Premier Defensive Growth Fund. Fund update - third quarter 2013

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1 Premier Defensive Growth Fund Fund update - third quarter 2013

2 The Premier Defensive Growth Fund Need to know The Fund s essential characteristics: Looks to generate a positive return on a rolling 12 month basis. Emphasis on low volatility and absolute return. The Fund utilises a multi-asset investment type approach. Will focus on investments with a Fixed life and a Fixed entitlement (we call the Two Fs ). The Two Fs enable easier identification of the major risks and accurate risk modelling. Contents 3. Performance summary 4. The detail 5. Performance drivers 6. Activity - asset allocation 7. Activity - sample holdings 8. The complete portfolio 9. The complete portfolio continued 10. Glossary of terms 11. Important information Please refer to our Glossary of terms on page 10 for an explanation of terminology. 2

3 Performance summary Over a rolling 12 month period, the Fund continues to generate a stable return, despite volatile market conditions, using a multi-asset approach. As the chart to the right shows, the Fund is able to achieve significant returns while placing an emphasis on low levels of volatility. This forms a welcome alternative to some of the largest absolute return funds and bond funds. The defensive nature of the Fund means that it is not expected to participate in large market falls nor large market rallies. The Fund s reduced sensitivity to market conditions is key for it to produce stable capital returns. Our experience, research and analysis of the underlying investments help us to model and control risk and regulate the downside risk to the Fund. Performance since launch to Total return (%) Premier Defensive Growth Fund FTSE 100 LIBOR GBP 3m Returns versus volatility since launch to Total return (%) Premier Defensive Growth Fund IMA Sterling Corporate Bond FTSE Volatility (annualised) 3 Line graph source: FE Analytics, bid to bid, total return, UK sterling basis. Scatter graph source: FE Analytics, total return, annualised ratios, UK sterling basis. Fund launched on Past performance is not an indication of future returns.

4 The detail Sector exposures The two Fs exposure Asian Equities 2.3% Commercial Property 2.8% Absolute Returns 3.8% Other 4.4% Residential Property 1.5% UK Equities 27.8% Not Fixed 16.8% FF+ 13.6% Hedge Funds 6.3% F 0.2% FF 69.4% UK Smaller Companies 7.0% Cash & Fixed Income 7.5% Private Equity 13.2% Investment Companies 10.7% Global Utilities 12.7% 4 FF = Fixed life & Fixed entitlement, F = Fixed life or Fixed entitlement, + = further potential Data as at Please note that the Fund breakdown may exceed 100% due to rounding.

5 Performance drivers Relative to peer group: Helped Protection against market turbulence Diverse asset classes with a focus on defined capital growth returns and downside protection Notable contributors Juridica Investments and Burford Capital Herald Investment Trust Societe Generale Utilities Capital Solution Hurt Small weightings to commodities (Mining, Timber) exposure Weakness in hedge fund thematic trading strategies 5

6 Activity - asset allocation As at As at Change Zeros 36.6% 38.2% +1.6% Synthetic Zeros 29.3% 21.2% -8.1% Investment Companies 12.8% 18.0% +5.2% Convertible Bonds 5.6% 6.4% +0.8% We continue to maintain our highest weighting in zeros, particularly the more senior zeros, for exposure to more specialist sectors. Synthetic zeros remain the second largest weighting in the Fund providing defensive qualities with strong credit metrics. We continue to see value in capital solutions and investment companies. Defensive Autocalls 5.5% 6.1% +0.6% Fixed Income 2.5% 3.1% +0.6% Capital Solutions 1.0% 1.0% 0.0% Derivatives 0.2% 0.2% 0.0% Cash 6.5% 5.9% -0.6% 6 Please note that the data above has been rounded.

7 Activity - sample holdings New holdings RBC 5Y FTSE % Autocall 2018 HSBC FTSE 100 Capital Protected 2019 Zweig Fund Tri Continental Topping up Herald Investment Trust Miton Worldwide Growth Trust JP Morgan 6Y FTSE/SP % Autocall Reducing Invesco Income Growth Trust Matured products RBC 5Y FTSE % Autocall Morgan Stanley Synthetic Zero 2013 Symphony FTSE Synthetic Zero

