Schroder
Recovery Fund
Interim Report and Accounts
January 2017
Contents
Schroder
Recovery Fund
Fund Information1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Investment objective and policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Fund information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Ongoing charges figure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Total purchases and sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Review of Investment Activities1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Risk Profile1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Risk and reward indicator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Specific risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Net Asset Value and Comparative Tables1 . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Unit price range . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Fund performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
Portfolio Statement1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Summary of Portfolio Transactions1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Largest purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Largest sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Statement of the Manager’s Responsibilities . . . . . . . . . . . . . . . . . . . . . . . .15
Statement of Total Return (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Statement of Change in Net Assets
Attributable to Unitholders (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Balance Sheet (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Notes to the Accounts (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
General Information1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
1 Collectively these comprise the Authorised Fund Manager’s report.
Schroder Recovery Fund
Fund Information
Investment objective
and policy
The fund’s investment objective is to achieve capital growth for investors through
investment in companies that have suffered a severe setback.
The fund invests primarily in UK quoted shares. The investments are selected
from those companies that have suffered a severe setback in terms of profits or
share prices, but where the management and the prospects are believed to be
good.
Investment will be in directly held transferable securities. The fund may also
invest in collective investment schemes, derivatives, warrants and money market
instruments.
Financial
highlights
Selling price
13.1.17
15.7.16
% change
A Income units
12,070.00p
10,410.00p
15.95
A Accumulation units
20,700.00p
17,600.00p
17.61
L Income units
62.74p
54.30p
15.54
L Accumulation units
66.84p
56.59p
18.11
S Income units
56.61p
49.06p
15.39
X Income units
58.19p
50.54p
15.14
X Accumulation units
61.62p
51.97p
18.57
Z Income units
94.79p
82.02p
15.57
105.90p
89.73p
18.02
Z Accumulation units
Fund information
Launch date
5 May 1970
Launch price
Equivalent to 100p per A Income unit
Equivalent to 100p per A Accumulation unit
Launch date
Launch price
2 August 2011
50.00p per Z Income unit
50.00p per Z Accumulation unit
Launch date
1 October 2013
Launch price
50.00p per L Income unit
50.00p per L Accumulation unit
Launch date
31 January 2014
Launch price
50.00p per S Income unit
Launch date
31 October 2014
Launch price
50.00p per X Income unit
50.00p per X Accumulation unit
3
Schroder Recovery Fund
Fund Information (continued)
Fund information
(continued)
Ongoing charges
figure
Accounting dates
Interim
Final
15 January
15 July
Revenue allocation date
15 September
For the period
to 15.1.17
For the year
to 15.7.16
1.66%1
1.66%
A Accumulation units
1.66%
1
1.66%
L Income units
0.84%1
0.84%
0.84%
1
0.84%
0.54%
1
0.54%
X Income units
1
0.01%
0.01%
X Accumulation units2
0.01%1
0.01%
0.91%
1
0.91%
0.91%
1
0.91%
A Income units
L Accumulation units
S Income units
2
Z Income units
Z Accumulation units
1 The Ongoing charges figure is annualised based on the fees incurred
during the accounting period.
2 The Annual management charge for X Income units and X Accumulation
units is invoiced directly to unitholders and is therefore not included in
the Ongoing charges figure for these unit classes.
Total purchases
and sales
4
For the period
to 15.1.17
£000’s
For the year
to 15.7.16
£000’s
Total purchases
82,108
384,274
Total sales
70,143
273,804
Schroder Recovery Fund
Review of Investment Activities
From 15 July 2016 to 13 January 2017, the price of A Accumulation units
on a selling price to selling price basis rose 17.61%. In comparison, the
FTSE1 All Share Index generated a total return of 11.89%2.
The latter half of 2016 was a good period for value investors. Certain market
commentators suggest this is due to an apparent realisation by the market that
inflation might not in fact remain low forever or perhaps because of the election
of Donald Trump. We urge our investors not to fall foul of the ‘narrative fallacy’,
which addresses humans’ limited ability to look at sequences of facts without
weaving an explanation into them, or, equivalently, forcing a logical link between
them.
