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1 multi-asset risk-targeted solutions Fund update - fourth quarter 2014 For professional adviser use only and not for distribution to retail investors
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3 multi-asset risk-targeted solutions Need to know To help advisers assess suitability for clients, our risk-targeted Funds are managed to be aligned with Distribution Technology (DT) risk profiles 4 to 8, based on asset allocations and volatility boundaries that are updated quarterly. The Funds benefit from the best ideas of the multi-asset team through their fund and investment selection strategies, using a blend of long-term core positions and short-term opportunities that incorporate different assets and spread risk for effective risk management. The performance information for the multi-asset risk-targeted solutions in this document are based on the C share class, which has the lowest charging structure of the share classes available. To help with comparisons between the thousands of funds, UK authorised funds are categorised into different groups (known as sectors) by the UK investment management trade association, known as the Investment Association (IA). The IA sector will include funds with different share classes and different charges and is provided for illustrative purposes only. Performance returns will vary between share classes due to the different charges. Contents 4. Volatility summary 5. Performance summary 6. Global sector performance 7. Activity - target asset allocation Performance drivers - asset allocation 8. No. IV 9. No. V 10. No. VI 11. No. VII 12. No. VIII The complete portfolio 13. No. IV 14. No. V 15. No. VI 16. No. VII 17. No. VIII 18.Glossary of terms 19. Contact us 20. Important information 3
4 Volatility summary Since start of risk-targeting to (The Multi-Asset team started risk-targeting the Funds on 01 December 2012) The funds are designed to achieve attractive total returns, but crucially they are tasked with doing so while staying in pre-defined volatility bands. That way, advisers and their investors can have a reasonable idea of what level of risk is being taken in order to achieve those returns. Annulaised volatility (%) No. IV No. V No. VI No. VII No. VIII As the managers of these funds, we are well aware of the importance of keeping the funds within the set volatility bands. We are therefore pleased to report we have been successful in that task, as the chart opposite illustrates. No. IV has incurred the lowest volatility over its life, while No. VIII has incurred the most. This is down to the asset allocations that are set by Distribution Technology, so, for example, No. IV has no direct exposure to emerging market equities, while in No. VIII they make up 28% of the portfolio. Source: FE Analytics, total return, annualised ratios, UK sterling basis, based on C Accumulation shares. Past performance is not an indication of future returns. 4
5 Performance summary Quarter ending Since start of risk-targeting to (The Multi-Asset team started risk-targeting the Funds on 01 December 2012) Total return (%) Total return (%) No. IV No. V No. VI No. VII No. VIII 20 No. IV No. V No. VI No. VII No. VIII While the volatility profiles are as we d expect them to be, the total return profiles are not quite as neat and tidy. This is partly because the funds have only been running for a short time, perhaps not allowing the usual long-term relationships between risk and return to assert themselves. There is also a sense that current market conditions are unusual in so far as lower risk assets have been leading markets higher, whereas the opposite is usually true. The last quarter has thrown up a good example of this, as did 2014 as a whole. Among the best assets to have held were UK Gilts, which are considered to be the safest assets you can buy, while UK equities made paltry returns in comparison. The same is true in the world of equities, where US equities, which are considered to be at the safer end of the spectrum, made exceptional returns, while areas such as emerging markets or Europe struggled to progress. 5 Source: FE Analytics, total return, annualised ratios, UK sterling basis, based on C Accumulation shares. funds 5 year performance: No. IV 41.5%, No. V 49.0%, No. VI 54.2%, No. VII 41.3%, No. VIII 41.4%. Past performance is not an indication of future returns.
