MULTI ASSET SERIES Investment Research. The DGF market deconstructed. Diversified growth funds survey Q Sponsored by

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1 MULTI ASSET SERIES Investment Research The DGF market deconstructed Diversified growth funds survey Q Sponsored by Report run on 07 September 2015

2 Clear and Independent Institutional Investment Analysis We provide institutional investors, including pension funds, insurance companies and consultants, with data and analysis to assess, research and report on their investments. We are committed to fostering and nurturing strong, productive relationships across the institutional investment sector and are continually innovating new solutions to meet the industry s complex needs. We enable institutional investors, including pension funds, insurance companies and consultants, to conduct rigorous, evidence-based assessments of more than 5,000 investment products offered by over 700 asset managers. Additionally, our software solutions enable insurance companies to produce consistent accounting, regulatory and audit-ready reports. To discuss your requirements +44 (0) info@camradata.com Find us at camradata.com Join us on LinkedIn Follow us on Pictet was founded in Geneva in Pictet is a partnership of seven owner managers that encourages us to focus on the group s long-term success. Pictet Asset Management is the division responsible for asset management for institutional investors and investment funds. Our key investment capabilities include: Multi- Asset, Emerging Markets Debt, Global Fixed Income, Global Thematic Equities and Alternative Investments covering Funds of Hedge Funds, Absolute Return and Long/Short Strategies. Our clients include some of the world s largest pension funds, mutual funds, sovereign wealth funds and financial institutions. We manage GBP 103 billion in assets as at the end of June Aberdeen Asset Management is a global asset manager and a FTSE 100 company, with expertise across a broad range of asset classes. We are based in 26 countries with AUM totalling billion as at 31 March Investment Solutions is the home of multi-asset investing at Aberdeen. Our 60-strong investment team has a wealth of experience in managing multi-asset solutions, spanning traditional balanced to outcome oriented strategies, such as DGF. They also benefit from the broader scale of the Aberdeen group - through access to Aberdeen s activelymanaged equity and fixed income strategies, specialist alternatives expertise and in-depth manager research, for example. The CAMRADATA Diversified Growth Fund Survey is based on all sterling Multi Asset Diversifed Growth Fund data in CAMRADATA Live four weeks after the end of the report quarter. We understand there are significant time pressures involved in being a pension scheme trustee. You are often required to evaluate and understand complex issues, in addition to your regular day job. This time pressure is compounded by the sheer volume of information provided by advisers and service providers, in an industry which is becoming more complex with year. At Punter Southall Investment Consulting, it s because we appreciate the challenges faced by trustees that we ve been successful in helping our clients meet their responsibilities without overwhelming them. Our experienced consultants plain speaking and pragmatic approach to investment advice has helped over 100 pension schemes streamline their investments, reducing the governance burden on the trustee board.

3 For professional investors only. The value of investments and the income from them can fall as well as rise. You may not get back the amount originally invested. This document has been issued and approved by Pictet Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. We re focused. So we can see clearly. At Aberdeen, asset management is our sole focus. So we have been able to concentrate on building powerful expertise across all key asset classes from equities to bonds, from property to alternatives. And because we have this rich expertise, we can deliver multi-asset investment solutions as well as individual funds. Insight to capture more opportunity. The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. For more information please visit aberdeen-asset.co.uk Multi-asset investing requires a multi talented team. Introducing Pictet Multi Asset strategy. Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the UK. aberdeen-asset.co.uk Geneva Zurich Luxembourg London Amsterdam Brussels Paris Frankfurt Madrid Milan Dubai Montreal Hong Kong Singapore Taipei Osaka Tokyo

