Elite LJ Active Portfolio Fund

Size: px
Start display at page:

Download "Elite LJ Active Portfolio Fund"

Transcription

1 Elite LJ Active Portfolio Fund Short Report for the year ended 30 April 2015 Investment Objective and Policy The objective of the Fund is to achieve a total positive return in all market conditions, over a rolling period of 3 years, through active investment in a diversified portfolio of transferable securities (including investment trusts), collective investment schemes, warrants, cash or near cash, deposits, money market instruments and derivatives. Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over a 3 year rolling period or in respect of any other period. Subject to the requirements of the Regulations, the portfolio will normally remain fully invested. There will, however, be no restrictions on the underlying content of the investments held, in terms of investment type, geographical or economic sector, other than those imposed by the Regulations, meaning that the Investment Adviser has the absolute discretion to weight the portfolio towards any investment type or sector at any time. The maximum holding of cash will be 50% of the Fund s total net assets. Unregulated collective investment schemes may be used up to the full extent permitted by the Regulations. The portfolio will be actively managed and the Fund may invest in derivatives for investment purposes as well as for efficient portfolio management purposes (including hedging). It is not intended that the use of derivatives in this way will change the risk profile of the Fund. Borrowing will be permitted under the terms of the Regulations. Subject to the above, the Fund may invest in any asset class and adopt any investment technique or strategy permitted under the rules in COLL as such rules are applied to Non-UCITS retail schemes. Fund Facts Interim/Annual Accounting End Dates Ex-dividend (xd) Dates 31 October 30 April 01 May 30 June Income Distribution/ Accumulation Dates Risk Profile Please refer to the Full Prospectus for details of all the risks. The Fund has exposure to credit, counterparty and usual market risks. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. You should always regard investments in the Fund as long term. Page 1

2 Charges Share Class Initial Charge Annual Management Charge 30/04/15 Total Expense Ratios 30/04/15 Total Expense Ratios 30/04/14 B Accumulation 6.00% 1.00% 1.73% 1.97% C Accumulation 6.00% 1.50% 2.23% 2.47% Distributions/Accumulations The distribution for B Accumulation Share Class is p per share, payable 30 June At the year end, expenses exceeded revenue on share class C Accumulation, generating a shortfall position. Therefore there will be no distribution on this Share Class. Comparative Tables Net Asset Value Net Asset Value Net Asset Value Date of Share Class ( ) Shares in issue per Share (p) Share Class B Accumulation 30/04/13 9,635,518 9,128, /04/14 10,262,123 9,326, /04/15 12,569,720 10,087, Share Class C Accumulation 30/04/13 5,534 5, /04/14 80,335 77, /04/15 40,588 34, Price and Revenue History Calendar Highest Published Lowest Published Net Revenue Year Share price (p) Share price (p) per Share (p) Share Class B Accumulation Share Class C Accumulation From 19 April to 31 December 2013 From 1 January to 30 April 2015 Share Class C Accumulation was launched on 25 February However, the first dealing was on 19 April 2013 Page 2

3 Comparative Tables (continued) Major Holdings Top 10 Holdings % of Fund 30/04/15 ishares Core S&P 500 UCITS ETF 6.73 Digital Stars Europe 5.72 ishares UK Dividend UCITS ETF 5.67 Rathbone Global Opportunities 5.10 Edinburgh Dragon 4.89 CF Lindsell Train UK Equity 4.62 Polar Capital Global Insurance 4.43 Unicorn Outstanding British Companies 4.36 Franklin UK Smaller Companies 4.27 Herald Investment 4.13 Top 10 Holdings % of Fund 30/04/14 Baillie Gifford Overseas Growth American 6.93 Digital Stars Europe 5.96 ishares MSCI Emerging Markets UCITS ETF 5.95 Rathbone Global Opportunities 5.15 Edinburgh Dragon 5.15 Unicorn Outstanding British Companies 4.94 Franklin UK Smaller Companies 4.83 Herald Investment 4.81 CF Lindsell Train UK Equity 4.75 Scottish Mortgage Investment 4.66 Portfolio Information Breakdown by Geographical Region % 26.81% % 11.56% 10.52% 6.73% % 0 United Kingdom [20.03%] Global [25.57%] Emerging Markets [15.66%] Asia [13.02%] Europe [10.63%] United States of America [8.23%] Net other assets [5.45%] Comparative figures shown above in square brackets relate to 30 April Sector % of Fund as at 30/04/15 % of Fund as at 30/04/14 Russia Page 3

