Fidelity Special Values Plc - 반기 보고서
Fidelity Special Values Plc - 반기 보고서
PR 뉴스 와이어
영국 런던, 26월 XNUMX일
Fidelity Special Values PLC
Half-Yearly Results for the six months ended 29 2월 2024 (감사하지 않음)
재무 하이라이트 :
- The Board of Fidelity Special Values PLC (the “Company”) recommends an interim dividend of 3.24 펜스 per share, an increase of 28.1% from last year’s interim dividend.
- 종료된 XNUMX개월 동안 29 2월 2024, the Company reported a Net Asset Value (NAV) of +4.0% and ordinary share price total return of +4.8%.
- The Benchmark, the FTSE All-Share Index, had a total return of +3.9% over the same period.
- Mergers and acquisitions activity contributed to performance with five of the top ten contributors to performance attracting bids.
Contacts
자세한 내용은 문의하시기 바랍니다 :
스미타 아민
회사 비서
01737 836347
FIL 인베스트먼트 인터내셔널
포트폴리오 관리자의 반기별 검토
퍼포먼스
In the six month reporting period to 29 2월 2024, the Company recorded a net asset value (“NAV”) per ordinary share return of +4.0% and a share price return of +4.8%, compared to a +3.9% return for the Benchmark FTSE All-Share Index (all on a total return basis). This report seeks to summarise the period, highlight the key drivers of performance and set out the Portfolio Manager’s forward-looking views.
Stock Market and Portfolio Review
UK equities advanced during the period despite persistent global challenges including geopolitical tensions, economic uncertainty, high borrowing costs and China’s sluggish post pandemic economy. Nevertheless, the market narrative was supported by decelerating inflationary pressures that allowed the Bank of 영국 (“BoE”) to keep interest rates unchanged during the review period after fourteen successive rate hikes. This has led to expectations that we may have reached the peak of rate increases, while improving economic data increased conviction in the soft-landing narrative, providing a tailwind for equities.
From a sector perspective, market gains were led by technology, industrials and consumer discretionary, while basic materials and consumer staples were the biggest detractors. While both the value and growth segments showed gains, the technology-led rally from November meant that growth outperformed over the period. Similarly, small cap stocks rebounded strongly following two years of significant underperformance.
The period started with UK equities posting gains in September as easing inflation prompted the BoE to keep its policy interest rate unchanged at 5.25%. The decision to leave rates unchanged surprised the market, as previous expectations factored in a high likelihood of an imminent rate hike. Encouragingly, positive inflationary developments extended beyond the UK, with the eurozone and the US also reporting decelerating price pressures, which heightened investor optimism over a soft landing. By the end of November, markets had priced in a peak in current interest rates, with expectations of cuts in 2024, both at home and abroad.
However, equities started off 2024 on a weak note. This shift was underpinned by investors recalibrating their expectations for imminent and substantial interest rate cuts by major central banks. A desire for firmer evidence that inflation was under control and the lack of commitment on the timing of rate adjustments by central banks contributed to an atmosphere of uncertainty among market participants. Meanwhile, geopolitical concerns remained centre stage as a result of disruption of commercial shipping in the Red Sea, leading to some supply chain bottlenecks.
Economic indicators in the UK painted a mixed picture. Preliminary estimates revealed a 0.3% contraction in UK GDP (quarter-on-quarter) in the fourth quarter of 2023, driven by declines in both consumer and government spending. While this marked the second consecutive quarter of contraction (defined as a technical recession), nevertheless, GDP is estimated to have increased overall in 2023 but only by 0.1%. On a positive note, the preliminary data for January was more encouraging showing a 0.2% month-on-month GDP expansion. UK inflation has also fallen rapidly from its peak of more than 11% in late 2022 to just 3.4% in February, but it is still above the Bank of England’s 2% target and wage inflation remains stubbornly higher than the headline rate.
Over the period, the Company’s NAV marginally outperformed its Benchmark. Irish support services group DCC was the leading contributor as its shares benefited from an improving outlook, delivering on ambitious new targets for its energy division. Its aim to evolve its strategy towards lower carbon energy solutions was underlined by its acquisition of Progas GmbH, a leading distributor of LPG in 독일, considerably expanding its customer base in the country. Ryanair Holdings continued to benefit from the post-pandemic recovery in demand for international travel, as a strong Easter, record summer traffic and the growth in air fares offset higher fuel costs. The company also announced it would pay its first ever dividend, as it continued to benefit from the constrained supply environment and higher cost of new planes. Similarly, defence contractor Babcock International Group paid its first dividend in four years, as it reaped the benefits of a turnaround plan, becoming a more predictable business, that is well placed for higher military spending amid rising geopolitical tensions.
Mergers and acquisitions (“M&A”) activity continued to be a significant performance driver during the period with five of the top ten contributors attracting bids, or becoming subject to takeover speculation. Smart Metering Systems agreed to a £1.3 billion deal from US private equity firm KKR (Kohlberg Kravis Roberts) while ten-pin bowling operator Ten Entertainment Group was taken over by another US private equity firm Trive Capital. Shares in Direct Line Insurance Group rose on news that Belgian insurer Ageas was considering making a takeover offer. Meanwhile, shares in Aviva, the UK’s biggest insurer, rose after reports that it could be the target of a takeover by a foreign buyer. Media and events company Ascential also added value after the company agreed to sell its digital commerce business to Omnicom Group and its product design business to funds advised by Apax Partners. Once the transactions are complete, Ascential intends to distribute £850 million to its shareholders.
Conversely, the holding in Swiss pharmaceuticals group Roche Holdings detracted from performance, as investors weighed the company’s more modest than expected 2024 outlook. Group sales, which include diagnostics, were expected to grow by a mid-single digit percentage, when adjusted for currency swings, but the projections were lower than consensus estimates. Nevertheless, results showed the company was overcoming a slump in demand for its COVID-19 products and a decline in sales of a trio of established cancer drugs.
