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Phoenix Unit Trust Managers Manager's Annual Report

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Phoenix Unit Trust Managers Manager's Annual Report 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 1 PHOENIX UNIT TRUST MANAGERS MANAGER’S ANNUAL REPORT For the year: 2 May 2019 to 1 May 2020 PUTM UK STOCK MARKET FUND (SERIES 3) 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 2 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 3 Contents Investment review* 2-3 Portfolio of investments* 4-10 Top ten purchases and sales 11 Statistical information* 12-14 Statements of total return & change in unitholders’ funds 15 Balance sheet 16 Notes to the financial statements 17-24 Distribution tables 25 Responsibilities of the manager and trustee 26 Trustee’s report and directors’ statement 27 Independent auditor’s report 28-30 Corporate information* 31-33 *These collectively comprise the Authorised Fund Manager’s Report. 1 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 4 Investment review Dear Investor Performance Review Welcome to the PUTM Stock Market Series 3 Unit Trust Over the review period, the accumulation units in the annual report for 12 months to 1 May 2020. PUTM Stock Market Series 3 Unit Trust returned -17.30% (Source: SSGA for 12 months to 01/05/20). Over the same period, the FTSE 250 (ex Invt Trust) Index returned -17.22% (Source: FactSet, FTSE 250 (ex Invt Trust) Index for 12 months to 01/05/20). In the table below, you can see how the Fund performed against its benchmark over the last five discrete one-year periods. Standardised Past Performance May 19-20 May 18-19 May 17-18 May 16-19 May 15-16 % growth % growth % growth % growth % growth PUTM Stock Market Series 3 Unit Trust -17.3 -1.6 6.5 18.6 -1.6 FTSE 250 Mid ex IT Index -17.2 -1.4 6.5 18.9 -1.4 Source: Fund performance is SSGA and HSBC to 1 May for each year. Benchmark index performance is FactSet and Datastream; FTSE 250 (ex Invt Trust) Index, to 1 May 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 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 5 Investment review Market Review Market Outlook UK shares were down over the 12 months, lagging In the near term, the global economic outlook has been behind those trading on other developed markets. The hit by Covid-19 as widespread lockdowns have caused stock market had to weather political upheaval, Brexit- economies to go into an unprecedented shutdown. This related uncertainty, and latterly, concerns about the new has resulted in profit warnings, dividend cuts and capital coronavirus. Oil & gas and basic materials were among raisings. Increased uncertainty has caused share prices to the worst performers at the sector level. collapse, pricing in a prolonged period of economic Although UK equities performed well in the early months stagnation. The level of despondency is at least as bad as of 2019, they fell once again in May. Prime Minister the 2008 financial crisis, with no shortage of economists Theresa May announced her resignation as MPs once publishing reports predicting the deepest recession in more moved to reject her European Union Withdrawal living memory. Agreement. Her successor, Boris Johnson, ejected most While such reports make uncomfortable reading, it is of the previous cabinet and appointed fellow pro-leave important to remember that markets tend to move several supporters in their stead. The political twists and turns months ahead of economic data. Just as in 2008, we culminated in a three-month extension to Brexit, the believe that extreme negative sentiment has created an approval in principle of Mr Johnson’s Withdrawal Act and asymmetrical risk-reward for investors. As panic the UK Parliament voting in favour of a snap election. subsides, we expect investor time horizons to lengthen. The Conservative Party won a conclusive victory in the We therefore believe it makes sense to look forward and vote, which took place in December. On 31 January ask whether the reality will justify the pessimism that is 2020, the UK officially left the EU. In February, UK priced into valuations. History suggests that moments of stocks tumbled in line with their global peers, as investor extreme fear, such as this, can cause markets to fears about the effects of the coronavirus increased. overshoot. We believe the best returns will be generated With share-price declines continuing into March, the UK by taking a longer-term view, looking across the ‘valley’ government and Bank of England (BoE) took significant beyond near-term uncertainty. and early action to minimise corporate defaults and job losses. The base rate was cut to 0.1% and the government announced a history-making spending package. While the major UK indices rallied strongly in April, the gains were not enough to offset the losses that occurred during the first three months of 2020. 