4 Investment Manager s Report Investment Review In the 12 months to 30 April 2015, the Elite LJ Active Portfolio Fund B Accumulation shares increased by 13.01%*. Unicorn UK Income had performed strongly since being purchased and received significant inflows into the fund. However, historically it had a small cap bias and with its increasing size it was beginning to buy larger stocks. The fund was sold to switch into Aberforth Smaller Companies Trust, which invests in UK small cap stocks and this strategy should not be distorted by inflows as it is in a closed ended Investment Trust structure. Cavendish Technology was sold to reduce exposure to technology companies due to concerns over whether they can maintain earnings growth and the proceeds were used to buy ishares UK Dividend UCITS ETF because this provides exposure to higher yielding UK equities that should remain in demand with interest rates likely to remain at low levels. JPMorgan Emerging Markets was switched into JPMorgan Global Emerging Markets Income Trust to switch to more dividend focused companies, which tend to have more shareholder focused management teams and has led the fund to outperform its sector and benchmark since launch in Also, because JPMorgan Global Emerging Markets Income Trust is an Investment Trust it has a stable capital base so the investment strategy should not be adversely affected by capital inflows or outflows in changing market conditions. The Russian equity market and currency experienced high volatility during the period due to sanctions adversely affecting the economy and threats of capital controls, therefore, the db x-trackers MSCI Russia Capped Index UCITS ETF was sold. Biotech Growth was bought to diversify the portfolio and gain exposure to a sector that is expected to continue its recent growth. The benefits of the sector are that healthcare is benefitting from strong demographic and secular trends such as an ageing population, expanding insurance coverage, growing middle-class around the world and new more efficient product launches. The sector performance is volatile, though, so only a small weighting will be held in the Fund. Baillie Gifford American was switched into the ishares Core S&P500 UCITS ETF because the US market has proven difficult to outperform and this exchange traded fund was launched with a particularly low management charge. The ishares MSCI Emerging Markets UCITS ETF was also switched into a cheaper version introduced by the same manager which should help improve the returns due to the similar index that is being tracked. The UK Gilt Inflation Linked 0.125% Bonds 22/03/2029 issue was bought to provide inflation protection for the portfolio and to provide a hedge should equity markets suffer a correction following the rally over the last few years. *Source: Financial Express Page 4

5 Investment Manager s Report (continued) Market Overview Equity markets have performed strongly over the period of review with most regions increasing. Equities have broadly trended higher due to economic growth appearing to improve with unemployment in the US falling and also helped by the European Central Bank ( ECB ) reducing interest rates and beginning purchases of asset backed securities to add stimulus to the region. However, concerns over the continued weakness of many European economies pushed down European Equity prices in the first half of the review. Equity markets fell in September and October due to a variety of different factors combining to affect investor sentiment. Instability in equity markets was caused by divisions in the European Central Bank on the best way to implement plans for economic growth in the Eurozone, concerns over global growth and of the impact of the US Federal Reserve s decision to end its quantitative easing ( QE ) program six years on from the financial crash of However, sentiment was helped when the Bank of Japan surprised markets by announcing an expansion to its asset purchasing program to support growth and increase the monetary base, which caused Japanese equities to surge. Further support occurred in January 2015 when the European Central Bank announced a large scale expansion of its asset purchase programme. Contrary to many investor predictions, developed market government bonds have performed relatively strongly over the period of review as interest rates have remained at low levels and the falling oil price has reduced inflationary pressures. Combined with EU quantitative easing this resulted in many European government bond prices rising so high that they were trading at negative yields. In currency markets, the US Dollar strengthened against Sterling as the US economy wound down its quantitative easing programme following improvements in its economy and the uncertainty surrounding the Scottish referendum and the UK election didn t help sentiment for Sterling assets. The Japanese Yen and Euro both fell against Sterling following their continuation of quantitative easing. Outlook With economic growth in the US lower than expected at the start of 2015 and signs that growth is improving in Europe, there are indications that global economic growth is becoming more balanced, which should be supportive for risk assets. Expectations of interest rate increases in the US, which had helped strengthen the US Dollar, have been put back and when added to continuing stimulus in Europe and Japan may help to prolong the benign conditions of moderate growth and low inflation. However, there is the possibility that the weak US growth was caused by temporary disruptions such as the weather and if structural reforms in Europe and Japan begin to help the real economy growth may pick up again. Also, once last year s falling energy prices work their way out of inflation data there is the potential for inflation to increase from their low levels and this may cause market volatility with the US looking to increase interest rates at a time when monetary policy is loose in Europe and Japan, which will cause the US dollar to strengthen. Page 5

