Annual Report2012 JPMorgan Elect plc. Annual Report & Accounts for the year ended 31st August 2012

Size: px
Start display at page:

Download "Annual Report2012 JPMorgan Elect plc. Annual Report & Accounts for the year ended 31st August 2012"

Transcription

1 Annual Report2012 JPMorgan Elect plc Annual Report & Accounts for the year ended 31st August 2012

2 Features Contents 1 Chairman s Statement Managed Growth Share Class 4 Financial Results 5 Investment Managers Report 8 Financial Record 9 Ten Largest Investments 10 Geographical Analysis 11 List of Investments 12 Income Statement 13 Balance Sheet Managed Income Share Class 14 Financial Results 15 Investment Managers Report 19 Financial Record 20 Ten Largest Investments 21 Sector Analysis 22 List of Investments 23 Income Statement 24 Balance Sheet Managed Cash Share Class 25 Financial Results 26 Investment Managers Report 27 Financial Record 28 List of Investments 28 Portfolio Analysis 29 Income Statement 30 Balance Sheet The Company 31 Board of Directors 33 Directors Report 33 Business Review 41 Corporate Governance Statement 46 Directors Remuneration Report 48 Statement of Directors Responsibilities 49 Independent Auditor s Report 50 Income Statement 51 Reconciliation of Movements in Shareholders Funds 52 Balance Sheet 53 Cash Flow Statement 54 Notes to the Accounts 77 Notice of Annual General Meeting 81 Glossary of Terms and Definitions 82 Capital Structure and Conversion between Share Classes 85 Information about the Company JPMorgan Elect plc (the Company ) adopted its present structure as a result of the combination of JPMorgan Fleming Managed Growth plc and JPMorgan Fleming Managed Income plc and the subsequent capital reorganisation. The Company s name reflects the capital structure and the investment flexibility it offers to shareholders. There are three share classes, each with distinct investment policies, objectives and underlying investment portfolios. Each share class is listed separately and traded on the London Stock Exchange. This capital structure means that shareholders may benefit from greater investment flexibility in a tax-efficient manner. Objectives Managed Growth Long term capital growth from investing in a range of investment trusts and open-ended funds managed principally by JPMorgan Asset Management Limited (the Manager ). Managed Income Growth of income with potential for long term capital growth by investing in equities, investment companies and fixed income securities. Managed Cash Preservation of capital with a yield based on short term interest rates by investing in a range of liquidity funds and short dated AAA-rated UK government securities and G7 government securities hedged into sterling. More information on investment policies and risk management is given in the Directors Report on pages 33 and 34. Benchmarks Managed Growth The benchmark is a composite comprising 50% FTSE All-Share Index and 50% FTSE World Index (ex-uk). Managed Income The benchmark is a composite comprising 85% FTSE All-Share Index and 15% Barclays Capital Global Corporate Bond Index (hedged) in sterling terms. Managed Cash There is no benchmark for this portfolio. Capital Structure At 31st August 2012, the following shares were in issue. Managed Growth: 38,344,436 (2011: 40,920,311) ordinary shares. Managed Income: 53,274,946 (2011: 50,446,078) ordinary shares. Managed Cash: 13,781,140 (2011: 14,075,774) ordinary shares. Management Company The Company employs JPMorgan Asset Management (UK) Limited ( JPMAM or the Manager ) to manage its assets.

3 Chairman s Statement I encourage shareholders to read the full Investment Managers Report for each share class which gives a detailed analysis of the position over the last financial year, a period which has continued to be a difficult environment for active managers. The background has remained markedly similar to last year with markets showing promising signs of recovery in the first half of the Company s financial year, only for progress to be reversed in the second half; such an environment has led to mixed but positive performance from the Company s portfolios. Managed Growth Performance The Managed Growth portfolio delivered a total return on net assets of 5.2%, compared with an equivalent figure of 9.8% for the portfolio s composite benchmark index, (comprised equally of the FTSE All-Share and FTSE World (ex-uk) indices). The share price total return was 3.3%. This disappointing and unusual relative underperformance reflected our being underweight in the UK and overweight in emerging markets, together with below-average performance from many of the key underlying funds in the portfolio. The Board is satisfied that this volatility relative to the benchmark does not represent any structural inadequacies in the investment methodology but results from specific decisions made against the background of unpredictable market conditions during the period. It is worth reporting that the past year has been equally difficult for a number of the portfolio s peers, reflecting the negative nature of trading conditions faced by active fund managers. Dividends Shareholders will remember that there is no specific income objective for the Managed Growth class, the dividend simply reflecting the payments received from the underlying investments. Dividends are paid quarterly and four interim dividends totalling 5.95 pence were payable in respect of the Company s financial year to the end of August 2012, compared with 5.00 pence last year. Share Capital In the year to 31st August 2012, 1,532,722 Managed Growth shares were repurchased for cancellation. As is the case for all three share classes, the shares were repurchased at a discount to net asset value, thereby benefiting all continuing shareholders. Since the year end, the portfolio has repurchased a further 290,365 shares for cancellation. Managed Income Performance The Managed Income portfolio produced a total return on net assets of 10.6% over the year to 31st August 2012, marginally above last year s return. This represents a 0.4 percentage point outperformance of the composite benchmark (comprised of 85% FTSE All-Share Index and 15% Barclays Capital Global Corporate Bond Index (hedged) in sterling terms). The share price total return was 9.5%, reflecting a widening of the discount over the period. JPMorgan Elect plc. Annual Report & Accounts

4 Chairman s Statement continued Dividends Dividends on Managed Income shares are paid quarterly in March, June, September and December each year. As the level and timing of dividend receipts from the underlying investments varies throughout the year, the quarterly dividends are not necessarily of equal amounts. Total dividends for the year amounted to 3.40 pence per share compared with 3.35 pence last year which had included a minimal transfer from revenue reserves. Share Capital In the year to 31st August 2012, 1,378,027 Managed Income shares were repurchased for cancellation. Since the year end, the portfolio has repurchased a further 163,595 shares. Managed Cash Performance The portfolio s primary objective remains capital preservation through investment in high quality liquidity funds. The Bank of England base rate has remained at 0.5% and the returns generated by the portfolio s underlying money market funds therefore continue to be low, generating a total return on net assets of 0.4% with a 0.5% return to shareholders. Dividends Income received continues to be very modest, which is reflected in the payment of two dividends totalling 0.50 pence per share. Dividends will always be dependent on the level of interest rates and shareholders should not expect any more than minimal distributions from this portfolio until interest rates return to more conventional levels. Share Capital In the year to 31st August 2012, 945,688 Managed Cash shares were repurchased for cancellation. Since the year end, the portfolio has repurchased a further 173,089 shares. Underlying Investments in the Managed Cash Portfolio The Managed Cash portfolio is invested in liquidity funds with AAA ratings as measured by Standard & Poor s, or an equivalent rating agency. Although the money market funds within the portfolio are subject to the Institutional Money Markets Funds Association s ( IMMFA ) Code of Practice and to scrutiny by rating agencies, shareholders should be aware that such investments are not classified as completely risk free. However, the IMMFA, the industry s trade association, continues to work with its members to tighten regulation and our Investment Managers ensure the portfolio is invested in a diversified selection of funds in an effort to mitigate some of the risk. Directors Nigel Sidebottom retired from the Board in July and I would like to place on record our very deep appreciation of his service to the Company; he had been a Director since inception, latterly as Chairman of the Audit Committee, in which role 2 JPMorgan Elect plc. Annual Report & Accounts 2012

