Invesco Enhanced Income Limited
Half-Yearly Financial Report Announcement for the Six Months to
31 March 2020
Key Facts
Invesco Enhanced Income Limited is a closed-end investment
company with limited liability incorporated in Jersey. The
Company’s ordinary shares are listed on the London Stock
Exchange.
Investment Objective of the
Company
The Company’s principal objective is to provide shareholders
with a high level of income whilst seeking to maximise total return
through investing in a diversified portfolio of high yielding
corporate and government bonds. The Company may also invest in
equities and other instruments that the Manager considers
appropriate. The Company seeks to balance the attraction of high
yield securities with the need for protection of capital and to
manage volatility. The Company generally employs gearing in its
Investment Policy.
Full details of the Company’s Investment Policy (incorporating
the Company’s investment objective, investment policy and risk and
investment limits) can be found on pages 9 and 10 of the Company’s
2019 annual financial report.
Performance Statistics
|
At |
At |
|
|
31 MAR |
30 SEPT |
% |
|
2020 |
2019 |
Change |
| Balance sheet |
|
|
|
| Shareholders' funds
(£'000)(1) |
107,976 |
126,157 |
–14.4 |
| Net asset value(2) per
ordinary share |
62.1p |
74.2p |
–16.3 |
| Share price(3) |
56.4p |
75.2p |
–25.0 |
| (Discount)/premium per ordinary
share(2) |
(9.2)% |
1.3% |
|
| Gross borrowing(2) |
19% |
19% |
|
| Net borrowing(2) |
14% |
15% |
|
|
|
|
|
|
SIX MONTHS |
SIX MONTHS |
YEAR |
|
ENDED |
ENDED |
ENDED |
|
31 MAR |
31 Mar |
30 SEPT |
|
2020 |
2019 |
2019 |
| Total
Return(3) |
|
|
|
| Net asset value(2) |
–13.4% |
+1.9% |
+8.9% |
| Share price(2) |
–22.5% |
–2.3% |
+6.7% |
| 3 month LIBOR rate |
+0.4% |
+0.8% |
+0.8% |
| Revenue |
|
|
|
| Net revenue return (£'000) |
3,953 |
3,793 |
7,808 |
| Revenue return per ordinary
share |
2.3p |
2.3p |
4.7p |
| Dividends per ordinary share: |
|
|
|
| – first interim |
1.25p |
1.25p |
1.25p |
| – second interim |
1.25p |
1.25p |
1.25p |
| – third interim |
— |
— |
1.25p |
| – fourth interim |
— |
— |
1.25p |
| Total |
2.50p |
2.50p |
5.00p |
(1) For the period to 31 March
2020, 3,750,000 ordinary shares were issued for net
proceeds, after issue costs, of £2,865,000 (2019: nil).
(2) Alternative Performance Measures (APM) see page 7 for the
explanation and calculation of APMs. Further details are provided
in the Glossary of Terms and Alternative Performance Measures in
the 2019 annual financial report.
(3) Source: Refinitiv.
Interim management report
incorporating the Chairman’s Statement
Chairman’s Statement
The period running up to and since our year end has been one of
the most challenging in recent times. So, I would firstly like to
say thank you to you, our shareholders, for your support and, as
importantly, to everyone involved in the management and operation
of this Company. Our portfolio manager, Rhys, has been working very
hard to make good investment decisions and remains diligent in
keeping the Board apprised of market changes and their impact on
the Company. Operationally, the move to remote working has been
accomplished by all of our service providers in a seamless manner
and as a Board we would like to reassure you that we remain
confident that the Company is in good hands.
Results for the six months to
31 March 2020
Turning now to the six months under review, the Company has
delivered a total net asset value return of –13.4%. This compares
to 3 month LIBOR of +0.4%. The share price premium decreased
from 1.3% to a discount of 9.2%. Since the end of the reporting
period, the Company has returned to a premium and has recommenced
issuance of shares. This reflects not only the improving market
environment but also the Company’s strong performance relative to
both its peers and 3 month LIBOR. On behalf of the Board, I would
like to thank the portfolio managers for their continued hard work
on behalf of shareholders.
The Portfolio Managers’ Report which follows continues the
cautionary tone of much of their recent reporting. Borrowing at the
period end was 19% gross and 14% net of cash balances.
Outlook
During this extremely challenging time, there has been no
material change in portfolio strategy. The Company’s closed ended
structure means the Manager does not have to realise investments in
these volatile markets to meet redemptions. It enables the Manager
to utilise borrowings to take advantage of opportunities to
purchase bonds at attractive prices and enhance income as and when
they present themselves. The Company has material revenue
reserves available to support the payment of the quarterly
dividend. The Company’s dividend policy remains unchanged and,
whilst the Board is closely monitoring developments throughout the
COVID-19 crisis, it remains confident that the portfolio is in good
hands.
Kate
Bolsover
Chairman
15 May 2020
Portfolio Managers’ report
Market background
The performance of the high yield bond market over the six
months to the 31 March 2020 was dominated by the market’s
reaction to the impact of Covid-19 in late February and
March 2020. The deterioration in
sentiment was further compounded by a collapse in the oil price.
This had a significant impact on the US high yield market, which
has a high number of energy companies.
By end of March, most countries across the world had, in
response to the virus, introduced some form of lockdown. Economic
activity has been significantly curtailed and many companies
shuttered.
The world’s central banks have responded to these shocks with
unprecedented stimulus, slashing interest rates and restarting
Quantitative Easing programmes. In the US, the Federal Reserve
has committed to direct support of the corporate bond market
including the unprecedented step of announcing it will purchase
high yield bonds under certain conditions. After a very sharp
market correction from late February, these announcements sparked
the biggest rally in high yield bonds since the global financial
crisis in 2008.
Large fiscal policy stimulus programmes have also been a part of
the response of many governments. This has included loans and
support for companies. Nonetheless, the period has been extremely
difficult for many companies, in particular those in leisure,
travel and parts of the retail sector. For many companies the
impact of this crisis will be felt for some time.
The banking sector has also come under pressure and many banks
have announced that they are stopping dividends, in-line with
recommendations from both the European Central Bank and the Bank of
England. The payment of interest
on bank capital bonds, including additional tier 1 (AT1) bonds, is
not affected.
