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Phoenix Unit Trust Managers Manager's Interim Report

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Phoenix Unit Trust Managers Manager's Interim Report PHOENIX UNIT TRUST MANAGERS MANAGER’S INTERIM REPORT For the half year: 1 June 2020 to 30 November 2020 (unaudited) PUTM UK LISTED EQUITY UNIT TRUST Contents Investment review 2-4 Portfolio of investments 5-13 Top ten purchases and sales 14 Statistical information 15-18 Statements of total return & change in net assets attributable to unitholders 19 Balance sheet 20 Distribution table 21 Corporate information 22-23 1 Investment review Dear Investor Performance Review (01 June 2020 to 30 June Welcome to the PUTM UK Equity Unit Trust interim report 2020) for the six months to 30 November 2020. The Unit Trust The PUTM UK Equity Unit Trust returned 1.44%. over the changed its investment adviser on 03 July 2020 and review period (Source: Aberdeen Standard Investments for there was a performance holiday during July 2020. the month to 30/06/20). This is compared to its benchmark index, which returned 1.54%. (Source: Datastream, FTSE All-Share - Total Return Index for the month to 30/06/20). Performance Review (01 August 2020 to 30 November 2020) The PUTM UK Equity Unit Trust returned 8.2%. over the review period (Source: Invesco, for four months to 30/11/2020). This is compared to its benchmark index which returned 9.2%. (Source: Invesco, FTSE All-Share Index Index for four months to 30/11/2020). Standardised Past Performance Aug 19-Nov 20 Nov 19-Jun 20 Nov 18-19 Nov 17-18 Nov 16-17 Nov 15-16 % growth* % growth** % growth** % growth** % growth** % growth** PUTM UK Listed Equity Unit Trust 8.2 -17.82 8.5 -4.86 13.7 4.8 Benchmark 9.2 -14.77 11.0 -1.46 13.4 9.8 * Source: Invesco, as of 30 November 2020. ** Source: Fund performance is Aberdeen Standard Investments, benchmark index performance is Datastream, FTSE All-Share – Total Return Index to 30 November for each year. Past performance is not a guide to future performance. The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested. Please note that all past performance figures are calculated without taking the initial charge into account. 2 Investment review Portfolio and Market Review (01 June 2020 to tighten control measures impacted sentiment in the final 30 June 2020) week of the month, amid concerns about the impact on UK equities recorded fell over the review period, as the economy. November was then the best month for the broader economic uncertainty weakened risk appetite. UK equity market in over 30 years, propelled by a series Airline stocks were especially hit by the announcement of of Covid-19 vaccine breakthroughs and optimism over Joe quarantine measures. Overall, technology and basic Biden’s victory in the US presidential election, which, materials were the only sectors to post positive returns, among other things, is considered particularly positive for while energy companies were the worst performers. trade relations. However, it narrowly missed out on recording its biggest gain ever after a subdued end to the May GDP numbers revealed a 1.8% increase from April. month. Further support for equity market sentiment came However, over the three-month period, the decline was from a new study which found that Covid-19 cases fell by 19.1%, an indication of the extent of the pandemic’s almost a third in England during November's national economic fallout. However, the labour market looked lockdown. Travel and leisure companies saw strong somewhat better than expected, with the unemployment returns following the government’s announcement of a rate steady at 3.9%, despite expectations of a 0.3% rise. ‘test to release’ scheme that could dramatically cut Nevertheless, this masked the continued impact of the quarantine times for arrivals from high-risk Covid-19 government’s job-retention scheme, with many expecting countries. The uplift in sentiment led to a decline in unemployment to rise markedly when the scheme ends defensive stocks, which have performed well for much of later in the year. this year. Technology was a laggard as stocks benefitting Bank of England (BoE) economist Andrew Haldane stated from people staying at home due to the pandemic came that the UK’s recovery has been V-shaped. Nevertheless, under pressure following the vaccine announcements. concerns over rising unemployment remain. The UK News that the economy grew 15.5% in the third quarter government unveiled a back-to-work bonus scheme for of the year was received well by the market, nevertheless, businesses to bring furloughed employees back to work the economy is still 9.7% below where it started the year and a £2 billion ‘kickstart scheme’ subsidising work as the impact of the lockdown restrictions continues to be placements for youth at risk of