Fund Manager Quarterly Review
|
|
- Erin Blankenship
- 8 years ago
- Views:
Transcription
1 Fund Manager Quarterly Review Sentinel Defensive Fund Reporting period: Q For professional adviser use only and not for distribution to retail clients
2 Performance to 31 March m 6m 1yr Since 13 May 2008 Volatility* Sentinel Defensive Fund 0.69% 2.12% 4.07% 20.41% 1.30% 3 Month GBP LIBOR + 1% 0.37% 0.76% 1.53% 14.35% 0.00% FTSE Government All Stocks 2.15% 0.76% -2.56% 39.41% 4.72% FTSE % 3.77% 6.66% 32.40% 11.50% Source: FE Analytics. Data to 31 March Taken on a bid to bid, total return, UK sterling basis. Data taken on 16 April *Annualised ratios taken from monthly returns from 31 March 2013 to 31 March The fund launched on 13 May Past performance is not a guide to future returns. 2
3 Discrete Performance Discrete Quarterly Performance 31-Mar Dec Sept June Mar-13 Sentinel Defensive Fund +0.69% +1.42% +1.60% +0.30% +1.92% Benchmark (LIBOR +1%) +0.37% +0.38% +0.39% +0.38% +0.36% Discrete Annual Calendar Performance 31-Dec Dec Dec Dec Dec May-08 to 31-Dec-08 Sentinel Defensive Fund +5.34% % +6.72% % % Benchmark (LIBOR +1%) +1.52% +1.84% +1.87% +1.70% +2.22% +4.08% Source: FE Analytics. Taken on a bid to bid, total return, UK sterling basis. Data taken on 16 April Past performance is not a guide to future returns. 3
4 Performance Since Launch Since 23 November 2009 (Change of Manager) FTSE % FTSE Government All Stocks +22.4% Sentinel Defensive +21.9% LIBOR GBP 3m +1% +7.7% Source: FE Analytics. Data from 13 May 2008 to 31 March Taken on a bid to bid, total return, UK sterling basis. Data taken on 16 April Since change of management performance, data taken from 23 November 2009 to 31 March Past performance is not a guide to future returns. 4
5 Transactions Settlement Date B/S Full Name Amount Price Currency Consideration Notes 02/04/2014 B EDINBURGH DRAGON TRUST 3.50% CULS , GBP 30, GRY 2.73% premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 31/03/2014 S DEXION TRADING LTD 95, GBP 130, Voluntary Put Option 31/03/2014 B UTILICO INVESTMENTS-ZDP , GBP 65, GRY 4.42% cover 1.81x Potential beneficiary of UTLB maturity 31/03/2014 B BNP PARIBAS ARBITRAGE 500, GBP 500, Y BNP Synthetic Zero Accrual 5.23% Daily Accrual Rate (4.98% GRY) 60% - 120% Range 26/03/2014 S BRUNNER INVESTMENT TRUST PLC 2, GBP 13, c.12.5% discount, sig. tightening this month 26/03/2014 S BRUNNER INVESTMENT TRUST PLC 26, GBP 139, c.12.5% discount, sig. tightening this month 25/03/2014 S MORGAN STANLEY 950, GBP 1,121, Full call at 118.1% 25/03/2014 B EDINBURGH DRAGON TRUST 3.50% CULS GBP 10, GRY 2.73%, Premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 25/03/2014 S BRUNNER INVESTMENT TRUST PLC 11, GBP 58, c.12.5% discount, sig. tightening this month 24/03/2014 S HERALD INVESTMENT TRUST PLC 6, GBP 42, c-15% discount, c+21% Share Price Total Return 24/03/2014 B EDINBURGH DRAGON TRUST 3.50% CULS GBP 5, GRY 2.73% premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 24/03/2014 B SCHRODER ORIENTAL INCOME 100, GBP 166, c-4.30% Discount Buyback control at around -5% discount 21/03/2014 C SHORT GILT FUTURE Mar GBP 10,343, Rolling Short Gilt Future 21/03/2014 H LONG GILT FUTURE Jun GBP 2,732, Rolling Long Gilt Future 21/03/2014 H SHORT GILT FUTURE Jun GBP 10,362, Rolling Short Gilt Future 21/03/2014 C LONG GILT FUTURE Mar GBP 2,755, Rolling Long Gilt Future 21/03/2014 S HERALD INVESTMENT TRUST PLC 40, GBP 281, c-15% discount c+21% share price total return 21/03/2014 B DECEMBER 14 PUTS ON HSI 1 1, HKD 85, Hedge for SOI LN 21/03/2014 B DECEMBER 14 PUTS ON AS AUD 2, Hedge for SOI LN 21/03/2014 B EDINBURGH DRAGON TRUST 3.50% CULS , GBP 10, GRY 2.73% premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 21/03/2014 B EDINBURGH DRAGON TRUST 3.50% CULS , GBP 25, GRY 2.73% premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 21/03/2014 B EDINBURGH DRAGON TRUST 3.50% CULS , GBP 5, GRY 2.73% premium 38%, Ords at 11% discount Downside <10% with sig. upside potential 18/03/2014 S PICTON ZDP , GBP 117, Realising Profit 18/03/2014 B BNP PARIBAS ARBITRAGE 200, GBP 202, Synthetic Zero on MSCI EM 18/03/2014 B GOLDMAN SACHS & CO WERT 200, GBP 204, GRY 4.08% 1.58X % hurdle 5