Unsurprisingly, this difficult environment for companies has led
the rating agencies to revise their predictions of default rates
higher. The market has also aggressively repriced the risk of
default with large moves in credit spreads (the premium over
government bonds that companies need to pay to borrow). By
31 March 2020 European high yield
spreads had increased to 854 basis points (bps). This compares to a
level of 405 bps at the 30 September
2019 and a low of 316 in mid-January
2020.
With a recessionary backdrop it is inevitable that default rates
will rise, and indeed we have already observed several high yield
issuers appoint financial advisors with a view to restructuring
their debt.
Portfolio strategy
The Company entered the crisis on a relatively strong footing.
The portfolio was cautiously positioned by the end of 2019, which
was a natural response to yields having fallen so much and our
sober view on valuations. At the very early stages of the virus
outbreak we raised cash in the portfolio significantly. This
defensive stance, combined with the closed-ended structure, meant
that we were well positioned to take advantage of the re-pricing
that occurred. Slowly and cautiously credit risk was added.
The focus of these purchases was on companies that we think have
the balance sheet and business profile to survive the economic
shock. Names added included Ziggo, Pinewood, IHO Schaeffler and
Teva. The financial sector also provided some very attractive
opportunities during March. Both Senior and AT1 bonds were added
across multiple issuers with a focus on large European banks.
Following these purchases, subordinated financials remain the
fund’s largest sectoral allocation. Despite European banks having
been asked to halt dividends and share buy-backs, the current
situation is very different to the 2008 crisis. Then, banks and
other financial institutions were the problem. This is a real
economy shock and banks have come into it with much stronger
liquidity and higher capital levels and asset quality. The
announcement to halt shareholder payments has no bearing on banks’
intentions to pay AT1 coupons and we believe they will continue to
do so. Outside of subordinated financials, the three largest
sectors in the portfolio are telecoms, food and utilities.
Over the period under review, the Company’s NAV fell from 74.2p
to 62.1p. The NAV total return was –13.4%. The portfolio maintained
gross borrowing of 19%.
Outlook
High yield bond markets have repriced to reflect the severe
economic shock that the crisis is inflicting. A lack of market
liquidity at the start of the crisis exacerbated price moves and
created some very attractive opportunities for the Company. We were
able to add positions to the portfolio, buying bonds from companies
that we believe have a balance sheet and business profile that can
survive.
Looking ahead, although markets have rallied from the lows of
23 March 2020, credit spreads still
offer some of the best value we have seen for many years. That
said, there are undoubtedly challenging times ahead for many
companies and default rates are likely to increase. A thorough and
comprehensive analysis of each issuer and maintaining a diversified
portfolio remain a crucial part of our approach, as we seek to add
exposure and lock in value for when markets do recover.
Paul
Read/Paul Causer/Rhys Davies
Portfolio Managers
15 May 2020
Principal Risks and Uncertainties
The Board carries out a review, regularly, of the risk
environment in which the Company operates, including consideration
of emerging risks and now COVID-19. The principal risks and
uncertainties relating to the Company can be summarised as:
– Investment Policy – the adopted investment
policy and process may not achieve the Company’s published
investment objective.
– Market Risk – a fall in the stock markets
and/or a prolonged period of decline in the stock markets relative
to other forms of investments will affect the performance of the
portfolio, as well as the performance of individual portfolio
investments.
– Investment Risk – the investment process
employed by the Manager is likely to result, from time to time, in
a more concentrated portfolio than those of other investment
funds.
– Foreign Exchange Risk – the movement of
exchange rates may have an unfavourable or favourable impact on
returns as the Company holds non-sterling denominated investments
and cash.
– Shares – share price is affected by market
sentiment, supply and demand for the shares, dividends declared,
portfolio performance as well as wider economic factors and changes
in the law. The market value of, and the income derived from, the
Company’s ordinary shares can fluctuate and may go down as well as
up.
– Gearing Returns Using Borrowings – the net
borrowing may not exceed, at the time of drawdown, 50% of
shareholders’ funds. Borrowing levels may change from time to time
in accordance with the Manager’s assessment of risk and reward. As
a consequence, any reduction in the value of the Company’s
investments may lead to a correspondingly greater percentage
reduction in its NAV (which is likely to adversely affect the
Company’s share price). The Company borrows principally using repo
financing arrangements. In certain circumstances it may have to
realise investments at short notice to repay amounts owing under
those arrangements and may not be able to realise the expected
market value of those assets.
– High Yield Corporate Bonds – corporate bonds
are subject to credit, liquidity, duration and interest rate risk.
Adverse changes in the financial position of the issuer of
corporate bonds or in general economic conditions may impair the
ability of the issuer to make payments of principal interest or may
cause the liquidation or insolvency of the issuer.
– Derivatives – the Company may enter into
derivative transactions for the purpose of efficient portfolio
management. The Company will not enter into derivative transactions
for speculative purposes.
– Reliance on External Service Providers –
failure by any service provider to carry out its obligations to the
Company could have a materially detrimental impact on the operation
of the Company and affect the ability of the Company to
successfully pursue its investment policy. The Company’s operations
and reputation could be affected if any of its service providers
suffered a major cyber security breach.
– Regulatory – whilst compliance with rules
and regulations is closely monitored, breaches and changes could
affect returns to shareholders.
– Pandemic (COVID-19) Risk – restrictions to
movement of people and disruption to business operations are
impacting portfolio company valuations and returns and could impact
operational resilience of service providers. As the spread of
COVID-19 continues, the Directors are monitoring the situation
closely, together with the Manager and third-party service
providers. A range of actions has been implemented to ensure that
the Company and its service providers are able to continue to
operate as normal, even in the event of prolonged disruption. The
Manager’s business continuity plans are reviewed on an ongoing
basis and the Directors are satisfied that the Manager has in place
robust plans and infrastructure to minimise the impact on its
operations so that the Company can continue to trade, meet
regulatory obligations, report and meet shareholder
requirements.
The Manager has mandated work
from home arrangements and implemented split team working for those
whose work is deemed necessary to be carried out on business
premises. Any meetings are being held virtually or via conference
calls.
Other similar working
arrangements are in place for the Company’s third-party service
providers. The Directors remain confident that with these measures
in place, the Company is in a good position to continue operating
largely as normal in these extreme market conditions. In addition,
due to the nature of the Company being a closed end investment
company, the Portfolio Manager is not presented with regular daily
inflows and outflows that require managing.
