ENHANCED INCOME. Premier Asset Management presents the Premier Optimum Income Fund, managed by Chris Wright. March 2016 For professional advisers only

Transcription

1 with independent analysis from ENHANCED INCOME Premier Asset Management presents the Premier Optimum Income Fund, managed by Chris Wright. March 2016 For professional advisers only

2 For professional advisers only. Premier Optimum Income Fund * Enhanced income historic yield paid quarterly Total returns - dividends reinvested (%) Total returns (%) - dividends reinvested Dec 2013 Dec 2014 Dec 2015 Source: FE Analytics, based on a bid to bid, total return, income reinvested, UK sterling basis, data to (class A income shares). 1 Performance is shown from the date the fund joined the IA UK equity income sector. Over five years to , the Fund has returned 56% compared with 34% for the index. Past performance is not a guide to future returns Aiming for strong dividends and dividend growth together with capital growth potential Aims to produce an attractive level of income, paid quarterly. Principally invested in UK equities. Chris Wright Fund Manager An active option strategy is used to further enhance the income paid out. Managed by an experienced manager with over 30 years of investment experience. For professional advisers only. Not suitable for, or to be relied on by, private or retail investors. *Source: Premier Asset Management. The historic yield reflects distributions declared over the past 12 months as a percentage of the mid-market unit price of the fund (Class C income shares) as at Past performance is not a guide to future returns. The yield is not guaranteed and will fluctuate. The methodology and calculations used by the companies or organisations that provide the fund or fund manager awards and ratings should not be relied upon for making an investment decision, nor are they an indication, promise or guarantee of future performance of a fund or fund manager. Fund ratings based on Class C Shares. Source & Copyright: CITYWIRE. The fund manager is rated by Citywire for his 3 year risk adjusted performance to Citywire information may not be copied and Citywire excludes any liability arising out of its use. FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group of companies and is used by FTSE International Limited 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. A free, English language copy of the fund s prospectus, Key Investor Information Documents and Supplementary Information Documents are available on the Premier website. Issued by Premier Asset Management. Authorised and regulated by the Financial Conduct Authority. Telephone calls may be recorded for training and quality assurance purposes

3 Introduction Welcome to Source, a publication that shines the spotlight on particular funds and their managers. This time, Premier Asset Management presents the Premier Optimum Income Fund, with an in-depth profile and Q&A with fund manager Chris Wright, plus supporting analysis from Citywire. Investment profile Analysis Q&A Contents March

4 4 March 2016 Investment profile with Chris Wright, manager of the Premier Optimum Income Fund

5 In the bulging UK Equity Income Sector, investors can often be overwhelmed with choice. So what makes a fund stand out? For Chris Wright, the Citywire AAA-rated manager of the Premier Optimum Income Fund, it is the Fund s use of derivative instruments that sets it apart from its competitors. The Fund does this by writing call options that may give away some of the capital appreciation of a stock something described in the market as selling volatility. What we are aiming to do is target a higher yield than would be available from a portfolio of good dividend paying companies. The income in this fund is made up of straight forward dividends plus an additional dividend from selling options, he says. On the very large stocks we hold, when they have had a reasonable run, we might choose to hold rather than buy. We would then sell an option at a premium and then achieve income from that, which goes into the income account. By doing so, we bring income into the Fund while also potentially lowering its volatility. In a flat or falling market, this options strategy is designed to help mitigate some of the risk by taking out some of the value of the company. While such a strategy can act as a drag on capital growth when the market is rising strongly, Wright believes this is a small price to pay for income investors. Often the use of options is perceived as risky, he says. But what we are actually doing is selling risk. We are taking risk out of the portfolio by using options and transferring that risk into a steadier income. If you look at the history of the Fund, the beta is somewhat below the market. Another distinguishing feature of the Premier Optimum Income Fund - which will typically have around 55 to 60 holdings - is the diversity within the Fund s remit. What also makes the Premier Optimum Income Fund different is our multi-cap approach and making full use of the 20% of non-uk equity assets we are able to invest, while staying in the Investment Association s UK Equity Income Sector, he says. While many funds in the sector may only pay lip-service to the 20% that can be invested away from UK equities, for Wright, this extra What we are aiming to do is target a higher yield than would be available from a portfolio of good dividend paying companies Chris Wright March

