Managed Funds Series

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Managed Funds Series"

Transcription

1 Managed Funds Series

2 Namibia s Unit Trust Market Leader 2 - Managed Funds

3 Index 4 Introduction Fund Categories 5 Asset Classes 6 Portfolio Construction 7 Investment Approach 8 Investment Process 9 Our Managed Funds 10 Understanding Market Risk 13 Distributions & Taxation Fees & Charges Other benefits of investing in these funds 14 Typical Investor How do I invest? 15 Disclaimer and Risk Statement Managed Funds - 3

4 Introduction Many investors have the need not only for a well-diversified portfolio, but also to have it managed actively on their behalf by an investment manager. This involves a process where an investment manager takes advantage of changing market conditions on an ongoing basis for the benefit of the investor. The rationale behind an active management approach is primarily to maximise returns, while minimising volatility, in an effort to achieve capital protection over the longer term. This approach provides peace of mind to the investor, who is usually occupied with work or other responsibilities, knowing someone reputable is keeping an eye on his/her portfolio. The Bank Windhoek Managed Funds series has been developed to fulfil this very need. This document provides an overview of our managed funds series, including the investment approach and process that is followed, in order to provide you with sufficient information to be able to select the fund, suitable to your risk and return expectations. Fund Categories The Bank Windhoek Unit Trusts range of funds can be divided into two main categories. The first category is what we define as the Focused Funds Series and the second category is the Managed Funds Series. Focused Funds are portfolios that invest predominantly in one main asset class, e.g. money market, fixed interest, property or equities. These funds are designed for investment by clients who have a very specific view on an asset class and feel comfortable with the risk/return characteristics thereof. These funds are also used by clients who are assisted by an advisor or wealth manager who creates a tailor-made portfolio to fit the client s unique needs. (See our Focused Funds Brochure for more details about these funds.). Managed Funds are portfolios that have a diversified exposure to all asset classes and where the level of exposure to each asset class is actively managed by the portfolio manager, ensuring that the targeted risk/return characteristics of the fund are maintained. Focused Funds Series - Bank Windhoek Selekt Fund - Bank Windhoek Investment Fund - Bank Windhoek Corporate Fund - Bank Windhoek Term Fund - Bank Windhoek Commercial Income Fund - Bank Windhoek Enhanced Bond Fund - Bank Windhoek Property Fund - Bank Windhoek Equity Fund - Bank Windhoek International Fund Managed Funds Series - Bank Windhoek Premier Fund - Bank Windhoek Managed Fund Before we continue with the details of the Managed Funds Series we will explain the types of assets we include in our portfolios, how we construct these portfolios, the investment approach we follow in an effort to outperform the fund s benchmarks and lastly the investment process we follow to ensure effective implementation of our economic views and compliance with fund parameters. 4 - Managed Funds

5 Asset Classes Our Managed Funds invest in a combination of the following main asset classes: Money Market Investments in interest-bearing instruments with shorter-term maturity profiles, typically up to 1 year. It includes bank deposits, negotiable certificates of deposit, promissory notes and treasury bills. Fixed Interest Investments in interest-bearing instruments with longer-term maturity profiles than the money market. It includes corporate bonds, floating rate notes, inflation-linked bonds and government stocks. Property Investments in listed commercial property, excluding residential property. It includes investments in office buildings, industrial property and retail shopping centres. Equity Investments in ordinary shares listed on the JSE and NSX. It includes medium to large company shares in the resource, financial and industrial sectors. International Investments made in the above asset classes in foreign markets. These asset classes are joined together in a methodical portfolio construction process, described on the next page, in order to achieve an optimal balance between minimising portfolio volatility and maximising returns. Managed Funds - 5

6 Portfolio Construction Each asset class is unique in terms of its ability to beat inflation over time. Some asset classes provide much more short-term stability albeit at a much reduced ability to beat inflation, while others provide a much higher probability of beating inflation over the longer term albeit at a much higher volatility over the short term. Some asset classes fall in both of these categories but also serve to provide diversification away from local investment markets to reduce portfolio risk. Portfolio Construction or asset allocation basically entails the process where each asset class is allocated a certain weighting and joined together to form a single investment portfolio. In the Portfolio Construction process we follow an iterative process where we endeavour to arrive at what we believe to be the optimal balance between portfolio stability, higher returns and international diversification. By balancing these main aspects we determine the optimal long-term (strategic) asset allocation of a portfolio. In addition, minimum and maximum exposure limits per asset class are set to ensure that portfolio risk and return expectations remain in line with the specific investment mandate of the fund. The actual level of investment in each asset class in the shorter term will be actively managed and will deviate from the long-term strategic asset allocation, but cannot be less or more than the lower and upper limits set for the specific fund per asset class. This actual shorter-term allocation per asset class is referred to as the fund s tactical asset allocation, which is explained in more detail in our investment approach next. 6 - Managed Funds