Except for the pandemic risk above, a detailed explanation of
these principal risks and uncertainties can be found on
pages 12 to 16 of the Company’s 2019 annual financial report,
which is available on the Company’s section of the Manager’s
website at:
www.invesco.co.uk/enhancedincome
In the view of the Board, these principal risks and
uncertainties are as much applicable to the remaining six months of
the financial year as they were to the six months under review.
Going Concern
The half-yearly financial report has been prepared on a going
concern basis. The Directors consider that this is the appropriate
basis as they have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. In considering this, the Directors took into
account the Company’s investment objective, risk management
policies and capital management policies, the diversified
portfolio, the liquidity of the securities which can be used to
meet short-term funding commitments, and the ability of the Company
to meet all of its liabilities, including its repo financing, and
ongoing expenses from its assets.
RELATED PARTY TRANSACTIONS AND
TRANSACTIONS WITH THE MANAGER
Under International Financial Reporting Standards, the Company
has identified the Directors as related parties. Transactions with
Directors are limited to their remuneration. Transactions with the
Manager comprise management fees. The basis of these has not
changed from that reported in the latest annual financial
report.
STATEMENT OF DIRECTORS’
RESPONSIBILITIES
in respect of the preparation of the
half-yearly financial report
The Directors are responsible for preparing the half-yearly
financial report using accounting policies consistent with
applicable law and International Financial Reporting Standards.
The Directors confirm that to the best of their knowledge:
– the condensed set of financial statements
contained within the half-yearly financial report have been
prepared in accordance with the International Accounting Standards
34 ‘Interim Financial Reporting’;
– the interim management report includes a
fair review of the information required by DTR 4.2.7R and DTR
4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules;
and
– the interim management report includes a
fair review of the information required on related party
transactions.
The half-yearly financial report has not been audited or
reviewed by the Company’s auditor.
Signed on behalf of the Board of Directors.
Kate
Bolsover
Chairman
15 May 2020
BOND RATING ANALYSIS
At 31 March
2020
Standard & Poor’s (S&P) ratings. Where a S&P rating
is not available, an equivalent average rating has been used.
Investment grade is BBB– and above.
For the definitions of these ratings see the Glossary of Terms
and Alternative Performance Measures on page 71 of the 2019 annual
financial report.
|
31 MAR
2020 |
30
SEPT 2019 |
|
% OF |
CUMULATIVE |
% OF |
CUMULATIVE |
| Rating |
PORTFOLIO |
TOTAL % |
PORTFOLIO |
TOTAL % |
| Investment Grade: |
|
|
|
|
| A– |
— |
— |
1.8 |
1.8 |
| BBB+ |
3.8 |
3.8 |
3.0 |
4.8 |
| BBB |
10.3 |
14.1 |
9.8 |
14.6 |
| BBB– |
8.1 |
22.2 |
6.5 |
21.1 |
|
|
|
|
|
| Non-Investment Grade: |
|
|
|
|
| BB+ |
13.0 |
35.2 |
13.8 |
34.9 |
| BB |
10.0 |
45.2 |
6.2 |
41.1 |
| BB– |
9.5 |
54.7 |
13.0 |
54.1 |
| B+ |
8.0 |
62.7 |
8.5 |
62.6 |
| B |
15.6 |
78.3 |
16.9 |
79.5 |
| B– |
7.6 |
85.9 |
8.5 |
88.0 |
| CCC+ |
4.0 |
89.9 |
1.8 |
89.8 |
| CCC |
1.6 |
91.5 |
1.4 |
91.2 |
| CCC– |
0.1 |
91.6 |
0.5 |
91.7 |
| D |
— |
91.6 |
0.1 |
91.8 |
| NR (including equities) |
8.4 |
100.0 |
8.2 |
100.0 |
|
100.0 |
|
100.0 |
|
INVESTMENT PORTFOLIO
At 31 March 2020
All investments are fixed interest bonds unless otherwise
stated; floating rates notes are depicted by FRN.
Bonds and Equity Investments
|
|
|
VALUE |
%
OF |
| ISSUER |
ISSUE |
RATING(1) |
£’000 |
PORTFOLIO |
| Euro |
|
|
|
|
| Achmea |
6% 04 Apr 2043 |
NR/BBB-/BBB |
1,794 |
1.5 |
| Telecom Italia |
5.25% 17 Mar 2055 |
