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Brompton-Interim-Accounts-Long PHOENIX Fund Services PFS Brompton UK Recovery Unit Trust Interim report 31 December 2015 PFS Brompton UK Recovery Unit Trust Contents Page Directory . .1 Investment objective and policy . .2 Investment manager's report . .2 Portfolio statement . .5 Comparative tables . .10 Statement of total return . .12 Statement of change in net assets attributable to unitholders . .12 Balance sheet . .13 Certification of accounts by the authorised unit trust manager . .13 General information . .14 PFS Brompton UK Recovery Unit Trust Directory Authorised unit trust manager and registrar Phoenix Fund Services (UK) Ltd Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW Telephone: 01245 398950 Fax: 01245 398951 Website: www.phoenixfundservices.com (Authorised and regulated by the Financial Conduct Authority) Customer service centre Phoenix Fund Services (UK) Ltd Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW Telephone: 0345 026 4288 Fax: 0845 280 2416 E-mail: [email protected] (Authorised and regulated by the Financial Conduct Authority) Directors of the manager P.J. Foley-Brickley S. Georgala (appointed 24 August 2015) D. Jones R.W. Leedham D.W. Munting Investment manager Brompton Asset Management LLP 1 Knightsbridge Green, London SW1X 7QA (Authorised and regulated by the Financial Conduct Authority) Trustee National Westminster Bank Plc Trustee & Depositary Services Younger Building, 1st Floor, 3 Redheughs Avenue, Edinburgh EH12 9RH (Authorised and regulated by the Financial Conduct Authority) Independent auditor KPMG LLP Chartered Accountants & Registered Auditor 15 Canada Square, London E14 5GL PFS Brompton UK Recovery Unit Trust 1 PFS Brompton UK Recovery Unit Trust Investment objective and policy The investment objective of the PFS Brompton UK Recovery Unit Trust (the fund) is to achieve capital growth. The fund will invest principally in the securities of UK Companies quoted on the London Stock Exchange that are experiencing difficult trading or that have growth prospects that are not duly recognised by the market. In addition to ordinary shares the fund may also invest in fixed interest securities, preference shares, debt securities convertible to ordinary stock, money market instruments, deposits and any other permitted asset type deemed appropriate to meet the investment objective. The fund may also invest outside the UK. Investment manager's report for the period ended 31 December 2015 Performance The PFS Brompton UK Recovery Unit Trust fell 4.30% over the six months to 31 December 2015, underperforming the UK equity market, which fell 3.27% while cash as measured by the three-month UK Interbank Rate returned 0.29%. At the period end, the gain from the fund’s July 2002 inception was 200.83% compared with the UK stockmarket’s 137.57% return while cash returned 44.70%. Manager’s review The six months under review was a difficult period for UK equities. Investors were particularly nervous during the third quarter of 2015 as they attempted to gauge the depth of the slowdown in Chinese economic expansion, one of the most significant engines of global economic growth in recent years. One particular reason for concern was the Chinese authorities’ decision in August to allow the renminbi to fall, a drop that if sustained could prove deflationary. The second major factor behind investor nervousness over the period was the realisation that the US monetary policy cycle was about to turn up after a long period of stability and quantitative easing. Figures during the autumn revealed a slower pace of job creation, increasing expectations among investors that the Federal Funds Target Rate rise would be delayed. As a result, equities and bonds rallied during October and November. Shares, however, resumed their downward trajectory in early December in response to sharp declines in commodity prices triggered by renewed fears about global economic growth although there was a relief rally later in the month after the Federal Reserve finally announced a quarter point rise in the Fed Funds rate to 0.5%, the first such rise since 2006. Investor sentiment was buoyed by the Fed’s forecast that it expected “only gradual increases” in interest rates in response to expected economic growth over the coming months and that rates would remain for some time below levels that might prevail over the longer term. The weakest sectors within the UK stockmarket over the period were those likely to be affected most by the economic growth slowdown in China and other major emerging markets. With the gold price falling 9.15% and the prices of industrial commodities falling 12.29% in dollar terms as measured by the Thomson Reuters equal-weight commodities index, basic materials did worst, falling 35.71%. The 2 PFS Brompton