4 Contents Section 1: Summary 1. The DGF Story 2. Survey highlights Section 2: DGF Universe 3. Number of products 4. Number of products over time 5. Number of Asset Managers 6. Number of products per Asset Manager Section 3: Assets under Management 7. AuM of DGF Universe 8. DGF Universe asset flows 9. Top 5 Asset Manager inflows in GBP 10. Top 5 asset Manager inflows as % growth Section 4: Market Share 11. Market Share All DGF Funds 12. Market Share Cash + <3% 13. Market Share Cash + 3% to 5% 14. Market Share Cash + 5% to 7% Section 6: Distribution of Returns 3 Years Section 7: Risk Return 23. Distribution of Monthly Returns All DGFs 24. Distribution of Monthly Returns Cash + <3% 25. Distribution of Monthly Returns Cash + 3% to 5% 26. Distribution of Monthly Returns Cash + 5% to 7% Month Risk Return All DGFs Month Risk Return All DGFs Month Risk Return All DGFs Section 8: Quant Screen 30. CAMRADATA IQ 1 year Cash + 3% to 5% 31. CAMRADATA IQ 3 Years Cash + <3% 32. CAMRADATA IQ 3 years Cash + 3% to 5% 33. CAMRADATA IQ 3 years Cash + 5% to 7% Section 9: Performance Tables 34. Performance Cash + <3% 35. Performance Cash + 3% to 5% 36. Performance Cash + 5% to 7% Section 5: Performance 15. Cumulative Returns - All DGF Funds v Market 16. Monthly Returns All DGF 17. Cumulative Returns Cash + <3% v Market 18. Monthly Returns - Cash + <3% 19. Cumulative Returns Cash + 3% to 5% v Market 20. Monthly Returns - Cash + 3% to 5% 21. Cumulative Returns Cash + 5% to 7% v Market 22 Monthly Returns - Cash + 5% to 7% Section 10: Fees 37. Fees All DGF 38. Fees DGF over 3 years 39. Fees DGF under 3 years

5 Section 1: Summary Sponsored by

6 Section 1: 1. The DGF Story For pension fund investment, the 1990s were all about balanced funds, where fund managers managed a static allocation between bonds and equities. In order to help pension schemes track their balanced fund performance, benchmarks were created that mimicked the static asset mix for example 50% *FTSE All Share/ 50% ML Broad Market. When CAPS launched their Pooled Balanced Median and peer group reports, managers started to herd towards the median and benchmark. This resulted in a homogeneous universe which either tracked its performance against itself or against market indices. Using market indices allows the manager to have periods of negative performance when markets perform negatively. And if managers outperform the benchmark, but still have negative performance, they can do so with a smile on their face. By the early 2000s, some managers and consultants were questioning this behaviour. They wanted positive performance in all markets and a diverse universe which allowed managers to do what they are good at, not what the market dictated. The market downturn in early 2000s highlighted some big US public plans and endowment funds which had survived the period with a positive return. They had done so by holding a diversified pot of assets with static allocation. By the mid 2000s, the Pensions Regulator introduced the statutory funding objective for pension schemes to replace the minimum funding requirement. This started to change the way pension scheme assets were viewed by trustees and the sponsoring company. New language started to emerge like growth assets and matching assets which helped develop conversations away from just discussing equities and bonds. In 2004, P-Solve were already actively rotating capital across asset classes for fiduciary clients. For traditional advisory clients with different governance structures, they began introducing swing portfolios by investing in Dynamic Asset Allocation funds. In 2005 Schroders designed a DGF strategy for their own pension scheme which was similar to the US endowment funds but which rotated dynamically through the growth asset classes. Their consultant at the time was AON Hewitt and in 2006 they launched a fund making the strategy accessible to small and medium sized pension schemes. By the early 2000s, some managers and consultants were questioning this behaviour. They wanted positive performance in all markets and a diverse universe which allowed managers to do what they are good at, not what the market dictated The second half of the 2000s saw interest and activity in the DGF snowball. HSBC Actuaries & Consultants (now JLT Employee Benefits) was joined by P-Solve as the two main consultants who were directing pension fund assets into DGFs. There was a raft of funds launched to cater for the demand from smaller pension schemes. When the credit crunch struck, all eyes turned to the DGF managers; this would be their first real test. Could they preserve capital or at least not experience such deep drawdowns as equity funds? Some didn t survive whilst others, like Barings DAA fund and the Standard Life GARS fund did, proving the DGF concept and carrying on to become significant success stories.