6 Investment Manager s Report (continued) Outlook (continued) Many developed market government bonds are trading at historically low yield levels and should inflation creep upwards there is a risk that investors are exposed to capital losses should the outlook for interest rate rises change significantly. Other risks include China looking like it might miss its growth target, although this will be mitigated by further stimulus, and conflicts in Ukraine and the Middle East still have the potential to deliver surprises to oil supply. Also, negotiations between Greece and its creditors still remain precarious. Therefore, the portfolio will remain widely diversified geographically to help reduce the volatility of the portfolio. Brunswick Investment Management Limited Investment Adviser to the Fund 11 May 2015 Significant Information Investment Manager From 7 April 2015, the Investment Adviser of the Company moved from Lewis Jarrett & Co Limited to Brunswick Investment Management Limited. On 22 July 2014, WAY Fund Managers Limited was authorised by the FCA as an Alternative Investment Fund Manager ('AIFM'). The information in this report is designed to enable shareholders to make an informed judgment on the activities of the Fund during the period it covers and the result of those activities at the end of the period. The long Report and Accounts are available free of charge on request. For more information about the activities and performance of the Fund during the period and previous periods, please contact: Authorised Corporate Director WAY Fund Managers Limited Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset, BH21 7SB Customer Service Centre: Authorised and regulated by the Financial Conduct Authority (FCA) Depositary State Street Trustees Limited. 20 Churchill Place, London, E14 5HJ From 16 June 2014 Northern Trust Global Services Limited 50 Bank Street, Canary Wharf London, E14 5NT Authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA Investment Manager Lewis Jarret & Co Limited 62a Spixworth Road, Norwich, Norfolk, NR6 7NF From 7 April 2015 Brunswick Investment Management Limited 62a Spixworth Road, Norwich, Norfolk, NR6 7NF Authorised and regulated by the FCA Please note that telephone calls may be recorded for monitoring and training purposes, and to confirm investors' instructions Auditor Grant Thornton UK LLP 30 Finsbury Square, London, EC2P 2YU Page 6

LEWIS JARRETT & Co. LIMITED

LEWIS JARRETT & Co. LIMITED LEWIS JARRETT & Co. LIMITED Interim Short Report 2012 ELITE LJ ABSOLUTE RETURN PORTFOLIO FUND REPORT OF THE INVESTMENT ADVISER (unaudited) for the period 1 May to 31 October 2012 Investment Objective,

More information

WAY Fund Managers Limited Elite Income Plan Cash Trust

WAY Fund Managers Limited Elite Income Plan Cash Trust Fund Managers WAY Fund Managers Limited Elite Income Plan Cash Trust Interim Short Report for the period to 31 July 2013 Contents Page Report of the Investment Adviser 3 Portfolio Statement 4 Performance

More information

FP Matterley Undervalued Assets Fund

FP Matterley Undervalued Assets Fund FP Matterley Undervalued Assets Fund Short Report for the year ended 30 September 2014 Investment Objective and Policy The investment objective of the Fund is to achieve long-term capital growth. The Fund

More information

Short report For the period ended 30 June 2015

Short report For the period ended 30 June 2015 Short report For the period ended 30 June 2015 Short reports Architas MM Strategic Bond Fund For the period ended 30 June 2015 Investment objective The Fund aims to provide a return on your investment.

