FP Charteris Strategic Fixed Income Fund
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1 FP Charteris Strategic Fixed Income Fund An innovative Fixed Income Strategy July 2015
2 Designed for a period of rising interest rates Fund denominated in Sterling but can Invest up to 30% in US Dollar & Euro denominated Bonds Use of Giltsoft A State of the Art Gilt Proprietary Analysis Tool Top Priority - Capital preservation in a market with a lot of asymmetric risk All assets are liquid and tradable in the secondary market. Yield on Portfolio rises as Interest Rates increase plus potential capital gains on Perp FRN s offset potential losses on Gilts Still aims to provide a competitive yield to existing conventional Bond Funds 1 st Fund Manager Top of UK Gilt IMA Sector 2007, 2009 & nd Manager Former Head Trader Standard & Chartered Bank FRN book For professional intermediaries only 2
3 20% in High Yielding Blue Chip Equities such as National Grid, Centrica etc Average Yield circa 5% (with expected dividend increases every year on top) Approx. 40% in Floating rate notes split between Redeemable FRN s (which h are in Sterling) & Perpetual FRN s Split between Sterling and US Dollar FRN s Approx. 40% in short dated UK Gilts :- Longer dated stocks may be acquired if yields rise to more historical average levels If Interest rates rise to higher levels the percentage in Gilts may increase to a maximum of 80% of the portfolio. Long only Fund suitable for SIPPs, SSAS, ISAs & JISAs For professional intermediaries only 3
4 US Treasuries and UK Gilt Yields are around their lowest for 200+ years The Average Yield for a 10 Year T-Bond over the last 220 years is between 5%-6% - currently 2.4% (approx) (as at 30 th June 15) The average yield for a 10 Year UK Gilt over the last 300 years is between 5%-6% - currently 2% (approx) (as at 30 th June 15) For professional intermediaries only 4
5 INVESTMENT PROCESS Aims Key Points & Fundamentals Technical analysis: writing options in practice Risk management Platforms For professional intermediaries only {Source: US Treasury *as at 31 st Dec 2013 Annual Data} 5
6 Yield For professional intermediaries only {Source: DMO / Bank of England} 6
7 Example 1 UKT 2% 2016 (1-2 Year UK Gilt) {Source: Bloomberg) Price Capital Loss (%) Current GRY 1.99% n/a To Yield 3% % To Yield 4% % To Yield 5% % To Yield 6% % Example 2 UKT 2 ¾ 2024 (10 Year UK Gilt) Price Capital Loss (%) Current GRY 1.93% To Yield 4% 89 16% To Yield 5% 82 22% To Yield 6% 76 28% To Yield 7% 70 33% Example 3 UKT 3 ½ 2068 (50 Year UK Gilt) Price Capital Loss (%) Current GRY 2.7% To Yield 4% 88 28% To Yield 5% 72 40% To Yield 6% 60 51% To Yield 7% 51 58% For professional intermediaries only 7
8 {Source: Bloomberg) %in each sector Security % Of the Fund Current Yield Future Yield & Future Prices National Grid 5% 5% Income Increases as Dividend dincreases Price should also rise 20% Centrica 5% 7.1% Income Increases as Dividend Increases Price should also rise SSE 5% 5.8% Income Increases as Dividend Increases Price should also rise Severn Trent 5% 4.6% Income Increases as Dividend Increases Price should also rise UKT 2% % 1.96% 40% UKT 2 ¾ % 2.7% Average Yield Static 2.7% Prices WILL fall as Yield Rise UKT 4% % 3.7% For professional intermediaries only (as at 30 th June 15) 8
9 {Source: Bloomberg) %in each sector Security % Of the Fund Current Yield Future Yield & Future Prices Toronto Bank Redeemable FRN 5% 0.3% Yield Increases as Interest Rates Rise est. price Price should also Rise KFW Redeemable FRN est. price Nationwide Redeemable FRN est. price % 0.3% Yield Increases as Interest Rates Rise Price should also Rise 5% 0.3% Yield Increases as Interest Rates Rise Price should also Rise 40% EIB Redeemable FRN est. price Barclays Perpetual FRN est. price % 0.3% Yield Increases as Interest Rates Rise Price should also Rise 5% 0.8% Yield Increases as Interest Rates Rise Price should also Rise ANZ Perpetual FRN 5% 0.8% Yield Increases as Interest Rates Rise est. price 63 Price should also Rise Lloyds Bank Perpetual FRN est. price 66 5% 0.8% Yield Increases as Interest Rates Rise Price should also Rise HSBC Perpetual FRN 5% 0.8% Yield Increases as Interest Rates Rise est. price 66 Price should also Rise Total Portfolio Yield 2.30% approx (entire portfolio) For professional intermediaries only (as at 30 th June 15) 9
10 A Dynamic real-time model What Giltsoft does is allow the Yield Curve to be used dynamically, permitting users to input their own estimates t of medium-term changes to its level l and shape and thus make forecasts of future bond market performance, thereby assisting in the active management of government bond portfolios. For professional intermediaries only 10
11 Equities are at multi-decade cheapness relative to both conventional and Index Linked gilts (See charts overleaf) Conclusion Due to their multi-decade relative cheapness and existing high yields, Blue Chip Equities should in theory be more immune to rising interest rates than Gilts For professional intermediaries only 11
12 (as at 30 June 15) Source: Giltsoft 3.5 Equities v Conventional Gilts: GY/DY Equities Expensive Relative to Gilts /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2016 Equities Cheap For professional intermediaries only 12
