PHOENIX UNIT TRUST MANAGERS/media/Files/P/... · 2020. 6. 25. · Welcome to the PUTM UK All- Share Index Unit Trust interim report for the Trustsix months to 30 April 2020. Performance

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



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


Investment review Dear Investor

Welcome to the PUTM UK All-Share Index Unit Trust

interim report for the six months to 30 April 2020.

Performance Review

Over the review period, PUTM UK All-Share Index Unit

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

% growth Apr 18-19 % growth

Apr 17-18 % growth

Apr 16-17 % growth

Apr 15-16 % 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


Investment review Portfolio and Market Review

UK shares were down over the six months, lagging behind

those trading on other developed markets. The stock

market had to weather political upheaval, Brexit-related

uncertainty, and latterly, concerns about the new

coronavirus. Oil & gas, banks and travel were among the

worst performers at the sector level.

Early in the period, the UK Parliament voted for a snap

general election. The Conservative Party won a conclusive

victory in the December vote, which helped provide clarity

on Brexit and the path the country would follow. As a

result, UK stocks with a domestic focus, such as

housebuilders, made strong gains up to mid-February. On

31 January 2020, the UK officially left the EU.

In late February, UK stocks tumbled in line with their

global peers, as investor fears about the effects of the

coronavirus increased. With share-price declines

continuing into March, the UK government and Bank of

England (BoE) took significant and early action to minimise

corporate defaults and job losses. The BoE cut the base

interest rate to 0.1% and the government announced a

history-making spending package. While the UK market

rallied strongly in April, the gains were not enough to offset

previous losses.

Market Outlook and Fund Strategy

In the near term, the global economic outlook has been hit

by Covid-19 as widespread lockdowns have caused

economies to go into an induced coma. This has resulted

in profit warnings, dividend cuts and capital raisings.

Increased uncertainty has caused share prices to collapse,

pricing in a prolonged period of economic stagnation. The

level of despondency is at least as bad as the 2008

financial crisis, with no shortage of economists publishing

reports predicting the deepest recession in living memory.

While such reports make uncomfortable reading, it is

important to remember that markets tend to move several

months ahead of economic data. Just as in 2009, we

believe that extreme negative sentiment has created an

asymmetrical risk-reward for investors. As panic subsides,

we expect investor time horizons to lengthen. We therefore

believe it makes sense to look forward and ask whether the

reality will justify the pessimism that is priced into

valuations. History suggests that moments of extreme fear,

such as this, can cause markets to overshoot. We believe

the best returns will be generated by taking a longer-term

view, looking across the ‘valley’ beyond near-term

uncertainty.