6 threshold allows the freedom to move away from the condensed opportunities within the UK s biggest companies. If you look at the mega caps of around 20 billion, you are really quite limited in stocks that have a good and growing dividend yield. There are the BPs, the Shells and the BHP Billitons, which are all very dependent on emerging economies, as well as factors they cannot control such as copper, iron ore and oil prices, he says, citing a handful of tobacco, financial and pharmaceutical stocks as the other major players. So this can restrict the range of attractive stocks available to invest in. If you go into Europe, however, you not only have the same sectors, but you might also gain access to greater investment opportunities within those sectors. Mid-cap stocks constitute a primary element of Wright s investable universe. Underlining the cash generation and growth prospects of companies just outside the larger end of the cap scale, he points to their general economic resilience as a key factor in looking beyond mega caps. One area that has always been a good hunting ground down the cap scale is mid-cap companies. The mid-cap indices tend to outperform the very large-cap ones, so there are always some good opportunities there. Citing companies such as tech business Micro Focus and property developer Berkeley Group as examples of high-quality mid-cap companies that continue to pay good dividends, Wright is also attracted to the sound financial footing of businesses within this cap range. These are still big businesses, he explains. We are not talking potentially volatile small-cap companies, but well financed, growing companies. Quite simply, what we are looking for are the companies that have the right financial characteristics and this may sometimes mean being concentrated into certain sectors. Cash generation is a key trait within the stockpicking process for the Premier Optimum Income Fund. For Wright, finding well-run companies that can deliver solid results with or without a background of strong economic growth or high inflation, remain central to his core ethos as a bottom-up stock investor. We can only pay our investors cash if we are receiving it, and so the cash-generative ability of a company is very important, he adds. On top of that, it is also preferable if that company can grow to some extent, and that is where the companies we can invest in becomes more limited it is where the number of highquality companies narrows considerably. But Wright s investment philosophy encompasses more than just a single-minded focus on value. The other key metric when investing is that of momentum: is the company doing well or badly? he says. When you are buying with a pure value philosophy, you are focusing solely on achieving a certain yield. But even if a business is generating cash, if the company is performing badly, you are probably better off not investing. Liquidity is also an important consideration. Where we do come down the size scale, I am very aware of not buying too big a position in a new holding, Wright says. For example, if something goes wrong, can I get out of the holding? The 1987 crash was all about equity liquidity and then in 2008/9 we experienced the problems of bond liquidity, understanding that liquidity 6 March 2016

7 We are looking for companies with the right financial characteristics Chris Wright risk is important. It is vital that you can easily liquidate a position that is failing should you choose to do so. Drawing on over 30 years experience, Wright has vast experience on both the buying and selling side of the investment industry, including working for Barclays de Zoete Wedd, ABN Amro and Collins Stewart before joining Premier Asset Management in In 2013, Premier merged its UK Alpha Income Fund managed by Citywire AAA-rated manager Chris White with Wright s Premier European Optimum Income Fund, marking the genesis of the Premier Optimum Income Fund as it is known today, investing principally in UK equities. Wright maintains close working relationships within Premier s UK equity team, March

