Barclays Multi-Manager Fund PLC

673 Pages·2016·6.51 MB·English

Wealth and Investment
Management
Barclays
Multi-Manager Fund PLC
Annual Report & Audited Financial Statements
for the year ended 31 May 2016
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Contents Page
Organisation 1
Background to the Company 8
Investment Manager's Report 33
Custodian's Report to the Shareholders 54
Depositary's Report to the Shareholders 55
Directors' Report 56
Independent Auditors' Report to the Shareholders of Barclays Multi-Manager Fund PLC 64
Aggregated Statement of Comprehensive Income 67
Aggregated Statement of Financial Position 68
Aggregated Statement of Changes in Net Assets Attributable
to Holders of Redeemable Participating Shares 69
Aggregated Statement of Cash Flows 70
Statement of Comprehensive Income per Fund 71
Statement of Financial Position per Fund 77
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares per Fund 83
Statement of Cash Flows per Fund 89
Notes to the Financial Statements 95
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Contents (Continued) Page
Schedule of Investments as at 31 May 2016:
GlobalAccess UK Alpha Fund 337
GlobalAccess UK Opportunities Fund 349
GlobalAccess Global Government Bond Fund 357
GlobalAccess Pacific Rim (ex-Japan) Fund 374
GlobalAccess Emerging Market Equity Fund 390
GlobalAccess Global High Yield Bond Fund 423
GlobalAccess Global Corporate Bond Fund 459
GlobalAccess Global Inflation Linked Bond Fund 480
GlobalAccess Emerging Market Debt Fund 492
GlobalAccess Global Property Securities Fund 519
GlobalAccess Global Short Duration Bond Fund 527
GlobalAccess US Small & Mid Cap Equity Fund 542
GlobalAccess US Value Fund 562
GlobalAccess Global Equity Income Fund 574
GlobalAccess Emerging Market Local Currency Debt Fund 600
GlobalAccess Europe (ex-UK) Alpha Fund 609
GlobalAccess Japan Fund 626
Schedule of Portfolio Changes for the year ended 31 May 2016 (Unaudited):
GlobalAccess UK Alpha Fund 634
GlobalAccess UK Opportunities Fund 636
GlobalAccess Global Government Bond Fund 638
GlobalAccess Pacific Rim (ex-Japan) Fund 640
GlobalAccess Emerging Market Equity Fund 642
GlobalAccess Global High Yield Bond Fund 644
GlobalAccess Global Corporate Bond Fund 646
GlobalAccess Global Inflation Linked Bond Fund 648
GlobalAccess Emerging Market Debt Fund 650
GlobalAccess Global Property Securities Fund 652
GlobalAccess Global Short Duration Bond Fund 654
GlobalAccess US Small & Mid Cap Equity Fund 656
GlobalAccess US Value Fund 658
GlobalAccess Global Equity Income Fund 660
GlobalAccess Emerging Market Local Currency Debt Fund 662
GlobalAccess Europe (ex-UK) Alpha Fund 664
GlobalAccess Japan Fund 666
Appendix 1
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation
Directors of the Company Investment Manager & Promoter Registered Office
Seán Blake (Irish)* Barclays Bank PLC 6th Floor
David Kingston (Irish)* Acting through its Wealth and 2 Grand Canal Square
Hugh Paul Shovlin (Irish)* Investment Management Division Dublin 2
James de Salis (UK)** 1 Churchill Place Ireland
Kishor Mandalia (UK)*** Canary Wharf
London E14 5HP
United Kingdom
*Independent Directors
**Effective 1 August 2015,
James de Salis ceased to be an
employee of Barclays Bank PLC
but remained on the Board of
the Company until his resignation
on 25 May 2016.
*** Appointed on 26 May 2016.
Custodian/Depositary Administrator, Registrar Independent Auditors
Northern Trust Fiduciary and Transfer Agent PricewaterhouseCoopers
Services (Ireland) Limited Northern Trust International Fund One Spencer Dock
Georges Court Administration Services (Ireland) North Wall Quay
54-62 Townsend Street Limited Dublin 1
Dublin 2 Georges Court Ireland
Ireland 54-62 Townsend Street
Dublin 2
Ireland
Secretary Sponsoring Broker Irish Legal Advisor
Wilton Secretarial Limited Arthur Cox Listing Services Limited William Fry Solicitors
6th Floor Earlsfort Centre 6th Floor
2 Grand Canal Square Earlsfort Terrace 2 Grand Canal Square
Dublin 2 Dublin 2 Dublin 2
Ireland Ireland Ireland
Registered No: 390324
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Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Distributors
Barclays Bank PLC Barclays Bank PLC Barclays Bank, S.A.U.
1 Churchill Place (Portuguese Branch) Plaza de Colón No.1
Canary Wharf Avenida da Republica E-28046 Madrid
London E14 5HP No 50, 2nd Floor-1050-196 Spain
United Kingdom Lisbon
Portugal
Barclays Private Clients Barclays Private Clients
International Limited International Limited
Jersey Branch Guernsey Branch
13 Library Place Le Marchant House
St Helier St Peter Port
Jersey Guernsey
JE4 8NE GY1 3BE
Channel Islands Channel Islands
Sub-Investment Managers
AllianceBernstein Argonaut Capital Arrowstreet Capital, L.P.
