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Blackrock UK Special Situations Fund

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Blackrock UK Special Situations Fund Annual report BlackRock UK Special Situations Fund For the year ended 28 February 2019 Contents General Information Manager & Registrar General Information 2 BlackRock Fund Managers Limited About the Fund 3 12 Throgmorton Avenue, London EC2N 2DL Investment Objective & Policy 3 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”). Fund Managers 3 Directors of the Manager G D Bamping* C L Carter M B Cook (appointed 2 May 2018) W I Cullen* Significant Events 3 R A Damm (resigned 31 December 2018) R A R Hayes A M Lawrence Risk and Reward Profile 4 L E Watkins (appointed 16 May 2018, resigned 1 March 2019) M T Zemek* Performance Table 5 * Non-executive Director. Classification of Investments 6 Trustee* & Custodian The Bank of New York Mellon (International) Limited Investment Report 7 One Canada Square, London E14 5AL Performance Record 9 Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Distribution Tables 13 Regulation Authority. * On 18 June 2018 the Trustee changed from BNY Mellon Trust & Depositary (UK) Limited to The Bank of New York Mellon (International) Limited. Report on Remuneration 14 Portfolio Statement 20 Investment Manager BlackRock Investment Management (UK) Limited Statement of Total Return 24 12 Throgmorton Avenue, London EC2N 2DL Statement of Change in Net Assets Attributable to Unitholders 24 Authorised and regulated by the FCA. Balance Sheet 25 Securities Lending Agent Notes to Financial Statements 26 BlackRock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Statement of Manager’s Responsibilities 41 Authorised and regulated by the FCA. Statement of the Trustee’s Responsibilities in Respect of the Fund and Report of the 42 Trustee to the Unitholders of the Fund for the Year Ended 28 February 2019 Auditor Independent Auditor’s Report 43 Ernst & Young LLP Atria One, 144 Morrison Street, Edinburgh EH3 8EX Supplementary Information 46 BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services). This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk For your protection, telephone calls are usually recorded. 1 BlackRock UK Special Situations Fund BlackRock UK Special Situations Fund 2 About the Fund Risk and Reward Profile BlackRock UK Special Situations Fund (the “Fund”) is a UCITS scheme under the COLL Sourcebook. Lower risk Higher risk The Fund was established on 27 January 1981. The name of the Fund was changed to Mercury Recovery Typically lower rewards Typically higher rewards Fund (from Mercury Income and Recovery Fund) in February 1984, to Merrill Lynch Recovery Fund on Unit Class 30 September 2000, to Merrill Lynch UK Value Fund on 10 September 2001 and to Merrill Lynch UK Special Situations Fund on 1 September 2004. The Fund changed its investment objective on 1 October 2006. A Income 1 2 3 4 5 6 7 The Fund adopted its present name with effect from 28 April 2008. The Fund’s FCA product reference A Accumulation 1 2 3 4 5 6 7 number is 108425. D Income 1 2 3 4 5 6 7 D Accumulation 1 2 3 4 5 6 7 Investment Objective & Policy X Income 1 2 3 4 5 6 7 X Accumulation 1 2 3 4 5 6 7 The aim of the Fund is to achieve long-term capital growth for investors. The Fund invests primarily in the shares S Income 1 2 3 4 5 6 7 of companies incorporated or listed in the UK and will normally have an emphasis on small or medium sized S Accumulation 1 2 3 4 5 6 7 companies. The Fund may also invest in collective investment schemes. Small and medium sized companies are those whose market capitalisation is lower than that of companies in the FTSE 100 Index at the time of the • The risk indicator was calculated incorporating historical or simulated historical data and may not be a Fund’s investment. reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. Fund Managers • The lowest category does not mean risk free. For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are available at www.blackrock.com. As at 28 February 2019, the Fund Managers of the Fund are Roland Arnold and Luke Chappell. Significant Events Changes in the Directors of the Manager M B Cook was appointed as a Director effective 2 May 2018. L E Watkins was appointed as a Director effective 16 May 2018, and resigned as a Director effective 1 March 2019. R A Damm resigned as a Director effective 31 December 2018. Changes to the Trustee On 18 June 2018 the Trustee changed from BNY Mellon Trust & Depositary (UK) Limited to The Bank of New York Mellon (International) Limited. 