Premier Defensive Growth Fund. Fund update - first quarter 2014

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1 Premier Defensive Growth Fund Fund update - first quarter 2014

2 The Premier Defensive Growth Fund Need to know The Fund s essential characteristics: Looks to generate a positive return on a rolling 12 month basis. Emphasis on low volatility and absolute return. The Fund utilises a multi investment type approach. Will focus on investments with a Fixed life and a Fixed entitlement (we call the Two Fs ). The Two Fs enable easier identification of the major risks and accurate risk modelling. Contents 3. Performance summary 4. The detail 5. Performance drivers 6. Activity - asset allocation 7. Activity - sample holdings 8. The complete portfolio 9. The complete portfolio continued 10. The complete portfolio continued 11. Glossary of terms 12. Important information Please refer to our Glossary of terms on page 11 for an explanation of terminology. 2

3 Performance summary Over a rolling 12 month period, the Fund continues to generate a stable return, despite volatile market conditions, using a multi investment type approach. As the chart to the right shows, the Fund is able to achieve significant levels of returns with low levels of volatility, which is a welcome alternative to some of the largest absolute return funds and bond funds. The defensive nature of the Fund means that it is not expected to participate in large market falls nor large market rallies. The Fund s reduced sensitivity to market conditions is key for it to produce stable returns. Our experience, research and analysis of the underlying investments helps us to model and control risk and regulate the downside risk to the Fund. Performance since launch to Total return (%) Premier Defensive Growth Fund FTSE 100 LIBOR GBP 3m Returns versus volatility since launch to Total return (%) Premier Defensive Growth Fund IMA Sterling Corporate Bond FTSE Volatility (annualised) 3 Line graph source: FE Analytics, bid to bid, total return, UK sterling basis. Scatter graph source: FE Analytics, total return, annualised ratios, UK sterling basis. Data based on Class B Accumulation shares. Fund launched on Past performance is not an indication of future returns.

4 The detail Sector exposures The Two Fs exposure Global Equities 1.1% Asian Equities 1.8% US Equities 1.1% Absolute Returns 3.3% Hedge Funds 4.1% Not Fixed 16.0% FF+ 17.9% Other 4.2% Commercial Property 6.0% UK Equities 31.4% F 1.2% F+ 1.8% Cash & Fixed Income 6.0% FF 63.2% UK Smaller Companies 6.1% Investment Companies 10.9% Private Equity 11.7% Global Utilities 12.3% The fixed life enables easier identification of the major risks and the fixed entitlement informs the responsiveness of the investments if those risks occur. 4 FF = Fixed life & Fixed entitlement, F = Fixed life or Fixed entitlement, + = further potential Data as at Please note that the Fund breakdown may exceed 100% due to rounding.

5 Performance drivers Relative to peer group: Helped Protection against market turbulence Diverse asset classes with a focus on a defined returns and downside protection Volatile market conditions enabled profitable switching between different investment types Utilities exposure Notable contributors Jupiter Primadona Growth Trust The Cayenne Trust Credit Suisse FTSE/Eurostoxx 8.35% Autocall Edinburgh Investment Trust Hurt Limited exposure to timber 5

6 Activity - asset allocation as at Zeros 37.0% Synthetic Zeros 16.2% Defensive Autocalls 9.0% Investment Companies (hedged) 7.4% Convertible Unsecured Loan Stock (CULS) 4.8% Investment Companies 4.3% Closed Ended Hedge Funds 4.1% Money Market Instruments 3.3% Structured Accruals 2.5% Floating Rate Notes 2.3% Preference Shares 1.6% Lookback Trackers 1.0% Capital Solutions 0.8% Dividend Certificates 0.8% Real Estate Investment Trusts (REITs) 0.7% Convertibles 0.6% Exchange Traded Funds (ETF) 0.5% Participation Notes 0.5% Synthetic Lock-in Zeros 0.4% Options 0.3% Contingent Partly-Paid Preference Shares (COPPS) 0.1% Futures -0.1% Cash 2.2% We continue to maintain our highest weighting in zeros, particularly the more senior zeros, for exposure to more specialist sectors. Synthetic zeros remain the second largest weighting in the Fund providing defensive qualities with strong credit metrics. We continue to hold a diverse range of asset classes such as convertible unsecured loan stock (CULS), capital solutions and investment companies that still maintain the defensive and defined qualities that we seek as integral for investments for the Premier Defensive Growth Fund. Please note that the data above has been rounded. 6