Ba1/BB+/BB |
1,740 |
1.4 |
| Banco Santander |
6.25% FRN Perpetual |
Ba1/NR/BB |
1,583 |
|
1.4 |
|
4.375% FRN Perpetual |
Ba1/NR/BB |
132 |
| IHO Verwaltungs |
3.875% 15 May 2027 (SNR) |
Ba2/BB+/BB |
745 |
|
0.9 |
|
3.625% 15 May 2025 (SNR) |
Ba2/BB+/BB |
409 |
| Burger King France |
8% 15 Dec 2022 (SNR) |
NR/CCC/CCC |
639 |
|
0.9 |
|
FRN 01 May 2023 |
B3/B-/B |
338 |
|
6% 01 May 2024 (SNR) |
B3/B-/B |
158 |
| Banco BPM |
8.75% FRN Perpetual |
B3/NR/B |
1,025 |
0.8 |
| IM Group |
6.625% 01 Mar 2025 |
B2/B-/B |
1,012 |
0.8 |
| Permanent TSB |
8.625% FRN Perpetual |
NR/NR/NR |
970 |
0.8 |
| Frigoglass Finance |
6.875% 12 Feb 2025 |
B3/B-/B |
873 |
0.7 |
| Picard |
FRN 30 Nov 2023 |
B3/B/B |
823 |
0.7 |
| Loxam SAS |
5.75% 15 Jul 2027 |
NR/CCC+/CCC |
403 |
|
0.6 |
|
3.75% 15 Jul 2026 (SNR) |
NR/B/B |
395 |
| Platin |
5.375% 15 Jun 2023 (SNR) |
B3/B/B |
740 |
0.6 |
| Intesa Sanpaolo |
7% Perpetual |
Ba3/BB-/BB |
700 |
0.6 |
| Quintiles IMS |
3.25% 15 Mar 2025 (SNR) |
Ba3/BB/BB |
689 |
0.6 |
| Banco Comercial Portugues |
9.25% 30 Apr 2067 |
B2/CCC+/B |
688 |
0.6 |
| Ziggo Bond Finance |
3.375% 28 Feb 2030 (SNR) |
B3/B-/B |
674 |
0.6 |
| DKT Finance |
7% 17 Jun 2023 (SNR) |
Caa1/CCC+/CCC |
669 |
0.5 |
| Banco Sabadell |
6.5% FRN Perpetual |
B2/NR/B |
640 |
0.5 |
| Teva Pharmaceutical Finance |
6% 31 Jan 2025 (SNR) |
Ba2/BB/BB |
383 |
|
0.5 |
|
1.125% 15 Oct 2024 (SNR) |
Ba2/BB/BB |
246 |
| CNP Assurances |
FRN Perpetual |
NR/NR/NR |
624 |
0.5 |
| Tereos Finance |
4.125% 16 Jun 2023 (SNR) |
NR/B+/B |
596 |
0.5 |
| INEOS Group |
5.375% 01 Aug 2024 (SNR) |
B1/B+/B |
437 |
|
0.5 |
|
2.875% 01 May 2026 (SNR) |
Ba1/BB+/BB |
158 |
| Maxeda DIY |
6.125% 15 Jul 2022 (SNR) |
Caa1/B-/CCC |
581 |
0.5 |
| Yew Grove REIT |
Common Stock |
NR/NR/NR |
539 |
0.4 |
| Banca Monte Dei Paschi – Siena |
8% FRN 22 Jan 2030 |
Caa1/NR/CCC |
296 |
|
0.4 |
|
10.5% 23 Jul 2029 (SUB) |
Caa1/NR/CCC |
225 |
| PrestigeBidCo |
6.25% 15 Dec 2023 (SNR) |
B2/B/B |
496 |
0.4 |
| Aegon |
5.625% FRN Perpetual |
Baa3/BBB-/BBB |
489 |
0.4 |
| Crystal Almond |
4.25% 15 Oct 2024 (SNR) |
NR/B/B |
469 |
0.4 |
| Barclays |
3.375% FRN 2 April 2020 (SNR) |
NR/NR/NR |
462 |
0.4 |
| La Financière ATALIAN |
4% 15 May 2024 (SNR) |
Caa1/B/CCC |
460 |
0.4 |
| Lloyds Banking Group |
3.5% FRN (SNR) |
A3/BBB+/A |
307 |
|
0.4 |
|
6.375% FRN Perpetual |
Baa3/BB-/BB |
130 |
| Crown European Holdings |
2.875% 01 Feb 2026 (SNR) |
Ba2/BB+/BB |
434 |
0.4 |
| National Bank Of Greece |
8.25% FRN 18 Jul 2029 |
Caa2/CCC/CCC |
414 |
0.3 |
| Tasty Bondco |
6.25 15 May 2026 (SNR) |
B2/B/B |
396 |
0.3 |
| EDP – Energias de Portugal |
4.496% 30 Apr 2079 |
Ba2/BB/BB |
364 |
0.3 |
| EG Global Finance |
4.375% 07 Feb 2025 (SNR) |
B2/B/B |
354 |
0.3 |
| Codere Finance |
6.75% 01 Nov 2021 (SNR) |
Caa1/CCC+/CCC |
321 |
0.3 |
| BNP Paribas |
Cnv FRN Perpetual |
Baa3/BB+/BBB |
299 |
0.3 |
| Caixabank |
6.75% FRN Perpetual |
Ba3u/BB/BB |
288 |
0.2 |
| Trafigura |
7.5% FRN Perpetual (SUB) |
NR/NR/NR |
284 |
0.2 |
| Odyssey Europe |
8% 15 May 2023 (SNR) |
B2/B/B |
269 |
0.2 |
| Motion Bondco |
4.5% 15 Nov 2027 (SNR) |
B3/B-/B |
257 |
0.2 |
| Bayer AG |
3.125% FRN 12 Nov 2079 (SUB) |
Baa3/BB+/BBB |
243 |
0.2 |
| UniCredit International Bank |
3.875% FRN Perpetual |
Ba3/NR/BB |
242 |
0.2 |
| Aviva |
6.125% FRN 05 Jul 2043 |
A3/BBB+/BBB |
230 |
0.2 |
| Europcar Mobility |
4.125% 15 Nov 2024 (SNR) |
Caa1/B/CCC |
129 |
|
0.1 |
|
4% 30 Apr 2026 (SNR) |
Caa1/B/CCC |
68 |
| ASR Nederland |
4.625% Cnv FRN Perpetual |
NR/BB+/BB |
150 |
0.1 |
| Jaguar Land Rover |
5.875% 15 Nov 2024 (SNR) |
B1/B+/B |
130 |
0.1 |
|
|
|
29,609 |
24.1 |
| Sterling |
|
|
|
|
| Virgin Media Finance |
6.25% 28 Mar 2029 |
Ba3/BB-/BB |
1,782 |
|
2.8 |
|
5.75% 15 Apr 2023 (SNR) |
B1/B/B |
1,635 |
| Barclays |
7.875% FRN Perpetual |
Ba2/B+/BB |
1,479 |
|
2.2 |
|
7.125% FRN Perpetual |
Ba2/B+/BB |
645 |
|
6.375% FRN Perpetual |
Ba2/B+/BB |
616 |
| Enel |
7.75% 10 Sep 2075 |
Ba1/BBB-/BBB |
