessary activities for an orderly termination or transfer of the contracts, concluded prior to 1 January 2021, to entities duly authorised to provide financial services in Spain, under the contractual terms and conditions envisaged”. List of entities and collective investment
    [Show full text]
  • AJ BELL Daily AJBA.L 07/12/2018 - 23/01/2019 (LON) Line, AJBA.L, Trade Price(Last), 23/01/2019, 286.8000, 0.0000, (0.00%) Price Gbp 290 286.8000 285
    24 January 2019 Financials AJ BELL Daily AJBA.L 07/12/2018 - 23/01/2019 (LON) Line, AJBA.L, Trade Price(Last), 23/01/2019, 286.8000, 0.0000, (0.00%) Price GBp 290 286.8000 285 280 275 270 265 Platform for growth 260 255 250 245 240 AJ Bell is one of the largest and fastest-growing investment platforms in the UK. 235 230 It serves both the adviser market and the DIY investor. Having transitioned to 225 220 Auto updated technology in 2014, it is well placed to ride the growth in the market and 07 10 11 12 13 14 17 18 19 20 21 24 27 28 31 02 03 04 07 08 09 10 11 14 15 16 17 18 21 22 23 December 2018 January 2019 Source: Eikon Thomson Reuters pick up disaffected clients from competitor platforms that are only now upgrading. We anticipate strong profit growth on the back of higher revenues and positive Market data operational gearing. The new asset management business should add further EPIC/TKR AJB momentum, and higher UK savings rates could be the icing on the cake. Price (p) 287 12m High (p) 299 ► Strategy: AJ Bell intends to be the easiest platform for investors and advisers 12m Low (p) 162 to use, and to offer exceptional value – but not at the expense of service levels. Shares (m) 407 It charges noticeably less than many of its competitors, putting it in a strong Mkt Cap (£m) 1,170 position as charges take a higher profile. EV (£m) 1,120 Free Float* 36.5% ► Plenty of scope for platform expansion: Investment platforms are an obviously Market LSE Full listing good way to concentrate the administration and custody of investments in one *As defined by LR 6.14 of the Listing Rules place, while offering a huge variety of investment choice, and freeing investors and advisers to focus on what they do best.
    [Show full text]
  • Liste Des Entreprises D'investissement Relevant
    LISTE DES ENTREPRISES D'INVESTISSEMENT RELEVANT DU DROIT D'UN AUTRE ETAT MEMBRE DE L'ESPACE ECONOMIQUE EUROPÉEN QUI ONT NOTIFIÉ LEUR INTENTION DE FOURNIR DES SERVICES D'INVESTISSEMENT EN BELGIQUE SOUS LE RÉGIME DE LA LIBRE PRESTATION DE SERVICES Article 11 de la loi du 25 octobre 2016 relative à l'accès à l'activité de prestation de services d'investissement et au statut et au contrôle des sociétés de gestion de portefeuille et de conseil en investissement (*) Services et activités d'investissement, visés à l'article 2, 1°, de la loi du 25 octobre 2016 : • 1. La réception et la transmission d'ordres portant sur un ou plusieurs instruments financiers, en ce compris la mise en rapport de deux ou plusieurs investisseurs permettant ainsi la réalisation, entre ces investisseurs, d'une opération ; • 2. L'exécution d'ordres au nom de clients; • 3. La négociation pour compte propre; • 4. La gestion de portefeuille; • 5. Le conseil en investissement; • 6. La prise ferme d'instruments financiers et/ou le placement d'instruments financiers avec engagement ferme; • 7. Le placement d'instruments financiers sans engagement ferme; • 8. L'exploitation d'un système multilatéral de négociation (MTF); (**) Services auxiliaires, visés à l'article 2, 2°, de la loi du 25 octobre 2016 : • 1. La conservation et l'administration d'instruments financiers pour le compte de clients, y compris la garde et les services connexes, comme la gestion de trésorerie/de garanties; • 2. L'octroi d'un crédit ou d'un prêt à un investisseur pour lui permettre d'effectuer une transaction sur un ou plusieurs instruments financiers, dans laquelle intervient l'entreprise qui octroie le crédit ou le prêt; • 3.
