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Interim Report Aberdeen Standard ACS I Interim Long Report (unaudited) For the period from 12 November 2020 to 31 May 2021 02 Aberdeen Standard ACS I Contents Report of the Authorised Contractual Scheme Manager 03 Authorised Contractual Scheme Manager’s Statement 06 Notes to the Financial Statements of Aberdeen Standard ACS I 07 ASI Sustainable Index UK Equity Fund 12 ASI Sustainable Index World Equity Fund 24 Securities Financing Transactions Disclosure 50 Further Information 51 Aberdeen Standard ACS I 03 Report of the Authorised Contractual Scheme Manager Aberdeen Standard ACS I (the “Scheme”) is an authorised contractual scheme in co-ownership form, constituted as a non-UCITS retail scheme. The Scheme is registered and authorised in the United Kingdom by the Financial Conduct Authority (the "FCA") with effect from 23 October 2020. The Scheme is organised as an umbrella authorised contractual scheme comprising of 2 separate funds. Appointments Authorised Contractual Scheme Manager Aberdeen Standard Fund Managers Limited Registered office Correspondence address Bow Bells House Sunderland 1 Bread Street SR43 4DZ London EC4M 9HH Investment Manager Aberdeen Asset Managers Limited Registered office Correspondence address 10 Queen’s Terrace Bow Bells House Aberdeen 1 Bread Street AB10 1XL London EC4M 9HH Depositary Northern Trust Global Services SE, acting through its UK Branch Registered office Correspondence address 10, rue du Château d’Eau 50 Bank Street L-3364 Leudelange Canary Wharf Grand-Duché de Luxembourg London E14 5NT Registrar Northern Trust Global Services SE, acting through its UK Branch Registered office Correspondence address 5 at 10, rue du Château d’Eau 50 Bank Street L-3364 Leudelange Canary Wharf Grand-Duché de Luxembourg London E14 5NT Independent auditor KPMG LLP St Vincent Plaza 319 St Vincent Street Glasgow G2 5AS Note: The Authorised Contractual Scheme Manager (the ACS Manager), Aberdeen Asset Managers Limited, Aberdeen Standard Investments (Asia) Limited, and Aberdeen Asset Management Inc are wholly owned subsidiaries of abrdn plc, and are accordingly associates. The Investment Manager has responsibility for and full discretion in making all investment decisions in relation to each fund subject to, and in accordance with, the investment objectives and policies of the funds as varied from time to time, the provisions of the ACS Deed and any directions or instructions given from time to time by the ACS Manager. All fees charged by the Investment Manager will be borne by the ACS Manager. The ACS Manager and Alternative Investment Fund Manager of the Scheme is Aberdeen Standard Fund Managers Limited, a private Company limited by shares which was incorporated in England and Wales on 7 November 1962. Its ultimate holding company is abrdn plc, which is incorporated in Scotland. 04 Aberdeen Standard ACS I Financial details and Fund Managers’ reviews of the individual funds for the period ended 31 May 2021 are given in the following pages of this report. Each fund has an individual investment objective and policy and each differs in regard to the extent to which they concentrate on achieving income or capital growth. There may be funds added to the umbrella of Aberdeen Standard ACS I (with consent of the FCA and the Depositary) in the future. The funds are valued on a mid-price basis and dealt at a single price regardless of whether a purchase or sale is being affected. The daily price for each fund appears on the Aberdeen Standard Investments website at www.aberdeenstandard.com. The funds are segregated portfolios of assets and, accordingly, the assets of a fund belong exclusively to that fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Scheme, or any other fund, and shall not be available for any such purpose. Unitholders are not liable for the debts of the Scheme. All fees charged by the Investment Manager will be borne by the ACS Manager. Significant event Aberdeen Standard Investments continues to monitor the global impact of COVID-19. The following are regularly reviewed to ensure fair treatment of investors: • Market liquidity across each asset class and fund; • Asset class bid-offer spread monitoring; • Review of fund level dilution rate appropriateness; • Review of daily subscriptions / redemptions to anticipate any potential concerns to meet redemption proceeds; • Any requirement to gate or defer redemptions; • Any requirement to suspend the / a fund(s); and • Any fair value price adjustments at a fund level. Developments and prospectus updates since 12 November 2020 • On 12 November 2020, the ASI Sustainable Index UK Equity Fund and ASI Sustainable Index World Equity Fund were launched; • On 31 May 2021, Gary Marshall resigned as a director of Aberdeen Standard Fund Managers Limited; • On 31 May 2021, Allison Donaldson resigned as a director of Aberdeen Standard Fund Managers Limited; • On 31 May 2021, Robert McKillop was appointed as a director of Aberdeen Standard Fund Managers Limited; • On 31 May 2021, Claire Marshall was appointed as a director of Aberdeen Standard