6 Global sector performance IA sectors - total return for quarter ending Global Emerging Markets -0.6% Europe ex-uk 1.2% Japan 0.9% Money Market 0.02% Sterling Corporate Bond 3.4% Asia ex-japan 2.7% UK Equity Income 2.1% UK All Companies 1.7% UK Gilts 6.8% Property 6.5% -2% 0% 2% 4% 6% 8% 10% North America 8.8% The big talking point for financial markets was the pronounced slump in the price of oil. This had knock-on effects on several other markets and assets, most notably the currencies of oil producers such as Russia. It was a volatile quarter for equity markets, containing two sharp selloffs that were followed by equally dramatic rebounds. Global equities ended the quarter with positive returns though, driven largely by runaway performance from the US. UK equities produced a flat return, mimicking their performance over the year as a whole, while European equities lost ground. Emerging markets were a mixed bag, with energy exposure hurting markets like Latin America and Eastern Europe, but bolstering some in Asia. Confusion over the potential impacts of the lower cost of oil is causing concern over deflation, particularly in the Eurozone. This concern drove developed-market sovereign bond prices higher, as they are seen as one of the few assets that can perform well against a deflationary backdrop. Equities Bonds Property Source: FE Analytics, bid to bid, total return, UK sterling basis. Past performance is not an indication of future returns. 6
7 J Activity - target asset allocation UK Cash (GBP) UK Corporate Bonds UK Index Linked Bonds UK Gilts Global High Yield Bonds UK Equity Europe Ex UK Equity North American Equity Japanese Equity Pacific Ex Japan Equity Emerging Market Equity UK Property No. IV No. V No. VI No. VII No. VIII Q3 5% 27% 5% 8% 6% 22% 5% 9% 5% 0% 0% 8% Q3 0% 24% 0% 5% 6% 28% 5% 14% 5% 6% 0% 7% Q3 0% 15% 0% 5% 5% 29% 6% 11% 6% 9% 9% 5% Q3 0% 8% 0% 0% 5% 34% 5% 9% 5% 14% 15% 5% Q3 0% 0% 0% 0% 5% 28% 5% 5% 5% 19% 28% 5% Table is based on the Q strategic asset allocations for the Distribution Technology risk profiles. Source: Distribution Technology Adviser Update Note. 7
8 Performance drivers No. IV Helped Good relative returns from European equity fund managers Some exposure to UK gilts Outperformance from UK equity fund managers Strong performance from Harris Associates Concentrated US Equity No exposure to emerging market equities Decent exposure to US equities Hurt Bond holdings collectively underperformed Weaker relative returns from TwentyFour Monument Bond Relatively weak collective returns from property funds Fund breakdown at end of last quarter ( ) Property 8.2% Gilts 5.0% Corporate bonds 37.0% Cash 5.0% UK equities 18.9% North American equities 13.9% European equities 6.9% Japanese equities 5.1% Please note that the Fund breakdown may be above or below 100% due to rounding. 8
9 Performance drivers No. V Helped Good relative returns from Europe, Asia and UK equity funds Strong performance from Harris Associates Concentrated US Equity Good relative returns from Schroder Income Outperformance from Prusik Asian Equity Income Decent exposure to US equities Hurt Bond holdings collectively underperformed No exposure to gilts Weaker relative returns from Fidelity Reduced Duration Corporate Bond Weak performance from Lazard Developing Markets Relatively weak collective returns from property funds Fund breakdown at end of last quarter ( ) Corporate bonds 26.0% Cash 5.3% Property 7.1% Emerging market equities 4.8% Asian ex-japan equities 10.0% UK equities 22.9% North American equities 12.0% European equities 6.8% Japanese equities 5.1% Please note that the Fund breakdown may be above or below 100% due to rounding. 9
10 Performance drivers No. VI Helped Good relative returns from Europe, Asia and UK equity funds Strong performance from Harris Associates Concentrated US Equity Good relative returns from Schroder Income Outperformance from Prusik Asian Equity Income Decent exposure to US equities Hurt Bond holdings collectively underperformed No exposure to gilts Weaker relative returns from Fidelity Reduced Duration Corporate Bond Weak performance from Lazard Developing Markets Fund breakdown at end of last quarter ( ) Corporate bonds 14.9% Emerging market equities 5.0% Asian ex-japan equities 13.9% Japanese equities 6.1% Cash 0.7% Property 5.0% European equities 5.9% UK equities 33.7% North American equities 14.9% Please note that the Fund breakdown may be above or below 100% due to rounding. 10
11 Performance drivers No. VII Helped Marked outperformance from Fidelity FAST Emerging Markets Good relative returns from Schroder Income Outperformance from Prusik Asian Equity Income Good relative returns from Europe, Asia and UK equity funds Strong performance from Baillie Gifford European Decent weighting in Asian equities Fund breakdown at end of last quarter ( ) Corporate bonds 4.7% Emerging market equities 17.4% Property 5.3% Cash 0.9% UK equities 38.7% Hurt Relatively low exposure to US equities Relatively high exposure to emerging market and UK equities No exposure to gilts Weaker relative returns from Fidelity Reduced Duration Corporate Bond Weak performance from Lazard Developing Markets Asian ex-japan equities 13.9% Japanese equities 5.1% North American equities 7.0% European equities 7.0% Please note that the Fund breakdown may be above or below 100% due to rounding. 11