8 An advantage of working in such a strong UK equities team is that we are able to draw on the team members excellent experience and specialisms Chris Wright including White and Alex Ross, the Citywire AA-rated manager of the Premier Pan European Property Share Fund, believing that the nuances between their investment philosophies dovetail well. An advantage of working in such a strong UK equities team is that we are able to draw on the team members excellent experience and specialisms. Looking ahead, while Wright acknowledges that income investors face a number of challenges, he is confident there is still plenty of value to be attained. Citing innovation as a key tool in the hunt for new opportunities, he believes thinking differently one of the Premier Optimum Income Fund s key principles lies at the heart of succeeding in an increasingly challenging market for income investors. This article is for information purposes and is only to be issued to financial intermediaries. It is not for circulation to retail clients. It expresses the opinion of the investment manager and does not constitute advice. Reference to any particular stock does not constitute a recommendation to buy or sell a stock. Persons who do not have professional experience in matters relating to investments should always speak with a financial adviser before making an investment decision. A free, English language copy of the Fund s full prospectus, Fund Key Investor Information Document and Supplementary Information Documents are available on the Premier website, or by calling Issued by Premier Asset Management. Premier Asset Management is the marketing group for Premier Fund Managers Ltd and Premier Portfolio Managers Ltd, who are authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS. For your protection, calls may be monitored and recorded for training and quality assurance purposes. Tel: info@premierfunds.co.uk visit: March 2016

9 INTERROGATING PERFORMANCE Zunaira Ashraf Investment analyst, Citywire Twelve-month yield Source: Lipper as at 31 January 2016, all data in GBP, gross of taxes % 8 PREMIER OPTIMUM INCOME A INC IA UK EQUITY INCOME SECTOR AVERAGE For the two calendar years 2014 and 2015 since the UK equity income strategy was implemented, Wright s Premier Optimum Income Fund has yielded more than the IA UK Equity Income sector average. In 2014 the Fund yielded 2.8% more than the sector average, and in 2015, 3.3% March

10 Income earned Source: Lipper as at 31 January 2016, all data in GBP INCOME EARNED PREMIER OPTIMUM INCOME A INC 50 IA UK EQUITY INCOME SECTOR AVERAGE H H H H H This bar graph shows the biannual income earned on an initial investment of 1,000 from June 2013, to the end of In each six-month period the Premier Optimum Income Fund has consistently earned more than the UK equity income sector average. INCOME EARNED PREMIER OPTIMUM INCOME A INC IA UK EQUITY INCOME SECTOR AVERAGE This chart highlights the income earned by Wright s Premier Optimum Income Fund on an initial investment of 1,000 since the end of March The fund has earned 222, which is just over 59% more income than the IA UK Equity Income Sector Average. PREMIER OPTIMUM INCOME A INC IA UK EQUITY INCOME SECTOR AVERAGE 10 March 2016

11 Premier Optimum Income vs the average manager and the FTSE All-Share Source: Citywire Discovery/Lipper as at 31 January 2016 % TOTAL RETURN PREMIER OPTIMUM INCOME AVERAGE MANAGER FTSE ALL-SHARE TR Chris Wright has been managing the Premier Optimum Income Fund since October The Fund changed strategy from a European Equity Income fund to a UK Equity Income fund in mid March From the beginning of April 2013 to present, Wright s fund has returned 24.8%, 16.4% above the FTSE All-Share Index and 4.1% above the average UK equity income manager MAR-13 JAN-16 March

12 Outperformance in 10 out of 12 of the worst months for FTSE All-Share Source: Lipper as at 31 January 2016 % GROWTH PREMIER OPTIMUM INCOME A INC EXCESS RETURNS FTSE ALL-SHARE TR This chart shows the performance of the Premier Optimum Income Fund, during the 12 worst months of the index since the end of March In 10 of these 12 months, Wright has produced positive excess returns JUN 13 AUG 13 JAN 14 MAR 14 JUN 14 SEP 14 DEC 14 MAR 15 JUN 15 AUG 15 SEP 15 JAN March 2016

