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Phoenix Unit Trust Managers Manager's Interim Report Putm Bothwell Japan Tracker Fund

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PHOENIX UNIT TRUST MANAGERS MANAGER’S INTERIM REPORT For the half year: 1 February 2016 to 31 July 2016 PUTM BOTHWELL JAPAN TRACKER FUND Contents Investment review 2-3 Portfolio of investments 4-51 Top ten purchases and sales 52 Statistical information 53-56 Statements of total return & change in net assets attributable to unitholders 57 Balance sheet 58 Distribution table 59 Corporate information 60-61 1 Investment review Dear Investor Performance Review Welcome to the PUTM Bothwell Japan Tracker Fund Over the review period, the PUTM Bothwell Japan interim report for the six months to 31 July 2016. Tracker Fund returned 17.59% (Source: HSBC, Gross of AMC, GBP, based upon the movement in the Cancellation Price for the six months to 31/07/16). This compares with its benchmark index return of 17.94% (Source: Datastream, FTSE World Japan Index until 04/03/14 and thereafter the Topix Index, Total Return in GBP terms for six months to 31/07/16). In the table below, you can see how the Fund performed against its benchmark index over the last five discrete one-year periods. Standardised Past Performance Jul 15-16 Jul 14-15 Jul 13-14 Jul 12-13 Jul 11-12 % growth % growth % growth % growth % growth PUTM Bothwell Japan Tracker Fund 15.15 17.3 -0.6 29.8 -8.2 Benchmark Index 15.66 17.7 -0.4 30.2 -8.1 Source: Fund performance is HSBC, Gross of AMC, GBP, based upon the movement in the Cancellation Price to 31 July for each year. Benchmark Index performance is Datastream, FTSE World Japan Index until 04/03/14 and thereafter the Topix Index, Total Return in GBP terms to 31 July 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 & Market Review Market Outlook & Fund Strategy At the start of the period, Japanese equities weakened, Uncertainties surrounding the global economy, foreign- given uncertainty over the direction of economies in exchange swings and the fallout from the UK referendum China, the US and Europe. Investors also took a negative are likely to continue to dictate sentiment over the coming view of prospects for corporate earnings amid the months. Given this backdrop, traders are likely to favour strengthening of the yen. The market fall was temporarily defensive domestic stocks or those that exhibit low mitigated by the introduction of additional monetary volatility. easing measures in Japan and Europe, and a respite from the yen’s appreciation. As the period progressed, a sharp increase in the yen put pressure on the country’s exporters. The Bank of Japan’s decision not to launch any further stimulus measures at its April meeting further dented sentiment. Meanwhile, the UK’s EU referendum result saw shares retreat and investors flock to the yen for its safe-haven status. There were some bright spots, however, including Prime Minster Abe’s decision to postpone hiking the consumption tax until October 2019, and a recovery in the oil price. Moving into July, trading conditions remained volatile. Sentiment was dictated by pronounced foreign-exchange swings, the UK’s EU referendum vote, and the prospect of further economic stimulus measures from the world’s central