BMO Managed Portfolio Trust PLC

Performance

Performance (Growth)

Performance (Income)

Performance (%) as at 31.10.2018
Cumulative performance 1 month Year to date 1 Year 3 Years 5 Years
NAV - Growth -7.2 -0.7 0.8 33.6 47.8
Share price - Growth Shares -7.41 -1.48 2.04 33.33 52.09
NAV - (Income) -6.1 -4.8 -3.2 24.6 33.0
Share price - Income Shares -5.17 -5.65 -3.40 23.15 35.28
Benchmark -5.19 -4.37 -1.47 25.37 30.46

Past performance is not a guide to future performance.

Source: Lipper. Basis: share price, percentage growth, bid to bid, net income reinvested expressed in Sterling. Basis in accordance to the regulations of the FCA.
The cumulative performance table refers to cumulative periods ending 31.10.2018

NAV – Net Asset Value. This is the value of the fund’s assets (e.g. investments, stocks, shares, bonds) less its liabilities (i.e. costs that need to be paid out of the value of the fund)

Discrete annual performance 2018/2017 2017/2016 2016/2015 2015/2014 2014/2013
NAV - (Growth) 0.8 21.0 9.6 7.4 3.1
Share price - Growth Shares 2.04 21.36 7.67 12.78 1.14
NAV - (Income) -3.2 15.6 11.3 3.7 2.9
Share price - Income Shares -3.40 19.08 7.06 2.83 6.83
Benchmark -1.47 13.39 12.22 2.99 1.03

Note: The performance figures shown here will differ to those shown in the Key Information Document (KID) as they are based on actual past performance data. The performance information in the KID is presented on a forward-looking basis using economic models based on historical prices and volatility of the product (as prescribed by regulations).

Benchmark: The FTSE All-Share Index

Investment Risks

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Holdings

Growth Portfolio
Top Ten Holdings % of net assets Sector
Monks Investment Trust 4.4 Global
Polar Capital Technology Trust 3.8 Tech Media & Telecomm
Allianz Technology Trust 3.7 Tech Media & Telecomm
Syncona Limited 3.3 Biotechnology & Healthcare
Scottish Mortgage Investment Trust 3.1 Global
RIT Capital Partners 3.0 Flexible Investment
Baillie Gifford Japan Trust 3.0 Japan
Worldwide Healthcare Trust 2.9 Biotechnology & Healthcare
Personal Assets Trust 2.8 Flexible Investment
BH Macro 2.8 Hedge Funds
Income Portfolio
Top Ten Holdings % of net assets Sector
Law Debenture Corporation 3.7 Global
BB Healthcare 3.5 Biotechnology & Healthcare
Secure Income REIT 3.5 Property Specialist
NB Private Equity Partners 3.4 Private Equity
BB Biotech 3.4 Biotechnology & Healthcare
Princess Private Equity Holding 3.2 Private Equity
JPMorgan Global Growth & Income 3.2 Global Equity Income
Henderson International Income Trust 3.2 Global Equity Income
Murray International Trust 3.2 Global Equity Income
Invesco Perpetual UK Smaller Companies Investment Trust 3.1 UK Smaller Companies

As at 31 October 2018

Dividend

Dividend level of the BMO Managed Portfolio Trust - Income shares
Financial year to 31 May 2018 2017 2016 2015 2014 2013
October - 1st interim 1.3p 1.25p 1.2p 1.15p 1.1p 1.1p
January - 2nd interim 1.3p 1.25p 1.2p 1.15p 1.1p 1.1p
April - 3rd interim 1.3p 1.25p 1.2p 1.15p 1.1p 1.1p
July - special interim 0.8 - - - - -
July - 4th interim 1.8p 1.70p 1.6p 1.55p 1.5p 1.3p
Total annual dividend 6.5p 5.45p 5.2p 5.0p 4.8p 4.6p
Dividend yield ± 4.1%* 3.9% 4.6% 3.9% 3.9% 3.9%
Yield on FTSE All-Share index (at 31 May) 3.6% 3.5% 3.75% 3.3% 3.3% 3.3%

*Based on dividends at the 2018 annual rate of 5.7p per Income share (excluding the special delivery of 0.8p per Income share).