7 Tactical vs Strategic Asset Allocation with portfolio min/max range Strategic Allocation (Long Term) Tactical Allocation (Short Term) 80% 70% 60% 50% 40% 30% 20% 10% 0% Money Market & Fixed Interest Property Equities International Investment Approach We follow a multi-asset class approach where we implement our investment views on two levels: Firstly we determine a broad view per main asset class which we express as a view ranging from a negative view through neutral to positive for the specific main asset class. The strength of our conviction on the outlook is then further refined into a tactical positioning per asset class, ranging from underweight to overweight relative to the fund s long-term strategic asset allocation per asset class. Secondly we seek to add value within the major asset classes by means of security selection and duration positioning. By following this investment approach we endeavour to enhance investment returns within the confines of the risk mandate of each fund. In order to ensure that the abovementioned elements are effectively implemented, managed and controlled, we follow a clearly defined investment process. Managed Funds - 7

8 Investment Process Our investment process is a result of a combination of more than a decade of practical investment experience and best practice in corporate governance. The process ensures maximum portfolio manager freedom to act, while ensuring portfolio compliance and management of overall portfolio risk. The main steps in the investment process are as follows: House View The Economic Committee meets twice a month to form and align the house view. The house view comprises a view of local and international money, bond, property and equity markets, currency valuations and expected interest rates. The final view is then defined in terms of a view per major asset class. Implementation The house view is implemented by the portfolio management team as soon as possible on all unit trust portfolios. Each portfolio s minimum and maximum exposure limits per asset class and per security are considered as well as the market liquidity and specific price levels of securities. Credit and Compliance The Credit Committee pre-approves all counterparty limits and assesses compliance with set fund limits. Performance and Attribution The Integrated Portfolio Committee monitors the successful implementation of the house view and assesses any contributors or detractors to performance as measured against fund benchmarks. In the event of significant events occurring in the market place the frequency of meetings may be increased accordingly. 8 - Managed Funds

9 Our Managed Funds Our managed fund series consists of the Bank Windhoek Premier Fund and the Bank Windhoek Managed Fund. Bank Windhoek Premier fund The Bank Windhoek Premier Fund is a diversified portfolio with a low to medium risk profile. The target return of the fund is to provide growth of inflation plus 4% or more over the medium term. The fund complies with Regulation 28 of the Pension Fund Act. Bank Windhoek Managed fund The Bank Windhoek Managed fund is a diversified portfolio with a medium to high risk profile. The target return of the fund is to provide growth of inflation plus 6% or more over the longer term. The fund may experience a high level of short-term volatility. The fund complies with Regulation 28 of the Pension Fund Act. The table below highlights the distinguishing factors between these two funds: Bank Windhoek Premier Fund Bank Windhoek Managed Fund Investment mandate Conservative Moderate Portfolio limits Strategic Asset Allocation Minimum Allocation Maximum Allocation Strategic Asset Allocation Minimum Allocation Maximum Allocation Cash & Fixed Interest 52.5% 20.0% 70.0% 25.0% % Property 10.0% % 10.0% % Equity 30.0% 20.0% 40.0% 50.0% 30.0% 65.0% International 7.5% % 15.0% 5.0% 30.0% Target Return Inflation + 4% (over any 3 year rolling period) Inflation + 6% (over any 5 year rolling period) Ideal Investment Time Horizon 3 Years and longer 5 Years and longer Please note that due to changes in long term trends and expected future outcomes, the above portfolio limits are subject to change at the sole discretion of the fund manager. Managed Funds - 9