long-term unemployment. felt to varying degrees. In the first half of the reporting period (August until Portfolio and Market Review (01 August 2020 to September), contributions from the IQS’ multi-factor model 30 November 2020) were positive. In particular, Earnings Momentum and The UK equity market ended August in positive territory Price Momentum factors contributed positively. on optimism that the worst of the pandemic’s economic Furthermore, Value factors added to performance. On the damage was behind the country. Indicators published over other hand, the Quality factor, e.g. stocks with a high the month pointed to a robust recovery in economic balance sheet quality, contributed negatively. Stocks with activity in the current quarter, as the economy was a smaller average market capitalisation had no impact on rebounding from the impact of the pandemic more quickly performance, while performance was positively influenced than expected. This changed in September, when the UK by stock-specific effects. Active sector weights, which are Equity market ended in negative territory reflecting news a by-product of the multi-factor optimisation approach and flow around the pandemic, which included a steep rise in tightly constrained in the portfolio construction, added to confirmed cases of the virus and the increasing prospect performance. of a second lockdown. Furthermore, concerns about a In the second half of the review period (October until stalling economic recovery ahead of the next round of November), the multi-factor UK Enhanced strategy Brexit negotiations also impacted sentiment. Volatility underperformed its benchmark. Relative performance was remained at elevated levels, though it has reduced from mainly driven by the extreme and in part unprecedented the extremes of March and April. Negative market factor rotations that happened in November. Here, Value performance continued into October. The market closed factors contributed positively, as positive news on vaccine on its lowest level since March, as investors priced in a efficiency hit the market on 9th November and provided second wave of Covid-19. With the number of cases some relief for the factor. The announcement drove rising, anticipation that the UK government would further investors out of prior Covid-19 winners and into previously 3 Investment review shunned value stocks and cyclical names that are dependent on an effective vaccine to reopen the economy. In contrast, Momentum factors were positioned on the other side of this rotation as these factors favoured companies that either benefitted from Covid-19 induced trends or were able to deliver non-cyclical growth. Momentum experienced its worst daily drop on record so far, outweighing the positive performance of Value. Active sector weights, again a by-product of our multi-factor optimisation approach and tightly constrained in the portfolio construction, added to performance. While these effects led to an underperformance of the portfolio during November and subsequently the review period, the pronounced sudden rotations during this time demonstrated the benefits of a diversified multi-factor approach with a focus on risk management, as the diversification between multiple factors helped to stabilise the performance in times with excessive factor movements. Market Outlook and Fund Strategy The fund strategy is based on a research-driven, quantitative, bottom-up multi-factor investment process. The Invesco Quantitative Strategies (IQS) multi-factor UK Enhanced strategy evaluates the attractiveness of stocks based on the proprietary IQS factors Momentum (Price Momentum and Earnings Momentum), Quality and Value and invests in stocks with high exposure to these factors. Academics as well as practitioners agree that factors have proven to explain wide parts of both returns and risks in equity markets over the long term. Over a full market cycle, the major part of relative performance is expected to be driven by these factors. In terms of portfolio construction, the IQS team tightly constrains the risks taken in sectors and industries, and over time the contribution to return from these sources is expected to be marginal. The IQS team continues to expect the market to reward stocks with rising earnings outlooks, positive price momentum, strong fundamentals and attractive valuations going forward. Based on the IQS tactical asset allocation model (not applied to the PUTM UK Equity Unit Trust), the team considers the UK Equity market attractively valued, to have low levels of risk aversion and a positive economic outlook. On the other hand, the price trend of the market is in neutral territory. 4 Portfolio of investments Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% UK Equities (31/05/20 – 95.72%) 98.03 Oil & Gas
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