More information

Global Dynamic Equity Fund

Global Dynamic Equity Fund Global Dynamic Equity Fund half-yearly short report for the period 1 January 2010 to 30 June 2010 Terms in italics are explained in the glossary at the end of this document. fund objective The Fund aims

More information

Interim Report & Accounts (Unaudited) JPMorgan Fund III ICVC

Interim Report & Accounts (Unaudited) JPMorgan Fund III ICVC Interim Report & Accounts JPMorgan Fund III ICVC 31 October 2013 Contents Authorised Corporate Director s (ACD) Report 2 Investment Adviser s Report for the six months ending 31 October 2013 3 Find out

More information

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015 RBS Stakeholder Investment Fund ICVC Annual Short Report for the year ended 31 March 2015 Table of Contents Report of the Authorised Corporate Director 1 Economic and Market Overview 2 Statistics 3 Major

More information

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report Table of Contents Report of the Authorised Corporate Director 2 Economic

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus (Incorporating the ISA Terms & Conditions) FP Octopus Investment s Valid as at 1 st June 2015 Helping you decide What you should know before you invest This document gives you a summary

More information

Short report For the period ended 31 Dec 2015

Short report For the period ended 31 Dec 2015 Short report For the period ended 31 Dec 2015 Short reports Architas Diversified Global Income Fund For the period ended 31 Dec 2015 Investment objective The aim of the Fund is to provide you with an income,

More information

Santander Managed OEIC. Final Short Report as at 31 March 2009

Santander Managed OEIC. Final Short Report as at 31 March 2009 Santander Managed OEIC Final Short Report as at 31 March 2009 This document contains the Short Report of the Santander Managed OEIC for the period ended 31 March 2009. Contents Page No. Global Emerging

More information

Managers interim short report for the half year: 16 September 2014 to 15 March Ignis Managed Portfolio Fund

Managers interim short report for the half year: 16 September 2014 to 15 March Ignis Managed Portfolio Fund Managers interim short report for the half year: 16 September 2014 to 15 March 2015 Ignis Managed Portfolio Fund Introduction to your short report Dear Investor, Welcome to your short report for the six

More information

Interim Report & Accounts (Unaudited) JPMorgan Fund III ICVC

Interim Report & Accounts (Unaudited) JPMorgan Fund III ICVC Interim Report & Accounts (Unaudited) JPMorgan Fund III ICVC 31 October 2014 Contents Authorised Corporate Director s (ACD) Report 2-3 Investment Adviser s Report for the six months ending 31 October

More information

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc HUME EUROPEAN OPPORTUNITIES FUND SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc This document supplements the current prospectus for European Wealth Investment Fund plc (the Company)

More information

Premier Liberation multi-asset risk-targeted solutions

Premier Liberation multi-asset risk-targeted solutions multi-asset risk-targeted solutions Fund update - fourth quarter 2014 For professional adviser use only and not for distribution to retail investors multi-asset risk-targeted solutions Need to know To

More information

Threadneedle Specialist Investment Funds ICVC

Threadneedle Specialist Investment Funds ICVC Simplified Prospectus (including important ISA Information) for investors in the United Kingdom December 2010 Threadneedle Specialist Investment Funds ICVC Threadneedle Specialist Investment Funds ICVC

More information

Annual Short Report. IM OXIP Funds. For the period ended 31 May 2013. Fund Partners

Annual Short Report. IM OXIP Funds. For the period ended 31 May 2013. Fund Partners Annual Short Report IM OXIP Funds For the period ended 31 May 2013 Fund Partners contents IM OXIP Diversified Growth Fund Page General Information 2 Contact Information 10 1 IM OXIP Funds General Information

More information

Annual Report & Financial Statements. FP CAF Investment Fund. For the year ended 30 April 2015 FUND PARTNERS