12 Performance drivers No. VIII Helped Marked outperformance from Fidelity FAST Emerging Markets Good relative returns from Schroder Income Outperformance from Prusik Asian Equity Income Good relative returns from Europe, Asia and UK equity funds Strong performance from BlackRock Asian Growth Leaders Decent weighting in Asian equities Fund breakdown at end of last quarter ( ) Cash 1.5% Emerging market equities 27.3% UK equities 37.6% Hurt Low exposure to US equities Relatively high exposure to emerging market and UK equities No exposure to gilts or higher grade corporate bonds Poor relative returns from M&G Global Emerging Markets Weak performance from Lazard Developing Markets Asian ex-japan equities 18.7% Japanese equities 5.0% North American equities 5.0% European equities 5.0% Please note that the Fund breakdown may be above or below 100% due to rounding. 12
13 The complete portfolio - No. IV Property Picton Property Income (2.1%) Schroder Real Estate Investment Trust (1.9%) Medic X (1.7%) Target Healthcare (1.6%) Gilts Legal & General All-Stocks Gilt Index (4.9%) Property 7.3% Corporate bonds Gilts 4.9% Baillie Gifford Corporate Bond (7.0%) Royal London Corporate Bond (7.0%) Kames Investment Grade Bond (7.0%) Fidelity Reduced Duration UK Corporate Bond (4.9%) PIMCO Select UK Income Bond (4.0%) TwentyFour Monument Bond (2.9%) TwentyFour Dynamic Bond (2.0%) Corporate bonds 36.9% Hermes Multi-Strategy Credit (2.1%) Cash 5.7% UK equities 19.0% North American equities 14.1% European equities 7.0% Japanese equities 5.0% UK equities Standard Life UK Equity High Income (3.8%) Investec UK Special Situations (3.8%) Schroder Income (3.7%) Evenlode Income (2.9%) BlackRock UK Focus (2.9%) GLG Undervalued Assets (1.8%) North American equities Vanguard S&P 500 ETF(6.9%) Harris Associates Concentrated US Equity (5.0%) Hermes US SMID Equity (2.2%) European equities Baillie Gifford European (3.6%) BlackRock European Dynamic (3.4%) Japanese equities Jupiter Japan Income (5.0%) 13 Data as at Please note that the asset allocation may be above or below 100% due to rounding.
14 The complete portfolio - No. V Property Picton Property Income (1.9%) Schroder Real Estate Investment Trust (1.7%) Target Healthcare (1.4%) Medic X (1.4%) Corporate bonds Property 6.5% Kames Investment Grade Bond (5.1%) Baillie Gifford Corporate Bond (5.1%) Royal London Corporate Bond (5.0%) Fidelity Reduced Duration UK Corporate Bond (4.5%) PIMCO Select UK Income Bond (3.5%) Corporate bonds 26.0% TwentyFour Dynamic Bond (2.9%) Emerging market equities 5.0% Emerging market equities ishares MSCI Emerging Market Exchange Traded Fund (4.0%) Lazard Developing Markets (1.0%) Cash 5.5% Asian ex-japan equities 10.0% UK equities 23.0% North American equities 12.1% European equities 7.0% Japanese equities 5.0% UK equities Standard Life UK Equity High Income (4.8%) Investec UK Special Situations (4.6%) Schroder Income (4.6%) Evenlode Income (3.4%) BlackRock UK Focus (3.2%) GLG Undervalued Assets (2.4%) North American equities Harris Associates Concentrated US Equity (5.6%) Nordea North American All Cap (4.8%) Hermes US SMID Equity (1.8%) European equities Baillie Gifford European (3.6%) BlackRock European Dynamic (3.4%) Japanese equities Jupiter Japan Income (5.0%) Asian ex-japan equities ishares MSCI Australia (3.7%) BlackRock GF Asian Growth Leaders (2.3%) Prusik Asian Equity Income (2.0%) Hermes Asia Ex-Japan Equity (1.9%) 14 Data as at Please note that the asset allocation may be above or below 100% due to rounding.
15 The complete portfolio - No. VI Property Schroder Real Estate Investment Trust (1.6%) Picton Property Income (1.7%) Target Healthcare (1.4%) Corporate bonds Royal London Corporate Bond (4.4%) Baillie Gifford Corporate Bond (4.4%) Fidelity Reduced Duration UK Corporate Bond (3.6%) TwentyFour Dynamic Bond (2.0%) Emerging market equities Lazard Developing Markets (2.5%) Charlemagne Emerging Market Dividend (2.3%) Asian ex-japan equities ishares MSCI Australia (5.0%) BlackRock GF Asian Growth Leaders (3.4%) Hermes Asia Ex-Japan Equity (2.8%) Prusik Asian Equity Income (2.8%) Corporate bonds 14.4% Emerging market equities 4.8% Asian ex-japan equities 14.0% Property 4.7% Japanese equities 5.9% Cash 1.1% European equities 5.9% UK equities 34.1% North American equities 15.1% UK equities Investec UK Special Situations(5.4%) Standard Life UK Equity High Income (5.4%) Vanguard FTSE 100 ETF (5.1%) Schroder Income (4.5%) GLG Undervalued Assets (3.5%) BlackRock UK Focus (3.4%) Evenlode Income (3.4%) JOHCM UK Opportunities (3.3%) North American equities Vanguard S&P 500 ETF(6.9%) Harris Associates Concentrated US Equity (5.9%) Hermes US SMID Equity (2.3%) European equities Baillie Gifford European (3.0%) BlackRock European Dynamic (2.9%) Japanese equities Jupiter Japan Income (5.9%) 15 Data as at Please note that the asset allocation may be above or below 100% due to rounding.