5 particularly shareholders owe a considerable debt to his knowledge, insight and dedication to the Company s affairs. Mr Sidebottom was succeeded as Audit Committee Chairman by James Robinson who together with Alan Hodson joined the Board during the year. The Company s current Board succession plan will shortly be completed, following my retirement at the conclusion of the Company s forthcoming Annual General Meeting and, as agreed by the Nomination Committee, I shall be succeeded by Robert Ottley, now Deputy Chairman. The Board has decided that, in accordance with corporate governance best practice, all Directors will seek re-election at each Annual General Meeting, commencing this year. As I step down from the Board, I would like to thank my fellow Directors, shareholders and JPMAM for their individual and collective support during my tenure and wish all success for the future. I am confident that the new Board, led by Mr Ottley, will represent a welcome range and quality of experience to ensure the vigorous protection of shareholders interests. Conversion Opportunities Between Share Classes Shareholders are able to convert all or part of any class of holding into any other class at the end of February, May, August and November each year. Details on how to convert can be found in the Company s Annual Report & Accounts and on the Company s website. Outlook Since the Company s year end, markets have remained reasonably firm and both the Managed Growth and Managed Income portfolios have benefited from this. The economic headwinds are still stubbornly strong and it is by no means clear when they will subside, but, encouragingly, investors are starting to show, for the first time in years, some willingness to look beyond the immediate crisis. Annual General Meeting The Company s Annual General Meeting will be held at 200 Aldersgate, St Paul s, London EC1A 4HD on Thursday, 13th December 2012 at noon. In addition to the formal part of the meeting, there will be presentations from the Investment Managers of each share class and a question and answer session. Please submit in writing, any detailed questions that you wish to raise at the AGM to the Company Secretary, JPMorgan Elect plc, Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Shareholders who are unable to attend the AGM in person are encouraged to raise any concerns or comments by writing to me at the Company s registered address above, or via the Company s website by following the Ask the Chairman link at Simon Miller Chairman 7th November 2012 JPMorgan Elect plc. Annual Report & Accounts

6 Managed Growth Share Class Financial Results Total returns (includes dividends reinvested) +3.3% Return to shareholders 1 (2011: +11.1%) +5.2% Return on net assets 2 (2011: +10.9%) +9.8% Benchmark return 3 (2011: +7.7%) M A N A G E D G R O W T H 5.95p Dividend (2011: 5.00p) Financial Data 31st August 31st August % change Shareholders funds ( 000) 154, , Number of shares in issue 38,344,436 40,920, Net asset value per share 403.8p 389.4p +3.7 Share price 388.5p 382.0p +1.7 Share price discount to net asset value per share 3.8% 1.9% Ongoing Charges % 0.51% A glossary of terms and definitions is provided on page Source: Morningstar. 2 Source: J.P. Morgan. 3 Source: FTSE. The benchmark is a composite comprising 50% FTSE All-Share Index and 50% FTSE World Index (ex-uk). 4 Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the daily net assets during the year (2011: Total Expense Ratio: Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the month end net assets during the year). The Ongoing Charges are calculated in accordance with guidance issued by the Association of Investment Companies in May JPMorgan Elect plc. Annual Report & Accounts 2012

7 Investment Managers Report Katy Thorneycroft Jonathan Lowe Review There has been an unfortunate tendency over the past few years for equity markets to perform strongly in the early part of the year, only for those gains to be eroded sometimes significantly in the second half. Market returns over the past 12 months have once again conformed to this pattern. In our Half Year Report six months ago we noted the improvement in investment sentiment after the declines at the back-end of 2011; little did we know at the time that this improvement would soon be reversed. Thus, after making reasonable progress during the first half of the financial year, most equity indices have moved sideways at best since March, with some encountering significant declines. What has brought about this renewed risk aversion? The proximate causes are the same as those which have been overshadowing sentiment since mid 2010 debt problems in the Eurozone, the faltering pace of the US recovery and the fear of a sharper than expected slowdown in China. Specifically it was the fragility of Spain s banks which catalyzed the mid year sell-off, setting off a chain of consequences from the deteriorating credit worthiness of Italy and Spain to the lack of specific mechanisms to defend the integrity of the Euro. At the same time confidence was also impacted by the loss of momentum in the US economy and by the decelerating growth profile in China. Had the global economy been growing more vigorously, it is possible that Spain s banking problems would have had less impact. But with growth slowing globally and in a seemingly synchronized fashion, investors have not been prepared to give equities the benefit of the doubt. Within equity markets there has been a marked divergence in performances as developed world equities have substantially outperformed their emerging counterparts. A 4% gain in the US index since the end of February and flat returns in the UK compare favourably with returns of 9% (in Sterling terms) for the emerging markets index. In the case of the US this resilience is understandable thanks to a pro-active Central Bank and a moderate but still expanding economy; and the UK has benefited from the international make up of its market as an offset to domestic austerity. But for emerging markets, a combination of slowing growth expectations, disappointing earnings announcements and intensifying risk aversion has compressed valuations to the extent that these economies superior long term prospects have now been fully priced out. Given their better demographic profiles, higher secular growth rates and stronger fiscal positions, this de-rating seems anomalous to us. M A N A G E D G R O W T H The performance of Sterling during the year was unhelpful rather than a major source of negative return. Sterling s strength was a bigger drag on performance in the three months to the end of August (because of the weakness of the US Dollar) than it was over the full 12 months. It was strong against the Euro and against a number of emerging markets currencies, but over the full 12 month period, it was the US Dollar which was the strongest of the major currencies, and so in absolute terms provided a boost to overall returns. Relative to other performance effects currency was only a relatively modest source of underperformance. Performance It has been a disappointing 12 months for the portfolio. Over the 12 months to the end of August, the Managed Growth portfolio delivered a total return on net assets of 5.2% as against a benchmark return of 9.8%. Unfortunately shareholder returns were further eroded as a result of some modest discount expansion. The table below shows the impact of the past 12 months on longer term absolute and relative returns: JPMorgan Elect plc. Annual Report & Accounts