3 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 6 Portfolio of investments (unaudited) Investments held at 1 May 2020 Market Percentage of value total net assets Holding Investment £ % United Kingdom (01/05/19 – 88.28%) 85.70 Aerospace & Defence (01/05/19 – 3.65%) 2.03 2,084 Avon Rubber 54,080 0.32 19,751 Chemring Group 39,186 0.24 41,002 QinetiQ 123,088 0.74 30,430 Senior 18,258 0.11 5,284 Ultra Electronics Holdings 103,038 0.62 Automobiles & Parts (01/05/19 – 0.37%) 0.24 22,790 Aston Martin Lagonda Global Holdings 13,036 0.08 17,227 TI Fluid Systems 27,046 0.16 Banks (01/05/19 – 1.79%) 1.08 2,665 Bank of Georgia Group 25,904 0.16 92,422 CYBG 69,224 0.41 27,990 Onesavings Bank 65,441 0.39 2,459 TBC Bank Group 19,647 0.12 Beverages (01/05/19 – 1.04%) 1.05 6,253 Barr (A.G.) 30,233 0.18 20,072 Britvic 145,121 0.87 Chemicals (01/05/19 – 1.40%) 1.34 44,241 Elementis 29,487 0.17 25,838 Synthomer 73,173 0.44 6,172 Victrex 121,527 0.73 Construction & Materials (01/05/19 – 2.31%) 2.98 51,347 Balfour Beatty 126,519 0.76 14,207 Forterra 35,446 0.21 28,941 Ibstock 60,545 0.36 14,851 Marshalls Group 94,601 0.57 3,204 Morgan Sindall Group 39,217 0.24 13,285 Polypipe Group 65,229 0.39 16,521 Redrow 75,633 0.45 Electricity (01/05/19 – 0.59%) 0.47 11,185 ContourGlobal 17,762 0.11 29,326 Drax Group 59,884 0.36 Electronic & Electrical Equipment (01/05/19 – 2.81%) 3.37 20,179 Morgan Advanced Materials 42,477 0.26 3,658 Oxford Instruments 44,115 0.26 2,471 Renishaw 87,226 0.52 63,587 Rotork 158,332 0.95 8,728 Spectris 229,983 1.38 Financial Services (01/05/19 – 9.76%) 8.86 22,283 AJ Bell 84,564 0.51 33,542 Ashmore Group 124,240 0.75 20,984 Brewin Dolphin 55,503 0.33 4 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 7 Portfolio of investments (unaudited) Investments held at 1 May 2020 Market Percentage of value total net assets Holding Investment £ % Financial Services (continued) 10,882 Close Brothers 115,676 0.69 16,156 Finablr 1,781 0.01 27,510 IG Group Holdings 201,511 1.21 49,195 Investec 79,253 0.48 77,431 IP Group 42,432 0.25 36,014 John Laing Group 127,994 0.77 33,820 Network International 135,686 0.81 24,597 Ninety One 40,462 0.24 19,490 Paragon 62,836 0.38 17,566 Provident Financial 31,742 0.19 140,130 Quilter 169,627 1.02 4,076 Rathbone Brothers 58,776 0.35 42,597 TP ICAP 144,830 0.87 Fixed Line Telecommunications (01/05/19 – 0.56%) 0.84 60,637 Airtel Africa 23,376 0.14 17,689 Helios Towers 22,430 0.14 45,504 TalkTalk Telecom Group 37,290 0.22 4,325 Telecom Plus 56,311 0.34 Food & Drug Retailers (01/05/19 – 0.60%) 0.76 7,260 Greggs 126,760 0.76 Food Producers (01/05/19 – 3.03%) 3.27 9,048 Bakkavör Group 6,361 0.04 3,777 Cranswick 139,447 0.84 4,792 Hilton Food Group 56,162 0.34 37,464 SSP Group 101,228 0.61 34,283 Tate and Lyle 241,009 1.44 Gas, Water & Multiutilities (01/05/19 – 1.07%) 0.00 General Industrials (01/05/19 – 1.91%) 0.66 105,673 Coats Group 47,923 0.29 15,898 Vesuvius 61,589 0.37 General Retailers (01/05/19 – 4.51%) 5.28 72,338 Dixons Carphone 54,977 0.33 7,070 Dunelm Group 62,958 0.38 14,556 Frasers Group 35,458 0.21 29,062 Inchcape 143,217 0.86 158,999 Kingfisher 246,925 1.48 142,812 Marks & Spencer 131,444 0.79 33,852 Pets at Home Group 84,765 0.51 10,657 Watches of Switzerland Group 25,364 0.15 8,057 WHSmith 94,106 0.57 Healthcare Equipment & Services (01/05/19 – 1.11%) 1.83 110,464 Convatec Group 227,998 1.37 30,048 Mediclinic International 76,743 0.46 5 189774 PUTM UKStckMrktSer3 AR v6.qxp 26/10/2020 12:06 Page 8 Portfolio of investments (unaudited) Investments held at 1 May 2020 Market Percentage of value total net assets Holding Investment £ % Household Goods (01/05/19 – 2.85%) 3.27 9,065 Bellway 241,401 1.45 32,298 Countryside Properties 129,580 0.78 17,791 Crest Nicholson Holdings 45,687 0.27 16,280 Vistry Group 127,717 0.77 Industrial Engineering (01/05/19 – 3.32%) 2.96 13,659 Bodycote 78,403 0.47 5,732 Hill and Smith 63,740 0.38 19,595 IMI 162,247 0.97 19,280 Weir Group 189,368 1.14 Industrial Metals (01/05/19 – 0.21%) 0.18 22,458 Ferrexpo 30,071 0.18 Industrial Transportation (01/05/19 – 2.19%) 1.80 1,919 Clarkson 46,728 0.28 3,034 James Fisher 38,714 0.23 68,951 Royal Mail 110,356 0.66 60,876 Signature Aviation 104,920 0.63 Leisure Goods (01/05/19 – 0.41%) 0.88 2,445 Games Workshop 146,455 0.88 Life Insurance (01/05/19 – 0.22%) 0.25 76,572 Just Group 41,961 0.25 Media (01/05/19 – 2.38%) 2.27 2,091 4imprint Group 39,353 0.24 30,601 Ascential 76,013 0.45 7,839 Euromoney Institutional Investor 61,301 0.37 7,567 Future 69,919 0.42 46,952 Hyve Group 10,400 0.06 38,399
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