    [Show full text]
  • Preliminary Results 2019 V3.Indd
    Press Release 4 March 2020 PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 Share plc (AIM: SHRE.LN), parent company of The Share Centre Limited (a leading independent retail stockbroker), announces its preliminary unaudited results for the year ended 31 December 2019. HIGHLIGHTS SUMMARY • Further good progress, strategically and operationally, against a challenging trading backdrop – assets under administration up 25% to a record £6.1bn at year end (2018: £4.9bn) • As announced on 17 February 2020, the Board has agreed a Recommended Offer for Share plc with Interactive Investor, which is now progressing through legal, shareholder and regulatory approvals FINANCIAL • Revenue up by 7% to a record £22.6m (2018: £21.0m) – helped by acquisitions of customer accounts – commission income was £10.0m (2018: £10.9m) – fee income grew by 19% to a record £9.3m (2018: £7.8m) – interest income increased by 41% to £3.3m (2018: £2.3m), reflecting the full year effect of bank base rate increases • Revenue market share excluding interest (*) was 3.68% (2018: 3.78%) • Reported loss before tax was £133,000 (2018: loss of £22,000), including £0.6m of one-off corporate costs • Reported EBITDA up 84% to £0.9m (2018: £0.5m) • Underlying (**) EBITDA up 92% to £2.3m (2018: £1.2m) • Underlying (**) earnings up 70% to £1.1m (2018: £0.6m); • Underlying (**) basic earnings per share increased to 0.8p (2018: 0.4p); reported basic losses per share of 0.1p (2018: 0.0p) • Balance sheet is strong, with shareholders’ funds of £20.4m or 14.2p per share (2018: £19.5m or 13.5p per share) • Cash balances increased at year end to £12.7m (2018: £9.0m) following the sale of the majority of the Group’s stake in the London Stock Exchange Group plc • Given the agreement reached with Interactive Investor, no final dividend is proposed (2018: 0.55p per share) OPERATIONAL • Continued expansion of the customer base, through strategy of partnerships and account acquisitions – c.13,000 customer accounts from J.P.
    [Show full text]
  • How to Make Money in Isas and Sipps Tax-Efficient Investing Made
    Foreword by RICHARD KOCH, author of The 80/20 Principle with over a million copies sold in 34 languages How to Make Money in ISAs and SIPPs Tax-Efficient Investing MadeREVIEW Easy COPY STEPHEN SUTHERLAND BESTSELLING AUTHOR OF Liquid Millionaire How to Make Money in ISAs and SIPPs Tax-Efficient Investing Made Easy Stephen Sutherland REVIEW COPY 4 How to Make Money in ISAs and SIPPs This book is dedicated to my parents, Brian and Marie Sutherland, the greatest mum and dad a son could wish for. I love you both so much and greatly appreciate all the help and support you’ve given to me. You are both amazing! REVIEW COPY How to Make Money in ISAs and SIPPs 5 How to Make Money in ISAs and SIPPs was compiled in aid of The Christie; a specialised cancer centre. 100% of the book royalties will be donated to the charity. The Christie played a big part in helping our mum fight and beat lung cancer. For their love, help and support, we are truly grateful. About The Christie The Christie (Registered Charity Number 1049751) is a specialised cancer centre with a long standing reputation (since 1901) for high quality diagnosis, treatment and care for cancer patients. Based in Manchester and covering a population of 3.2 million, we register around 12,500 new patients and treat about 40,000 patients every year. Approximately 15% of patients, often with complex or rare cancers are referred here from other hospitals around the UK. Not only is The Christie the largest single-site cancer hospital in Europe, it is also a world- leader in cancer research, from where groundbreaking research has led to the development of many new cancer treatments.