10 Understanding Market Risk Market Risk is the risk that the value of an investment will decrease due to the change in market prices of the underlying investments of the portfolios. History has proven that while this risk is very pertinent over the short term, it dissipates and becomes almost irrelevant over the longer term. To substantiate this statement, consider the chart below showing an arbitrary historic performance over 5 years. It is clear that over the 5 years the portfolio provided excellent growth, but if one looks at selected shorter-term performance periods it shows periods of exceptional growth, zero growth and exceptionally high negative growth. In the 60-month chart there are 48 one-year cycles. These one-year cycles provide the investor with an insight of what can occur over a short one-year cycle while investing in such a portfolio. To illustrate this we have highlighted some one-year cycles marked A to F. The one-year cycles A, B and C are only 1 month apart, but show very different returns of 19.07%, 36.55% and 27.65%. D shows the worst one-year cycle that resulted in a negative 26.06% change in value while F shows a remarkably positive one-year return of 56.38%. These different time periods do not show the actual return the client would have received. It only shows short-term changes in value as measured over a one-year period or rather short-term volatility in the value of a portfolio. The actual return the client would have received over this 5-year period was growth from N$ to N$261.31, which equates to a historic return of 10.04% per annum. The above graph highlights the fact that although short-term volatility may be high it is not realised until an investment is actually sold. It thus illustrates the difference between a realised loss and an unrealised loss. It is, however, important to understand the relationship between shorter-term volatility and longer-term performance Managed Funds

11 For that reason we provide the following three charts which show a range of 1-year, 3-year and 5-year return cycles calculated from actual data based on the Bank Windhoek Premier Fund and Bank Windhoek Managed Fund Composite indexes. The charts show all the 1-year, 3-year and 5-year actual returns that would have been achieved over numerous cycles since 1 January 1999 as measured from the first of every month of every year. The short-term volatility over one-year periods can be seen in the first chart. However, as the investment period becomes longer in the 3-year cycle chart it is clear that never since 1 January 1999 has any 3-year investment period resulted in negative returns, while the 5-year chart shows the excellent growth that has been achieved over any 5-year period since The on th next provide returns above) Th he diagrams di the ne xtt page provid ide a summary off tthe he aactual ctual t l ret turns ((as as seen ab bove)) and d show h the longer-term annualised returns that would have been achieved over the longer-term 3- and 5-year cycles. To provide a relevant comparison the performance targets of each fund, Inflation Plus 4% for the Bank Windhoek Premier Fund and Inflation Plus 6% for the Bank Windhoek Managed Fund are provided, based on actual inflation in the past over the different time periods. Managed Funds - 11

12 From the summary it is clear that both funds would, in the past, have been able to outperform its inflation plus targets. Although the Bank Windhoek Managed Fund would on average have outperformed the Bank Windhoek Premier Fund, the worst performance risk for the Bank Windhoek Managed fund is much higher than that of the Bank Windhoek Premier Fund. This is especially true for the 3-year period, but improves drastically over the 5-year and longer investment periods. It is very important to note that the worst 3-year cycle for the Bank Windhoek Premier Fund was a positive annualised growth of 5.5% and that the worst 5-year cycle for the Bank Windhoek Managed Fund was a positive annualised growth of 6.3% Managed Funds

13 Distributions and Taxation Both the Bank Windhoek Premier Fund and Bank Windhoek Managed Fund make semi-annual income distributions at the end of March and September. All distributions made to Namibian private individuals are tax-free dividends or interest net of withholding tax. Capital growth is tax-free under current Namibian tax legislation. Fees and Charges No initial fees are charged on any new investments or any subsequent investments. Annual fund management fees are charged as follows: Bank Windhoek Premier Fund: 1.00% per annum Bank Windhoek Managed Fund: 1.25% per annum Namfisa levies are 0.04% per annum Audit fees are less than 0.02% per annum. Please note that should you make use of a financial advisor to invest in these funds, the financial advisor s fees may be added to your aggregate fees subject to your express approval. Other benefits of investing in these funds The corporate governance framework and internal controls of the Capricorn group of companies provide peace of mind while investors have the benefit of a local team in close contact with local legislative amendments and requirements. As registered unit trusts the funds are regulated by Namfisa. All investments are held in trust and in safe custody. The investment is highly liquid and may be sold at any time. No initial fees are charged on any deposits. Funds are available via third party platforms to be included in pension and retirement portfolios. Funds can be used for security purposes as follows (subject to final approval and change): Bank Windhoek Premier Fund currently 90% of fund value Bank Windhoek Managed Fund currently 70% of fund value. Managed Funds - 13

14 Typical Investor The typical investor in our Managed Funds Series is a medium- to longer-term investor who seeks a cost-effective and convenient way to obtain exposure to a well-diversified, actively managed investment portfolio geared towards beating inflation over the medium to longer term. In choosing between the two managed funds within the Bank Windhoek unit trust series, the following may also provide some assistance: Bank Windhoek Premier Fund Bank Windhoek Managed Fund Market volatility Expected return The investor is willing to be exposed to a medium level of market volatility. Client hopes to achieve a return of inflation plus 4% over the medium to longer term. The investor is willing to be exposed to a medium to high level of market volatility. Client hopes to achieve a return of inflation plus 6% or more over the longer term. Investment time horizon Client has a typical investment time horizon of 3 years and longer. Client has a typical investment time horizon on 5 years and longer. The table above has been compiled based on a combination of actual past performance and the fund manager s future expectations. Please note that actual future market volatility and returns may deviate significantly from these expectations. How do I Invest Contact us at Tel: +264 (61) Fax: +264 (61) All funds are managed by: or visit any Bank Windhoek branch and ask for either the Bank Windhoek Premier Fund or the Bank Windhoek Managed Fund; or ask your financial advisor to include these portfolios as part of your investments or pension fund investments. Application forms and the latest fund fact sheets can also be obtained from our website at Managed Funds