16 The complete portfolio - No. VII Property Picton Property Income (1.7%) Schroder Real Estate Investment Trust (1.6%) Target Healthcare (1.6%) Corporate bonds Royal London Corporate Bond (2.8%) Fidelity Reduced Duration UK Corporate Bond (1.9%) Corporate bonds 4.8% Property 5.0% Cash 0.9% UK equities Vanguard FTSE 100 ETF (6.9%) Standard Life UK Equity High Income (6.0%) Schroder Income (5.3%) Investec UK Special Situations (5.3%) GLG Undervalued Assets (4.4%) Evenlode Income (4.0%) BlackRock UK Focus (3.4%) JOHCM UK Opportunities (3.4%) Emerging market equities Charlemagne Emerging Market Dividend (4.9%) Vanguard Emerging Markets Stock Index (4.9%) Lazard Developing Markets (3.3%) Fidelity Fast Global Emerging Markets (3.2%) ishares MSCI Emerging Markets ETF(1.8%) Asian ex-japan equities ishares MSCI Australia (5.0%) BlackRock GF Asian Growth Leaders (3.3%) Prusik Asian Equity Income (2.8%) Hermes Asia Ex-Japan Equity (2.8%) Japanese equities Jupiter Japan Income (5.0%) Emerging market equities 18.0% Asian ex-japan equities 13.8% Japanese equities 5.0% UK equities 38.6% North American equities 7.1% European equities 6.8% North American equities Harris Associates Concentrated US Equity (3.2%) Nordea North American All Cap (2.8%) Hermes US SMID Equity (1.1%) European equities BlackRock European Dynamic (3.4%) Baillie Gifford European (3.4%) 16 Data as at Please note that the asset allocation may be above or below 100% due to rounding.
17 The complete portfolio - No. VIII Emerging market equities Vanguard Emerging Markets Stock Index (6.2%) Fidelity Fast Global Emerging Markets (4.7%) Charlemagne Emerging Market Dividend (4.7%) M&G Global Emerging Markets (4.6%) Lazard Developing Markets (4.3%) Schroder Small Cap Discovery (3.1%) Asian ex-japan equities ishares MSCI Australia (6.7%) BlackRock GF Asian Growth Leaders (4.5%) Prusik Asian Equity Income (4.0%) Hermes Asia Ex-Japan Equity (3.6%) Japanese equities Jupiter Japan Income (4.8%) Emerging market equities 28.1% Asian ex-japan equities 18.9% Cash 1.1% UK equities 37.1% North American equities 4.9% European equities 5.2% Japanese equities 4.8% UK equities Vanguard FTSE 100 ETF (7.2%) Investec UK Special Situations (6.4%) Standard Life UK Equity High Income (6.4%) Schroder Income (6.2%) BlackRock UK Focus (4.1%) GLG Undervalued Assets (2.9%) Evenlode Income (4.0%) North American equities Harris Associates Concentrated US Equity (2.8%) Nordea North American All Cap (2.1%) European equities BlackRock European Dynamic (2.6%) Baillie Gifford European (2.6%) 17 Data as at Please note that the asset allocation may be above or below 100% due to rounding.
18 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. Autocall An autocall structured product has the potential to mature before the end of the product s life, if certain predetermined market conditions are reached. The investor will usually receive a pre-defined return. 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. Hedge Fund A fund that is not normally permitted to be offered to the public as its borrowing, structure or investments, do not comply with relevant requirements. 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. 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. 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. 18
19 Contact us Call: Visit: Address: Asset Management, Eastgate Court, High Street, Guildford, Surrey GU1 3DE 19
20 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. The funds are managed to specific risk profiles, based on asset allocations and volatility boundaries that are updated quarterly and provided to us by Distribution Technology. The fund risk profiles are based on our historical fund information and other historical data provided by various third parties. You should not rely on this information in making investment decisions and it does not constitute a recommendation or advice in the selection of a specific investment. The risk profiles do not indicate a promise, forecast or illustration of future risk profiles or performance returns. All data is sourced to unless otherwise stated. This report is directed only at authorised financial advisers and professional investors. Persons who do not have professional experience in matters relating to investments should not rely on the content of this report. 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 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. Issued by Asset Management. Asset Management is the marketing group for Fund Managers Ltd and Portfolio Managers Ltd, who are authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS For more information
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