banks and governments. The Bank of Japan acted on the final day of the month, although investors received its measures were coolly received, which caused the yen to rise. 3 Portfolio of investments Investments held at 31 July 2016 Market Percentage of value total net assets Holding Investment £000 % Oil & Gas (31/01/16 – 0.82%) 0.72 Alternative Energy 800 Ebara Jitsugyo 7 0.00 Oil & Gas Producers 8,000 Cosmo Energy Holdings 67 0.02 1,000 Fuji Kosan 3 0.00 6,200 Fuji Oil 14 0.00 14,100 Idemitsu Kosan 208 0.05 151,900 Inpex Holdings 912 0.24 4,500 Japan Petroleum Exploration 71 0.02 319,000 JX Holdings 909 0.24 6,000 San-Ai Oil 30 0.01 24,100 Showa Shell Sekiyu 162 0.04 44,000 Tonengeneral Sekiyu 300 0.08 Oil Equipment & Services 3,000 Ishii Iron Works 3 0.00 900 Japan Drilling 14 0.00 2,000 K & O Energy Group 22 0.01 2,700 Modec 32 0.01 Basic Materials (31/01/16 – 6.03%) 5.90 Chemicals 22,000 Achilles 23 0.01 13,300 Adeka 134 0.04 1,100 Agro Kanesho 9 0.00 22,000 Air Water 285 0.07 2,300 Arakawa Chemical Industrial 17 0.00 3,900 Arisawa Manufacturing 16 0.00 168,000 Asahi Kasei 966 0.25 10,000 Bando Chemical Industries 37 0.01 1,200 BP Castrol KK 11 0.00 2,600 Carlit Holdings 9 0.00 8,000 Chugoku Marine Paints 41 0.01 15,000 Dai Nippon Toryo 22 0.01 36,500 Daicel 312 0.08 6,000 Dai-ichi Kogyo Seiyaku 15 0.00 10,000 Dainichiseika Colour & Chemicals Manufacturing 35 0.01 56,000 Denka 185 0.05 10,700 DIC 193 0.05 1,900 Earch Chemical 68 0.02 3,900 Fujikura Kasei 17 0.00 2,300 Fujikura Rubber 8 0.00 2,300 Fujimi 29 0.01 4 Portfolio of investments Investments held at 31 July 2016 Market Percentage of value total net assets Holding Investment £000 % Chemicals (continued) 2,200 Fujimori Kogyo 36 0.01 1,000 Fukoku 6 0.00 7,000 Gun Ei Chemical Industry 16 0.00 2,500 Harima Chemicals Group 10 0.00 13,400 Hitachi Chemical 213 0.06 8,000 Hodogaya Chemical 15 0.00 3,000 Hokko Chemical Industry 6 0.00 3,700 Ihara Chemical Industry 30 0.01 6,000 Inabata Group 45 0.01 45,000 Ishihara Sangyo Kaisha 22 0.01 700 Japan Pure Chemical 11 0.00 800 JCU 20 0.01 1,800 JSP 31 0.01 25,400 JSR 264 0.07 36,000 Kaneka 207 0.05 30,600 Kansai Paint 487 0.13 6,000 Kanto Denka Kogyo 49 0.01 3,000 Katakura Chikkarin 4 0.00 4,600 Kimoto 6 0.00 4,000 Koatsu Gas Kogyo 19 0.01 4,200 Konishi 41 0.01 5,600 Kumiai Chemical Industry 26 0.01 45,400 Kuraray 436 0.11 20,000 Kureha Chemical Industry 63 0.02 6,000 Lintec 96 0.03 2,100 MEC 14 0.00 2,500 Meiwa 6 0.00 181,100 Mitsubishi Chemical 748 0.20 46,000 Mitsubishi Gas Chemical 199 0.05 114,000 Mitsui Chemicals 367 0.10 800 Moresco 7 0.00 15,300 Nagase 136 0.04 4,300 New Japan Chemical 4 0.00 2,000 Nichiban 11 0.00 6,300 Nihon Nohyaku 26 0.01 13,900 Nihon Parkerizing 127 0.03 9,000 Nippon Carbide Industries 10 0.00 10,000 Nippon Chemical Industrial 16 0.00 2,300 Nippon Fine Chemical 13 0.00 5,000 Nippon Kasei Chemical 4 0.00 17,000 Nippon Kayaku 133 0.04 20,900 Nippon Paint 437 0.11 3,900 Nippon Shokubai 187 0.05 5 Portfolio of investments Investments held at 31 July 2016 Market Percentage of value total net assets Holding Investment £000 % Chemicals (continued) 17,000 Nippon Soda 57 0.02 6,000 Nippon Synthetic Chemical 28 0.01 11,000 Nippon Valqua 22 0.01 16,100 Nissan Chemical Industries 389 0.10 2,800 Nitta 53 0.01 20,800 Nitto Denko 1,053 0.27 1,600 