15 Disclaimer and Risk Statement The Bank Windhoek Premier Fund and Bank Windhoek Managed Fund ( the Funds ) are Unit Trusts formed in terms of the Unit Trust Control Act, with Capricorn Unit Trust Management Company Ltd ( the Company ) appointed as the management company in accordance with the provisions of the Unit Trust Control Act. Standard Bank Namibia Ltd acts as trustee and custodian of the underlying investments, while Capricorn Asset Management (Pty) Ltd provides investment management and administration services. Unit Trusts are generally medium- to long-term investments. The value of the participatory interests (units) may go down as well as up and past performance is not necessarily a guide to future performance. Forward pricing is used and unit prices are calculated on a net asset value basis. The Company strove to ensure that all information in this document is true and correct, however, the Company does not make any representation as to the accuracy, timeliness, suitability, completeness or relevance of any information in this document and as such takes no responsibility for it. Investors should not base any investment decision solely on the information provided in this document. The information and content contained in this document cannot be construed or relied upon by any investor as investment, tax, legal or any other form of advice, and clients are strongly advised to obtain independent advice from qualified experts before making any investment decision. Managed Funds - 15

16 Managed Funds

Investment Management Services. Botswana

Investment Management Services. Botswana Investment Management Services Botswana 01 STANLIB Investment Management Services 02 STANLIB Botswana Money Market Fund 03 STANLIB Botswana Managed Prudential Fund 04 STANLIB Botswana Equity Fund 05 General

More information

etfsa Retirement Annuity Fund

etfsa Retirement Annuity Fund etfsa Retirement Annuity Fund (www.etfsara.co.za) Brochure Retirement Annuity Funds using purely Exchange Traded Products ETFs and ETNs - as the underlying Investments o Low clean costs with full disclosure

More information

Investment Options and Risk

Investment Options and Risk Investment Options and Risk Issued 1 July 2013 The information in this document forms part of the Product Disclosure Statement for the Military Superannuation and Benefits Scheme (MilitarySuper), third

More information

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 INVESTING YOUR SUPER FACT SHEET 5 14 AUGUST 2015 NGS Super offers you flexibility and choice when

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 July 2015 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation accumulation plan (PSSap), eighth edition,

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 November 2013 The information in this document forms part of the Product Disclosure Statement for the Commonwealth Superannuation Scheme (CSS), sixth edition, issued

More information

CAF MANAGED PORTFOLIO SERVICE. Profile selector for charities and not-for-profit organisations

CAF MANAGED PORTFOLIO SERVICE. Profile selector for charities and not-for-profit organisations CAF MANAGED PORTFOLIO SERVICE Profile selector for charities and not-for-profit organisations CAF MANAGED PORTFOLIO SERVICE Profile selector The CAF Managed Portfolio Service is developed and operated

More information

AMP Capital Investment Funds

AMP Capital Investment Funds AMP Capital Investment Funds Investment Statement Dated: 18 September 2015 Issued by AMP Investment Management (N.Z.) Limited Important information (The information in this section is required under the

More information

FULL DISCLOUSURE. IncomeClub, Inc. ("IncomeClub") owns and operates a website at www.incomeclub.co.

FULL DISCLOUSURE. IncomeClub, Inc. (IncomeClub) owns and operates a website at www.incomeclub.co. FULL DISCLOUSURE June,1 2015 GENERAL DISCLOUSURES IncomeClub, Inc. ("IncomeClub") owns and operates a website at www.incomeclub.co. IncomeClub is registered investment advisor with the Securities and Exchange

More information

INVESTING YOUR SUPER. IMPORTANT INFORMATION. 1 July 2015

INVESTING YOUR SUPER. IMPORTANT INFORMATION. 1 July 2015 YOUR INVESTING SUPER. 1 July 2015 IMPORTANT INFORMATION This information should be read in conjunction with the First Super Product Disclosure Statement (PDS) dated 1 July 2015. You should consider this

More information

Your Complete Investment Solution taking care of you...

