# Threadneedle UK Equity Opportunities Fund (formerly Threadneedle UK Overseas Earnings Fund)
### Portfolio Statement
as at 7 March 2020
|  |  | % of |  |  |  | % of |
| --- | --- | --- | --- | --- | --- | --- |
| Value | Net Asset |  |  | Value | Net Asset |
| Holding  Investment | £000 | Value | Holding | Investment | £000 | Value |


###### OIL & GAS 4.35% (5.53%)
Oil & Gas Producers 2.91% (3.57%)

###### CONSUMER SERVICES 29.35% (25.64%)
Food & Drug Retailers 6.01% (5.09%)
| 138,194  Royal Dutch Shell ‘B’ Shares | 2,257 | 2.91 | 879,256 | Tesco | 2,133 | 2.75 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 1,369,237 | WM Morrison Supermarkets | 2,528 | 3.26 |
| Oil Equipment, Services & Distribution 1.44% (1.96%) |
| 341,018  John Wood Group | 1,120 | 1.44 |  | General Retailers 1.98% (2.52%) |  |  |
| Total Oil & Gas | 3,377 | 4.35 | 1,004,202 | Marks & Spencer Group | 1,533 | 1.98 |


###### BASIC MATERIALS 3.25% (3.52%)
Chemicals 3.25% (3.52%)
67,507  Johnson Matthey	1,609	2.07
45,629  Victrex		913	1.18
| 2,522 | 3.25 |  | Travel & Leisure 14.83% (11.45%) |  |
| --- | --- | --- | --- | --- |
|  |  | 87,644 | Compass Group | 1,359 | 1.75 |
|  |  | 120,492 | easyJet | 1,161 | 1.50 |
| %)	1,546,626 Firstgroup	1,571	2.02 |
|  |  | 120,739 | J D Wetherspoon | 1,554 | 2.00 |
|  |  | 914,926 | Rank Group | 2,173 | 2.80 |

Total Basic Materials

###### INDUSTRIALS 15.31% (15.74%)
Construction & Materials 0.00% (1.83
Aerospace & Defence 0.94% (3.27%)
125,632  Rolls-Royce Holdings	725	0.94
General Industrials 2.21% (1.84%)
117,601 Smiths Group	1,716	2.21
Industrial Engineering 1.65% (1.46%)
460,829 Rotork	1,280	1.65
Industrial Transportation 0.99% (0.91%)
|  | Support Services 9.52% (6.43%) |  |
| --- | --- | --- |
| 126,185 | Aggreko | 833 | 1.07 |
| 384,761 | Electrocomponents | 2,254 | 2.90 |
| 829,786 | Hays | 1,026 | 1.32 |

473,150 Royal Mail	770	0.99
212,128  Howden Joinery Group	1,316	1.70
392,973  Rentokil Initial	1,966	2.53
Total Industrials	11,886	15.31

###### CONSUMER GOODS 14.20% (18.57%)
Beverages 0.00% (4.76%)
Food Producers 2.44% (2.02%)
266,079 Tate & Lyle	1,892	2.44
Household Goods & Home Construction 3.26% (0.00%)
|  | 563,657 | Legal & General Group | 1,347 | 1.74 |
| --- | --- | --- | --- | --- |
| Personal Goods 5.47% (5.11%) | 179,446 | Prudential | 2,126 | 2.74 |

41,814  Reckitt Benckiser Group	2,531	3.26
|  | Media 6.53% (6.58%) |  |
| --- | --- | --- |
| 1,277,476 | ITV | 1,282 | 1.65 |
| 290,397 | Pearson | 1,595 | 2.05 |
| 120,297 | RELX (London Listing) | 2,200 | 2.83 |

1,722,915  Restaurant Group	1,418	1.83
| 189,510 | SSP Group | 831 | 1.07 |
| --- | --- | --- | --- |
| 765,194 | Stagecoach Group | 865 | 1.11 |
| 17,103 | Whitbread | 582 | 0.75 |
|  | Total Consumer Services | 22,785 | 29.35 |