Shares in merchant banking group Close Brothers declined sharply after the Financial Conduct Authority announced that it would review historic claims of unfair costs on discretionary car finance commissions and ensure that consumers received compensation if it uncovers evidence of widespread misconduct. Although we had significantly reduced our holding having identified this risk, the estimated fines are likely to be higher than previously thought and the residual position proved a drag on returns given the significant sell-off.
Industrial threads maker Coats Group was another detractor. The company has seen a decline in trading revenues, but there are signs of a gradual recovery, while its balance sheet and cash generation remain strong. Elsewhere, Victrex was weighed down by weakness across the chemical sector.
Meanwhile, shares in health and beauty products company PZ Cussons fell following the devaluation of Nigeria’s currency, the naira, before the company’s results announcement in February and this led to a reduction in its dividend and a paring back of profit forecasts. The company counts 나이지리아 as one of its four major markets, although it now only represents 15% of profits. PZ Cussons is undergoing a turnaround having reinvested in its core brands, professionalised the organisation and has started to simplify its operations.
기어링의 사용
During the review period, we continued to use contracts for difference to gear the portfolio’s long exposure and eliminate some of the currency exposure for those holdings listed outside the UK. Overall, there was a small reduction in the Company’s gearing level over the period. Gearing remains low at 5.9% at the end of February (compared to 6.5% at the end of 2023년 XNUMX월에). While valuations are attractive and we are finding new ideas, we are conscious of the increased cost of borrowing and want to retain some dry powder to take advantage of opportunities and any short-term volatility.
Outlook
While there continues to be a degree of economic and geopolitical uncertainty, the attractiveness of UK valuations versus history and compared to other markets, as well as the large divergence in performance between different parts of the market, continue to create good opportunities for attractive returns from UK stocks on a three-to-five-year view. Their unloved status means we continue to find overlooked companies with good upside potential across industries and the market cap spectrum. What is more, the lack of interest from other investors means that, despite our focus on attractive valuations, we do not have to compromise on quality.
While the value in the UK market is not being recognised by investors, it is being acknowledged by other market participants. Overseas corporates and private equity firms are seeing the value and are taking advantage of those attractive valuations. As noted previously, we have had a lot of success with M&A across the portfolio in the last six months. After a lull in the middle of last year, activity has picked up. The low valuations are also reflected in the substantial buyback activity among UK corporates.
From a portfolio perspective, we remain disciplined, taking profits in stocks that have performed well and where the risk/reward is no longer as attractive. We are particularly wary of stocks where fundamentals and margins have been strong, and a deterioration is not priced in. A stock we sold after strong returns was Marks & Spencer, where we felt the investment thesis had played out. The stock had doubled having taken market share in the clothing, home and food segments which had benefited from the exit of the likes of New Look, Arcadia and Debenhams, favourable weather conditions as well as a switch from shopping online back to shops after the pandemic. Market sentiment was becoming overwhelmingly positive and after such a strong run, we felt the risk/return was more skewed to the downside given a wide range of scenarios in a relatively weak economic environment. Elsewhere, higher interest rates have benefited sectors such as banks and life insurers, which had been shunned since the global financial crisis. While they continue to be well represented in our portfolios, we have taken some profits following strong returns, and changed some of our positions, for instance reducing our NatWest Group position in favour of Standard Chartered, given better revenue growth prospects, and switching some of our Phoenix Group Holdings exposure into Just Group, a move that paid off handsomely in light of the very strong set of results they recently announced.
Conversely, we have been on the lookout for companies that have seen their earnings rebased and which trade on low valuations with limited downside and the potential for significant upside once the environment normalises. We have been finding new ideas in cyclical areas such as industrials, media, and staffing and adding back into some UK housing related names of late, where demand appears to be stabilising and valuations remain low.
Overall, we continue to see potential for attractive returns given the upside/downside profile of our portfolio. We are encouraged by the performance of our holdings in the recent reporting season. We have seen a strong full year 2023 reporting season, and in particular excellent results from some of our financials positions. With the exception of high-end and big-ticket consumer goods, where spend is under pressure, generally the results season has painted a fairly robust economic picture, with things actually starting to look more positive in most areas into the fourth quarter of 2023 and first quarter of 2024, compared to 2023 as a whole. The one exception is 중국 where poor economic conditions on the ground appear to be deteriorating further. Our holdings have low revenue exposure to 중국 (much lower than the UK market) given our low exposure to big staples, financials and mining companies that are driven primarily by Chinese demand. Overall, we have been encouraged by the robustness of earnings in the portfolio and indeed the market as a whole.
알렉스 라이트
포트폴리오 관리자
25 4월 2024
Twenty Largest Investments as at 29 2월 2024
The Asset Exposures shown below measure exposure to market price movements as a result of owning shares, bonds and derivative instruments. The Fair Value is the actual value of the portfolio as reported in the Balance Sheet. Where a contract for difference (“CFD”) is held, the Fair Value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying share has moved.