Your Complete Investment Solution taking care of you... investment funds Your Complete Investment Solution taking care of you... Introduction New Ireland is one of the leading providers of investment solutions within the Irish market today. We offer a range

More information

Private Investment Management. A disciplined investment approach

Private Investment Management. A disciplined investment approach Private Investment Management A disciplined investment approach 03 A disciplined investment approach You have been able to accumulate a substantial amount of capital. However, the challenge is to preserve

More information

GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Investment Principles

GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Investment Principles GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Principles This Statement of Principles (SIP) covers the defined contribution section of the Scheme. It is set out in three parts: 1)

More information

This guide contains important information about your NSF Super investment options.

This guide contains important information about your NSF Super investment options. Investment guide Personal Division This guide contains important information about your NSF Super investment options. You should read it to help you make an informed investment choice. Contents 1. Investment

More information

1 JULY 2015. Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS

1 JULY 2015. Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS 1 JULY 2015 Investment Guide INDUSTRY, CORPORATE AND PERSONAL DIVISIONS Your investment choice TWUSUPER was established in 1984 as the Industry SuperFund for people in transport and logistics. By understanding

More information

Investment Risk Profile Questionnaire

Investment Risk Profile Questionnaire Investment Risk Profile Questionnaire Professional Portfolio International Ltd. 209/1 K Tower, Tower B, 19th Fl., Unit 4 Tel +662 664 0968 Sukhumvit 21 Rd.(Asoke), Klongtoey Nua +662 664 0145 Wattana,

More information

STRENGTH THROUGH BALANCE Old Mutual Unit Trust

STRENGTH THROUGH BALANCE Old Mutual Unit Trust STRENGTH THROUGH BALANCE Old Mutual Unit Trust 2 OLD MUTUAL NAMIBIA UNIT TRUSTS Old Mutual Namibia Unit Trusts offer investors expertly managed Funds to suit a variety of investment and savings needs.

More information

KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND

KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND African Alliance is an investment banking group operating in Africa. We provide local and on-the-ground investment banking services

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 November 2013 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation Scheme (PSS), seventh edition, issued

More information

BT Balanced Equity Income Fund

BT Balanced Equity Income Fund BT Balanced Equity Income Fund Product Disclosure Statement (PDS) Issued 26 September 2012 Contents 1 About BT Investment Management (RE) Limited 2 How the BT Balanced Equity Income Fund works 3 Benefits

More information

Separately managed accounts

Separately managed accounts FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION Separately managed accounts A J.P. Morgan Global Liquidity solution Separately managed

More information

OLD MUTUAL UNIT TRUSTS TAX-FREE INVESTMENT

OLD MUTUAL UNIT TRUSTS TAX-FREE INVESTMENT OLD MUTUL S TX-FREE INVESTMENT Unit Trusts Tax-Free National Treasury has introduced new regulations to the Income Tax ct of South frica that make investments of R30 000 per tax year (subject to R500 000

More information

Pre-Retirement Product Portfolio List as at 11 December 2015

Pre-Retirement Product Portfolio List as at 11 December 2015 Pre-Retirement Product Portfolio List as at 11 December 2015 GENERAL INFORMATION OVERVIEW FEES (Excl. VAT) Name ification Hollard Prime Money Market Maximise interest income, preserve the fund's capital

More information

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE BOND FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles GSK Pension Scheme ( the Scheme ) Statement of Investment Principles This Statement of Investment Principles (SIP) covers the defined benefit and the defined contribution sections of the Scheme. It is

More information

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Leading the way in multi-asset portfolios since 2002 Contents Why consider multi-asset portfolios? What

More information

Investment options and risk

Investment options and risk ADF Super Australian Defence Force Superannuation Investment options and Issued 2 June 2016 The information in this document forms part of the Product Disclosure Statement for the Australian Defence Force

More information

Member Investment Choice Brochure

Member Investment Choice Brochure Member Investment Choice Brochure July 2013 Note Important Information This booklet explains the different options members have regarding investment choice. You are urged to take the time to read it carefully

More information

Investment Options and Risk Issued 1 July 2013

Investment Options and Risk Issued 1 July 2013 Investment Options and Risk Issued 1 July 2013 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation accumulation plan (PSSap), sixth edition,

More information

Writing your charity s investment policy A guide

Writing your charity s investment policy A guide Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment

More information

Our managed funds products are issued by

Our managed funds products are issued by Our managed funds products are issued by 1 According to the Investment and Financial Services Association 1, Australia s first managed funds were introduced in 1954. Since then the industry has grown substantially

