Close OLIM UK Equity Income Fund. (formerly known as CF OLIM UK Equity Trust)

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1 Close OLIM UK Equity Income Fund (formerly known as CF OLIM UK Equity Trust) Interim Report & Financial Statements for the period ended 31 May 2014 (unaudited)

2 Close OLIM UK Equity Income Fund is a Unit Trust that aims to achieve a return based on a combination of income and capital over the long-term.

3 Contents Investment objectives and other information 4 Manager s report 5 Performance record 9 Portfolio statement 11 Financial statements 14 Notes to the financial statements 16 Distribution table 17 Authorised status 18 General information 19 Directory 21 Close OLIM UK Equity Income Fund 3

4 Investment objectives and other information for the period ended 31 May 2014 Investment objective and policy The objective of the Close OLIM UK Equity Income Fund ( The Fund ) is to achieve a return based on a combination of income and capital over the long-term through investment primarily in UK equities. The Manager may also from time to time invest in other transferable securities, including UK government securities and other fixed interest securities. Post balance sheet events As of 30 June 2014 Close OLIM UK Equity Fund was renamed Close OLIM UK Equity Income Fund. As of 30 June 2014, the Fund moves from a dual price valuation to a single price valuation. The Annual Management Charge reduced from: 1.5% on the first 10 million and 1.25% on the balance over 10 million to a flat rate of 0.75%. Additionally unit class A was renamed X on this date to reflect the new charging structure. As of 16 June 2014 the Investment Manager OLIM changed their address to 15 Berkeley Street, London W1J 8DY, Telephone: Close OLIM UK Equity Income Fund

5 Manager s report for the period ended 31 May 2014 Market Background UK equities made further progress in the six months to the end of May The FTSE All Share Index rose by 3.0% and gave a total return, including dividends, of 4.8%. Within the six month period there was a sharp setback in January when the violence in the Ukraine resulted in the resignation of the President and severe international tensions between Russia and the Western nations. Further anxiety caused a fall in March but otherwise the market moved steadily into higher levels. All sections of the market moved in fairly close harmony with the FTSE 250 and the FTSE Higher Yield indices both rising by 3.5%. Gilt yields fell marginally and the FTSE All Stocks Index recorded a total return of 2.6%, with ten year gilts giving a gross redemption yield of 2.6% at the end of May. Sterling rose against both the dollar and the euro, which reduced the returns on overseas equities to the sterling based investor. The FTSE World Index, which rose by 5% measured in dollars, gained just 3% when translated into sterling. In commodity markets the price of Brent crude oil was constant at $110 but copper fell by 3% reflecting fears of slowing growth in the emerging economies of the world. During the first quarter of 2013 growth in the UK economy continued to strengthen and forecasts for 2014 and 2015 continued to be upgraded. The outcome for Gross Domestic Product (GDP) in 2013 was +1.7%, considerably better than was expected a year ago. Economists now generally expect the UK economy to grow faster in 2014 than any of the developed nations of the world. The greater confidence which stemmed from these statistics supported the equity market at the higher levels despite the threat of rising interest rates at an earlier stage than previously expected. Inflation has remained within targeted levels during this period and unemployment levels have fallen more quickly than anticipated by the Bank of England. Companies have generally reported rising profits and earnings. Dividends rose by 2.5% in the first five months of 2014 compared with the same period in Close OLIM UK Equity Income Fund 5