1,908 |
|
2.2 |
|
6.625% 15 Sep 2076 |
Ba1/BBB-/BBB |
774 |
| Sainsbury's |
6.5% FRN Perpetual |
NR/NR/NR |
1,604 |
|
1.9 |
|
6% FRN 23 Nov 2027 |
NR/NR/NR |
753 |
| NWEN Finance |
5.875% 21 Jun 2021 (SNR) |
NR/BB+/BB |
2,351 |
1.9 |
| NGG Finance |
5.625% FRN 18 Jun 2073 |
Baa3/BBB/BBB |
2,310 |
1.9 |
| Arqiva Broadcast Finance |
6.75% 30 Sep 2023 |
B2/NR/B |
2,100 |
1.7 |
| Premier Foods Finance |
6.25% 15 Oct 2023 |
B2/B/B |
1,556 |
|
1.7 |
|
FRN 15 Jul 2022 (SNR) |
B2/B/B |
535 |
| Co-Operative Bank |
9.5% FRN 25 Apr 2029 |
NR/NR/NR |
1,432 |
|
1.6 |
|
5.125% 17 May 2024 (SNR) |
NR/BB/BB |
451 |
| Eléctricité De France |
6% Perpetual |
Baa3/BB/BBB |
1,248 |
|
1.5 |
|
5.875% Perpetual |
Baa3/BB/BBB |
590 |
| Virgin Money |
8.75% Perpetual |
Ba2/B/BB |
1,671 |
1.4 |
| Balfour Beatty |
10.75p Cnv Preference |
NR/NR/NR |
1,549 |
1.3 |
| Aviva |
6.125% Perpetual |
A3/BBB+/BBB |
1,462 |
1.2 |
| Pinnacle Bidco |
6.375% 15 Feb 2025 (SNR) |
B2/B/B |
1,366 |
1.1 |
| Pension Insurance |
7.375% FRN Perpetual |
NR/NR/BBB |
1,302 |
1.1 |
| Wagamama Finance |
4.125% 01 Jul 2022 (SNR) |
B2/B-/B |
1,246 |
1.0 |
| Matalan Finance |
6.75% 31 Jan 2023 (SNR) |
B3/B-/B |
700 |
|
1.0 |
|
9.5% 31 Jan 2024 (SNR) |
Caa3/CCC/CCC |
509 |
| Orange |
5.875% Perpetual |
Baa3/BBB-/BBB |
1,160 |
0.9 |
| Vodafone Group |
4.875% 03 Oct 2078 |
Ba1/BB+/BB |
967 |
|
0.9 |
|
1.5% Cnv 12 Mar 2022 |
NR/NR/NR |
183 |
| Time Warner Cable |
5.25% 15 Jul 2042 |
Ba1/BBB-/BBB |
1,076 |
0.9 |
| Iron Mountain |
3.875% 15 Nov 2025 |
Ba3/BB-/BB |
896 |
0.7 |
| Drax Finco |
4.25% 01 May 2022 (SNR) |
NR/BB+/BB |
859 |
0.7 |
| Scottish Widows |
5.5% 16 Jun 2023 |
Baa1/BBB+/BBB |
847 |
0.7 |
| William Hill |
4.75% 01 May 2026 |
Ba1/BB/BB |
795 |
0.6 |
| Bupa Finance |
5% 08 Dec 2026 |
Baa1/NR/BBB |
752 |
0.6 |
| Lloyds Banking Group |
7.875% Perpetual |
Baa3/BB-/BB |
361 |
|
0.6 |
|
7.625% FRN Perpetual |
Baa3/BB-/BB |
335 |
| Miller Homes |
FRN 15 Oct 2023 (SNR) |
NR/BB-/BB |
475 |
|
0.5 |
|
5.5% 15 Oct 2023 (SNR) |
NR/BB-/BB |
168 |
| Pinewood |
3.25% 30 Sep 2025 (SNR) |
NR/BB/BB |
554 |
0.5 |
| OneSavings Bank |
9.125% FRN Perpetual |
NR/NR/NR |
550 |
0.4 |
| AXA |
5.453% FRN Perpetual |
Baa1/BBB+/BBB |
501 |
0.4 |
| Jaguar Land Rover |
2.75% 24 Jan 2021 |
B1/B+/B |
465 |
0.4 |
| Deutsche Bank |
7.125% Perpetual |
B1/B+/B |
464 |
0.4 |
| Experian Finance |
3.25% 07 Apr 2032 |
Baa1/NR/0 |
302 |
0.2 |
| Nationwide |
5.875% FRN Perpetual |
Baa3/BB+/BB |
291 |
0.2 |
| Rothesay Life |
8% 30 Oct 2025 |
NR/NR/BBB |
267 |
0.2 |
| CYBG |
9.25% Perpetual |
Ba2u/B/BB |
231 |
0.2 |
| AMC Entertainment |
6.375% 15 Nov 2024 (SUB NTS) |
Caa1/CCC+/CCC |
224 |
0.2 |
| Legal & General |
5.5% 27 Jun 2064 FRN (SUB) |
A3/BBB+/BBB |
193 |
0.2 |
| CIS General Insurance |
12% FRN 08 May 2025 |
NR/NR/NR |
100 |
0.1 |
| Petroleos Mexicanos |
8.25% 02 Jun 2022 (SNR) |
Baa3/BBB/BBB |
83 |
0.1 |
|
|
|
46,673 |
38.1 |
| US Dollar |
|
|
|
|
| Altice |
SFR 7.375% 01 May 2026 |
B2/B/B |
2,478 |
|
2.4 |
|
7.5% 15 May 2026 |
B2/B/B |
495 |
| Royal Bank of Scotland |
7.64% FRN Perpetual |
Ba2/BB-/BB |
1,328 |
|
2.2 |
|
8.625% FRN Perpetual |
Ba2u/B+/BB |
814 |
|
8% Cnv FRN Perpetual |
Ba2u/B+/BB |
375 |
|
7.5% Cnv FRN Perpetual |
Ba2u/B+/BB |
155 |
| AT&T |
4.65% 01 Jun 2044 (SNR) |
Baa2/BBB/BBB |
2,540 |
2.1 |
| Teva Pharmaceutical Finance |
6.75% 01 Mar 2028 (SNR) |
Ba2/BB/BB |
1,524 |
|
2.1 |
|
7.125% 31 Jan 2025 (SUB) |
Ba2/BB/BB |
994 |
| Stora Enso |
7.25% 15 Apr 2036 |
Baa3/NR/BBB |
1,943 |
1.6 |
| Ziggo Bond Finance |
6% 15 Jan 2027 (SNR) |
B3/B-/B |
1,542 |
|
1.5 |
|
4.875% 15 Jan 2030 (SNR) |
B1/B+/B |
254 |
| Vodafone Group |
6.25% 03 Oct 2078 |
Ba1/BB+/BB |
1,090 |
|
1.4 |
|
7% FRN 04 Apr 2079 |
Ba1/BB+/BB |
621 |
| Fiat Chrysler Automobiles |
4.5% 15 Apr 2020 |
Ba2/BB+/BB |
1,600 |
1.3 |
| Celanese |
4.625% 15 Nov 2022 |
Baa3/BBB/BBB |
1,570 |
1.3 |
| Aker BP |
5.875% 31 Mar 2025 (SNR) |
Ba1/BBB-/BB |
1,421 |
1.2 |