| 자산 노출 | 공정 가치 | |
| 000 파운드 | %1 | 000 파운드 |
장기 노출 – 달리 명시되지 않는 한 공유 |
|
|
|
AIB Group (corporate bond and long CFD) |
|
|
|
은행 | 46,005 | 4.8 | 16,597 |
| --------------- | --------------- | --------------- |
DCC |
|
|
|
산업 지원 서비스 | 44,061 | 4.5 | 44,061 |
| --------------- | --------------- | --------------- |
임페리얼 브랜드 |
|
|
|
담배 | 36,957 | 3.8 | 36,957 |
| --------------- | --------------- | --------------- |
Ryanair Holdings (shares and long CFD) |
|
|
|
여행 및 레저 | 33,616 | 3.5 | 4,371 |
| --------------- | --------------- | --------------- |
로슈 홀딩스 |
|
|
|
제약 및 생명공학 | 32,947 | 3.4 | 32,947 |
| --------------- | --------------- | --------------- |
비바 |
|
|
|
생명 보험 | 32,725 | 3.4 | 32,725 |
| --------------- | --------------- | --------------- |
미티 그룹 |
|
|
|
산업 지원 서비스 | 26,649 | 2.8 | 26,649 |
| --------------- | --------------- | --------------- |
GSK |
|
|
|
제약 및 생명공학 | 26,453 | 2.7 | 26,453 |
| --------------- | --------------- | --------------- |
Babcock 국제 그룹 |
|
|
|
항공 우주 및 방산 분야 | 23,265 | 2.4 | 23,265 |
| --------------- | --------------- | --------------- |
코트 그룹 |
|
|
|
일반산업 | 22,821 | 2.4 | 22,821 |
| --------------- | --------------- | --------------- |
냇웨스트 그룹 |
|
|
|
은행 | 22,636 | 2.3 | 22,636 |
| --------------- | --------------- | --------------- |
Glenveagh Properties (shares and long CFDs) |
|
|
|
가정용품 및 주택 건설 | 22,586 | 2.3 | 19,458 |
| --------------- | --------------- | --------------- |
스탠다드 차타드 |
|
|
|
은행 | 21,453 | 2.2 | 21,453 |
| --------------- | --------------- | --------------- |
다이렉트 라인 보험 그룹 |
|
|
|
손해보험 | 19,414 | 2.0 | 19,414 |
| --------------- | --------------- | --------------- |
스파이어 헬스케어 그룹 |
|
|
|
의료 서비스 제공자 | 19,389 | 2.0 | 19,389 |
| --------------- | --------------- | --------------- |
Keller Group (shares and long CFD) |
|
|
|
건축 자재 | 19,326 | 2.0 | 13,011 |
| --------------- | --------------- | --------------- |
OMV |
|
|
|
석유, 가스 및 석탄 | 19,027 | 2.0 | 19,027 |
| --------------- | --------------- | --------------- |
피닉스 그룹 홀딩스 |
|
|
|
생명 보험 | 19,021 | 2.0 | 19,021 |
| --------------- | --------------- | --------------- |
도관 홀딩스 |
|
|
|
손해보험 | 18,572 | 1.9 | 18,572 |
| --------------- | --------------- | --------------- |
레킷 벤 키저 그룹 |
|
|
|
Personal Care, Drug & Grocery Stores | 17,718 | 1.8 | 17,718 |
| --------------- | --------------- | --------------- |
XNUMX개의 최대 장노출 | 524,641 | 54.2 | 456,545 |
기타 장시간 노출 | 500,540 | 51.7 | 456,686 |
| --------------- | --------------- | --------------- |
Gross Asset Exposure (96 holdings) | 1,025,181 | 105.9 |
|
| ========= | ========= |
|
포트폴리오 공정가치 |
|
| 913,231 |
|
|
| ========= |
1 Asset Exposure is expressed as a percentage of Shareholders’ Funds.
Fair Value and Asset Exposure of Investments as at 29 2월 2024
|
| 자산 노출 | |
| 공정 가치 |
|
|
투자 | 912,136 | 912,136 | 94.2 |
긴 CFD | 1,095 | 113,045 | 11.7 |
| --------------- | --------------- | --------------- |
| 913,231 | 1,025,181 | 105.9 |
| ========= | ========= | ========= |
은행에서 현금2 | 66 | (111,884) | (11.6) |
은행 당좌 대월 | (5,260) | (5,260) | (0.5) |
Fidelity Institutional Liquidity Fund | 55,114 | 55,114 | 5.7 |
Other net current assets (excluding derivative assets and liabilities) | 5,252 | 5,252 | 0.5 |
| --------------- | --------------- | --------------- |
주주 기금 | 968,403 | 968,403 | 100.0 |
| ========= | ========= | ========= |
The Company uses gearing through the use of long CFD positions. Gross gearing as at 29 2월 2024 5.9%(31 8월 2023: 6.5% and 28 2월 2023 5.3 %).
1 Asset Exposure is expressed as a percentage of Shareholders’ Funds.
2 The asset exposure column for cash at bank has been adjusted to assume the Company traded direct holdings rather than exposure being gained through long CFD positions. The amount is derived by taking the cost of the shares underlying the long CFDs when the contracts were opened less the cash at bank balance at the period end.
Interim Management Report and Directors’ 책임 성명서
이사회 변경
나이젤 포스터 will have completed his nine year tenure on the Board during this year and will step down at the conclusion of the Annual General Meeting in 2024년 일월. A recruitment process for his replacement will be carried out during the course of the year.
중간 배당금
Dividends are an important component of long-term returns and the Board’s policy is to pay dividends twice yearly in order to smooth the dividend payments for the Company’s financial year.
XNUMX개월 동안 회사의 수익 수익은 29 2월 2024 였다 3.34 펜스 주당.
이사회는 중간배당을 선언했다. 3.24 펜스 per share which is 28.1% higher than the 2.53 펜스 2023년 중간 배당금으로 지급된 주당. 이는 다음 날짜에 지급됩니다. 20 6월 2024 등록된 주주에게 10 월 2024 (배당일 9 월 2024). Shareholders should note that the Board will review the final dividend payment later in the year based on dividend receipts from the companies held in the portfolio. However, based on current forecasts, the Board would hope to maintain at least the same level of dividend as paid in the prior year and would intend to pay it entirely from the revenue earned in the reporting period.
할인 관리 및 주식 환매
Investment trust discounts continue to remain wide and the Company has not been immune to this trend. As at 29 2월 2024, the average discount for the companies in the UK All Companies peer group was 10.8%. However, in the six months under review, the Company’s discount to NAV has remained relatively stable beginning the year at 8.8% and ending it at 8.3%. Under the Company’s discount management policy, the Board seeks to maintain the discount in single digits in normal market conditions and will repurchase shares to help stabilise the share price discount. As the discount remained in single digits in the reporting period, the Company did not repurchase any shares.