Devonshire House 4th Floor 200 Clarendon Street
One Mayfair Place 115 George Street The John Hancock Centre
London W1J 8AJ Edinburgh 30th Floor
United Kingdom EH2 4JN Boston 02116-5021
United Kingdom USA
Artemis Fund Managers Limited Artisan Partners Barrow, Hanley,
42 Melville Street 875 E. Wisconsin Ave Mewhinney & Strauss
Edinburgh Suite 800 JP Morgan Chase Tower
EH3 7HA Milwaukee 53202-5404 2200 Ross Avenue, 31st Floor
United Kingdom USA Dallas
TX 75201
USA
Baillie Gifford & Co. BlackRock Inc. BNY Mellon ARX Investimentos
Calton Square 55 East 52nd Street Avenue Borges de Medeiros
1 Greenside Row New York 633 4o andar
Edinburgh NY 10055 Offices Shopping Leblon
EH1 3AN USA Rio de Janeiro
United Kingdom CEP 22430-041
Brazil
Brandywine Global Investment Ceredex Value Advisors LLC Colchester Global Investors
Management LLC 333 Piedmont Road NE 20 Savile Row
2929 Arch Street Suite 1500 London W1S 3PR
8th Floor Atlanta United Kingdom
Philadelphia GA 30305
PA 19104 USA
USA
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Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Sub-Investment Managers (Continued)
Cramer Rosenthal McGlynn LLC Fidelity Worldwide Investment Hermes Investment
520 Madison Avenue FIL Pensions Management Management Limited
32nd Floor Oakhill House Lloyds Chambers
New York 130 Tonbridge Road 1 Portsoken Street
NY 10022 Hildenborough London E1 8HZ
USA Kent TN11 9DZ United Kingdom
United Kingdom
Heronbridge Investment Jackson Square Partners, LLC J O Hambro Capital
Management LLP 101 California Street Management Limited
1 Queen Street Suite 3750 Ground Floor
Bath BA1 1HE San Francisco 14 Ryder Street
United Kingdom CA 94111 London SW1Y 6QB
USA United Kingdom
JPMorgan Asset Management Jupiter Asset Management Kennedy Capital Management
Finsbury Dials Limited 10829 Olive Boulevard
20 Finsbury Street 1 Grosvenor Place Suite 100
London EC2Y 9AQ London SW1X 7JJ Saint Louis
United Kingdom United Kingdom Missouri 63141
USA
Kleinwort Benson Investors Lazard Asset Management Lindsell Train Limited
3rd Floor Limited 2 Queen Anne's Gate Buildings
2 Harbourmaster Place 50 Stratton Street Dartmouth Street
IFSC London W1J 8LL London SW1H 9BP
Dublin 1 United Kingdom United Kingdom
Ireland
London Company of Virginia LLC Majedie Asset Management Nomura Corporate Research and
1800 Bayberry Court 10 Old Bailey Asset Management, Inc.
Suit 301 London EC4M 7NG 2 World Financial Center
Richmond United Kingdom Building B
VA 23226 New York
USA NY 10281-1198
USA
Oaktree Capital Management L.P. Old Mutual Global Investors PIMCO Europe Ltd
333 South Grand Avenue 2 Lambeth Hill 103 Wigmore Street
28th Floor London EC4P 4WR London W1U 1QS
Los Angeles United Kingdom United Kingdom
CA 90071
USA
3
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Sub-Investment Managers (Continued)
Pioneer Investment Principal Global Investors Pzena Investment
Management S.G.R.p.A. (Europe) Limited Management, LLC
Piazza Gae Aulenti Level 1 120 West 45th Street
1 - Tower B 1 Wood Street 20th Floor
20154 London EC2V 7JB New York
Milan United Kingdom NY 10036
Italy USA
Sarasin & Partners LLP Schroders Investment Somerset Capital
Juxton House Management (Japan) Ltd Management LLP
100 St. Paul's Churchyard 31 Gresham Street 28 Ely Place
London EC4M 8BU London WC2V 7QA London EC1N 6TD
United Kingdom United Kingdom United Kingdom
Stone Harbor Investment T.Rowe Price Wellington Management
Partners (UK) LLP 100 East Pratt Street Company LLP
48 Dover Street Baltimore 75 State Street
5th Floor Maryland 21202 Boston
London W1S 4FF USA MA02109
United Kingdom USA
Sales Agents
Allfunds Bank Allfunds Bank AXA Isle Of Man Limited
C/Estafeta, 6 La Moraleja 2-8 Avenue Charles De Gaulle Royalty House
Complejo Plaza De La Fuente L-1653 Walpole Avenue
Edificio 3 Luxembourg IM1 2SL
28109 Alcobendas Madrid Douglas
Spain Isle of Man
Bankinter S.A. Barclays Wealth Nominees Barclaytrust Channel Islands
(Portugal Branch) Limited Limited
AV Colegio Militar - Torre Oriente 1 Churchill Place 39/41 Broad Street
37F 13 Floor Canary Wharf St. Helier
1500-180 Lisbon London E14 5HP Jersey
Portugal United Kingdom JE4 8PU
Channel Islands
BNP Paribas Securities Services CA Indosuez Wealth Management Caceis Bank France
60 Avenue J.F Kennedy Quai Du General Guisan 4 1-3 Place Valhubert
L-1855 CH-1204 Geneva 75013 Paris
Luxembourg Switzerland France
4
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Sales Agents (Continued)
Clearstream Banking S.A. Cofunds Nominees Limited Fil Nominee (Shareholdings)
42 Avenue J.F Kennedy 1 Coleman Street Limited
L-1855 London EC2R 5AA Oakhill House
Luxembourg United Kingdom 130 Tonbridge Road
Hildenborough
Kent TN11 9DZ
United Kingdom
Fundsettle EOC Nominees Limited The Northern Trust Nortrust Nominees Limited
33 Cannon Street Company (AVFC) 50 Bank Street
London EC4M 5SB c/o Nortrust Nominees Limited Canary Wharf
United Kingdom 50 Bank Street London E14 5NT
Canary Wharf United Kingdom
London E14 5NT
United Kingdom
Pictet & Cie R C Greig Nominees Limited RBC Investor Services Bank S.A.