| Lloyds Banking Group |
7.5% 31 Dec 2065 |
Baa3/BB-/BBB |
1,379 |
1.1 |
| Panther BF Aggregator |
8.5% 15 May 2027 (SNR) |
B3/CCC+/B |
1,253 |
1.0 |
| Telecom Italia |
5.303% 30 May 2024 |
Ba1/BB+/BB |
1,217 |
1.0 |
| Adient |
7% 15 May 2026 (SNR) |
Ba3/BB-/BB |
1,201 |
1.0 |
| Beazley |
5.875% 04 Nov 2026 |
NR/NR/BBB |
1,158 |
0.9 |
| Société Genérale |
7.375% 31 Dec 2065 |
Ba2/BB+/BB |
1,024 |
0.8 |
| DKT Finance |
9.375% 17 Jun 2023 (SNR) |
Caa1/CCC+/CCC |
1,007 |
0.8 |
| Marfrig Global Foods |
7% 15 Mar 2024 |
NR/BB-/BB |
879 |
0.7 |
| Algeco Scotsman |
8% 15 Feb 2023 (SNR) |
B2/B-/B |
811 |
0.7 |
| Diamond 1 |
5.45% 15 Jun 2023 |
Baa3/BBB-/BBB |
802 |
0.7 |
| Neptune Energy |
6.625% 15 May 2025 (SNR) |
B1/BB-/BB |
793 |
0.6 |
| Lamb Weston |
4.625% 01 Nov 2024 |
Ba2/BB+/BB |
783 |
0.6 |
| Verizon Communications |
4.272% 15 Jan 2036 |
Baa1/BBB+/BBB |
780 |
0.6 |
| Trinseo |
5.375% 01 Sep 2025 (SNR) |
B2/B+/B |
777 |
0.6 |
| VIVAT |
6.25% Perpetual |
NR/NR/BB |
748 |
0.6 |
| Owens |
5.875% 15 Aug 2023 |
B1/B+/B |
725 |
0.6 |
| Barclays |
8% FRN Perpetual |
Ba2/B+/BB |
607 |
|
0.6 |
|
2.75% FRN Perpetual |
Ba1/BB+/BB |
116 |
| Sigma Holdco |
7.875% 15 May 2026 (SNR) |
B3/B-/B |
650 |
0.5 |
| XPO Logistics |
6.5% 15 Jun 2022 (SNR) |
Ba3/BB-/BB |
637 |
0.5 |
| FAGE International |
5.625% 15 Aug 2026 (SNR) |
B2/B+/B |
626 |
0.5 |
| UBS |
7% Perpetual |
NR/BB+/BB |
345 |
|
0.5 |
|
5% Perpetual |
Ba1u/BB/BB |
248 |
| IHO Verwaltungs |
6% 15 May 2027 (SNR) |
Ba2/BB+/BB |
569 |
0.5 |
| Rothschilds Continuation
Finance |
FRN Perpetual |
NR/NR/NR |
514 |
0.4 |
| Walnut Bidco |
9.125% 01 AUG 2024 (SNR) |
B1/B+/B |
482 |
0.4 |
| Brink’s |
4.625% 15 Oct 2027 |
Ba2/BB/BB |
474 |
0.4 |
| Marb Bondco |
6.875% 19 Jan 2025 (SNR) |
NR/BB-/BB |
462 |
0.4 |
| DNO ASA |
8.375% 29 May 2024 |
NR/NR/NR |
255 |
|
0.3 |
|
8.75% 31 May 2023 |
NR/NR/NR |
177 |
| CIRSA Finance |
7.875% 20 Dec 2023 |
B2/B/B |
411 |
0.3 |
| Motion Bondco |
6.625% 15 Nov 2027 (SNR) |
B3/B-/B |
406 |
0.3 |
| Petroleos Mexicanos |
6.95% 28 Jan 2060 (SNR) |
Baa3/BBB/BBB |
197 |
|
0.3 |
|
6.75% 21 Sep 2047 (SNR) |
Baa3/BBB/BBB |
180 |
| Ithaca Energy |
9.375% 15 Jul 2024 (SNR) |
B3/B/B |
355 |
0.3 |
| Hertz |
7.625% 01 Jun 2022 |
B2/BB-/B |
282 |
0.2 |
| Codere Finance |
7.625% 01 Nov 2021 (SNR) |
Caa1/CCC+/CCC |
280 |
0.2 |
| UniCredit International Bank |
8% FRN Perpetual |
NR/NR/BB |
273 |
0.2 |
| Tesco |
6.15% 15 Nov 2037 (SNR) |
Baa3/BBB-/BBB |
217 |
0.2 |
| PGH Capital |
5.375% 06 Jul 2027 |
NR/NR/BBB |
212 |
0.2 |
| Millicom International Cellular |
5.125% 15 Jan 2028 |
Ba2/NR/BB |
203 |
0.2 |
| Petra Diamonds |
7.25% 01 May 2022 (SNR) |
Caa1/CCC+/CCC |
139 |
|
0.1 |
|
7.25% 01 May 2022 (SNR) |
Caa1/CCC+/CCC |
46 |
| J. C. Penney |
8.625% 15 Mar 2025 (SNR) |
Caa2/CCC-/CCC |
128 |
|
0.1 |
|
6.375% 15 Oct 2036 (SNR) |
Caa3/CCC-/CCC |
35 |
| Puma International |
5% 24 Jan 2026 |
Ba3/NR/BB |
154 |
0.1 |
| Nyrstar |
0% 31 Jul 2026 (SNR) |
NR/NR/NR |
153 |
0.1 |
| EG Global Finance |
8.5% 30 Oct 2025 (SNR) |
B2/B/B |
144 |
0.1 |
| BNP Paribas |
4.5% FRN Perpetual |
Ba1/BBB-/BBB |
122 |
0.1 |
| Deutsche Bank |
6% FRN Perpetual |
B1/B+/B |
107 |
0.1 |
| Trafigura |
5.25% 19 Mar 2023 (SNR) |
NR/NR/NR |
93 |
0.1 |
| Yum Brands |
7.75% 01 Apr 2025 (SNR) |
NR/NR/NR |
33 |
0.0 |
|
|
|
46,413 |
37.6 |
| Total investments |
|
|
122,695 |
99.8 |
Derivative Instruments – Credit
Default Swaps
|
|
|
AT MARKET |
|
|
|
|
VALUE |
%
OF |
| ISSUER |
ISSUE |
Nominal Exposure
£ |
£'000 |
PORTFOLIO |
| Euro |
|
|
|
|
| iTraxx Eur Xover |
Series 33 5% 5 Year 20 Jun 2025 |
5,334,300 |
159 |
0.1 |
| iTraxx Eur Xover |
Series 32 5% 5 Year 20 Dec 2024 |
2,667,150 |
53 |
|
0.1 |
| iTraxx Eur Xover |
Series 32 5% 5 Year 20 Dec 2024 |
1,778,100 |
36 |
| Total value of derivatives |
|
9,779,550 |
248 |
0.2 |
| Total investments and
derivatives |
|
|
122,943 |
100.0 |
(1) Moody/Standard & Poor’s (S&P)/Equivalent
average rating.