Nitto FC 10 0.00 20,000 NOF 131 0.03 300 Oat Agrio 3 0.00 8,000 Okamoto Industries 63 0.02 7,000 Okura Industrial 15 0.00 1,800 Osaka Organic Chemical Industry 8 0.00 12,000 Osaka Soda 39 0.01 11,000 Rasa Industries 8 0.00 5,700 RIKEN Technos 19 0.01 11,000 Sakai Chemical Industry 23 0.01 5,500 Sakata INX 53 0.01 9,000 Sanyo Chemical Industries 59 0.02 1,400 Seiko PMC 11 0.00 7,000 Sekisui Plastics 17 0.00 4,000 Shikoku Chemicals 27 0.01 48,300 Shin-Etsu Chemical 2,503 0.65 5,300 Shin-Etsu Polymer 26 0.01 9,000 Shoko 5 0.00 18,000 Showa Denko KK 140 0.04 2,500 Soda Nikka 9 0.00 1,900 S.T. 16 0.00 1,400 Stella Chemifa 38 0.01 24,000 Sumitomo Bakelite 87 0.02 198,000 Sumitomo Chemical 668 0.17 5,000 Sumitomo Seika Chemicals 23 0.01 3,500 T Hasegawa 48 0.01 2,000 T&K Toka 14 0.00 2,000 Taiyo Ink Manufacturing 52 0.01 20,800 Taiyo Nippon Sanso 152 0.04 1,800 Takasago International 33 0.01 2,000 Taki Chemical 10 0.00 4,000 Tayca 15 0.00 110,000 Teijin 314 0.08 3,000 Titan Kogyo Kabushiki Kaisha 4 0.00 16,900 Toagosei 128 0.03 1,900 Tocalo 28 0.01 5,000 Toda Kogyo 11 0.00 6 Portfolio of investments Investments held at 31 July 2016 Market Percentage of value total net assets Holding Investment £000 % Chemicals (continued) 25,000 Tokai Carbon 49 0.01 45,000 Tokuyama 106 0.03 4,000 Tomoegawa 6 0.00 196,000 Toray Industries 1,353 0.35 73,000 Tosoh 283 0.07 26,000 Toyo Ink SC Holdings 85 0.02 1,500 Toyo Tanso 17 0.01 145,000 UBE Industries 193 0.05 1,800 Yuki Gosei Kogyo 3 0.00 1,500 Yushiro Chemical Industry 16 0.00 23,000 Zeon 145 0.04 Forestry & Paper 11,000 Chuetsu Pulp & Paper 17 0.01 11,800 Daio Paper 100 0.03 16,900 Hokuetsu Kishu Paper 90 0.02 13,000 Japan Pulp & Paper 35 0.01 41,000 Mitsubishi Paper Mills 21 0.01 5,000 Nakabayashi 10 0.00 14,000 Nippon Paper Industries 192 0.05 105,000 OJI Paper 331 0.09 16,000 Tokushu Tokai Holdings 43 0.01 Industrial Metals 16,000 Aichi Steel 60 0.02 1,500 Alconix 16 0.00 6,000 Araya Industrial 6 0.00 45,000 Daido Steel 138 0.04 4,000 Daiki Aluminium 9 0.00 34,000 Dowa Mining 136 0.04 15,000 Godo Steel 19 0.01 700 Hakudo 6 0.00 30,900 Hitachi Metals 262 0.07 73,800 JFE 735 0.19 496,000 Kobe Steel 324 0.08 3,000 Kogi 4 0.00 13,000 Kurimoto 16 0.00 2,800 Kyoei Steel 41 0.01 9,000 Maruichi Steel Tube 252 0.07 1,800 Matsuda Sangyo 17 0.01 19,000 Mitsubishi Steel Manufacturing 24 0.01 69,000 Mitsui Mining & Smelting 99 0.03 1,400 Molitec Steel 3 0.00 4,000 Mory Industries 9 0.00 7 Portfolio of investments Investments held at 31 July 2016 Market Percentage of value total net assets Holding Investment £000 % Industrial Metals (continued) 31,000 Nakayama Steel Works 12 0.00 5,000 Neturen 29 0.01 3,500 Nichia Steel Works 6 0.00 3,000 Nippon Chutetsukan KK 3 0.00 15,400 Nippon Denko 19 0.01 7,000 Nippon Kinzoku 5 0.00 11,000 Nippon Koshuha Steel 6 0.00 61,400 Nippon Light Metal Holdings 105 0.03