7 Section 1: 2. Survey highlights The number of DGF products available in GBP as at 30th June 2015 is 85. Of these there are 67 products which have 3 years or more track records and 18 products which have less than 3 years history. Assets under management, in these DGF products, now total over 126bn. In the last quarter DGF assets grew by 2.5bn with Standard Life being the largest winner with asset inflows of 1.4bn during the quarter. First Quadrant, L.P. achieved the largest percentage growth seeing their assets increase by 23.77% over the quarter. Standard Life is still by far the manager with the largest share of assets in DGF products with over 42bn under management. The top 5 managers, with the largest AuM of DGF sterling products, are: Standard Life; Ruffer; BlackRock; Newton and Schroder. In June 2015 DGF products had their worst monthly performance in a year with all products producing negative returns of between -0.58% and -5.14%. DGFs with an objective of cash plus less than three percent achieved a median return of 3.5% over the last year. DGFs with an objective of cash plus three to five percent achieved a median return of 6.4% over the last year. DGFs with an objective of cash plus five to seven percent achieved a median return of 4.9% over the last year. True to their objective DGFs achieved monthly median returns of between -3% and 3% over a three year period, providing a much smoother ride than the MSCI world index which achieved monthly returns ranging from -6% and 8%. According to the CAMRADATA IQ quant screens for the 3 years to 30 June 2015, stand out products with an objective of cash plus less than three percent are from UBS, M&G and Momentum. Stand out products with an objective of cash plus three to five percent are from Fulcrum, LGT Capital Partners and Jupiter. Stand out products with an objective of cash plus five to seven percent are from Nordea, Standard Life, and PineBridge Investments. For new comers to the DGF universe, the CAMRADATA IQ quant screen over one year rather than the usual three show the stand out products with an objective of cash plus three to five percent are Ruffer LLP, Aberdeen and Baring Asset Management (London). DGFs fees appear to be coming down with new product launches. The maximum fee for DGF products with an objective of cash plus three to five with a track record less than three years is 0.8% compared to 1.0% for products with a longer track record.

8 Section 2: DGF Universe Sponsored by

9 Section 2:DGF Universe

10 Section 3: Assets under Management Sponsored by

11 Section 3: Assets under management 9: Top 5 Asset Manager inflows in GBP during the quarter 10: DGF Universe Asset Flows Percentage during the quarter Rank Manager Inflows 1 Standard Life Investments Limited 1,400m 2 Invesco Ltd. 1,003m 3 Nordea Investment Management 670m 4 BlackRock 237m 5 Insight Investment Management (Global) Limited 236m Rank Manager Inflows Percent 1 First Quadrant, L.P Investec Asset Management Invesco Ltd Wellington Management International Limited Nordea Investment Management 5.48

12 Section 4: Market Share Sponsored by

13 Section 4: Market Share Total Value - 126,231 GBP Total Value - 10,742 GBP Total Value - 54,329 GBP Total Value - 54,776 GBP

14 Section 5: Performance Sponsored by

15 Section 5: Performance Copyright MSCI All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an 'as is' basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will SCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

16 Section 5: Performance Copyright MSCI All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an 'as is' basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will SCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

17 Section 6: Distribution of Returns 3 Years Sponsored by

18 Section 6: Distribution of Returns Copyright MSCI All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an 'as is' basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will SCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

19 Section 7: Risk Return Sponsored by

20 Section 7: Risk Return

21 Section 8: Quant Screen Sponsored by

22 Section 8: 30: CAMRADATA IQ - Cash + 3% to 5% - 1 Year One Year Returns : Diversified Growth Funds - Cash Plus >3% <5% (GBP) Data 45 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period One Year to Jun 2015 One Year Relative Risk Return : Diversified Growth Funds - Cash Plus >3% <5% (GBP) Data 45 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period One Year to Jun 2015 Return Risk Risk Reward Return Risk Risk Reward Absolute Relative Inter Quartile Range Extrema Range IQ Scores : - Benchmark: UK BOE LIBID/LIBOR 3 MONTH Organization Product Name Excess Return % Information Ratio Wins - Losses % Hit Rate % Drawdown Strength Score Excess Risk % Currency 1 Ruffer LLP Ruffer LLP GBP 2 Aberdeen Asset Management Aberdeen Diversified Growth Fund GBP 3 Baring Asset Management (London) Dynamic Asset Allocation Fund GBP 4 Charles Stanley PFS PanBalanced GBP 5 Threadneedle Asset Management Ltd Threadneedle Dynamic Real Return Fund (T9DRRF) GBP 6 Kames Capital Kames Diversified Growth Fund GBP 7 Fulcrum Asset Management LLP Fulcrum Diversified Absolute Return Strategy GBP 8 BlackRock Market Advantage Strategy Fund (MASF) GBP 9 LGT Capital Partners Crown-LGT Multi-Alternatives GBP 10 Baillie Gifford & Co. Baillie Gifford Diversified Growth Pension Fund GBP 11 ifunds Asset Management Spectrum Green Diversified Growth GBP 12 M&G Investments M&G Episode Allocation Fund GBP 13 Newton Investment Management Newton Multi-Asset Diversified Return Fund Share Class GBP 14 Investec Asset Management Investec Diversified Growth Fund GBP 15 Artemis Investment Management LLP Artemis Strategic Assets Fund GBP 16 Jupiter Asset Management Limited Jupiter Strategic Total Return (SICAV) - Cash + 3% GBP 17 AB (Formerly Known as AllianceBernstein) Dynamic Diversified Beta GBP 18 Invesco Ltd. Invesco Perpetual Global Targeted Returns Fund GBP 19 Henderson Global Investors Limited Henderson Diversified Growth Fund - SICAV GBP 20 Momentum Global Investment Management Limited Momentum MF SICAV-SIF Diversified Target Return Fund GBP

