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189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 1 PHOENIX UNIT TRUST MANAGERS MANAGER’S INTERIM REPORT For the half year: 1 November 2019 to 30 April 2020 (unaudited) PUTM UK ALL-SHARE INDEX UNIT TRUST 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 2 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 3 Contents Investment review 2-3 Portfolio of investments 4-17 Top ten purchases and sales 18 Statistical information 19-21 Statements of total return & change in unitholders’ funds 22 Balance sheet 23 Distribution tables 24 Corporate information 25-26 1 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 4 Investment review Dear Investor Performance Review Welcome to the PUTM UK All-Share Index Unit Trust Over the review period, PUTM UK All-Share Index Unit interim report for the six months to 30 April 2020. Trust returned -16.41% (Source: SSGA for 6 months to 30/04/20). Over the same period, the FTSE All-Share Index returned -16.68% (Source: FactSet for 6 months to 30/04/20). In the table below, you can see how the Fund poermf ed against its benchmark average over the last five discrete one-year periods. Standardised Past Performance Apr 19-20 Apr 18-19 Apr 17-18 Apr 16-17 Apr 15-16 % growth % growth % growth % growth % growth PUTM UK All-Share Index Unit Trust -16.41 2.58 8.20 20.11 -5.40 FTSE All Share Index -16.68 2.62 8.16 20.14 -5.69 Source: Fund performance is State Street Global Advisors, to 30 April for each year. Benchmark Index performance is Datastream, FTSE All Share Index, to 30 April for each year. Past performance is not a guide to future performance. Please note that all past performance figures are calculated without taking the initial charge into account. 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 2 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 5 Investment review Portfolio and Market Review Market Outlook and Fund Strategy UK shares were down over the six months, lagging behind In the near term, the global economic outlook has been hit those trading on other developed markets. The stock by Covid-19 as widespread lockdowns have caused market had to weather political upheaval, Brexit-related economies to go into an induced coma. This has resulted uncertainty, and latterly, concerns about the new in profit warnings, dividend cuts and capital raisings. coronavirus. Oil & gas, banks and travel were among the Increased uncertainty has caused share prices to collapse, worst performers at the sector level. pricing in a prolonged period of economic stagnation. The Early in the period, the UK Parliament voted for a snap level of despondency is at least as bad as the 2008 general election. The Conservative Party won a conclusive financial crisis, with no shortage of economists publishing victory in the December vote, which helped provide clarity reports predicting the deepest recession in living memory. on Brexit and the path the country would follow. As a While such reports make uncomfortable reading, it is result, UK stocks with a domestic focus, such as important to remember that markets tend to move several housebuilders, made strong gains up to mid-February. On months ahead of economic data. Just as in 2009, we 31 January 2020, the UK officially left the EU. believe that extreme negative sentiment has created an asymmetrical risk-reward for investors. As panic subsides, In late February, UK stocks tumbled in line with their we expect investor time horizons to lengthen. We therefore global peers, as investor fears about the effects of the coronavirus increased. With