More information

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification Stifel CONQUEST Portfolios PORTFOLIO STRATEGY The Washington Crossing Advisors Stifel CONQUEST Portfolios seek to add value by actively allocating assets among U.S. equities, bonds, commodities, and foreign

More information

PREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY

PREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY PREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY 2 Premier Portfolio Management Service Investor Guide WELCOME Neil Birrell Chief Investment Officer

More information

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

HSBC World Selection Portfolios The smart way to diversify your customers investments

HSBC World Selection Portfolios The smart way to diversify your customers investments HSBC World Selection Portfolios The smart way to diversify your customers investments 2 A smart way to invest 3 The benefit of diversification 6 How is HSBC World Selection managed? 8 What are the advantages

More information

Sample Investment Policy. Introduction

Sample Investment Policy. Introduction Sample Investment Policy Introduction This statement of investment policy was adopted by the Board of Directors of Organization Name on Date, to provide for the creation of, and guidelines for the management

More information

Your investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall.

Your investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall. Statement Fact How we invest your money This Fact Sheet is dated 6 January 2016. It provides additional information not contained in the PDS and therefore forms part of the Local Government Super (LGS)

More information

REIT QUICK FACTS GUIDE

REIT QUICK FACTS GUIDE REIT QUICK FACTS GUIDE FOR FINANCIAL ADVISORS Guidelines for Strategic Portfolio Diversification FINRA-Reviewed Fact Sheets on Stock Exchange-Listed Equity REITs Additional References for Advisors THERE

More information

MLC MasterKey Unit Trust Product Disclosure Statement (PDS)

MLC MasterKey Unit Trust Product Disclosure Statement (PDS) MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS YOLO COMMUNITY FOUNDATION INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS ** Adopted June 2, 2004** This Investment Policy Statement replaces any previous statement and is effective

More information

Managed funds. Plain Talk Library

Managed funds. Plain Talk Library Plain Talk Library Contents Introduction to managed funds 5 What is a managed fund and how does it work? 6 Types of managed funds 12 What are the benefits of managed funds? 15 Choosing a managed fund

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Your guide to Managed Funds.

Your guide to Managed Funds. Your guide to Managed Funds. An introduction to Managed Funds 1 Investing in Managed Funds 2 Key benefits 6 Risks 7 The Citibank advantage 8 About Citigold 11 An introduction to Managed Funds There s a

More information

Whitehaven Equity Income Fund

Whitehaven Equity Income Fund Whitehaven Equity Income Fund ARSN: 166 733 133 Product Disclosure Statement Dated 6 January 2014 Whitehaven Private Portfolios Ltd Investment Manager and Responsible Entity ABN 64 109 808 577; AFSL 300878

More information

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles

GSK Pension Scheme ( the Scheme ) Statement of Investment Principles GSK Pension Scheme ( the Scheme ) Statement of Investment Principles This Statement of Investment Principles (SIP) covers the defined benefit and the defined contribution sections of the Scheme. It is

More information

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at

More information

BCP GLOBAL PORTFOLIO SOLUTIONS (GPS)

BCP GLOBAL PORTFOLIO SOLUTIONS (GPS) GROW YOUR FUNDS - PROTECT CAPITAL BCP GLOBAL PORTFOLIO SOLUTIONS (GPS) n n n Access Portfolios of Best in Class Global Funds & Indices With the additional benefit of Capital Security at maturity Ease of

More information

Managed Portfolio Service. Investment Statement 27 November 2015. for information only

Managed Portfolio Service. Investment Statement 27 November 2015. for information only Managed Portfolio Service Investment Statement 27 November 2015 This document is an Investment Statement for the purposes of the Securities Act 1978. Important information (The information in this section

More information

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment

More information

CalPERS 457 Plan Target Retirement Date Funds

CalPERS 457 Plan Target Retirement Date Funds CalPERS 457 Plan Target Retirement Date s September 30, 2015 Overview Target Retirement Date s (the "" or "s") are a series of diversified funds, each of which has a predetermined underlying asset mix

More information

With interest rates at historically low levels, and the U.S. economy showing continued strength,

With interest rates at historically low levels, and the U.S. economy showing continued strength, Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.

More information

Investing in Equities. Find your path to smarter equity investing.