6 Manager s report continued Performance The total return on the portfolio of the Fund was +3.88%, measured by the increase in the bid price of the accumulation units at the end of May 2014, compared with the end of November This was slightly below the All Share Index total return of +4.8%. Since the Fund s formation in January 2002, the total return on the accumulation units has been +168% and this compares with the All Share total return of +119%. Some of the companies which have performed excellently for several years underperformed in this six month period, including Spectris, Rotork and N Brown. We believe all three will continue to do well longer term. In sector terms, our underweighting in banks continued to benefit performance and our overweighting in travel and leisure was also positive, with Go-Ahead Group a particular strength following the announcement of its appointment to co-manage the Thameslink rail franchise. The overweight position in utilities was also positive. On the negative tack, our stock selection in pharmaceuticals was unhelpful and our holding in N Brown in the retail sector reversed previous stellar performance with a fall of 13%. Our underweight holdings in oil and gas were negative in this period. Portfolio We bought a new holding in Conviviality, which owns a chain of franchised offlicence and convenience stores mainly in the North of England, under the name of Bargain Booze. In 2013 it acquired Wine Rack which has wine shops within the M25 area of Southern England. In February this year Vodafone completed its restructuring by selling its stake in Verizon Wireless to Verizon Communications and issuing Verizon Communications shares to shareholders and distributing cash. We sold the new shares in Verizon Communications and reinvested part of the proceeds plus the cash back into Vodafone, with the balance used to top up the holdings in Unilever and GlaxoSmithKline. Cineworld had a rights issue to fund the acquisition of Cinema City, a chain of cinemas in Israel and Central Europe. We took up the rights on the new shares issued to us. Babcock International had a rights issue to fund the acquisition of Avincis, which operates helicopters involved in rescue missions around Europe. We took up our rights to the shares. Sales and purchases during the period totalled 1.07m. Distribution The interim distribution for the six month period will be the same as last year at 2.1p per income unit. 6 Close OLIM UK Equity Income Fund

7 Manager s report continued Outlook In June last year, the series of downgrades to the forecasts for UK economic growth reversed and a steady progression of upgrades has followed. For this year GDP growth of 2.8% is now expected. Though the Government will continue to operate a fiscal deficit for the next few years, it is now shrinking faster than previously forecast. Corporate activity has picked up and there has been a buoyant reception for new companies coming to the market. Nevertheless there are a number of challenges ahead. Public sector debt is still three quarters of GDP, which remains below its peak level of It is essential that the economy continues to grow to accommodate this level of borrowing. The outcome of the general election due in less than a year may cast a shadow over future policy, which could undermine confidence in our economy. The vote over Scottish Independence threatens confusion if the decision is taken to separate, though we do not expect it to have more than a short term effect on our portfolio. The future of Ukraine is unresolved and fighting continues. With an average yield on equities of 3.3% against ten year gilts yielding 2.6%, the investment case for equities remains strong and is now supported by genuine growth in the economy here and abroad. The price earnings ratio is just below the long term average and we believe that our portfolio will continue to provide attractive returns over the medium and long term. OLIM Limited Investment Manager 24 June 2014 Close OLIM UK Equity Income Fund 7

8 Manager s report continued Fund performance to 31 May 2014 Close OLIM UK Equity Income Fund 6 months 30/11/13-31/5/14 1 year 31/5/13-31/5/14 3 years 31/5/11-31/5/14 5 years 31/5/09-31/5/ % 11.29% 42.87% % Source: The figures were produced by Close Asset Management (UK) Limited using Financial Express. The performance of the Fund is based on the published bid price per Accumulation unit which includes reinvested income. Synthetic Risk and Reward Indicator (SRRI) 1 2 lower risks/ rewards higher risks/ rewards The indicator above illustrates the position of the Fund on a standard Risk/Reward category scale. The category is chosen based on the volatility of returns over the past five years. Please note that: Past performance is not a reliable indicator of future results. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. This indicator shows how much a Fund has risen and fallen in the past, and therefore how much a fund s return have varied. It is a measure of a fund s volatility. The higher a fund s past volatility the higher number on the scale and the greater the risk that investors in that fund may have made losses as well as gains. The lowest number on the scale does not mean that a fund is risk free. The Fund has been classed as 6 because its volatility has been measured as above average to high. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward profile shown is not guaranteed to remain the same and may shift over time. For more information on risk, please see the prospectus. 8 Close OLIM UK Equity Income Fund

9 Performance record Net asset value per unit and comparative tables Net asset values The net asset values are: Accounting Date Total Net Asset Value Net Asset Value per Unit Number of Units in Issue 31/5/2014 X Income X Accumulation 5,248,445 8,743, p p 3,159,828 3,264,862 30/11/2013 X Income X Accumulation 5,252,681 8,350, p p 3,238,614 3,233,887 30/11/2012 X Income X Accumulation 30/11/2011 X Income X Accumulation 3,839,830 6,496,194 3,398,476 5,782, p p p p 2,827,238 3,112,811 2,835,904 3,274,025 Capital record and net revenue X income and accumulation units were first offered at p on 7 January Year Highest Price p Lowest Price p Net Revenue Paid pence per Unit in Calendar Year 2014 X Income X Accumulation X Income X Accumulation X Income X Accumulation X Income X Accumulation X Income X Accumulation X Income X Accumulation *Highest and lowest price to 31 May 2014 and net revenue to 31 July The above performance information and that which is contained in the Manager s report relates to past performance. Past performance is not a reliable indicator of future results. The value of investments and the revenue from them may fall as well as rise and is not guaranteed. Close OLIM UK Equity Income Fund 9

