Castlefield Funds
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CASTLEFIELD FUNDS Interim Report & Accounts For the Period from 1 March 2019 To 31 August 2019 A UK Authorised Investment Company with Variable Capital CAST LEFI ELD CASTLEFIELD FUNDS: INTERIM REPORT & ACCOUNTS CONTENTS MANAGEMENT & ADMINISTRATION .....................................................4 CASTLEFIELD B.E.S.T SUSTAINABLE UK SMALLER COMPANIES FUND ............................................................... 26 Registered office and directors ...............................................................................4 Company information ..................................................................................................4 Fund information .........................................................................................................26 Important notes ...............................................................................................................4 Comparative table .......................................................................................................26 Change of investment objective & policy .........................................................5 Risk and reward indicator ........................................................................................ 27 Report of the ACD to the shareholders of the company ...........................5 Investment objective and policy .......................................................................... 27 Sub-Fund cross-holdings ...........................................................................................5 Performance ................................................................................................................... 27 Directors’ statement ......................................................................................................5 Investment review ....................................................................................................... 27 About the investment adviser ..................................................................................5 Outlook ..............................................................................................................................28 Investment review of Castlefield Funds .............................................................6 Top ten purchases and total sales during the period: .............................29 Portfolio of investments ...........................................................................................30 CASTLEFIELD B.E.S.T SUSTAINABLE EUROPEAN FUND ...............7 Statement of total return ........................................................................................33 Fund information ............................................................................................................7 Statement of change in net assets attributable to shareholders ......33 Comparative table ..........................................................................................................7 Balance sheet ................................................................................................................. 34 Risk and reward indicator ...........................................................................................8 Summary of material portfolio changes ......................................................... 34 Investment objective and policy .............................................................................8 Notes to the financial statements .......................................................................35 Performance ......................................................................................................................8 Distribution tables .......................................................................................................35 Investment review ..........................................................................................................8 Outlook ............................................................................................................................... 10 CASTLEFIELD B.E.S.T UK OPPORTUNITIES FUND ........................ 36 Top ten purchases and total sales during the period: .............................. 10 Fund information .........................................................................................................36 Portfolio of investments ..............................................................................................11 Comparative table .......................................................................................................36 Statement of total return ..........................................................................................13 Risk and reward indicator ....................................................................................... 37 Statement of change in net assets attributable to shareholders ........13 Investment objective and policy .......................................................................... 37 Balance sheet ...................................................................................................................14 Performance ................................................................................................................... 37 Summary of material portfolio changes ...........................................................14 Investment review ....................................................................................................... 37 Notes to the financial statements .........................................................................15 Outlook ..............................................................................................................................38 Distribution tables .........................................................................................................15 Top ten purchases and total sales during the period: .............................38 Portfolio of investments ...........................................................................................39 CASTLEFIELD B.E.S.T SUSTAINABLE INCOME FUND ....................16 Statement of total return ........................................................................................ 42 Fund information .......................................................................................................... 16 Statement of change in net assets attributable to shareholders ...... 42 Comparative table ........................................................................................................ 16 Balance sheet ................................................................................................................. 43 Risk and reward indicator .........................................................................................17 Summary of material portfolio changes ......................................................... 43 Investment objective and policy ............................................................................17 Notes to the financial statements ........................................................................44 Performance .....................................................................................................................17 Distribution tables ....................................................................................................... 45 Investment review .........................................................................................................17 Outlook ................................................................................................................................18 Top ten purchases and total sales during the period: ...............................18 Portfolio of investments ............................................................................................ 19 Statement of total return ........................................................................................22 Statement of change in net assets attributable to shareholders ......22 Balance sheet .................................................................................................................23 Summary of material portfolio changes .........................................................23 Notes to the financial statements ........................................................................24 2 CASTLEFIELD FUNDS: INTERIM REPORT & ACCOUNTS CASTLEFIELD REAL RETURN FUND ................................................. 46 CFP SDL FREE SPIRIT FUND ................................................................ 68 Fund information .........................................................................................................46 Fund information .........................................................................................................68 Comparative table .......................................................................................................46 Comparative table .......................................................................................................68 Risk and reward indicator ........................................................................................47 Risk and reward indicator .......................................................................................70 Investment objective and policy ...........................................................................47 Investment objective and policy ..........................................................................70