The Board continues to monitor the level of the Company’s discount closely and will take action when it believes to do so will be effective and to the benefit of shareholders.
주요 위험 및 불확실성
이사회는 운용사(FIL Investment Services (UK) Limited)의 도움으로 위험 관리 및 내부 통제 프로세스의 일환으로 회사가 직면한 주요 기존 및 신규 위험 및 불확실성을 식별하는 위험 매트릭스를 개발했습니다. .
The Board considers that the principal risks and uncertainties faced by the Company continue to fall into the following categories: market, economic and political; investment performance (including the use of derivatives and gearing); cybercrime and information security; environmental, social and governance (“ESG”); competition; business continuity; key person and operational support; discount control regulatory risks. Information on each of these risks is given on pages 23 to 25 in the Strategic Report section of the Annual Report for the year ended 31 8월 2023, a copy of which can be found on the Company’s pages of the Manager’s website at www.fidelity.co.uk/specialvalues.
While the principal risks and uncertainties are the same as those at the last year end, the uncertainty continues to be heightened by the global implications of the ongoing 러시아 및 우크라이나 conflict dominating political risks and industry concerns as well as the 중동 conflict. There is geopolitical and economic uncertainty, in addition to events currently being faced globally such as the cost of living, inflation, interest rate rises, food supply crisis and the threat of cyberattacks on critical infrastructure. There continues to be tension between 중국 and the US. The quantum of risks continues to change and the Board remains vigilant in monitoring such risks.
Climate change continues to be a key principal risk, that is confronting asset managers and their investors. Globally, climate change effects are already being experienced in the form of changing weather patterns. Climate change patterns can potentially impact the operations of investee companies, their supply chains and their customers. Additional risks may also arise from increased regulations, increased costs and net-zero programmes which can all impact investment returns. The Board notes that the Manager has integrated ESG considerations, including climate change, into the Company’s investment process. The Board will continue to monitor how this may impact the Company as a risk, the main risk being the impact on investment valuations and shareholder returns.
투자자는 시장 변동에 대비해야 하며 회사 주식 보유는 장기 투자로 간주되어야 함을 기억해야 합니다. 위험은 회사의 투자 신탁 구조에 의해 다소 완화됩니다. 즉, 환매를 처리하기 위해 강제 판매가 발생할 필요가 없습니다. 따라서 회사의 포트폴리오에 대한 투자는 더 오랜 기간 동안 보유할 수 있습니다.
The Manager has appropriate business continuity and operational plans in place to ensure the uninterrupted provision of services. This includes investment team key activities which also covers portfolio managers, analysts and trading/support functions. The Manager reviews its operational resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations, assess its ability to continue operating and the steps it needs to take to serve and support its clients, including the Board. It has an appropriate control environment in place.
The Company’s other third-party service providers also have similar measures to ensure that business disruption is kept to a minimum.
운용사 및 특수관계인과의 거래
운용사는 회사의 포트폴리오 관리 및 회사 비서 서비스를 FIL Investments International에 위임했습니다. 관리자와의 거래 및 이사와의 특수관계자 거래 내역은 아래 재무제표 주석 13에 공시하고 있습니다.
계속기업 선언문
The Directors have considered the Company’s investment objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its portfolio, its expenditure and cash flow projections. The Directors, having considered the liquidity of the Company’s portfolio of investments (being mainly securities which are readily realisable) and the projected income and expenditure, are satisfied that the Company is financially sound and has adequate resources to meet all of its liabilities and ongoing expenses and can continue in operational existence for a period of at least twelve months from the date of this Half-Yearly Report.
This conclusion also takes into account the Board’s assessment of the ongoing risks as outlined above.
이에 따라 회사의 재무제표는 계속기업을 기준으로 작성되었습니다.
Continuation votes are held every three years and the next continuation vote will be put to shareholders at the AGM in 2025.
이사회 순서
FIL 인베스트먼트 인터내셔널
25 4월 2024
이사의 책임 성명서
영국 상장 당국의 공개 및 투명성 규칙(“DTR”)은 이사들이 중간 경영 보고서 및 재무제표의 준비 및 발행과 관련된 책임을 확인하도록 요구합니다.
이사는 자신이 아는 한 다음을 확인합니다.
a) the condensed set of Financial Statements contained within the Half-Yearly Report has been prepared in accordance with the Financial Reporting Council’s Standard: FRS 104: Interim Financial Reporting; and
b) the Portfolio Manager’s Half-Yearly Review and the Interim Management Report above, include a fair review of the information required by DTR 4.2.7R and 4.2.8R.
In line with previous years, the Half-Yearly Report has not been audited by the Company’s Independent Auditor.
반기 보고서는 이사회에서 승인되었습니다. 25 4월 2024 위의 책임 선언문은 그를 대신하여 서명되었습니다. 딘 버클리, 회장.