3 BlackRock UK Special Situations Fund BlackRock UK Special Situations Fund 4 Performance Table Classification of Investments The following charts provide an analysis of the portfolio weightings as at 28 February 2019 and For the year For the three years For the five years to 28.2.2019 to 28.2.2019 to 28.2.2019 28 February 2018 by their respective equity sector allocations. TOTAL RETURN (with net income reinvested) 28 February 2019 Class D Accumulation Units Banks 6.38% BlackRock UK Special Situations Fund -1.4% +38.7% +29.2% Beverages 1.24% IA UK All Companies Sector Index^† -1.3% +25.1% +22.9% Construction & Materials 2.87% Financial Services 7.85% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. General Retailers 4.63% ^ Figures from Morningstar. Household Goods & Home Construction 2.82% † The IA UK All Companies Sector Index is the Fund’s peer group performance measure. Industrial Engineering 5.47% Life Insurance 3.15% All financial investments involve an element of risk. Therefore, the value of your investment and the income Media 14.57% from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange Mining 6.37% rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance Non-Life Insurance 1.79% and should not be the sole factor of consideration when selecting a product. Oil & Gas Producers 8.41% Pharmaceuticals & Biotechnology 2.98% Real Estate Investment Trusts 4.50% Software & Computer Services 1.28% Support Services 9.09% Tobacco 2.58% Travel & Leisure 6.49% Other 7.53% 28 February 2018 Banks 5.21% Beverages 1.64% Construction & Materials 1.12% Financial Services 6.66% General Retailers 5.01% Household Goods & Home Construction 4.15% Industrial Engineering 6.75% Life Insurance 3.14% Media 11.98% Mining 6.99% Non-Life Insurance 2.93% Oil & Gas Producers 8.89% Pharmaceuticals & Biotechnology 5.83% Real Estate Investment Trusts 3.20% Software & Computer Services 3.60% Support Services 9.76% Tobacco 3.48% Travel & Leisure 4.78% Other 4.88% 5 BlackRock UK Special Situations Fund BlackRock UK Special Situations Fund 6 Investment Report Summary of Performance over the Year Outlook The Fund returned -1.4%* over the year to 28 February 2019, underperforming its performance measure, the We remain in a low growth world, but see signs of greater divergence between economies and increased IA UK All Companies Sector Index**, which returned -1.3%. The FTSE All-Share Index returned 1.7% over volatility in financial markets. UK growth remains weaker than many other developed economies. The Bank the same period. Over the six-month period to 28 February 2019, the Fund returned -9.1%*, very regrettably of England’s decision to raise the base rate to 0.75%, the highest level since March 2009, provided a sign underperforming its performance measure, which returned -6.7%. of confidence in the strength of the UK; however, further rises from here should be modest. UK companies have been reporting good results, although we have seen some consumer related profit warnings, reinforcing Market Review our cautious view on the outlook for the sector. Uncertainty around Brexit negotiations and the UK’s future The value of broader UK equities ended the period higher but smaller company stocks were down. Brexit was relationship with the EU may have an impact on business investment decisions. Given this backdrop, the Fund an ongoing source of angst, acting as an impediment to both the UK economy and stock market. Although remains focused on companies with sufficiently strong business franchises and balance sheets to succeed in Prime Minister Theresa May agreed on a deal with the European Union (“EU”), this failed to gain support in a low growth world. Parliament. The possibility of the UK leaving the EU without a deal caused recurring bouts of anxiety over the period, weighing on markets. More positively, sterling weakness helped propel the FTSE 100 Index to a new March 2019 intra-day high in May (large cap stocks generate most of their revenues overseas, so a depreciation in sterling makes them more competitive). UK stocks subsequently fell, as concerns about global growth and trade soured sentiment. In the final days of the period, the Labour Party’s decision to back a second referendum supported sterling. Fund Performance and Activity The decrease in expectations for economic growth in the fourth quarter of 2018 resulted in changes in market leadership, with many of the previously best performing shares becoming the worst performers.
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