23 Section 8: 31: CAMRADATA IQ - Cash + <3% - 3 Years Three Year Returns : Diversified Growth Funds - Cash Plus <3% (GBP) Data 11 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Three Year Relative Risk Return : Diversified Growth Funds - Cash Plus <3% (GBP) Data 11 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Return Risk Risk Reward Return Risk Risk Reward Absolute Relative Inter Quartile Range Extrema Range IQ Scores : - Benchmark: UK BOE LIBID/LIBOR 3 MONTH Organization Product Name Excess Return % Information Ratio Wins - Losses % Hit Rate % Drawdown Strength Score Excess Risk % Currency 1 UBS Global Asset Management Global Allocation Fund (GAF) (UK) GBP 2 M&G Investments Prudential Absolute Return Strategy GBP 3 Momentum Global Investment Management Limited Momentum MF SICAV-SIF Diversified Target Return Sub-Fund GBP 4 BlackRock BIJF Dynamic Diversified Growth Fund GBP 5 AB (Formerly Known as AllianceBernstein) Dynamic Diversified Portfolio - S1 GBP Hedged Share Class GBP 6 Charles Stanley PanDYNAMIC GBP 7 First Quadrant, L.P. Global Risk-Balanced - UCITS Fund GBP

24 Section 8: 32: CAMRADATA IQ - Cash + 3% to 5% - 3 Years Three Year Returns : Diversified Growth Funds - Cash Plus >3% <5% (GBP) Data 38 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Three Year Relative Risk Return : Diversified Growth Funds - Cash Plus >3% <5% (GBP) Data 38 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Return Risk Risk Reward Return Risk Risk Reward Absolute Relative Inter Quartile Range Extrema Range IQ Scores : - Benchmark: UK BOE LIBID/LIBOR 3 MONTH Organization Product Name Excess Return % Information Ratio Wins - Losses % Hit Rate % Drawdown Strength Score Excess Risk % Currency 1 Fulcrum Asset Management LLP TM Fulcrum Diversified Growth Fund GBP 2 LGT Capital Partners Crown-LGT Multi-Alternatives GBP 3 Jupiter Asset Management Limited Jupiter Strategic Reserve - Cash + 5% GBP 4 Momentum Global Investment Management Limited Momentum MF SICAV-SIF Diversified Target Return Fund GBP 5 Investec Asset Management Investec Diversified Growth Fund GBP 6 Threadneedle Asset Management Ltd Threadneedle Pensions Multi Asset Fund (TPNMAF) GBP 7 M&G Investments M&G Episode Allocation Fund GBP 8 AB (Formerly Known as AllianceBernstein) Dynamic Diversified Beta GBP 9 Henderson Global Investors Limited Henderson Diversified Growth Fund - SICAV GBP 10 Artemis Investment Management LLP Artemis Strategic Assets Fund GBP 11 Insight Investment Management (Global) Limited Broad Opportunities Fund (C0427) GBP 12 ifunds Asset Management Spectrum Green Diversified Growth GBP 13 Waverton Investment Management Waverton Charity Balanced Mandate GBP 14 Ruffer LLP Ruffer LLP GBP 15 Baring Asset Management (London) Dynamic Asset Allocation Fund GBP 16 Baillie Gifford & Co. Baillie Gifford Diversified Growth Pension Fund GBP 17 Charles Stanley Bespoke multi-asset GBP 18 Newton Investment Management Newton Multi-Asset Diversified Return Fund Share Class GBP 19 BlackRock Market Advantage Strategy Fund (MASF) GBP 20 Aberdeen Asset Management Aberdeen Diversified Growth Fund GBP