6 Transactions Continued Settlement Date B/S Full Name Amount Price Currency Consideration Notes 18/03/2014 B SOCIETE GENERALE 200, GBP 204, GRY 5.18% 1.72 x % hurdle 17/03/2014 B MURRAY INCOME TRUST PLC 29, GBP 219, Recent widening of discount from premium c-3.89% 14/03/2014 B MURRAY INCOME TRUST PLC 11, GBP 83, Recent widening of discount from premium c-3.89% 13/03/2014 B DECEMBER 14 PUTS ON UKX GBP 17, Hedge MUT LN for SQF01 11/03/2014 S JUPITER PRIMADONA GROWTH 50, GBP 152, Zero discount policy - sold at -0.64% 06/03/2014 S JUPITER PRIMADONA GROWTH 50, GBP 150, Introduced Zero Discount Control Mandate 03/03/2014 S F&C FINANCE PLC 113, GBP 129, Realising sig. profit following BMO announcement. YTM 3.31% +250bp 28/02/2014 S BURFORD CAPITAL LTD 55, GBP 64, Raising cash-sufficient exposure through COPP 27/02/2014 S BURFORD CAPITAL LTD 34, GBP 40, Raising cash-sufficient exposure through COPP 26/02/2014 B BNP PARIBAS ARBITRAGE 500, GBP 500, Y BNP Paribas FTSE 100 Tracker 90% Participation Rate 55% Soft Protection 25/02/2014 S BURFORD CAPITAL LTD 10, GBP 11, Raising cash-sufficient exposure through COPP 19/02/2014 S BURFORD CAPITAL LTD 69, GBP 80, Raising cash-sufficient exposure through COPP 19/02/2014 B SOCIETE GENERALE 3YR FTSE/S&P 5.8% AUTOCALL 850, GBP 850, /02/2014 S UBS AG 1,000, GBP 1,281, GRY 2.7% cover 2.05x, 2.6yrs left Raising cash, selling on yield compression 18/02/2014 B GOLDMAN SACHS & CO WERT 600, GBP 600, /02/2014 S UTILICO INVESTMENTS-ZDP , GBP 492, Realising Gains Goldman Sachs FTSE/Eurostoxx Synthetic 2016 Capital Entitlement + F/I, Annual Lock-In Observation 65% Soft Protection, 5.15% GRY 17/02/2014 B BNP PARIBAS ARBITRAGE 600, GBP 600, Y BNP Paribas MXEF 5.8% Syntheti Zero 60% Soft Protection Annual Lock-In Observations 17/02/2014 B CREDIT SUISSE LONDON 500, GBP 502, YTC 8.32% YTM 6.32% -39% headroom 1.7% upside required to next call 13/02/2014 S TRITAX BIG BOX REIT PLC 250, GBP 263, Realising Profit 11/02/2014 S EDINBURGH DRAGON TRUST 3.50% CULS , GBP 264, Mark Barnet announced as manager, Discount now tightened 11/02/2014 S ALLIANCE TRUST PLC 125, GBP 543, Tightened to -10.5% discount Better opportunities in SPs given Vol 07/02/2014 S SEPTEMBER 14 PUTS ON SPX USD 9, Selling ATST hedge 07/02/2014 S JUNE 14 PUTS ON UKX GBP 6, Selling EDIN hedge 07/02/2014 S SEPTEMBER 14 PUTS ON UKX GBP 23, Selling ATST hedge 07/02/2014 S DECEMBER 14 Puts on UKX GBP 31, Selling EDIN hedge 6
7 Transactions Continued Settlement Date B/S Full Name Amount Price Currency Consideration Notes 07/02/2014 S EDINBURGH DRAGON TRUST 3.50% CULS , GBP 264, Mark Barnett Confirmed as manager 2.39% gain, NAV Fallen Equity Rise - C.-1.36% Discount 30/01/2014 B UBS AG 300, GBP 302, YTC 7.7%, 2% upside required YTM 7.2% -39% headroom 28/01/2014 S KEYSTONE INVESTMENT TRUST 3, , GBP 52, Discount Tightened In 27/01/2014 B SEPTEMBER 14 PUTS ON UKX GBP 30, Hedge 24/01/2014 B DECEMBER 14 PUTS ON UKX GBP 44, Buying longer hedge at cheap cost 24/01/2014 S MARCH 14 PUTS ON UKX GBP 7, Selling March PUT options and buying UKX 12 P7000- low Volatility 21/01/2014 B JURIDICA INVESTMENTS LTD 40, GBP 52, Dividend Paid m Treasury shares 139.Strong IRR from portfolio 20/01/2014 S BNP PARIBAS 100, GBP 95, Reducing Exposure 16/01/2014 S F&C PRIVATE EQUITY TRUST ZDP , GBP 220, GRY 3.41% 14/01/2014 S CREDIT SUISSE LONDON 700, GBP 838, GRY 2.70%, 2.82yrs till maturity 10/01/2014 B CONYGAR ZDP ,750, GBP 1,750, Placing for new issue 08/01/2014 B DECEMBER 14 PUTS ON SPX USD 25, Hedge for TY US and ZF US 7
8 Zero Dividend Preference Shares The Fund continues to hold a large weighting in Zero Dividend Preference shares (zeros). The Fund prefers to hold zeros that are short dated, senior, with high cover levels and therefore more defensive by nature which should prove less reactive to underlying market movements. While we continue to see new zeros coming to the market, we remain selective on the investments we take inline with our defensive mandate. 8
9 Synthetic Zeros, Defensive Autocalls & Capital Solutions Equity markets were volatile over the quarter, with equity weakness notable towards the end of January and mid-march. Markets continue to remain cautious on a long term global recovery, with a slowdown in the Chinese Economy and concerns in Ukraine and Emerging markets. We view volatility in equity markets as a positive as it provides good opportunities to add to our structured products exposure in products that have a defensive profile while retaining attractive upside potential. Volatile market conditions enable greater switching opportunities between investment types. Over the quarter some of the products we added were a 3yr Societe Generale FTSE/S&P 5.8% autocall and a 3yr BNP Synthetic Zero Accrual 5.23% Daily Accrual. We also took a 4yr synthetic zero issued by BNP Paribas and linked to the MSCI Emerging Markets Index, structured during the volatile conditions in late January and benefitting from the subsequent market rally. 9