8 Investment Managers Report continued Total returns to 31st August 2012 Six One Two Three Five Ten Managed Growth months year years years years years NAV Return (%) Benchmark Return (%) FTSE All-Share Index (%) FTSE World Index (ex-uk) (%) M A N A G E D G R O W T H Source: Bloomberg/J.P. Morgan. We should acknowledge that there is a pro-cyclical bias to the Managed Growth portfolio, which is in part a function of its investment opportunity set, and in part due to its growth mandate. We perform best in circumstances where growth markets outperform, where small cap equities outperform large cap counterparts and where investment trusts benefit from narrowing fund discounts; we perform relatively poorly when all these factors move into reverse. Suffice it to say that over the past 12 months, we have been impacted by the underperformance of emerging markets, by the poor relative performance of small cap companies and by the effect of widening investment trust discounts. However, we also made some poor investment decisions, which exacerbated these headwinds. Chief among these was the large allocation to Asian and emerging markets, which we have long considered a structural overweight. Funding this overweight position out of the UK, which has been one of the better market performers over the past 12 months, was costly in relative terms. In addition, we should have had a higher exposure to US equities. It has also been a challenging period for underlying fund performances. Among our larger holdings, JPMorgan Claverhouse, JPMorgan UK Dynamic and JPMorgan American all underperformed their respective benchmarks as their managers found it difficult to navigate the frequent changes of market direction. We did benefit from positive performances from a number of our smaller holdings (JPMorgan Smaller Companies, JPMorgan Emerging Markets and JPMorgan European Growth among our in-house holdings; Biotech Growth, Finsbury Growth and Income and Jupiter European Opportunities among our third party holdings), but this was not enough to compensate for underperformance elsewhere. Finally, we were impacted by some sizeable movements in investment trust discounts. In aggregate investment trust discounts only widened out by about a percentage point or so (7% to 8%) over the year but this masks some significant intra-sectoral movements. North American investment trust discounts narrowed by approximately two percentage points while UK Growth and Income investment trusts were also well bid over the period. Conversely, we saw some significant widening among Asian and emerging market investment trust holdings and some smaller company investment trusts. Although we feel this is cyclical and will be reversed as risk appetite improves, this proved to be another headwind on the portfolio. Portfolio Review At the end of the financial year, 53% of the portfolio was invested in JPMorgan investment trusts, 22% in JPMorgan open ended funds and 23% in investment trusts managed by third party managers. The balance was in cash. Over the past 12 months, 6 JPMorgan Elect plc. Annual Report & Accounts 2012

9 we have reduced the allocation to investment trusts and raised weightings to holdings in open ended funds. This decision has partly been dictated by the relative lack of opportunity open to us in US equity orientated investment trusts. Geographically we did take some action over the past 12 months to reduce our exposure to developing markets in favour of the US and UK. But as noted above, this action was insufficient to offset the relative performance drag from the underperformance of emerging markets over the period. Key purchases included additions to existing holdings in JPMorgan UK Dynamic, JPMorgan US Growth (both open ended companies) and JPMorgan Claverhouse Investment Trust. Key sales included Blackrock World Mining, JPMorgan Asian and Biotech Growth Fund investment trusts the latter after its significant re-rating since the end of New names added to the portfolio over the period include JPMorgan Overseas and Fidelity European Values investment trusts, while we disposed entirely of our holding in Utilico Investments after a rebound in performance in the early part of the financial year. Outlook We continue to live with many legacies of the Global Financial Crisis debt deflation and extreme austerity in the Eurozone, the continued fragility of financial institutions, dysfunctional policy making, and high levels of public debt. This potent mix will continue to produce strong headwinds which will keep the pace of global activity low and lead to periodic bouts of market instability a likely pattern of two steps forward, one step back. More recently investor sentiment has begun to improve thanks to Central Bank policies aimed at stabilizing systemic concerns and encouraging a greater tolerance for risk. Although the effects of recent measures may take time to be felt on real activity, they should help reduce some tail-risk concerns (eg Eurozone break-up fears, increased deflationary pressures) that have periodically served to boost risk premia and depress market valuations. Indeed one perverse side effect of recent Central Bank actions is the way they are helping to dampen realised price volatility, by removing some of the uncertainties of long term economic and interest rate policy management. The intended effect is to draw capital into higher risk (but higher returning) assets at a time when returns elsewhere are exceptionally low. The ongoing search for yield is the most obvious manifestation of this, but it is helping to raise risk appetites across the full spectrum of opportunity, despite the still challenging economic backdrop. M A N A G E D G R O W T H Interestingly for us, the investment trust universe showcases many of these trends and illustrates where potentially profitable opportunities may still be found. The hunt for yield has been a key driver of return in many sectors, such that previously existing discounts have now been entirely eliminated. Most income orientated investment trusts, for example, now trade at premiums to NAV and new investment trusts are being launched to satisfy this ongoing demand. Conversely a number of specialist growth orientated investment trusts (both regional and specialists) have fallen out of favour and are languishing on high discounts. This is where we continue to find value and where the prospects for re-rating are highest. Katy Thorneycroft Jonathan Lowe Investment Managers 7th November 2012 JPMorgan Elect plc. Annual Report & Accounts

10 Financial Record As at 31st August Net asset value per share (p) Share price (p) Year ended 31st August Revenue return per share (p) M A N A G E D G R O W T H Dividends per share (p) Discount (%) (0.5) (3.0) (1.8) (1.8) (2.3) (3.6) (2.7) (3.3) (2.0) (1.9) (3.8) Gearing factor (%) Ongoing charges (%) A glossary of terms and definitions is provided on page Restated for the change in accounting policy regarding dividends payable, which are included in the accounts in the year in which they are approved by shareholders. Years prior to 2005 have not been restated. 2 Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the daily net assets during the year (2011 to 2009: Total Expense Ratio: Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the month end net assets during the year; 2008 and prior years: expressed as the average of the opening and closing net assets). 8 JPMorgan Elect plc. Annual Report & Accounts 2012

11 Ten Largest Investments 31st August st August 2011 Valuation Valuation Company 000 % % 2 JPMorgan Claverhouse Investment Trust plc 17, , JPMorgan UK Dynamic ( A shares) 3 14, , JPMorgan American Investment Trust plc 12, , JPMorgan US Select Equity ( C shares) 3, 5 10, JPMorgan US Growth ( C shares) 3, 5 10, The Mercantile Investment Trust plc 8, , JPMorgan Smaller Companies Investment Trust plc 6, , JPMorgan Emerging Markets Investment Trust plc 4 6, , JPMorgan Asian Investment Trust plc 4 6, , JPMorgan Japanese Investment Trust plc 5, , Total 6 97, Based on total assets less current liabilities of 154.8m. 2 Based on total assets less current liabilities of 159.4m. 3 Represents holdings in an Open Ended Investment Company ( OEIC ) or a Société d investissements à Capital Variable ( SICAV ). 4 Both ordinary shares and subscription shares held. 5 Not included in the ten largest investments at 31st August At 31st August 2011, the value of the ten largest investments amounted to 94.1m, representing 59.0% of total assets less current liabilities. M A N A G E D G R O W T H JPMorgan Elect plc. Annual Report & Accounts

12 Geographical Analysis (on a look through basis) 31st August st August 2011 Portfolio Benchmark Portfolio Benchmark Region % % % % M A N A G E D G R O W T H UK North America Continental Europe Asia (excluding Japan) Emerging Markets and others Japan Net Current Assets Total Based on total assets less current liabilities of 154.8m (2011: 159.4m). 10 JPMorgan Elect plc. Annual Report & Accounts 2012