7 Activity - sample holdings New holdings Schroder Oriental Income Fund BNP Paribas Lookback FTSE Tracker 2018 Murray Income Trust Topping up Miton Worldwide Growth Edinburgh Dragon 3.50% CULS 2016 Jupiter Second Split Trust Zero 2014 Reducing Herald Investment Trust Keystone Investment Trust Matured products Morgan Stanley FTSE Synthetic Zero (Accrual)

8 The complete portfolio Zero Dividend Preference Shares Utilico 2014 (4.3%) F&C Private Equity 2014 (3.3%) Jupiter Second Split Trust 2014 (3.3%) Acorn Income Fund 2017 (3.3%) JP Morgan Private Equity 2015 (3.3%) Ecofin Water and Power 2016 (2.7%) Electra Private Equity 2016 (2.6%) JZ Capital Partners 2016 (2.4%) M&G High Income Trust 2017 (2.3%) Aberforth Geared Income Trust 2017 (2.0%) Premier Energy & Water Trust 2015 (2.0%) Conygar Investment 2019 (1.7%) Picton Property 2016 (1.5%) Smaller Companies Dividend Trust 2018 (0.7%) Inland Homes 2019 (0.6%) Utilico 2016 (0.6%) JP Morgan Income & Capital 2018 (0.6%) Defensive Autocalls 9.0% Synthetic Zeros HSBC FTSE Synthetic 2014 (2.3%) Goldman Sachs FTSE/SX5E Synthetic 2016 (1.9%) RBS FTSE Synthetic 2014 (1.9%) Goldman Sachs FTSE Synthetic 2015 (1.6%) UBS FTSE Synthetic 2016 (1.5%) Credit Suisse FTSE Synthetic 2016 (1.4%) Zeros 37.0% Synthetic Zeros continued BNP Paribas MSCI EM Synthetic 2018 (1.1%) Barclays FTSE Synthetic 2015 (0.8%) HSBC FTSE Synthetic 2017 (0.8%) Rabobank FTSE Synthetic 2017 (0.7%) Barclays FTSE/SP500 Synthetic 2019 (0.6%) RBC FTSE/SP500 Synthetic 2015 (0.4%) Barclays FTSE Synthetic 2017 (0.4%) UBS FTSE/SP500 May Synthetic 2016 (0.3%) Nomura FTSE Synthetic 2014 (0.2%) RBC FTSE/SPTSX60 Synthetic 2019 (0.2%) Nomura FTSE Synthetic 2014 (0.1%) ELDeRS 13C - Japan Capital Protected 2016 (0.0%) Defensive Autocalls Credit Suisse 4yr FTSE 100/S&P % Autocall 2017 (1.6%) Societe Generale 3Y FTSE/S&P 5.8% Autocall 2017 (1.6%) RBC 5Y FTSE/SP % Autocall 2018 (1.6%) Synthetic Zeros 16.2% UBS 6yr FTSE/SP % Autocall 2019 (0.9%) JP Morgan 6Y FTSE/SP % Autocall 2019 (0.8%) JP Morgan 6Y FTSE/SP500/Euro50 10% Autocall 2019 (0.6%) UBS 6yr FTSE/EUROSTOXX 8.30% Autocall 2019 (0.5%) RBC 5Y CAC % Autocall 2017 (0.5%) Credit Suisse 6yr FTSE/Eurostoxx 8.35% Autocall 2019 (0.4%) Morgan Stanley 5Y FTSE % Autocall 2018 (0.4%) Societe Generale FTSE/EuroStoxx Defensive Autocall 9.6% 2019 (0.2%) 8 Each holding has been categorised to help you identify the types of asset that the Premier Defensive Growth Fund is invested in. The pie chart shows the asset allocation of the Fund through analysis of the underlying securities in each holding. = New holding. Data as at