Fund Managers Limited; • The list of funds managed by the ACS Manager was updated, where appropriate; • Performance and dilution figures were refreshed, where appropriate; • The list of sub-custodians was refreshed, where appropriate; and • The list of eligible markets was refreshed, where appropriate. Assessment of Value In 2017, the FCA published the final Asset Management Market Study. This introduced (among other reforms) new governance rules with the aim of enhancing duty of care and ensuring the industry acts in investors’ best interests. The rules were outlined in the FCA policy statement PS18/8 and came into effect from 30 September 2019. As a result, the ACS Manager is required to perform a detailed assessment on whether funds are “providing value to investors”. The resulting findings will be published within 4 months of the fund year-end date and can be found on the ‘Fund Centre’ pages on the Aberdeen Standard Investments website at www.aberdeenstandard.com. Crossholding information There were no cross holdings between funds in Aberdeen Standard ACS I as at 31 May 2021. Market Review Global equity markets rose over the six-month review period, with most major world indices seeing strong growth. The Covid-19 pandemic’s impact continued to be felt by economies around the world, with new variants of the virus adding further uncertainty and leading to the reimposition of lockdowns. However, markets had largely adapted to this constrained environment, and many markets were also underpinned by ongoing government and central bank support. Investor sentiment also improved on the back of largely successful vaccine rollouts. The review period started off well, as vaccine rollouts began in countries across the world. Then, the discovery of a new, highly contagious Covid-19 strain in the UK negatively affected global stocks. However, optimism concerning the vaccine rollouts that were already underway and the last-minute Brexit agreement on Christmas Eve offset the bad news. Although momentum stalled in January and February 2021, amid concerns of rising inflation, stock markets resumed their upward momentum, and recoveries continued apace Aberdeen Standard ACS I 05 in April. This was despite an alarming rise in Covid-19 cases in India and renewed outbreaks in many other geographies. From mid-May, investor focus shifted to corporate earnings announcements, which were generally better than expected. Global government and corporate bonds mostly fell over the review period. Improving sentiment concerning the economic recovery and ongoing government and central bank support resulted in expectations of rising inflation and pushed down bond prices. The first quarter of 2021 saw global government bonds fall sharply, with UK government bonds (gilts) enduring their worst quarter in over 20 years. Government bond markets then stabilised but were unable to offset earlier losses. Corporate bonds fared better than government bonds, but still fell over the period. High-yield debt generally performed better than investment-grade issues. According to the MSCI monthly index, UK commercial property returned 5.2% over the six months to the end of May. Although all sectors rose, the market remains polarised, with offices the weakest at 0.5%, while industrials returned 12.3%. The UK property market saw capital growth of 2.4%. However, this was entirely driven by a 9.8% rise in industrials, with all other sectors seeing capital decline. Overall, retail capital values are now starting to rise but are fully driven by retail warehousing and supermarkets. Meanwhile, offices are continuing their downward trend for the time being, amid low visibility around the impact of Covid-19 on future office occupation. There is now also more diversity in terms of investment volumes. While industrials are still dominant and account for more deals than any other sector, they only represented around 30% of volumes over May. Update on our investment outlook The ramp up of Covid-19 vaccine rollouts and positive economic data releases added fuel to an expected sharp economic rebound in 2021. With a recovery in sight, investors moved into cyclical companies at the expense of growth companies in late 2020, which continued into 2021. Low policy rates and extra fiscal expenditure are supportive for equities. Meanwhile, low bond yields have underpinned equity valuations that look stretched. A rise in long-term rates on inflation worries will likely cause spikes in market volatility. Weak corporate earnings, policy mistakes or vaccine setbacks, particularly around their effectiveness regarding new variants of the virus, could also cause sharp sell-offs. Within fixed income, on the corporate bond side, increasing vaccine dissemination, along with promises of further US fiscal stimulus, is driving sentiment. However, less favourably, the expected strong economic rebound is stoking some inflation fears, putting upward pressure on core government bond yields. Most notably, the 10-year US Treasury yield has risen sharply from lows seen in August 2020.
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