Investing in Equities. Find your path to smarter equity investing. Investing in Equities. Find your path to smarter equity investing. Eagle Strategies LLC (Eagle) is an investment adviser registered with the Securities and Exchange Commission and is notice filed with

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Guide to mutual fund investing. Start with the basics

Guide to mutual fund investing. Start with the basics Guide to mutual fund investing Start with the basics Pursue your financial goals Why do you invest? For a rainy day? A secure retirement? Funding a college tuition? Having a specific goal in mind will

More information

Guide to Building Your Wealth. 1. What affects the value of money?

Guide to Building Your Wealth. 1. What affects the value of money? Guide to Building Your Wealth 1. What affects the value of money? Money has a tendency to lose its value over time because the price of goods and services usually goes up. This is called inflation. Here

More information

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

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

More information

ELCA Investment Fund Descriptions ELCA Retirement Plan

ELCA Investment Fund Descriptions ELCA Retirement Plan FUND PERFORMANCE AS OF DEC. 31, ELCA Investment Fund Descriptions ELCA Retirement Plan Effective Jan. 1, 16 About the ELCA Retirement Plan Investment Funds The Board of Pensions of the Evangelical Lutheran

More information

University of Reading Pension Scheme

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

More information

The Scottish Investment Trust PLC

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

More information

Investment Guide. About this document. Contents. This document explains: Date of issue: 5 October 2015. mtaasuper.com.audate.

Investment Guide. About this document. Contents. This document explains: Date of issue: 5 October 2015. mtaasuper.com.audate. Investment Guide Date of issue: 5 October 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 of issue: The information in this document forms part of the Product Disclosure Statement for MTAA Super

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market

Spectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

Investment choice. GESB Super and West State Super. Important note. ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015

Investment choice. GESB Super and West State Super. Important note. ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015 SUP E R ANNUATION Investment choice GESB Super and West State Super Important note The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each

More information

ADVANCE INTERNATIONAL SHARES MULTI-BLEND FUND Product Disclosure Statement (PDS)

ADVANCE INTERNATIONAL SHARES MULTI-BLEND FUND Product Disclosure Statement (PDS) ADVANCE INTERNATIONAL SHARES MULTI-BLEND FUND Product Disclosure Statement (PDS) Issued: 1 July 2015 ARSN 087 295 501 APIR ADV0053AU Contents 1. About Advance Asset Management Limited... 2 2. How the Fund

More information

CLIENT RISK PROFILE QUESTIONNAIRE

CLIENT RISK PROFILE QUESTIONNAIRE Chadha Investment CLIENT RISK PROFILE QUESTIONNAIRE Financial Advisor: Chadha Investment Client s Name : A. Personal Particulars 1. Where can we reach you? (You prefer mail being sent to: Office Home )

More information

FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES

FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES INTRODUCTION This booklet will provide you with information on the importance of understanding ways in which Collective Investment Schemes ( CIS )

More information

Peace of mind your employees can take to the bank

Peace of mind your employees can take to the bank Peace of mind your employees can take to the bank Retirement Bank Account Retirement & Benefit Plan Services Thinking about making some investment changes to your retirement plan? A retirement choice your

More information

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE Endowment Fund INVESTMENT POLICY PURPOSE This document is the official policy governing the investment practices of the Wharton County Junior College Endowment Fund (the WCJCEF or Endowment ). The policies

More information

Your investment options University of Reading Pension Scheme

Your investment options University of Reading Pension Scheme Human Resources Your investment options University of Reading Pension Scheme Introduction If you are a member of the University of Reading Pension Scheme (the Scheme) you and your employer pay contributions

More information

Investing Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011

Investing Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 Long-Term Investing Report Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 A research study issued by the ASX and Russell Investments About Us As

More information

Impact of rising interest rates on preferred securities

Impact of rising interest rates on preferred securities Impact of rising interest rates on preferred securities This report looks at the risks preferred investors may face in a rising-interest-rate environment. We are currently in a period of historically low

More information

Investment Bond & Rollover

Investment Bond & Rollover Investment Bond & Rollover This report includes: Deferred Annuity Capital Guaranteed Collection Rollover Rollover Portfolio and Rollover Parking Fund Capital Guaranteed Collection Investment Bond Investment

More information

Fund Guide. A world of opportunities

Fund Guide. A world of opportunities Fund Guide A world of opportunities About this Guide SEB Life International offers a range of unit-linked life assurance policies that can be linked to a wide range of investments. This guide is designed

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

Investment Products. www.britam.com BritamEA BritamEA

Investment Products. www.britam.com BritamEA BritamEA Investment Products www.britam.com BritamEA BritamEA About Britam Holdings Limited Britam is a diversified financial services group listed on the Nairobi Securities Exchange. The group has interests across

