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Phoenix Unit Trust Managers Manager's Interim Report

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Phoenix Unit Trust Managers Manager's Interim Report 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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