3


Portfolio of investments

Investments held at 30 April 2020

Market Percentage of

value total net assets

4

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





5



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






6

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





7



Household Goods & Home Construction

(31/10/19 – 3.18%) 3.81

6,913 Barratt Developments 37,220 0.28

848 Bellway 23,803 0.18

811 Berkeley Group Holdings 34,930 0.26

3,434 Countryside Properties 14,423 0.11

1,956 Crest Nicholson Holdings 5,344 0.04

2,149 DFS Furniture 3,211 0.02

947 Headlam Group 2,860 0.02

2,209 Persimmon 49,150 0.37

4,307 Reckitt Benckiser 287,708 2.16

24,285 Taylor Wimpey 36,925 0.28

1,503 Vistry Group 12,460 0.09

Leisure Goods (31/10/19 – 0.10%) 0.16

191 Games Workshop 11,603 0.09

3,537 Pets at Home Group 9,359 0.07

Personal Goods (31/10/19 – 2.61%) 2.63

2,688 Burberry Group 38,371 0.29

1,716 PZ Cussons 3,212 0.02

209 Ted Baker 334 0.00

7,436 Unilever 308,668 2.32

Tobacco (31/10/19 – 3.43%) 4.51

15,724 British American Tobacco 490,196 3.67

6,553 Imperial Brands 111,761 0.84

Healthcare Equipment & Services (31/10/19 – 0.93%) 0.94

9,495 Convatec Group 19,939 0.15

3,014 Mediclinic International 7,873 0.06

576 NMC Health+ – 0.00

5,957 Smith & Nephew 95,878 0.72

1,705 Spire Healthcare Group 1,652 0.01

Pharmaceuticals & Biotechnology (31/10/19 – 8.46%) 10.53

9,001 AstraZeneca 761,755 5.71

706 Dechra Pharmaceuticals 19,627 0.15

471 Genus 16,532 0.12

33,708 GlaxoSmithKline 568,991 4.27

981 Hikma Pharmaceuticals 23,907 0.18

5,311 Indivior 2,677 0.02

448 Oxford Biomedica 3,239 0.02

786 PureTech Health 2,067 0.02

6,346 Vectura Group 5,470 0.04

Food & Drug Retailers (31/10/19 – 1.64%) 2.04

683 Greggs 12,499 0.09

15,268 Morrison (WM) Supermarkets 28,536 0.21

3,066 Ocado Group 50,022 0.38

11,737 Sainsbury (J) 23,104 0.17

66,676 Tesco 158,022 1.19







General Retailers (31/10/19 – 1.39%) 1.09

4,937 AA 1,370 0.01

2,968 AO World 1,680 0.01

1,750 Card Factory 747 0.01

219 Dignity 534 0.00

6,055 Dixons Carphone 4,786 0.04

933 Dunelm Group 8,859 0.07

1,302 Frasers Group 3,385 0.03

1,789 Halfords Group 1,918 0.01

3,042 Inchcape 15,803 0.12

2,340 JD Sports Fashion 12,327 0.09

14,680 Kingfisher 23,385 0.18

2,297 Lookers 544 0.00

13,701 Marks & Spencer 13,326 0.10

1,680 N Brown Group 421 0.00

901 Next Group 43,689 0.33

10,958 Pendragon 920 0.01

376 Superdry 490 0.00

1,312 Topps Tiles 462 0.00

831 WHSmith 10,537 0.08

Media (31/10/19 – 2.96%) 2.77

210 4imprint Group 4,070 0.03

2,964 Ascential 7,523 0.06

560 Bloomsbury Publishing 1,126 0.01

708 Euromoney Institutional Investor 6,103 0.05

560 Future 5,734 0.04

3,446 Huntsworth 3,704 0.03

7,236 Hyve Group 1,733 0.01

9,004 Informa 41,779 0.31

26,177 ITV 20,737 0.16

3,466 Moneysupermarket.com 11,070 0.08

4,968 Pearson 24,015 0.18

2,004 Reach 1,689 0.01

12,927 RELX 239,925 1.80

Travel & Leisure (31/10/19 – 3.18%) 2.44

1,532 888 Holdings 2,221 0.02

1,113 Carnival 13,289 0.10

6,765 Cineworld Group 4,734 0.04

11,039 Compass Group 154,601 1.16

2,760 Domino’s Pizza 9,533 0.07

1,710 easyJet 10,599 0.08

8,492 FirstGroup 5,826 0.04

208 Fuller Smith ‘A’ 1,427 0.01

658 Gamesys Group 6,027 0.04

310 Go-ahead Group 4,250 0.03

1,378 Gym Group 2,235 0.02

986 Hollywood Bowl Group 1,622 0.01

1,221 InterContinental Hotels 47,009 0.35

8






9

Holding Investment

Travel & Leisure (continued)