13 List of Investments at 31st August 2012 Valuation 000 Valuation 000 JPMorgan Managed Investment Trusts JPMorgan Claverhouse 17,664 JPMorgan American 12,238 The Mercantile 8,262 JPMorgan Smaller Companies 6,437 JPMorgan Emerging Markets 1 6,099 JPMorgan Asian 1 6,009 JPMorgan Japanese 5,783 JPMorgan European (Growth shares) 4,934 JPMorgan European Smaller Companies 3,060 JPMorgan US Smaller Companies 2,852 JPMorgan Income & Capital (Ordinary shares) 2,204 JPMorgan Japan Smaller Companies 1 1,238 JPMorgan Chinese 1 1,096 JPMorgan Indian 1,018 JPMorgan Overseas 943 JPMorgan Brazil JPMorgan Russian Securities 631 JPMorgan Income & Growth (Capital shares) 375 JPMorgan Income & Growth (Units) ,091 Externally Managed Investment Trusts Finsbury Growth & Income 4,489 RCM Technology 4,243 Hansa Trust ( A non-voting shares) 3,791 Artemis Alpha 1 3,157 Biotech Growth 3,108 Schroder UK Growth 2,539 Fidelity European Values 2,322 Edinburgh Worldwide 2,201 Fidelity Special Values 1,904 Jupiter European Opportunities 1,786 Impax Environmental Markets 1,763 BlackRock Frontier 1,219 Ecofin Water & Power Opportunities 1,189 Edinburgh Dragon 1,165 BlackRock World Mining 1,097 35,973 JPMorgan Managed Open Ended Investment Companies JPMorgan UK Dynamic ( A shares) 2 14,041 JPMorgan US Select Equity ( C shares) 2,3 10,743 JPMorgan US Growth ( C shares) 2 10,006 34,790 Total Portfolio 152,854 1 Both ordinary and subscription shares held. 2 Unlisted. 3 Société d Investissements à Capital Variable ( SICAV ). M A N A G E D G R O W T H JPMorgan Elect plc. Annual Report & Accounts

14 Income Statement for the year ended 31st August Revenue Capital Total Revenue Capital Total M A N A G E D G R O W T H Gains on investments held at fair value through profit or loss 5,500 5,500 14,297 14,297 Net foreign currency gains 8 8 Income from investments 2,988 2,988 2,747 2,747 Other interest receivable and similar income Gross return 2,996 5,508 8,504 2,757 14,297 17,054 Management fee (95) (284) (379) (110) (329) (439) Other administrative expenses (416) (416) (440) (440) Net return on ordinary activities before finance costs and taxation 2,485 5,224 7,709 2,207 13,968 16,175 Finance costs (1) (2) (3) Net return on ordinary activities before taxation 2,484 5,222 7,706 2,207 13,968 16,175 Taxation credit Net return on ordinary activities after taxation 2,492 5,222 7,714 2,210 13,968 16,178 Return per Managed Growth share 6.25p 13.10p 19.35p 5.31p 33.55p 38.86p 12 JPMorgan Elect plc. Annual Report & Accounts 2012

15 Balance Sheet at 31st August Fixed assets Investments held at fair value through profit or loss 152, ,306 Current assets Debtors Cash and short term deposits 1,586 2,768 2,076 3,144 Creditors: amounts falling due within one year (97) (92) Net current assets 1,979 3,052 Total assets less current liabilities 154, ,358 Net assets 154, ,358 Net asset value per Managed Growth share 403.8p 389.4p M A N A G E D G R O W T H JPMorgan Elect plc. Annual Report & Accounts

16 Managed Income Share Class Financial Results Total returns (includes dividends reinvested) +9.5% Return to shareholders 1 (2011: +12.0%) +10.6% Return on net assets 2 (2011: +10.5%) +10.2% Benchmark return 3 (2011: +6.6%) M A N A G E D I N C O M E 3.40p Dividend (2011: 3.35p) Financial Data 31st August 31st August % change Shareholders funds ( 000) 43,385 38, Number of shares in issue 53,274,946 50,446, Net asset value per share 81.4p 76.9p +5.9 Share price 78.5p 75.0p +4.7 Share price discount to net asset value per share 3.6% 2.5% Net yield per share 4.3% 4.5% Ongoing Charges % 0.69% A glossary of terms and definitions is provided on page Source: Morningstar. 2 Source: J.P. Morgan. 3 Source: WM (World Markets)/Bloomberg. The benchmark is a composite comprising 85% FTSE All-Share Index and 15% Barclays Capital Global Corporate Bond Index (hedged) in sterling terms. 4 Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the daily net assets during the year (2011: Total Expense Ratio: Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the month end net assets during the year). The Ongoing Charges are calculated in accordance with guidance issued by the Association of Investment Companies in May JPMorgan Elect plc. Annual Report & Accounts 2012

17 Investment Managers Report Review The UK market delivered strong returns in the year to 31st August 2012, boosted by a rally in the summer months on the back of global central bank action to stimulate a global economic recovery. The FTSE All-Share Index rose 10.2% over the 12 month period. Large and mid cap stocks performed particularly strongly in the year the FTSE 100 and the FTSE Mid 250 indices were up 10.0% and 11.7% respectively. Small cap stocks, which typically underperform their larger counterparts in an environment of declining economic growth, lagged behind the FTSE Small Cap Index rose 6.4%. John Baker Sarah Emly Corporate debt continued to produce impressive returns over the period, boosted by a search for yield among investors in the low interest rate environment. Corporate bonds were also helped by the general improvement in credit quality across sectors as companies continued to strengthen their balance sheets, resulting in a contraction in spreads. The Barclays Capital Global Corporate Bond Index was up 8.9% in the year. Economic activity in the UK economy and the wider global economy continued to slow in the year under review. However, UK stocks responded well to the various measures to stimulate growth introduced by the world s major central banks. Despite the uncertain economic background, many UK companies continued to deliver both earnings and dividend growth over our financial year. Although the outlook for earnings progress is clearly impacted by the prevailing economic outlook, dividends have been much more stable. Many UK companies have strengthened their balance sheets and focused on cash generation since the financial crisis and consequently they are able to continue to pay dividends to their shareholders. During the year, some companies delivered very modest dividend growth, whilst others were able to deliver strong growth and, indeed, a number of companies returned to the dividend list, an encouraging sign. The outlook for UK dividends remains encouraging, with high single digit percentage dividend growth for the UK market as a whole possible in Once again, issues in Europe had a significant impact on the UK equity market in the period as the European authorities took steps towards containing the debt crisis. The European Central Bank (ECB) came to the aid of the region s weakest banks in December and February with its long term refinancing operations, and later cut interest rates to a new low of 0.75% in an effort to stimulate regional growth. A promise in July from ECB president, Mario Draghi, that policymakers would do whatever it takes to preserve the euro triggered a rally in global markets. M A N A G E D I N C O M E Investors also reacted positively to steps by Europe s leaders towards greater fiscal and political union. The fiscal compact agreed in December 2011 goes a long way towards controlling budget deficits for euro member countries, while the agreement in principle in June 2012 to move towards banking union is another important step towards an eventual resolution to the crisis. Meanwhile, measures introduced over the summer to boost growth in the US and China provided crucial support to sentiment in the UK. In the US, the Federal Reserve took further action through an extension to its Operation Twist programme in June, and towards the end of the period markets rose on increasing hopes for a third round JPMorgan Elect plc. Annual Report & Accounts

