Managers interim short report for the half year: 1 April 2014 to 30 September Ignis Balanced Growth Fund

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1 Managers interim short report for the half year: 1 April 2014 to 30 September 2014 Ignis Balanced Growth Fund

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3 Introduction to your short report Dear Investor, Welcome to your short report for the six months to 30 September As you will be aware, we send you a managers report every six months relating to the Fund you are invested in. Please note, following the acquisition of Ignis by Standard Life Investments, the management of Ignis equities transferred to Standard Life Investments on 26 August Going forward, the Fund will be managed in accordance with Standard Life Investments differentiated Focus on Change investment philosophy. This will not impact the investment objective and policy of the Ignis Balanced Growth Fund. The Long Report & Accounts are still available should you wish, and can be obtained by contacting Investor Support on Yours faithfully David Cameron Head of Investor Services & Provider Oversight 1

4 Ignis Balanced Growth Fund Investment objective This authorised unit trust has been established to achieve maximum total return through an actively managed portfolio of equities and fixed interest investments, focusing on growth companies and special situations, mainly in the UK. Investment policy The Fund is invested in a broad range of companies with a broad range of market capitalisations, principally in the UK. The focus tends to be on growing companies with clear strategies and strong management teams. From time to time, the Fund also takes advantage of any special situations in the market, e.g. takeover situations or corporate rescues. Risk profile The Ignis Balanced Growth Fund is suitable for investors who are interested in specialised equity markets and who are aware of the associated increased investment risks. The investor should have experience with equity products and must be able to accept losses. Investors should be able to set aside the invested capital for at least 5 years. The value of units and any income from them can go down as well as up and is not guaranteed. 2

5 Fund facts Launch date 25 January 1984 Fund size as at 30 September m Initial charge 5.25% Annual management charge Class A 1.50% Class I 0.75% Historic yields* Class A Accumulation 1.20% Class A Income 1.21% Class I Accumulation 1.97% Sector UK All Companies XD dates 1 April & 1 October Distribution payment dates 31 May & 30 November Income Accumulation Class A Class A Class I Ongoing Charges Figure as at 30 September % 1.60% 0.83% The Ongoing Charges Figure (OCF) shows the operating expenses, annualised, of each unit class as a percentage of average net assets of that class for the period. If you require any further information, please contact Investor Support on *Yield as at 30/09/14. Yields are historic based on the preceding 12 months distributions as a percentage of the mid market unit price, as at the date shown. Yields will vary, do not include any preliminary charges, and investors may be subject to tax on distributions. Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The highlighted area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk The Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past. The above figure applies to the following unit classes: Class A Accumulation Class A Income Class I Accumulation For more information on the Risk and Reward profiles of our funds, please refer to the most up to date relevant Fund and Unit Class Key Investor Information Documents (KIIDs). These are available online at 3

6 Summary of Fund performance Unit price Year to 31 December Income units Lowest redemption price (pence per unit) Income units Highest issue price (pence per unit) Accumulation units Lowest redemption price (pence per unit) Accumulation units Highest issue price (pence per unit) Class A Jan to 30 Sep Class I From launch 18 Nov to 31 Dec 2011 n/a n/a n/a n/a n/a n/a Jan to 30 Sep 2014 n/a n/a Distribution record Year to 31 December Income units Net distribution pence per unit (paid during the period) Accumulation units Net distribution pence per unit (paid during the period) Class A Jan to 30 Sep Class I From launch 18 Nov to 31 Dec 2011 n/a 2012 n/a n/a Jan to 30 Sep 2014 n/a Past performance is not a guide to future performance. The value of units can fall as well as rise and is not guaranteed. You might not get back the full amount invested. 4

