MFM Slater Growth Fund. Short Report
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1 MFM Slater Growth Fund Short Report For the period from 1st January 2015 to 30th June 2015
2 Fund Details MFM Slater Growth Fund Manager and Registrar Marlborough Fund Managers Ltd Marlborough House 59 Chorley New Road Bolton BL1 4QP Customer Support: (0808) FREEPHONE Authorised and regulated by the Financial Conduct Authority Trustee HSBC Bank plc 8 Canada Square London E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Investment Adviser Slater Investments Limited Nicholas House 3 Laurence Pountney Hill London EC4R 0EU Telephone: (020) Fax: (020) Authorised and regulated by the Financial Conduct Authority Auditor Barlow Andrews LLP Carlyle House 78 Chorley New Road Bolton BL1 4BY
3 GENERAL INFORMATION Investment Objective The investment objective is to achieve capital growth by investing in companies both in the UK and overseas but concentrating mainly on UK shares. The Fund will focus in particular on shares which the manager believes are currently under-valued and that have the potential of a significant re-rating. Other investments including bonds, warrants, deposits and collective investment schemes may be used where it is considered that they meet the investment objective. It is also intended where appropriate to take advantage of underwritings and placings. At times it may be appropriate for the Fund not to be fully invested but to hold cash and near cash. The Fund may invest in derivatives and forward transactions but only for hedging purposes. Risk Profile The portfolio is primarily invested in a portfolio of UK equities which carry risks such as market price risk and liquidity risk. These risks are monitored by the investment adviser in pursuit of the investment objectives as set above. In addition to the UK equity shares the portfolio may hold overseas equities which carry an additional currency risk. The Fund may also invest in derivatives and forward transactions for the purpose of hedging with the aim of reducing the Fund s risk profile. The investment adviser, having considered the portfolio, believes that its composition has a prudent spread of risk. Risk Warning The past is not necessarily a guide to future performance. The value of investments and the income from them may go down as well as up. Investors may not get back their original investment. The Fund is subject to an initial charge and consequently charges are not made uniformly throughout the period of investment. The Fund invests in smaller companies and carries a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid and their performance more volatile over shorter time periods. The Fund has a concentrated portfolio which means greater exposure to a smaller number of securities than a more diversified portfolio. The Fund invests mainly in the UK, therefore it may be more vulnerable to market sentiment in that country. Reports and Accounts The purpose of sending this Short Report is to present you with a summary of how the Fund has performed during the accounting period in accordance with the FCA rules. If you wish to request further information, the more detailed long form report is available. For a copy please write to Marlborough Fund Managers Ltd, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP or telephone customer services on Change in Prospectus No changes have been made since the last report. Up to date key investor information documents, prospectus and manager s reports and accounts for any fund within the manager s range, can be requested by the investor at any time. 1
4 AUTHORISED INVESTMENT ADVISER S REPORT For the six month period ended 30 June 2015 Percentage change and sector position to 30 June 2015 Six months 1 year 3 years 5 years Since launch** MFM Slater Growth Fund 7.75% 16.88% 82.00% % % Quartile Ranking* * Based on ranking within The Investment Association UK All Companies sector ** Launched 30 March 2005 External Source of Economic Data: Morningstar (bid to bid, net income reinvested) After a weak start to 2015, the UK stockmarket soared 5% in the last two weeks of January. Markets were also strong in February though they gave back a part of their rise in March. These gains were made against a background of tortuous negotiations between Greece and the Eurozone, continuing uncertainty in Ukraine and slower than expected GDP growth in the UK and US. The key driver was Quantitative Easing in Europe which drove an extremely aggressive upwards move on the European bourses with some spill over into other markets like the UK. Higher interest rates in the US and UK also looked likely to be deferred a little longer than expected. The UK stockmarket continued to benefit from the spill-over effect from Quantitative Easing in Europe during April. The month witnessed strong returns. The indices drifted downwards in early May ahead of the general election but the Conservative party s surprise majority ensured the market was in positive territory by month end. However, June was a very unsettled month and markets fell sharply. Greece returned to centre stage (yet again). The European Central Bank s decision to cap the level of liquidity assistance to Greek banks prompted the closure of all Greek banks and the imposition of capital controls in Greece. Uncertainty was compounded when the Greek government called a referendum on whether or not to accept the European Union s rescue package and its accompanying