± Based on the Income share price at 31 May

Conversion

Conversion between share classes

Subject to certain minimum and maximum thresholds which may be set by the Board of BMO Managed Portfolio Trust plc (the “Board”) from time to time, shareholders have the right to convert their Income shares into Growth shares and/or their Growth shares into Income shares upon certain dates, the next of which will be 25 October 2018 and then annually or close to annually thereafter (subject to the Articles of Association of the Company). Under current law, such conversions will not be treated as disposals for UK capital gains tax purposes.

Conversion Process
Minimum level

The Board may, in its sole and absolute discretion, specify a minimum number of converting shares which are to be converted by a shareholder in the case of either the Income shares or Growth Shares.

The minimum amount for the 25 October 2018 Conversion is 1,000 shares per shareholder or the whole shareholding, whichever is lower.

The Board will specify a minimum net value of assets to be transferred from a Portfolio on any Conversion date, and may change any such minimum from time to time. If on any Conversion Date, the value of the assets to be so transferred is less than such specified minimum, then the Board may, in its sole and absolute discretion, cancel and such conversion.

The minimum net value of assets in aggregate for the 25 October 2018 Conversion is £250,000.

In previous years, applications to convert shares has been lower than the minimum that was specified and to date, no share conversions have proceeded. A significant minimum has to be set in order to justify the costs of the exercise. 

Maximum level

The Board may set a maximum number of Growth shares or Income shares which may be converted on any Conversion Date and may change such maximum from time to time. If on a Conversion date, the number of Growth shares or Income shares for which conversion notices have been delivered would exceed the limit, the shares will be reduced pro rata. 

The maximum amount for the 25 October 2018 Conversion is 10% of the Income shares and 10% of the Growth shares in issue.

Conversion ratio

Shares will be converted into the other share class by reference to the ratio of the relative underlying NAVs of the Growth shares and Income shares (as set out in more detail in the Company’s Articles of Association). As noted in the Annual Report and Financial Statements, a resolution will be proposed at the AGM to approve certain amendments to the conversion mechanics. If such resolution is approved the expenses of the Conversion will, at the discretion of the Board be borne by the Company. Only the Income shareholders are entitled to receive dividends. The Company shall announce the Conversion Ratio applicable on the Conversion Date or Deferred Conversion Date and the number of resulting shares. The Board has discretion to defer the Conversion Date, inter alia, in the event that the level of conversions is above a certain materiality threshold in order to facilitate realignment of the Company’s portfolios in order to effect the conversions in as effective a manner as possible. The Deferred Conversion Date will under normal circumstances not be more than one month later than the originally stated Conversion Date.

It is anticipated that, within 9 working days of the Conversion Date or the Deferred Conversion Date, the Company will send:

  • To each holder of Converting Shares that are in certificated form a definitive certificate for the appropriate number of shares arising on conversion and a new certificate for any unconverted shares.
  • To each holder of converting shares held in an F&C investment product, confirmation of the number of shares converted and the number of shares arising on conversion.

No share certificates will be issued in respect of any deferred shares arising as a result of the conversion.  These deferred shares have no economic value and will be automatically transferred to a nominee holder or bought back for nil consideration by the Company in accordance with the Company’s Articles of Association.

Income shares arising on Conversion will carry the right to receive all dividends declared by reference to a record date falling after the Conversion Date or Deferred Conversion Date. Income shares which are converted into Growth shares will carry the right to receive all dividends declared by reference to a record date falling prior to the Conversion Date or Deferred Conversion Date but not on or thereafter.

Please note, if you elect to convert from Income shares to Growth shares no further income in respect of these Income shares will be paid to you.

