HUNTRESS | Investment Fund OffshoreUNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 OCTOBER 2016 TO 31 MARCH 2017
Guernsey: +44 (0)1481 729100 / Jersey: +44 (0)1534 722051 www.RavenscroftGroup.com
01Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
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Management and Administration
Report of the Manager
Investment Manager’s Report
Financial Statements
Unaudited Condensed Statement of Comprehensive Income
Unaudited Condensed Statement of Financial Position
Unaudited Condensed Statement of Changes in Net Assets Attributable to Unitholders
Unaudited Condensed Statement of Cash Flows
Notes to the Unaudited Condensed Financial Statements
Portfolio Statements 25
CONTENTS
02 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
MANAGER
Ravenscroft Investment Management Limited
Level 5, The Market Buildings
Fountain Street
St. Peter Port
Guernsey GY1 4JG
ADMINISTRATOR AND REGISTRAR
Louvre Fund Services Limited
St. Peter’s House
Le Bordage
St. Peter Port
Guernsey GY1 1BR
LISTING SPONSOR
Mourant Ozanne Services Limited
1 Le Marchant Street
St. Peter Port
Guernsey GY1 4HP
PRINCIPAL BANKER
Kleinwort Benson (Channel Islands) Limited
Dorey Court
Admiral Park
St. Peter Port
Guernsey GY1 2HT
AUDITOR
Saffery Champness
La Tonnelle House
Les Banques
St. Sampson
Guernsey GY2 4BF
DIRECTORS OF THE MANAGER
Mark Bousfield
Ben Byrom
Robert Tannahill
Mark Harries (appointed 2 Dec 2016)
Charlie Roger (resigned 6 Dec 2016)
TRUSTEE
Kleinwort Benson (Guernsey) Limited Dorey Court
Admiral Park
St. Peter Port
Guernsey GY1 2HT
LEGAL ADVISOR
Mourant Ozannes 1 Le Marchant Street
St. Peter Port
Guernsey GY1 4HP
TAX ADVISOR
Deloitte LLP PO Box 137
Regency Court
Glategny Esplanade
St. Peter Port
Guernsey GY1 3HW
MANAGEMENT AND ADMINISTRATION
03Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Ravenscroft Investment Management Limited (the “Manager”)
has pleasure in submitting its report for the Huntress Investment
Fund Offshore (the “Fund”) for the half-yearly period from 1
October 2016 to 31 March 2017.
STATEMENT OF MANAGER’S RESPONSIBILITIESThe Manager is responsible for preparing financial statements
for each half year in accordance with the Trust Instrument,
the Listing Rules of the The International Stock Exchange (‘TISE’),
the Protection of Investors (Bailiwick of Guernsey) Law, 1987
(as amended) and the Authorised Collective Investment
Schemes (Class B) Rules 2013. The Manager has chosen
to prepare interim financial statements in accordance with
International Accounting Standard 34 Interim Financial
Reporting (“IAS 34”). In preparing these financial statements, the
Manager is required to:
• Select suitable accounting policies and then apply them
consistently;
• Make judgements and estimates that are reasonable and
prudent;
• State whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
• Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Fund
will continue in business.
The Manager confirms that they have complied with the
above requirements in preparing the financial statements.
The Manager is responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the Fund and enable them to ensure that
the financial statements comply with the Trust Instrument and
The Protection of Investors (Bailiwick of Guernsey) Law, 1987
(as amended). They are also responsible for safeguarding the
assets of the Fund and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
ACTIVITIES AND STATUSA Trust Instrument dated 12 November 2008, between
the Manager and the Trustee, established the Fund as an
exempt unit trust under the laws of the Island of Guernsey.
The Fund is authorised by the Guernsey Financial Services
Commission as a Class B Scheme under the provisions of
the Protection of Investors (Bailiwick of Guernsey) Law, 1987
(as amended).
The Fund changed its administrator to Louvre Fund Services Ltd
on 1 April 2016.
During the period, the Fund consisted of the following Sub Funds:
• Huntress Global Balanced Fund (first units created
1 December 2008)
• Huntress Global Income Fund (first units created
1 October 2009)
• Huntress Global Growth Fund (first units created 7 April 2011)
• Huntress Global Blue Chip Fund (first units created
1 July 2014)
The Huntress Global Balanced Fund aims to generate long-term
capital growth with a lower level of volatility than equity markets.
The Huntress Global Balanced Fund seeks to attain its objective
by diversifying investments in a number of collective investment
schemes across different asset classes.
The Huntress Global Income Fund aims to provide investors
with a total return with a focus on delivering an income yield
that competes with prevailing cash rates with some capital
growth. The Huntress Global Income Fund will invest in a global
portfolio comprising of a range of fixed, floating and inflation
linked debt securities, properties and equities.
The Huntress Global Growth Fund aims to generate
long-term capital growth primarily through investment in
global equity markets. The Huntress Global Growth Fund seeks
to attain its objective by investing in a number of collective
investment schemes that offer a range of geographic and
sector exposures or whose investment strategy best fits the
investment environment.
The Huntress Global Blue Chip Fund aims to generate long-term
capital growth from a focused portfolio of global equities of
developed market, multi-national businesses (“Blue Chips”) with
a market capitalization of $5 billion or greater. The stocks will be
listed on recognised stock exchanges in developed countries
and will be held for a long period.
RESULTSAs at 31 March 2017, the reported net asset value (“NAV”)
and units in issue in respect of each Sub Fund was as follows:
REPORT OF THE MANAGER
04 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
NAV of Sub Fund (£’000s)
Units in issue
Huntress Global Balanced Fund 101,310 775,514
Huntress Global Income Fund 58,026 480,152
Huntress Global Growth Fund 33,645 267,084
Huntress Global Blue Chip Fund 49,787 362,919
Within each Sub Fund there is more than one unit class. The NAV per unit, by unit class, is included in note 7.
The price history for the period from 1 October 2016 to 31 March 2017 is as follows:
Huntress Global Balanced FundHighest NAV
per unit (£)Lowest NAV
per unit (£)
I Accumulation Units 183.16 170.53
O Accumulation Units 116.16 107.88
Huntress Global Income Fund
Accumulation Units 121.98 116.90
Distribution Units 119.77 115.56
Huntress Global Growth Fund
I Accumulation Units 161.86 147.75
O Accumulation Units 120.39 109.81
Huntress Global Blue Chip Fund
I Accumulation Units 141.23 120.68
O Accumulation Units 142.22 121.42
I Distribution Units 135.05 115.44
O Distribution Units 136.71 116.72
DISTRIBUTION POLICYThe Huntress Global Income Fund Distribution units will distribute the majority of the income available for income allocation on a
quarterly basis. The Huntress Global Blue Chip Fund Distribution units will distribute the majority of the income available for
income allocation on a half-yearly basis.
The Accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund
or Huntress Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to
the capital of the respective Sub Fund from which it is derived and reflected in the net asset value.
SCHEME PARTICULARSFull details of the Fund can be found in its Scheme Particulars, copies of which can be obtained free of charge from the Manager.
The information contained under Management and Administration on page 1 forms part of this report.
Approved by the Board of Directors of the Manager and signed on its behalf by:
Robert Tannahill Ben Byrom
28th July 2017
REPORT OF THE MANAGER (cont.)
05Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
For the six month period ended 31st March 2017 the I Accumulation class of the Blue Chip Fund returned 9.86%.
We started the interim period with the results of the US Presidential Election. Reminiscent of Brexit, the mathematically equally likely
but popularly unexpected outcome became a reality when Donald Trump was elected America’s 45th President. Performance wise
the previous six months were split over the calendar quarters, with the Fund losing ground versus the broader market throughout
Q4 but rebounding in 2017 Q1. During Q4, there were two main reasons for the underperformance;
I. structural underweight to the Financials and Oil & Gas sectors
II. the fear that inflation would materialise quicker than expected
The underweight to Financials has been a stance of the Fund since the beginning as we could not (and still can’t) get comfortable
with their overcomplicated operational structures and opaque balance sheets. In terms of Oil & Gas, the volatility in energy prices
taught us a lesson in how difficult it is to value companies that can’t control the end price of their product and as a result we have
been reducing our exposure to this type of business. Both these sectors performed well during the quarter; Financials rose in
response to higher government bond yields whilst the oil prices responded positively to news of an agreed output cut by OPEC,
lifting oil & gas stocks.
In December, the US Federal Reserve voted to raise rates and hinted, in a more hawkish tone, of further rates rises to come. Markets
focused on the possibility of inflation coming back into the system stronger than previously thought, which forced government
bond yields higher and bond proxy stocks (i.e. dividend paying companies) lower. This had a negative impact on the Fund which
had a bias towards these types of businesses.
Throughout Q1 2017, equity markets enjoyed some positive momentum, primarily due to a strong belief (hope) that President Trump
would come good on his campaign promise to ‘Make America Great Again’. The two themes that consistently drove performance
over the quarter were Healthcare and Global Brands. The Fund’s preference towards these themes were certainly a contributing
factor to performance, with roughly 65% of the portfolio invested across consumer staples, consumer discretionary, large cap
pharmaceutical and medical device companies.
Over the interim period, we pursued our strategy to improve our exposure to dependable earners that are able to generate reliable
free cash flow from increasing volume/subscription or licensing based revenues from relevant products and reduce and remove the
exposure to those which rely on the sale of big ticket, bespoke, price orientated products. As part of this process we introduced Walt
Disney and L’Oréal and sold Royal Dutch Shell and BAE Systems. In addition, we sold Deere, which benefited from the ‘Trump Rally’.
The pick-up in infrastructure and construction associated stocks saw Deere hit all-time highs in both price and valuation making it
vulnerable to a sharp decline should reality not meet expectations.
Our aim is to build and maintain a portfolio focused on a select number of companies that are aligned with one or more of our
investment themes that would, in aggregate, possess characteristics of financial quality that were better than the market average.
In doing so, we have a portfolio that will weather future financial turmoil, helping investors navigate the uncertainties of investing in
equity markets.
INVESTMENT MANAGER’S REPORT
HUNTRESS GLOBAL BLUE CHIPBY HOLLY WARBURTON
06 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
For the six month period ended 31st March 2017 the I Accumulation class of the Growth Fund returned 4.88%.
In terms of performance, the story, once again, is a tale of two halves. Following the “shock” outcome of the US presidential election,
the Fund struggled, on a relative basis, as the more cyclical sectors of the market (those that we typically avoid owning) rallied
significantly. During the last 3 months of 2016, the Healthcare, Consumer Staples and Real Estate sectors were the three worst
performing, whilst the Finance, Energy and Materials sectors were up considerably. Our thematic approach means that we have
a consequential overweight to both the Healthcare and Consumer Staples sectors and at the same time we maintain a strategic
underweights to the Finance, Materials and Energy sectors.
Our premise for investing in healthcare is that the demand for products and services will increase as average life expectancy rises
and global demographics shifts towards an ageing population. We seek to benefit from this by owning high quality companies
which are well positioned to survive the test of time and benefit from the natural tailwinds provided by this theme.
Likewise, many of the companies contained within the Consumer Staples sector have well-established globally recognised brands
with loyal customer bases and this enables them to maintain significant pricing power.
We used the negative sentiment shown as an opportunity to allocate some of the Fund’s surplus cash to areas that had begun
to look comparatively attractive from a valuation perspective. As a result, we marginally increased the Fund’s holding in the Polar
Capital Healthcare Opportunities Fund - taking the position from a 5.5% weight up to a 7% allocation.
The Healthcare sector had been the worst performing sector during 2016. This was largely attributable to the negative sentiment
shown towards the sector following comments made by Hillary Clinton in the latter half of 2015. Whilst, following the election,
the immediate threat to the sector diminished, like his opponent, Trump advocated that he strongly opposed price gauging. This
suppressed the recovery of the broader industry and it seemed that the quality companies (such as those which Polar seek to own)
were being unfairly tarnished by the immoral practices of a select few.
If we now fast-forward to the first three months of 2017, the story could not be any more dissimilar. As the “Trump-trade” began to
unwind, the Healthcare sector regained its position as one of the strongest performers, whilst both the Energy and Finance sectors
headed towards the bottom of the pack. The Fund returned ~5.5% over the three month period, outperforming the peer group
average (as defined by the TMPI High Risk Index) which stood at ~3.9%. Quarterly performance was assisted by our position in Polar
Capital Global Technology Fund which returned ~16.1%, outperforming the MSCI World AC Technology sector by over 4%.
In terms of portfolio composition, having carried out an extensive review of fixed income assets and considered various “blends”
of our preferred bond funds, the only change we made over the quarter was to increase the Fund’s allocation to PIMCO Global
Investment Grade Credit Fund – taking the position up to a 7% weighting. This decision came out of a wider review of the Growth
Fund’s bond holdings and the fact that we felt, particularly in the Growth strategy that the bond holdings could be working harder
for our investors.
Over the coming months, there are likely to be a few further changes as we gradually tweak the bond allocation within the Fund.
HUNTRESS GLOBAL GROWTHBY SAM CORBET
INVESTMENT MANAGER’S REPORT (cont.)
07Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
For the six month period ended 31st March 2017 the I Accumulation class of the Balanced Fund returned 3.09%.