austerity programme. Meanwhile, China s CSI 300 index entered bear market territory. The index had risen vertiginously over the past year but fell back 20% during June. Following 2014 s strong outperformance, the Fund lagged its benchmark for the first few months of However, by May it had caught up and by the end of June the Fund was comfortably outperforming for the first six months of Hutchison China Meditech, the Fund s largest investment, gained 17% (+1.41% contribution) following strong full year results, the receipt of a milestone payment from Eli Lilly, some encouraging oncology drug data and aggressive share buying by directors. Investors are slowly waking up to the value of the company s drug pipeline which we believe is worth a multiple of the current share price. Serviced office group Regus continued to advance. Trading is buoyant and, for the first time, an acceleration in the investment programme did not lead to near-term profit downgrades. We see this as a positive tipping point and it was well-received by investors. The shares gained 25% (+0.85% contribution). Essentra, a relatively new holding that was increased during the period, gained 35% (+0.77% contribution). Quantum Pharma, another recent addition, appreciated by 53% (+0.69% contribution). 2
5 AUTHORISED INVESTMENT ADVISER S REPORT (CONTINUED) The general election result was positive for several portfolio holdings. Staffline acquired A4e on very attractive terms (2.5 times EV / EBITDA) making the group the clear leader in the government s Welfare to Work programme. The terms of the deal were hugely accretive to earnings and the election result ensures that the programme continues without interruption or changes. Staffline s shares leaped 46% (+0.53% contribution). STV Group reported solid first quarter trading and the Conservative victory has fostered hope of reform to the broadcasting industry, in particular in the area of retransmission fees. This could be very beneficial to STV which is very cheap in any event. Its shares put on 20% (+0.47% contribution). ITV is also a potential beneficiary of broadcasting reform and its shares rose 22% (+0.64% contribution). Shares in housebuilders also rose to celebrate the Conservative victory as the Labour threat to investigate land hoarding evaporated. Companies in the sector also continued to trade strongly with no adverse impact on consumer sentiment seen in the run up to the election. Thus, Bellway rose 22% (+0.81% contribution) and Redrow gained 50% (+0.82% contribution). Galliford Try, Barratt Developments and Bovis Homes rose 35%, 31% and 26% respectively, contributing, in turn, +0.60%, +0.44% and +0.42% to overall returns. Walt Disney (up 21%, contribution) continued to report excellent figures. Two growth companies which had experienced modest hiccups in recent years are now resolutely on the front foot Alliance Pharma gained 11% (+0.16% contribution) while Next 15 rose 28% (+0.36% contribution). First Derivatives reported a 13% advance in full year earnings (after the effect of dilution from recent share issues) and the company s habitually very conservative management pointed to the need for higher forecasts going forward. The shares put on 9% (+0.34% contribution). Entertainment One s full year numbers were reassuring. Earnings grew by 12% and the statement gave more detail than in the past about cash flows. The shares responded well, rising 11% (+0.37% contribution). Marston s appreciated by 12% (+0.45% contribution) after solid if unspectacular interim results. The company is near the end of a transition period after which management will have control over the pub estate. NCC Group rose 4% (+0.18% contribution). In the eleven months to 30 th April, organic revenues were 14% ahead. Management is confident that the company will maintain double digit organic growth for many years to come. Other worthwhile contributors to performance included dotdigital (+0.32%), James Fisher (+0.23%), Liontrust (+0.21%), Lakehouse (+0.15%), Mears (+0.19%), Netplay (+0.14%), Redcentric (+0.34%), Trifast (+0.20%), Premier Technical Services (+0.12%) and XLMedia (+0.11%). There were several companies that cost the Fund money during the period that are worth highlighting. Aquaculture group Benchmark fell 39% (-0.76% contribution) announced a greater than expected impact from generic competition for its salmon sea lice product in Chile and some delays in new product launches. The company has since clawed back lost market share in Chile and the company is well-placed to grow rapidly. Digital marketeers Matomy Media (down 53%, -1.50% contribution) and Marimedia (down 54%, -0.49% contribution) performed very poorly. Both operate in a rapidly changing competitive landscape and both encountered challenges as a result respectively a tightening up of online advertising exchange practices to counteract the activity of fraudulent, robotic hits and, in the case of Marimedia, a much faster than expected transition to mobile. Both companies boast large net cash piles and trade on modest multiples even after significant downgrades. Elsewhere, the weak oil price impacted Amerisur Resources (down 17%, -0.33% contribution) and Pressure Technologies (down 44%, -0.36% contribution). Avation Group fell 8% in thin trading (-0.19% contribution). Other negative contributors included Monsanto (-0.23%), Oxford Instruments (-0.13%), RWS (-0.13%), Skyepharma (-0.19%) and William Sinclair (-0.14%). 3