13 Q & A Chris Wright answers detailed questions on his investment philosophy, process, and macro outlook Q How do you mitigate concerns surrounding the sustainability of dividends in the current market environment? A We believe UK shares continue to offer attractive investment opportunities for long-term income investors, but the near term challenges for dividendpaying companies may have an impact on the prospects for rising income payments. We can help mitigate some of those issues through the Fund s use of options to supplement the income from company dividends, providing an income buffer for investors. We can also widen our search for income by looking outside of the UK and into dividend paying companies across Europe. So we can buy similar types of company in Europe that might be on the same yield basis as a UK business and in the same sector, but look to be either growing better or creating more cash. We also adopt a multi-cap investment approach, taking advantage of good investment opportunities in UK larger, mid and smaller cap companies. It means we have more flexibility to avoid companies or sectors where we believe dividends could come under pressure and invest in better income investment opportunities. Q With its options strategy, is this therefore a riskier fund than a typical equity income fund? A Utilising a call option strategy can help lower the Fund s volatility. The strategy can boost the total return of the Fund if stocks fall or gently rise, but may cause the Fund s performance to lag in a strongly rising market. However as with all types of investment, there are no guarantees on the returns or the income delivered to investors. Q What do you feel constitutes a good investment for the Premier Optimum Income Fund? A The combination of high dividend payments, with some dividend and March

14 The cash generative ability of a company is very important Chris Wright 14 March 2016

15 capital growth has been a natural attraction for investors seeking long-term income and potential income and capital growth. A prospective holding within the Premier Optimum Income Fund needs to demonstrate a number of core qualities. These qualities include an attractive yield, strong cash generation, good growth prospects, good return on capital and underlying momentum in the business. However, the importance of each of these individual factors at any given time varies depending on where we are in the business and economic cycle. Cash generation tends to be a sign of quality. But can a business reinvest that cash and grow its cash-generating ability? That can depend on the nature of the business. In the shorter term over one to three years is the company doing better than the market expects? If it isn t, then we may not wish to consider it as a potential investment opportunity. Generally speaking, a company that has a reasonable yield, is generating a lot of free cash and then reinvesting it to grow the business, has the potential to be an attractive investment within the fund. Q A Where are you finding opportunities at the moment? In the current environment, we are even more focused on finding core holdings that operate in attractive markets and have limited exposure to the slowing global growth theme that has been vexing broader markets. We have invested in housebuilders. Looking back a couple of years ago, housebuilders were just starting to announce special dividends and this attracted us to the sector; companies such as Berkeley Group, a developer of high quality residential properties in the UK and which has been at the fore in building homes with sustainable features. Recently, we have been more heavily invested in life companies, such as Legal & General, a company that fulfils one of our key If I can find something that has a reasonable yield, is generating a lot of free cash and then reinvesting it to grow the business that works well Chris Wright March

16 criteria the ability to succeed irrespective of how the economy is performing and it is currently generating lots of cash. We see this as a well-managed company that has successfully moved to become more efficient and cash generative over the last few years, with leading positions in the protection and annuity markets in the UK, a growing savings business and a diversified asset management business. Q Are there any sectors within your investable universe that you feel cautious towards? A There is nothing that is a no-go, but if you are looking at oil and commodity companies, they are not really in control of their destinies. They can t control the price at which they sell oil or copper, for example. Companies that have little control over what they do, tend not to make great investments in the long-run in our opinion. Every now and then, however, they will do well. Banks can also prove to be difficult investments as they cannot really control the cost of lending and tend to make too low a return on their assets. During periods when there is some recovery and when they are constrained in their capital, so they make more money, banks can be good investments. The trouble is that they can gear up too much. Q A How do you maximise the use of the 20% non-uk allowance? The Fund has been able to outperform its benchmark on income returns and capital growth, whilst maintaining its strategy of focusing primarily on the UK market. However, we are also able to invest outside the UK and we focus our out-of- UK potential investments in Continental European companies. For example, if we re looking to invest within the healthcare sector, it may be that Sanofi might be a better choice than UK based GlaxoSmithKline, or Switzerland based Companies that have little control over what they do, tend not to make great investments in the long-run Chris Wright 16 March 2016