10 Performance record continued Ongoing charges figure (annualised) Period to 31/5/2014 Year to 30/11/2013 X Income 1.54% X Income 1.49% X Accumulation 1.54% X Accumulation 1.49% The ongoing charges figure (OCF) represents the annual operating expenses of the Fund expressed as a percentage of average net assets for the period - it does not include initial charges. The OCF includes the annual management charge and also the following charges which are deducted directly from the Fund: General Administration charges, Trustee fee, Safe Custody fee, Audit fee, FCA fee, Professional Service charges and Safe Custody Transaction charges. The OCF is expressed as an annual percentage rate. 10 Close OLIM UK Equity Income Fund

11 Portfolio statement as at 31 May 2014 Market Value Percentage of Holding Investment GBP Net Assets % UNITED KINGDOM % ( %) Banks % ( %) 70,000 HSBC 440, Chemicals % ( %) 10,100 Croda 265, ,500 Johnson Matthey 337, , Electronic & Electrical Equipment % ( %) 73,000 Halma 431, ,000 Spectris 641, ,072, Fixed Line Telecommunications % ( %) 118,000 BT 468, Food & Drug Retailers % ( %) 150,000 Conviviality 252, ,000 Tesco 236, , Food Producers % ( %) 23,800 Unilever 637, Gas, Water & Multiutilities % ( %) 82,000 Centrica 275, ,300 Pennon 253, ,500 United Utilities 351, , General Retailers % ( %) 95,000 N Brown 444, Household Goods & Home Construction % ( %) 40,000 Telford Homes* 134, Industrial Engineering % ( %) 16,000 Rotork 416, *Alternative Investment Market listed. Close OLIM UK Equity Income Fund 11

12 Portfolio statement continued Market Value Percentage of Holding Investment GBP Net Assets % Financials % ( %) 167,000 Legal & General 384, Media % ( %) 91,000 Informa 467, ,134 Reed Elsevier 372, , Mining % ( %) 17,500 BHP Billiton 326, ,000 Rio Tinto 152, , Mobile Telecommunications % ( %) 230,818 Vodafone 483, Non-life Insurance % ( %) 55,000 Amlin 258, ,000 Beazley 379, , Oil & Gas Producers % ( %) 17,000 BG 207, ,000 BP 724, ,000 Royal Dutch Shell 'B' Shares 438, ,369, Oil Equipment, Services & Distribution % ( %) 28,000 AMEC 338, Pharmaceuticals & Biotechnology % ( %) 77,730 Dechra Pharmaceuticals 536, ,500 GlaxoSmithKline 616, ,153, Support Services % ( %) 47,274 Babcock International 573, ,000 Carillion 304, ,000 SThree 299, ,177, Close OLIM UK Equity Income Fund

13 Portfolio statement continued Market Value Percentage of Holding Investment GBP Net Assets % Travel & Leisure % ( %) 100,320 Cineworld 344, ,375 Go-Ahead Group 470, ,000 Marston's 256, ,500 The Restaurant Group 278, ,349, Portfolio of investments 13,799, Net other assets 192, Net assets 13,991, All investments are in ordinary shares unless otherwise stated. Note: Comparative figures in brackets refer to 30 November Close OLIM UK Equity Income Fund 13