###### TELECOMMUNICATIONS 2.08% (2.48%)
Fixed Line Telecommunications 2.08% (2.48%)
1,245,749 BT Group		1,617	2.08
Total Telecommunications	1,617	2.08

###### UTILITIES 1.41% (1.98%)
Gas, Water & Multiutilities 1.41% (1.98%)
1,501,898 Centrica		1,094	1.41
Total Utilities	1,094	1.41

###### FINANCIALS 16.98% (15.82%)
Banks 3.58% (4.31%)
798,370  Royal Bank of Scotland Group	1,233	1.59
293,898 Standard Chartered	1,545	1.99
Nonlife Insurance 2.66% (2.41%)
417,697  RSA Insurance Group	2,065	2.66
Life Insurance 4.48% (5.33%)
| 61,074 | Burberry Group | 968 | 1.25 |
| --- | --- | --- | --- |
| 68,670 | Ted Baker | 158 | 0.20 |
| 70,534 | Unilever | 3,124 | 4.02 |

Financial Services 6.26% (3.77%)
|  | 476,110 | M&G Prudential | 906 | 1.17 |
| --- | --- | --- | --- | --- |
|  | Tobacco 3.03% (6.68%) |  |  | 895,998 | Melrose Industries | 1,654 | 2.13 |
| 142,807 | Imperial Brands | 2,350 | 3.03 | 2,236,190 | Sherborne Investors Guernsey | 1,073 | 1.38 |
| Total Consumer Goods	11,023	14.20	1,549,692 Sherborne Investors Guernsey B		132	0.17 |
| Total Financials | 13,177 | 16.98 |

119,053 3i Group	1,096	1.41

###### HEALTH CARE 13.24% (10.08%)
Pharmaceuticals & Biotechnology 13.24% (10.08%)
Total value of investments	77,760	100.17
| 78,032  AstraZeneca | 5,745 | 7.40 | Net other (liabilities)/assets (0.64%) | (129) | (0.17) |
| --- | --- | --- | --- | --- | --- |
| 282,413 GlaxoSmithKline | 4,534 | 5.84 | Net assets | 77,631 | 100.00 |

Total Health Care	10,279	13.24
March 2019 comparatives in brackets.
Performance Summary for the twelve months ended 29 February 2020
| Funds | Sector | Index | Class 1 Net Return % | Class 2 Net Return % | Sector Median Net Return % | Index Total Return % |
| --- | --- | --- | --- | --- | --- | --- |
| UNITED KINGDOM |
| UK Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | –0.54 | +0.04 | –0.16 | –1.43 |
| UK Select Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | –1.85 | –1.29 | –0.16 | –1.43 |
| UK Smaller Companies Fund | IA UK Smaller Companies | Numis Smaller Companies Index ex Investment Companies | +15.24 | +15.95 | +8.29 | +0.81 |
| UK Growth & Income Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | +2.26 | +2.86 | –0.16 | –1.43 |
| UK Equity Income Fund | IA UK Equity Income | FTSE ALL-SHARE (TR) | +0.29 | +0.83 | –0.98 | –1.43 |
| UK Monthly Income Fund | IA UK Equity Income | FTSE ALL-SHARE (TR) | +0.34 | +0.92 | –0.98 | –1.43 |
| Monthly Extra Income Fund | IA UK Equity and Bond Income | 80% FTSE All Share, 20% ICE BofA Sterling Corp & collateralized (USD Unhedged) | +3.94 | – | +1.33 | +1.15 |
| Sterling Corporate Bond Fund | IA £ Corporate Bond | iBoxx GBP Non-Gilts | +9.46 | +9.81 | +10.39 | +10.17 |
| Strategic Bond Fund | IA £ Strategic Bond | iBoxx GBP Non-Gilts 1-10 Years (60%), ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained (Hedged to Sterling) (40%) | +6.23 | +6.88 | +8.04 | +6.09 |
| Sterling Bond Fund | IA UK Gilts | FTSE Actuaries UK Conventional Gilts All Stocks | +11.59 | – | +11.72 | +11.88 |
| UK Institutional Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | –2.54 | –1.74 | –0.16 | –1.43 |
| UK Equity Opportunities Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | – | –5.04 | –0.16 | –1.43 |
| EUROPE |
| European Fund | IA Europe Excluding UK | FTSE World Europe x UK – Total Return | +9.59 | +10.23 | +5.45 | +6.53 |
| European Select Fund | IA Europe Excluding UK | FTSE World Europe x UK – Total Return | +11.39 | +11.99 | +5.45 | +6.53 |
| European Smaller Companies Fund | Morningstar Category Europe ex-UK Small_Mid-Cap Eq | EMIX Smaller European Companies Ex UK | +5.37 | +6.01 | +4.43 | +6.17 |
| European Bond Fund | – | ICE BofA Pan-Europe Broad Market | +7.95 | – | – | +8.64 |
| US |
| American Fund | IA North America | S&P 500 | +9.97 | +10.61 | +9.38 | +12.67 |
| American Select Fund | IA North America | S&P 500 | +11.32 | +11.96 | +9.38 | +12.67 |
| American Smaller Companies Fund (US) | Morningstar Category US Mid-Cap Equity | Russell 2500 | +2.80 | +3.38 | +4.85 | +2.26 |
| Dollar Bond Fund | Morningstar Category USD Diversified Bond | ICE BofA US Treasury Master (50%), ICE BofA Eurodollar Global (50%) | +14.48 | – | +15.67 | +18.05 |
| JAPAN |
| Japan Fund | IA Japan | MSCI Japan | +7.37 | +7.96 | +1.94 | +5.65 |