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    Custody Newsflash Oct 18th, 2019 List of Securities (ISIN, Record date and Board lot size) ======================================================================================== Category: Securities Information Summary: Below is the monthly updated list of Japanese stocks (including REIT and ETF) listed in Stock Exchanges in Japan with details (identification code, record date and board lot size) Impact: None Action: Just for information ======================================================================================== R/D(Fiscal Board Total Equities Securities ISIN Quick year end)* lot size Issued (in thou) Nikkei 300 Stock Index Listed Fund JP3013190008 0710 1000 1319 28,209 Daiwa ETF-TOPIX JP3027620008 0710 10 1305 2,795,715 TOPIX Exchange Traded Fund JP3027630007 0710 10 1306 6,008,162 Daiwa ETF-Nikkei 225 JP3027640006 0710 1 1320 123,092 Nikkei 225 Exchange Traded Fund JP3027650005 0708 1 1321 264,521 Nikko Exchange Traded Index Fund 225 JP3027660004 0708 10 1330 127,696 Nippon Building Fund Inc. JP3027670003 0630 1 8951 1,412 Japan Real Estate Investment Corporation JP3027680002 0331 18952 1,385 iShares Core Nikkei 225 ETF JP3027710007 0809 1 1329 26,886 Nikko Exchange Traded Index Fund TOPIX JP3039100007 0708 100 1308 2,735,329 Japan Retail Fund Investment Corporation JP3039710003 0228 18953 2,618 Daiwa ETF-TOPIX Core30 JP3040100004 0710 10 1310 1,116 Daiwa ETF-TOPIX Electric Appliances JP3040110003 0710 10 1610 1,023 Daiwa ETF-TOPIX Banks JP3040130001 0710 100 1612 4,673 TOPIX Core 30 Exchange Traded Fund JP3040140000 0715 10 1311 2,441 TOPIX Electric Appliances Exchange Traded Fund JP3040150009 0715 10 1613 1,141 TOPIX Banks Exchange Traded Fund JP3040170007 0715 100 1615 144,234 ORIX JREIT Inc. JP3040880001 0228 1 8954 2,760 Japan Prime Realty Investment Corporation JP3040890000 0630 18955 923 Premier Investment Corporation JP3041770003 0430 1 8956 1,316 TOKYU REIT, Inc.
  • Transparency Report 2019

    Transparency Report 2019

    Transparency Report 2019 2018 9 ______年 月 www.kpmg.com jp ／ ／ © 2019 KPMG AZSA LLC, a limited liability audit corporation incorporated under the Japanese Certified Public Accountants Law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Transparency Report 2019 1 1. Message from the local Senior Partner As a member of the KPMG network, KPMG AZSA LLC shares a common purpose - to Inspire Confidence, Empower Change – with member firms around the globe. Based on this purpose, we aim to establish the reliability of information through auditing and accounting services and support the change of companies and society towards sustainable growth. AZSA Quality 2019 introduces efforts at KPMG AZSA LLC to improve audit quality, the foundation of which is KPMG’s globally consistent audit quality. In this transparency report, we will additionally introduce KPMG’s system for ensuring audit quality. 2. Who we are 2.1 Our business 2.2 Our strategy KPMG AZSA LLC, a member firm of KPMG International, comprises Our firm’s mission is to ensure the reliability of information by approximately 6,000 people in major cities in Japan, providing audit, providing quality audit and accounting services as well as to attestation, and advisory services such as accounting advisory contribute to the realization of a fair society and healthy services, financial advisory services, IT advisory service and other development of our economy by empowering change. In order to advisory services for initial public offerings and the public sector. execute our firm’s mission, we have following vision: We also offer highly specialized professional services that address To be ‘The Clear Choice’ for our clients, people and society.