10 Investment Companies We look to invest in investment companies that have been identified by thorough research and monitoring which enables us to spot attractive entry points on particular investment companies. A number of successful hedged investment company positions where the Fund was exposed to the discount tightening following certain catalysts, examples being; Brunner, Herald, Jupiter Primadona Growth, Edinburgh and Keystone. We continue to look for Investment companies that have value/catalysts and, just as important, hedgeable attributes which allow us to buy the investment and limit downside risk. 10
11 Fixed Income Convertible Unsecured Loan Stocks (CULS) continue to provide a high degree of capital protection, with attractive return profiles. Over the period notable additions were made to our position in Edinburgh Dragon 3.50% CULS The takeover of F&C Asset Management by the Bank of Montreal led to a significant uplift in the Funds only bond holding which was subsequently exited. 11
12 The Two F Exposure FF = Fixed Life and Fixed Entitlement F = Fixed Life or Fixed Entitlement + = Further potential Portfolio Hedge -0.1% (0.1%) Not Fixed 19.8% (22.5%) FF+ 21.4% (19.7%) F 1.0% (0.0%) F+ 0.7% (1.0%) FF 57.2% (57.0%) Data as at 31 March Data in brackets as at 31 December
13 Asset Allocation Cash 0.9% Capital Solutions 1.2% ETF 0.8% Dividend Certificate 1.6% Lookback Trackers 0.7% Options 0.3% Preference Shares 1.6% COPPS 0.3% Structured Accrual 2.0% Closed Ended Hedge Fund 5.4% Investment Companies (Hedged) 6.5% Zeros 38.5% Investment Companies 8.0% Convertible Unsecured Loan Stock 8.4% Defensive Autocalls 11.1% Synthetic Zeros 12.9% Data as at 31 March
14 Underlying Exposure Litigation Finance 1.0% Commodities 1.4% Residential Property 1.8% Cash & Fixed Income 2.5% Asian Equities 2.9% Portfolio Hedge 0.9% French Equities 0.7% Natural Resources 0.4% UK Equities 22.7% Absolute Returns 3.6% Commercial Property 4.5% US Equities 5.1% UK Smaller Companies 6.3% Investment Companies 13.5% Hedge Funds 7.4% Global Utilities 12.2% Private Equity 13.1% Data as at 31 March
15 Risk Statistics Historic volatility chart against FTSE 100 Sentinel Defensive Fund FTSE Year Volatility 3 Year Volatility 1 Year Max Loss 3 Year Max Loss 1 Year Max Drawdown 3 Year Max Drawdown Sentinel Defensive Fund 1.30% 2.68% -0.77% -3.45% -0.77% -4.32% FTSE % 14.99% -8.62% % -8.62% % Volatility table source: FE Analytics. Annualised ratios. Data to 31 March 2014, taken on 15 April Chart source: Bloomberg. Data from 23 November 2009 to 31 March Past performance is not a guide to future returns. 15
16 Outlook and Anticipated Changes The Fund will continue to maintain a large weighting in investments with defensive qualities and built in growth. We will continue to monitor the duration effects on the Fund with the view to protect against rising risk free rates. We seek diversification through investments in a range of underlying sectors, with downside protection, and demand strong credit metrics from issuers. We continue to remain defensively positioned. We will continue to keep a large exposure to the Two Fs to achieve predictability. 16
17 Important Information Risk of investments Past performance is not a guide to the future. The price of shares and 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 the investment. Please remember that these investments are typically intended as either medium or long term investments. Reference to any particular stock does not constitute a recommendation to buy or sell the stock. Disclaimer Whilst every effort has been made to ensure the accuracy of the information contained within this presentation, we regret that we cannot accept responsibility for any omissions or errors. This presentation is directed only at authorised financial advisers and professional investors. The information given and opinions expressed are subject to change and should not be interpreted as investment advice. Persons who do not have professional experience in matters relating to investments should not rely on the content of this presentation. A free, English language copy of the Fund s full prospectus, Key Investor Information Document and Supplementary Information Document are available on the Sentinel microsite, or by calling us on For your protection, calls may be monitored and recorded for training and quality assurance purposes. FTSE International Limited ( FTSE ) FTSE [year]. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. Issued by Premier Fund Managers Limited. 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 ck 17
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 informationPremier Defensive Growth Fund. Fund update - third quarter 2013