    [Show full text]
  • IDC Finance Technology Conference 20 Ekim 2016
    FinTech İstanbul Platformu Prof. Dr. Selim YAZICI Co-Founder FinTech Istanbul @SelimYazici IDC Finance Technology Conference 20 Ekim 2016 Nedir bu FinTech? Girişimcilik dünyasında 2014 yılından beri en çok duyulan kelime: “FinTech” Bankacılık Sigortacılık “Finansal HİZMET” sağlamak için “TEKNOLOJİ” kullanımı ! Aracı Kurumlar FinTech Neden Gündemde? Finans dünyasına, dijitalleşme ile çözüm: “Yeniden Yapılanma” Dijital kanallardan anında; hızlı esnek bireysel çözümler sunar FinTech Neden Gündemde? “Dijital Dönüşüm” Dijital kanallardan anında; hızlı esnek bireysel çözümler sunar FinTech Finansal Hizmetler Dünyasını Yeniden Şekillendirecek “Korkunun Ecele Faydası Yok” • Önümüzdeki 5 yıl içinde global FinTech yatırımlarının 150 Milyar USD’yi aşması bekleniyor. • FinTech’ler %100 müşteri odaklı • Müşterinin çektiği acıyı biliyorlar • Yeni iş modelleri ile yeni ürün ve hizmetleri getiriyorlar • FinTech Startupları geleneksel şirketlerin işlerini tehdit edebilir • Blockchain Teknolojisi çok şeyi değiştirecek Çözüm: “Rekaberlik” Dünyada FinTech Sadece Aralık 2015’de 81 FinTech girişimi 1 milyar USD yatırım aldı. 894 224 Sadece Google, son 5 yılda 37 farklı FinTech 2010 2011 2012 2013 2014 2015 yatırımı yaptı Son 5 yılda FinTech odaklı girişim sermayesi (VC) sayısı Dünyada FinTech Yatırımları DEsignED BY POWERED BY PIERRE DREUX Fintech Landscape Banking & Payment (356) Investments (108) Financing (196) Insurance (82) Banking (54) P2P Lending (49) Banking Personal Finance Investment P&C Reinsurance (6) Platforms Mobile Virtual Banking (9) - Expense
    [Show full text]
  • Where & How to Buy Hanetf Products
    Where & How to Buy HANetf Products \ Where & How to buy HANetf Products HANetf funds are available to buy through self-directed platforms and brokers, and intermediary platforms across Europe listed below. Institutional investors and intermediaries can trade directly through authorised participants (APs) and market makers. The HANetf Capital Markets Team has extensive experience trading ETFs and can help can assist with product switches and advise on cost effective ways to trade. If you would like more information on how to trade with APs/market makers, please contact our Capital Markets Team at [email protected]. For more information about the trading of ETFs, the different terminology and some useful hints & tips, please refer to our article “Trading ETFs: A Short Guide” United Kingdom UK Execution only platforms and brokers UK Intermediary/wrap platforms Hargreaves Lansdown Aegon Interactive Investor Ascentric Barclays Aviva Equitini Transact Share Centre Novia Halifax Old Mutual/Quilter AJ Bell You Invest AJ Bell Invest Centre Alliance trust Zurich/Embark IG Group Hubwise Jarvis Fidelity Fundsnetwork 7IM Nucleus Standard Life ATS Advised 1 [email protected] Where & How to Buy HANetf Products Germany and Austria Execution only platforms and brokers Augsburger Aktienbank MaxBlue/Deutsche Bank Comdirect Onvista Consorsbank S Broker Ebase Targo Bank Fil DepotBank Smartbroker Flatex Scalable Capital ING DiBa Trade Republic Italy Execution only platforms and brokers Banca Sella Fineco Bank Directa WeBank IWBank BinckBank Benelux Execution
    [Show full text]
  • The Road to Financial Freedom Your Step-By-Step Guide to Investing in the Stock Market — a SOUTHBANK INVESTMENT RESEARCH REPORT —
    The Road to Financial Freedom Your step-by-step guide to investing in the stock market — A SOUTHBANK INVESTMENT RESEARCH REPORT — Important Risk Warning: General – Your capital is at risk when you invest. You can lose some or all of your money, so never risk more than you can afford to lose. Past performance and forecasts are not reliable indicators of future results. Commissions, fees and other charges can reduce returns from investments. Small cap shares – These can be relatively illiquid meaning they are hard to trade and can have a large bid/offer spread. If you need to sell soon after you bought, you might get back less that you paid. This makes them riskier than other investments. Overseas investments – Some shares may be denominated in a currency other than sterling. The return from these may increase or decrease as a result of currency fluctuations. Any dividends will be taxed at source in the country of issue. Taxation – Profits from share dealing are a form of income and subject to taxation. Tax treatment depends on individual circumstances and may be subject to change. Always seek personal advice if you are unsure about the suitability of any investment. Registered in England and Wales No 9539630. VAT No GB629728794. Registered Office: 2nd Floor, Crowne House, 56-58 Southwark Street, London, SE1 1UN. Southbank Investment Research Limited is authorised and regulated by the Financial Conduct Authority. FCA No 706697. https://register.fca.org.uk/. © 2020 Southbank Investment Research Ltd. 2 ...continued on next page... — A SOUTHBANK INVESTMENT RESEARCH REPORT — CONTENTS THE ROAD TO FINANCIAL FREEDOM ....................................
    [Show full text]
  • Jpmorgan American Investment Trust
    American 4pp cover.qxp 12/08/2020 13:10 Page FC1 JPMorgan American Investment Trust plc Half Year Report & Financial Statements for the six months ended 30th June 2020 American 4pp cover.qxp 12/08/2020 13:10 Page IFC2 KEY FEATURES Your Company Investment Objective To achieve capital growth from North American investments by outperformance of the Company’s benchmark. It aims to outperform a benchmark, which is the S&P 500 Index, with net dividends reinvested, expressed in sterling terms. Investment Policies • To invest in North American quoted companies including, when appropriate, exposure to smaller capitalisation companies. • To emphasise capital growth rather than income. Gearing Policy • To use short and long term gearing to increase potential returns to shareholders. The Company’s gearing policy is to operate within a range of 5% net cash to 20% geared in normal market conditions. Within this range, the Board reviews and sets a strategic gearing level, which is currently 10%. The Manager is accountable for managing the gearing around a tactical gearing level, taking account of shorter term potential market risks and returns. The current tactical level of gearing is 5% with a range of plus or minus 5%. This means over the short term gearing may vary between 0% and 10%. Benchmark Index The S&P 500 Index, net of appropriate withholding tax, expressed in sterling total return terms. Capital Structure As at 30th June 2020, the Company’s share capital comprised 281,663,910 ordinary shares of 5p each, including 76,339,875 shares held in Treasury. The Company’s available borrowings are currently made up of two elements: a £80 million floating rate debt facility expiring in July 2022, and a US$ 65 million fixed-rate 11 year unsecured loan note at an annual coupon of 2.55% which will expire in February 2031.
    [Show full text]
  • TD Bank Group Reports Third Quarter 2018 Results Report to Shareholders • Three and Nine Months Ended July 31, 2018
    TD Bank Group Reports Third Quarter 2018 Results Report to Shareholders • Three and Nine months ended July 31, 2018 The financial information in this document is reported in Canadian dollars, and is based on the Bank's unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted. Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted measures are non-GAAP measures. Refer to the "How the Bank Reports" section of the Management's Discussion and Analysis (MD&A) for an explanation of reported and adjusted results. THIRD QUARTER FINANCIAL HIGHLIGHTS, compared with the third quarter last year: Reported diluted earnings per share were $1.65, compared with $1.46. Adjusted diluted earnings per share were $1.66, compared with $1.51. Reported net income was $3,105 million, compared with $2,769 million. Adjusted net income was $3,127 million, compared with $2,865 million. YEAR-TO-DATE FINANCIAL HIGHLIGHTS, nine months ended July 31, 2018, compared with the corresponding period last year: Reported diluted earnings per share were $4.43, compared with $4.08. Adjusted diluted earnings per share were $4.84, compared with $4.18. Reported net income was $8,374 million, compared with $7,805 million. Adjusted net income was $9,135 million, compared with $7,984 million. THIRD QUARTER ADJUSTMENTS (ITEMS OF NOTE) The third quarter reported earnings figures included the following items of note: Amortization of intangibles of $77 million ($65 million after tax or 3 cents per share), compared with $74 million ($56 million after tax or 3 cents per share) in the third quarter last year.