13 (as at 30 June 15) Source: Giltsoft Equities v IndexLinked: RY/DY Equities Expensive Relative to Index Linked Gilts /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2016 Equities Cheap For professional intermediaries only 13
14 Ian Williams Chartered FCSI Ian has spent the past 35 years trading equities, commodities and G7 government bonds as a specialist stockbroker, Gilt Market Maker, Gilt proprietary trader and Gilt Fund Manager. He was a member of the London Stock Exchange for many years before joining Chase Manhattan Bank (now JP Morgan). Ian Williams awarded Trustnet Alpha Manager in 2011 & accomplished a CityWire A rating in 2009, 2010 & Gilt Fund managed by Ian was top of the IMA UK Gilt sector in calendar years 2007, 2009 & Terry Farrow Chartered MCSI, A.C.I.B. APFS C.F.P. Terry has over 40 years experience in the investment markets having worked for Barclays Bank and formerly ran the Standard Chartered floating rate book for many years. Terry became an IFA in Terry is qualified at Level K10 Retirement options covering all types of pension advice. Terry is also qualified both to G60 and G70 level to cover both Pension advice and Investment Management. There are only a handful of Investment professionals in the UK that hold the G70 qualification. Patrick kphillips During his respected and distinguished city career, Patrick Phillips has worked for a number of leading financial institutions including Phillips & Drew (now UBS Warburg), James Capel (now HSBC), de Zoete & Bevan, now Barclays Capital) and Merrill Lynch. In 1986 he was elected Deputy Chairman of the Gilt Edged Market Makers Association (GEMMA) and subsequently served as a member of the Council of the London Stock Exchange and Chairman of its Gilt Edged Rules Committee. Pat has gone on to develop one of the most technically advanced yield curve analytics models in the world called Giltsoft and this is used in conjunction with the Elite Charteris Strategic Bond Fund Nick Taylor Chartered FCSI Nick Taylor has 38 years of international Investment management experience, gained at Morgan Grenfell, Invesco, and was Managing Director at Cigna International Investment Advisors and Matheson Investment Management. An award winning manager, Nicholas has run equity portfolios for a broad range of investors, including institutional pension funds, such as the Cadbury Schweppes Pension Fund alongside running several million pounds of private client portfolios and investment trusts. For professional intermediaries only 14
15 IMA Sector Bloomberg Ticker Code : IMA UK STRAGEIC BOND SECTOR : FPCSFAI LN EQUITY (Inst Inc) : FPCSFAA LN EQUITY (Inst Acc) ISIN number : GB00BV8VPL71 (Inst Inc) : GB00BV8VPK64 (Inst Acc) SEDOL number : BV8VPK6 (Inst Inc) : BV8VPL7 (Inst Acc) CUSTODIAN : NORTHERN TRUST Authorised Corporate Director {ACD} and Registrar: Auditor : Fund Partners Limited : GRANT THORNTON UK LLP : INSTITUTIONAL INC AMC 1% : INSTITUTIONAL ACC AMC 1% For professional intermediaries only 15
16 INVESTMENT PROCESS Aims Key Points & Fundamentals Technical analysis: writing options in practice Risk management Platforms For professional intermediaries only 16
17 London Office 8-9 Lovat Lane, London, EC3R 8DW T: +44 (0) Fax: +44 (0) Exeter Office Southernhay Lodge, 1a Barnfield Crescent, Exeter, EX1 1QT Tel: +44 (0) Fax: +44 (0) Gibraltar Office 66a Main Street Gibraltar For Enquiries contact For all enquiries Ian Williams, Lead Fund Manager E. T. +44 (0) You can find us on Twitter, LinkedIn, Facebook and YouTube Authorised and regulated by the Financial Conduct Authority & the Gibraltar Financial Services Commission For professional intermediaries only 17
18 This presentation is issued by Charteris Treasury Portfolio Management Ltd which is authorised and regulated by the Financial Conduct Authority & the Gibraltar Financial Services Commission i Past performance is not a guide to future performance and investors may not get back the full amount invested The price of shares and any income from them may fall as well as rise On redemption of holdings investors may not receive back the full amount invested. Management and other fees may reduce the capital invested The information provided does not constitute advice or a personal recommendation for which the duty of suitability would be owed by us and you should seek your own advice as to the suitability of any investment matter mentioned here Professional advisers should be aware that this document is intended for their use only and this document is not to be shown or given to any retail investors The presentation is made on the basis of our current understanding of United Kingdom Tax laws, which may be subject to change in the future For professional intermediaries only 18
Charteris Treasury Portfolio Managers Limited
8/9 Lovat Lane London EC3R 8DW Tel +44 (0)207 220 9780 Fax +44(0) 207 9266925 www.charteris.co.uk ELITE CHARTERIS PREMIUM INCOME FUND REQUEST FOR PROPOSAL RESPONSE As at 31 st January 2013 Fund Manager/
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