재무 제표
Income Statement for the six months ended 29 2월 2024
|
| 29개월 종료: 2024년 XNUMX월 XNUMX일 | 31년 2023월 XNUMX일 종료 | 28개월 종료: 2023년 XNUMX월 XNUMX일 | ||||||
|
| 수익 | 자본 | 금액 | 수익 | 자본 | 금액 | 수익 | 자본 | 금액 |
투자 이익/(손실) |
| - | 20,869 | 20,869 | - | (12,021) | (12,021) | - | 52,800 | 52,800 |
Gains on long CFDs |
| - | 5,742 | 5,742 | - | 35,770 | 35,770 | - | 34,556 | 34,556 |
투자 및 파생상품 수익 | 4 | 15,462 | - | 15,462 | 43,717 | - | 43,717 | 13,700 | - | 13,700 |
기타 관심 | 4 | 1,861 | - | 1,861 | 2,971 | - | 2,971 | 1,438 | - | 1,438 |
투자 관리 수수료 | 5 | (2,863) | - | (2,863) | (5,698) | - | (5,698) | (2,806) | - | (2,806) |
기타 경비 |
| (468) | - | (468) | (948) | - | (948) | (459) | - | (459) |
외환차익/(손실) |
| - | 220 | 220 | - | (4,032) | (4,032) | - | (2,131) | (2,131) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
금융 비용 및 과세 전 일반 활동에 대한 순수익 |
| 13,992 | 26,831 | 40,823 | 40,042 | 19,717 | 59,759 | 11,873 | 85,225 | 97,098 |
금융 비용 | 6 | (2,994) | - | (2,994) | (4,774) | - | (4,774) | (1,996) | - | (1,996) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
과세 전 일반 활동의 순수익 |
| 10,998 | 26,831 | 37,829 | 35,268 | 19,717 | 54,985 | 9,877 | 85,225 | 95,102 |
일반적인 활동에 대한 수익에 대한 과세 | 7 | (154) | - | (154) | (672) | - | (672) | (8) | - | (8) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
해당 기간의 과세 후 일반 활동에 대한 순수익 |
| 10,844 | 26,831 | 37,675 | 34,596 | 19,717 | 54,313 | 9,869 | 85,225 | 95,094 |
|
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= |
보통주당 수익률 | 8 | 3.34p | 8.28p | 11.62p | 10.67p | 6.08p | 16.75p | 3.04p | 26.30p | 29.34p |
|
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= |
The Company does not have any other comprehensive income. Accordingly, the net return on ordinary activities after taxation for the period is also the total comprehensive income for the period and no separate Statement of Comprehensive Income has been presented.
이 명세서의 총 열은 회사의 손익계산서를 나타냅니다. 수익 및 자본 열은 보완적이며 AIC가 발행한 권장 업무 명세서에서 권장하는 대로 정보 제공 목적으로 표시됩니다.
해당 기간에 인수되거나 중단된 영업은 없었으며 위 명세서의 모든 항목은 계속 영업에서 파생되었습니다.
Statement of Changes in Equity for the six months ended 29 2월 2024
|
|
| 공유 | 자본 | 기타 비 |
|
| 금액 |
29년 2024월 XNUMX일에 XNUMX개월 종료됨(감사되지 않음) |
|
|
|
|
|
|
|
|
Total shareholders’ funds at 31 August 2023 |
| 16,205 | 238,442 | 3,256 | 5,152 | 648,795 | 39,199 | 951,049 |
해당 기간의 과세 후 일반 활동에 대한 순수익 |
| - | - | - | - | 26,831 | 10,844 | 37,675 |
주주에게 배당금 지급 | 9 | - | - | - | - | - | (20,321) | (20,321) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
Total shareholders’ funds at 29 February 2024 |
| 16,205 | 238,442 | 3,256 | 5,152 | 675,626 | 29,722 | 968,403 |
|
| ========= | ========= | ========= | ========= | ========= | ========= | ========= |
31년 2023월 XNUMX일 종료(감사) |
|
|
|
|
|
|
|
|
Total shareholders’ funds at 31 August 2022 |
| 16,205 | 238,442 | 3,256 | 5,152 | 629,078 | 30,466 | 922,599 |
해당 연도의 과세 후 일반 활동에 대한 순수익 |
| - | - | - | - | 19,717 | 34,596 | 54,313 |
주주에게 지급된 배당금 | 9 | - | - | - | - | - | (25,863) | (25,863) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
Total shareholders’ funds at 31 August 2023 |
| 16,205 | 238,442 | 3,256 | 5,152 | 648,795 | 39,199 | 951,049 |
|
| ========= | ========= | ========= | ========= | ========= | ========= | ========= |
28년 2023월 XNUMX일에 XNUMX개월 종료됨(감사되지 않음) |
|
|
|
|
|
|
|
|
Total shareholders’ funds at 31 August 2022 |
| 16,205 | 238,442 | 3,256 | 5,152 | 629,078 | 30,466 | 922,599 |
해당 기간의 과세 후 일반 활동에 대한 순수익 |
| - | - | - | - | 85,225 | 9,869 | 95,094 |
주주에게 배당금 지급 | 9 | - | - | - | - | - | (17,663) | (17,663) |
|
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- |
Total shareholders’ funds at 28 February 2023 |
| 16,205 | 238,442 | 3,256 | 5,152 | 714,303 | 22,672 | 1,000,030 |
|
| ========= | ========= | ========= | ========= | ========= | ========= | ========= |
대차대조표 29 2월 2024 회사 번호 2972628
|
| 29.02.24 | 31.08.23 | 28.02.23 |
고정 자산 |
|
|
|
|
투자 | 10 | 912,136 | 882,692 | 904,659 |
|
| --------------- | --------------- | --------------- |
유동 자산 |
|
|
|
|
파생 상품 | 10 | 2,675 | 1,769 | 2,631 |
채무자 |
| 5,908 | 8,937 | 4,942 |
선물 청산소에서 보유하는 금액 및 brokers |
| 775 | - | 425 |
현금 및 현금성 자산 |
| 55,180 | 59,460 | 89,441 |
|
| --------------- | --------------- | --------------- |
|
| 64,538 | 70,166 | 97,439 |
|