17 Novartis might offer enhanced investment opportunities than AstraZeneca. Other non-uk companies such as chemicals manufacturer BASF and car manufacturer BMW, both in Germany, have also allowed us exposure to enhanced dividend paying companies that we would otherwise not have been able to access. Investing in Europe also allows us to invest in the very large and well-run life and insurance companies, such as Allianz in Germany and AXA in France. In the utility sector, we might prefer to invest in cash-generating businesses, such as Gas Natural in Spain, rather than a UKbased business. Q Would you expect capital growth to be compromised when trying to achieve yield? A This might happen and occasionally we might expect it. But in principle, if you look where returns have come from in the longterm they are mainly from the dividends, which are then re-invested. If you are getting a good dividend yield and then reinvest that, your capital is getting a good lift over the long-term. Q Why did the Fund change sectors from Europe Including UK to UK Equity Income in 2013? A UK investors have preferred to invest in UK focused rather than pan European focused equity income funds so we changed the focus from pan Europe to the UK. The UK equity income sector is a big and popular area for investors and the combination of an enhanced income through the options strategy, a focus on UK companies but with an active strategy for investing up to 20% in European companies, is a strong investor proposition. This article is for information purposes and is only to be issued to financial intermediaries. It is not for circulation to retail clients. It expresses the opinion of the investment manager and does not constitute advice. Reference to any particular stock does not constitute a recommendation to buy or sell a stock. Persons who do not have professional experience in matters relating to investments should always speak with a financial adviser before making an investment decision. A free, English language copy of the Fund s full prospectus, Fund Key Investor Information Document and Supplementary Information Documents are available on the Premier website, or by calling Issued by Premier Asset Management. Premier Asset Management is the marketing group for Premier Fund Managers Ltd and Premier Portfolio Managers Ltd, who are authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS. For your protection, calls may be monitored and recorded for training and quality assurance purposes. Tel: info@premierfunds.co.uk visit: March

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20 For professional advisers only. Premier Optimum Income Fund * Enhanced income historic yield paid quarterly Total returns - dividends reinvested (%) Total returns (%) - dividends reinvested Dec 2013 Dec 2014 Dec 2015 Source: FE Analytics, based on a bid to bid, total return, income reinvested, UK sterling basis, data to (class A income shares). 1 Performance is shown from the date the fund joined the IA UK equity income sector. Over five years to , the Fund has returned 56% compared with 34% for the index. Past performance is not a guide to future returns Aiming for strong dividends and dividend growth together with capital growth potential Aims to produce an attractive level of income, paid quarterly. Principally invested in UK equities. Chris Wright Fund Manager An active option strategy is used to further enhance the income paid out. Managed by an experienced manager with over 30 years of investment experience. For professional advisers only. Not suitable for, or to be relied on by, private or retail investors. *Source: Premier Asset Management. The historic yield reflects distributions declared over the past 12 months as a percentage of the mid-market unit price of the fund (Class C income shares) as at Past performance is not a guide to future returns. The yield is not guaranteed and will fluctuate. The methodology and calculations used by the companies or organisations that provide the fund or fund manager awards and ratings should not be relied upon for making an investment decision, nor are they an indication, promise or guarantee of future performance of a fund or fund manager. Fund ratings based on Class C Shares. Source & Copyright: CITYWIRE. The fund manager is rated by Citywire for his 3 year risk adjusted performance to Citywire information may not be copied and Citywire excludes any liability arising out of its use. FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group of companies and is used by FTSE International Limited 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. A free, English language copy of the fund s prospectus, Key Investor Information Documents and Supplementary Information Documents are available on the Premier website. Issued by Premier Asset Management. Authorised and regulated by the Financial Conduct Authority. Telephone calls may be recorded for training and quality assurance purposes