Interim Report and Financial Statements
Total Page：16
File Type：pdf, Size：1020Kb
Interim Report and Financial Statements (unaudited) for the period ended 30 June 2019 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Director’s Investment Report* 6 Incorporation and Share Capital* 10 The Funds 10 Fund Cross-Holdings 10 Authorised Status* 10 Regulatory Disclosure* 10 Directors’ Statement* 10 The Interim Report and Financial Statements for each of the below Fund (the “Funds”): Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Price and Distribution Record 11 Portfolio Statement* 25 Statement of Total Return 145 Statement of Change in Net Assets Attributable to Shareholders 145 Balance Sheet 146 Note to the Financial Statements 146 Distribution Tables 147 Supplemental Information 154 * These collectively comprise the Authorised Corporate Director's (“ACD”) Report. Dimensional Fund Advisors Ltd. Interim Report and Financial Statements, 30 June 2018 1 Dimensional Funds ICVC General Information Authorised Corporate Director (the “ACD”): Dimensional Fund Advisors Ltd. 20 Triton Street Regent’s Place London NW1 3BF Telephone: 020 3033 3300 Facsimile: 020 3033 3324 Authorised by the Financial Conduct Authority Administrator/Registrars: Northern Trust Global Services SE, UK Branch 50 Bank Street Canary Wharf London E14 5NT Telephone: 0333 300 0363 (Dealings & Enquiries) Authorised and Regulated by the Financial Conduct Authority and Prudential Regulatory Authority Depositary: Current Depositary (from 3 June 2019) Previous Depositary (to June 3 2019) State Street Trustees Limited, UK Branch Citibank Europe plc, UK Branch 20 Churchill Place Citigroup Centre Canary Wharf 25 Canada Square London E14 5HJ Canary Wharf London E14 5LB Authorised and Regulated by the Financial Conduct Authority and Prudential Regulatory Authority Independent Auditors: PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT Board of Directors of Dimensional Fund Advisors Ltd: Gerard O’Reilly David Butler Nathan Lacaze Catherine Newell John Romiza Stephen Clark Investment Manager: Dimensional Fund Advisors Ltd. 20 Triton Street Regent’s Place London NW1 3BF Authorised by the Financial Conduct Authority Dimensional Fund Advisors LP Dimensional Japan Ltd 6300 Bee Cave Road Kokusai Building Building One Suite 808 Austin, TX 78746 3-1-1 Marunouchi USA Chiyoda-Ku, Tokyo 100-0005 DFA Australia Limited Dimensional Fund Advisors Pte Ltd Level 43 8 Marina View, Asia Square Tower 1 1 Macquarie Place Suite 33-01, Singapore 018960 Sydney NSW 2000, Australia Dimensional Fund Advisors Ltd. Interim Report and Financial Statements, 30 June 2019 2 Dimensional Funds ICVC Investment Objectives and Policies Set out below is the investment objective and a summary of the Global Short-Dated Bond Fund investment policy for each Fund of Dimensional Funds ICVC. The full The investment objective of the Global Short-Dated Bond Fund investment policies are set out in the Prospectus, which is available (the “Fund”) is to seek to maximise current income while preserving upon request. capital. Emerging Markets Core Equity Fund The investment policy of this Fund is to purchase high quality, The investment objective of the Emerging Markets Core Equity Fund investment grade short term fixed income and floating-rate securities (the “Fund”) is to maximise long-term total return. and money market instruments issued by governmental, quasi- governmental and corporate issuers in developed countries which The investment policy of this Fund is to purchase transferable mature in five years or less from the date of settlement of the securities of publicly-traded companies in emerging markets which purchase of the instrument. At the present time, developed countries the ACD deems eligible or of companies which derive a significant comprise of: Australia, Austria, Belgium, Canada, Denmark, Finland, proportion of their business from such emerging markets. France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, The Fund will generally have a higher allocation to smaller companies Sweden, Switzerland, the United Kingdom and the United States. It is and to companies which the ACD deems to be eligible value stocks, not the current intention of the Fund to invest in emerging markets. and a corresponding lower allocation to large growth companies, The ACD reserves the right to amend the list of countries at any time. in each case, relative to the securities eligible for investment by Any amendment to this list will be notified in the periodic reports of the Fund across all the various markets on which it may invest. the Fund. Companies are considered small primarily based on a company’s market capitalisation. Securities are considered value stocks primarily Under normal circumstances the Fund will invest most of its assets in because a company’s shares have a high book value in relation investment grade short term fixed income and floating-rate securities to their market value. In assessing value, the ACD may consider and money market instruments; it is expected that most of the assets additional factors such as price to cash flow or price to earnings of the Fund held in foreign-currency-denominated instruments will be ratios, as well as economic conditions and developments in the hedged back into the base currency of the portfolio. issuer’s industry. The criteria the ACD uses for assessing value are subject to change from time to time. The ACD may also modify Fund allocations after considering other factors which the ACD determines to be appropriate, such as free float, momentum, trading strategies, liquidity management, and profitability, as well as other factors that the ACD determines to be appropriate given market conditions. In assessing profitability, the ACD may consider different ratios, such as that of earnings or profits from operations relative to book value or assets. Emerging market countries are countries that are generally considered to be developing or emerging countries by the World Bank or International Finance Corporation or otherwise are regarded by their own authorities as developing. Currently, the Fund intends to purchase a broad and diverse group of securities of companies which are organised under the laws of, or maintain their principal place of business in, emerging markets countries which are traded on the principal exchanges of Brazil, Chile, Colombia, Czech Republic, Greece, Hong Kong, Hungary, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey and securities or depositary receipts subject to certain requirements set out in the Prospectus. The ACD reserves the right to amend the list of countries at any time. Any amendment to this list will be notified in the periodic reports of the Fund. Dimensional Fund Advisors Ltd. Interim Report and Financial Statements, 30 June 2019 3 Dimensional Funds ICVC Investment Objectives and Policies (continued) International Core Equity Fund International Value Fund The investment objective of the International Core Equity Fund (the The investment objective of the International Value Fund (the “Fund”) “Fund”) is to maximise long-term total return. is to maximise long-term total return. The investment policy of this Fund is to purchase transferable The investment policy of this Fund is to purchase transferable securities of certain non-United Kingdom companies. Generally, securities of certain non-United Kingdom companies which the ACD the Fund intends to purchase a broad and diverse group of readily deems eligible value stocks. Generally, the Fund intends to purchase marketable stocks of companies organised under the laws of certain a broad and diverse group of readily marketable stocks of companies developed countries, excluding the United Kingdom and in securities organised under the laws of certain developed countries, excluding of companies organised under the laws of other eligible markets, the United Kingdom, and in securities of companies organised under including the United Kingdom, the majority of whose revenues the laws of other eligible markets, including the United Kingdom, the derive from, or the majority of whose business is conducted in, majority of whose revenues derive from, or the majority of whose these countries. The Fund will generally be overweighted in small business is conducted in these countries. At the present time the companies and in shares which the ACD deems to be eligible value Fund may invest in: Australia, Austria, Belgium, Canada, Denmark, stocks, and underweighted in large growth companies. At the present Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, time, the Fund may invest in: Australia, Austria, Belgium, Canada, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Spain,