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Multi-Manager Icvc MULTI-MANAGER ICVC ANNUAL LONG REPORT FOR THE YEAR ENDED 30TH SEPTEMBER 2019 E02499897_44017_0120.indd 1 10/10/2019 17:07 Long Report Cover 1 Scottish Widows Investments 44017 01 20 10-OCT-2019 A4 210 297 2 2 17:07:13 CMYK N N N Multi-Manager ICVC The Company and Head Office Multi-Manager ICVC 15 Dalkeith Road Edinburgh EH16 5WL Incorporated in United Kingdom under registered number IC000330. Authorised and regulated by the Financial Conduct Authority. Authorised Corporate Director (ACD), Authorised Fund Manager and Registrar* Scottish Widows Unit Trust Managers Limited Registered Office: Head Office: Charlton Place 15 Dalkeith Road Andover Edinburgh Hampshire EH16 5WL SP10 1RE Authorised and regulated by the Financial Conduct Authority and a member of The Investment Association. Investment Adviser* Aberdeen Investment Solutions Limited Registered Office: Correspondence Address: 10 Queens Terrace 40 Princes Street Aberdeen Edinburgh AB10 1XL EH2 2BY Authorised and regulated by the Financial Conduct Authority and a member of The Investment Association. Depositary* State Street Trustees Limited Registered Office: Correspondence Address: 20 Churchill Place Quartermile 3 Canary Wharf 10 Nightingale Way London Edinburgh E14 5HJ EH3 9EG Authorised and regulated by the Financial Conduct Authority. Independent Auditors* PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX *The Company names and addresses form part of the Authorised Corporate Director's Report. Contents Page 2 About the Company* 8 Statement of the Authorised Corporate Director's Responsibilities 8 Report of the Authorised Corporate Director* 9 Statement of Depositary's Responsibilities in respect of the Scheme and Report of the Depositary 10 Independent Auditors' Report 12 Summary of Significant Accounting Policies applicable to all sub-funds Investment Markets Overview*, Portfolio Statement*, Material Portfolio Changes*, Securities Financing Transactions (SFT) (where applicable), Comparative Table and Financial Statements for: 15 Multi-Manager European Equity Fund 22 Multi-Manager Global Real Estate Securities Fund 60 Multi-Manager International Equity Fund 112 Multi-Manager UK Equity Focus Fund 141 Multi-Manager UK Equity Growth Fund 172 Multi-Manager UK Equity Income Fund 207 General Information *Collectively, these comprise the Authorised Corporate Director's Report in accordance with the Investment Management Association (IMA) SORP (2014) and the Collective Investment Schemes Sourcebook. About the Company Welcome to the Annual Long Report for the Multi-Manager ICVC (the "Company") covering the year ended 30th September 2019 (the "Report").The Authorised Corporate Director (the "ACD") of the Company is Scottish Widows Unit Trust Managers Limited, a private company limited by shares which was incorporated in England and Wales on 19th April 1982. Its ultimate holding company is Lloyds Banking Group plc ("Lloyds"), which is incorporated in Scotland. The Company is an Open-Ended Investment Company ("OEIC") with variable capital, incorporated in the United Kingdom under registration number IC000330 and is authorised and regulated by the Financial Conduct Authority (the "FCA") under regulation 12 of the Open-Ended Investment Companies Regulations 2001 (SI2001/1228) (the "OEIC Regulations"), with effect from 21st September 2004. Shareholders are not liable for the debts of the Company. The Company is a UCITS scheme which complies with Chapter 5 of the Financial Conduct Authority Collective Investment Schemes Sourcebook (the "COLL Sourcebook"). The Company is structured as an umbrella fund, in that the scheme property of the Company is currently divided among 6 sub-funds (one of which is in the process of being terminated: the Multi-Manager European Equity Fund), each with different investment objectives.The assets of each sub-fund will be treated as separate from those of every other sub-fund and will be invested in accordance with the investment objective and investment policy applicable to the sub-fund.The investment objective, policies and a review of the investment activities during the year are disclosed in the Investment Markets Overview of the individual sub-funds. New sub-funds may be established from time to time by the ACD with the approval of the FCA and Depositary. Each sub-fund would, if it were a separate investment company with variable capital, also be a UCITS scheme which complies with Chapter 5 of the COLL Sourcebook. The assets of each Fund belong exclusively to that sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the Company and any other sub-fund and shall not be available for such purpose. Whilst the provisions of the OEIC Regulations provide for segregated liability between Funds, the concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known whether a foreign court would give effect to the segregated liability and cross-investments provisions contained in the OEIC