Markets remained strong during the period with new highs reached in major market indices. Many clients have asked “when will
it end”? The answer is, of course, that we simply cannot know. At some point the market will sell-off; however, that point could be
tomorrow, in 3 weeks’, 3 months’, or even 3 years’ time. We often quote the world’s most successful investors and this highly topical
market-timing observation comes from Warren Buffet:
“[You are] making a terrible mistake if you stay out of a game that you think is going to be very good over time because you think
you can pick a better time to enter it.”
During the period, there have been very few changes to the portfolio and the Balanced Fund has delivered investors a pleasing
return of 3.37%. This said, as our returns thus far this year have been highly correlated to the devaluation of sterling, we further
partially hedged our equity currency exposure in the Balanced Fund. This was achieved by switching from the Polar Technology
USD class into the GBP hedged class. It is important to note that we maintain the stance that such hedges are imperfect but we
believe that this that best option available to reduce our non-sterling exposure. This will allow us to continue to enjoy the majority
of the tailwinds should the pound continue to weaken but will mitigate the risk of giving all the currency gains made thus far back
should the pound strengthen once again.
Polar’s Technology fund was also the best performing holding during the period, returning 17.64% taking into account the
aforementioned class switch. Findlay Park was the second best performing delivering 11.76%. At the other end of the spectrum,
the worst performing holdings were the Ishares Core UK Gilts and M&G’s Corporate Bond Fund, which returned -1.91% and 0.67%
respectively.
As investor sentiment continues to swing from one extreme to the other, we remain focused on the fundamentals. Until valuations start
to offer a more attractive entry point, we will remain in the most defensive position that the Fund has been in since inception in 2008.
HUNTRESS GLOBAL BALANCEDBY TIFFANY GERVAISE-BRAZIER
INVESTMENT MANAGER’S REPORT (cont.)
08 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
INCOME COMMENTARYFor the six month period ended 31st March 2017 the Accumulation class of the Income Fund returned 0.98%.
Over the period ranging from the end of September 2016 to March 2017, the performance of the Fund was more benign than the
unusually strong performance seen for the preceding six months. A large part of that return was down to the EU referendum vote
and the subsequent currency moves as the vote for Britain to leave the European Union came out on top. This six month period
was not without significant political occasion however, as Donald Trump was elected the new President of the United States of
America. The reaction to this outcome was reasonably severe, as it came as a surprise to many, but it was also very short lived.
From the day Donald Trump was elected, despite the many headlines about him or his decisions, markets have generally taken little
notice of the noise and have been very docile in terms of volatility.
Over the period in question, broadly equity markets experienced a rotation to the more cyclical assets in the equity market, which
the Fund deliberately has less exposure to. The duration of this rotation was not one of great length and a counter rotation occurred
fairly soon after the New Year begun, in February. We saw our favoured sectors, such as Consumer Staples, bounce back and it has
so far been one of the strongest performing sectors in equity markets over 2017. One of the most significant bits of news for the
portfolio was the Kraft Heinz bid for Unilever during February, and although the offer was rejected, it highlighted the fact that big
players in the market are prepared to pay up to own the same high quality businesses that we invest in, despite the rise in valuations
we have seen in recent years.
On the bond side of the portfolio, the performance of the holdings within the Fund has been relatively stable, and in fact, was a tale
of two clear sides. The top performing asset classes were assets seen by investors as likely to benefit from the “Trump Reflation”
such as high yield, namely the Muzinich Global High Yield and Oaktree Global High Yield funds. On the other hand, the worst
performing bond exposure was the Fund’s allocation to UK gilts (in a reversal of previous commentaries) which lagged as investors
priced in higher growth and inflation on the promise (and not much else) that Mr Trump would “make America great again” and by
extension boost the global economy.
As far as positioning within the Fund is concerned, equity valuations are still relatively high and bond yields remain relatively low and
as a result the cautious stance of 75% bonds and 25% equities remains. We continue to look out for opportunities should any short
term volatility allow access to good quality assets at the right price.
The main change to the Fund over the period was the removal of the small direct bond position. This position was introduced a
number of years ago when, in the wake of the financial crisis, new bond issues were being priced at a discount to existing bonds to
encourage investors to purchase them. During this period a number of bond issuers with whom we were comfortable issued new
bonds and so we moved to take advantage of the discounts on offer. Since then the bonds have performed well however they no
longer offer a discount and as such we have been able to reduce risk by switching the capital into our main bond funds without any
material loss of income or return potential. This change has being going on for a number of months now as prices allowed and was
completed during the period.
Looking forward the primary risk to the Fund’s performance remains a revaluation by investors of the value of income bearing
assets. While this cannot be mitigated entirely we have taken a number of steps to help manage this risk. Firstly, the Fund owns a
broad range of income bearing assets which provide an element of diversification. Secondly, the Fund limits its exposure to certain
risks in order to limit the impact should one risk factor be repriced aggressively. Finally, the Fund uses a balance of equity and bond
assets in order to smooth the Funds return potential across a range of economic scenarios. This combination of mitigating factors,
combined with structural forces such the retirement of the baby boomers which provide strong demand for the type of assets we
own, allow us to be comfortable that this risk is sensibly managed.
HUNTRESS GLOBAL INCOMEBY BOB TANNAHILL
INVESTMENT MANAGER’S REPORT (cont.)
09Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
HUNTRESS | Financial Statements
Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017 09
10 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017
Notes
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Income
Bond interest – 27 – – 27
Dividend income 631 698 94 519 1,942
Unrealised gain or revaluation of investments 276 (45) 882 3,101 4,214
Realised gain/(loss) on disposal of
investments2,908 206 733 1,340 5,187
Foreign exchange (loss)/gain – (1) (10) (75) (86)
Total Income 3,815 885 1,699 4,885 11,284
Expenses
Management fees 429 194 118 180 921
Administration fees 46 26 15 22 109
Audit fees 6 6 6 6 24
Trustee fees 36 21 12 18 87
Withholding tax 12 7 – 144 163
Other operating expenses 23 18 18 36 95
Total Expenses 552 272 169 406 1,399
Total comprehensive income attributable
to unitholders3,263 613 1,530 4,479 9,885
Weighted average units in existance
during the period725,903 429,911 239,634 340,486
Earnings per unit £4.50 £1.43 £6.39 £13.15
All items in the above statement are derived from continuing operations.
There was no other comprehensive income in the period.
The notes on pages 17 - 24 form part of these financial statements.
These condensed half-yearly financial statements are not audited.
11Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Notes
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
Income
Bond interest – 60 – – 60
Dividend income 429 611 58 366 1,464
Unrealised gain or revaluation of investments 4,291 1,718 1,724 2,989 10,722
Realised gain/(loss) on disposal of
investments605 68 11 (149) 535
Foreign exchange (loss)/gain (4) – (4) 31 23
Total Income 5,321 2,457 1,789 3,237 12,804
Expenses
Management fees 526 148 98 106 878
Administration fees 88 49 25 34 196
Audit fees 6 6 6 6 24
Trustee fees 35 20 10 14 79
Withholding tax 9 3 3 96 111
Other operating expenses 3 1 2 3 9
Total Expenses 667 227 144 259 1,297
Total comprehensive income attributable
to unitholders4,654 2,230 1,645 2,978 11,507
Weighted average units in existance
during the period456,780 357,795 151,210 260,829
Earnings per unit £10.19 £6.23 £10.88 £11.42
All items in the above statement are derived from continuing operations.
There was no other comprehensive income in the period.
The notes on pages 17 - 24 form part of these financial statements.
These condensed half-yearly financial statements are not audited.
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016
12 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
Notes 31/03/17 31/03/17 31/03/17 31/03/17 31/03/17
Assets
Current Assets
Financial assets at fair value
through profit or loss3 97,178 55,542 31,671 49,126 233,517
Other receivables and prepayments 4 30 2 15 68 115
Issues receivable – – – – –
Cash and cash equivalents 4,366 2,614 2,050 718 9,748
Total assets 101,574 58,158 33,736 49,912 243,380
Equity and liabilities
Premium on units in issue 5 75,484 51,327 26,220 38,471 191,502
Retained earnings 25,826 6,699 7,425 11,316 51,266
Net assets attributable to unitholders 101,310 58,026 33,645 49,787 242,768
Liabilities
Current liabilities
Other payables 6 259 132 86 125 602
Due to brokers – – – – –
Redemptions payable 5 – 5 – 10
Total liabilities 264 132 91 125 612
Total equity and liabilities 101,574 58,158 33,736 49,912 243,380
Net asset value per unit 7
I Accumulation Units £182.78 £161.34 £137.97
O Accumulation Units £115.93 £120.01 £138.94
I Distribution Units £131.99
O Distribution Units £133.55
Accumulation Units £121.98
Distribution Units . £119.77
The unaudited condensed half-yearly financial statements were approved by the Manager on 28th July 2017 and signed on its
behalf by:
The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.
Robert Tannahill Ben Byrom
Director, Ravenscroft Investment Management Limited
28th July 2017 28th July 2017
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITIONAS AT 31 MARCH 2017
13Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
Notes 30/09/16 30/09/16 30/09/16 30/09/16 30/09/16
Assets
Current Assets
Financial assets at fair value
through profit or loss3 83,110 46,399 26,222 36,437 192,168
Debtors and prepayments 4 1 28 2 658 689
Issues receivable 329 596 7 322 1,254
Cash and cash equivalents 4,514 2,991 1,795 2,636 11,936
Total assets 87,954 50,014 28,026 40,053 206,047
Equity and liabilities
Units in issue 5 64,896 43,399 21,811 32,252 162,358
Retained earnings / (deficit) 22,563 6,497 5,895 6,918 41,873
Net assets attributable to unitholders 87,459 49,896 27,706 39,170 204,231
Liabilities
Current liabilities
Other payables 6 234 118 80 105 537
Due to brokers 250 – 240 778 1,268
Redemptions payable 11 – – – 11
Total liabilities 495 118 320 883 1,816
Total equity and liabilities 87,954 50,014 28,026 40,053 206,047
Net asset value per unit 7 £124.00 £120.58 £120.42 £125.29
The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016
14 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
FOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
Notes
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Net assets attributable to unitholders at
start of period87,459 49,896 27,706 39,170 204,231
Total comprehensive income
attributable to unitholders3,263 613 1,530 4,479 9,885
Movement due to issue
and redemption of units90,722 50,509 29,236 43,649 214,116
Amounts receivable on issues 5 23,850 12,020 5,749 11,880 53,499
Amounts payable on redemptions 5 (13,262) (4,092) (1,340) (5,661) (24,355)
Equalisation on issues and redemptions – – – – –
Dividends paid to unitholders 8 – (411) – (81) (492)
Net assets attributable to
unitholders at end of period101,310 58,026 33,645 49,787 242,768
FOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
Notes
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
Net assets attributable to unitholders at
start of period67,254 37,185 17,416 23,934 145,789
Total comprehensive income
attributable to unitholders4,654 2,230 1,645 2,978 11,507
Movement due to issue
and redemption of units71,908 39,415 19,061 26,912 157,296
Amounts receivable on issues 5 5,517 6,791 5,664 6,121 24,093
Amounts payable on redemptions 5 (3,656) (4,546) (1,624) (2,083) (11,909)
Equalisation on issues and redemptions – 14 – 13 27
Dividends paid to unitholders 8 – (375) – (39) (414)
Net assets attributable to
unitholders at end of period73,769 41,299 23,101 30,924 169,093
The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.
UNAUDITED CONDENSED STATEMENT OF CHANGES
IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
15Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Cash flows from operating activities
Total comprehensive income
attributable to unitholders3,263 613 1,530 4,479 9,885
Adjusted for
(Increase) / decrease in receivables 300 622 (6) 912 1,828
Increase / (decrease) in payables (231) 14 (229) (758) (1,204)
Realised (profit) / loss on sale of investments (2,908) (206) (733) (1,340) (5,187)
Unrealised profit on revaluation of investments (276) 45 (882) (3,101) (4,214)
Purchase of investments at fair value through
profit or loss(19,025) (15,297) (6,891) (13,721) (54,934)
Sale proceeds from disposal of investments at fair value
through profit or loss8,141 6,315 3,057 5,473 22,986
Net cash used in operating activities (10,736) (7,894) (4,154) (8,056) (30,840)
Cash flows from financing activities
Proceeds on issue of units 23,850 12,020 5,749 11,880 53,499
Redemption of units (13,262) (4,092) (1,340) (5,661) (24,355)
Equalisation – – – – –
Dividends paid – (411) – (81) (492)
Net cash flow from financing activities 10,588 7,517 4,409 6,138 28,652
Net movement in cash and cash equivalents (148) (377) 255 (1,918) (2,188)
Opening cash and cash equivalents 4,514 2,991 1,795 2,636 11,936
Closing cash and cash equivalents 4,366 2,614 2,050 718 9,748
The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWSFOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017
16 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
Total (£’000s)
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
Cash flows from operating activities
Total comprehensive income
attributable to unitholders4,654 2,230 1,645 2,978 11,507
Adjusted for
(Increase) / decrease in receivables (256) 9 – (2) (249)
Increase / (decrease) in payables 3 (7) 7 8 11
Realised (profit) / loss on sale of investments (605) (68) (11) 149 (535)
Unrealised profit on revaluation of investments (4,291) (1,718) (1,724) (2,989) (10,722)
Purchase of investments at fair value through
profit or loss(3,938) (5,307) (4,157) (9,184) (22,586)
Sale proceeds from disposal of investments at fair value
through profit or loss3,062 3,722 425 5,239 12,448
Net cash used in operating activities (1,371) (1,139) (3,815) (3,801) (10,126)
Cash flows from financing activities
Proceeds on issue of units 5,524 6,690 5,662 6,108 23,984
Redemption of units (3,656) (4,546) (1,622) (2,077) (11,901)
Equalisation – 14 – 13 27
Dividends paid – (375) – (39) (414)
Net cash flow from financing activities 1,868 1,783 4,040 4,005 11,696
Net movement in cash and cash equivalents 497 644 225 204 1,570
Opening cash and cash equivalents 3,033 1,215 623 1,099 5,970
Closing cash and cash equivalents 3,530 1,859 848 1,303 7,540
The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWSFOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016
17Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
1. GENERAL INFORMATIONHuntress Global Balanced Fund, Huntress Global Income Fund, Huntress Global Growth Fund and Huntress Global Blue Chip Fund
(each a “Sub Fund” and together the “Funds”) are the Sub Funds of the Huntress Investment Fund Offshore, an open-ended unit trust
constituted under the Trust Instrument made between Kleinwort Benson (Guernsey) Limited as Trustee and Ravenscroft Investment
Management Limited as Manager, dated 12 November 2008. The Trust is authorised by the GFSC under the Protection of Investors
(Bailiwick of Guernsey) Law, 1987, as amended, as a Class B collective investment scheme.