£ %

4,447 Marston’s 1,760 0.01

2,014 Mitchells & Butlers 3,657 0.03

2,831 National Express 7,564 0.06

871 On the Beach Group 2,421 0.02

3,952 Restaurant Group 2,180 0.02

8,477 Saga 1,416 0.01

3,490 Stagecoach Group 2,764 0.02

490 Wetherspoon (JD) 4,751 0.04

924 Whitbread 28,090 0.21

6,034 William Hill 6,960 0.05

Fixed Line Telecommunications (31/10/19 – 0.87%) 0.62

5,612 Airtel Africa 2,225 0.02

61,488 BT Group 72,986 0.55

3,244 TalkTalk Telecom Group 2,727 0.02

309 Telecom Plus 4,141 0.03

Mobile Telecommunications (31/10/19 – 1.96%) 1.64

186,942 Vodafone Group 218,722 1.64

Electricity (31/10/19 – 0.64%) 0.74

1,241 ContourGlobal 1,978 0.01

2,848 Drax Group 6,021 0.05

7,187 SSE 90,556 0.68

Gas, Water & Multiutilities (31/10/19 – 2.20%) 2.70

40,307 Centrica 16,159 0.12

24,158 National Grid 229,791 1.72

2,865 Pennon Group 31,930 0.24

1,557 Severn Trent 37,742 0.28

4,901 United Utilities Group 45,138 0.34

Banks (31/10/19 – 9.60%) 7.62

384 Bank Of Georgia Group 3,955 0.03

120,546 Barclays 133,758 1.00

8,859 CYBG 7,341 0.06

139,333 HSBC Holdings 589,936 4.42

485,350 Lloyds Banking Group 157,739 1.18

1,091 Metro Bank 1,026 0.01

2,356 Onesavings Bank 5,881 0.04

31,737 Royal Bank of Scotland Group 35,736 0.27

18,451 Standard Chartered 78,675 0.59

240 TBC Bank Group 2,105 0.02

Non-Life Insurance (31/10/19 – 0.77%) 0.83

1,356 Admiral Group 32,110 0.24

4,040 Beazley Group 16,330 0.12

9,407 Direct Line Insurance Group 26,133 0.20

2,291 Hastings Group 4,371 0.03

7,200 RSA Insurance Group 26,726 0.20

1,811 Sabre Insurance Group 5,198 0.04







Life Insurance (31/10/19 – 3.66%) 3.48

26,747 Aviva 67,830 0.51

1,335 Chesnara 4,452 0.03

6,295 Just Group 3,639 0.03

40,386 Legal and General 86,790 0.65

3,592 Phoenix Group Holdings 22,120 0.17

17,849 Prudential 209,369 1.57

3,666 St. James’s Place 31,982 0.24

16,139 Standard Life Aberdeen 37,943 0.28

General Financial (31/10/19 – 3.29%) 3.48

6,569 3i Group 54,234 0.41

1,262 AJ Bell 4,966 0.04

992 Allied Minds 300 0.00

2,000 Arrow Global Group 2,280 0.02

2,715 Ashmore Group 10,860 0.08

2,681 Brewin Dolphin 7,587 0.06

1,157 Close Brothers 13,236 0.10

919 Funding Circle Holdings 827 0.01

1,928 Hargreaves Lansdown 29,759 0.22

2,662 IG Group Holdings 20,577 0.15

1,721 Intermediate Capital Group 19,981 0.15

2,377 International Personal Finance 1,462 0.01

4,222 Investec 7,256 0.05

5,146 IP Group 2,892 0.02

3,777 John Laing Group 13,688 0.10

288 Liontrust Asset Management 3,096 0.02

2,139 London Stock Exchange 163,035 1.22

18,390 M&G Prudential 24,808 0.19

3,079 Network International 13,190 0.10

2,111 Ninety One 3,658 0.03

1,420 Paragon 4,959 0.04

1,983 Provident Financial 3,990 0.03

13,076 Quilter 16,580 0.12

397 Rathbone Brothers 5,931 0.04

749 Schroders 20,695 0.16

3,829 TP ICAP 13,363 0.10

925 XPS Pensions Group 1,050 0.01

Equity Investment Instruments (31/10/19 – 3.33%) 3.68

2,680 Aberdeen Diversified Income and Growth Trust 2,342 0.02

768 Aberdeen New Dawn Investment Trust 1,705 0.01

1,004 Aberdeen New India Investment Trust 3,845 0.03

29 Aberdeen Standard Asia Focus 242 0.00

651 Aberdeen Standard Equity Income Trust 1,875 0.01

686 Aberforth Smaller Companies 6,229 0.05

2,124 Alliance Trust 15,803 0.12

318 Allianz Technology Trust 6,048 0.05

646 Artemis Alpha Trust 1,596 0.01

702 Asia Dragon Trust 2,555 0.02

10





11



Equity Investment Instruments (continued)

716 Avi Global Trust 4,446 0.03

240 Baillie Gifford European Growth Trust 1,949 0.01

571 Baillie Gifford Japan Investment Trust 3,951 0.03

2,502 Baillie Gifford Shin Nippon Investment 4,083 0.03

1,016 Baillie Gifford UK Growth Fund 1,656 0.01

1,01B9ankers Investment Trust 9,334 0.07

81 Biotech Growth Trust 829 0.01

2,017 BlackRock Frontiers Investment Trust 1,775 0.01

379 BlackRock Smaller Companies 5,041 0.04

599 BlackRock Throgmorton Trust 3,151 0.02

1,665 BlackRock World Mining Investment Trust 5,428 0.04

1,127 BMO Capital and Income Investment Trust 2,885 0.02

5,440 BMO Global Smaller Companies 6,071 0.05

141 Brunner Investment Trust 1,108 0.01

05 Capital Gearing Trust 215 0.00

2,561 City Of London Investment Trust 9,002 0.07

771 Dexion Equity Alternative Bonus Shares+ – 0.00

1,772 Dexion Equity Alternative+ – 0.00

3,195 Diverse Income Trust 2,479 0.02

1,050 Dunedin Income Growth Investment Trust 2,688 0.02

1,665 Edinburgh Investment Trust 7,584 0.06

261 Electra Private Equity 355 0.00

903 European Opportunities Trust 6,574 0.05

593 Fidelity Asian Values 1,874 0.01

2,838 Fidelity China Special Situations 6,527 0.05

1,227 Fidelity Special Values 2,272 0.02

1,410 Finsbury Growth and Income Trust 11,195 0.08

3,811 Foreign & Colonial Investment Trust 24,924 0.19

184 Fundsmith Emerging Equities Trust 1,803 0.01

858 Galliford Try 1,323 0.01

384 Georgia Capital 1,582 0.01

477 Graphite Enterprise Trust 3,520 0.03

946 Henderson Alternative Strategies Trust 2,289 0.02

142 Henderson European Focus Trust 1,562 0.01

102 Henderson Eurotrust 1,122 0.01

1,865 Henderson High Income Trust 2,667 0.02

1,219 Henderson International Income Trust 1,725 0.01

524 Henderson Smaller Companies Investment Trust 3,993 0.03

545 Herald Investment Trust 7,652 0.06

2,850 HgCapital Trust 6,398 0.05

1,734 Impax Environmental Markets 5,150 0.04

902 Invesco Asia Investment Trust 2,282 0.02

1,272 INVESCO Income Growth Investment Trust 2,887 0.02

2,425 JPMorgan Global Emerging Markets Income Trust 2,583 0.02

783 JPMorgan Asia Growth & Income 2,717 0.02

399 JPMorgan Claverhouse Investment Trust 2,298 0.02

877 JPMorgan Emerging Markets Investment Trust 7,823 0.06

493 JPMorgan European Investment Trust 1,208 0.01






Holding

910

Investment

Equity Investment Instruments (continued)