| ========= | ========= | ========= |
유동 부채 |
|
|
|
|
파생 상품 | 10 | (1,580) | (949) | (888) |
은행 당좌 대월 |
| (5,260) | - | - |
기타 채권자 |
| (1,431) | (860) | (1,180) |
|
| --------------- | --------------- | --------------- |
|
| (8,271) | (1,809) | (2,068) |
|
| ========= | ========= | ========= |
순유동 자산 |
| 56,267 | 68,357 | 95,371 |
|
| ========= | ========= | ========= |
순자산 |
| 968,403 | 951,049 | 1,000,030 |
자본 및 준비금 |
|
|
|
|
주식 자본 | 11 | 16,205 | 16,205 | 16,205 |
프리미엄 계정 공유 |
| 238,442 | 238,442 | 238,442 |
자본상환준비금 |
| 3,256 | 3,256 | 3,256 |
기타 비분배 적립금 |
| 5,152 | 5,152 | 5,152 |
자본 준비금 |
| 675,626 | 648,795 | 714,303 |
수익 준비금 |
| 29,722 | 39,199 | 22,672 |
|
| --------------- | --------------- | --------------- |
총 주주 자금 |
| 968,403 | 951,049 | 1,000,030 |
|
| ========= | ========= | ========= |
보통주당 순자산가치 | 12 | 298.80p | 293.44p | 308.56p |
|
| ========= | ========= | ========= |
Cash Flow Statement for the six months ended 29 2월 2024
| 29.02.24 | 31.08.23 | 28.02.23 |
영업 활동 |
|
|
|
투자 수익 | 18,069 | 39,436 | 15,650 |
Net derivative income | 859 | 5,934 | 3,479 |
받은이자 | 1,861 | 2,971 | 1,438 |
투자관리 수수료 지급 | (2,887) | (5,699) | (2,831) |
Directors’ fees paid | (85) | (173) | (91) |
기타 현금 결제 | (332) | (777) | (416) |
| --------------- | --------------- | --------------- |
Net cash inflow from operating activities before finance costs and taxation | 17,485 | 41,692 | 17,229 |
| ========= | ========= | ========= |
지불된 금융 비용 | (3,040) | (4,622) | (1,925) |
Overseas taxation incurred | 216 | (1,119) | 51 |
| --------------- | --------------- | --------------- |
영업활동으로 인한 순현금유입 | 14,661 | 35,951 | 15,355 |
| ========= | ========= | ========= |
투자 활동 |
|
|
|
투자 구매 | (133,738) | (429,178) | (210,375) |
투자 판매 | 124,932 | 368,171 | 192,392 |
Receipts on long CFDs | 23,200 | 70,856 | 47,093 |
Payments on long CFDs | (17,719) | (45,085) | (23,445) |
Movement on amounts held at futures clearing houses and brokers | (775) | 8,190 | 7,765 |
| --------------- | --------------- | --------------- |
투자활동으로 인한 순현금(유출)/유입 | (4,100) | (27,046) | 13,430 |
| ========= | ========= | ========= |
재무활동 전 순현금유입 | 10,561 | 8,905 | 28,785 |
| ========= | ========= | ========= |
금융 활동 |
|
|
|
배당금 지급 | (20,321) | (25,863) | (17,663) |
재무활동으로 인한 순현금유출 | (20,321) | (25,863) | (17,663) |
현금 및 현금 등가물 순 (감소) / 증가 | (9,760) | (16,958) | 11,122 |
기간 시작시 현금 및 현금 등가물 | 59,460 | 80,450 | 80,450 |
외환 이동의 효과 | 220 | (4,032) | (2,131) |
| --------------- | --------------- | --------------- |
기말의 현금 및 현금 등가물 | 49,920 | 59,460 | 89,441 |
| --------------- | --------------- | --------------- |
대표 : |
|
|
|
은행에서 현금 | 66 | 2,028 | 2,868 |
은행 당좌 대월 | (5,260) | - | - |
Amount held in Fidelity Institutional Liquidity Fund | 55,114 | 57,432 | 86,573 |
| --------------- | --------------- | --------------- |
| 49,920 | 59,460 | 89,441 |
| ========= | ========= | ========= |
재무제표에 대한 주석
1 Principal Activity
Fidelity Special Values PLC is an Investment Company incorporated in 영국 및 웨일즈 런던 증권 거래소에 프리미엄 상장을 했습니다. 회사의 등록번호는 2972628이고, 등록사무소는 Beech Gate이며, 밀필드 레인, 로어 킹스우드, 태드워스, Surrey KT20 6RP. 회사는 1158년 법인세법 2010항에 따라 HM Revenue & Customs로부터 투자 신탁으로 승인을 받았으며 계속해서 승인을 받을 수 있도록 업무를 수행할 계획입니다.
2 Publication of Non-statutory Accounts
The Financial Statements in this Half-Yearly Report have not been audited by the Company’s Independent Auditor and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 (the “Act”). The financial information for the year ended 31 8월 2023 회사의 최근 발표된 재무제표에서 발췌한 것입니다. 해당 재무 제표는 회사 등록관으로 전달되었으며 부적격이며 법의 섹션 498(2) 또는 498(3)에 따른 진술을 포함하지 않는 독립 감사인 보고서를 포함했습니다.
3 회계정책
(i) 작성근거
회사는 계속 기업을 기준으로 영국 일반 회계 관행("UK GAAP") 및 FRS 102: 영국에 적용되는 재무 보고 표준 및 아일랜드 공화국, 재무 보고 위원회에서 발행한 재무 제표는 또한 권고 관행 선언문에 따라 작성됩니다: 2022년 XNUMX월. FRS 104: Interim Financial Reporting has also been applied in preparing this condensed set of Financial Statements. The accounting policies followed are consistent with those disclosed in the Company’s Annual Report and Financial Statements for the year ended 31 8월 2023.
(ii) 계속기업
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements. This conclusion also takes into account the Directors’ assessment of the risks faced by the Company as detailed in the Interim Management Report above.