The Huntress Global Balanced Fund aims to generate long-term capital growth with a lower level of volatility than equity markets. The
Huntress Global Balanced Fund seeks to attain its objective by diversifying investments in a number of collective investment schemes
across different asset classes.
The Huntress Global Income Fund aims to provide investors with a total return with a focus on delivering an income yield that
competes with prevailing cash rates with some capital growth. The Huntress Global Income Fund will invest in a global portfolio
comprising of a range of fixed, floating and inflation linked debt securities, property and equities.
The Huntress Global Growth Fund aims to generate long-term capital growth primarily through investment in global equity markets.
The Huntress Global Growth Fund seeks to attain its objective by investing in a number of collective investment schemes that offer a
range of geographic and sector exposures or whose investment strategy best fit the investment environment.
The Huntress Global Blue Chip Fund aims to generate long-term capital growth from a focused portfolio of global equities of developed
market, multi-national businesses (“Blue Chips”) with a market capitalization of $5 billion or greater. The stocks will be listed on
recognised stock exchanges in developed countries and will be held for a long period.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance and basis of preparation
These unaudited condensed half-yearly financial statements have been prepared in accordance with International Accounting Standard
34: Interim Financial Reporting (“IAS 34”), and applicable legal and regulatory requirements of Guernsey Law. They do not include all
of the information required for full annual financial statements and should be read in conjunction with the financial statements for the
year ended 30 September 2015 which were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”), interpretations issued by the International Financial Reporting Interpretations
Committee (“IFRIC”) and applicable legal and regulatory requirements of Guernsey Law.
The accounting policies adopted in the period are consistent with those of the annual financial statements with the exception of new
standards that have become effective during the period. Although there were a number of new standards and interpretations that
apply for the first time in this period, none of these impact the Funds’ Unaudited Condensed Interim Financial Statements.
There have been no new IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning 1 October 2015,
which have not previously been adopted by the Funds.
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS
18 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
Standards and Interpretations in issue and not yet effective
At the date of authorisation of these Financial Statements, the following standards and interpretations, which will become relevant to
the Company but have not been applied in these Financial Statements, were in issue but not yet effective:
IFRS 9, “Financial Instruments - Classification and Measurement” (effective for periods commencing on or after 1 January 2018);
IFRS 15, “Revenue from Contracts with Customers” (effective periods commencing on or after 1 January 2018);
IAS 1, “Presentation of Financial Statements: Disclosure Initiative” (effective for periods commencing on or after 1 January 2016); and
Annual Improvements 2012-2014 Cycle (effective for periods commencing on or after 1 January 2016).
With the exception of IFRS 9, the adoption of the above standards and interpretations are not expected to have a material impact on
the Funds’ financial statements. Management is considering the potential impact of this new standard, and will report on its findings
once this is completed.
The Fund has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
3. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Huntress Global
Balanced Fund(£’000s)
Huntress Global
Income Fund(£’000s)
Huntress Global
Growth Fund(£’000s)
Huntress Global
Blue Chip Fund(£’000s)
Total (£’000s)
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Book cost at start of period 64,135 43,565 19,735 29,936 157,371
Purchases 19,025 15,297 6,891 13,721 54,934
Sales (8,141) (6,315) (3,057) (5,473) (22,986)
Realised gain / (loss) at start of period 2,908 206 733 1,340 5,187
Book cost at end of period 77,927 52,753 24,302 39,524 194,506
Unrealised gain / (loss) at start of period 18,975 2,834 6,487 6,501 34,797
Unrealised gain on revaluation of investments 276 (45) 882 3,101 4,214
Closing fair value at end of project 97,178 55,542 31,671 49,126 233,517
Huntress Global
Balanced Fund(£’000s)
Huntress Global
Income Fund(£’000s)
Huntress Global
Growth Fund(£’000s)
Huntress Global
Blue Chip Fund(£’000s)
Total (£’000s)
01/10/15
to 03/09/16
01/10/15
to 03/09/16
01/10/15
to 03/09/16
01/10/15
to 03/09/16
01/10/15
to 03/09/16
Book cost at start of period 56,528 36,511 15,720 24,151 132,910
Purchases 23,625 18,998 7,610 14,808 65,041
Sales (19,796) (13, 252) (4,234) (8,857) (46,139)
Realised gain on disposals 3,778 1,351 639 479 6,247
Realised loss on disposals – (43) – (645) (688)
Book cost at end of period 64,135 43,565 19,735 29,936 157,371
Unrealised gain at start of the period 7,989 (530) 1,135 (1,290) 7,304
Unrealised gain / (loss) on revaluation of investments 10,986 3,364 5,352 7,791 27,493
Closing fair value at end of project 83,110 46,399 26,222 36,437 192,168
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
19Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
4. OTHER RECEIVABLES AND PREPAYMENTS
Huntress GlobalBalanced Fund
(£’000s)
Huntress GlobalIncome Fund
(£’000s)
Huntress GlobalGrowth Fund
(£’000s)
Huntress GlobalBlue Chip Fund
(£’000s)Total
(£’000s)
31/03/17 31/03/17 31/03/17 31/03/17 31/03/17
Debtors and prepayments 30 2 2 16 50
Bond interest receivable – – – – –
Dividend income receivable – – 13 52 65
30 2 15 68 115
Huntress GlobalBalanced Fund
(£’000s)
Huntress GlobalIncome Fund
(£’000s)
Huntress GlobalGrowth Fund
(£’000s)
Huntress GlobalBlue Chip Fund
(£’000s)Total
(£’000s)
30/09/16 30/09/16 30/09/16 30/09/16 30/09/16
Debtors and prepayments 1 1 2 603 607
Bond interest receivable – 27 – – 27
Dividend income receivable – – – 55 55
1 28 2 658 689
The Manager considers that the carrying amount of debtors and prepayments approximates fair value.