7 Summary of distribution An interim distribution of pence per unit will be credited to Class A accumulation unitholders, pence per unit credited to Class I accumulation unitholders and pence per unit paid to Class A income unitholders on 30 November Net asset value Class I Accumulation p per unit p per unit -1.18% Note: Figures are calculated internally for accounting purposes (assets are valued at bid at 12pm based on holdings at close the same day). Past performance record Net Asset Value as at 30 September 2014 Sep % growth Sep % growth Net Asset Value as at 31 March 2014 Sep % growth Sep % growth Net Asset Value % change Class A Income p per unit p per unit -2.43% Class A Accumulation p per unit p per unit -1.56% Sep % growth Ignis Balanced Growth Fund Sector average Source: Lipper, bid to bid, net income reinvested to end September for each year. Past performance is not a guide to future performance. The value of units can fall as well as rise and is not guaranteed. You might not get back the full amount invested. Sectoral spread of investments as at 30 September 2014 Sector % Consumer Goods 34.1 Capital Goods 32.0 Finance 24.5 Others 9.1 Money Markets 2.2 Cash -1.9 Sectoral spread of investments as at 31 March 2014 Sector % Consumer Goods 34.2 Finance 24.8 Capital Goods 23.3 Others 17.4 Money Markets 0.2 Cash 0.1 Source: Internal 5

8 Top ten holdings Holding % of Fund value as at 30 Sep 2014 Holding % of Fund value as at 31 Mar 2014 HSBC Holdings 7.0 Lloyds Banking Group 6.0 Standard Chartered 4.4 Rolls-Royce Group 5.0 Rio Tinto 4.3 BT Group 4.9 BP 3.9 Diageo 4.0 TUI Travel 3.3 Rio Tinto 3.8 Burberry Group 3.2 Senior 3.6 Royal Dutch Shell B 3.1 Babcock International 3.4 John Wood Group 3.1 Whitbread 3.3 International Consolidated Airlines Group 3.1 HSBC Holdings 3.2 Petrofac 3.0 Greene King 3.1 6

9 Fund manager s comment The Fund s strongest contributor was Shire Pharmaceuticals, which received an offer from US company AbbVie. Not holding Tesco was the secondlargest contributor, as the supermarket chain admitted significant accounting irregularities. Meanwhile, Smith & Nephew benefited from a perceived increase in the likelihood of bids. On the negative side, profit warnings from some airlines and weaker summer trading hit travel operator Thomas Cook. The second-largest detractor from returns during the period was the underweight in Royal Dutch Shell, as the defensive qualities of the businesses dividend led to relative outperformance. Elsewhere, industrials such as Senior disappointed, primarily because of the strength of sterling, as most capital-goods companies earn the bulk of their income overseas. The Fund was transitioned from the control of Ignis equity managers to Standard Life Investments (SLI) equity managers towards the end of August. There followed a significant restructuring of the Fund to bring it more into line with the SLI investment policy. This was carried out in such a way as to minimise market and share-price impact. Examples of the more significant purchases included Rio Tinto, where the new management team s dividendgrowth plans should lead to a rerating of the company s shares; HSBC, the well-capitalised, and increasingly wellpositioned, global banking franchise that is set to benefit from a rise in interest rates; Standard Chartered, whose valuation is at a discount, despite its robust long-term growth outlook and resilient return on assets; and BP, the purchase of which reduced the Fund s significant underweight position in oil. BP s new strategy should lead to dividend growth in excess of investors current expectations. Meanwhile, the Fund s sales included Shire, given the risk of an announced bid being withdrawn because of a change in tax rules; Rolls Royce, on concerns about cash generation, meeting cost targets and the increasingly important marine-engines market; and Diageo, where we reduced the overweight position to reflect solid performance in the face of currency pressure and some competition concerns. The Fund aims to invest in attractive stock-specific opportunities leading to material outperformance of the benchmark. While the US and UK economies look set to grow, continental European economies have weakened. Despite this changed European outlook, the Fund continues to increase investment in lowly rated, European-exposed industrials including IMI, Synthomer and GKN. In addition, given the strength of the UK economy, the Fund has increased exposure to UK-exposed consumer cyclical stocks these include Travis Perkins, Mitchells & Butler, Thomas Cook and Crest Nicholson. Our underweights remain in beverages and consumer staples such as supermarkets, as valuations are seen as unattractive compared with the market and history. Our current investment themes are: improving returns for market-leading firms in capital-intensive industries (RPC, Synthomer, Fenner); the potential re-rating by agencies of firms with improved strategies led by new management teams (Thomas Cook, Grafton, IMI); and businesses that could sustainably outperform owing to their unique product offerings (BooHoo, Burberry, Dixons). Over the review period, the Ignis Balanced Growth Fund fell 1.4%, in line with its sector average. (Source: Lipper, bid to bid, net income reinvested for six months to 30/09/14). 7