Co-Fund Manager:
The Trump explanation for value investing’s recent resurgence is a classic
example of the ‘narrative fallacy’. The reality is much more prosaic. Just as
stocks priced for perfection eventually disappoint, stocks trading at a deep
discount to the fundamental value of their underlying businesses are unlikely to
maintain that discount forever. Value investments had become so cheap their
discount had simply grown too great for the wider market to ignore.
Previously a sector analyst for
Pan European Construction and
Building Materials
During the period under review miners Anglo American and South32 drove the
fund’s outperformance, as did financials Barclays and TP ICAP and
supermarkets Wm Morrison Supermarkets and Tesco.
The major strength of deep value recovery investing is the disciplined focus on
buying attractively valued, out of favour companies at all stages in the investment
cycle. We seek to apply our approach consistently as whilst an unemotional,
valuation driven philosophy will not always be in favour, over longer time periods
this investment style has generated exceptional returns.
1 FTSE International Limited (“FTSE”) © FTSE. “FTSE®” is a trade mark of London Stock Exchange Plc and The
Financial Times Limited 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.
2 Source: Thomson Reuters Datastream.
Please remember that past performance is not a guide to future performance
and it might not be repeated. The value of investments and the revenue from
them may go down as well as up and investors may not get back the amount
originally invested. Because of this, you are not certain to make a profit on your
investments and you may lose money.
Kevin Murphy
Specialist Value UK equities fund
manager with sixteen years investment
experience
Investment career commenced
at Schroders in 2000
Chartered Financial Analyst
Degree in Economics,
Manchester University
Co-Fund Manager:
Nick Kirrage
Specialist Value UK equities fund
manager with fifteen years investment
experience
Previously a sector analyst responsible
for a number of UK sectors including
Transport and Metals & Mining
Investment career commenced
at Schroders in 2001
Chartered Financial Analyst
Degree in Aeronautical Engineering,
Bristol University
5
Schroder Recovery Fund
Risk Profile
Risk and reward
indicator
Lower risk
Potentially lower reward
1
2
Higher risk
Potentially higher reward
3
4
5
6
7
The risk category was calculated using historical performance data and may not
be a reliable indicator of the fund’s future risk profile.
The fund is in this category because it can take higher risks in search of higher
rewards and its price may rise and fall accordingly.
The fund’s risk category is not guaranteed to remain fixed and may change over
time.
A fund in the lowest category does not mean a risk free investment.
Specific risks
The fund invests in assets which are exposed to currencies other than sterling.
Exchange rates may cause the value of overseas investments and the revenue
from them to rise or fall.
The fund is index unconstrained and has the potential for greater volatility.
The fund invests predominantly in the securities of a particular country. There
may be a greater risk than investing in funds that hold securities in a range of
countries.
The fund may invest in a wide range of derivatives in order to meet its investment
objectives. One of the aims of the Manager is to achieve volatility targets for the
portfolio and in order to do this leverage will be used. The use of leverage can
increase gains as well as losses and expose the fund to increased risk. Whilst it
is intended that the additional risk that leverage exposes the fund to is controlled
by value at risk methodology, there can be no guarantee that this risk control
may be achieved especially under extreme or changing market conditions.
The fund may use derivatives for specific investment purposes. This involves a
higher degree of risk and may lead to a higher volatility in the unit prices of the
fund.
For these reasons, the purchase of units should not normally be regarded as a
short term investment.