5. UNITS IN ISSUEAs at 31 March 2017, the units in issue in respect of each Sub Fund were as follows:
31/03/17 31/03/17 30/09/16 30/09/16I Accumulation Units
Huntress Global Balanced Fund No. £’000s No. £’000s
At start of period 129,250.05 6,903 452,200 58,248
Issued 10,931.03 1,942 45,622 7,179
Redeemed (3,752.67) (668) (27,223) (5,689)
Switch in 36,212.63 6,596 – –
Switch out (1,943.98) (347) (341,350) (54,305)
At end of period 170,697.06 14,426 129,250 6,903
31/03/17 31/03/17 30/09/16 30/09/16O Accumulation Units
Huntress Global Balanced Fund No. £’000s No. £’000s
At start of period 576,036.10 57,993 – –
Issued 132,732.92 14,918 57,331 6,103
Redeemed (50,319.12) (5,651) (22,862) (2,414)
Switch in 3,484.41 394 541,567 54,304
Switch out (57,117.12) (6,596) – –
At end of period 604,817.19 61,058 576,036 57,993
31/03/17 31/03/17 30/09/16 30/09/16Distribution Units
Huntress Global Income Fund No. £’000s No. £’000s
At start of period 227,725.87 24,196 192,639 20,201
Issued 34,057.35 4,023 69,206 7,869
Redeemed (18,857.50) (2,231) (33,215) (3,768)
Switch in 2,619.55 313 – –
Switch out (51.66) (6) (904) (106)
At end of period 245,493.61 26,295 227,726 24,196
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
20 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
31/03/17 31/03/17 30/09/16 30/09/16Accumulation Units
Huntress Global Income Fund No. £’000s No. £’000s
At start of period 186,080.01 19,203 152,983.78 15,416
Issued 63,953.98 7,678 53,969.83 6,248
Redeemed (12,853.93) (1,542) (23,869) (2,567)
Switch in 50.72 6 2,995 106
Switch out (2,572.09) (313) – –
At end of period 234,658.69 25,032 186,080.01 19,203
31/03/17 31/03/17 30/09/16 30/09/16I Accumulation Units
Huntress Global Growth Fund No. £’000s No. £’000s
At start of period 35,522.58 20,330 140,328.66 16,473
Issued 3,771.55 574 43,924.41 5,730
Redeemed (524.13) (83) (14,100) (1,855)
Switch out (251.98) (39) (134,631) (18)
At end of period 38,518.02 20,782 35,522.58 20,330
31/03/17 31/03/17 30/09/16 30/09/16O Accumulation Units
Huntress Global Growth Fund No. £’000s No. £’000s
At start of period 194,563.69 1,481 – –
Issued 44,305.21 5,138 18,045.16 1,993
Redeemed (10,642.09) (1,220) (4,924) (530)
Switch in 339 39 – –
Switch out – – (181,442.14) (18)
At end of period 228,565.81 5,438 194,563.69 1,481
31/03/17 31/03/17 30/09/16 30/09/16I Accumulation Units
Huntress Global Blue Chip Fund No. £’000s No. £’000s
At start of period 37,597.26 3,934 32,777.66 3,412
Issued 5,206.74 667 5,604.91 611
Redeemed (221.89) (29) (945) (105)
Switch in 28.96 4 414 46
Switch out (95.53) (13) (272) (30)
At end of period 42,497.54 4,563 37,579.26 3,934
31/03/17 31/03/17 30/09/16 30/09/16I Distribution Units
Huntress Global Blue Chip Fund No. £’000s No. £’000s
At start of period 23,848.38 2,502 195.63 19
Issued 16,270.62 2,000 22,848.38 2,520
Redeemed – – (196) (37)
At end of period 40,119.00 4,502 23,848.38 2,502
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
21Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
31/03/17 31/03/17 30/09/16 30/09/16O Accumulation Units
Huntress Global Blue Chip Fund No. £’000s No. £’000s
At start of period 206,322.10 21,167 174,182.67 17,590
Issued 48,661.27 6,267 60,401.88 6,641
Redeemed (15,154.51) (1,988) (27,209.73) (2,927)
Switch in 94.49 13 271.13 30
Switch out (18,703.22) (2,606) (1,323.85) (167)
At end of period 221,220.13 22,853 206,322.10 21,167
31/03/17 31/03/17 30/09/16 30/09/16O Distribution Units
Huntress Global Blue Chip Fund No. £’000s No. £’000s
At start of period 44,875.72 4,649 39,025.98 3,949
Issued 3,027.75 373 11,447.85 1,308
Redeemed (7,874.43) (1,025) (5,598) (608)
Switch in 19,052.90 2,556 – –
At end of period 59,081.94 6,553 44,875.72 4,649
The nature of the rights represented by units is that of a beneficial interest under a trust. Unitholders have the right, subject to the
Trust Instrument, to transfer or redeem their units and to call, participate and vote in meetings of unitholders.
6. OTHER PAYABLES
Huntress GlobalBalanced Fund
(£’000s)
Huntress GlobalIncome Fund
(£’000s)
Huntress GlobalGrowth Fund
(£’000s)
Huntress GlobalBlue Chip Fund
(£’000s)Total
(£’000s)
31/03/17 31/03/17 31/03/17 31/03/17 31/03/17
Management fee 225 101 62 96 484
Administration fee 9 5 2 4 20
Trustee fee 7 4 2 3 16
Audit fee 5 5 5 5 20
Sundry creditors 13 17 15 17 62
259 132 86 125 602
Huntress GlobalBalanced Fund
(£’000s)
Huntress GlobalIncome Fund
(£’000s)
Huntress GlobalGrowth Fund
(£’000s)
Huntress GlobalBlue Chip Fund
(£’000s)Total
(£’000s)
30/09/16 30/09/16 30/09/16 30/09/16 30/09/16
Management fee 201 89 54 76 420
Administration fee 7 4 2 3 16
Trustee fee 6 3 2 2 13
Audit fee 11 11 11 11 44
Sundry creditors 9 11 11 13 44
234 118 80 105 537
The Manager considers that the carrying amount of creditors approximates fair value.
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
22 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
7. NET ASSET VALUE PER UNITThe below table shows the NAV per unit for each Sub Fund and reconciles the difference between the financial statements NAV per
unit and the dealing NAV per unit reported to the TISE.