25 Section 8: 33: CAMRADATA IQ - Cash + 5% to 7% - 3 Years Three Year Returns : IQ_Diversified Growth Funds - Cash Plus >5% <7% (GBP) Data 12 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Three Year Relative Risk Return : IQ_Diversified Growth Funds - Cash Plus >5% <7% (GBP) Data 12 products Benchmark UK BOE LIBID/LIBOR 3 MONTH Period Three Years to Jun 2015 Return Risk Risk Reward Return Risk Risk Reward Absolute Relative Inter Quartile Range Extrema Range IQ Scores : - Benchmark: UK BOE LIBID/LIBOR 3 MONTH Organization Product Name Excess Return % Information Ratio Wins - Losses % Hit Rate % Drawdown Strength Score Excess Risk % Currency 1 Nordea Investment Management Diversified Growth - Stable Return Fund (GBP) GBP 2 Standard Life Investments Limited Global Absolute Return Strategies Pension Fund GBP 3 PineBridge Investments PineBridge Multi-Asset Composite (GBP 100% Hedged) GBP 4 Lyxor Asset Management Lyxor Absolute Return Multi Asset 8 - GBP GBP 5 Charles Stanley Growth PLUS GBP 6 Invesco Ltd. Invesco Balanced-Risk Allocation Composite - GBP Risk GBP 7 Fidelity Worldwide Investment Fidelity Investment Funds Diversified Growth fund GBP 8 Putnam Investments Limited PWT Total Return Fund (GBP) GBP

26 Section 9: Performance Tables Sponsored by

27 Section 9: Performance Tables 34: Performance - Cash + <3% 30 June 2015 Manager/Fund 3 Years 1 Year 3 Months Ranked by performance over 3 years % Rank % Rank % Rank (Median of Universe) UBS / Global Allocation Fund (GAF) (UK) (1) 7.48 (1) (9) UBS / UBS Life Diversified Return Fund (DRF) (2) 6.06 (4) (6) M&G / M&G Episode Income Fund 9.92 (3) 7.47 (2) (10) M&G / Prudential Absolute Return Strategy 9.83 (4) 6.78 (3) (7) AB (Formerly Known as AllianceBernstein) / Dynamic Diversified Portfolio - S1 GBP 7.24 (5) 0.22 (10) (2) Hedged Share Class MomentumGIM / Momentum MF SICAV-SIF Diversified Target Return Sub-Fund 7.17 (6) 3.54 (6) -0.1 (1) BlackRock / BIJF Dynamic Diversified Growth Fund 6.65 (7) 2.51 (7) (4) BlackRock / BlackRock Dynamic Diversified Growth Fund 6.63 (8) 1.86 (8) (3) Charles Stanley / PanDYNAMIC 6.34 (9) 5.29 (5) (8) First Quadrant / Global Risk-Balanced - UCITS Fund 3.59 (10) (11) (11) Charles Stanley / PFS PanDefensive 2.42 (11) 1.42 (9) (5) 35: Performance - Cash + 3% to 5% 30 June 2015 Manager/Fund 3 Years 1 Year 3 Months Ranked by performance over 3 years % Rank % Rank % Rank (Median of Universe) ifunds / Spectrum Orange Diversified Growth 11.2 (1) (4) (44) AB (Formerly Known as AllianceBernstein) / Dynamic Diversified Beta (2) 8.73 (11) (47) Fulcrum / TM Fulcrum Diversified Growth Fund (3) 7.46 (17) (9) Artemis / Artemis Strategic Assets Fund (4) 5.87 (29) 2.96 (1) Fulcrum / Fulcrum Diversified Growth Fund (5) 6.71 (21) (14) Fulcrum / Fulcrum Diversified Growth Strategy (6) 7.46 (17) (9) M&G / M&G Episode Allocation Fund (7) 7.55 (14) (25) ifunds / Spectrum Green Diversified Growth 9.39 (8) (3) (43) Investec / Investec Diversified Growth Fund 8.98 (9) 7.46 (17) (38) Waverton / Waverton Portfolio Fund 8.85 (10) 5.52 (31) (49) Fulcrum / TM Fulcrum Diversified Absolute Return Fund 8.67 (11) 7.54 (15) (15) Fulcrum / Fulcrum Diversified Absolute Return Strategy 8.67 (11) 7.54 (15) (15) BlackRock / Market Advantage Strategy Fund (MASF) 8.66 (13) 9.63 (7) (42) Threadneedle / Threadneedle Pensions Multi Asset Fund (TPNMAF) 8.51 (14) 7.42 (20) (24) Charles Stanley / Bespoke multi-asset 8.48 (15) (5) (46) Waverton / Waverton Charity Balanced Mandate 8.42 (16) 5.34 (33) -3.6 (45) Charles Stanley / PFS PanBalanced 8.32 (17) (1) (37) LGT CP / Crown-LGT Multi-Alternatives 7.78 (18) 6.29 (25) (23) Ruffer / Ruffer LLP 7.75 (19) (2) 0.38 (2) LGT CP / Crown Multi-Alternatives Segregated Portfolio Series 1 (GBP) 7.71 (20) 5.7 (30) (30) Insight / Broad Opportunities Fund (C0427) 7.43 (21) 3.82 (37) (35) Charles Stanley / Core Diversified Growth Strategy 7.41 (22) 9.39 (8) (39) Newton / Newton Multi-Asset Diversified Return Fund Share Class (23) 6.01 (27) (17) Barings / Dynamic Asset Allocation Fund 7.24 (24) 7.96 (12) 0.11 (4) Henderson / Henderson Diversified Growth Fund - SICAV 7.18 (25) 4.61 (34) (25) MomentumGIM / Momentum MF SICAV-SIF Diversified Target Return Fund 7.17 (26) 3.54 (39) -0.1 (5) Henderson / Diversified Growth composite 6.97 (27) 4.54 (35) (27) Henderson / Henderson Diversified Growth Fund - NURS 6.9 (28) 4.53 (36) (29) Baillie Gifford / Baillie Gifford Diversified Growth Pension Fund 6.79 (29) 5.49 (32) (8) Barings / Multi Asset Targeted Return Composite SUP (30) 6.69 (22) (13) Aberdeen / Diversified Growth (Composite) 6.13 (31) 8.94 (9) (11) Aberdeen / Aberdeen Diversified Growth Fund 6.13 (31) 8.94 (9) (11) LOIM / LO Funds - All Roads (GBP) I A 5.35 (33) 1.59 (44) (36) BlackRock / Aquila Life Market Advantage Fund 5.3 (34) 3.33 (40) (32) F&C / F&C Diversified Growth 5.29 (35) 5.96 (28) (22) ifunds / Spectrum Indigo Diversified Growth 5.05 (36) 6.42 (23) (33) Fidelity / Fidelity Diversified Markets Fund 4.7 (37) (46) (48) Newton / Newton Real Return Fund Exempt Share Class (38) 2.55 (42) (40) Jupiter / Jupiter Strategic Reserve - Cash + 5% 4.23 (39) 2.51 (43) (6)