Premier Defensive Growth Fund Fund update - third quarter 2013 The Premier Defensive Growth Fund Need to know The Fund s essential characteristics: Looks to generate a positive return on a rolling 12 month
More informationPremier Liberation Absolute Growth Fund
Premier Liberation Absolute Growth Fund Professional Adviser Report - Second Quarter 2013 For professional adviser use only and not for distribution to retail investors The Premier Liberation Absolute
More informationPremier 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 informationPremier Liberation Absolute Growth Fund. Fund Update - Second Quarter 2013
Premier Liberation Absolute Growth Fund Fund Update - Second Quarter 2013 The Premier Liberation Absolute Growth Fund Need to Know The Fund s Four Essential Characteristics: Targeting returns of cash +2%
More informationPremier 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 informationPremier Multi-Asset Conservative Growth Fund
Premier Multi-Asset Conservative Growth Fund A Fund update - second quarter 2015 For retail investors and professional advisers Premier Multi-Asset Conservative Growth Fund Need to know The Fund s four
More informationPremier UK Money Market Fund
Premier UK Money Market Fund Fund Update - First Quarter 2013 MONEY MARKET The Premier UK Money Market Fund Need to know The Fund s Four Essential Characteristics: Aims to maximise returns from money market
More informationDiversified, multi-asset, global growth investment
Available in a NISA Premier Multi-Asset Global Growth Fund Diversified, multi-asset, global growth investment A For professional advisers only, not for distribution to retail clients Premier Multi-Asset
More informationPremier Multi-Asset Absolute Return Fund
Premier Multi-Asset Absolute Return Fund Fund update - first quarter 2016 For retail investors and professional advisers Premier Multi-Asset Absolute Return Fund Need to know The Fund s four essential
More informationJustifying the investment budget
Justifying the investment budget Professional Pensions DC Conference, 12 April 2016 Tim Horne DC Investment Solutions Manager, Schroders For professional investors only. This material is not suitable for
More informationJUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619
MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53465619 Assets attributable to: Common shares * 10548403 Ordinary shares 850838 Zero Dividend Preference shares 42066378 SHARES Net Asset Value Market Price
More informationJPMorgan Income & Capital Trust plc Annual General Meeting. 2 July 2015
JPMorgan Income & Capital Trust plc Annual General Meeting 2 July 2015 Agenda JPMorgan Income & Capital Trust plc performance Portfolio positioning Outlook 1 Performance review Financial year to 28 February
More informationPremier Multi-Asset Monthly Income Fund
Premier Multi-Asset Monthly Income Fund AA Fund update - first quarter 2015 For retail investors and professional advisers Premier Multi-Asset Monthly Income Fund Need to know The Fund s five essential
More informationONLINE 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 informationAn Introduction to the Asset Class. Convertible Bonds
An Introduction to the Asset Class Convertible DESCRIPTION Convertible (CBs) are fixed income instruments that can be converted into a fixed number of shares of the issuer at the option of the investor.
More informationPremier Asset Management The Income conundrum
Premier Asset Management The Income conundrum January 2015 For professional adviser use only and not for distribution to retail investors The income conundrum Over 80% of the World s assets will be owned
More informationWhy own bonds when yields are low?
Why own bonds when yields are low? Vanguard research November 213 Executive summary. Given the backdrop of low yields in government bond markets across much of the developed world, many investors may be
More informationDynamic 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 informationPROVIDING RETIREMENT INCOME WITH STRUCTURED PRODUCTS
PROVIDING RETIREMENT INCOME WITH STRUCTURED PRODUCTS CUBE INVESTING David Stuff david.stuff@cubeinvesting.com ABSTRACT Structured products are an attractive type of investment for income seeking investors.
More informationFactsheet Phoenix Autocallable Notes April 2012
This information is intended for investment professionals only and should not be provided to or relied upon by retail investors in any circumstances. Investment Guide for Income Builder December 2011 www.gilliat.co.uk
More informationSOCIETE GENERALE STRUCTURED PRODUCTS