Condensed Statement of Comprehensive
Income
|
SIX
MONTHS TO 31 MARCH 2020 |
SIX
MONTHS TO 31 MARCH 2019 |
|
REVENUE |
CAPITAL |
TOTAL |
REVENUE |
CAPITAL |
TOTAL |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
| Loss on investments held at fair
value |
— |
(20,496) |
(20,496) |
— |
(1,555) |
(1,555) |
| Profit/(loss) on derivative
instruments – currency hedges |
— |
1,257 |
1,257 |
— |
(21) |
(21) |
| Exchange differences |
— |
(1,227) |
(1,227) |
— |
125 |
125 |
| Income – note 2 |
4,406 |
— |
4,406 |
4,236 |
— |
4,236 |
|
4,406 |
(20,466) |
(16,060) |
4,236 |
(1,451) |
2,785 |
| Investment management fee - note
3 |
(227) |
(227) |
(454) |
(224) |
(224) |
(448) |
| Other expenses |
(191) |
(3) |
(194) |
(153) |
— |
(153) |
| (Loss)/profit before finance
costs and taxation |
3,988 |
(20,696) |
(16,708) |
3,859 |
(1,675) |
2,184 |
| Finance costs |
(30) |
(30) |
(60) |
(60) |
(60) |
(120) |
| (Loss)/profit before
taxation |
3,958 |
(20,726) |
(16,768) |
3,799 |
(1,735) |
2,064 |
| Taxation – note 4 |
(5) |
— |
(5) |
(6) |
— |
(6) |
| (Loss)/profit after
taxation |
3,953 |
(20,726) |
(16,773) |
3,793 |
(1,735) |
2,058 |
| Return per ordinary
share |
2.3p |
(12.1)p |
(9.8)p |
2.3p |
(1.1)p |
1.2p |
| Weighted average number of
ordinary shares in issue during the period |
|
|
171,825,181 |
|
|
164,994,855 |
The total column of this statement represents the Company’s
statement of comprehensive income, prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union. The (loss)/profit after taxation is the total
comprehensive (loss)/income. The supplementary revenue and capital
columns are both prepared in accordance with the Statement of
Recommended Practice issued by the Association of Investment
Companies. All items in the above statement derive from continuing
operations of the Company. No operations were acquired or
discontinued in the period.
Condensed Balance Sheet
Registered number 75059
|
AT |
AT |
|
31 MARCH |
30
SEPTEMBER |
|
2020 |
2019 |
|
£’000 |
£’000 |
| Non-current assets |
|
|
| Investments held at fair value
through profit or loss |
122,943 |
144,528 |
| Current assets |
|
|
| Margin held at brokers |
1,631 |
189 |
| Prepayments and accrued income |
2,605 |
2,529 |
| Cash and cash equivalents |
2,740 |
4,623 |
|
6,976 |
7,341 |
| Total assets |
129,919 |
151,869 |
| Current liabilities |
|
|
| Amounts due to brokers |
(1,082) |
— |
| Accruals |
(302) |
(305) |
| Derivative financial instruments –
unrealised net loss on currency hedges |
(249) |
(940) |
| Securities sold under agreements to
repurchase |
(20,004) |
(24,161) |
|
(21,637) |
(25,406) |
| Total assets less current
liabilities |
108,282 |
126,463 |
| Provision for performance fee – note
3 |
(306) |
(306) |
| Net assets |
107,976 |
126,157 |
| Capital and reserves |
|
|
| Share capital – note 6 |
8,691 |
8,503 |
| Share premium |
157,729 |
155,068 |
| Capital reserve |
(69,030) |
(48,304) |
| Revenue reserve |
10,586 |
10,890 |
| Total shareholders’
funds |
107,976 |
126,157 |
| Net asset value per ordinary
share |
62.1p |
74.2p |
| Number of 5p ordinary shares in
issue at the period end – note 6 |
173,819,855 |
170,069,855 |
Condensed Statement of Cash Flows
|
Six
Months |
Six
Months |
|
to 31 March |
to 31
March |
|
2020 |
2019 |
|
£’000 |
£’000 |
| Cash flows from operating
activities |
|
|
| (Loss)/profit before finance costs
and taxation |
(16,708) |
2,184 |
| Tax on overseas income |
(5) |
(6) |
| Adjustments for: |
|
|
| Purchase of
investments |
|
(30,166) |
|
(20,261) |
| Sale of investments |
|
32,337 |
|
19,015 |
|
2,171 |
(1,246) |
| (Decrease)/increase in securities
sold under agreement to repurchase |
(4,157) |
2,477 |
| Loss on investments held at fair
value |
20,496 |
1,555 |
| Net movement from derivative
instruments – currency hedges |
(691) |
467 |
| Increase in receivables |
(1,518) |
(376) |
| Decrease in payables |
(3) |
(31) |
| Net cash (outflow)/inflow from
operating activities |
(415) |
5,024 |
| Cash flows from financing
activities |
|
|
| Finance cost paid |
(60) |
(106) |
| Net proceeds from issue of new
shares |
2,865 |
— |
| Dividends paid - note 5 |
(4,273) |
(4,124) |
| Net cash outflow from financing
activities |
(1,468) |
(4,230) |
| Net (decrease)/increase in cash
and cash equivalents |
(1,883) |
794 |
| Cash and cash equivalents at start
of the period |
4,623 |
2,775 |
| Cash and cash equivalents at end
of the period |
2,740 |
3,569 |
| Reconciliation of cash and cash
equivalents to the Balance Sheet is as follows: |
|
|
| Cash held at custodian |
2,740 |
1,539 |
| Invesco Liquidity Funds plc* – money
market fund |
— |
2,030 |
| Cash and cash
equivalents |
2,740 |
3,569 |
| Cash flow from operating
activities includes: |
|
|
| Dividends received |
99 |
85 |
| Interest received |
4,224 |
3,943 |
| Changes in liabilities arising
from financing activities: |
|
|
| Opening securities sold under
agreements to repurchase |
24,161 |
22,109 |
| (Decrease)/increase from securities
sold under agreements to repurchase |
(4,157) |
2,477 |
| Closing securities sold under
agreements to repurchase |
20,004 |
24,586 |
* Formerly Short-Term Investment Company (Global Series)
plc.
