Premier Worldwide Growth Fund. Fund Update - first quarter 2014

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1 Premier Worldwide Growth Fund Fund Update - first quarter 2014

2 The Premier Worldwide Growth Fund Need to know The Fund s four essential characteristics: For long-term capital growth - not for those seeking short-term gains. Risk level appropriate for the IMA Flexible Investment sector. Invested in risk assets there will be times when its price will fall. Well diversified seeking returns and protection from a range of assets. Contents 3. Performance summary 4. Global market performance 5. Performance drivers - asset allocation 6. Performance driver - holdings 7. Activity - asset allocation 8. Activity - holdings 9. The complete portfolio 10. Glossary of terms 11. Important information Please refer to our Glossary of terms on page 10 for an explanation of terminology. 2

3 Performance summary It was a bumpy ride, but global equity markets ended the quarter with a modestly positive return. Concerns about rising US interest rates were one reason for the volatility, as were worries about a Chinese slowdown. The Fund lagged its sector in this environment. Holding no bonds was one of the key causes of this, as they performed well and are commonly held by our peers in this sector. The regional equity weighting also hindered returns, particularly compared to a typical global equity index. We hold few US equities, which typically make up half of such indices, as they look expensive. Instead we have relatively large positions in Japanese and emerging market equities, which look good value for money. These positions worked against us over the quarter, as they have done for much of the last year, as the US outperformed while Japanese and emerging market indices suffered. The Fund is well positioned for future growth. Many of its peers have large weightings in US equities simply because the market does. However, valuations suggest they are unusually expensive, and strong performance over the long term therefore looks unlikely. We are patiently positioned in markets and assets where valuations do look attractive, and we are confident this will pay off in time. Quarter ending Total Return (%) Performance since launch to Premier Worldwide Growth IMA Flexible Investment (The Multi-Asset team was appointed investment manager of this Fund on 1 July 2012) 30 Total return (%) Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 3 Source: FE Analytics, bid to bid, total return, UK sterling basis. Performance based on Class A Accumulation shares. The Fund was launched on Past performance is not a guide to future returns.

4 Market performance Global equities just about made a positive return in the first quarter, overcoming worries over Ukraine, a China slowdown and rising American interest rates. Emerging markets took centre stage, with events in Ukraine, Turkey and Thailand generating plenty of scary headlines. This caused a nasty sell-off early in January, although a late rebound in March erased much of that underperformance. This left Japanese equities as the stand-out laggards, as investors fretted about the introduction of a new sales tax in Japan. Europe was the strongest of the regional stock markets, continuing its recent good run. US equities also outperformed, while shares in Asia ex-japan companies overcame an early sell off to finish well too. UK equities lagged the average global stock market. This was caused by the UK s larger companies, as mid and small caps did well. UK Commercial Property also had a decent three months. After an extended run when any return made was purely from rental income, now an uptick in commercial property prices is also playing a part. Total returns for the quarter ending UK -0.6% Latin America -0.7% Global Emerging Markets -0.8% Europe 2.4% Gilts 2.2% US 1.2% Asia ex-japan 0.9% World 0.7% Middle East & North Africa 7.1% Japan -6.0% -10.0% -5.0% 0.0% 5.0% 10.0% Equities Bonds 4 Source: FE Analytics, bid to bid, total return, UK sterling basis. Indices: FTSE Europe Ex UK (Europe), FTSE All Share (UK), FTSE World Asia Pacific Ex Japan (Asia ex-japan), FTSE Middle East & Africa (Middle East & North Africa), FTSE World (World), FTSE British Government All Stocks (Gilts), FTSE Japan (Japan), FTSE North America (US), FTSE Emerging Latin America (Latin America), FTSE Emerging (Global Emerging Market). Past performance is not an indication of future returns.