share-price declines believe it makes sense to look forward and ask whether the reality will justify the pessimism that is priced into continuing into March, the UK government and Bank of valuations. History suggests that moments of extreme fear, England (BoE) took significant and early action to minimise such as this, can cause markets to overshoot. We believe corporate defaults and job losses. The BoE cut the base the best returns will be generated by taking a longer-term interest rate to 0.1% and the government announced a history-making spending package. While the UK market view, looking across the ‘valley’ beyond near-term uncertainty. rallied strongly in April, the gains were not enough to offset previous losses. 3 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 6 Portfolio of investments Investments held at 30 April 2020 Market Percentage of value total net assets Holding Investment £ % UK Equities (31/10/19 – 90.06%) 87.80 Oil & Gas Producers (31/10/19 – 12.48%) 9.05 137,162 BP 440,359 3.30 4,623 Cairn Energy 5,478 0.04 748 Energean Oil & Gas 4,877 0.04 12,490 EnQuest 1,474 0.01 5,587 Premier oil 1,766 0.01 28,330 Royal Dutch Shell ‘A’ 392,144 2.94 25,934 Royal Dutch Shell ‘B’ 349,124 2.62 1,599 SOCO International 287 0.00 9,010 Tullow Oil 2,424 0.02 1,664 Vesuvius 6,713 0.05 3,706 Vivo Energy 2,954 0.02 Alternative Energy (31/10/19 – 0.02%) 0.02 1,581 Volution Group 2,561 0.02 Oil Equipment & Services (31/10/19 – 0.11%) 0.08 1,026 Hunting 1,912 0.01 4,295 John Wood Group 8,715 0.07 Chemicals (31/10/19 – 0.68%) 0.70 852 Croda International 41,586 0.31 4,595 Elementis 3,359 0.03 1,334 Johnson Matthey 27,200 0.20 2,482 Synthomer 7,074 0.05 900 Treatt 4,185 0.03 498 Victrex 10,080 0.08 Forestry & Paper (31/10/19 – 0.33%) 0.36 3,351 Mondi 48,506 0.36 Industrial Metals (31/10/19 – 0.11%) 0.10 4,038 Evraz Group 11,286 0.08 1,611 Ferrexpo 2,234 0.02 Mining (31/10/19 – 4.71%) 4.86 8,459 Anglo American 125,109 0.94 2,336 Antofagasta 19,515 0.15 14,464 BHP Group 200,384 1.50 1,334 Fresnillo 9,744 0.07 2,041 Hochschild Mining 2,835 0.02 1,249 Kaz Minerals 5,301 0.04 7,501 Rio Tinto 284,775 2.14 Construction & Materials (31/10/19 – 0.39%) 0.44 4,818 Balfour Beatty 12,411 0.09 987 Costain 810 0.01 1,010 Forterra 2,555 0.02 2,566 Ibstock 5,301 0.04 421 Keller 2,577 0.02 832 Kier Group 677 0.01 1,530 Marshalls Group 9,960 0.07 298 MJ Gleeson 2,229 0.02 4 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 7 Portfolio of investments Investments held at 30 April 2020 Market Percentage of value total net assets Holding Investment £ % Construction & Materials (continued) 321 Morgan Sindall Group 4,256 0.03 1,418 Polypipe Group 7,090 0.05 1,596 Redrow 7,591 0.06 1,914 Tyman 3,258 0.02 Aerospace & Defence (31/10/19 – 1.95%) 1.58 199 Avon Rubber 5,393 0.04 22,468 BAE Systems 119,844 0.90 2,285 Chemring Group 4,696 0.04 5,377 Meggitt 15,351 0.11 3,743 QinetiQ 11,775 0.09 12,015 Rolls-Royce 40,659 0.30 3,248 Senior 2,127 0.02 557 Ultra Electronics Holdings 11,056 0.08 General Industrials (31/10/19 – 0.55%) 0.53 10,256 Coats Group 4,779 0.04 8,330 Smith (DS) 26,598 0.20 2,864 Smiths Group 36,559 0.27 367 Vitec Group 2,430 0.02 Electronic & Electrical Equipment (31/10/19 – 0.67%) 0.83 2,550 Halma 53,830 0.40 2,334 Morgan Advanced Materials 5,100 0.04 398 Oxford Instruments 4,943 0.04 215 Renishaw 7,641 0.06 6,096 Rotork 15,386 0.11 788 Spectris 21,040 0.16 1,723 TT Electronics 2,946 0.02 Industrial Engineering (31/10/19 – 1.09%) 0.96 1,229 Bodycote 7,276 0.06 509 Hill and Smith 5,853 0.04 1,961 IMI 16,443 0.12 34,060 Melrose Industries 34,809 0.26 3,650 Severfield 2,453 0.02 516 