9 The complete portfolio continued Investment Companies (hedged) Tri Continental (1.1%) Fidelity China Special Situations (0.7%) Murray Income Trust (0.6%) British Empire Trust (0.6%) Brunner Investment Trust (0.5%) Zweig Fund (0.5%) Alliance Trust PLC (0.5%) F&C US Smaller Companies (0.5%) Invesco Income Growth (0.4%) JP Morgan Chinese Investment Trust (0.4%) World Trust Fund (0.3%) Schroder Oriental Income Fund (0.3%) BB Biotech AG (0.3%) Keystone Investment Trust (0.3%) Biotech Growth Trust Plc (0.2%) Herald Investment Trust (0.2%) Threadneedle UK Select Trust (0.2%) Convertible Unsecured Loan Stock EcoFin Water & Power 6% CULS 2016 (1.4%) Edinburgh Dragon 3.50% CULS 2018 (1.4%) Cayenne Trust 3.25% CULS 2016 (0.9%) Aberdeen Asian Smaller Companies 3.5% CULS 2019 (0.4%) City Natural Resources High Yield CULS 3.5% 2018 (0.4%) Electra Private Equity 5% CULS 2017 (0.2%) Standard Life UK Smaller Companies 3.5% CULS 2018 (0.1%) Money Market Instruments 3.3% Closed Ended Hedge Fund 4.1% Investment Companies 4.3% CULS 4.8% Investment Companies (Hedged) 7.4% Investment Companies Miton Worldwide Growth (1.4%) The Cayenne Trust Ord (1.0%) Acencia Debt Strategies (0.3%) Juridica Investment Ord (0.3%) Burford Capital Ltd (0.3%) Dexion Absolute Limited (0.3%) DCG IRIS Limited (0.2%) Blue Capital Reinsurance Fund (0.2%) Phanous Timber Fund (0.2%) CATCo Reinsurance Opportunities (0.1%) BlackRock World Mining (0.1%) Close Ended Hedge Fund Brevan Howard Global (1.9%) Brevan Howard Macro (0.8%) BlueCrest AllBlue Fund (0.6%) Brevan Howard Credit Catalyst (0.5%) Dexion Trading Limited (0.3%) Dexion Absolute Limited (0.04%) Goldman Sachs Dynamic (0.03%) Money Market Instruments Premier UK Money Market Fund (1.5%) Vodafone 4.625% 2014 (1.1%) National Grid 6.125% 2014 (0.6%) Prudential 1.25% 2015 (0.1%) Allied Domecq Financial Services 6.625% 2014 (0.03%) = New holding. Data as at

10 The complete portfolio continued Structured Accrual BNP Paribas FTSE/SP500 Synthetic 2017 (1.6%) Morgan Stanley FTSE Synthetic 2015 (1.0%) Floating Rate Notes Rabobank Nederland 2015 (1.6%) Australian and New Zealand Banking 2016 (0.4%) Clydesdale Bank 2015 (0.3%) Preference Shares Real Estate Credit Investment PCC Limited 8% 2017 (1.6%) Lookback Trackers BNP Paribas Lookback FTSE Tracker 2018 (1.0%) Capital Solutions Societe Generale Utilities 2018 (0.7%) Santander 3Y HPI Linked Note 2014 (0.1%) Dividend Certificate Goldman Sachs 6Y Cert on 2014 FTSE 100 Dividends 2014 (0.8%) Futures -0.1% COPPS 0.1% Options 0.3% Synthetic Lock-in Zeros 0.4% Participation Note 0.5% ETF 0.5% Convertibles 0.6% REITs 0.7% Dividend Certificate 0.8% Capital Solutions 0.8% Lookback Trackers 1.0% Preference Shares 1.6% Floating Rate Note 2.3% Structured Accrual 2.5% Cash Real Estate Investment Trusts (REITs) Tritax Big Box (0.7%) Convertibles VIB Vermoegen 4.5% 2015 (0.6%) ETF Stoxx Europe 600 Healthcare Short Daily UCITS (0.5%) Participation Note HSBC FTSE % Participation 2019 (0.5%) Synthetic Lock-in Zeros UBS S&P500 Accrual Synthetic 2014 (0.4%) Options (0.3%) COPPS Burford Capital A shares (0.1%) Futures Short Gilt (-0.09%) Long Gilt (-0.03%) = New holding. Data as at