SOCIETE GENERALE STRUCTURED PRODUCTS Ben Thompson, Societe Generale Listed Products Thursday 31 st January 2013 RISK WARNING The following products are suitable for sophisticated retail and professional
More informationCGWM Total Return Bond Fund
To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the
More informationManaged by an experienced team of fixed income specialists. Diversified portfolio of 60-70 holdings
Alliance Trust monthly income bond fund built to outmanoeuvre the competition The newly launched Alliance Trust Monthly Income Bond Fund has been designed to invest in a diversified portfolio of predominantly
More informationElite LJ Active Portfolio Fund
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
More informationSchroder 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 informationSources of return for hedged global bond funds
Research commentary Sources of return for hedged global bond funds August 2012 Author Roger McIntosh Executive summary. The recent results in key bond market indices demonstrate the importance of a strategic,
More informationThe Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY
The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight
More informationGlobal 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 informationSPDR S&P 500 Low Volatility UCITS ETF
SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted
More informationACF 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 informationPremier Multi-Asset Distribution Fund
Premier Multi-Asset Distribution Fund AA Fund update - first quarter 2015 For retail investors and professional advisers Premier Multi-Asset Distribution Fund Need to know The Fund s five essential characteristics:
More information2015 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 informationJupiter Enhanced Income Investment Trust PLC
Jupiter Enhanced Investment Trust Previously : Jupiter Geared Cap&Inc Share : Ordinary Main Investment Country Investment Sector Speciality UK General Equity High & rising income & capital growth from
More informationSLVO Silver Shares Covered Call ETN
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver
More informationSchroders 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 informationStaying alive: Bond strategies for a normalising world
Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should
More informationJupiter 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 informationMagellan Global Equities Fund An Innovative Vehicle for Global Equity Investors
Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors March 2015 Important Information This presentation ( Presentation ) has been produced by Magellan Asset Management Limited
More informationOnline 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 informationSG TURBOS GEARED EXPOSURE TO AN UNDERLYING WITH A KNOCK-OUT FEATURE
SG TURBOS GEARED EXPOSURE TO AN UNDERLYING WITH A KNOCK-OUT FEATURE Turbos are products suitable for UK sophisticated retail and professional investors who have a good understanding of the underlying market
More informationNon-Complex Products. Complex Products. General risks of trading
We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade
More informationGlobal 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 informationPricing and Strategy for Muni BMA Swaps
J.P. Morgan Management Municipal Strategy Note BMA Basis Swaps: Can be used to trade the relative value of Libor against short maturity tax exempt bonds. Imply future tax rates and can be used to take
More informationManaging Currency Mismatch. May 2010
Managing Currency Mismatch May 2010 FX Volatility 2 Very High Volatility in Asian Currencies Currency Performance % 140 130 120 110 100 90 80 70 60 50 40 Jan-06 Jun-06 Dec-06 Jun-07 Dec-07 May-08 Nov-08
More informationIntroduction to Equity Derivatives
Introduction to Equity Derivatives Aaron Brask + 44 (0)20 7773 5487 Internal use only Equity derivatives overview Products Clients Client strategies Barclays Capital 2 Equity derivatives products Equity
More informationINTRODUCTION TO BETASHARES YIELD MAXIMISER FUNDS ASX CODE: YMAX (Australian Equities) & UMAX (US Equities)
ASX CODE: YMAX (Australian Equities) & UMAX (US Equities) www.betashares.com.au One of the more enduring investment themes in recent times has been the desire for income combined with less volatility.
More informationIntroduction to Convertible Debentures
Introduction to Convertible Debentures Intro to Convertible Debentures March, 2009 Convertible debentures are hybrid securities which offer advantages of both bonds and equities. Like ordinary bonds they
More informationThe table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:
Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
More informationHSBC World Selection Portfolios The smart way to diversify your customers investments
HSBC World Selection Portfolios The smart way to diversify your customers investments 2 A smart way to invest 3 The benefit of diversification 6 How is HSBC World Selection managed? 8 What are the advantages
More informationMERCER 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 informationExchange 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 informationOUR FUND RANGE AND INVESTMENTS. e-investments
OUR FUND RANGE AND INVESTMENTS e-investments Why is it important to read this document? This document explains our investments, the funds available, how they are managed, their objectives and the associated
More informationRBS 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 informationKames Absolute Return Bond Fund
Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years
More informationPremier Multi-Asset Income & Growth Fund. Fund update - first quarter 2014
Premier Multi-Asset Income & Growth Fund Fund update - first quarter 2014 The Premier Multi-Asset Income & Growth Fund Need to know The Fund s four essential characteristics: For long-term capital growth
More informationANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)
ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors
More informationInvestment Strategy for Pensions Actuaries A Multi Asset Class Approach
Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com
More informationBrooks Macdonald. Structured Products Fact or Fiction?
Brooks Macdonald Structured Products Fact or Fiction? 1 Agenda Introduction & Background - Fiction Facts Complexity Facts Liquidity Facts Costs How We Work With Brooks Macdonald Appendix 2 Introduction
More informationAn easy way of investing offshore
A JSE / Deutsche Bank initiative An easy way of investing offshore Exchange Traded Funds ETFs Itrix DJ EURO STOXX 50 Itrix FTSE 100 Itrix ETFs allow you to Diversify your investment portfolio offshore
More informationBASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
More informationPRODUCT 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 informationHSBC Asian High Yield Bond Fund
Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include
More informationCITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010
CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS Dated 4 August 2010 This Simplified Prospectus contains key information in relation to Citi Global Interest Rates Index Fund (the Fund),
More informationImpact 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 informationLondon & Capital Managed & Income Portfolios. November 2015
London & Capital Managed & Income Portfolios November 2015 Who we are About the Group A leading firm of investment advisers and asset managers, with an international client base, the Company provides private
More informationAn 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 informationBMO Global Asset Management (Asia) Limited 11 February 2016
Product Key Facts BMO MSCI JAPAN 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 information
More informationManaging Risk/Reward in Fixed Income
INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring
More informationIndustrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *
APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the
More informationPRODUCT 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 informationHSBC Global Investment Funds Global High Yield Bond
Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital
More informationM&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 informationSankaty Advisors, LLC
Leveraged Loans: A Primer December 2012 In today s market environment of low rates and slow growth, we believe that leveraged loans offer a unique diversification option for fixed income portfolios due
More informationOpenWorld Dynamic Assets Fund
FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction
More informationThe Scottish Investment Trust PLC. Annual General Meeting 29 January 2016
Annual General Meeting 29 January 2016 SIT Share Price 12 Months to 31 October 2015 680 680 660 660 640 640 620 620 600 600 580 580 560 560 540 540 31 Oct 14 31 Jan 15 30 Apr 15 31 Jul 15 31 Oct 15 Source:
More informationMy 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 informationFixed Income Liquidity in a Rising Rate Environment
Fixed Income Liquidity in a Rising Rate Environment 2 Executive Summary Ò Fixed income market liquidity has declined, causing greater concern about prospective liquidity in a potential broad market sell-off
