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Liontrust Global Funds Plc Financial Statements Final130416

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Liontrust Global Funds Plc Financial Statements Final130416 Liontrust Global Funds plc Liontrust GF European Strategic Equity Fund Liontrust GF Global Strategic Bond Fund Liontrust GF Special Situations Fund Liontrust GF Macro Equity Income Fund Liontrust GF Global Income Fund Liontrust GF UK Growth Fund Liontrust GF Asia Income Fund (Launched 15 May 2015) Liontrust GF Global Strategic Equity Fund (Launched 16 July 2015) (An open-ended umbrella type investment company, established under the laws of Ireland) Annual Report & Audited Financial Statements For the year ended 31 December 2015 Contents Page Investment Advisers’ Reports: Liontrust GF European Strategic Equity Fund 2 Liontrust GF Global Strategic Bond Fund 5 Liontrust GF Special Situations Fund 7 Liontrust GF Macro Equity Income Fund 11 Liontrust GF Global Income Fund 15 Liontrust GF UK Growth Fund 18 Liontrust GF Asia Income Fund 21 Liontrust GF Global Strategic Equity Fund 23 Report of the Directors 25 Custodian’s report 29 Independent auditor’s report 30 Portfolio statements: Liontrust GF European Strategic Equity Fund 32 Liontrust GF Global Strategic Bond Fund 39 Liontrust GF Special Situations Fund 43 Liontrust GF Macro Equity Income Fund 46 Liontrust GF Global Income Fund 47 Liontrust GF UK Growth Fund 48 Liontrust GF Asia Income Fund 49 Liontrust GF Global Strategic Equity Fund 53 Balance sheet 58 Profit and Loss Account 62 Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 66 Notes to the Financial Statements 68 Unaudited schedule of significant portfolio movements Liontrust GF European Strategic Equity Fund 107 Liontrust GF Global Strategic Bond Fund 108 Liontrust GF Special Situations Fund 109 Liontrust GF Macro Equity Income Fund 109 Liontrust GF Global Income Fund 110 Liontrust GF UK Growth Fund 110 Liontrust GF Asia Income Fund 111 Liontrust GF Global Strategic Equity Fund 112 Company Information 113 Notice of Annual General Meeting 114 Form of Proxy 115 Liontrust Global Funds plc 1 Annual report and audited Financial Statements Liontrust GF European Strategic Equity Fund Investment Adviser’s report For the year ended 31 December 2015 Market Environment The MSCI Europe index returned 8.2% in euro terms in the 12 months to 31 December 2015. The European Central Bank’s (ECB) January announcement of quantitative easing (QE) drove a rise in European equity markets and a depreciation of the euro at the start of the year. Anti-austerity party Syriza won the Greek general election in January which led to a sell-off in Greek assets, and began months of debt bailout re-negotiations, but this failed to disrupt the QE feel-good factor in other European markets. As the year progressed, concerns of a more global nature increasingly began to have an impact on European markets. These included the prospect of interest rate rises in the US, and the potential impact on already- slowing Chinese (and therefore global) economic growth from the remarkable volatility seen in Chinese equity markets. The Chinese government’s increasing determination to intervene only served to further accentuate share price falls. The weakness in Chinese markets was transmitted globally, resulting in a sell-off whose epicentre on 24 August was labelled ‘Black Monday’. The decision to devalue the yuan, although only by a few percent, seemed to be the catalyst for the spike in nervousness. Given the global importance of China’s economy, the focus on its slowdown raised question marks about the timing of impending rate rises in the US and UK. The US Federal Reserve subsequently chose not to enact interest rate ‘lift-off’ at its September meeting, but did eventually – after much speculation – announce a rise at its December meeting. Meanwhile, Mario Draghi stated that the ECB stood ready to adjust the “size, duration and composition” of QE but the measures subsequently announced in December fell short of many investors’ expectations. Throughout 2015, commodity-related stocks and sectors found themselves under pressure as they bore the brunt of global growth worries. The Materials and Energy sectors of the MSCI Europe were hit particularly hard, down 8.9% and 7.4% respectively in euro terms. Analysis of Portfolio Return The fund returned 6.1% (A4 euro share class) in the 12 months to 31 December 2015. Whilst this was slightly less than the return of the European market it was achieved with an average net exposure to the market of 46% and realised volatility of 9%, comparing favourably with the MSCI Europe’s 20% volatility. The relative performance of the fund improved significantly in the second half of the year, returning 2.0% compared with a European market total return of -4.0% (at the interim stage the fund had returned 4.0% while the European market had risen 12.8%). Entering 2015 we had positioned the portfolio based on the investment regime identified by our process’ proprietary market signal: one which appeared to be evolving into a growth-oriented market characterised by narrow valuation dispersion. However, the ECB’s January announcement of a substantial liquidity injection stoked ‘risk on’ sentiment and led the European equity market higher. The fund’s return over the first six months of 2015 reflected a long book which participated in the market rally, tempered by a negative return from the short book in an environment of widespread gains for equities. During the portfolio’s annual restructuring we maintained the positioning of the portfolio’s long book in high quality growth companies, and this profile subsequently paid off as the market’s momentum died down, and showed signs of entering what we refer to as the ‘show me’ phase, where investors demand greater evidence of financial recovery and strength in results. Several factors contributed towards the change in market conditions, not least the concerns over China’s economic slowdown and the impact of the impending increase in US interest rates. Aside from a sharp momentum reversion during a rally in October, in which contrarian value strategies dominated gains, the second half of the year was much kinder to our short book, which produced a positive return in gross terms over the six months. While ECB President Mario Draghi’s hint at further stimulus threatened to reinvigorate indiscriminate buying of equities, the Bank’s eventual announcement of a rate cut and QE extension in early December disappointed relative to the market’s expectations. Liontrust Global Funds plc 2 Annual report and audited Financial Statements Liontrust GF European Strategic Equity Fund Investment Adviser’s report (continued) For the year ended 31 December 2015 Analysis of Portfolio Return (continued) The return profile achieved in 2015 underscores the benefits of the adoption of a long/short approach with a variable net long position (rather than a market neutral position), as well as the introduction of ‘secondary cash flow’ scores to supplement our well-established quantitative screening measures. Since these measures were introduced as part of the fund’s objective change in April 2014, the fund has returned 12.9% - the same return as the MSCI Europe Index but with substantially less volatility. From the European market’s peak on 15 April 2015 through to year-end, a period in which the market fell 11.0%, the fund restricted its fall to only 0.6%. Within the portfolio’s long book, the best performing positions were: Wessanen (+60.0% in euro terms), APG (+54.5%) and Nemetschek (+47.4%). Dutch consumer goods company Wessanen focuses on organic, fair trade and vegetarian food products. The company believes that a shift from ‘Big Food’ – dominated by multinational consumer food & drinks brands - to healthy, sustainable food is driving secular growth in demand for its products. In its third quarter results, it reported 19% revenue growth of which 7.7% was organic and the remainder due to acquisitions and other one- off effects. The majority of APG’s share price gain came following the release of first quarter results. The Swiss billboard advertising company increased sales by 2.2% in 2014 as growth in its domestic market compensated for a contraction in its small international operations. It generated strong operating cash flow, which boosted net cash to a level where the company felt comfortable raising its dividend payout ratio from 60% to 70% of net profit as well implementing a large increase in its special dividend. Nemetschek provides software to the construction industry and, following a fourth quarter of 2014 which it described as “extremely positive” it released full year results that beat expectations on revenue and profits. Following a very strong investment return, the position was closed during the portfolio’s restructuring. The weakest positions in the long book included: Evraz (-62.0%), Rio Tinto (-31.2%) and Hewlett Packard (- 10.9%). The fall in the share prices of both Evraz and Rio Tinto reflected industry rather than stock-specific factors as concerns over slowing growth in China and other emerging markets weighed on the demand outlook for commodities (and industrial metals such as steel in Evraz’s case). Outlook comments within Hewlett Packard’s first quarter 2015 results disappointed; the company highlighted the impact that dollar strength was having on its 2015 forecast. It said that the scale of this impact was expected to be ‘significantly greater’ than it anticipated in November 2014. Later in the year, it announced its division into two separately-listed companies: HP Inc and Hewlett Packard Enterprise Company. Following the split, we disposed of the fund’s holding in the latter. Portfolio Activity Our investment process involves the forensic analysis of historic cash flows and balance sheet developments as presented in companies’ annual report and accounts. Before embarking on in-depth qualitative analysis, we apply a simple quantitative screen using two measures of cash flow.
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