Route des Acacias 60 c/o Gerrard Nominees Limited 14 Porte de France
CH-1211 Genève 73 155 St. Vincent Street L-4360, Esch-sur-Alzette
Switzerland Glasgow Luxembourg
G2 5NN
United Kingdom
SMBC Nikko Securities Inc. St Ann's Square Nominees Limited Transact Nominees Limited
3-1 Marunouchi 3-Chome Henry Pilling House 29 Clements Lane
Chiyoda Ku Booth Street London EC4N 7AE
100-8325 Manchester M2 4AF United Kingdom
Tokyo United Kingdom
Japan
Vestra Nominees Limited Zeban Nominees Limited
14 Cornhill 1 Churchill Place
London EC3V 3NR Canary Wharf
United Kingdom London E14 5HP
United Kingdom
Counterparty
At the year end, one or more of the 17 Funds entered into Futures contracts and Forward currency contracts
with the following counterparties:
ANZ Banking Corporation Bank of America Merrill Lynch Bank of New York Mellon
43,55 Collins Street 5 Canada Square Corporation
Melbourne London E14 5AQ BNY Mellon Centre
VIC 3001 United Kingdom 160 Queen Victoria Street
Australia London EC4V 4LA
United Kingdom
5
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Counterparty (Continued)
Barclays Bank PLC Barclays Capital BNP Paribas PLC
1 Churchill Place 5 The North Colonnade 60 London Wall
London E14 5HP Canary Wharf London EC2M 5TQ
United Kingdom London E14 4BB United Kingdom
United Kingdom
Citibank International plc Credit Agricole CIB Credit Suisse International
Citigroup Centre London Branch 1 Cabot Square
33 Canada Square Broadwalk House Canary Wharf
Canary Wharf 5 Appold Street London E14 4QJ
London E14 5LB London EC2A 2DA United Kingdom
United Kingdom United Kingdom
Deutsche Bank AG Goldman Sachs International HSBC Bank plc
1 Great Winchester Street Peterborough Court 8 Canada Square
London EC2N 2DB 133 Fleet Street London E14 5HQ
United Kingdom London EC4A 2BB United Kingdom
United Kingdom
JP Morgan Chase Bank Morgan Stanley & Co. National Australia Bank
25 Bank Street International plc Level 1
Canary Wharf 25 Cabot Square 800 Bourke Street
London E14 5JP Canary Wharf Docklands Melbourne
United Kingdom London E14 4QA VIC 3008
United Kingdom Australia
The Northern Trust Company, The Northern Trust Company, The Northern Trust Company,
Chicago Branch London Branch Singapore Branch
50 South Lasalle Street 50 Bank Street 1 George Street
Chicago Canary Wharf Singapore 049145
Illinois 60675 London E14 5NT Singapore
USA United Kingdom
Royal Bank of Canada Royal Bank of Scotland Societe Generale
Riverbank House 36 St Andrew Square S G House
2 Swan Lane Edinburgh 41 Tower Hill
London EC4R 3BF EH2 2YB London EC3N 4SG
United Kingdom United Kingdom United Kingdom
Standard Chartered Bank State Street Bank Toronto Dominion Bank
1 Basinghall Avenue 20 Churchill Place 1555 Ave Van Horne
London EC2V 5DD Canary Wharf Outremont, QC
United Kingdom London E14 5HJ H2V 1L6
United Kingdom Canada
6
Barclays Multi-Manager Fund PLC Annual Report and Audited
Financial Statements 2016
Organisation (Continued)
Counterparty (Continued)
UBS Westpac
1 Finsbury Avenue 275 Kent Street
London EC2M 2PP Sydney NSW 2000
United Kingdom Australia
7