Spirax Sarco Engineering 45,439 0.34 1,676 Weir Group 16,297 0.12 Industrial Transportation (31/10/19 – 0.31%) 0.26 202 Clarkson 5,100 0.04 1,100 Clipper Logistics 2,321 0.02 307 James Fisher 4,200 0.03 6,701 Royal Mail 11,656 0.09 5,748 Signature Aviation 11,183 0.08 Support Services (31/10/19 – 3.22%) 3.23 1,603 Aggreko 7,412 0.06 3,094 Ashtead Group 68,749 0.52 3,395 Babcock International 14,551 0.11 1,742 Biffa 3,798 0.03 2,371 Bunzl 41,990 0.31 5 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 8 Portfolio of investments Investments held at 30 April 2020 Market Percentage of value total net assets Holding Investment £ % Support Services (continued) 12,256 Capita 4,644 0.03 763 De La Rue 497 0.00 663 Diploma 11,642 0.09 81 Discoverie Group 396 0.00 3,109 Electrocomponents 18,467 0.14 2,367 Equiniti Group 3,820 0.03 2,127 Essentra 6,007 0.04 10,876 Group 4 Securicor 11,316 0.08 9,676 Hays 10,692 0.08 1,963 Home erv 23,046 0.17 4,245 Howden Joinery Group 23,305 0.17 1,303 IntegraFin Holdings 6,469 0.05 1,123 Intertek Group 53,736 0.40 464 Mears Group 763 0.01 503 Menzies (John) 685 0.00 2,763 Mitie Group 2,067 0.02 2,350 PageGroup 8,897 0.07 310 Paypoint 2,068 0.02 3,242 Redde Northgate 6,056 0.05 3,768 Renewi 976 0.01 12,588 Rentokil Initial 60,208 0.45 556 Ricardo 2,180 0.02 637 Robert Walters 2,612 0.02 1,507 RPS Group 841 0.01 8,32S4erco Group 11,154 0.08 4,884 SIG 1,183 0.01 620 SThree 1,398 0.01 1,790 Travis Perkins 19,001 0.14 Automobiles & Parts (31/10/19 – 0.03%) 0.03 1,960 Aston Martin Lagonda Global Holdings 1,109 0.01 1,587 TI Fluid Systems 2,381 0.02 Beverages (31/10/19 – 3.38%) 3.45 570 Barr (A.G.) 2,844 0.02 1,929 Britvic 14,284 0.11 15,851 Diageo 439,548 3.30 1,508 Stock Spirits Group 2,754 0.02 Food Producers (31/10/19 – 0.74%) 0.74 2,280 Associated British Foods 43,993 0.33 352 Cranswick 13,242 0.10 757 Devro 1,216 0.01 431 Hilton Food Group 4,741 0.04 5,083 Premier Foods 2,384 0.02 3,252 SSP Group 9,665 0.07 3,264 Tate and Lyle 23,240 0.17 6 189748 PUTM UK All Share IR v4.qxp 11/06/2020 09:34 Page 9 Portfolio of investments Investments held at 30 April 2020 Market Percentage of value total net assets Holding Investment £ % Household Goods & Home Construction (31/10/19 – 3.18%) 3.81 6,913 Barratt Developments 37,220
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    UK Investment Trusts Index This listing aims to help readers to locate an investment trust in the AIC sectors. Funds are presented in alphabetical order by provider. Fund name Sector Fund name Sector Fund name Sector 3i Group Plc Private Equity Blackstone/GSO Loan Financing Limited Debt - Structured Finance Energiser Investments PLC Unclassified 3I Infrastructure Plc Infrastructure Blue Planet Investment Trust PLC ORD 1P Global High Income EP Global Opportunities Trust PLC Global Aberdeen Asian Income LTd Asia Pacific Income Blue Star Capital PLC Unclassified EPE Special Opportunities Unclassified Ab Div Inc & Grw Trt Flexible Investment Bluefield Solar Income Limited Renewable Energy Infrastructure European Assets Trust PLC European Smaller Companies AbrEmrMrInvCmpLtd Global Emerging Markets BMO Cap & Inc IT PLC UK Equity Income F&C Investment Trust Plc Global Abr Frn Mr Inv CmpLtd Global Emerging Markets BMO Commercial Property Trust Limited Property - UK Commercial F&C UK Real Estate Investments Limited Property - UK Commercial Aberdeen Japan IT PLC Japan BMO Global Smaller Companies Plc Global Smaller Companies Fair Oaks Income Limited 2017 SHS Debt - Structured Finance Aberdeen Latin American Income Ltd Latin America BMO Managed Portfolio Trust Plc Growth Flexible Investment FastForward Innovations Limited Ord 1P Private Equity Abrdn New Dawn IT PLC Asia Pacific BMO Managed Portfolio Trust Plc Inc Flexible Investment Fidelity Asian Values PLC Asia Pacific Aberdeen New Ind IT PLC Ord Country Specialist: Asia Pacific ex Jap BMO Private