Performance Summary for the twelve months ended 29 February 2020 (continued)
| Funds | Sector | Index | Class 1 Net Return % | Class 2 Net Return % | Sector Median Net Return % | Index Total Return % |
| --- | --- | --- | --- | --- | --- | --- |
| PACIFIC BASIN & EMERGING MARKETS, ASIA PACIFIC EXCLUDING JAPAN |
| Asia Fund | IA Asia Pacific Excluding Japan | MSCI AC Asia Pacific ex Japan – Gross Return | +8.34 | +8.96 | +2.80 | +4.54 |
| Latin America Fund | Morningstar Category Latin American Equity | MSCI EM Latin America 10-40 | –8.56 | –8.00 | –7.84 | –7.89 |
| Emerging Market Bond Fund | Morningstar Category Global Emerging Markets Bond | J.P. Morgan Emerging Market Bond Index Global (EMBI Global) | +11.60 | +12.18 | +11.85 | +14.44 |
| GLOBAL |
| High Yield Bond Fund | IA £ High Yield | ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained (Hedged to Sterling) | +4.97 | +5.52 | +5.51 | +5.92 |
| Global Select Fund | IA Global | MSCI AC World Index – Gross Return | +12.93 | +13.57 | +7.41 | +8.77 |
| Global Bond Fund | Morningstar Category Global Bond | J.P. Morgan Government Bond Index Global (GBI Global) | +12.99 | +13.63 | +10.94 | +13.24 |
| CASH |
| Sterling Short–Term Money Market Fund | – | LIBID_blend | +0.51 | – | – | +0.58 |

The Fund Sector is taken from the UK Unit Trusts/OEICs universe. Comparing the fund’s performance to this Fund Sector is only relevant for UK Investors.
Net returns (Source: Morningstar) are calculated using official noon prices, bid to bid basis with net income reinvested and are net of assumed fees and expenses but does not include any initial charges. All data shown in GBP.

Translation (ENDE, 2020-03-31):
# Threadneedle UK Equity Opportunities Fund (vormals Threadneedle UK Overseas Earnings Fund)
### Aufstellung der Wertpapieranlagen
zum 7. März 2020
% des Netto­
Wert vermögens­
% des Netto­
Wert vermögens­
Bestand  Anlage
£000
werts	Bestand  Anlage
£000
werts

###### ÖL UND GAS 4,35 % (5,53 %)
Öl- und Gasförderer 2,91 % (3,57 %)
138.194  Royal Dutch Shell ‘B’ Shares	2.257	2,91
Ölausrüstung, -dienstleistungen und -vertrieb 1,44 % (1,96 %)