Annual Report & Financial Statements. FP CAF Investment Fund. For the year ended 30 April 2015 FUND PARTNERS Annual Report & Financial Statements FP CAF Investment Fund FUND PARTNERS contents FP CAF Investment Fund Page Authorised Corporate Director s ( ACD ) Report* 3 Certification of Financial Statements by

More information

Schroder Income Fund. Interim Short Report 26 February 2015 to 25 August 2015

Schroder Income Fund. Interim Short Report 26 February 2015 to 25 August 2015 Schroder Income Fund Interim Short Report 26 February 2015 to 25 August 2015 Review of Investment Activities From 25 February 2015 to 25 August 2015 the price of A Accumulation units on a selling price

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

EQUINOX PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN 105 989 231

EQUINOX PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN 105 989 231 PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE LIMITED PARTICIPATING SHARES ARBN 105 989 231 Market Commentary Hedge Fund Industry The direction of financial markets in the third quarter was broadly

More information

Premier Global Utilities. Income Fund

Premier Global Utilities. Income Fund Premier Global Utilities % 5.1p.a. paid quarterly historic yield Income Fund Switch on this powerful alternative income Best performing global equity income fund in 2014 For professional adviser use only

More information

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge

More information

Annual Short Report. for the year ending 30 September 2015. City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund

Annual Short Report. for the year ending 30 September 2015. City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund Annual Short Report for the year ending 30 September 2015 City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund Corporate Information Authorised Corporate Director City

More information

Teachers Cautious Investment Fund

Teachers Cautious Investment Fund Teachers Cautious Investment Fund Annual Long Report for the year ended 30 June 2015 Report of the Manager Constitution The Fund was established on 9 February 2006 and is a unit trust scheme authorised

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

WESLEYAN INTERNATIONAL TRUST MANAGER S HALF-YEAR SHORT REPORT 2015

WESLEYAN INTERNATIONAL TRUST MANAGER S HALF-YEAR SHORT REPORT 2015 WESLEYAN INTERNATIONAL TRUST MANAGER S HALF-YEAR SHORT REPORT 2015 Manager s Report November 2015 2 International Trust Manager s Half-Year Report 2015 MANAGER S REPORT Trust Review After a strong start

More information

Wealth Solutions Bond Fund Menu

Wealth Solutions Bond Fund Menu Wealth Solutions Bond Menu Choosing the right funds 3 The importance of diversification 3 Investing for income or growth 3 Investing with Friends Life 4 distribution funds 7 Charges and fund risks 8 risk

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

ONLINE INVESTMENTS OUR FUND RANGE AND INVESTMENTS.

ONLINE INVESTMENTS OUR FUND RANGE AND INVESTMENTS. ONLINE INVESTMENTS OUR FUND RANGE AND INVESTMENTS. Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks

More information

Transact Guide to Investment Risks

Transact Guide to Investment Risks Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates

More information

FP Shenkman Hansa High Yield Fund

FP Shenkman Hansa High Yield Fund FP Shenkman Hansa High Yield Fund Short Report for the six months ended 31 May 2015 Investment Objective and Policy The Fund s investment objective is to achieve primarily a high level of income and in

More information

Purer return and reduced volatility: Hedging currency risk in international-equity portfolios

Purer return and reduced volatility: Hedging currency risk in international-equity portfolios Purer return and reduced volatility: Hedging currency risk in international-equity portfolios Currency-hedged exchange-traded funds (ETFs) may offer investors a compelling way to more precisely access

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter Hit New Highs in a Volatile Quarter Stock investors in the U.S. and around the globe had plenty to cheer about during the first quarter of 2015 as at least 17 world stock indexes set news highs due to

More information

Cirilium Dynamic Passive Fund DYNAMIC

Cirilium Dynamic Passive Fund DYNAMIC DYNAMIC Annual Short Report Fund Manager Paul Craig The Cirilium Dynamic Passive Fund launched on 8 February 2013 Investment objective To achieve long term capital growth. The Fund will typically have