4 소득
| 여섯 달 | 출간연도 | 여섯 달 |
투자 소득 |
|
|
|
영국 배당금 | 10,044 | 29,189 | 10,736 |
UK scrip dividends | 526 | - | - |
Interest on securities | 785 | 805 | 109 |
해외 배당금 | 3,096 | 10,543 | 2,234 |
| --------------- | --------------- | --------------- |
| 14,451 | 40,537 | 13,079 |
| ========= | ========= | ========= |
파생소득 |
|
|
|
매수 CFD에서 받은 배당금 | 1,011 | 3,180 | 621 |
| --------------- | --------------- | --------------- |
투자 및 파생상품 수익 | 15,462 | 43,717 | 13,700 |
| ========= | ========= | ========= |
기타 관심 |
|
|
|
Interest received on bank deposits, collateral and money market funds | 1,861 | 2,965 | 1,438 |
Interest received on tax reclaims | - | 6 | - |
| --------------- | --------------- | --------------- |
| 1,861 | 2,971 | 1,438 |
| ========= | ========= | ========= |
총 수입 | 17,323 | 46,688 | 15,138 |
| ========= | ========= | ========= |
당기 중 자본에 인식된 특별배당은 없습니다. 31 8월 2023: £1,904,000, XNUMX개월 종료 28 2월 2023: XNUMX파운드).
5 투자 관리 수수료
| 여섯 달 | 출간연도 | 여섯 달 |
투자 관리 수수료 | 2,863 | 5,698 | 2,806 |
| ========= | ========= | ========= |
FIL Investment Services (UK) Limited는 회사의 대체 투자 펀드 운용사이며 포트폴리오 관리를 FIL Investments International("FII")에 위임했습니다. 두 회사 모두 Fidelity 그룹 회사입니다.
FII charges investment management fees at an annual rate of 0.60% of net assets. Fees are accrued on a daily basis and payable monthly.
6 금융 비용
| 여섯 달 | 출간연도 | 여섯 달 |
매수 CFD에 대한 이자 | 2,992 | 4,761 | 1,995 |
Interest on bank overdrafts | 2 | 13 | 1 |
| --------------- | --------------- | --------------- |
| 2,994 | 4,774 | 1,996 |
| ========= | ========= | ========= |
7 Taxation on Return on Ordinary Activities
| 여섯 달 | 출간연도 | 여섯 달 |
해외 과세 | 154 | 672 | 8 |
| --------------- | --------------- | --------------- |
해당 기간의 총 과세 비용 | 154 | 672 | 8 |
| ========= | ========= | ========= |
8 Return per Ordinary Share
| 여섯 달 | 출간연도 | 여섯 달 |
보통주당 수익 | 3.34p | 10.67p | 3.04p |
보통주당 자본수익률 | 8.28p | 6.08p | 26.30p |
| --------------- | --------------- | --------------- |
보통주당 총수익률 | 11.62p | 16.75p | 29.34p |
| ========= | ========= | ========= |
The return per ordinary share is based on the net return on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares held outside of Treasury during the period, as shown below:
| 000 파운드 | 000 파운드 |
과세 후 일반 활동에 대한 순 수익 수익 | 10,844 | 34,596 |
Net capital return on ordinary activities after taxation | 26,831 | 19,717 |
| --------------- | --------------- |
Net total return on ordinary activities after taxation | 37,675 | 54,313 |
| ========= | ========= |
| 번호 | 번호 |
재무부 외부에서 보유한 가중 평균 보통주 수 | 324,098,920 | 324,098,920 |
| =========== | =========== |
9 Dividends Paid to Shareholders
| 여섯 달 | 출간연도 | 여섯 달 |
Final dividend of 6.27 pence per ordinary share paid for the year ended 31 August 2023 | 20,321 | - | - |
Interim dividend of 2.53 pence per ordinary share paid for the year ended 31 August 2023 | - | 8,200 | - |
Final dividend of 5.45 pence per ordinary share paid for the year ended 31 August 2022 | - | 17,663 | 17,663 |
| --------------- | --------------- | --------------- |
| 20,321 | 25,863 | 17,663 |
| ========= | ========= | ========= |
회사는 XNUMX개월간의 중간 배당금을 29 2월 2024 of 3.24 펜스 보통주당(2023년: 2.53 펜스). 에 중간 배당금이 지급됩니다. 20 6월 2024 영업 종료 시 등록된 주주들에게 10 월 2024 (배당일 09 월 2024). The total cost of this interim dividend, which has not been included as a liability in these Financial Statements, is £10,501,000 (2023: £8,200,000). This amount is based on the number of ordinary shares in issue held at the date of this report.
10 Fair Value Hierarchy
회사는 공정가치를 추정하는 데 사용된 투입변수의 상대적 신뢰성에 따라 공정가치로 측정되는 금융상품을 세 가지 수준 중 하나로 분류하는 공정가치 서열체계를 공시해야 합니다.