Regulations. Therefore, it is not possible to be certain that the assets of a Fund will always be completely insulated from the liabilities of another Fund of the Company in every circumstance. The Financial Statements have been prepared on an individual basis including the 6 sub-funds in existence during the year covered by thisAnnual Long Report, as permitted by the OEIC Regulations and the COLL Sourcebook. As required by the OEIC Regulations and the COLL Sourcebook, information for each of the 6 sub-funds has also been included. The Report of the Authorised Corporate Director is defined as those items highlighted in the contents page in accordance with paragraph 4.5.9 of the COLL Sourcebook. During the year there have been a number of changes to the Company. These changes are detailed in the section Prospectus changes below. Prospectus changes During the year and up to the date of this report, the following changes were made to the Company and therefore the following changes were reflected in the Prospectus of Multi-Manager ICVC: The investment objectives and policies of the following sub-funds: • Multi-Manager Global Real Estate Securities Fund; • Multi-Manager International Equity Fund; • Multi-Manager UK Equity Focus Fund; • Multi-Manager UK Equity Growth Fund; and • Multi-Manager UK Equity Income Fund; (each a “sub-fund” and together, the “sub-funds”) were updated in August 2019 in order to comply with new rules and guidance issued by the FCA in April 2019 in respect of the investment objectives and policies for funds.The new FCA rules and guidance are designed to improve how investment objectives and policies are described in order to give greater clarity to investors around how funds are managed. As required, we have taken account of the FCA’s new rules and guidance in amending the investment objectives and policies of the sub-funds. As a result, we have provided greater detail on how the sub-funds are managed. These changes clarify the sub-funds’ strategies, the assets they hold and how each sub-fund seeks to achieve its investment objective including identifying each sub-fund’s benchmark (the index against which the performance of a fund is measured). These changes are for clarification purposes only rather than any change in investment strategy. A copy of the Prospectus is available on request. 2 About the Company (continued) Important information Following the merger of Aberdeen Asset Management plc and Standard Life plc, Lloyds Banking Group decided to review their asset management arrangements with Aberdeen Asset Management plc.We’re replacing Aberdeen Asset Investments Limited as the Investment Adviser to our sub-funds. The Investment Adviser’s role is to manage the sub-funds’ assets with the aim of achieving the sub-funds’ investment objectives. Our actively managed sub-funds, where the Investment Adviser seeks to add value by making decisions on which investments to buy, sell or hold, will move to Schroder Investment Management Limited (“Schroders”).We believe these appointments will be of benefit through the prospect of improved future performance. Schroders are taking on the range of actively managed sub-funds over a period of time from the end of September 2019. Aberdeen will continue to manage our passive and property sub-funds until April 2022. As from 23rd November 2019 Schroders is the Investment Adviser for the sub-funds within this Report. No changes have been made to the strategy employed in relation to, or the risk profile of, any of the sub-funds. In addition following the creation of a new joint venture between Lloyds Banking Group and Schroders plc, we are moving the management of certain funds away from Scottish Widows Unit Trust Managers Limited (SWUTM). This will affect your investments held in the sub-funds in the Company. On 9th December 2019 the Authorised Corporate Director (ACD) for the Multi-Manager Investment Company with Variable Capital (ICVC) changed from SWUTM to Scottish Widows Schroder Personal Wealth (ACD) Limited (SWSPWA).The investors in the sub-funds of the Company were contacted by SWUTM by letter dated 9th October 2019 explaining how this change will impact their investments held in the sub-funds in the Company. Scottish Widows Schroder Personal Wealth (ACD) Limited became ACD of the Company on 9th December 2019. As required by the FCA an annual value assessment of the sub-funds of the Company must be carried out to consider overall value delivered to customers. To avoid duplication and for ease of communication Scottish Widows Schroder Personal Wealth (ACD) Limited will publish an annual statement on what they have done, what they have found and what they are doing in a combined statement across all of the funds. They intend to publish this separately on their website in September 2020. Sub-fund cross-holdings As at 30th September 2019 there were no shares in sub-funds of the Multi-Manager ICVC held by other sub-funds of the Company.
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