8 The complete portfolio Zero Dividend Preference Shares Utilico Finance Limited 2014 (4.8%) JZ Capital Partners 2016 (3.8%) Jupiter Second Split Trust 2014 (3.8%) Ecofin Water and Power 2016 (3.7%) F&C Private Equity 2014 (3.6%) Acorn Income Fund 2017 (3.6%) Electra Private Equity 2016 (3.4%) JP Morgan Private Equity Limited 2015 (2.0%) Aberforth Geared Income Trust 2017 (1.8%) Premier Energy & Water Trust 2015 (1.6%) Smaller Companies Dividend Trust 2018 (1.4%) Picton 2016 (1.4%) Inland Homes 2019 (1.4%) JP Morgan Income & Capital 2018 (1.1%) M&G High Income Trust 2017 (0.7%) Utilico Finance Limited 2016 (0.2%) Zeros 38.2% Synthetic Zeros 21.2% Synthetic Zeros UBS FTSE Synthetic 2016 (2.9%) Credit Suisse FTSE Synthetic 2016 (2.7%) RBS FTSE Synthetic 2014 (2.3%) HSBC FTSE Synthetic 2014 (2.2%) Morgan Stanley FTSE Synthetic (Accrual) 2015 (1.9%) HSBC FTSE Synthetic 2017 (1.6%) Barclays FTSE Synthetic 2013 (1.5%) Rabobank FTSE Synthetic 2017 (1.3%) SocGen FTSE Synthetic 2013 (1.2%) Morgan Stanley FTSE Synthetic 2014 (1.2%) UBS S&P500 Accrual Synthetic Zero 2014 (0.7%) UBS FTSE/SP500 Synthetic 2016 (0.6%) Nomura FTSE Synthetic 2014 (0.5%) Nomura FTSE Synthetic 2014 (0.3%) ELDeRS 13C Rollover - Japan Capital Protected II Shares 2016 (0.2%) Morgan Stanley Synthetic 2013 Accrual (0.1%) Goldman Sachs FTSE Synthetic 2015 (0.04%) Barclays FTSE Synthetic 2015 (0.02%) 8 = New holding. Data as at

9 The complete portfolio continued Investment Companies Brevan Howard Global GBP Ord (3.0%) The Cayenne Trust Ord (1.8%) Miton Worldwide Growth (1.6%) Alliance Trust PLC (1.4%) Brevan Howard Credit Catalyst (1.0%) Tri Continental (0.9%) Herald Investment Trust (0.8%) Dexion Trading Limited (0.7%) BlueCrest AllBlue Fund (0.7%) Acencia Debt Strategies (0.6%) Brunner Investment Trust (0.6%) British Empire Trust (0.6%) Jupiter Primadona Growth Trust (0.6%) Zweig Fund (0.5%) Juridica Investment Ord (0.5%) Burford Capital Ltd (0.5%) Dexion Absolute Limited Ord GBP (0.5%) World Trust Fund (0.4%) Brevan Howard Macro GBP Ord (0.4%) Phaunos Timber Fund (0.3%) DCG IRIS Limited (0.2%) BlackRock World Mining Ltd (0.2%) Blue Capital Reinsurance Fund (0.1%) CATCo Reinsurance Opportunities Ltd (0.1%) Dexion Absolute Limited Ord GBP (0.1%) Goldman Sachs Dynamic Ords GBP (0.1%) Taliesin Property Fund (0.03%) Capital Solutions 1.0% Fixed Income 3.1% Defensive Autocalls 6.1% Convertible Bonds 6.4% Investment Companies 18.0% Derivatives 0.2% Cash 5.9% Defensive Autocalls JP Morgan 6Y FTSE/SP % Autocall 2019 (1.4%) JP Morgan 6Y FTSE/SP500/Euro50 10% Autocall 2019 (1.0%) RBC 5Y FTSE % Autocall (1.0%) HSBC FTSE 100 Capital Protected 2019 (0.9%) Morgan Stanley 5Y FTSE % Autocall 2018 (0.9%) Credit Suisse 6Y FTSE/Eurostoxx 8.35% Autocall 2019 (0.8%) Capital Solutions Societe Generale Utilities Capital Solution 2018 (0.9%) Santander 3yr HPI Linked Note 2014 (0.1%) Convertible Bonds EcoFin Water & Power 6% CULS 2016 (1.6%) Edinburgh Dragon 3.50% CULS 2018 (1.5%) Cayenne Trust 3.25% CULS 2016 (1.3%) City Natural Resources High Yield CULS 3.5% 2018 (0.8%) Aberdeen Asian Smaller Companies 3.5% CULS 2019 (0.7%) Electra Private Equity 5% CULS 2017 (0.3%) Standard Life UK Smaller Companies 3.5% CULS 2018 (0.2%) Fixed Income Real Estate Credit Investment PCC Limited 8% 2017 (1.5%) Premier UK Money Market Fund (1.3%) F&C Finance PLC 9% 2016 (0.3%) Allied Domecq Finance 6.625% 2014 (0.1%) Derivatives Put SP , 1675 strike (0.08%) Put FTSE , 6600 strike (0.05%) Put SP , 1650 strike (0.04%) Put FTSE , 6000 strike (0.04%) Put FTSE , 6000 strike (0.03%) Put FTSE , 6400 strike (0.03%) Put FTSE , 6700 strike (0.02%) Put S&P , 1550 Strike (0.02%) Put FTSE , 6600 strike (0.01%) Put FTSE , 6200 strike (0.01%) Long Short Gilt Future 2013 (-0.02) Short Gilt Future 2013 (-0.15%) 9 Each holding has been categorised to help you identify the types of asset that the Premier Defensive Growth Fund is invested in. The pie chart shows the asset allocation of the Fund through analysis of the underlying securities in each holding. = New holding. Data as at