###### VERBRAUCHERSERVICE 29,35 % (25,64 %)
Lebensmitteleinzelhandel und Drogerien 6,01 % (5,09 %)
879.256 Tesco	2.133	2,75
1.369.237  WM Morrison Supermarkets	2.528	3,26
| 341.018  John Wood Group | 1.120 | 1,44 |  | Allgemeiner Einzelhandel 1,98 % (2,52 %) |  |
| --- | --- | --- | --- | --- | --- |
| Öl und Gas, insgesamt | 3.377 | 4,35 | 1.004.202 | Marks & Spencer Group | 1.533 | 1,98 |


###### GRUNDSTOFFE 3,25 % (3,52 %)
Chemikalien 3,25 % (3,52 %)
67.507  Johnson Matthey	1.609	2,07
45.629  Victrex		913	1,18
| 2.522 | 3,25 |  | Reise und Freizeit 14,83 % (11,45 %) |  |
| --- | --- | --- | --- | --- |
|  |  | 87.644 | Compass Group | 1.359 | 1,75 |
|  |  | 120.492 | EasyJet | 1.161 | 1,50 |
| 83 %)	1.546.626  FirstGroup	1.571	2,02 |
|  |  | 120.739 | J D Wetherspoon | 1.554 | 2,00 |
| %) |  | 914.926 | Rank Group | 2.173 | 2,80 |

Grundstoffe, insgesamt

###### INDUSTRIEGÜTER 15,31 % (15,74 %)
Konstruktion und Baustoffe 0,00 % (1,
Luftfahrt und Verteidigung 0,94 % (3,27
125.632  Rolls-Royce Holdings	725	0,94
Allgemeine Industrie 2,21 % (1,84 %)
117.601 Smiths Group	1.716	2,21
Industrieanlagenbau 1,65 % (1,46 %)
460.829 Rotork	1.280	1,65
Industrie-Transporte 0,99 % (0,91 %)
473.150 Royal Mail	770	0,99
Unterstützungsdienstleistungen 9,52 % (6,43 %)
| 126.185 | Aggreko | 833 | 1,07 |
| --- | --- | --- | --- |
| 384.761 | Electrocomponents | 2.254 | 2,90 |
| 829.786 | Hays | 1.026 | 1,32 |
| 212.128 | Howden Joinery Group | 1.316 | 1,70 |
| 392.973 | Rentokil Initial | 1.966 | 2,53 |
|  | Industriegüter, insgesamt | 11.886 | 15,31 |

|  | Medien 6,53 % (6,58 %) |  |
| --- | --- | --- |
| 1.277.476 | ITV | 1.282 | 1,65 |
| 290.397 | Pearson | 1.595 | 2,05 |
| 120.297 | RELX (London Listing) | 2.200 | 2,83 |

1.722.915  Restaurant Group	1.418	1,83
| 189.510  SSP Group | 831 | 1,07 |
| --- | --- | --- |
| 765.194  Stagecoach Group | 865 | 1,11 |

17.103  Whitbread	582	0,75
Verbraucherdienstleistungen,
insgesamt	22.785	29,35

###### TELEKOMMUNIKATION 2,08 % (2,48 %)
Festnetzkommunikation 2,08 % (2,48 %)
| 1.245.749 BT Group | 1.617 | 2,08 |
| --- | --- | --- |
| Telekommunikation, insgesamt | 1.617 | 2,08 |


###### VERSORGER 1,41 % (1,98 %)
| KONSUMGÜTER 14,20 % (18,57 %) Getränke 0,00 % (4,76 %) | FINANZSEKTOR 16,98 % (15,82 %) Banken 3,58 % (4,31 %) 798.370  Royal Bank of Scotland Group | 1.233 | 1,59 |
| --- | --- | --- | --- |
| Lebensmittelproduzenten 2,44 % (2,02 %) | 293.898 | Standard Chartered | 1.545 | 1,99 |
| 266.079 Tate & Lyle	1.892 Haushaltsgüter und Hausbau 3,26 % (0,00 %) | 2,44 417.697 | Sachversicherungen 2,66 % (2,41 %) RSA Insurance Group | 2.065 | 2,66 |