JPMorgan European Smaller Companies

£ %

Investment Trust 2,830 0.02

824 JPMorgan Indian Investment Trust 4,310 0.03

1,300 JPMorgan Japanese Investment Trust 5,941 0.04

2,706 Jupiter Fund Management 6,245 0.05

56 Jupiter US Smaller Companies 473 0.00

325 Keystone Investment Trust 804 0.01

576 Law Debenture Investment Trust 2,961 0.02

02 Lindsell Train Investment Trust 2,250 0.02

186 Lowland Investment Trust 1,823 0.01

433 Merchants Investment Trust 1,661 0.01

1,623 Monks Investment Trust 15,240 0.11

451 Murray Income Investment Trust 3,428 0.03

869 Murray International Investment Trust 8,655 0.06

1,000 North American Income Trust 2,470 0.02

810 Pacific Assets Investment Trust 1,879 0.01

790 Pacific Horizon Investment Trust 2,718 0.02

395 Pantheon International Investment Trust 7,742 0.06

1,277 Perpetual Income and Growth Investment Trust 2,860 0.02

15 Personal Assets Investment Trust 6,562 0.05

815 Polar Capital Technology Trust 14,703 0.11

779 RIT Capital Partners Investment Trust 14,552 0.11

547 Riverstone Energy 826 0.01

1,300 Schroder Asia Pacific Investment Trust 5,492 0.04

764 Schroder Asian Total Return Investment Trust 2,483 0.02

307 Schroder Income Growth Investment Trust 737 0.01

632 Schroder Japan Growth Investment Trust 1,033 0.01

157 Schroder UK Mid Cap Fund 699 0.01

8,025 Schroders Public Private Trust 1,846 0.01

929 Scottish American Investment Trust 3,642 0.03

521 Scottish Investment Trust 3,902 0.03

10,336 Scottish Mortgage Investment Trust 69,613 0.52

203 Securities Trust of Scotland 371 0.00

530 Standard Life European Private Equity Trust 1,463 0.01

999 Standard Life UK Smaller Companies Trust 4,695 0.03

354 Temple Bar Investment Trust 2,690 0.02

1,538 Templeton Emerging Markets Investment Trust 10,981 0.08

338 TR European Growth Investment Trust 2,467 0.02

2,702 TR Property Investment Trust 9,349 0.07

6,515 Witan Investment Trust 11,623 0.09

286 Witan Pacific Investment Trust 921 0.01

393 Worldwide Healthcare Trust 13,048 0.10

Non-Equity Investment Instruments

(31/10/19 – 0.07%)

0.07

2,675 Edinburgh Worldwide Investment Trust 5,872 0.04

906 JPMorgan Global Growth & Income Investment Trust 2,854 0.02

324 JPMorgan Smaller Comapanies Investment Trust 710 0.01

12







Software & Computer Services (31/10/19 – 1.64%) 1.46

6,328 Auto Trader Group 29,729 0.22

3,243 Avast 15,164 0.11

391 Aveva Group 13,900 0.11

480 Computacenter 7,061 0.05

738 FDM Group Holdings 5,646 0.04

1,607 GoCompare.com Holdings 1,327 0.01

464 Kainos Group 3,299 0.03

2,348 Micro Focus International 11,571 0.09

2,474 NCC Group 4,171 0.03

6,080 Rightmove 30,546 0.23

7,616 Sage Group 48,468 0.36

856 SDL 4,032 0.03

722 Softcat 8,209 0.06

3,187 Trainline 12,257 0.09

Technology Hardware & Equipment

(31/10/19 – 0.05%)

0.08

4,072 Spirent Communications 10,078 0.08

Real Estate (31/10/19 – 3.33%) 3.26

16,161 Assura 12,589 0.09

2,242 BB Healthcare Trust 3,273 0.03

876 Big Yellow Group 9,540 0.07

6,584 British Land REIT 27,258 0.20

285 Caledonia Investments 7,624 0.06

5,172 Capital & Counties Properties 8,798 0.07

345 Capital and Regiona REIT 343 0.00

3,000 Civitas Social Housing 2,964 0.02

1,270 CLS Holdings 2,642 0.02

3,585 Custodian REIT 3,158 0.02

744 Derwent London 23,585 0.18

5,541 Empiric Student Property 3,480 0.03

4,808 European Assets Trust 4,289 0.03

3,530 Fidelity European Values 8,313 0.06

3,144 Foxtons Group 1,346 0.01

3,241 GCP Student Living 4,511 0.03

3,518 Grainger 9,759 0.07

1,685 Great Portland Estates 11,866 0.09

11,080 Greencoat UK Wind 15,091 0.11

5,304 Hammerson 3,843 0.03

441 Helical Bar 1,599 0.01

11,391 HICL Infrastructure 19,069 0.14

5,666 Intu Properties 315 0.00

1,416 JPMorgan American Investment Trust 6,407 0.05

4,945 Land Securities 33,903 0.25

5,122 Londonmetric Property 10,229 0.08

503 LSL Property Services 782 0.01

2,230 LXi REIT 2,355 0.02

3,738 McCarthy and Stone 2,650 0.02

13






Holding

684

Investment

Real Estate (continued)