6
Schroder Recovery Fund
Net Asset Value and Comparative Tables
Unit price range
Financial year to 15 July
A Income units
A Accumulation units
Highest
buying
p
Lowest
selling
p
Highest
buying
p
Lowest
selling
p
2014
11,310.00
9,349.00
18,550.00
15,340.00
2015
11,480.00
9,547.00
19,090.00
15,870.00
2016
10,740.00
8,399.00
18,160.00
14,200.00
Financial period to
15 January 2017
12,150.00
10,190.00
20,840.00
17,480.00
Financial year to 15 July
L Income units
L Accumulation units
Highest
buying
p
Lowest
selling
p
Highest
buying
p
Lowest
selling
p
2014
58.57
49.35
58.57
49.35
2015
59.65
49.47
60.67
50.32
2016
55.55
43.64
57.89
45.48
Financial period to
15 January 2017
63.15
52.78
67.28
56.23
Financial year to 15 July
S Income units
X Income units
Highest
buying
p
Lowest
selling
p
Highest
buying
p
Lowest
selling
p
2014
53.09
48.31
–
–
2015
53.84
44.60
55.16
48.75
2016
50.04
39.37
51.36
40.46
Financial period to
15 January 2017
56.98
47.56
58.56
48.77
Financial year to 15 July
X Accumulation units
Z Income units
Highest
buying
p
Lowest
selling
p
Highest
buying
p
Lowest
selling
p
2014
–
–
88.76
73.10
2015
55.15
48.75
90.12
74.77
2016
52.81
41.60
83.96
65.94
Financial period to
15 January 2017
62.02
51.65
95.41
79.77
7
Schroder Recovery Fund
Net Asset Value and Comparative Tables
(continued)
Financial year to 15 July
Z Accumulation units
Highest
buying
p
Lowest
selling
p
2014
93.04
76.63
2015
96.29
79.89
2016
91.86
72.14
106.60
89.16
Financial period to
15 January 2017
Net revenue
A Income units
pence per unit
A Accumulation units
pence per unit
2014
135.5968
222.9087
2015
180.9071
300.5058
2016
148.3196
250.5707
Nil
Nil
L Income units
pence per unit
L Accumulation units
pence per unit
2014
0.9029
0.9088
2015
1.3563
1.3782
2016
1.1885
1.2367
Nil
Nil
S Income units
pence per unit
X Income units
pence per unit
2014
1.1728
–
2015
1.3715
1.4588
2016
1.2061
1.4808
Nil
Nil
Z Income units
pence per unit
Z Accumulation units
pence per unit
2014
1.5588
1.6383
2015
1.9808
2.1186
2016
1.7344
1.9012
Nil
Nil
Financial year to 15 July
Financial period to 15 January 2017
Financial year to 15 July
Financial period to 15 January 2017
Financial year to 15 July
Financial period to 15 January 2017
Financial year to 15 July
Financial period to 15 January 2017
The X Accumulation units have made no distributions to date.
8
Schroder Recovery Fund
Net Asset Value and Comparative Tables
(continued)
Net asset value
Net asset value
£000’s
Net asset
value per unit
p
Number of
units in issue
A Income units
180,635
10,255.15
1,761,412
A Accumulation units
142,214
17,049.99
834,099
As at 15 July
2014
L Income units
1,953
53.05
3,680,840
31,046
53.96
57,538,689
S Income units
3,276
47.78
6,854,831
Z Income units
126,003
80.19
157,126,214
Z Accumulation units
108,276
85.68
126,369,787
129,701
10,593.47
1,224,347
88,588
17,912.93
494,546
L Accumulation units
2015
A Income units
A Accumulation units
L Income units
39,149
54.80
71,445,477
116,591
57.12
204,123,487
S Income units
2,847
49.36
5,767,799
X Income units
28,449
50.58
56,244,230
L Accumulation units
X Accumulation units
1
52.03
2,000
Z Income units
115,626
82.83
139,599,991
Z Accumulation units
174,216
90.62
192,246,930
A Income units
81,244
10,348.21
785,101
A Accumulation units
42,164
17,748.37
237,567
L Income units
122,231
53.56
228,215,971
L Accumulation units
121,397
57.06
212,762,361
S Income units
2,306
48.26
4,777,780
X Income units
28,765
49.47
58,144,171
1
52.40
2,000
71,201
80.96
87,951,262
312,474
90.47
345,380,051
A Income units
83,937
12,127.69
692,113
A Accumulation units
43,292
20,801.48
208,121
L Income units
133,487
63.03
211,769,660
L Accumulation units
156,531
67.16
233,070,066
S Income units
2,645
56.88
4,649,673
X Income units
28,089
58.46
48,046,973
2016
X Accumulation units
Z Income units
Z Accumulation units
2017 at 15 January
X Accumulation units
Z Income units
Z Accumulation units
1
61.91
2,000
96,390
95.24
101,211,454
404,753
106.45
380,225,263
9
Schroder Recovery Fund
Net Asset Value and Comparative Tables
(continued)
Fund performance
Net asset
value per unit
p
as at 15.1.17
Net asset
value per unit
p
as at 15.7.16
% change
A Income units
12,127.69
10,348.21
17.20
A Accumulation units
20,801.48
17,748.37
17.20
L Income units
63.03
53.56
17.68
L Accumulation units
67.16
57.06
17.70
S Income units
56.88
48.26
17.86
X Income units
58.46
49.47
18.17
X Accumulation units
61.91
52.40
18.15
Z Income units
95.24
80.96
17.64
106.45
90.47
17.66
Z Accumulation units
Please remember that past performance is not a guide to future performance
and it might not be repeated. The value of investments and the revenue from
them may go down as well as up and investors may not get back the amount
originally invested. Because of this, you are not certain to make a profit on your
investments and you may lose money.