18 Investment Managers Report continued of quantitative easing. In China, second-quarter growth was the slowest in three years, prompting two interest rate cuts in as many months by the People s Bank of China and further fiscal stimulus from the government, including significant infrastructure investment. M A N A G E D I N C O M E At home, the Bank of England (BoE) provided continued support to the UK economy. Measures included a further GBP 175 billion of Gilt purchases and a GBP 100 billion package to provide UK banks with cheap funding in return for commitments to lend to businesses. These measures, along with holding base rates at a record low of 0.5%, were designed to help stimulate spending and investment by driving down borrowing costs, and were well received by the market. While UK stocks performed well in response to these measures, the UK economic backdrop darkened. In the first quarter of 2012 the UK economy returned to recession defined as two quarters of negative growth and it contracted further in the second quarter, shrinking by 0.4% quarter on quarter. A sharp decline in construction appeared to be the main reason for the contraction. Falling demand for the UK s exports, particularly from Europe, also contributed to negative growth. UK manufacturing data was similarly disappointing, with the purchasing managers index, a measure of activity in the sector, remaining below the level that separates expansion from contraction for much of the period. However, while national output declined, unemployment fell, particularly towards the end of the period, having reached a 17-year high in November This data raised hopes that the economy may be stronger than official statistics suggest. Inflation figures were also encouraging, with the consumer price index nearing the BoE s 2% target, falling to 2.5% year on year in August from 5.2% a year earlier. Performance Review The table below summarises the performance of the Managed Income portfolio over the past 10 years. Total returns to 31st August 2012 Six One Two Three Five Ten Managed Income months year years years years years NAV Return (%) Benchmark Return 1 (%) FTSE All-Share Index (%) Barclays Capital Global Corporate Bond Index (hedged) in sterling terms 1 (%) Source: Bloomberg/J.P. Morgan. 1 Prior to 28th February 2009, the benchmark was a composite comprising 85% FTSE 350 High Yield Index and 15% Merrill Lynch 5 10 year Sterling Corporate Bond Index. In the 12 months to the 31st August 2012, the Managed Income portfolio delivered a return on net assets of +10.6% against the total return of the composite benchmark 16 JPMorgan Elect plc. Annual Report & Accounts 2012

19 of +10.2%. Over the 12 month period the FTSE All-Share index rose by 10.2% whilst the Barclays Capital Global Corporate Bond Index rose by 9.8%. The portfolio has modestly outperformed its benchmark over this period, benefiting from further positive stock selection within the UK equity portfolio. During the first half of the financial year, the six months to 29th February 2012, the portfolio benefited from both favourable stock selection and from the asset allocation decision to remain underweight in corporate bonds. During the second half of the year, to the end of August 2012, UK stock selection remained positive, but the portfolio s asset allocation was less helpful. In terms of the underlying direct UK equity holdings, the overall performance was ahead of the market, both in the first half and in the second half of the year. For the year as a whole, the most significant contributor to performance was an underweight position (a zero holding) in Anglo American, a major global mining stock. The share price of Anglo American has been very weak over the year, as have other mining stocks, due to falling commodity prices and lower demand for metals from China. Managed Income has benefited from being underweight in the mining sector over the period. The portfolio also benefited from not owning Tesco, the major food retailer which announced a disappointing trading update in January 2012 in which it lowered its future profit guidance. Food retailers generally have been disappointing share price performers over the year and Managed Income has benefited from being underweight in this sector. The portfolio continued to benefit from its overweight positions in some of the long-held industrial stocks such as the industrial engineer, Melrose, the plastics manufacturer, RPC and the two chemicals stocks, Elementis and Johnson Matthey, both of which have delivered strong dividend growth to shareholders. Some of our value stocks within the financial sectors have also performed strongly, including the high dividend yielding Aberdeen Asset Management, the life insurer, Legal and General and the speciality non-life insurer, Lancashire Holdings. The holding in JPMorgan Income & Growth Investment Trust was also a strong performer over the 12 month period. By contrast, our holding in Man Group, the hedge fund manager, was a negative contributor to returns, as it fell significantly over the period (we sold the holding in January 2012), as did the emerging market asset manager, Ashmore Group. Although we had bought a position in Diageo, the global alcoholic beverage manufacturer, we were underweight in this large stock for much of the year which was unhelpful as it outperformed the market. Not owning SAB Miller, another major drinks manufacturer, was also detrimental to performance as the beverage sector was a strong performer over the year as a whole. Overall the portfolio s performance was encouraging over our financial year, with the underlying stock selection outperforming the positive returns from the UK equity market. M A N A G E D I N C O M E Portfolio Review We maintained an overweight position in equities relative to the portfolio s composite benchmark throughout the year. This decision was predicated on reasonable valuations particularly dividend yield. In addition, we felt that the impact of quantitative easing would be positive for equity prices. We remained invested in both the JPMorgan Global High Yield Bond Fund and the JPMorgan Global Corporate Bond JPMorgan Elect plc. Annual Report & Accounts

20 Investment Managers Report continued Fund. These funds are a diversified way of enhancing the income yield of the overall portfolio. However, the allocation to corporate bonds stayed consistently underweight relative to the composite benchmark. We also continue to hold a position in JPMorgan European Investment Trust and in JPMorgan Income & Growth Investment Trust. M A N A G E D I N C O M E Our investment process remains focused on identifying companies whose earnings forecasts are being revised upwards, whose valuation is attractive and whose balance sheet strength allows for dividend stability. As such, portfolio construction is determined by bottom-up stock selection. For instance, we bought aerospace and defence contractor, BAE Systems, whose earnings delivery has been resilient despite weakness in the economy. Management remains committed to returning cash to shareholders, possibly through a buy-back and the dividend yield is very attractive at 6%. We also bought Rexam which is the world s largest producer of beverage cans. Underlying can volumes are positive as demand for specialised cans is growing from customers such as Red Bull. The dividend yield of 3.7% is well supported by cash flows and the proceeds of potential disposals may be returned to shareholders. On the other hand we sold our position in the media group, Pearson. The company continued to enjoy good trading in international education and the Financial Times but underlying revenue growth in North America fell as did returns at Penguin books resulting in downgrades to consensus earnings forecasts. We also sold our holding in life insurance company Resolution. Prior promises on returning capital were entirely abandoned with the cancellation of a 250 million cash return to shareholders originally promised for the first half of Despite the low valuation we felt that the risk of further negative news flow was high. Other sales included Stagecoach and Restaurant Group. Outlook The recent fall in UK unemployment should help support the domestic economy in the second half of The rising number of people receiving wages, coupled with lower inflation, could spur an increase in household spending, which would help stimulate growth. However, UK fiscal austerity looks set to bite deeper. In particular, weak activity in the construction sector may continue to drag on the economy, with the government holding back on infrastructure spending as it struggles to meet its deficit reduction targets. In Europe, while the ECB s new unlimited bond-buying scheme has boosted confidence, its effectiveness lies with the governments of highly indebted eurozone countries, which must now commit to necessary programmes of reform in order to resolve the crisis. Any further progress in the region would clearly have a positive impact on the UK economy. Against this backdrop of continued weakness in the domestic and eurozone economies, UK corporate profits are likely to remain under pressure. However, dividend yields and valuations remain attractive, both compared to bonds and compared to history. John Baker Sarah Emly Investment Managers 7th November JPMorgan Elect plc. Annual Report & Accounts 2012