5 Performance drivers - asset allocation Fund breakdown at end of last quarter ( ) Japan equities 17.3% Emerging market equities 16.1% UK equities 14.4% Asian ex-japan equities 14.3% European ex-uk equities 13.2% Other equities 8.3% North American equities 5.0% High yield bonds 2.0% Property 2.5% Alternative assets 4.4% Cash 2.5% Relative to peer group: Helped Relatively high exposure to Asia ex-japan equities No direct exposure to commodities Hurt No holdings in gilts. Low weighting in bonds generally Relatively low weighting in US equities Relatively high exposure to Japanese and emerging market equities No exposure to gold or shares in gold-related companies IMA Sectors - total return for quarter ending Global Emerging Markets -2.4% Japan -6.7% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Europe Ex-UK 3.1% Sterling High Yield 2.2% Sterling Corporate Bond 2.2% UK Gilts 2.1% Property 1.8% UK Equity Income 0.8% UK All Companies 0.4% North America 0.1% Asia Ex-Japan 0.1% Equities Bonds Property 5 Source: FE Analytics, bid to bid, total return, UK sterling basis. Past performance is not an indication of future returns. Please note that the asset allocation may be above or below 100% due to rounding.

6 Performance driver - holdings Notable contributors BlackRock Frontiers Trust Frontier markets continued to buck the wider emerging market sell-off, being less influenced by flows from flighty foreign investors. F&C European Small Cap Small caps in most regions have had a fantastic run, and Europe is no exception. Loftier valuations mean we are paring back now though. Lindsell Train Japanese Equity Part of the appeal of this fund is its potential to withstand a sell-off, and it duly made positive returns while its market made a steep loss. Matterley Undervalued Assets Some help from rallying small and mid-caps, combined with astute stock selection, helped Henry Dixon s fund to outpace the UK market. Schroder Small Cap Discovery This fund was helped by its exposure to Asian small caps, which have escaped much of the recent turmoil in emerging markets. SWIP Property Trust This tortoise duly plodded on to a positive return, helped by the continuing recovery in UK commercial property prices. Notable detractors CATCo Reinsurance Opportunities The price of this trust dropped over the quarter on no particular bad news most likely due to investors taking profits after a strong Fidelity FAST Emerging Markets This fund underperformed amid weak markets, its first poor run since we invested. An overweight to Russian stocks hurt this quarter. Lazard Developing Markets This fund s growth style remained out of favour, and it continued to underperform despite no real problems from its underlying holdings. Natixis Harris Associates Concentrated US Equity Lagged the market, having been hurt by poor performance from selected stocks, most notably Boeing and Triumph Group. Polar Capital Global Insurance After a good run, non-life insurance stocks had a tough January on concerns over reinsurance rates and falling sovereign bond yields. 6

7 Activity - asset allocation As at As at Change Equities (total) 88.6% 85.8% -2.8% Japan 17.3% 17.1% -0.2% Emerging Markets 16.1% 17.0% +0.9% Asia ex-japan 14.3% 14.5% +0.2% UK 14.4% 12.6% -1.8% Europe ex-uk 13.2% 12.5% -0.7% Other Equities 8.3% 7.4% -0.9% North America 5.0% 4.7% -0.3% Bonds (total) 2.0% 4.5% +2.5% High Yield 2.0% 2.5% +0.5% Floating Rate Debt 0.0% 2.0% +2.0% Gilts 0.0% 0.0% 0.0% Investment Grade 0.0% 0.0% 0.0% Specialist 0.0% 0.0% 0.0% Property 2.5% 5.4% +2.9% Alternatives 4.4% 3.8% -0.6% Cash 2.5% 0.5% -2.0% We added another open-ended UK commercial property fund during the quarter. At this point in the market cycle, when equities are generally looking fairly valued after a prolonged rally, we think the likely long-term returns for either asset class look fairly similar (commercial property prices have not rebounded following the financial crisis). That being the case, it makes sense to spread the risks further between asset classes. Hence the rise in the property weighting and corresponding fall in equities. We used cash to take up a new bond opportunity. This is a flexibly run investment trust accessing niche, attractively-valued assets across the fixed-interest markets. We are confident it can achieve equity-like returns, and therefore believe it spreads risks further within the Fund without sacrificing future returns. Within equities, we topped up our emerging market and Asian holdings after their prices tumbled earlier in the quarter. To make way, we trimmed back our UK and European weightings, which have rallied hard in the last year. We have concentrated our profit taking on our small-cap holdings. These have had a stellar run in the last few years, but they are becoming expensive, while their rediscovered popularity is raising the risks of holding these types of funds. Please note that the numbers above have been rounded. 7