14 Financial statements Statement of total return for the period ended 31 May 2014 Period to Period to 31/5/ /5/2013 GBP GBP GBP GBP Income Net capital gains 339,178 1,476,261 Revenue 262, ,858 Expenses (101,694) (85,498) Net revenue before taxation 160, ,360 Taxation (11) Net revenue after taxation for the period 160, ,360 Total return before distributions 499,890 1,605,621 Finance costs: Distributions (228,908) (160,351) Change in net assets attributable to unitholders from investment activities 270,982 1,445,270 Statement of change in net assets attributable to unitholders for the period ended 31 May 2014 Period to Period to 31/5/ /5/2013 GBP GBP GBP GBP Opening net assets attributable to unitholders 13,603,518 10,336,024 Amounts receivable on issue of units 336, ,971 Amounts payable on cancellation of units (379,711) (521,356) (43,523) 412,615 Stamp duty reserve tax (751) (938) Change in net assets attributable to unitholders from investment activities 270,982 1,445,270 Retained distribution on accumulation units 161,253 98,877 Closing net assets attributable to unitholders 13,991,479 12,291,848 The difference between the net assets at the start of the period and the comparative net assets at the end of the period is the movement in the second half of the year. 14 Close OLIM UK Equity Income Fund

15 Financial statements continued Balance sheet as at 31 May 2014 As at As at 31/5/ /11/2013 GBP GBP GBP GBP ASSETS Investment assets 13,799,331 13,312,044 Debtors 108,480 60,007 Cash and bank balances 171, ,281 Total other assets 279, ,288 Total assets 14,079,100 13,738,332 LIABILITIES Creditors (21,264) (17,382) Distribution payable on Income units (66,357) (117,432) Total other liabilities (87,621) 134,814 Total liabilities (87,621) 134,814 Net assets attributable to unitholders 13,991,479 13,603,518 Close OLIM UK Equity Income Fund 15

16 Notes to the Financial statements as at 31 May Accounting policies a Basis of accounting The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010 ('the IMA SORP 2010'). The accounting policies are consistent with those disclosed within the annual Financial Statements for the year ended 30 November The Manager is confident that the Fund will continue in operation for the foreseeable future. The Fund has adequate financial resources and its assets consist of securities which are readily realisable. As such, the financial statements have been prepared on the going concern basis. 16 Close OLIM UK Equity Income Fund

17 Distribution table for the period ended 31 May 2014 Interim dividend distribution in pence per unit Group 1: units purchased prior to 1 November 2013 Group 2: units purchased 1 November 2013 and 31 May 2014 X Income Group 1 Group 2 Net Revenue per Unit Equalisation per Unit Distribution Payable on 31/7/ Distribution Paid on 31/7/ X Accumulation Group 1 Group Equalisation This applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to the holders of these units as a return of capital; being capital it is not liable to Income tax but must be deducted from the cost of units for Capital Gains tax purposes. Close OLIM UK Equity Income Fund 17

18 Authorised status Authorised status The Fund is an authorised unit trust under the Financial Services and Markets Act 2000 ( the Act ). The date of authorisation is 26 November Certification of financial statements by Directors of the Manager This Manager s report has been prepared in accordance with the Financial Conduct Authority s Collective Investment Schemes ( COLL ) Sourcebook. G M. Clarke (Director) E B. Davies (Director) Close Asset Management (UK) Limited 23 July Close OLIM UK Equity Income Fund

19 General information Launch date 7 January 2002 Accounting year end date 30 November Initial charge Nil Annual charge The Fund pays an annual charge of 0.75% of the value of the Fund to the Manager. This is deducted from capital. Registration fees The Registrar charges a fee based upon the number of account holders. The Manager may benefit from the Registrar servicing a number of Close funds. Distributions Where possible the Fund will declare an annual dividend in relation to the period ending 30 November each year and a semi-annual dividend in relation to the period ending 31 May in each year. Any distributions made will be paid to unitholders on or before the next following 31 January or 31 July, where applicable. Unit prices Unit prices are calculated daily at 12 noon and all dealings are currently on a forward price basis. The Manager, to protect unitholders, reserves the right to revalue in times of currency or market volatility. Prices for all Close Asset Management (UK) Limited s range of authorised unit trusts and open-ended investment companies ( OEICS ) are available on Close s website, or the website of the IMA, or by contacting Close on *. Minimum investment and Individual Savings Account (ISA) The minimum investment in the Fund is 1,000. The minimum additional investment is 1,000. In the case of regular savers the minimum amount is 50 per month. Unless all units are redeemed, redemptions are subject to a minimum of 500 in value. Taxation of the unitholder Unitholders who are resident or ordinarily resident in the UK for UK tax purposes may, depending on their circumstances, be liable to UK Capital Gains Tax on the disposal of their units. An individual s first 10,900 of net gains on disposals in 2013/14 are exempt from UK Capital Gains Tax. Gains in excess of 10,900 are subject to tax at the Capital Gains tax rate of 18% where total taxable income and gains are 32,010 or below or at 28% on total taxable income and gains above this threshold. Capital Gains and Income Tax rates and reliefs are always subject to change. Special rules apply to institutional investors and Trustees. *Calls to this number may be recorded for monitoring and training purposes. Close OLIM UK Equity Income Fund 19