UK Recovery Unit Trust PFS Brompton UK Recovery Unit Trust Investment manager's report continued Manager’s review (continued) energy sector was also conspicuously weak, falling 15.08% in response to the 40.60% oil price decline. Financial stocks, which tend to be highly-sensitive to general market swings, fell 5.28% while industrials declined 4.60%. There were, however, areas of strength. Consumer goods, technology and healthcare returned 10.42%, 6.68% and 6.05% respectively. Portfolio review Within the portfolio, some of the most resilient returns among large and medium-sized companies came in sectors such as consumer goods and services, technology and industrials. The strongest performer was, however, Alent, the chemicals and materials company, which returned 35.84% following an cash takeover bid from Platform Specialty Products, a US chemicals group. Other strong performers included Dr Pepper Snapple, the drinks company, up 29.33%, and Melrose, 18.75% ahead. In technology, Sage Group returned 17.76% while Hogg Robinson, the business travel specialist, rose 17.72%. There was, however, conspicuous weakness in basic materials, where Anglo American, Hochschild Mining and Rio Tinto fell 66.53%, 42.72% and 22.15% respectively. In media, Pearson fell 37.97% following a profit warning while International Personal Finance, an emerging markets consumer credit provider, fell 36.02%. Among smaller stocks, Dods, the specialist publisher and training company, recovered 23.43% in response to further evidence of improved trading while Serica Energy rose 17.18% despite the oil price fall as it completed a deal to improve its financial position. Northbridge Industrial Services, however, fell 58.51% as its energy supplies business weakened while Brammer fell 40.18% in response to reduced demand among oil-dependent Nordic customers and broader industrial weakness within the eurozone. During the period, the fund participated in a deep-discount rights issue by Hochschild and a fundraising accompanied by a change of investment strategy at Gresham House Strategic, formerly Spark Ventures. The new strategy involves a shift from technology-oriented venture capital towards small and medium-sized quoted companies thought to be undervalued by the fund manager. The fund also increased a number of holdings on weakness. These included Anglo American, Dods, GlaxoSmithKline, International Personal Finance, Northbridge Industrial Services, Pearson, Rio Tinto, Royal Dutch Shell and RSA Insurance. The Peel Hotels holding was also increased to bring it up to its planned weighting. The only disposal was Alent, whose takeover was completed in December. Outlook Both monetary conditions and the share prices of domestically-oriented UK companies at the end of 2015 suggest that UK economic growth should be fairly healthy in 2016, possibly rising by more than the 2.3% average forecast by economists monitored by the Treasury. The inflation-adjusted growth in broad money at the year end was running ahead of the figure for the end of 2014 while domestically- oriented shares in the FT30 Index were also ahead in real terms. Typically, such conditions have in the past preceded economic growth above the long-term average. Despite dovish commentary from the Bank of England, this does, however, suggest that the turn upwards in the UK monetary policy cycle may be closer than many investors expect, particularly because wage costs have grown ahead of inflation in recent months and will rise further with a big rise in the minimum wage due in April. PFS Brompton UK Recovery Unit Trust 3 PFS Brompton UK Recovery Unit Trust Investment manager's report continued Outlook (continued) Benign monetary trends were also in evidence internationally, with the inflation-adjusted money supply growing faster than industrial output growth in the Group of Seven major industrial countries and the largest seven emerging markets. The strong conditions were most evident within the large emerging markets, with money trends particularly strong in China. Within the developed world, conditions were healthiest in Europe but were softening in the US and Japan. In China, still a major concern for global investors at the end of 2015, manufacturing orders were weak in December, albeit above recent lows, but orders in the services and construction sector were recovering after weakness in previous months. Meanwhile manufacturing activity in South Korea, often a bellwether of global conditions, rose at the year end to a 10-month high. Healthy consumer demand was continuing to support US economic growth at the end of 2015 while credit conditions were reviving strongly in the eurozone, suggesting that European Central Bank quantitative easing was having a significant impact. Geopolitical concerns may,
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