Ecclesiastical Investment Funds annual report and accounts - long ...

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16UK Equity Growth FundECCLESIASTICAL Investment FundsReport of the Authorised Corporate DirectorThis review covers the year from 1 January 2009 to 31 December 2009.g Over the course of the year the share price of the UK Equity Fund rose by24.2%*. The FTSE All Share Index rose 30.1% on a similar basis and the IMAUK All Companies Sector Average increased by 30.4%*.g At 31 December 2009, 55.0% of the fund was invested in FTSE 100companies, 24.7% in mid cap companies and 14.8% in Smaller UK companies.Cash balances at 31 December 2009 were 5.5% (31 December 2008: 16.7%).g Good performances came from many of the smaller companies in the portfolioincluding Volex (engineering), Pace (electronics), Dunelm (general retail) andSpirent (telecom equipment). Some of the larger companies to perform stronglycompared to the market included Rentokil (support services), Next (generalretail), Standard Chartered (banks) and Prudential (life assurance). Amid theslowdown in the construction industry, Wolseley, Balfour Beatty and Berkeleyall lagged the index. In the sharp market rally some of the large defensivecompanies, such as Sainbury, Morrison Supermarkets, Cable & Wireless, BTand National Grid, underperformed as investors switched into more cyclicalsectors.g Fund activity during the year included the purchase of companies in the realestate sector, such as Songbird Estates, Quintain Estates & Development andLondon & Stamford which appear cheap following the collapse in value of theproperty sector during the financial crisis. The Fund also sought to increaseexposure to companies with stable earnings that were placed to withstandthe difficult economic environment including Booker (food wholesale), AstraZeneca (pharmaceuticals) and Cable & Wireless (telecoms). Other purchasesincluded Galiform, Intec, Melrose and Valiant Petroleum.g The outlook for the retail sector remains poor as some of the financial stimuliput in place at the height of the financial crisis are slowly withdrawn and theFund made sales of Marks & Spencer, Home Retail and Next. The Fund madesome disposals in the life assurance sector of Prudential and Legal & Generalthough these were balanced by purchases of Friends Provident and Resolution.Prospects2010 is shaping up to be a tug of war between economic growth driven fromemerging markets and the likelihood of monetary and fiscal tightening in developedmarkets, a potent mix which could lead to a period of range bound trading. TheFund will remain focused on companies able to demonstrate earnings and balancesheet resilience.* mid-to-mid basis excluding initial charges with net income reinvested for a basicrate UK taxpayerAsset allocation at 31 December 2009The figures in brackets show allocation at 31 December 2008Consumer Goods9.8% (10.7%)Healthcare8.6% (7.2%)Financials13.1% (12.7%)Performance1601501401301201101009080706031/12/0431/12/0430/06/0530/06/0531/12/0531/12/05UK Equity Growth Fund30/06/0630/06/06Oil & Gas9.2% (10.6%)IMA UK All Companies Sector Average31/12/0631/12/06EcclesiasticalUKEquityGrowthTechnology7.3% (2.6%)Consumer Services17.2% (17.8%)Telecommunications4.0% (4.5%)Utilities3.0% (9.7%)Basic Materials1.8% (2.4%)Industrials26.0% (21.8%)Figures exclude cashGraph showing the growth of the UK Equity Growth Fund compared to IMAUK All Companies Sector Average from 31 Dec 2004 to 31 Dec 2009,mid-to-mid basis excluding initial charges with net income reinvested for abasic rate UK taxpayer. Prices re-based to 100. Source: Morningstar.30/06/0730/06/0731/12/0731/12/0730/06/0830/06/08(IMA)UKAllCompanies31/12/0831/12/0830/06/0930/06/0931/12/0931/12/09Performance and rankingUK EquityGrowth FundIMA UK AllCompaniesSector AverageGrowth Rank Growth Number31/12/08 - 31/12/09 24.2% 235 30.4% 30631/12/07 - 31/12/08 -28.4% 78 -31.6% 29831/12/06 - 31/12/07 -1.4% 219 2.3% 28131/12/05 - 31/12/06 17.5% 109 17.8% 25931/12/04 - 31/12/05 18.4% 203 21.2% 239Table showing % growth and ranking of the UK Equity Growth Fund againstIMA UK All Companies Sector Average and total number of funds. Figurescompared on a mid-to-mid basis excluding initial charges with net incomereinvested for a basic rate UK taxpayer. Source: Morningstar.
ECCLESIASTICAL Investment Funds 17Major holdingsNet income distribution/accumulationTop ten holdings12345678Percentage oftotal net assets at31 December 2009Pace 3.81%GlaxoSmithKline 3.30%BG Group 3.08%BP 2.66%British American Tobacco 2.51%Compass 2.35%Next 2.35%AstraZeneca 2.10%Net income Pence per share Per £1,000 investeddistribution/ at 2 January 2005 (£)accumulation2009Share Class A 1.4307 14.4486Share Class B 2.4095 23.9275Share Class C 2.3486 20.82092008Share Class A 2.5371 25.6221Share Class B 3.7039 36.7815Share Class C 3.5753 31.69592007910Unilever 2.08%Vodafone 2.06%Share Class A 1.4932 15.0798Share Class B 2.8197 28.0010Share Class C 2.4733 21.9264Total expense ratio at 31 December 2009Share Class A Share Class B Share Class C1.61% 0.86% 1.36%Total expense ratio at 31 December 2008Share Class A Share Class B Share Class C1.77% 0.80% 1.33%2006Share Class A 2.4795 25.0404Share Class B 3.6243 35.9911Share Class C 3.4104 30.23402005Share Class A 1.3765 13.9012Share Class B 2.4749 24.5770Share Class C 2.1684 19.2234Portfolio turnover rate31/12/09 31/12/0839.30% 24.42%Please note: Stocks and shares should be viewed as a medium tolong-term investment, usually for a period of 5 years or more.The value of investments can fall as well as rise. Past performanceshould not be seen as an indication of future performance.Share prices and Fund size31 December 2009Share Class A 111.70 77.30 6,795,703 109.82 6,188,284Share Class B 114.00 78.60 44,777,812 111.56 40,138,383Share Class C 140.30 96.02 10,523,474 138.94 7,573,91531 December 2008Share Class A 130.00 82.37 5,340,586 89.72 5,952,503Share Class B 132.20 84.20 36,548,042 91.06 40,138,383Share Class C 156.40 100.20 8,228,024 111.36 7,388,51531 December 2007Share Class A 145.90 124.40 7,660,856 128.82 5,946,983Share Class B 148.90 127.40 50,948,859 130.88 38,927,667Share Class C 173.20 148.80 12,993,472 154.96 8,385,25431 December 2006Share Class A 134.40 114.20 7,666,392 132.06 5,805,148Share Class B 137.50 116.60 52,338,729 134.29 38,974,952Share Class C 157.20 132.50 13,123,900 156.51 8,385,25431 December 2005Share price rangeFund sizeHighest for the year Lowest for the year Net asset value Net asset value Number of(pence) (pence) (£) (pence per share) shares in issueShare Class A 115.90 98.12 6,406,473 114.91 5,575,041Share Class B 118.60 99.92 45,306,602 116.25 38,974,952Share Class C 133.50 112.00 11,351,651 135.38 8,385,254
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Savings & InvestmentsLife Assurance
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