More information

Investment Options and Risk Issued 1 March 2013

Investment Options and Risk Issued 1 March 2013 Options and Risk Issued 1 March 2013 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation accumulation plan (PSSap), fifth edition, issued

More information

Investment Education Series

Investment Education Series Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,

More information

CONSIDERING INVESTMENT RISK A guide to investing for your future

CONSIDERING INVESTMENT RISK A guide to investing for your future CONSIDERING INVESTMENT RISK A guide to investing for your future Award Winning Wealth Management CONTENTS 1 2 Introduction What does Investing mean? 05 07 3 Understanding your Needs and Requirements 08

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

A 10-year Investment Performance Review of. the MPF System. (1 December 2000 31 December 2010)

A 10-year Investment Performance Review of. the MPF System. (1 December 2000 31 December 2010) A 10-year Investment Performance Review of the MPF System (1 December 2000 31 December 2010) Acknowledgement The methodology and analysis of this report have been reviewed by Prof Kalok Chan, Synergis-Geoffrey

More information

AON MASTER TRUST. Introduction to investments. aonmastertrust.com.au

AON MASTER TRUST. Introduction to investments. aonmastertrust.com.au AON MASTER TRUST Introduction to investments aonmastertrust.com.au CONTENTS Risk versus return... 3 Asset classes... 4 Defensive and growth asset classes... 5 Asset class performance... 6 Managing risk...

More information

Guide to investment risk and return

Guide to investment risk and return Guide to investment risk and return December 2013 This guide is designed to help you choose an asset allocation for your investment or super portfolio. It provides an explanation of the terms and concepts

More information

RIT Capital Partners plc Shareholder Disclosure Document January 2015

RIT Capital Partners plc Shareholder Disclosure Document January 2015 RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus

More information

BAE SYSTEMS PENSIONS BECAUSE PLANNING IS PART OF THE JOURNEY RETIREMENT ACCOUNT GUIDE LEVEL 100+ MARCH 2015

BAE SYSTEMS PENSIONS BECAUSE PLANNING IS PART OF THE JOURNEY RETIREMENT ACCOUNT GUIDE LEVEL 100+ MARCH 2015 BAE SYSTEMS PENSIONS BECAUSE PLANNING IS PART OF THE JOURNEY RETIREMENT ACCOUNT GUIDE LEVEL 100+ MARCH 2015 CONTENTS Where your Scheme benefits come from 4 Your choices affect your retirement account 5

More information

GSK Pension Fund ( the Fund ) Statement of Investment Principles

GSK Pension Fund ( the Fund ) Statement of Investment Principles GSK Pension ( the ) Statem of Principles This Statem of Principles (SIP) covers the defined benefit and the defined contribution sections of the. It is set out in four parts: 1) Governance arrangems 2)

More information

City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds

City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2015, AS SUPPLEMENTED MAY 1, 2015 Class: Institutional Class Servicing Class Class

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.

More information

UBS Diversified Fixed Income Fund Product Disclosure Statement

UBS Diversified Fixed Income Fund Product Disclosure Statement 12 October 2015 UBS Diversified Fixed Income Fund Product Disclosure Statement Issue No. 3 ARSN: 090 428 372 APIR: SBC0007AU MFUND: UAM06 Issued by UBS Global Asset Management (Australia) Ltd ABN 31 003

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015 TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition

More information

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual Fund Investing Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual funds are one of the most popular ways

More information

INVESTMENT POLICY STATEMENT Valued Client

INVESTMENT POLICY STATEMENT Valued Client INVESTMENT POLICY STATEMENT Valued Client August 17, 2010 PREPARED BY: John Ohl Bay Colony Advisors 91 Main St STE 308 Concord, Massachusetts 01742 (978) 369-7200 John@baycolonyadvisors.com www.baycolonyadvisors.com

More information

Small monthly payments.

Small monthly payments. Fund-based savings with the Securities Investment Plan (WertpapierPlan), Page 1 of 8 Small monthly payments. With the potential to grow. Fund-based savings with the WertpapierPlan Securities Investment

More information

Investment Menu Retail Managed Accounts

Investment Menu Retail Managed Accounts Investment Menu Retail Managed Accounts IMPORTANT INFORMATION This Investment Menu is issued by Linear Asset Management Ltd (ABN 11 119 757 596, AFSL 304542) ( Responsible Entity we, our or us ), the responsible

More information

your goals Investing to achieve

your goals Investing to achieve Investing to achieve your goals Whether it s for a comfortable retirement, a major purchase, or funding a child s education, or saving to leave a legacy, investing to achieve your goals and dreams takes

More information