10
Schroder Recovery Fund
Portfolio Statement
Holding at Market Value
15.1.17
£000’s
% of net
assets
Oil & Gas 7.66%
(15.7.16 – 9.19%)
BP
8,810,675
45,613
4.81
Royal Dutch Shell B
1,138,732
27,068
2.85
72,681
7.66
Basic Materials 8.92%
(15.7.16 – 11.10%)
Anglo American
3,058,223
40,659
4.28
Lonmin
6,676,325
11,734
1.24
South32
18,512,827
32,305
3.40
84,698
8.92
3,693,422
6,380
0.67
10,201,093
5,611
0.59
4,582,191
11,822
1.25
23,813
2.51
2,076
0.22
2,076
0.22
418,397
19,282
2.03
2,040,705
32,355
3.41
51,637
5.44
5,293,356
43,164
4.55
29,274,445
16,540
1.74
9,359,494
3,089
0.33
49,564,663
6,443
0.68
2,300,761
6,086
0.64
Industrials 2.51%
(15.7.16 – 1.64%)
Chemring Group
Coats Group
Hargreaves Services
Consumer Goods 0.22%
(15.7.16 – 0.41%)
Asian Citrus Holdings
53,650,122
Health Care 5.44%
(15.7.16 – 6.60%)
AstraZeneca
GlaxoSmithKline
Consumer Services 23.07%
(15.7.16 – 23.51%)
Apollo Education Group
Debenhams
French Connection Group
Future
J Sainsbury
Marks & Spencer Group
4,848,137
16,435
1.73
Pearson
4,497,871
36,725
3.87
11
Schroder Recovery Fund
Portfolio Statement (continued)
Holding at Market Value
15.1.17
£000’s
% of net
assets
Consumer Services (continued)
Sports Direct International
Staples
Tesco
Trinity Mirror
Wm Morrison Supermarkets
2,748,406
7,819
0.82
2,391,969
18,051
1.90
14,265,438
29,380
3.10
4,586,268
4,506
0.47
12,694,717
30,709
3.24
218,947
23.07
Telecommunications 0.71%
(15.7.16 – 0.92%)
Vodafone Group
3,150,655
6,764
0.71
6,764
0.71
18,088,263
41,621
4.38
9,349,408
35,556
3.75
77,177
8.13
5,826,049
28,495
3.00
20,653,319
48,587
5.12
7,873,822
53,361
5.62
51,047,449
33,712
3.55
1,870,320
9,632
1.02
Utilities 8.13%
(15.7.16 – 8.00%)
Centrica
Drax Group
Financials 30.67%
(15.7.16 – 25.67%)
Aviva
Barclays
HSBC Holdings
Lloyds Banking Group
NEX Group
Old Mutual
4,739,836
10,072
1.06
20,584,604
45,492
4.80
Standard Chartered
4,348,543
31,244
3.29
TP ICAP
6,741,059
30,463
3.21
291,058
30.67
Royal Bank of Scotland Group
Technology 7.16%
(15.7.16 – 8.67%)
Cisco Systems
850,962
21,048
2.22
1,189,997
14,472
1.52
Intel
693,590
20,932
2.21
SDL
2,537,454
11,495
1.21
67,947
7.16
HP
12
Schroder Recovery Fund
Portfolio Statement (continued)
Holding at Market Value
15.1.17
£000’s
% of net
assets
Global Equity Funds 2.87%
(15.7.16 – 2.82%)
Schroder Global Recovery
Fund L Accumulation 1 2
20,000,000
Schroder International Selection
Fund SICAV Global Recovery
I Accumulation USD 1 2
130,700
13,892
1.46
13,383
1.41
27,275
2.87
747
0.08
747
0.08
924,820
97.44
24,305
2.56
949,125
100.00
US Dollar Denominated Derivatives 0.08%