21 Financial Record As at 31st August Net asset value per share (p) Share price (p) Year ended 31st August Revenue return per share (p) Dividends per share (p) Special dividends per share (p) Premium/(discount) (%) (2.7) (2.3) (2.0) (4.2) (2.2) (0.1) (4.0) (2.5) (3.6) Net yield per share (%) Gearing factor (%) Ongoing Charges (%) A glossary of terms and definitions is provided on page Represents the period from commencement of operations on 14th January 2004, which is the date when the investments of JPMorgan Fleming Managed Income were transferred to the Company, to 31st August The financial records for the years ended 31st August 2001 to 2003 are those of JPMorgan Managed Income plc, prior to its liquidation and reconstruction in January Restated for the change in accounting policy regarding dividends payable, which are now included in the accounts in the year in which they are approved by shareholders. The period ended 31st August 2004 and prior years have not been restated. 3 Includes special dividends. 4 Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the daily net assets during the year (2011 to 2009: Total Expense Ratio: Management fee and all other operating expenses excluding interest, expressed as a percentage of the average of the month end net assets during the year; 2008 and prior years: expressed as the average of the opening and closing net assets). M A N A G E D I N C O M E JPMorgan Elect plc. Annual Report & Accounts

22 Ten Largest Investments 31st August st August 2011 Valuation Valuation Company 000 % % 2 Royal Dutch Shell 3, , JPMorgan Global Corporate Bond Fund ( A Distribution shares) 2, , JPMorgan Global High Yield Fund ( A Income shares) 3 2, M A N A G E D I N C O M E JPMorgan Income & Growth Investment Trust plc (Income shares) 1, , Vodafone 1, , BP 3 1, British American Tobacco 1, , GlaxoSmithKline 1, , HSBC 1, , AstraZeneca 1, , Total 4 19, Based on total assets less current liabilities of 43.4m. 2 Based on total assets less current liabilities of 38.8m. 3 Not included in the ten largest investments at 31st August At 31st August 2011, the value of the ten largest investments amounted to 17.0m, representing 43.7% of total assets less current liabilities. 20 JPMorgan Elect plc. Annual Report & Accounts 2012

23 Sector Analysis 31st August st August 2011 Portfolio Benchmark Portfolio Benchmark % % % % Financials Consumer Goods Industrials Oil & Gas Telecommunications Basic Materials Health Care Investment Trusts Consumer Services Utilities Technology Bond Funds Net Current Assets Total Based on total assets less current liabilities of 43.4m (2011: 38.8m). M A N A G E D I N C O M E JPMorgan Elect plc. Annual Report & Accounts

24 List of Investments at 31st August 2012 Valuation 000 Valuation 000 M A N A G E D I N C O M E UK Equities Royal Dutch Shell 3,026 Vodafone 1,944 BP 1,721 British American Tobacco 1,650 GlaxoSmithKline 1,634 HSBC 1,597 AstraZeneca 1,208 Diageo 1,145 Imperial Tobacco 1,015 BHP Billiton 886 Rio Tinto 769 BT 714 Xstrata 657 BAE Systems 630 Prudential 616 Barclays 561 Melrose 551 Legal & General 521 Scottish & Southern Energy 501 WPP 476 Wolseley 470 De La Rue 442 Aberdeen Asset Management 417 Kcom 409 Smith (DS) 403 Berkeley 392 Rolls-Royce 392 Lancashire 380 Standard Life 378 Filtrona 368 Johnson Matthey 367 John Menzies 363 Centrica 352 GKN 344 Tate & Lyle 343 Diploma 340 Severn Trent 337 Easyjet 324 Compass 323 Aviva 314 British Land 312 Laird 308 RPC 308 ITV 295 Micro Focus International 295 Provident Financial 295 Taylor Wimpey 295 Catlin 275 Intercontinental Hotels 267 Rexam 264 Interserve 261 WH Smith 261 Morrison (Wm.) Supermarkets 251 Senior 236 Elementis 233 Pennon 231 Informa 224 Burberry 221 Hammerson 201 Drax 186 Standard Chartered ,622 JPMorgan Managed Bond Funds JPMorgan Global Corporate Bond ( A Distribution shares) 1 2,557 JPMorgan Global High Yield Bond ( A Income shares) 1 2,052 4,609 JPMorgan Managed Investment Trusts JPMorgan Income & Growth (Income shares) 1,951 JPMorgan European (Income shares) 631 JPMorgan Income & Growth (Capital shares) 63 2,645 Externally Managed Investment Trusts ACP Mezzanine Total Portfolio 41,876 Derivative Instruments Options BAT 3600 Call Option Dec (2) Severn Trent 1500 Put Option Dec (2) Prudential 880 Call Option Oct (1) SSE 1200 Put Option Dec (1) ITG 2800 Call Option Dec (1) Total Derivative Instruments (7) Total Portfolio and Derivatives 41,869 1 Unlisted. 22 JPMorgan Elect plc. Annual Report & Accounts 2012

25 Income Statement for the year ended 31st August Revenue Capital Total Revenue Capital Total Gains on investments held at fair value through profit or loss 2,465 2,465 2,226 2,226 Income from investments 1,931 1,931 1,817 1,817 Other interest receivable and similar income Gross return 1,957 2,465 4,422 1,866 2,226 4,092 Management fee (78) (96) (174) (80) (93) (173) Other administrative expenses (110) (110) (101) (101) Net return on ordinary activities before finance costs and taxation 1,769 2,369 4,138 1,685 2,133 3,818 Taxation (charge)/credit (1) (1) (51) 44 (7) Net return on ordinary activities after taxation 1,768 2,369 4,137 1,634 2,177 3,811 Return per Managed Income share 3.48p 4.65p 8.13p 3.32p 4.42p 7.74p M A N A G E D I N C O M E JPMorgan Elect plc. Annual Report & Accounts

JPMorgan Elect plc. Half Year Report & Accounts for the six months ended 29th February 2016

JPMorgan Elect plc. Half Year Report & Accounts for the six months ended 29th February 2016 JPMorgan Elect plc Half Year Report & Accounts for the six months ended 29th February 2016 Managed Growth shares Managed Income shares Managed Cash shares Features JPMorgan Elect plc (the Company ) has

More information

Capita UK Dividend Monitor. Issue 22 - January 2015

Capita UK Dividend Monitor. Issue 22 - January 2015 Capita UK Dividend Monitor Issue 22 - January 2015 Contents Executive summary 3 Introduction 4 Signs of life for UK dividends after a lacklustre 2014, as the pound begins to fall 5 Sectors and companies

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

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

JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619

JUPITER 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 information

Elite LJ Active Portfolio Fund

Elite 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 information

CIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013

CIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 CIS UK Growth Trust A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 This document is intended for investment professionals and professional

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

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

JPMorgan Income & Capital Trust plc Annual General Meeting. 2 July 2015

JPMorgan 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 information

Investment outlook for the balance of 2005

Investment outlook for the balance of 2005 Investment outlook for the balance of 2005 There has been no significant change in our economic outlook over the last three months. Going overweight in Japanese and Asia Pacific ex Japan equities, taking

More information

profitwatchuk analysis of the UK s top 350 companies from The Share Centre

profitwatchuk analysis of the UK s top 350 companies from The Share Centre profitwatchuk analysis of the UK s top 35 companies from The Share Centre MAY 215 Executive summary 3 UK 35 revenues fall sharply 4 UK plc gross margins pulled down by oil industry 8 Operating profit down

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

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

2016 Year Ahead - Global Investment Outlook

2016 Year Ahead - Global Investment Outlook PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy January 2016 2016 Year Ahead - Global Investment Outlook After Struggling in 2015, Global Equity Markets likely