Market price of Income & Growth shares

The mid market price for the Income shares and Growth shares on the first dealing day in each of the last six months, and 27 July 2018, being the latest practicable date before the approval of the Annual report and accounts were:

Income shares (p) Growth shares (p)
2 January 2018 141.5 203.0
1 February 2018 139.5 202.0
1 March 2018 137.5 203.0
2 April 2018 129.0 196.0
1 May 2018 136.0 201.0
1 June 2018 138.5 209.0
27 July 2018 134.5 213.0

This is not a recommendation to convert, or not to convert, any of your shares.

Conversion Timetable
Timetable 2018
Record date for 1st interim dividend (Income shares) 14 September
Latest time for lodging of Conversion Instruction Form (for shares held within any investment product managed or marketed by BMO Asset Management Limited) 5pm on Friday 21 September
Latest time for Conversion instructions for shares in Uncertificated form (CREST) 1pm on Friday 28 September
Latest time for lodging of Certificated Conversion Form 5pm on Friday 28 September
Conversion Date Thursday 25 October
Calculation Time Close of business on 25 October
CREST accounts credited Thursday 1 November
New certificates despatched Wednesday 7 November (or as soon as practicable thereafter)
Future conversions

It is intended that following the next conversion on 25 October 2018 the conversion facility will be offered annually or close to annually thereafter

This is not a recommendation to convert, or not to convert, any of your shares.

How do I convert?

If you hold your shares:

  1. through an Investment Product managed or marketed by BMO Asset Management Limited please download a “PLAN CONVERSION INSTRUCTION” form here.

    This “Plan Conversion Instruction” form must be received by 5pm on Friday 21 September 2018 in respect of the 25 October 2018 Conversion Date. When completed and signed it should be posted to BMO Asset Management Limited, PO Box 11114, Chelmsford, CM99 2DG.

  2. in certificated form, please download a “CERTIFICATED CONVERSION NOTICE” form here.

    This “Certificated Conversion Notice” form must be received by 5pm on Friday 28 September 2018 in respect of the 25 October 2018 Conversion Date. When completed and signed it should be posted to Equiniti Limited, Corporate Actions (BMO), Second Floor, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA.

  3. in uncertificated form (that is in CREST) then please follow the instructions below.

    If you hold your Income Shares and/or Growth Shares in uncertificated form (that is in CREST) and you wish to participate in the Conversion on 25 October 2018 you must give a TTE Message instruction by 1.00pm on 28 September 2018. If you hold both Income Shares and Growth Shares and wish to make a conversion for both you will need to make separate TTE Message instructions for each class of share.

The TTE Message instruction must be properly authenticated in accordance with CREST’s specifications and must contain, in addition to the other information that is required for settlement in CREST, the following details:

  1. the number of Income Shares and/or the number of Growth Shares to be converted;
  2. the participant ID of the holder of the Income Shares and/or Growth shares;
  3. the member account ID of the holder of the Income Shares and/or Growth Shares from which conversion is to be made and the shares are to be debited;
  4. the participant ID of Equiniti Limited. This is 6RA49 for the Income Shares to be converted to Growth Shares and 6RA89 for the Growth Shares to be converted to Income Shares;
  5. the member account ID of Equiniti Limited. This is RA296801 for the Income Shares to be converted to Growth Shares and RA296802 for the Growth Shares to be converted to Income Shares;
  6. the corporate action ISIN number of your Income Shares and/or Growth Shares. This is GB00B2PP3J36 for the Income Shares to be converted to Growth Shares and GB00B2PP2527 for the Growth Shares to be converted to Income Shares;
  7. the intended settlement date of the TTE Message instruction. This must be by 1.00pm on 28 September 2018.

CREST members and (where applicable) their CREST sponsors should note that the last time at which a TTE Message instruction may be settled is 1.00pm on 28 September 2018.

How to invest

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