28 Section 9: Performance Tables 36: Performance - Cash + 5% to 7% 30 June 2015 Manager/Fund 3 Years 1 Year 3 Months Ranked by performance over 3 years % Rank % Rank % Rank (Median of Universe) PineBridge / PineBridge Multi-Asset Composite (GBP 100% Hedged) (1) 6.07 (7) (4) Charles Stanley / Growth PLUS (2) (1) (12) Nordea Asset Management / Diversified Growth - Stable Return Fund (GBP) (3) 9.57 (2) (9) Lyxor / Lyxor Absolute Return Multi Asset 8 - GBP 9.29 (4) 3.71 (8) (15) Standard Life / Global Absolute Return Strategies Pension Fund 7.42 (5) 8.06 (5) (3) Standard Life / Global Absolute Return Strategies Fund 7.24 (6) 7.88 (6) (7) Fidelity / Fidelity Investment Funds Diversified Growth fund 7.1 (7) 2.54 (9) (13) Invesco / Invesco Balanced-Risk Allocation Composite - GBP Risk (8) 0.64 (13) (14) Putnam / PWT Total Return Fund (GBP) 6.2 (9) -0.4 (14) (2) Invesco / Invesco Balanced-Risk Allocation Composite - GBP Risk (10) 0.8 (12) (11) Invesco / Invesco Balanced-Risk Allocation Composite 5.39 (11) 9.41 (3) (16) Invesco / Invesco Balanced-Risk Allocation Composite - GBP Risk (12) 1.01 (11) (8) Aviva / Aviva Investors Multi-Strategy Target Return Fund (OEIC) 8.8 (4) (6) BlackRock / BlackRock Dynamic Return Strategy (DRS) Fund 1.1 (10) (10) Hermes / Hermes Multi Asset Inflation Fund (15) 0.02 (1) PineBridge / PineBridge Global Dynamic Asset Allocation Fund Class 'Y2H' Units (UCITS) (15) (4)

29 Section 10: Fees Sponsored by

30 Section 10: Fees

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