Gas-, Wasser- und Multiversorger 1,41 % (1,98 %)
| 1.501.898 Centrica | 1.094 | 1,41 |
| --- | --- | --- |
| Versorger, insgesamt | 1.094 | 1,41 |

| 41.814 | Reckitt Benckiser Group | 2.531 | 3,26 |  | Lebensversicherungen 4,48 % (5,33 %) |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Konsumgüter 5,47 % (5,11 %) |  |  | 563.657 | Legal & General Group | 1.347 | 1,74 |
| 61.074 | Burberry Group | 968 | 1,25 | 179.446 | Prudential | 2.126 | 2,74 |

| 68.670 | Ted Baker | 158 | 0,20 |
| --- | --- | --- | --- |
| 70.534 | Unilever | 3.124 | 4,02 |

Finanzdienstleistungen 6,26 % (3,77 %)
|  | 119.053 | 3i Group | 1.096 | 1,41 |
| --- | --- | --- | --- | --- |
|  | Tabak 3,03 % (6,68 %) |  |  | 476.110 | M&G Prudential | 906 | 1,17 |
| 142.807 | Imperial Brands Konsumgüter, insgesamt | 2.350 11.023 | 3,03 14,20 | 895.998 2.236.190 | Melrose Industries Sherborne Investors Guernsey | 1.654 1.073 | 2,13 1,38 |

| 1.549.692 | Sherborne Investors Guernsey B | 132 | 0,17 |
| --- | --- | --- | --- |
| SEN 13,24 % (10,08 %)	 Finanzsektor, insgesamt	13.177	16,98 |
| Arzneimittel und Biotechnologie 13,24 % (10,08 %)	Wert der Anlagen insgesamt	77.760	100,17 |


###### GESUNDHEITSWE
| 78.032  AstraZeneca | 5.745 | 7,40 |  |
| --- | --- | --- | --- |
| 282.413 GlaxoSmithKline | 4.534 | 5,84 | Sonstige (Nettoverbindlichkeiten)/Vermögen (0,64 %) | (129) | (0,17) |
| Gesundheitswesen, insgesamt | 10.279 | 13,24 | Nettovermögen | 77.631 | 100,00 |
|  |  |  | Vergleichsdaten März 2019 in Klammern. |  |  |

Überblick zur Wertentwicklung für den zwölfmonatigen Zeitraum bis zum 29. Februar 2020
| Fonds | Sektor | Index | Klasse 1 Nettoertrag % | Klasse 2 Nettoertrag % | Sektormedian Nettoertrag % | Gesamtertrag des Index % |
| --- | --- | --- | --- | --- | --- | --- |
| VEREINIGTES KÖNIGREICH |
| UK Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | -0,54 | +0,04 | -0,16 | -1,43 |
| UK Select Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | -1,85 | -1,29 | -0,16 | -1,43 |
| UK Smaller Companies Fund | IA UK Smaller Companies | Numis Smaller Companies Index ex Investment Companies | +15,24 | +15,95 | +8,29 | +0,81 |
| UK Growth & Income Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | +2,26 | +2,86 | -0,16 | -1,43 |
| UK Equity Income Fund | IA UK Equity Income | FTSE ALL-SHARE (TR) | +0,29 | +0,83 | -0,98 | -1,43 |
| UK Monthly Income Fund | IA UK Equity Income | FTSE ALL-SHARE (TR) | +0,34 | +0,92 | -0,98 | -1,43 |
| Monthly Extra Income Fund | IA UK Equity and Bond Income | 80 % FTSE All Share, 20 % ICE BofA Sterling Corp & collateralized (USD Unhedged) | +3,94 | – | +1,33 | +1,15 |
| Sterling Corporate Bond Fund | IA £ Corporate Bond | iBoxx GBP Non-Gilts | +9,46 | +9,81 | +10,39 | +10,17 |
| Strategic Bond Fund | IA £ Strategic Bond | iBoxx GBP Non-Gilts 1-10 Years (60 %), ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained (Hedged to Sterling) (40 %) | +6,23 | +6,88 | +8,04 | +6,09 |
| Sterling Bond Fund | IA UK Gilts | FTSE Actuaries UK Conventional Gilts All Stocks | +11,59 | – | +11,72 | +11,88 |
| UK Institutional Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | -2,54 | -1,74 | -0,16 | -1,43 |
| UK Equity Opportunities Fund | IA UK All Companies | FTSE ALL-SHARE (TR) | – | -5,04 | -0,16 | -1,43 |
| EUROPA |
| European Fund | IA Europe Excluding UK | FTSE World Europe x UK – Total Return | +9,59 | +10,23 | +5,45 | +6,53 |
| European Select Fund | IA Europe Excluding UK | FTSE World Europe x UK – Total Return | +11,39 | +11,99 | +5,45 | +6,53 |
| European Smaller Companies Fund | Morningstar Category Europe ex-UK Small_Mid-Cap Eq | EMIX Smaller European Companies Ex UK | +5,37 | +6,01 | +4,43 | +6,17 |
| European Bond Fund | – | ICE BofA Pan-Europe Broad Market | +7,95 | – | – | +8,64 |
| USA |
| American Fund | IA North America | S&P 500 | +9,97 | +10,61 | +9,38 | +12,67 |
| American Select Fund | IA North America | S&P 500 | +11,32 | +11,96 | +9,38 | +12,67 |
| American Smaller Companies Fund (US) | Morningstar Category US Mid-Cap Equity | Russell 2500 | +2,80 | +3,38 | +4,85 | +2,26 |
| Dollar Bond Fund | Morningstar Category USD Diversified Bond | ICE BofA US Treasury Master (50%), ICE BofA Eurodollar Global (50%) | +14,48 | – | +15,67 | +18,05 |
| JAPAN |
| Japan Fund | IA Japan | MSCI Japan | +7,37 | +7,96 | +1,94 | +5,65 |