  • Witan Investment Trust

    Witan Investment Trust

    Witan Investment Trust Adding to its record of outperformance Investment trusts 21 May 2018 Witan Investment Trust (WTAN) has employed an active multi-manager strategy since 2004, offering investors diverse exposure to global equities. Price 1,094.0p In 2017, the trust delivered another year of outperformance versus its Market cap £1,950m composite benchmark, which it has surpassed over the last one, three, five AUM £2,188m and 10 years. WTAN’s investment director, James Hart, believes that equities can continue to offer attractive returns for the patient investor, NAV* 1,110.5p Discount to NAV 1.5% although he notes that stock market volatility is now higher than the NAV** 1,102.9p benign levels experienced in 2017. In this environment, he believes that Discount to NAV 0.8% active stock picking, rather than blanket equity exposure, should produce *Excluding income. **Including income. As at 17 May 2018. better returns for investors. WTAN has a progressive dividend policy; its Yield 2.0% annual distribution has increased for the last 43 consecutive years. Ordinary shares in issue 178.2m Code WTAN 12 months Share price NAV Composite MSCI World FTSE All- FTSE AW North Primary exchange LSE ending (%) (%) benchmark* (%) (%) Share (%) America (%) AIC sector Global 30/04/14 18.9 9.8 7.1 8.1 10.5 10.6 Benchmark Composite benchmark 30/04/15 19.6 17.0 14.3 18.7 7.5 23.0 30/04/16 (7.1) (1.4) (3.6) 1.1 (5.7) 4.8 Share price/discount performance 30/04/17 35.3 30.7 27.2 30.6 20.1 33.1 1,150 2 30/04/18 10.6 8.9 8.8 6.9 8.2 6.3 1,100 0 Discount(%) Source: Thomson Datastream.
  • Description Holding Book Cost Market Price Market Value £000'S £000'S

    Description Holding Book Cost Market Price Market Value £000'S £000'S

    DORSET COUNTY PENSION FUND VALUATION OF PORTFOLIO AT CLOSE OF BUSINESS 31 March 2017 Book Market Description Holding Market Value Cost Price £000's £000's UK EQUITIES MINING ACACIA MINING 33,000 147.93 4.502 148.57 ANGLO AMERICAN ORD USD0.54 270,390 2,804.18 12.27 3,317.69 ANTOFAGASTA ORD GBP0.05 74,500 151.50 8.355 622.45 BHP BILLITON ORD USD0.50 436,926 2,401.54 12.395 5,415.70 CENTAMIN EGYPT LTD 226,000 349.07 1.732 391.43 FRESNILLO 35,500 88.20 15.52 550.96 GLENCORE XSTRATA 2,412,543 5,662.91 3.141 7,577.80 HOCHSCHILD MINING ORD GBP0.25 49,000 108.90 2.765 135.49 KAZ MINERALS 53,600 89.80 4.551 243.93 PETRA DIAMONDS 106,900 169.67 1.329 142.07 POLYMETAL INT'L 53,800 514.30 9.945 535.04 RANDGOLD RESOURCES ORD USD0.05 19,250 485.32 69.7 1,341.73 RIO TINTO ORD GBP0.10 (REG) 250,150 2,876.49 32.185 8,051.08 VEDANTA RESOURCES ORD USD0.10 18,500 75.07 8.11 150.04 Total MINING 15,924.89 28,524.69 OIL & GAS PRODUCERS AFREN PLC 218,000 215.93 0 0.00 BP ORD USD0.25 3,948,100 13,177.95 4.5885 18,115.86 CAIRN ENERGY ORD GBP0.06153846153 119,207 236.32 2.048 244.14 NOSTRUM OIL & GAS 17,700 84.36 4.796 84.89 ROYAL DUTCH 'B' ORD EUR0.07 1,642,961 20,190.09 21.945 36,054.78 TULLOW OIL ORD GBP 0.10 188,500 789.92 1.99026 375.16 Total OIL & GAS PRODUCERS 34,694.58 54,658.45 CHEMICALS CRODA INTL ORD GBP0.10 26,995 211.15 35.77 965.61 ELEMENTIS 99,000 130.23 2.899 287.00 JOHNSON MATTHEY ORD GBP1.00 40,357 446.31 30.82 1,243.80 SYNTHOMER 57,665 118.87 4.751 273.97 VICTREX ORD GBP0.01 17,000 111.61 19.02 323.34 Total CHEMICALS 1,018.16 3,087.91 CONSTRUCTION