CONDENSED STATEMENT OF CHANGES IN
EQUITY
|
SHARE |
SHARE |
CAPITAL |
REVENUE |
|
|
CAPITAL |
PREMIUM |
RESERVE |
RESERVE |
TOTAL |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
| For the six months ended 31 March
2020 |
|
|
|
|
|
| At 30 September 2019 |
8,503 |
155,068 |
(48,304) |
10,890 |
126,157 |
| Total comprehensive loss for the
period |
— |
— |
(20,726) |
3,953 |
(16,773) |
| Dividends paid – note 5 |
— |
(16) |
— |
(4,257) |
(4,273) |
| Net proceeds from issue of new
shares – note 6 |
188 |
2,677 |
— |
— |
2,865 |
| At 31 March 2020 |
8,691 |
157,729 |
(69,030) |
10,586 |
107,976 |
| For the six months ended 31 March
2019 |
|
|
|
|
|
| At 30 September 2018 |
8,250 |
151,560 |
(50,484) |
11,351 |
120,677 |
| Total comprehensive income for the
period |
— |
— |
(1,735) |
3,793 |
2,058 |
| Dividends paid – note 5 |
— |
— |
— |
(4,124) |
(4,124) |
| At 31 March 2019 |
8,250 |
151,560 |
(52,219) |
11,020 |
118,611 |
Notes to the Condensed Financial
Statements
1. Basis of
Preparation
The condensed financial statements have been prepared using the
same accounting policies as those adopted in the 2019 annual
financial report. They have been prepared on an historical cost
basis, in accordance with the applicable International Financial
Reporting Standards (IFRS), as adopted by the European Union and,
where possible, in accordance with the Statement of Recommended
Practice for Financial Statements of Investment Trust Companies and
Venture Capital Trusts, issued by the Association of Investment
Companies in October 2019.
2. Income
|
|
Six months |
Six months |
|
|
to 31 Mar
2020 |
to 31 Mar
2019 |
|
|
£’000 |
£’000 |
|
Income from investments: |
|
|
|
UK dividends |
85 |
85 |
|
UK bond interest |
1,849 |
1,712 |
|
Overseas dividends |
16 |
5 |
|
Overseas bond interest |
2,449 |
2,426 |
|
Deposit interest |
7 |
8 |
|
Total |
4,406 |
4,236 |
3. Management Fee,
Performance Fees and Finance Costs
Investment management fees and finance costs are allocated
equally to revenue and capital. The management fee is 0.8% on the
first £80 million of shareholders’ funds; 0.7% on the next £70
million; and 0.6% on any excess of shareholders’ funds over £150
million.
The performance fee arrangements were removed with effect
1 October 2017. The deferred
performance fee arising in the year ended 30
September 2017, continues to be recognised as a provision of
£306,000 as at 31 March 2020
(30 September 2019: £306,000).
4. Taxation
The Company is subject to Jersey income tax at the rate of 0%
(2019: 0%). The tax charge consists of irrecoverable withholding
tax on overseas income.
5. Dividends Paid
|
|
Six months |
Six months |
|
|
to 31 Mar
2020 |
to 31 Mar
2019 |
|
|
£’000 |
£’000 |
|
Fourth interim of 1.25p |
2,126 |
2,062 |
|
First interim of 1.25p |
2,147 |
2,062 |
|
Total paid |
4,273 |
4,124 |
The first interim for the quarter ended 31 December 2019 was paid on 31 January 2020
to Shareholders on the register on 3 January
2020. The second interim for the quarter ended 31 March 2020 was paid on 30 April 2020 to Shareholders on the register on
3 April 2020.
6. Share Capital,
including Movements
|
|
Six months |
Year to |
|
|
to 31 Mar
2020 |
30 Sept
2019 |
|
Share capital: |
|
|
|
Brought forward |
£8,503,000 |
£8,250,000 |
|
Net issue proceeds |
£188,000 |
£253,000 |
|
Carried forward |
£8,691,000 |
£8,503,000 |
|
Number of ordinary shares: |
|
|
|
Brought forward |
170,069,855 |
164,994,855 |
|
Issued in period |
3,750,000 |
5,075,000 |
|
Carried forward |
173,819,855 |
170,069,855 |
|
Per share: |
|
|
|
– average issue price |
76.73p |
75.02p |
Subsequent to the period end 650,000 ordinary shares were issued
at an average price of 63.93p.
7. Classification under
Fair Value Hierarchy
|
|
AT 31
MAR 2020 |
AT 30
SEPT 2019 |
|
|
LEVEL 1 |
LEVEL 2 |
LEVEL 1 |
LEVEL 2 |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
|
Financial assets designated at
fair value through profit or loss: |
|
|
|
|
|
Debt securities |
— |
120,607 |
— |
142,722 |
|
Equities – convertible
preference shares and common stock |
539 |
1,549 |
162 |
1,644 |
|
Derivative financial
instruments: |
|
|
|
|
|
Credit
default swaps |
— |
248 |
— |
— |
|
Total for financial assets |
539 |
122,404 |
162 |
144,366 |
|
Financial liabilities designated
at fair value through profit or loss: |
|
|
|
|
|
Derivative financial
instruments: |
|
|
|
|
|
Currency hedges |
— |
249 |
— |
940 |
|
Total for financial liabilities |
— |
249 |
— |
940 |
8. Status of Half-Yearly
Financial Report
The financial information contained in this half-yearly report,
which has not been reviewed or audited, does not constitute
statutory accounts as defined in Article 104 of Companies (Jersey)
Law 1991. The financial information for the half years ended
31 March 2019 and 2020 has not been
audited. The figures and financial information for the year ended
30 September 2019 are extracted and
abridged from the latest published accounts and do not constitute
the statutory accounts for that year.
By order of the Board
JTC Fund Solutions (Jersey) Limited
Company Secretary
15 May 2020