More information

Arup DC Pension Scheme

Arup DC Pension Scheme A presentation for: Arup DC Pension Scheme March 3 rd 2015 ARUP DC PENSION SCHEME Investment Summary 31/01/2015 Merrion Cash Fund 2,280.59 Merrion Global Equity Fund 199,535.79 Merrion Long Bond Fund 19,456.87

More information

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives

More information

THREADNEEDLE SPECIALIST INVESTMENT FUNDS ICVC. threadneedle.com

THREADNEEDLE SPECIALIST INVESTMENT FUNDS ICVC. threadneedle.com Unaudited Interim Report and Accounts Threadneedle Specialist Investment Funds ICVC October 2014 THREADNEEDLE SPECIALIST INVESTMENT FUNDS ICVC threadneedle.com Contents Company Information... 2 Director

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

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy October 2015 Market Volatility likely to Remain Elevated on China Growth Concerns & Fed Rate Uncertainty. Stocks

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

M&G Corporate Bond Fund

M&G Corporate Bond Fund Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving

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

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

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

THE CITY OF LONDON INVESTMENT TRUST PLC Unaudited Results for the Half Year Ended 31 December 2015

THE CITY OF LONDON INVESTMENT TRUST PLC Unaudited Results for the Half Year Ended 31 December 2015 THE CITY OF LONDON INVESTMENT TRUST PLC Unaudited Results for the Half Year Ended 31 December 2015 This announcement contains regulated information Investment Objective The Company's objective is to provide

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

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

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or

More information

UK Economic Forecast Q3 2014

UK Economic Forecast Q3 2014 UK Economic Forecast Q3 2014 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to

More information

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong

The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Investment Insights The recent volatility of high-yield bonds: Spreads widen though fundamentals stay strong Kevin Lorenz, CFA, Managing Director, Lead Portfolio Manager of TIAA-CREF's High-Yield Fund

More information

THREADNEEDLE INVESTMENT FUNDS ICVC

THREADNEEDLE INVESTMENT FUNDS ICVC AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS THREADNEEDLE INVESTMENT FUNDS ICVC MARCH 2015 THREADNEEDLE INVESTMENT FUNDS ICVC COLUMBIATHREADNEEDLE.COM Contents Company Information*... 3 Director s Report*...

More information

Why own bonds when yields are low?

Why 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 information

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate

More information

2013 global equity outlook: Searching for alpha in a stock picker s market

2013 global equity outlook: Searching for alpha in a stock picker s market March 2013 2013 global equity outlook: Searching for alpha in a stock picker s market Saira Malik, Head of Global Equity Research, TIAA-CREF Executive summary The outlook for equity markets is favorable

More information

Capita UK Dividend Monitor. Issue 25 - April 2016

Capita UK Dividend Monitor. Issue 25 - April 2016 Capita UK Dividend Monitor Issue 25 - April 2016 Contents Executive summary 3 Introduction 4 Supercharged Q1 sees 2016 dividends off with a bang, but they will finish on a whimper 5 Sectors and companies

More information

BALANCED fund. Fourth Quarter Results FOCUSED INVESTING FOR THE LONG-TERM. December 31, 2015

BALANCED fund. Fourth Quarter Results FOCUSED INVESTING FOR THE LONG-TERM. December 31, 2015 BALANCED fund Fourth Quarter Results December 31, 2015 FOCUSED INVESTING FOR THE LONG-TERM BALANCED fund (MAPOX) Fourth Quarter Market Overview - December 31, 2015 Investors facing growing uncertainty

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

BlackRock UK Fund. For the six months ended 31 August 2015

BlackRock UK Fund. For the six months ended 31 August 2015 INTERIM report BlackRock UK Fund For the six months ended 31 August 2015 About the Fund Manager BlackRock UK Fund Nick Little, CFA, Director and portfolio manager, is a member of the UK Equity team within

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

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

Instrument, which price is based on market value of shares of AMEC PLC (reference market: London Stock Exchange, Chi-X Europe) 1 1 YES 10 AMEC.

Instrument, which price is based on market value of shares of AMEC PLC (reference market: London Stock Exchange, Chi-X Europe) 1 1 YES 10 AMEC. Equity CFD London Stock Exchange (LSE) Trading Hours: 9:00 am 5:30 pm CET Fees and Commisions: 0,08% of the transaction value, minimum 8 GBP Comments: 1. The fee shall be converted to the currency in which

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

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

Specialist Investment Funds ICVC

Specialist Investment Funds ICVC Annual Report and Accounts Threadneedle Specialist Investment Funds ICVC April 2013 Threadneedle Specialist Investment Funds ICVC threadneedle.com Contents Company Information 2 Director s Report 3 Aggregated

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

UK 2 Investment Series Annual Report Authorised Corporate Director s Short Report. Issued May 2015 For the year 1 April 2014 to 31 March 2015

UK 2 Investment Series Annual Report Authorised Corporate Director s Short Report. Issued May 2015 For the year 1 April 2014 to 31 March 2015 UK 2 Investment Series Annual Report Authorised Corporate Director s Short Report Issued May 2015 For the year 1 April 2014 to 31 March 2015 Contents 02 Invesco Perpetual Income Fund 12 Invesco Perpetual

More information

SHORT DURATION BONDS

SHORT DURATION BONDS SHORT DURATION BONDS Our Short Duration Bond Fund range RL Short Duration Gilt Fund RL Short Duration Global Index Linked Bond Fund RL Short Duration Credit Fund RL Duration Hedged Credit Fund RL Short

More information

Joint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy

Joint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy Joint Economic Forecast Spring 2013 German Economy Recovering Long-Term Approach Needed to Economic Policy Press version Embargo until: Thursday, 18 April 2013, 11.00 a.m. CEST Joint Economic Forecast

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

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

More information

F&C High Income Fund Interim Report and Financial Statements For the period ended: 31.10.2015

F&C High Income Fund Interim Report and Financial Statements For the period ended: 31.10.2015 Interim Report and Financial Statements For the period ended: 31.10.2015 Contents Page 1 Directory 2 Authorised Status* 3 Certification of Financial Statements by Directors of the Manager* 4 Manager's

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

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m)

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m) Thu, 24th Jul 2014 07:00 RNS Number : 1728N RTC Group PLC 24 July 2014 RTC Group Plc ("RTC", "the Company" or "the Group") Interim results for the six months June 2014 RTC Group Plc,the business services

More information

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008 Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes

More information

Annual Report JPMorgan Income & Capital Trust plc. Annual Report & Accounts for the year ended 28th February 2010

Annual Report JPMorgan Income & Capital Trust plc. Annual Report & Accounts for the year ended 28th February 2010 2010 Annual Report JPMorgan Income & Capital Trust plc Annual Report & Accounts for the year ended 28th February 2010 Features Contents About the Company 1 Financial Results 2 Chairman s Statement Investment

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

Portfolio Series Portfolio Review Second Quarter 2010

Portfolio Series Portfolio Review Second Quarter 2010 Portfolio Series Portfolio Review Second Quarter 2010 We are pleased to introduce Portfolio Review, a new quarterly report on Portfolio Series. 3 Portfolio Series Income Fund 7 Portfolio Series Conservative

