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Winton Trend Fund (UCITS)

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Winton Trend Fund (UCITS) Winton Trend Fund (UCITS) A Sub-Fund of Winton UCITS Funds ICAV (An umbrella open-ended Irish collective asset-management vehicle with segregated liability between sub-funds incorporated in Ireland under the Irish Collective Asset-Management Vehicles Act 2015 and authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations). Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Table of Contents Page(s) General Information 2 - 5 Manager’s Report 6 Statement of Financial Position 7 Statement of Comprehensive Income 8 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 9 Statement of Cash Flows 10 Schedule of Investments 11 - 14 Notes to the Condensed Unaudited Interim Financial Statements 15 - 22 Statement of Significant Purchases and Sales 23 - 24 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) General Information Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Directors Dermot Butler 1,2 John Skelly 1 Alan Tooker 1,2,3 Rajeev Patel Taavi Davies 1,2,4 Registered Office 32 Molesworth Street Dublin 2 Ireland Investment Manager and Distributor Winton Capital Management Limited Grove House 27 Hammersmith Grove London, W6 0NE United Kingdom Manager (From to 1 July 2019) Winton Fund Management Ireland DAC 32 Molesworth Street Dublin 2 Ireland Depositary (Up to 28 February 2019) State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland (From 1 March 2019) BNY Mellon Trust Company (Ireland) Limited One Dockland Central Guild Street Dublin 1 Ireland Administrator and Transfer Agent (Up to 28 February 2019) State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland 1 These Directors of the ICAV are independent of the Investment Manager. 2 Dermot Butler, Taavi Davies and Alan Tooker are independent of all Service Providers to the ICAV. 3 Alan Tooker resigned as of 6 November 2018. 4 Taavi Davies was appointed as of 6 November 2018. 2 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Administrator and Transfer Agent (continued) (From 1 March 2019) Citco Fund Services (Ireland) Limited Custom House Plaza Block 6 IFSC Dublin 1 Ireland Company Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 Ireland Independent Auditors KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1 Ireland Legal Advisers in Ireland on Matters of Irish Law Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland Legal Advisers in the UK on Matters of English Law Simmons & Simmons LLP CityPoint One Ropemaker Street London, EC2Y 9SS United Kingdom Broker and EMIR Reporting Provider Goldman Sachs International Plumtree Court 25 Shoe Lane London, EC4A 4AU United Kingdom Spanish Representative Allfunds Bank C/ de los Padres Dominicos, 7 28050 Madrid Spain 3 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Swiss Representative First Independent Fund Services Ltd. Klausstrasse 33 Zurich, CH-8008 Switzerland Global Registration Service Provider Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland Facilities Agent in the UK Winton Capital Management Limited Grove House 27 Hammersmith Grove London, W6 0NE United Kingdom German Information Agent Zeidler Legal Services Bettinastrasse 48 60325 Frankfurt Germany Paying Agent in Austria Erste Bank der oesterreichischen Sparkassen AG Am Belvedere 1 1100 Vienna Austria Paying Agent in Denmark Skandinaviska Enskilda Banken AB (publ) Copenhagen Branch, Torffsgade 50 1577 Copenhagen V Denmark Paying Agent in Luxembourg Caceis Bank Luxembourg 5 Allée Scheffer L-2520 Luxembourg Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ) SE-106 40 Stockholm Sweden 4 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Paying Agent in France Société Générale 29 Boulevard Haussmann 75009 Paris France Swiss Paying Agent NPB New Private Bank Ltd. Limmatquai 1/am Bellevue P.O. Box 8024 Zurich Switzerland The Prospectus including the relevant Fund Supplement, the Instrument of Incorporation, the Key Investor Information Document (“KIID”), the annual and semi-annual reports as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge from the Investment Manager, and for Swiss Shareholders these can be obtained free of charge from the Swiss Representative. The Prospectus including the relevant Fund Supplement, the KIID, the Instrument of Incorporation, the annual and semi-annual reports, a list of changes in the composition of the portfolios as well as the issue and redemption prices are available free of charge pursuant to Sec. 297(1) of the German Capital Investment Code at the office of the German information agent (under indication of its name and address). No notification pursuant to Section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the following sub-fund and the units/shares in this sub-fund may not be marketed to investors in the Federal Republic of Germany: Winton Absolute Return Futures Fund. The information contained in these financial statements is historical and not indicative of future performance. The performance data contained in these financial statements does not take account of any commissions or costs charged when subscribing for and redeeming shares. 5 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) Manager’s Report Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 Winton Capital Management Limited, the Investment Manager, and Winton Fund Management Ireland DAC, the Manager, are part of Winton Group (“Winton”). Winton is a research-based investment management company with a single-minded focus on statistical and mathematical inference in financial markets. Founded in 1997 by CEO David Harding, the firm manages approximately $20 billion of assets for many of the world’s largest pension funds, sovereign wealth funds, banks and fund platforms. Winton Trend Fund (UCITS) (the “Fund”) aims to deliver long-term capital appreciation through compound growth. The Fund seeks to achieve its investment objective by pursuing a trend-following strategy that has been developed by the Investment Manager. Winton Trend Fund (UCITS) Performance Shares (Lead Series) USD I GBP I EUR I EUR I-P CHF I Net return for the six months to +22.05% +21.09% +20.32% +20.28% +19.97% 31 August 2019 31 August 2019 $115.156 £113.415 €111.568 €111.451 CHF110.790 NAV per share The Fund returned 22.05% from 1 March 2019 to 31 August 2019 for investors in the USD I Shares, which is the basis for the performance analysis below. Government bonds rallied over this six-month period, with yields on 10-year German bunds and 30-year US Treasuries both falling to all-time lows by August. Other perceived safe havens also fared well over this period. The US dollar, for example, strengthened against most G10 currencies, while gold prices rose 16%. Aside from precious metals, commodity markets generally fell, with copper losing 14% and Brent crude 8%. Equity markets mostly gained, with the S&P 500 Index reaching record highs in April and again in July. Returns were negative in Asia, however, particularly in Hong Kong’s Hang Seng China Enterprises Index. The Fund’s long positioning in fixed income drove the positive performance over the six months. Elsewhere, further profits accrued from currencies, commodities were broadly flat and stock indices resulted in losses. The global downtrend in yields over the six months explains the Fund’s strong performance in fixed income. Long positions in Eurodollar, German bund and Euribor futures were the Fund’s top three individual contributors to returns. Profits also accrued from long exposure to Australian government bonds, long-dated US government bonds and short-sterling futures. Short positions in the euro and the British pound accounted for most of the Fund’s profits in currencies. These gains were partially offset by positioning in the Canadian dollar, Swiss franc and Mexican peso. In commodities, the Fund made money in metals, most notably in gold, nickel and aluminium, but lost money in energies and agricultural markets. The three largest individual detractors from performance were hogs, gasoline and corn. Winton’s trend-following strategy is actively managed by an experienced team and will continue to be developed as market behaviour changes. 6 WINTON UCITS FUNDS ICAV – WINTON TREND FUND (UCITS) Statement of Financial Position Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 As at As at 31 August 28 February 2019 2019 Notes USD USD Assets Financial assets at fair value through profit or loss: Transferable securities 4 4,451,082 3,384,482 Derivative instruments 4 1,051,304 177,543 Cash and cash equivalents 1,481,770
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