8 Activity - holdings Additions Threadneedle UK Property Trust TwentyFour Monthly Income Fund Complete disposals No disposals 8

9 The complete portfolio Alternative assets Chenavari Capital Solutions (1.9%) CATCo Reinsurance Opportunities (1.9%) High yield bonds Airlie Select US High Yield (2.5%) Bonds - floating rate debt TwentyFour Monthly Income Fund (2.0%) Property Other equities 7.4% Threadneedle UK Property Trust (2.9%) SWIP Property Trust (2.5%) European ex-uk equities 12.5% North American equities Harris Associates Concentrated US Equity (2.9%) Hermes US SMID Equity (1.8%) UK equities 12.6% Other equities Polar Capital Global Insurance (4.6%) Henderson Global Technology (2.9%) European ex-uk equities Baillie Gifford European (4.7%) BlackRock Continental European Income (4.5%) F&C Europe Small Cap (3.4%) Alternative assets 3.8% Cash 0.5% Property 5.4% Floating rate debt 2.0% Japanese equities 17.1% High yield bonds 2.5% North American equities 4.7% Each holding has been categorised to help you identify the types of asset that the Premier Worldwide Growth Fund is invested in. The pie chart shows the asset allocation of the Fund through analysis of each of the underlying holdings. Japanese equities Lindsell Train Japanese Equity (5.0%) GLG Japan Core-Alpha (4.9%) Coupland Cardiff Japan Income & Growth (4.1%) M&G Japan Smaller Companies (3.1%) Emerging market equities Lazard Developing Markets (5.0%) Fidelity FAST Emerging Markets Fund (4.3%) Charlemagne Magna Emerging Market Dividend (4.0%) BlackRock Frontiers Trust (2.1%) Emerging market equities 17.0% Renaissance Ottoman Fund (1.6%) Asian ex-japan equities 14.5% Asian ex-japan equities Hermes Asia Ex-Japan Equity (4.8%) Schroder ISF Asian Total Return (4.4%) Prusik Asian Equity Income (4.0%) Schroder Small Cap Discovery (1.4%) UK equities JOHCM UK Opportunities (4.5%) FP Matterley Undervalued Returns (3.6%) Investec UK Special Situations (2.7%) Fidelity UK Smaller Companies (1.8%) 9 = New Holding. Data as at Please note that the asset allocation may be above or below 100% due to rounding.

10 Glossary of terms Alternative Assets Non traditional investments which could include hedge funds and commodities for example and which are designed to help diversify a portfolio as they tend not to move in the same direction as the stockmarket. Bonds These are like loans to governments/companies in return for a fixed rate of interest. Capital Growth The increase in value of your original investment. Caps Refers to a company s market capitalisation, normally small, mid and large. Equities Another name for company shares. Fixed Income/Interest Another term used for corporate and government bonds. Floating Rate Debt These are bonds which do not have a fixed rate of interest. Gilts A bond issued by the UK government. High Yield Bonds/Corporate Bonds A bond that provides a higher income, (or yield) but is rated below investment grade bonds as it has a higher risk of default. Historic Yield The Historic Yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price of the fund, as at the date shown. IMA Flexible Investment sector Funds in this sector are expected to have a range of different investments. However, the fund manager has significant flexibility over what to invest in. There is no minimum or maximum requirement for investment in company shares (equities) and there is scope for funds to have a high proportion of shares. IMA Sectors To help with comparisons between the thousands of funds available, they are categorised into different groups, organised and reviewed by the Investment Management Association (IMA). Investment Grade Bond A bond which is considered relatively safe and unlikely to default on its debt repayment obligations and has been assigned a high credit rating. Investment Management Association (IMA) The IMA is the trade association that represents the UK investment management industry. Structured Products/Structured Investments A type of product designed to combine the upside in market performance whilst limiting falls and are usually linked to the performance of an index or other underlying asset. 10

11 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. Morningstar Ratings do not constitute investment advice. Copyright 2013 Morningstar. All Rights Reserved. Based on the A share class. Source & Copyright: CITYWIRE. David Hambidge is + rated by Citywire for his 3 year risk adjusted performance for the period Citywire information may not be copied and Citywire excludes any liability arising out of its use. 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. 11 Call: Web: Premier, Eastgate Court, High Street, Guildford, Surrey GU1 3DE

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