Montanaro UK Smaller Companies Investment Trust

£

763

%

0.01

2,025 Newriver REIT 1,418 0.01

792 Pollen Street Secured Lending 4,736 0.04

7,788 Primary Health Properties 12,243 0.09

1,484 Safestore Holdings 10,581 0.08

964 Savills 9,385 0.07

7,274 Segro REIT 60,447 0.45

1,612 Shaftesbury 10,188 0.08

721 Smithson Investment Trust 9,575 0.07

1,098 St Modwen Properties 4,057 0.03

2,705 Target Healthcare 2,992 0.02

5,930 The Mercantile Investment Trust 11,564 0.09

895 Town Centre Securities REIT 1,217 0.01

2,236 Triple Point Social Housing REIT 2,196 0.02

11,700 Tritax Big Box 14,426 0.11

5,252 Tritax Euro Box REIT 4,328 0.03

4,029 TwentyFour Income Fund 3,715 0.03

1,444 U and I Group 1,451 0.01

2,131 Unite Group 19,147 0.14

961 Urban & Civic 2,220 0.02

810 Workspace Group 6,192 0.05

Europe (31/10/19 – 3.01%) 3.43

Beverages (31/10/19 – 0.20%) 0.24

1,357 Coca Cola 27,900 0.21

1,800 C&C Group 3,589 0.03

Construction & Materials (31/10/19 – 1.04%) 1.04

5,432 CRH (London Listed) 133,736 1.00

218 RHI Magnesita 5,454 0.04

Food Producers (31/10/19 – 0.04%) 0.50

2,694 Greencore Group 4,992 0.04

535 Just Ekaet aTwa ay.Com 43,517 0.33

234 Takeaway.com 18,046 0.13

Food & Drug Retailers (31/10/19 – 0.09%) 0.09

1,911 UDG Healthcare 12,355 0.09

General Retailers (31/10/19 – 0.13%) 0.14

5,625 B&M European Value 18,956 0.14

General Industrials (31/10/19 – 0.26%) 0.31

1,622 Smurfit Kappa 41,199 0.31


(31/10/19 – 0.04%)

0.04

3,769 Bilfinger Berger Global Infrastructure SICAV~ 6,045 0.04

Support Siceersv(31/10/19 – 0.39%) 0.38

690 DCC (London listed) 39,385 0.30

1,672 Grafton Group 10,952 0.08

14






15


Travel & Leisure (31/10/19 – 0.82%) 0.69

554 Flutter Entertainment 56,480 0.42

11,174 International Consolidated Airlines 25,309 0.19

2,988 TUI 10,476 0.08

Canada (31/10/19 – 0.08%)

Media (31/10/19 – 0.08%)

Isle Of Man (31/10/19 – 0.37%) 0.35 Oil Equipment & Services (31/10/19 – 0.01%) 0.00

1,998 Lamprell 246 0.00

Real Estate & Investment Trusts (31/10/19 – 0.08%) 0.08

500 NB Private Equity Partners 4,260 0.03

2,505 RDI REIT 1,528 0.01

6,637 Sirius Real Estate 4,679 0.04

Software & Computer Services (31/10/19 – 0.05%) 0.03

1,882 Playtech 4,566 0.03

Travel & Leisure (31/10/19 – 0.23%) 0.24

4,143 GVC Holdings 31,843 0.24

Bermuda (31/10/19 – 0.31%)

Food Producers (31/10/19 – 0.01%)

Non-Life Insurance (31/10/19 – 0.28%)

0.20

0.18

1,926 Hiscox 13,925 0.11

1,585 Lancashire Holdings 9,668 0.07

Equity Investment Instruments (31/10/19 – 0.02%) 0.02

1,314 Utilico Emerging Market Trust 2,201 0.02

Mining (31/10/19 – 0.00%)

Cayman Islands (31/10/19 – 0.05%) 0.05 Equity Investment Instruments (31/10/19 – 0.05%) 0.05

1,654 Dragon Capital Vietnam Enterprise Investment 6,525 0.05

Channel Islands (31/10/19 – 5.13%) 5.23 Equity Investment Instruments (31/10/19 – 0.28%) 0.27

783 Aberdeen Asia Income Fund 1,331 0.01

172 CVC Credit Partners European Opportunities 111 0.00

5,743 GCP Infrastructure Investments 6,685 0.05

1,218 Henderson Far East Income 3,825 0.03

3,902 NB Global Floating Fund 2,825 0.02

1,788 Ruffer 4,184 0.03

10,878 Sequoia Economic Infrastructure Income Fund 11,052 0.08

4,036 UK Commercial Property Trust 2,704 0.02

1,164 VinaCapital Vietnam Opportunity Fund 3,265 0.03

Financial Services (31/10/19 – 0.35%) 0.41

1,817 Apax Global Alpha 2,402 0.02

10,522 International Public Partnership 16,414 0.12

597 JTC 2,454 0.02

11,158 Man Group 15,342 0.11






Holding Investment

Financial Services (continued)