20 General information continued Prospectus and Key Investor Information Document Copies of the prospectus and Key Investor Information Document of the Fund are available free of charge from the Manager or may be downloaded from our website Cancellation If you invest in the fund through a financial advisor, or after taking advice from an authorised intermediary, you have the right to cancel the agreement under the Financial Conduct Authority Conduct of Business Sourcebook Chapter 15.2 and you will be sent a cancellation notice. You may exercise your right to cancel by returning it to the Manager within 14 days. If you exercise this right, you will not get a full refund of the money you paid if the value of the investment falls before the cancellation notice is received by the Manager, because an amount equal to that fall in value will be deducted from any refund you would otherwise receive. Such a deduction will not be made from the first instalment paid into a regular savings scheme. Customers dealing direct with the Manager are deemed to be execution-only customers and will have no rights of cancellation, as outlined above. Value of units The value of your units and any amount of revenue from them is linked to the value of, and the amount of revenue from the assets comprised in the property of the Fund. The minimum price per unit at which you may realise your units will be determined by: i. Calculating the value on a bid price basis of the proportion of the assets comprised in the property of the Fund equal to the proportion of those assets represented by one unit of the type concerned; and ii. Deducting an appropriate allowance for fiscal and sale charges. The amount of revenue per unit which you will receive (or will be reinvested on your behalf) will be a proportion of the net amount of the revenue of the Fund for the relevant year (after allowing for management fees, provision for taxation, interest on borrowings and other expenses) equal to the proportion of that revenue represented by one unit. In this calculation, the value of the assets of the Fund will take account of accrued but unpaid management fees, any applicable taxes and other accruals. Risk warnings Investors should remember that past performance is not a reliable indicator of future results as the price and value of units, and the revenue from them, can fall as well as rise. Investors may not get back the amount originally invested. This information relating to the Close OLIM UK Equity Income Fund is issued by Close Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. 20 Close OLIM UK Equity Income Fund

21 Directory Manager Close Asset Management (UK) Limited** (Authorised and regulated by the Financial Conduct Authority) Registered office: 10 Crown Place, London EC2A 4FT Business address: 10 Exchange Square, Primrose Street, London EC2A 2BY Telephone: Dealing only * Directors M. Andrew G M. Clarke R I. Curry E B. Davies D. Muncaster A R. Thomas Investment Manager OLIM Limited 15 Berkeley Street London W1J 8DY (Authorised and regulated by the Financial Conduct Authority) Telephone: Trustee BNY Mellon Trust & Depositary (UK) Limited (Authorised and regulated by the Financial Conduct Authority) The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA Administrator & Registrar The Bank of New York Mellon (International) Limited (Authorised and regulated by the Financial Conduct Authority) BNY Mellon House, Ingrave Road, Brentwood, Essex CM15 8TG Independent Auditor Deloitte LLP 2 New Street Square London EC4A 3TR Useful 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 and the results of those activities at the period-end. For more information about the activities and performance of the Fund during this and previous periods, please contact the Manager at the address above. *Calls to this number may be recorded for monitoring and training purposes. **The Manager (Close Asset Management (UK) Limited) and the Investment Advisor (OLIM Limited) are both subsidiaries of Close Brothers Group Plc. Authorised and regulated by the Financial Conduct Authority. Close OLIM UK Equity Income Fund 21

22 Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2A 2BY Close Brothers Asset Management is a trading name of Close Asset Management Limited (Registered number: ) and Close Asset Management (UK) Limited (Registered number: ). Both companies are part of Close Brothers Group plc, are registered in England and Wales and are authorised and regulated by the Financial Conduct Authority. Registered office: 10 Crown Place, London EC2A 4FT. VAT Registration No CBAM/ /5/2014

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