More information

Model Portfolio Fact Sheets

Model Portfolio Fact Sheets RUSSELL REPORTING Model Portfolio Fact Sheets s Secure Portfolio Comprised mainly of investment strategies designed to weather turbulent market conditions, the Secure Portfolio is best suited to investors

More information

BMO Global Asset Management (Asia) Limited 11 February 2016

BMO Global Asset Management (Asia) Limited 11 February 2016 Product Key Facts BMO MSCI EUROPE QUALITY HEDGED TO USD ETF BMO Global Asset Management (Asia) Limited 11 February 2016 Quick facts This is an exchange traded fund. This statement provides you with key

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Committee and Date Cabinet 10 June 2015 12.30 pm Item 9 Public TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Responsible Officer James Walton e-mail: james.walton@shropshire.gov.uk Tel: (01743) 255011 1.

More information

M&G HIGH INCOME INVESTMENT TRUST P.L.C

M&G HIGH INCOME INVESTMENT TRUST P.L.C This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available

More information

funds KEY This is an important document. Please keep it safe for future reference.

funds KEY This is an important document. Please keep it safe for future reference. SELECT PORTFOLIO bond (wealth managers) funds KEY FEATURES. This is an important document. Please keep it safe for future reference. SELECT PORTFOLIO BOND (wealth managers) FUNDS KEY FEATURES 2 WHAT ARE

More information

Managers annual short report for the year: 16 September 2013 to 15 September 2014. Ignis Managed Portfolio Fund

Managers annual short report for the year: 16 September 2013 to 15 September 2014. Ignis Managed Portfolio Fund Managers annual short report for the year: 16 September 2013 to 15 September 2014 Ignis Managed Portfolio Fund Introduction to your short report Dear Investor, Welcome to your short report for the 12

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Dynamic Diversified Growth Fund

Dynamic Diversified Growth Fund Dynamic Diversified Growth Fund with BlackRock Investment Management (UK) Limited Customer Brochure BlackRock is a truly global firm that manages assets for clients in Europe, North and South America,

More information

2015Q1 INVESTMENT OUTLOOK

2015Q1 INVESTMENT OUTLOOK TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for

More information

Schroders Investment Trust ISA

Schroders Investment Trust ISA April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information

More information

Global Investment Centre Fund List

Global Investment Centre Fund List Global Investment Centre Fund List The share classes available on Global Investment Centre are either legacy or clean share classes. Clean share classes will replace legacy share classes on the Global

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

Fund guide. Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Prudential Investment Plan Flexible Investment Plan

Fund guide. Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Prudential Investment Plan Flexible Investment Plan A Fund guide Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP Options) Prudential Investment Plan Flexible Investment Plan Introduction to this guide We know that choosing which

More information

CONTENTS. Page. Important Information 3. Introduction to Alliance Trust PLC 5. Investment Policy & Strategy 7. Risk Management 11

CONTENTS. Page. Important Information 3. Introduction to Alliance Trust PLC 5. Investment Policy & Strategy 7. Risk Management 11 INVESTOR DISCLOSURE DOCUMENT February 2016 This document is issued by Alliance Trust Investments (the AIFM ) solely in order to make certain particular information available to investors in Alliance Trust

More information

My LV= Pension Plan Diversified Growth Fund Fund Factsheet 4th Quarter 2012

My LV= Pension Plan Diversified Growth Fund Fund Factsheet 4th Quarter 2012 This factsheet has been produced to provide you with information on this blended fund. It includes information on the investment objective of the fund, where the fund is invested, risk information and

More information

MERCER PORTFOLIO SERVICE MONTHLY REPORT

MERCER PORTFOLIO SERVICE MONTHLY REPORT MERCER PORTFOLIO SERVICE MONTHLY REPORT MAY 206 Mercer Superannuation (Australia) Limited ABN 79 004 77 533 Australian Financial Services Licence # 235906 is the trustee of the Mercer Portfolio Service

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

2015 Semi-Annual Management Report of Fund Performance

2015 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

M&G Corporate Bond Fund

M&G Corporate Bond Fund M&G Corporate Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2015 For the year ended 30 June 2015 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds

More information

Exchange Traded Funds. Reasons to Consider. For professional clients only

Exchange Traded Funds. Reasons to Consider. For professional clients only Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET This Product Highlights Sheet is an important document. Prepared on: 18 March 2016 It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to

More information

EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust

EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust EP Asia Small Companies Fund EP Latin America Fund EP China Fund Each a series of Investment Managers Series Trust Supplement dated June 30, 2015, to the Summary Prospectus dated March 5, 2015, and the

More information

CF Ruffer Investment Funds

CF Ruffer Investment Funds CF Ruffer Investment Funds Simplified Prospectus Issued 14 September 2011 Introduction This Simplified Prospectus contains key information in relation to CF Ruffer Investment Funds (the Company or the

More information

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund

PRINCIPAL GLOBAL INVESTORS FUNDS. Supplement dated 31 July 2013. for the Long/Short Global Opportunities Equity Fund PRINCIPAL GLOBAL INVESTORS FUNDS Supplement dated 31 July 2013 for the Long/Short Global Opportunities Equity Fund This Supplement contains specific information in relation to the Long/Short Global Opportunities

More information

MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 PRESENT. Councillor G Carlile (in the Chair)

MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 PRESENT. Councillor G Carlile (in the Chair) MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 Derbyshire County Council PRESENT Councillor G Carlile (in the Chair) Councillors Mrs M Booth, P J G Clark,

More information

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

More information

Fund Manager Quarterly Review

Fund Manager Quarterly Review Fund Manager Quarterly Review Reporting period: Q1 2012 31 March 2012 For professional adviser use only and not for distribution to retail clients Performance to 31 March 2012 3m 6m 1yr Since 13 th May

More information

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference.

FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. LEGAL & GENERAL Portfolio BoND (NATioNWIDE IPS) FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. 2 CONTENTS WhAT ARE the FUNDS KEY FEATURES? USING THE FUNDS

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus River and Mercantile Funds ICVC Incorporating the River and Mercantile UK Equity High Alpha Fund; the River and Mercantile UK Equity Smaller Companies Fund; the River and Mercantile

More information

FUNDS TM. G10 Currencies: White Paper. A Monetary Policy Analysis FUNDS. The Authority on Currencies

FUNDS TM. G10 Currencies: White Paper. A Monetary Policy Analysis FUNDS. The Authority on Currencies FUNDS White Paper The Authority on Currencies Merk Investments LLC Research MAY 2012 G10 Currencies: A Monetary Policy Analysis Merk Monetary Score favors currencies of, and Canada; disfavors currencies

More information

University of Reading Pension Scheme

University of Reading Pension Scheme Human Resources University of Reading Pension Scheme Investing for Retirement Introduction After deciding how much to save for retirement, where to invest the contributions that you and the University

More information

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 December 2014 This statement provides you with key information about

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

Key features of the M&S Investment ISA and Investment Plan

Key features of the M&S Investment ISA and Investment Plan M&S INVESTMENT ISA AND INVESTMENT PLAN Key features of the M&S Investment ISA and Investment Plan INTRODUCING THE HSBC WORLD SELECTION PORTFOLIOS The Financial Conduct Authority is the independent financial

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

Simplified Prospectus. FP CAF Investment Fund

Simplified Prospectus. FP CAF Investment Fund Simplified Prospectus FP CAF Investment Fund Valid as at 1 st June 2015 Helping you decide What you should know before you invest This document gives you a summary of information help you decide if you

More information

Fund Guide. Prudential International Investment Bond International Prudence Bond

Fund Guide. Prudential International Investment Bond International Prudence Bond Fund Guide Prudential International Investment Bond International Prudence Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone

More information

Investment Trust ISA and Savings Scheme Key features

Investment Trust ISA and Savings Scheme Key features Investment Trust ISA and Savings Scheme Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires

More information

Level One Disclosure Policy

Level One Disclosure Policy Level One Disclosure Policy Fund Partners (FP) operates as an independent Authorised Corporate Director (ACD) for UK Regulated funds. FP s business is focused on ensuring good customer outcomes through