More information

Today s bond market is riskier and more volatile than in several generations. As

Today s bond market is riskier and more volatile than in several generations. As Fixed Income Approach 2014 Volume 1 Executive Summary Today s bond market is riskier and more volatile than in several generations. As interest rates rise so does the anxiety of fixed income investors

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

A Checklist for a Bond Market Sell-off

A Checklist for a Bond Market Sell-off A Checklist for a Bond Market Sell-off New Zealand Fixed Income Monthly Commentary February 2013 Christian@harbourasset.co.nz +64 4 460 8309 Just like 2011 and 2012, the start of a new year has again prompted

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

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

IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS

IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS PENSIONS INVESTMENTS LIFE INSURANCE Q1 2015 QUARTER 1 (Q1) 2015: JANUARY TO MARCH 2015 IRISH LIFE MAPS AND IRISH LIFE INVESTMENT MANAGERS Irish Life Multi Asset Portfolios (MAPS) have been designed and

More information

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013 ETF Portfolio Solutions ETF Model December quarter 2013 PORTFOLIO SOLUTIONS Portfolio Objective The broad investment objective of the ETF Model is to offer financial advisers an ETF-based investment portfolio

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

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

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

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

Premier Liberation Absolute Growth Fund

Premier 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 information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

INVESTMENT REPORT AT 31st MARCH 2004

INVESTMENT REPORT AT 31st MARCH 2004 INVESTMENT REPORT AT 31st MARCH 2004 The Committee is asked to note the report and valuation at 31st March 2004 that has been received from brokers, Carr Sheppards Crosthwaite. HPC/FRC28/04 London EC2V

More information

Invesco Perpetual Select Trust plc As at 31 October 2015

Invesco Perpetual Select Trust plc As at 31 October 2015 Discount Control Policy On 31 20 Invesco Perpetual Select Trust plc adopted a zero tolerance discount policy and will offer or, as the case may be, purchase shares in any of the Company s share classes

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

UK commercial property provides investors with strongest returns in 2014 Global Equity levels at record high

UK commercial property provides investors with strongest returns in 2014 Global Equity levels at record high NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01 HRS THURSDAY 27 th NOVEMBER 2014 Lloyds Bank Private Banking Assetwatch report tracks the value of nine asset groups. The asset classes are UK Shares, Global

More information

Euro Zone s Economic Outlook and What it Means for the United States

Euro Zone s Economic Outlook and What it Means for the United States WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]

February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)

More information

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009 Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk

More information

The first sale of shares in Lloyds Banking Group

The first sale of shares in Lloyds Banking Group Report by the Comptroller and Auditor General HM Treasury and United Kingdom Financial Investments Limited The first sale of shares in Lloyds Banking Group HC 883 SESSION 2013-14 18 DECEMBER 2013 4 Key

More information

BATTERIES NOT INCLUDED: MIDYEAR STOCK MARKET OUTLOOK

BATTERIES NOT INCLUDED: MIDYEAR STOCK MARKET OUTLOOK LPL RESEARCH WEEKLY MARKET COMMENTARY June 22 2015 BATTERIES NOT INCLUDED: MIDYEAR STOCK MARKET OUTLOOK Burt White Chief Investment Officer, LPL Financial Jeffrey Buchbinder Market Strategist, LPL Financial

More information

OPPENHEIMER INTERNATIONAL BOND FUND

OPPENHEIMER INTERNATIONAL BOND FUND Focus The Fund typically invests in international fixed income securities in both developed and emerging market countries. Ticker Symbol OIBAX (Class A Shares) OIBYX (Class Y Shares) OIBIX (Class I Shares)

More information

Are Unconstrained Bond Funds a Substitute for Core Bonds?

Are Unconstrained Bond Funds a Substitute for Core Bonds? TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem

More information

Company Fundamentals. THE CMC Markets Trading Smart Series

Company Fundamentals. THE CMC Markets Trading Smart Series Company Fundamentals THE CMC Markets Trading Smart Series How to evaluate company growth potential At any given point in time, share prices tend to represent the sum of expectations about its value from

More information

2015 Mid-Year Market Review

2015 Mid-Year Market Review 2015 Mid-Year Market Review Cedar Hill Associates, LLC www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An Affiliate of MB Financial Bank 2015 Major Investment

More information

Investing in a 3-D World

Investing in a 3-D World Investing in a 3-D World February 10, 2016 by Bill Nasgovitz of Heartland Advisors Executive Summary Slowing growth and swelling corporate debt are expected to result in challenges in the coming quarters.

More information

Annual Management Report of Fund Performance. Management Discussion of Fund Performance. Mawer Canadian Bond Fund. Results of Operations

Annual Management Report of Fund Performance. Management Discussion of Fund Performance. Mawer Canadian Bond Fund. Results of Operations Annual Management Report of Fund Performance For the Year Ended December 31, 2014 This annual management report of fund performance contains financial highlights but does not contain the complete annual

More information

PRUDENT RISK MANAGEMENT IN TIMES OF UNCERTAINTY. Torsten Jeworrek

PRUDENT RISK MANAGEMENT IN TIMES OF UNCERTAINTY. Torsten Jeworrek PRUDENT RISK MANAGEMENT IN TIMES OF UNCERTAINTY Torsten Jeworrek Monte Carlo, 9 September 2012 Macroeconomic Outlook Global economy slowing down, outlook sees only modest improvements highly uncertain

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

Consolidated Financial Summary for the Six Months Ended September 30, 2008

Consolidated Financial Summary for the Six Months Ended September 30, 2008 Member of Financial Accounting Standards Foundation Consolidated Financial Summary for the Six Months Ended September 30, 2008 Date: November 11, 2008 Name of Listed Company: NOK Corporation Securities

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

Financial Stability Report Press Conference. Tuesday 5 th July Opening Remarks by the Governor

Financial Stability Report Press Conference. Tuesday 5 th July Opening Remarks by the Governor Financial Stability Report Press Conference Tuesday 5 th July 2016 Opening Remarks by the Governor Today, I want to outline how the Financial Policy Committee (FPC) is ensuring that the financial system

More information

Business Investment. UK GDP Growth and Main contributors

Business Investment. UK GDP Growth and Main contributors GDP growth (%) Business Investment UK GDP Growth and Main contributors 4.0 3.0 2.0 1.0 0.0 2011 2012 2013 2014 2015 2016 2017 Outturn Forecast -1.0-2.0 Private consumption Business investment Dwellings

More information

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015.

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Standard Chartered PLC Interim Management Statement 3 November 2015 Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Bill Winters, Group Chief Executive,

More information

How Smaller Stocks May Offer Larger Returns

How Smaller Stocks May Offer Larger Returns Strategic Advisory Solutions April 2015 How Smaller Stocks May Offer Larger Returns In an environment where the US continues to be the growth engine of the developed world, investors may find opportunity

More information

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields?

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? Research What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? The global economy appears to be on the road to recovery and the risk of a double dip recession is receding.

More information

EQUITY INCOME FUNDS. Lifting the lid on Equity Income Funds. neptunefunds.com. Invest in depth

EQUITY INCOME FUNDS. Lifting the lid on Equity Income Funds. neptunefunds.com. Invest in depth EQUITY INCOME FUNDS Lifting the lid on Equity Income Funds Invest in depth Welcome Whether you are looking to supplement your income or harness the power of reinvested dividends to help build your savings

More information