10 Availability of long report & accounts If you wish to receive a copy of the annual and half yearly Long Report & Accounts for the Ignis Balanced Growth Fund then please contact Investor Support on They are free of charge. Other information The information in this report is designed to enable unitholders to make an informed judgement on the activities of the Fund during the period it covers and the results of those activities at the end of the period. For more information about the activities and performance of the Fund during this period and previous periods, please contact Investor Support on Ignis Asset Management is the trading name for companies in the Ignis Asset Management Limited group of companies which includes the unit trust manager Ignis Fund Managers Limited and the investment manager Ignis Investment Services Limited. The Ignis Asset Management Limited group of companies is part of The Standard Life Investments group. Please note on 1 July 2014 global investment manager Standard Life Investments (Holdings) Limited successfully completed the acquisition of Ignis Asset Management from Phoenix Group Holdings. Unit prices and yields appear daily on the Ignis website and the Investment Management Association website Money Laundering If you have not already provided us with the required documentation to prove your identity we may have to freeze or terminate your account, and will not be able to accept any further subscriptions. There may also be a delay when repurchasing your investment. Please note that we will have previously contacted you by post if we do not have all the required documentation on file for your account. Manager Ignis Fund Managers Limited (IFM) 50 Bothwell Street, Glasgow G2 6HR Tel: Registered in Scotland No. SC85610 Member of the Investment Management Association Authorised and regulated by the Financial Conduct Authority. Directors *Appointed with effect 1 July 2014 N K Skeoch* Executive Chairman of IFM and Chief Executive of the Standard Life Investments group; J Aird* Managing Director of IFM; C Clark* Director of IFM and Director of the Standard Life Investments group s Global Client Group; C Fellingham Chief Investment Officer of IFM; R Paris* Director of IFM and Chief Investment Officer of the Standard Life Investments group; C Walklin* Director of IFM and Chief Operating Officer & Finance Director of the Standard Life Investments group. Resigned with effect 1 July 2014 C Samuel C Chene C Bannister J McConville D Watts E Stobart Resigned with effect 30 September 2014 GT Hotson Investment Adviser Ignis Investment Services Limited 50 Bothwell Street, Glasgow G2 6HR Registered in Scotland No. SC Authorised and regulated by the Financial Conduct Authority. Trustee Citibank International Plc Registered office: Citigroup Centre Canada Square, Canary Wharf London E14 5LB Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Independent auditors to the Fund PricewaterhouseCoopers LLP 141 Bothwell Street, Glasgow G2 7EQ Registrar and Correspondence address Ignis Fund Managers Limited PO Box 9028 Chelmsford CM99 2WH Authorised Status This Fund is an Authorised Unit Trust scheme under Section 243 of the Financial Services and Markets Act 2000 and is categorised under the Collective Investment Schemes Sourcebook as a UCITS retail fund. 8

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12 Investor Support Call: Telephone calls may be monitored and/or recorded for the purposes of security, internal training, accurate account operation, internal customer monitoring and to improve the quality of service. Please note the Key Investor Information Document (KIID), the Supplementary Information Document (SID) and the Full Prospectus are available free of charge. For a copy, phone Investor Support on Ignis Investment Services Limited does not accept liability for any claims or losses of any nature arising directly or indirectly from use of the data or material in this report. The information supplied is not intended to constitute investment, tax, legal or other advice. Ignis Asset Management is the trading name of the Ignis Asset Management Limited group of companies which includes Ignis Asset Management Limited, *Ignis Investment Services Limited and *Ignis Fund Managers Limited. Issued by Ignis Investment Services Limited. Registered in Scotland No. SC Registered Office: 50 Bothwell Street, Glasgow G2 6HR. *Authorised and regulated by the Financial Conduct Authority. Ignis Asset Management Limited and its subsidiaries are part of the Standard Life Investments group (Standard Life Investments (Holdings) Limited and its subsidiaries). B

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