2016 Diamond Ratings Multi-Asset Income Generating Funds Discussion paper

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1 2016 Diamond Ratings Multi-Asset Income Generating Funds Discussion paper Defaqto Limited All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical or any other, or be stored in a retrieval system without the express written permission of the publisher. The publisher has taken all reasonable measures to ensure the accuracy of the information and Ratings in this document and cannot accept responsibility or liability for errors in or omission from any information given and for any consequences arising.

2 About this document This document outlines the key developments and trends that will inform the criteria we use for the 2016 Diamond Ratings for Multi-Asset Income Generating Funds and, based on these, sets out the areas where we would like to consult the industry as part of ensuring that our ratings process remains robust and transparent. 2

3 Key developments and trends The market Our new universe will contain approximately 130 multi-asset income funds on a standalone basis. In addition, some of these funds exist within risk targed and risk focused families and they will continue to form part of the rating for those families (as well as being rated individually). Adviser trends Advisers continue to focus on costs and value for money in researching suitable solutions for clients in the post RDR environment. Legislation and regulation The abolition of the compulsion to buy an annuity at retirement has seen a big increase in the launch of income funds over the 2014/5 period. Fund managers In terms of net retail sales, in the 13 months to April 2015 UK Equity Income was the best selling Investment Association sector in 9 of those months and in 3 of the 4 quarters to Q Propositions None. 3

4 Key implications for the 2016 Ratings process Product area weightings For a fund to be rated at 4 or 5 Diamond it would need to demonstrate an accurate ability to deliver consistent income and commitment to the retail investment market. As a result, we intend to focus on the following key areas in the 2016 Diamond Ratings process: Rating area 2015 % share of features 2016 % share of features Fees - 7% Accessibility - 7% Income fund specific - 43% Other features - 43% TOTAL - 100% Accessibility Within this area we will consider number of distribution partners. Income fund specific Here we will look at income (pence) per unit, stability of the income stream and a capital preservation measure. Other features Consist of manager tenure, fund AUM, group AUM, UCITs/NURS status, domicile and return from any stock-lending. What does good look like? The following is a list of criteria that will need to be fulfilled in order for a fund to be classified as 4 or 5 Diamond: Criterion The score for each of the 3 income fund specific measures must be in the top 3 quintiles No manager change Rationale These are desired qualities for income funds More stability in management of the funds No provider change More stability in ownership No sector change No change from being single-manager/multimanager as appropriate More stability in management approach More stability in management approach 4

5 Areas for discussion These are the areas where Defaqto would like to discuss their proposals, and receive any feedback that you might have. All areas This is a new rating area for us therefore we would be interested in discussing and receiving feedback on all aspects of the process - the factors used, their weightings and the core criteria 5

6 Appendix: Proposed 2016 criteria Based on the above analysis, we propose including the following criteria in our assessment process for the 2016 Ratings (core criteria are in bold text; new criteria are highlighted in green). Proposed criteria Multi-Asset Income Generating funds Number of distribution partners Income (pence) per unit 1 (x2 weight) Ongoing charge Stability of the income stream 1 (x2 weight) Manager tenure Capital preservation 1 (x2 weight) Fund size Business 1 (for funds less than 4 yrs old) Group AUM Staff quality 1 (for funds less than 4 yrs old) UCITs compliance/nurs status Jurisdiction/domicile Return from any stock-lending Investment philosophy 1 (for funds less than 4 yrs old) Investment process 1 (for funds less than 4 yrs old) Research capability 1 (for funds less than 4 yrs old) 1. From 0 to 4 years the total weightings of the income fund specific measures will increase linearly such that they will have no weight if the fund is brand new and full weighting (43% of the overall Diamond Rating) if it is 4 or more years old, while the total of business, staff quality, investment philosophy, investment process and research capability will decline linearly such that these factors will have full weighting if the fund is brand new and no weighting if it is 4 or more years old 6

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