£ %

896 Sanne Group 5,905 0.04

1,574 Schroder Oriental Income Fund 3,392 0.03

4,290 Syncona 8,902 0.07

Industrial Transportation (31/10/19 – 0.01%) 0.01

1,432 Stobart Group 915 0.01

Media (31/10/19 – 0.54%) 0.40

8,184 WPP 53,229 0.40

Mining (31/10/19 – 1.33%) 1.24

8,458 Centamin 13,507 0.10

74,222 Glencore 113,248 0.85

2,354 Polymetal International 39,006 0.29


(31/10/19 – 0.14%)

0.18

181 BH Global 3,113 0.02

971 Genesis Emerging Market 6,428 0.05

11,359 Renewables Infrastructure 14,380 0.11

Oil Equipment & Services (31/10/19 – 0.08%) 0.07

3,633 Bluefield Solar Income Fund 4,687 0.04

2,016 Petrofac 4,027 0.03

Real Estate & Investment Trusts

(31/10/19 – 0.55%)

0.61

3,913 3i Infrastructure Fund 10,291 0.08

99 BH Macro Fund 3,267 0.02

3,313 BMO Commercial Property Trust 2,624 0.02

4,140 Foresight Solar Fund 4,554 0.03

2,354 GCP Asset Backed Income Fund 2,043 0.02

646 HarbourVest Global Private Equity 9,277 0.07

1,870 Jlen Environmental Asset Group 2,113 0.02

4,230 Nextenergy Solar Fund 4,755 0.04

1,523 Pershing Square Holdings 25,343 0.19

721 Phoenix Spree Deutschland REIT 1,921 0.01

4,540 Picton Property Income 3,133 0.02

2,979 Regional REIT 2,368 0.02

7,616 Schroder Real Estate Investment 2,966 0.02

2,513 SQN Asset Finance Income Fund 613 0.00

3,312 Standard Life Investments Property Income Fund 2,391 0.02

3,805 Starwood European Real Estate Finance 3,508 0.03

Support Services (31/10/19 – 1.74%) 1.93

6,152 Experian Group 150,047 1.12

1,605 Ferguson Newco 96,493 0.72

4,786 International Workplace Group 11,486 0.09

Travel & Leisure (31/10/19 – 0.11%) 0.11

275 PPHE Hotel Group 3,534 0.02

401 Wizz Air Holdings 11,741 0.09

16







Israel (31/10/19 – 0.03%) 0.06 General Financial (31/10/19 – 0.03%) 0.06

640 Plus500 8,134 0.06

Singapore (31/10/19 – 0.02%)

Electronic & Electrical Equipment

(31/10/19 – 0.02%)

0.03

0.03

141 XP Power 4,554 0.03

Futures (31/10/19 – 0.00%) 0.08

3 ICF FTSE 100 Index Future Jun 2020 10,300 0.08

rPtofolio of investments 12,966,207

97.23

Net other assets 369,856 2.77

Net assets 13,336,063 100.00

Unless otherwise stated, all investments are approved securities being either

officially listed in a member state or traded on or under the rules of an eligible

securities market.

The counterparty for the Future is Morgan Stanley.

+ In liquidation

~ SICAV (Open ended investment schemes registered outside the UK).

17


Top ten purchases and sales For the half year ended 30 April 2020

Purchases Cost

£

Takeaway.com 17,623

Sales

Royal Dutch Shell ‘A’

Proceeds

£

27,378

BP 10,355 Cobham 26,578

AstraZeneca 10,150 Merlin Entertainment 21,003

Sequoia Economic Infrastructure Income Fund 8,990 AstraZeneca 19,989

Hargreaves Lansdown 8,176 Inmarsat 18,204

Renewables Infrastructure 8,025 BP 16,375

Taylor Wimpey 7,561 BCA Marketplace 13,618

C&C Group 7,464 Entertainment One 13,261

Intermediate Capital Group 6,603 Sophos Group 12,751

Smithson Investment Trust 6,181 Diageo 12,705

Subtotal 91,128 Subtotal 181,862

Other purchases 66,404 Other sales 264,522

Total purchases for the half year 157,532 Total sales for the half year 446,384

18


Statistical information

Comparative table

Class ‘A’ Accumulation

^The direct transaction costs includes commission on futures. +High and low price disclosures are based on quoted unit prices. Therefore, the opening and closing NAV prices may fall outside

the high/low price threshold.