11 Glossary of Terms Absolute Return This type of fund looks to achieve positive returns for clients in all market conditions over a specified period of time. Capital Solutions An investment offering a capital return typically over a fixed life dependant on underlying exposures. Contingent Partly-Paid Preference Shares (COPPS) Institutional Investors who hold this asset class agree to, on demand, to provide capital to the Issuing Company. Institutional Investors effectively receive a non-utilisation fee in return for undrawn-down amounts which changes to a higher interest rate charged to the company if/when drawdowns occur. Convertible Bonds A bond that can be converted into shares in certain circumstances or at certain times. Convertible Unsecured Loan Stock (CULS) Stock that is classified as unsecured debt in the capital structure and convertible bond like in nature; has the ability to be converted into equity. Defensive Autocalls An investment with a maturity date which can be called earlier depending on pre-defined criteria. Equities Another name for company shares. Exchange Traded Funds (ETFs) A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. Fixed Entitlement A defined amount that an investment will return. Fixed Life An Investment with a defined start and end date. Floating Rate Notes These are bonds which do not have a fixed rate of interest. Hedge Fund These funds tend to manage a portfolio of investments that uses investment strategies such as leverage, long, short, and derivative positions in both domestic and international markets attempting to reduce risk and/or maximise returns. Lookback Tracker An investment participating in the upside of an index from a level determined during the first part of an investments fixed life. Real Estate Investment Trust (REIT) A security that invests in real estate directly, either through properties or mortgages. Structured Accrual An Investment offering an accrued capital return over a fixed life dependant on underlying exposures and their trading range. Synthetic Zeros A form of structured product which has a fixed life and fixed entitlement, whilst being exposed to a degree of credit and market risk. Synthetic zeros are usually linked to major, well known indices, such as the FTSE 100, but with much less risk than investing directly in the index itself. Volatility The frequency and severity with which the price of an investment goes up and down. Zero Dividend Preference Shares Often called zeros, these are shares that do not receive any income but instead pay out a fixed entitlement at the end of the investment s fixed life. As preference shares, they typically rank ahead of other share classes for capital repayment at the end of the fixed life. 11

12 Important Information Risk of investments Past performance is not a guide to the future. The price of shares and any income from them may go down as well as up and you may get back less than you invested. Movements in exchange rates may also affect the value of your investment. Please remember that these investments are typically intended as either medium or long term investments. Disclaimer Whilst every effort has been made to ensure the accuracy of the information contained within this document, we regret that we cannot accept responsibility for any omissions or errors. The information given and opinions expressed are subject to change and should not be interpreted as investment advice. Reference to any particular stock does not constitute a recommendation to buy or sell the stock. All data is sourced to Premier unless otherwise stated. Persons who do not have professional experience in matters relating to investments should not rely on the content of this document. Should you need advice, or if you would like to know more about this Fund, please contact your financial adviser in the first instance. A free, English language copy of the Fund s full prospectus, the Key Investor Information Document and Supplementary Information Document, which include all the important information you need to consider before making an investment decision, are available on the Premier website, or you can request copies by calling us on For your protection, calls may be monitored and recorded for training and quality assurance purposes. FTSE International Limited (FTSE) FTSE FTSE is a trade mark of London Stock Exchange Plc. and The Financial Times Limited and is used by FTSE under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE s express written consent. Issued by Premier. Premier Portfolio Managers Ltd and Premier Fund Managers Ltd are ISA managers, authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS and are members of the Premier and Premier Asset Management marketing groups. 12 Call: Web: Premier, Eastgate Court, High Street, Guildford, Surrey GU1 3DE

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