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

Changes to the OklahomaDream 529 Plan

Changes to the OklahomaDream 529 Plan Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement

More information

15 February 15 August. Expense Type 15.08.13 % B C G ACD s periodic charge Other expenses Ongoing charges figure 0.75 0.06 0.81

15 February 15 August. Expense Type 15.08.13 % B C G ACD s periodic charge Other expenses Ongoing charges figure 0.75 0.06 0.81 CF Canlife Corporate Bond Fund a sub-fund of CF Canada Life Investments Fund ACD s Annual Short Report for the period from 26 May 2012 to 15 August 2013 Investment Objective and olicy The investment objective

More information

ACF morning workshop. Is your investment committee asking the right questions?

ACF morning workshop. Is your investment committee asking the right questions? ACF morning workshop Is your investment committee asking the right questions? Contents 1. Why would a charity want to consider a total return investment policy? What do we mean by total return? 2. Finding

More information

Fund guide. Prudence Bond Prudence Managed Investment Bond

Fund guide. Prudence Bond Prudence Managed Investment Bond Fund guide Prudence Bond Prudence Managed Investment Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone is different so

More information

LEGAL & GENERAL SELECT PORTFOLIO BOND (nationwide) FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference.

LEGAL & GENERAL SELECT PORTFOLIO BOND (nationwide) FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. LEGAL & GENERAL SELECT PORTFOLIO BOND (nationwide) 1 FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. 2 LEGAL & GENERAL SELECT PORTFOLIO BOND (NATIONWIDE) FUNDS

More information

M&G European High Yield Bond Fund

M&G European High Yield Bond Fund M&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2015 For the year ended 30 June 2015 Fund information The Authorised Corporate Director (ACD) of M&G Investment

More information

Blyth Fund: Fixed Income Currencies & Commodities Coverage Group May 27, 2014

Blyth Fund: Fixed Income Currencies & Commodities Coverage Group May 27, 2014 Blyth Fund: Fixed Income Currencies & Commodities Coverage Group May 27, 2014 VP: Miraj Rahematpura Associate: John Cherian Analysts: Reinier Eenkema van Dijk, Michael Limandibhratha, Ian Naccarella, David

More information

Individual Savings Account Fund menu

Individual Savings Account Fund menu Individual Savings Account Fund menu This fund menu lists all the funds available on our Individual Savings Account (ISA). Your financial adviser will be able to help you choose the right combination of

More information

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition March 2015 Investment policy CH, DE, AT, IT, FR, FL and LU edition Further expansion of the equity exposure in Europe and the emerging countries. The Swisscanto equities barometer 0 neutral allocation

More information

Online Investments. Our Fund Range and Investments

Online Investments. Our Fund Range and Investments Online Investments Our Fund Range and Investments Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks

More information

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may

More information

An Alternative Way to Diversify an Income Strategy

An Alternative Way to Diversify an Income Strategy Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed

More information

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015

EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes

More information

2. UK Government debt and borrowing

2. UK Government debt and borrowing 2. UK Government debt and borrowing How well do you understand the current UK debt position and the options open to Government to reduce the deficit? This leaflet gives you a general background to the

More information

Unicorn Investment Funds. Open-Ended Investment Company. Supplementary Information Document

Unicorn Investment Funds. Open-Ended Investment Company. Supplementary Information Document Unicorn Investment Funds Open-Ended Investment Company Supplementary Information Document This document is dated 29 June 2015 Issued by Unicorn Asset Management Limited (Unicorn) Unicorn is authorised

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information

PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product

PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product Issuer: Samsung Asset Management (Hong Kong) Limited 三 星 資 產 運 用 ( 香 港 ) 有 限 公 司 PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product 24 June 2016 This is a leveraged product. It is different from

More information

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information

Vanguard Investments Hong Kong Limited December 2015

Vanguard Investments Hong Kong Limited December 2015 PRODUCT KEY FACTS Vanguard FTSE Developed Europe Index ETF Vanguard Investments Hong Kong Limited December 2015 This is an exchange traded fund. This statement provides you with key information about this

More information