6 AUTHORISED INVESTMENT ADVISER S REPORT (CONTINUED) During the period, the investments in Amec, British American Tobacco, Imperial Tobacco, DS Smith, Hargreave Services, John Menzies, Lavendon and Polar Capital were sold. Accumuli was also sold (to another portfolio company, NCC Group). Five other holdings were reduced. The proceeds were invested in two new positions Lakehouse and Premier Technical Services group and in additions to a wide range of existing investments including Essentra, Walt Disney, Entertainment One, First Derivatives, Staffline, Regus, Matomy Media, Quantum Pharma, STV Group, dotdigital, OPG Power, Next 15, Bovis Homes, Barratt Developments, Redrow, Bellway and Galliford Try. Although a small number of investments have disappointed during the year to date, most of the portfolio s investments are delivering operational performance in line with or better than our expectations. Valuations are in most cases undemanding. We are therefore upbeat about prospects despite the macroeconomic noise. Distributions Year 2015 Year 2014 Year 2013 Year 2012 Net income paid last day of February Class A ppu ppu ppu ppu Class B ppu ppu Class P ppu ppu Slater Investments Ltd 30 July 2015 This report contains FTSE data. Source: FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. 4
7 AUTHORISED INVESTMENT ADVISER S REPORT (CONTINUED) Material Portfolio Changes For the six month period ended 30 June 2015 Major Purchases Cost ( ) Major Sales Proceeds ( ) Lakehouse 3,800,300 Smith (DS) 1,684,148 Monsanto 3,586,904 Lavendon Group 1,621,650 Walt Disney 2,957,539 Imperial Tobacco Group 1,347,228 Bellway 2,554,098 British American Tobacco 1,209,712 Matomy Media Group 2,284,772 Polar Capital Holdings 820,497 Bovis Homes Group 1,998,239 AMEC Foster Wheeler 752,742 Premier Technical Services Group 1,750,000 Hargreaves Services 573,439 Entertainment One 1,566,470 Menzies (John) 402,060 Essentra 1,431,689 Accumuli 380,987 Redrow 1,398,605 Stanley Gibbons Group 366,925 STV Group 1,140,344 Utilitywise 159,354 Barratt Developments 1,062,143 Sinclair (William) Holdings 129,535 Inspired Energy 1,021,209 Skyepharma 42,932 OPG Power Ventures 922,967 Parity Group 18,721 Next Fifteen Communications Group 894,181 RWS Holdings 5,922 Galliford Try 846,754 Regus 837,733 Marston's 807,904 Bonmarche Holdings 784,176 Hutchinson China Meditech 708,423 Other purchases 4,337,520 Total purchases for the period 36,691,970 Total sales for the period 9,515,852 TOP TEN HOLDINGS AS AT 30 JUNE 2015 TOP TEN HOLDINGS AS AT 31 DECEMBER 2014 % % Hutchison China Meditech 7.56 Hutchison China Meditech 7.64 Walt Disney 4.34 Restore 3.74 Bellway 3.60 Redcentric 3.61 Regus 3.52 First Derivatives 3.25 Redcentric 3.24 Walt Disney 3.07 First Derivatives 3.11 Regus 3.03 Restore 3.06 Marston s 2.84 Marston s 3.05 ITV 2.50 ITV 2.49 Avation 2.40 Essentra 2.41 Bellway
8 FUND FACTS Launched Accumulation Units 30 March 2005 at 100p On 31 December 2012 the units were reclassified as Class A. Class B and Class P units became available for purchase on 31 December Accounting Dates (Final) 31 December (Interim-report only) 30 June Distribution Dates (Final) 28 February Minimum Investment Class A 3,000 Class B 100,000 Class P 5,000,000 The Investment Association Sector UK All Companies Ongoing Charges Figure as at 31 December 2014 Class A 1.56%, Class B 1.06% and Class P 0.81% Ongoing Charges Figure as at 30 June 2015 Class A 1.55%, Class B 1.05% and Class P 0.80% The ongoing charge figure is based on expenses for the year. This figure may vary from year to year. It excludes: Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment scheme. Synthetic risk and reward indicator Lower risk Typically lower rewards Higher risk Typically higher rewards The risk and reward indicator above aims to provide you with an indication of the overall risk and reward profile of the Fund. It is calculated based on the volatility of the Fund using weekly historic returns over the last five years. If five years data is not available for a fund, the returns of a representative portfolio are used. This Fund has been measured as 5 because it has experienced significant volatility historically. 6
9 SUMMARY OF FUND PERFORMANCE Unit Type Year Highest Lowest Distribution Price Price Per Unit Class A Accumulation p p p Accumulation p p p Accumulation p p p Accumulation p p - Accumulation p p p Accumulation 2015* p p - Class B Accumulation p p p Accumulation p p p Accumulation 2015* p p - Class P Accumulation p p p Accumulation p p p Accumulation 2015* p p - *up to 30 June 2015 Net asset value Number of Net asset value of scheme accumulation per accumulation property units in issue unit 31 December ,197,449 22,829, p 31 December 2013 Class A 54,441,803 17,956, p 31 December 2013 Class B 2,405, , p 31 December 2013 Class P 11,805,698 3,867, p 31 December 2014 Class A 56,025,757 15,716, p 31 December 2014 Class B 5,470,639 1,520, p 31 December 2014 Class P 110,855,644 30,667, p 30 June 2015 Class A 58,606,769 15,238, p 30 June 2015 Class B 5,972,080 1,535, p 30 June 2015 Class P 147,694,977 37,735, p 7
10 P ORTFOLIO B REAKDOWN 8
11 Marlborough Fund Managers Ltd Marlborough House 59 Chorley New Road Bolton BL1 4QP Customer Support: Intermediary Support: Dealing: Fax: Website: Marlborough Fund Managers Ltd Registered in England No Authorised and regulated by the Financial Conduct Authority and a member of The Investment Association
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