More informationInvesting in Bonds challenges and opportunities in 2015
For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is
More informationRegistered 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 informationETFs for private investors
ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging
More informationETFs 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 informationAsset allocation A key component of a successful investment strategy
Asset allocation A key component of a successful investment strategy This guide has been produced for educational purposes only and should not be regarded as a substitute for investment advice. Vanguard
More informationAcorn Income Fund Ltd
Acorn Fund Ltd Share : Ordinary Main Investment Country Investment Sector Speciality UK Smaller Companies & capital growth, investing primarily in smaller UK companies. Share price NAV Diluted Discount
More informationHow do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions.
What is a CFD? A CFD is an agreement to exchange the difference between the opening and closing prices of the share, index or commodity between the time at which a contract is opened and the time at which
More informationAssumptions: No transaction cost, same rate for borrowing/lending, no default/counterparty risk
Derivatives Why? Allow easier methods to short sell a stock without a broker lending it. Facilitates hedging easily Allows the ability to take long/short position on less available commodities (Rice, Cotton,
More informationGround Rules. FTSE WMA Private Investor Index Series v3.3
Ground Rules FTSE WMA Private Investor Index Series v3.3 ftserussell.com December 2015 Contents 1.0 Introduction... 3 2.0 Index structure... 4 3.0 Management responsibilities... 6 4.0 Queries and Complaints...
More informationEquity Sell-off Continues, Bonds Affected
Equity Sell-off Continues, Bonds Affected Executive Summary Portfolio Performance So Far The 1-month performance of all model portfolios have been affected by the recent sell-off in equities, with returns
More informationBMO 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 informationEQUITY LINKED NOTES: An Introduction to Principal Guaranteed Structures Abukar M Ali October 2002
EQUITY LINKED NOTES: An Introduction to Principal Guaranteed Structures Abukar M Ali October 2002 Introduction In this article we provide a succinct description of a commonly used investment instrument
More informationISA and Investment Funds Key Features
ISA and Investment Funds Key Features From Standard Life through Standard Life Client Management This is an important document. Please read it and keep for future reference. The Financial Conduct Authority
More informationTransact 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 informationLEWIS 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 informationPRODUCT KEY FACTS Samsung KOSPI 200 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 KOSPI 200 Daily (2x) Leveraged Product 24 June 2016 This is a leveraged product. It is different
More informationUnder the surface. Focus on ETF Liquidity. For professional clients only
Under the surface Focus on ETF Liquidity For professional clients only Introduction ETFs have been designed as highly liquid investment vehicles, allowing investors to establish both long and short term
More informationInvestment risk Balancing investment risk and potential reward
Investment risk Balancing investment risk and potential reward This guide has been produced for educational purposes only and should not be regarded as a substitute for investment advice. Vanguard Asset
More informationA simple solution to the investment puzzle. Multi-asset Funds. Ready-made investment funds matched to your attitude to risk
A simple solution to the investment puzzle Multi-asset Funds Ready-made investment funds matched to your attitude to risk Contents Why Aviva Investors? 2 A simple solution to investing 3 Are these funds
More informationShort 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 informationContents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius
ETF Reference Guide Contents 1. Background 04 2. Introduction to Exchange Traded Funds 05 What are Exchange Traded Funds Why invest in Exchange Traded Funds as an alternative to other similar investments?
More informationInvesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions
Invesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions Key Features of the Invesco Perpetual Investment Trust ISA and Savings Scheme The Financial Conduct Authority
More information