(15.7.16 – (1.19)%)
Forward to sell
US$158,594,000
for £130,881,752
US$(158,594,000)
Portfolio of investments
Net other assets
Net assets attributable to unitholders
Unless otherwise stated the above securities are ordinary shares or common
stock and admitted to official stock exchange listings or collective investment
schemes permitted under the Financial Conduct Authority’s (FCA’s) Collective
Investment Schemes sourcebook (COLL).
1 A related party to the fund.
2 Collective investment scheme permitted under the FCA’s COLL, not listed on
any exchange.
13
Schroder Recovery Fund
Summary of Portfolio Transactions
Largest purchases
Largest sales
For the six months ended 15 January 2017
Cost
£000’s
Lloyds Banking Group
12,188
Centrica
11,127
Standard Chartered
9,907
Pearson
9,181
Sports Direct International
8,725
Marks & Spencer Group
8,212
Royal Bank of Scotland Group
5,831
Barclays
4,679
Coats Group
3,292
Tesco
1,405
For the six months ended 15 January 2017
South32
18,850
Home Retail Group
12,172
Hewlett Packard Enterprise
9,770
BP
8,468
Anglo American
8,194
TP ICAP
6,248
Barclays
2,318
Royal Bank of Scotland Group
2,265
Lonmin
1,656
SDL
14
Proceeds
£000’s
202
Schroder Recovery Fund
Statement of the Manager’s Responsibilities
The FCA’s COLL requires the Manager to prepare accounts for each annual and
half yearly accounting period, in accordance with United Kingdom Generally
Accepted Accounting Practice, which give a true and fair view of the financial
position of the fund and of its net revenue and the net capital gains on the
property of the fund for the period. In preparing the accounts the Manager
is required to:
– select suitable accounting policies and then apply them consistently;
– comply with the disclosure requirements of the Statement of Recommended
Practice (SORP) for UK Authorised Funds issued by the Investment
Management Association (IMA (now the Investment Association (IA))) in
May 2014;
– follow generally accepted accounting principles and applicable accounting
standards;
– prepare the accounts on the basis that the fund will continue in operation
unless it is inappropriate to do so;
– keep proper accounting records which enable it to demonstrate that the
accounts as prepared comply with the above requirements;
– make judgements and estimates that are prudent and reasonable.
The Manager is responsible for the management of the fund in accordance
with its Trust Deed, the Prospectus and the COLL and for taking reasonable
steps for the prevention and detection of fraud, error and non-compliance
with law or regulations.