10 Glossary of Terms Absolute Return This type of fund looks to achieve positive returns for clients in all market conditions. Bonds These are like loans to governments/companies in return for a fixed rate of interest. Capital Growth The increase in value of your original investment. Capital Solutions An investment offering a capital return over a fixed life dependent on underlying exposures. Convertible Bonds A bond that can be converted into shares in certain circumstances or at certain times. Corporate Bonds A bond that is issued by companies and similar to a loan in nature, usually paying a fixed rate of interest. Defensive Autocalls An Investment with a maturity date which can be automatically called earlier depending on pre-defined levels. Derivatives A type of investment security whose price is dependent upon one or more underlying assets. Equities Another name for company shares. Fixed Entitlement A defined amount that an investment will return at the end of its life. Fixed Income/Interest Another term used for corporate and government bonds. Fixed Life An investment with a defined start and end date. Floating Rate Debt These are bonds which do not have a fixed rate of interest. Gilts A bond issued by the UK government. Hedge To take an investment position intended to offset potential losses that may be incurred by a companion investment. Hedge Fund A fund that is not normally permitted to be offered to the public as its borrowing, structure or investments, do not comply with relevant requirements. High Yield Bonds A bond that provides a higher income, (or yield) but is rated below investment grade bonds as it has a higher risk of default. Investment Grade Bond A bond which is considered relatively safe and unlikely to default on its debt repayment obligations and has been assigned a high credit rating. PUT Options An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. Synthetic Zeros A form of structured product which also has a pre defined return profile and a set maturity date whilst being exposed to a degree of credit and equity market risk. Synthetic zeros are usually linked to major, well known indices, such as the FTSE 100, but with much less risk than investing directly in the index itself. Volatility The frequency and severity with which the price of an investment goes up and down. Zero Dividend Preference Shares Often called zeros, these are simply shares that do not receive any income but instead pay out a return at the end of the investment s fixed life. As preference shares, they rank ahead of the ordinary shares of a company when it is wound up. 10

11 Important Information Risk of investments Past performance is not a guide to the future. The price of shares and any income from them may go down as well as up and you may get back less than you invested. Movements in exchange rates may also affect the value of your investment. Please remember that these investments are typically intended as either medium or long term investments. Disclaimer Whilst every effort has been made to ensure the accuracy of the information contained within this document, we regret that we cannot accept responsibility for any omissions or errors. The information given and opinions expressed are subject to change and should not be interpreted as investment advice. Reference to any particular stock does not constitute a recommendation to buy or sell the stock. All data is sourced to Premier unless otherwise stated. Persons who do not have professional experience in matters relating to investments should not rely on the content of this document. Should you need advice, or if you would like to know more about this Fund, please contact your financial adviser in the first instance. A free, English language copy of the Fund s full prospectus, the Key Investor Information Document and Supplementary Information Document, which include all the important information you need to consider before making an investment decision, are available on the Premier website, or you can request copies by calling us on For your protection, calls may be monitored and recorded for training and quality assurance purposes. Issued by Premier. Premier Portfolio Managers Ltd and Premier Fund Managers Ltd are ISA managers, authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS and are members of the Premier and Premier Asset Management marketing groups. 11 Call: Web: Premier, Eastgate Court, High Street, Guildford, Surrey GU1 3DE

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