분류 | 입력 |
레벨 1 | 동일한 자산에 대해 활성 시장에서 공시된 가격을 사용하여 평가 |
레벨 2 | 직접적으로나 간접적으로 자산이나 부채에 대해 관찰 가능한(즉, 시장 데이터를 사용하여 개발된) 레벨 1에 포함된 공시 가격 이외의 입력값을 참조하여 가치를 평가합니다. |
레벨 3 | 관찰 가능한 시장 데이터를 기반으로 하지 않는 입력을 사용하는 평가 기법을 참조하여 평가 |
계층구조 내 분류는 관련 자산의 공정가치 측정에 중요한 가장 낮은 수준의 입력값을 기준으로 결정되었습니다. 회사가 사용하는 가치평가기법은 회사의 연차보고서에 공시된 바와 같습니다. 31 8월 2023 (Accounting Policies Notes 2 (k) and 2 (l) on pages 60 and 61). The table below sets out the Company’s fair value hierarchy:
| 레벨 1 | 레벨 2 | 레벨 3 | 금액 |
당기 손익 인식 금융 자산 |
|
|
|
|
투자 | 884,245 | 23,919 | 3,972 | 912,136 |
파생상품자산 | - | 2,675 | - | 2,675 |
| --------------- | --------------- | --------------- | --------------- |
| 884,245 | 26,594 | 3,972 | 914,811 |
| ========= | ========= | ========= | ========= |
당기 손익 인식 금융 부채 |
|
|
|
|
파생상품부채 | - | (1,559) | (21) | (1,580) |
| ========= | ========= | ========= | ========= |
| 레벨 1 | 레벨 2 | 레벨 3 | 금액 |
당기 손익 인식 금융 자산 |
|
|
|
|
투자 | 857,351 | 23,246 | 2,095 | 882,692 |
파생상품자산 | - | 1,769 | - | 1,769 |
| --------------- | --------------- | --------------- | --------------- |
| 857,351 | 25,015 | 2,095 | 884,461 |
| ========= | ========= | ========= | ========= |
당기 손익 인식 금융 부채 |
|
|
|
|
파생상품부채 | - | (949) | - | (949) |
| ========= | ========= | ========= | ========= |
| 레벨 1 | 레벨 2 | 레벨 3 | 금액 |
당기 손익 인식 금융 자산 |
|
|
|
|
투자 | 896,737 | 7,426 | 496 | 904,659 |
파생상품자산 | - | 2,631 | - | 2,631 |
| --------------- | --------------- | --------------- | --------------- |
| 896,737 | 10,057 | 496 | 907,290 |
| ========= | ========= | ========= | ========= |
당기 손익 인식 금융 부채 |
|
|
|
|
파생상품부채 | - | (888) | - | (888) |
| ========= | ========= | ========= | ========= |
11 자본금
| 29 2월 2024 | 31 8월 2023 | 28 2월 2023 | |||
수 | 000 파운드 | 수 | 000 파운드 | 수 | 000 파운드 | |
Issued, allotted and fully paid ordinary shares of 5 pence each |
|
|
|
|
|
|
총 자본금 |
|
|
|
|
|
|
기간의 시작 | 324,098,920 | 16,205 | 324,098,920 | 16,205 | 324,098,920 | 16,205 |
Ordinary shares issued/repurchased | - | - | - | - | - | - |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- |
기간 종료 | 324,098,920 | 16,205 | 324,098,920 | 16,205 | 324,098,920 | 16,205 |
| ========== | ========== | ========== | ========== | ========== | ========== |
During the period, no new ordinary shares were issued (year ended 31 8월 2023: nil shares and six months to 28 2월 2023: nil shares). At 29 2월 2024, no shares were held in Treasury.
12 보통주당 순자산가치
The calculation of the net asset value per ordinary share is based on the total shareholders’ funds divided by the number of ordinary shares held outside of Treasury.
| 29.02.24 | 31.08.23 | 28.02.23 |
총 주주 자금 | £968,403,000 | £951,049,000 | £1,000,030,000 |
Ordinary shares held outside of Treasury at the period end | 324,098,920 | 324,098,920 | 324,098,920 |
보통주당 순자산가치 | 298.80p | 293.44p | 308.56p |
| ========= | ========= | ========= |
자사주에 보유된 주식은 보통주당 순자산가치 또는 보통주당 순자산가치에 대한 프리미엄으로만 재발행되므로 자사주에 보유된 주식은 희석 효과가 없다는 것이 회사의 정책입니다.
13 운용사 및 특수관계자와의 거래
FIL Investment Services (UK) Limited is the Company’s Alternative Investment Fund Manager and has delegated portfolio management and the role of Company Secretary to FIL Investments International (“FII”). Both companies are Fidelity group companies.
Details of the fee arrangements are given in Note 5 above. During the period, fees payable to FII for portfolio management services of £2,863,000 (year ended 31 8월 2023: £5,698,000, XNUMX개월 종료 28 2월 2023: £2,806,000). At the Balance Sheet date, fees for portfolio management services of £459,000 (year ended 31 8월 2023: £483,000, XNUMX개월 종료 28 2월 2023: £459,000).
FII also provides the Company with marketing services. The total amount payable for these services during the period was £132,000 (year ended 31 8월 2023: £303,000, XNUMX개월 종료 28 2월 2023: £134,000). At the Balance Sheet date, marketing services of £98,000 (year ended 31 8월 2023 그리고 XNUMX개월이 끝났다 28 2월 2023: £nil) were accrued and included in other creditors.
~에서 29 2월 2024, the Board consisted of five Non-Executive Directors (as shown in the Directory in the Half-Yearly Report), all of whom are considered to be independent. None of the Directors have a service contract with the Company. The Chairman receives an annual fee of £44,500, the Audit Committee Chairman an annual fee of £35,000, the Senior Independent Director receives an annual fee of £31,500 and each other Director an annual fee of £29,500.
As at the date of this report, the following members of the Board held ordinary shares in the Company: 클레어 보일 7,466주, 딘 버클리 50,000주, 나이젤 포스터 88,000 shares, Ominder Dhillon 7,750 shares and 앨리슨 맥그리거 30,000 주.
본 반기 실적 발표에 포함된 재무 정보는 435년 회사법 2006조에 정의된 법정 계정을 구성하지 않습니다. 29 2월 2024 및 28
2월 2023 회사의 독립 감사인의 감사나 검토를 받지 않았습니다.
연말정보 31 8월 2023 별도로 명시하지 않는 한, 회사 등록부에 제출된 최근 공개된 감사 재무제표에서 추출되었습니다. 해당 재무제표에 대한 감사인의 보고서에는 498년 회사법 2(3) 또는 (2006)항에 따른 제한이나 설명이 포함되어 있지 않습니다.
회사 웹사이트의 내용이나 회사 웹사이트(또는 다른 웹사이트)의 하이퍼링크를 통해 액세스할 수 있는 웹사이트의 내용은 이 발표에 통합되거나 그 일부를 구성하지 않습니다.
반기 보고서 사본은 곧 National Storage Mechanism에 제출될 예정이며 www.morningstar.co.uk/uk/NSM에서 검사할 수 있습니다.
반기별 보고서는 회사 웹사이트(www.www.naver.com)에서도 보실 수 있습니다. www.fidelity.co.uk/specialvalues 일일 NAV 및 주가, 사실 자료 및 기타 정보를 포함하여 회사에 대한 최신 정보도 찾을 수 있습니다.