The Manager’s report and accounts for the period ended 15 January 2017 were
signed on 6 March 2017 on behalf of the Manager by:
J.A. Walker-Hazell
Directors
P. Chislett
15
Schroder Recovery Fund
Statement of Total Return (unaudited)
For the six months ended 15 January 2017
15.1.17
£000’s
15.1.16
£000’s
£000’s
£000’s
Income
Net capital gains/(losses)
Revenue
132,333
(147,861)
11,327
9,938
Expenses
(4,040)
(3,706)
Net revenue before taxation
7,287
6,232
Taxation
(207)
(56)
Net revenue after taxation
Total return before
distributions
7,080
6,176
139,413
(141,685)
204
903
139,617
(140,782)
Distributions
Change in net assets
attributable to unitholders
from investment activities
Statement of Change in Net Assets
Attributable to Unitholders (unaudited)
For the six months ended 15 January 2017
15.1.17
£000’s
Opening net assets
attributable to unitholders
89,038
Amounts payable on
cancellation of units
(61,909)
Change in net assets
attributable to unitholders
from investment activities
Unclaimed distributions
Closing net assets
attributable to unitholders
£000’s
£000’s
781,7831
Amounts receivable
on issue of units
Dilution adjustment
15.1.16
£000’s
695,168
195,058
(47,257)
27,129
147,801
596
1,325
139,617
(140,782)
0
1
949,125
703,5131
1 The Opening net assets attributable to unitholders for the current period do
not equal the Closing net assets attributable to unitholders for the comparative
period as they are not consecutive periods.
16
Schroder Recovery Fund
Balance Sheet (unaudited)
As at 15 January 2017
15.1.17
15.7.16
£000’s
£000’s
924,820
770,333
6,891
2,884
20,710
25,235
952,421
798,452
0
(9,343)
0
(6,321)
(3,296)
(1,005)
(3,296)
(16,669)
949,125
781,783
Assets
Investments
Current assets
Debtors
Cash and bank balances
Total assets
Liabilities
Investment liabilities
Creditors
Distributions payable
Other creditors
Total liabilities
Net assets attributable
to unitholders
17
Schroder Recovery Fund
Notes to the Accounts (unaudited)
Basis of preparation
The accounts have been prepared under the historical cost basis, as
modified by the revaluation of investments, and in accordance with
the SORP for UK Authorised Funds issued by the IMA in May 2014 and
in accordance with United Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard 102 (The Financial
Reporting Standard Applicable in the UK and Republic of Ireland
(FRS 102)).
Accounting policies
The accounting policies applied are consistent with those of the annual accounts
for the year ended 15 July 2016 and are described in those annual accounts.
Dilution adjustment
From 1 January 2017 the transactional revenue earned from the spread (the
difference between the creation price and the cancellation price), to the extent
that in respect of any Dealing Day subscriptions are netted off against
redemptions has been paid by the Manager into the fund and is included within
the dilution adjustment in the Statement of Change in Assets Attributable to
Unitholders. Amounts receivable from the Manager are included under Debtors in
the in the balance sheet.
18
Schroder Recovery Fund
General Information
Manager
Schroder Unit Trusts Limited
31 Gresham Street
London EC2V 7QA
Authorised and regulated by
the Financial Conduct Authority
Registrar1
International Financial Data Services Limited
IFDS House
St Nicholas Lane
Basildon
Essex SS15 5FS
Investment Adviser
Schroder Investment Management Limited
31 Gresham Street
London EC2V 7QA
Authorised and regulated by
the Financial Conduct Authority
Administration Details
Schroders
FREEPOST
RLTZ-CHSY-HBUT
PO Box 1102
Chelmsford
Essex CM99 2XX
Investor Services
0800 718 777
[email protected]
Dealing 0800 718 788
Fax 0870 043 4080
Trustee
J.P. Morgan Europe Limited
Chaseside
Bournemouth BH7 7DA
Authorised by the Prudential
Regulation Authority and regulated
by the Financial Conduct Authority
and Prudential Regulation Authority
Independent Auditors
PricewaterhouseCoopers LLP
Atria One
144 Morrison Street
Edinburgh EH3 8EX
1 The Manager has delegated the function of Registrar to International Financial Data Services Limited.
Authorisation
The fund is an authorised unit trust and is constituted pursuant to the COLL
and is structured as a trust. The fund is a UCITS scheme for the purpose of the
categorisation of the COLL.
Other information
The Prospectus, the Key Investor Information Document and details of
investment charges and costs are available on request or can be downloaded
from our website www.schroders.co.uk.
19
For further literature please contact Schroder Investor Services
on 0800 718 777 or at [email protected], or visit
our website at www.schroders.co.uk.
Issued in March 2017 by Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA.
Registered No: 04191730 England. Authorised and regulated by the Financial Conduct Authority. w35641