19

30/04/20 31/10/19 31/10/18 31/10/17

Change in net assets per unit pence pence pence pence

Opening net asset value per unit 345.25 323.96 328.58 290.36

Return before operating charges* (51.76) 21.62 (4.28) 38.62

Operating charges (0.22) (0.33) (0.34) (0.40)

Return after operating charges* (51.98) 21.29 (4.62) 38.22

Distributions on accumulation units (5.11) (14.19) (12.54) (11.46)

Retained distributions on accumulation units

5.11

14.19

12.54

11.46

Closing net asset value per unit 293.27 345.25 323.96 328.58

*after direct transaction costs of:^ 0.01 0.22 0.07 0.06

Performance

Return after charges (15.06%) 6.57% (1.41%) 13.16%

Other information

Closing net asset value (£000) 13,336 15,979 15,607 17,482

Closing number of units 4,547,422 4,628,310 4,817,738 5,320,356

Operating charges 0.11% 0.10% 0.10% 0.13%

Direct transaction costs 0.00% 0.07% 0.02% 0.02%

Prices+

Highest unit price (pence) 397.78 384.24 382.58 358.66

Lowest unit price (pence) 238.02 301.26 309.17 280.44



Investment objective

The Fund aims to provide a total return (a combination of capital growth and

income), by delivering this return in line with the FTSE All-Share Index (the “Index”),

before fees and expenses.

Investment policy

The Fund will seek to physically replicate the Index. This process will involve investing

in components of the Index, though not necessarily in the same proportions of the

Index at all times. Consequently, the Fund may not track the Index exactly but will

contain a meaningful exposure to the market. Stock index futures contracts may also

be used to manage the cash portion of the Fund. It is intended that the Fund will

normally be close to fully invested as outlined above.

Investment Strategy

It is anticipated that for the Fund that in normal market conditions the tracking error of

the Fund will be a maximum of 0.5%.

The tracking error measures the standard deviation of the relative returns. It is the

annualised standard deviation of the returns of a fund minus those of its benchmark

(relative returns) and not the standard deviation of each fund’s unique returns. The

lower the tracking error of a fund, the more the fund resembles its benchmark or the

market regarding risk and return characteristics. Small differences in returns between

the index-tracking fund and the index (and tracking error) are due to levels of cash,

expenses and portfolio turnover.

Revenue distribution and pricing

Units of the Fund are available as Class ‘A’ Accumulation units (where revenue is

reinvested to enhance the unit price). There will be four potential distributions in each

accounting year: quarterly distribution as at 31 January and 31 July an interim

distribution as at 30 April and a final distribution as at 31 October.

At each distribution the net revenue after deduction of expenses, from the investments

of the Fund is apportioned amongst the unitholders. Unitholders receive a tax voucher

giving details of the distribution and the Manager's Report no later than two months

after these dates.

20



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 shaded area in

the table below shows the Fund’s ranking on the Risk and Reward Indicator.

Typically lower rewards, Typically higher rewards,

lower risk higher risk fi

1 2 3 4 5 6 7

This Fund is ranked at 5 (31/10/19: 5) because funds of this type have experienced

medium to high rises and falls in value in the past. Although this is a high risk ranking it

is not the highest. The above figure applies to the following unit class:

• Class ‘A’ Accumulation

Please note that even the lowest risk class can lose you money and that extreme market

circumstances can mean you suffer severe losses in all cases. Please note the Fund’s

risk category may change in the future. The indicator does not take into account the

following risks of investing in this Fund:

• The Fund may use derivatives to reduce risk or cost or to generate additional capital or

income at low risk, or to meet its investment objective.

• The small differences in the returns between the index tracking Fund and the Index

(and tracking error)* are due to levels of cash, expenses and portfolio turnover.

• Counterparty Risk: the insolvency of any institutions providing services such as

safekeeping of assets or acting as counterparty to derivatives or other instruments, may

expose the Fund to financial loss.

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 www.phoenixunittrust.co.uk.

*The tracking error is the difference between a fund’s returns and the index it was meant

to replicate.

Directors’ statement

This report has been prepared in accordance with the requirements of the Collective

Investment Schemes Sourcebook as issued and amended by the Financial Conduct

Authority.

Director

25 June 2020 Director

21

http://www.phoenixunittrust.co.uk/


Statement of change in unitholders’ funds

30/04/20 £

£

£ 30/04/19*

£

Opening net assets

15,979,361

15,607,489

Amounts receivable

on issue of units

62,789

106,230

Amounts payable on

cancellation of units

(342,475)

(482,652)

(279,686) (376,422)

Change in unitholders’ funds

from investment activities

(2,596,112)

636,819

Retained distributions

on accumulation units

232,500

313,726

Closing net assets 13,336,063 16,181,612

*Please note that the comparative figures are for the comparative interim period. The brought forward net

assets for the current period do not, therefore equal the carried forward figure in the comparative.

22

Interim financial statements For the half year ended 30 April 2020

Statement of total return

30/04/20

£ £

£

30/04/19 £

Income

Net capital (losses)/gains

Revenue

246,194

(2,595,985)

326,716

636,820

Expenses (9,555) (7,403)

Interest payable

and similar charges

–

(19)

Net revenue

before taxation

236,639

319,294

Taxation (3,052) (3,191)

Net revenue after taxation 233,587 316,103

Total (deficit)/return before distributions

(2,362,398)

952,923

Distributions (233,714) (316,104)

Change in unitholders’ funds

from investment activities

(2,596,112)

636,819


Interim financial statements As at 30 April 2020

Balance sheet 30/04/20 31/10/19

£ £ £ £

Assets: Fixed assets:

Notes to the interim financial statements

Accounting policies

The interim financial statements have been prepared under the historical cost basis, as modified by the valuation of investments and in compliance with FRS102 and in

accordance with the Statement of Recommended Practice (2014 SORP) for financial

statements of Authorised Funds issued by The Investment Association in May 2014 (and amended in June 2017). Unless otherwise stated all accounting policies applied

are consistent with those of the Annual Report for the year ended 31 October 2019

and are described in those financial statements.