    [Show full text]
  • China As a New Force in the Wealth Tech
    NEW KIDS ON THE BLOCK: CHINA AS A NEW FORCE IN THE WEALTH-TECH MARKET AUTHOR Cliff Sheng Morven Mo Chris Yang Sandy Cheng CONTENTS Preface ..................................................................................................................... 3 1. A glance at the wealth-tech market.................................................................... 4 1.1. Technologies in wealth management ............................................................ 4 1.2. Overview of the wealth-tech market ............................................................. 6 2. Emergence of China forces ................................................................................. 9 2.1. China’s wealth ................................................................................................ 9 2.2. China’s tech .................................................................................................. 12 3. China forces in online securities market ........................................................... 15 3.1. Overview of the global online securities market ......................................... 15 3.2. Overview of the China online securities market ......................................... 16 3.3. Key success factors for offshore online securities trading ........................... 20 Copyright © 2018 Oliver Wyman 2 PREFACE The evolving needs and behaviours of investors, supported by advances in technology, have created opportunities for both traditional players and new disruptors to reshape the wealth management industry.
    [Show full text]
  • Public Warnings - Securities Dealers
    Public Warnings - Securities Dealers The Data as of September 7, 2018 Country No. forwarding Name Address warnings Reason Detailed information 1911DIRECT Sparkasse Ekonomisk Box 882, 114 79 Stockholm, Sverige, Klarabergsviadukten Sweden unauthorized subject www.fi.se/warning Forening 70/Kungsbron, 107 24 Stockoholm, Sverige, Finduras 1 Group/European Bransch, Carrer de Porto Pi 8/8, 070 15 Palma de Mallorca, Baleares/Espana 1st American Securities 632 Broadway, Suite 3002, Neww York NY 10012, USA Sweden unauthorized subject www.fi.se 7/D Tung Wai Commercial Building, 109-111 Glocester 2 Road, Wan Chai, Hong Kong www. 1stamericansecurities.com www.kerstdis.nl 2013 BEST INVEST 59 Thomas Street, Manchester M4 1NA, United Kingdom United unauthorized subject www.fsa.gov.uk 3 www.2013bestinvest.com Kingdom 4 247 Holdings Group Great Britain Italy unauthorized subject 5 4usignals.com http://4usignals.com Cyprus unauthorized subjec www.cysec.gov.cy 4XCELLENT Ltd with headquarters in Cyprus, Great Britain and Israel, Italy unauthorized subject http://www.consob.it/mainen/ 6 www.4xcellent.com. index.html 7 629 Plan France unauthorized subject Phone +33(0)1 5345 6031 8 7M MANAGEMENT SERVICES Ltd. Greece unauthorized subject tel.no. +30 210 33 77 100 A WALKER ASSOCIATES / ANDREW www.awalkerassociates.com United unauthorized subject www.fsa.gov.uk 9 WALKER ASSOCIATES / AW Kingdom ASSOCIATES A WARNER ASSOCIATES / ANDREW www.awarnerassociates.com United unauthorized subject www.fsa.gov.uk 10 WARNER ASSOCIATES / AW Kingdom ASSOCIATES 11 A.S. Konstantinidis Greece unauthorized subject www.hcmc.gr 12 AB Hutton Global Holdings www.abhglobal.com Cyprus unauthorized subject www.cysec.gov.cy Abacus Financial Management www.abacusfinancialmgmt.com United unauthorized subject www.fsa.gov.uk 13 Telephone: 0207 193 9451 Kingdom Clone of previously FSA authorised firm Public Warnings - Securities Dealers The Data as of September 7, 2018 Country No.
    [Show full text]