I Accumulation Units O Accumulation Units
Huntress Global
Balanced Fund (£)
Huntress Global
Balanced Fund (£)
Huntress Global
Balanced Fund (£)
Huntress Global
Balanced Fund (£)
31/03/17 30/09/16 31/03/17 30/09/16
NAV 31,198,767 22,914,942 70,110,892 64,521,019
No. of units in issue 170,697.06 129,250.05 604,817.19 576,036.10
Adjustments – 5,984 – 16,848
Dealing NAV per Unit 182.78 177.34 115.93 112.04
Distribution Units Accumulation Units
Huntress Global
Income Fund (£)
Huntress Global
Income Fund (£)
Huntress Global
Income Fund (£)
Huntress Global
Income Fund (£)
31/03/17 30/09/16 31/03/17 30/09/16
NAV 29,402,368 27,696,690 28,623,200 22,477,646
No. of units in issue 245,493.61 230,086.44 234,658.69 186,080.01
Adjustments – 9,682 – –
Dealing NAV per Unit 119.71 120.42 121.98 120.80
I Accumulation Units O Accumulation Units
Huntress Global
Growth Fund (£)
Huntress Global
Growth Fund (£)
Huntress Global
Growth Fund (£)
Huntress Global
Growth Fund (£)
31/03/17 30/09/16 31/03/17 30/09/16
NAV 6,214,091 5,464,081 27,427,337 22,232,608
No. of units in issue 38,518.02 35,522.75 228,565.81 194,563.69
Adjustments 463 1,908 2,744 7,774
Dealing NAV per Unit 161.34 153.87 120.01 114.31
O Accumulation Units I Accumulation Units
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
31/03/17 30/09/16 31/03/17 30/09/16
NAV 30,736,021 26,056,561 5,863,028 4,719,450
No. of units in issue 221,220.13 206,332.10 42,497.54 37,579.26
Adjustments (388) – (75) –
Dealing NAV per Unit 138.94 126.30 137.97 125.59
I Distribution Units O Distribution Units
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
Huntress Global
Blue Chip Fund (£)
31/03/17 30/09/16 31/03/17 30/09/16
NAV 5,295,363 2,892,628 7,890,778 5,500,906
No. of units in issue 40,119.00 23,848.38 59,081.94 44,875.72
Adjustments (70) – (104) –
Dealing NAV per Unit 131.99 121.30 133.55 122.59
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
23Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
8. DIVIDENDSThe Accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund or Huntress
Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to the capital of the respective
Sub Fund from which it is derived and reflected in the net asset value.
The Huntress Global Income Fund Distribution units will distribute the majority of the income available for income allocation on a quarterly basis.
The Huntress Global Blue Chip Fund Distribution units will distribute the majority of the income available for income allocation on a half-yearly basis.
The fund launched Accumulation and Distribution classes on the 1st August 2014. The first dividend was paid on the 31st October 2014.
Dividends paid to unitholders during the period 1 October 2016 to 31 March 2017 were as follows:
Accumulation Class Distribution Class Total dividend
paid (£‘000s)Huntress Global Income Fund Dividend per unit (£) Dividend per unit (£)
01/10/16 to 31/03/17 01/10/16 to 31/03/17 01/10/16 to 31/03/17
Interim dividend paid 31 October 2016 (Ex-dividend 3 October 2016) 0.99 0.99 225
Interim dividend paid 31 January 2017 (Ex-dividend 3 January 2017) 0.81 0.80 186
411
Huntress Global Income Fund Dividend per unit (£)
Total dividend
paid (£‘000s)
01/10/15 to 31/03/16 01/10/15 to 31/03/16
Interim dividend paid 30 October 2015 (Ex-dividend 1 October 2015) 1.12 216
Interim dividend paid 29 January 2016 (Ex-dividend 4 January 2016) 0.77 159
375
I Distribution Class O Distribution Class
Huntress Global Blue Chip Fund
Dividend
per unit (£)
Dividend
per unit 0 (£)
Total dividend
paid (£‘000s)
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Interim dividend paid 31 October 2016 (Ex-dividend 3 October 2016) 1.17 1.18 81
81
I Distribution Class O Distribution Class Total dividend
paid (£‘000s)Huntress Global Blue Chip Fund Dividend per unit (£) Dividend per unit (£)
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
Interim dividend paid 31 October 2015 (Ex-dividend 1 October 2015) 0.99 1.00 39
39
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
24 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
9. SEGMENTAL INFORMATIONFor management purposes, each Sub Fund is organised into one main operating segment. All of the Sub Funds’ activities are interrelated, and each
activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of each Sub Fund as one segment. The
financial results from this segment are equivalent to the financial results of the Sub Fund as a whole.
The following table analyses the key information used in decision making by the Manager:
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
01/10/16
to 31/03/17
Bond interest – 27 – –
Dividend income 631 698 94 519
Unrealised gain/(loss) on revaluation of investments 276 (45) 882 3,101
Realised gain on disposal of investments 2,908 206 733 1,340
Net expenses (552) (272) (169) (406)
Foreign exchange (loss) / gain – (1) (10) (75)
Profit/(Loss) for the period 3,263 613 1,530 4,479
Net asset value at 31 March 2017 101,310 58,026 33,642 49,788
Huntress Global
Balanced Fund (£’000s)
Huntress Global
Income Fund (£’000s)
Huntress Global
Growth Fund (£’000s)
Huntress Global
Blue Chip Fund (£’000s)
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
01/10/15
to 31/03/16
Bond interest – 60 – –
Dividend income 429 611 58 366
Unrealised gain / (loss) on revaluation of investments 4,291 1,718 1,724 2,989
Realised gain on disposal of investments 605 68 11 (149)
Net expenses (671) (227) (148) (228)
(Loss) / profit for the period 4,654 2,230 1,645 2,978
Net asset value at 31 March 2016 73,769 41,299 23,101 30,924
10. EVENTS AFTER THE REPORTING DATE
With effect from 10 April 2017, Huntress Investment Fund Offshore changed it’s designated Trustee from Kleinwort Benson (Guernsey) Limited to
BNP Paribas Securities Services S.C.A. Guernsey Branch.
On 3 April 2017, an interim dividend was declared for the Huntress Global Income Fund. The dividend per unit for the Distribution units was £0.81
and for the Accumulation units was £0.83.
On 3 April 2017, an interim dividend was declared for the Huntress Global Blue Chip Fund. The dividend per unit was £0.98 for the I Distribution
units, £1.03 for the I Accumulation units, £1.00 for the O Distribution units and £1.04 for the O Accumulation units.
NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)
25Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
ASSETS AND LIABILITIES AS AT 31 MARCH 2017
Nominal Description Fair Value (£’000s) % of the Fund
9,658,564.7430 M&G Offshore Corporate Bond GBP Fund 10,154 10.03
521,841.3130 PIMCO Global Investment Grade Credit Inc GBP HD Fund 10,150 10.03
10,494,067.8110 Smith & Williamson Short-Dated Corporate Bond GBP Fund 9,987 9.87
2,824,807.9500 Fundsmith Equity Fund I Acc GBP Fund 9,136 9.03
3,618,462.2340 Lindsell Train Global Equity B Inc GBP Fund 9,073 8.96
495,150.0000 iShares Core UK Gilt 6,621 6.54
65,501.8120 Oaktree Lux Global High Yield Bond 6,572 6.49
441,578.4300 Fidelity Global Dividend Y USD Acc Fund 5,961 5.89
727,483.0600 Blackrock Global Equity Income D2 USD Fund 5,914 5.84
183,237.8580 Polar Capital Healthcare Opportunities I GBP Fund 5,598 5.53
386,620.6930 Polar Capital Global Technology I USD Fund 5,096 5.03
572,583.2430 Stewart Investors Asia Pacific Leaders B Acc Fund 3,870 3.82
292,922.6320 Findlay Park Latin American USD Inc Fund 3,590 3.55
226,204.8860 Investec Global Energy Fund A Acc USD Fund 2,384 2.36
245,844.0000 Arisaig Global Emerging Markets Consumer USD Fund 1,970 1.95
Investment total 96,076 94.92
Cash and cash equivalents 5,373 5.31
Other sundry net liabilities (234) (0.23)
101,215 100
PORTFOLIO STATEMENT – HUNTRESS GLOBAL BALANCED FUND
26 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
ASSETS AND LIABILITIES AS AT 31 MARCH 2017
Nominal Description Fair Value (£’000s) % of the Fund
7,621,166.5920 Smith & Williamson Short-Dated Corporate Bond GBP Fund 7,253 12.52
445,348.0970 PIMCO Global Investment Grade Credit Inc GBP HD Fund 6,137 10.59
57,226.8680 Stratton Street UCITS - NFA Global Bond Fund UI 5,952 10.27
438,233.0000 iShares Core UK Gilt 5,860 10.11
5,320,856.3070 M&G Offshore Corporate Bond GBP Fund 5,594 9.65
614,863.5000 Blackrock Global Equity Income D5G USD Fund 4,999 8.63
3,491,573.1500 Fidelity Global Dividend W GBP Inc Fund 4,902 8.46
266,447.0600 Guinness Global Equity Income Fund 4,615 7.96
38,777.7300 Muzinich Global High Yield GBP Inc Fund 3,871 6.68
38,191.7930 Oaktree Lux Global Bond 3,832 6.61
25,026.3700 Schroder Strategic Credit C Inc GBP Fund 2,455 4.24
Investment total 55,470 95.72
Cash and cash equivalents 2,614 4.51
Other sundry net liabilities (130) (0.23)
57,954 100
PORTFOLIO STATEMENT – HUNTRESS GLOBAL INCOME FUND
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ASSETS AND LIABILITIES AS AT 31 MARCH 2017
Nominal Description Fair Value (£’000s) % of the Fund
1,583,264.0510 Lindsell Train Global Equity B Inc GBP Fund 3,970 11.81
1,226,765.5900 Fundsmith Equity I Acc GBP Fund 3,968 11.80
174,123.1400 Fidelity Global Dividend Y USD Acc Fund 2,350 6.99
285,511.8900 Blackrock Global Equity Income Fund 2,321 6.90
119,064.3700 PIMCO Global Investment Grade IH Accumulation 2,316 6.89
73,348.4390 Polar Capital Healthcare Opportunities I GBP Fund 2,241 6.66
147,098.3170 Polar Capital Global Technology I USD Fund 1,939 5.77
131,628.2740 Findlay Park Latin American USD Fund 1,613 4.80
231,946.6130 Stewart Investors Asia Pacific Leaders B Acc Fund 1,568 4.66
14,668.7630 Stratton Street UCITS - NFA Global Bond Fund UI 1,526 4.54
114,025.0000 iShares Core UK Gilt 1,525 4.54
8,982.7490 Muzinich Americayield Fund HD Inc GBP Fund 1,514 4.50
1,571,283.4880 Smith & Williamson Short-Dated Corporate Bond GBP Fund 1,495 4.45
10,856.5700 Alquity SICAV Asia 1,369 4.07
114,163.0000 Arisaig Global Emerging Markets Consumer Fund Ltd 915 2.72
73,279.9240 Investec Global Energy A Acc USD Fund 772 2.30
Investment total 31,402 93.40
Cash and cash equivalents 2,298 6.84
Other sundry net liabilities (76) (0.24)
33,624 100
PORTFOLIO STATEMENT – HUNTRESS GLOBAL GROWTH FUND
28 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017
ASSETS AND LIABILITIES AS AT 31 MARCH 2017
Nominal Description Fair Value (£’000s) % of the Fund
25,878.0000 Johnson & Johnson 2,570 5.16
64,670.0000 Unilever Plc 2,548 5.12
12,407.0000 Roche Hol Ag-Genussc 2,531 5.08
34,610.0000 Sanofi 2,498 5.02
38,559.0000 Medtronic Inc 2,477 4.98
18,400.0000 Apple Inc 2,108 4.23
19,598.0000 Kimberly-Clark Corp 2,057 4.13
131,400.0000 Relx Plc 2,055 4.13
22,430.0000 Walt Disney Co 2,028 4.07
84,120.0000 General Electric Co 1,999 4.02
32,519.0000 Nestlé Sa-Reg 1,993 4.00
87,240.0000 Diageo Plc 1,992 4.00
33,217.0000 Novartis Ag-Reg 1,969 3.95
19,280.0000 Honeywell Int 1,919 3.85
8,843.0000 LVMH Moet Hennessy L 1,553 3.12
10,080.0000 3M Co. 1,538 3.09
53,453.0000 Intel Corporation 1,537 3.09
17,240.0000 Pepsico Inc 1,537 3.09
23,655.0000 Cie Financiere Richemont 1,494 3.00
9,700.0000 L’Oreal SA 1,491 2.99
11,180.0000 Amgen Inc 1,462 2.94
20,287.0000 Procter & Gamble 1,453 2.92
27,600.0000 Microsoft Corp 1,449 2.91
22,282.0000 Colgate - Palmolive 1,300 2.61
142,190.0000 Rolls Royce Holdings 1,072 2.15
10,490.0000 Monsanto Co 947 1.90
1,130.0000 Syngenta Ag-Reg 498 1.00
Investment total 48,075 96.36
Cash and cash equivalents 1,871 3.76
Other sundry net liabilities (57) (0.12)
49,889 100
PORTFOLIO STATEMENT – HUNTRESS GLOBAL BLUE CHIP FUND
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