UK Public Private Trust - Private Investor

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An introduction...

Schroders employs a collaborative team-based approach, combining its skill, experience and significant research resources across both public listed equity, and private equity.

Schroders’ Private Equity investment team, Schroder Adveq, has over 20 years’ experience successfully investing in early stage companies both direct via co-investment and through funds. Schroder Adveq has over $10 billion of assets under management across several specialist strategies. This includes investments in funds and companies and over 100 direct co-investments across Europe, US and Asia.

Schroders will leverage its stock selection expertise from across their public equities teams, as well as its wider investment capabilities in Data Insights and Sustainability. The aim will be to exploit the very best of Schroders’ long-term fundamental equity analysis in pursuit of identifying leading businesses of the decades ahead.

Meet the managers

Tim Creed

Portfolio Manager, Head of European Private Equity

Tim Creed is the Head of Investments Europe. Tim is a member of Schroder Adveq's Management Committee and a member of the Investment Committee. He is also on the advisory boards of several leading European buyout and turnaround fund managers.

Prior to joining Schroder Adveq in 2004, Tim worked as a Project Manager at Aon in London, UK, having previously spent five years at Accenture in Strategy Consulting and Operations Consulting, where he worked mostly with financial services companies across Europe. Tim started his career as a Research Chemist at Astra Zeneca, also in the UK. From 2002 to 2007, Tim held a part time position as an Executive Public member of Network Rail in the UK.

Tim holds a Bachelor's degree in Chemistry from the University of Edinburgh, where he graduated with first class honors and an MBA from Oxford University, UK, where he was the Clifford H. Barclay Scholar.

In December 2019, Tim was selected as one of “50 Most Influential People in European Private Equity” by Financial News / Private Equity News.

Ben Wicks

Portfolio Manager, Head of Data Insights and Research Innovation

Ben is head of Data Insights and Research Innovation for the Schroders group, based in London. His responsibilities include directing and overseeing the development of a cutting edge data science resource to supplement and enhance Schroders fundamental research processes and fund manager tools

Prior to this, Ben was a fund manager for Schroders’ Global Climate Change strategy and a Global Sector Specialist with the Global & International Equity team with responsibility for energy. Ben initially joined Schroders as a graduate analyst with Schroders’ Pan European research team. He later became a global basic materials specialist and worked as a an EAFE portfolio manager. Ben left Schroders in 2005 to work for the UK Civil Service before returning in 2013. Ben holds an MA (Hons) from Oxford University in History and Modern Languages (French)

How is the Trust run?

Schroder UK Public Private Trust plc (“the Company”) has appointed Link Fund Solutions Limited (“AIFM”) as alternative investment fund manager under AIFMD to provide portfolio and risk management services on a discretionary basis.

The AIFM has delegated discretionary investment management services to Schroder Investment Management Limited (“Portfolio Manager”).

Management of certain investments has been delegated by the Portfolio Manager to Schroder Adveq Management AG, which is a group subsidiary and is licensed to manage alternative investments.

The information contained in this website is based on material provided to the Portfolio Manager by the Company and the AIFM.

Investment objective

The Company's investment objective is to achieve long-term capital growth through investing in a diversified portfolio with a focus on UK companies, both quoted and unquoted. As these companies evolve, the geographical profile of the portfolio may also change to become more global in nature for reasons such as an overseas listing or as the result of changes to the capital value of a non-UK company.

The Company will aim to deliver a return in excess of 10 per cent per annum over the longer term.

There is no guarantee the Trust will meet its objective.

Investment Policy

Asset allocation and risk diversification

The Company invests in a diversified portfolio with a focus on UK companies (either incorporated in the UK or traded on a UK exchange), both quoted and unquoted. As these companies evolve, the geographical profile of the portfolio may also change to become more global in nature for reasons such as an overseas listing or as the result of changes to the capital value of a non-UK company.

The Company invests in:

early-stage companies, which are likely to include both quoted and unquoted companies; and
mid and large-capitalisation quoted, mature companies.

The actual portfolio composition at any one time will reflect the opportunities available to the Portfolio Manager, the performance of the underlying investee companies and the maturity of the portfolio.

The Company’s portfolio will typically consist of 40-80 holdings. The Company may become a significant shareholder in any of the underlying portfolio companies.

The Company’s portfolio is constructed on the basis of an assessment of the fundamental value of individual securities and will not be structured on the basis of sector weightings. The Company’s portfolio is diversified across a number of sectors and, while there are no specific limits placed on exposure to any one sector, the Company will at all times invest and manage the portfolio in a manner consistent with spreading investment risk.

Investment restrictions

The Company is subject to the following investment restrictions:

investment in unquoted companies will be limited to 80 per cent of assets at the time of investment;
the Company’s portfolio shall be invested in a minimum of 40 holdings;
the Company shall not invest more than 10 per cent of its net asset value at the time of initial investment in an investee company save that the Portfolio Manager may make further investments into an investee company subject to an aggregate investment limit in any investee company of 20 per cent of net asset value at the time of investment;
the Company may invest in other investment funds, including listed closed-ended investment funds, to gain investment exposure, but such investment will be unleveraged and (other than in relation to investment in money market funds for the purposes of cash management) limited, in aggregate, to 10 per cent of net asset value at the time of investment; and
with respect to cash deposits, the Company shall not have exposure of more than 10 per cent of net asset value, at the time of investment, to any one issuer.

Borrowing

The Company may employ gearing of up to 20 per cent of net asset value, calculated at the time of borrowing, for the purpose of capital flexibility, including for investment purposes.

The Board will oversee the level of gearing in the Company, and will review the position with the Portfolio Manager on a regular basis.

Hedging

The Company may use derivatives for the purposes of hedging any currency risk to which the Company may be subject but will not use derivatives for investment purposes.

Cash management

While it is intended that the Company will be fully invested in normal market conditions, the Company may hold cash on deposit or invest on a temporary basis in a range of debt securities and cash equivalent instruments. There is no restriction on the amount of cash or cash equivalent instruments that the Company may hold and there may be times when it is appropriate for the Company to have a significant cash position instead of being fully or near fully invested.

May be suitable for investors who:

Investors in the UK seeking long-term capital growth from investment in a portfolio of companies which may be quoted or unquoted.
An investment in the Investment Trust is only suitable for persons capable of evaluating the risks and merits of such an investment and who have sufficient resources to bear any loss which may result from the investment.
Prior to making an investment in the Company, investors should take steps to ensure that they fully understand the investment risks associated with the Company and have made an independent assessment of the appropriateness of an investment in the Company in light of their own objectives and circumstances.

What are the risks?

Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses
As it can take years for young businesses to fulfil their potential, this investment requires patience
The price of shares in the trust is determined by market supply and demand, and this may be different to the net asset value of the trust. This means the price may be volatile in response to changes in demand
The trust may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the value of the trust, individual investments, and any income paid to decrease or increase
The trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy
The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.

Getting started

Investment trusts offer a flexible and effective way to gain exposure to some of the world's most dynamic markets and regions, and can be used to meet a variety of investment outcomes. For more information on how Schroder UK Public Private Trust shares can be bought and sold, visit our How to invest page.

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Schroders is a world-class asset manager operating from 32 locations across Europe, the Americas, Asia, the Middle East and Africa.

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For any further questions, please contact us.

Please remember that the value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Marketing material.

Issued by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England.

Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority.

Please note: for the Schroder UK Public Private Trust plc, the important information is below:

Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registration No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.

Schroder UK Public Private Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

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Schroder UK Public Private Trust plc

Tim Creed and Ben Wicks

Portfolio managers, Schroder UK Public Private Trust Plc