23

Investments

Current assets:

12,966,207 15,829,820

Debtors 55,162 73,869

Cash and bank balances 337,696 134,267

Total current assets 392,858 208,136

Total assets 13,359,065 16,037,956

Liabilities: Creditors: Other creditors

(23,002)

(58,595)

Total liabilities

(23,002)

(58,595)

Net assets 13,336,063 15,979,361

Unitholders’ funds

13,336,063

15,979,361


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 the units for capital gains tax purposes.

24

Distribution tables

For the half year ended 30 April 2020

Quarter 1 distribution in pence per unit Group 1: units purchased prior to 1 November 2019

Group 2: units purchased 1 November 2019 to 31 January 2020

Net

2020

pence per unit

paid

2019

pence per unit

paid

income Equalisation 31 Mar 31 Mar


Group 1 1.9375 — 1.9375 1.9364

Group 2 1.9375 0.0000 1.9375 1.9364

Quarter 2 distribution in pence per unit Group 1: units purchased prior to 1 February 2020

Group 2: units purchased 1 February 2020 to 30 April 2020

Net

2020

pence

per unit

payable

2019

pence per unit

paid

income Equalisation 30 Jun 30 Jun


Group 1 3.1708 — 3.1708 4.6990

Group 2 0.6685 2.5023 3.1708 4.6990


Corporate 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.

Phoenix Unit Trust Managers Limited is part of the Phoenix Group.

Ignis Investment Services Limited is part of the Standard Life Aberdeen plc group and its subsidiaries.

Unit prices appear daily on our website www.phoenixunittrust.co.uk.

Administration & Dealing: 0345 584 2803 (between the hours of 9am & 5pm).

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found on www.phoenixunittrust.co.uk. These details describe how remuneration and benefits are calculated and identify

the committee which oversees and controls the policy. A paper copy of these details can be requested free of

charge from the Manager. Following the implementation of UCITS V in the UK on 18 March 2016, all authorised UCITS Managers are required to comply with the UCITS V Remuneration Code from the start of their

next accounting year. Under the UCITS V Directive, the Manager is required to disclose information relating to

the remuneration paid to its staff for the financial year, split into fixed and variable remuneration.

Risks The price of units and the revenue from them can go down as well as up and investors may not get back the

amount they invested, particularly in the case of early withdrawal. Tax levels and reliefs are those currently applicable and may change. The value of any tax relief depends on personal circumstances.

Depending on the fund, the value of your investment may change with currency movements.

25




Corporate information

Manager

Phoenix Unit Trust Managers Limited (PUTM)

1 Wythall Green Way

Wythall

Birmingham B47 6WG

Tel: 0345 584 2803

Registered in Eno.g0la3n5d8–80N31

Authorised and regulated by the Financial Conduct Authority.

Directors

Andrew Moss PUTM Director, Chief Executive

Phoenix Life;

Craig Baker PUTM Director, Head of Investment

Management Phoenix Life;

Mike Urmston Non Executive Director of PUTM;

Nick Poyntz-Wright Non Executive Director of PUTM.

Registrar and correspondence address

Phoenix Unit Trust Managers Limited

Floor 1, 1 Grand Canal Square

Grand Canal Harbour

Dublin 2

Ireland


Investment Adviser

Ignis Investment Services Limited

1 George Street

Edinburgh EH2 2LL

Registered in Scotland – No.SC101825


Trustee

HSBC Bank plc

1-2 Lochside Way

Edinburgh Park

Edinburgh EH12 9DT

Authorised by the Prudential Regulation Authority

and regulated by the Financial Conduct Authority and

the Prudential Regulation Authority.

Independent Auditor

Ernst & Young LLP

Atria One

144 Morrison Street

Edinburgh EH3 8EX

Investment Manager

State Street Global Advisors Limited

20 Churchill Place

Canary Wharf

London E14 5HJ

Authorised and regulated by the Financial

Conduct Authority.

Authorised status

This Fund is an Authorised Unit Trust scheme under

section 243 of the Financial Services & Markets Act

2000 and is categorised under the Collective

Investment Schemes Sourcebook as a UCITS fund.

26


Notes

27


Notes

28



Contact: Client Services

Call: 0345 584 2803

Correspondence Address: Floor 1, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland

Visit: phoenixunittrust.co.uk

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. These are available by contacting Client Services on 0345 584 2803.

Phoenix Unit Trust Managers 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.

Phoenix Unit Trust Managers Limited* is a Phoenix Group Company. Registered in England No 3588031.

Registered office: 1 Wythall Green Way, Wythall, Birmingham B47 6WG.

*Authorised and regulated by the Financial Conduct Authority.

B669.05.2020