Überblick zur Wertentwicklung für den zwölfmonatigen Zeitraum bis zum 29. Februar 2020 (Fortsetzung)
| Fonds | Sektor | Index | Klasse 1 Nettoertrag % | Klasse 2 Nettoertrag % | Sektormedian Nettoertrag % | Gesamtertrag des Index % |
| --- | --- | --- | --- | --- | --- | --- |
| PAZIFIKRAUM UND SCHWELLENMÄRKTE, ASIEN-PAZIFIK OHNE JAPAN |
| Asia Fund | IA Asia Pacific Excluding Japan | MSCI AC Asia Pacific ex Japan – Gross Return | +8,34 | +8,96 | +2,80 | +4,54 |
| Latin America Fund | Morningstar Category Latin American Equity | MSCI EM Latin America 10-40 | -8,56 | -8,00 | -7,84 | -7,89 |
| Emerging Market Bond Fund | Morningstar Category Global Emerging Markets Bond | J.P. Morgan Emerging Market Bond Index Global (EMBI Global) | +11,60 | +12,18 | +11,85 | +14,44 |
| GLOBAL |
| High Yield Bond Fund | IA £ High Yield | ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained (Hedged to Sterling) | +4,97 | +5,52 | +5,51 | +5,92 |
| Global Select Fund | IA Global | MSCI AC World Index – Gross Return | +12,93 | +13,57 | +7,41 | +8,77 |
| Global Bond Fund | Morningstar Category Global Bond | J.P. Morgan Government Bond Index Global (GBI Global) | +12,99 | +13,63 | +10,94 | +13,24 |
| BARMITTEL |
| Sterling Short-Term Money Market Fund | – | LIBID_blend | +0,51 | – | – | +0,58 |

Der Fondssektor bezieht sich auf das Anlageuniversum UK Unit Trusts/OEICs. Der Vergleich der Wertentwicklung des Fonds mit diesem Fondssektor ist nur für britische Anleger von Relevanz.
Die Berechnung der Nettorenditen (Quelle: Morningstar) erfolgt anhand der um 12 Uhr mittags ermittelten offiziellen Kurse, auf Basis des Angebotspreises bei Wiederanlage der Nettoerträge nach Abzug veranschlagter Gebühren und Aufwendungen, jedoch ohne Ausgabeaufschlag. Alle Angaben in GBP.