KEEPING IT IN THE FAMILY CAN BENEFIT INVESTMENT TRUSTS
|
|
- Walter Powell
- 7 years ago
- Views:
Transcription
1 KEEPING IT IN THE FAMILY CAN BENEFIT INVESTMENT TRUSTS Recent attempts by Sherborne Investors (SIGB) to take over the board of Electra Private Equity investment trust (ELTA) is an example of where a large shareholder can exert a great deal of control and influence over an investment trust - whether the small private shareholders want it to or not. However, some instances where having a large influential shareholder is considered to have some benefits are investment trusts that have a family connection. A number of investment trusts were originally set up by wealthy families to manage their wealth, and in some cases family members are represented on the board. These include some well-known global growth trusts such as Personal Assets (PNL), RIT Capital Partners (RCP) and Caledonia Investments (CLDN). The families argue that because they are looking after their interests, as well as the other shareholders, this aligns their interests. Because these trusts are looking after wealth already built up, in many cases they have a focus on wealth preservation rather than growth Hansa (HAN) has been closely associated with the wealth of the Salomon family since the 1950s. "I've spent 20 years in the investment management industry, working within larger, institutional groups which ultimately are focused on the growth of assets," argues Alec Letchfield, chief investment officer at Hansa Capital Partners which runs the trust. "Our primary focus is on generating long-term performance with our biggest investor, William Salomon, sitting at the end of the room. It creates a real alignment of interests that is fundamental to everything we do. We are about multigenerational, longterm capital appreciation, with a long-term investment horizon which is not beholden to indices." Because these trusts are looking after wealth already built up, in many cases they have a focus on wealth preservation rather than growth, and they are typically multi-asset funds that aim to protect downside. They are also likely to take a long-term investment view. Wealthy families tend to like dividends so some of these trusts are good if you want growing dividends, although they are not focused income mandates so will not offer the highest yields. For example, Caledonia has increased its dividend for 48 consecutive years, Brunner has increased it for 43 and Witan has increased it for 40. Wealthy families also want their assets managed well so they are likely to get highly-skilled managers to run the trusts. Although some trusts with a family connection have a wealth preservation focus they differ to Targeted Absolute Return funds in that they look to mitigate downside via a multi-asset approach, rather than using hedge fund techniques such as short selling and derivatives.
2 Some trusts are very effective at doing this, for example, RIT Capital's share price fell 14 per cent in 2008 and Personal Assets' share price fell only 3 per cent, against falls of about 30 per cent for the FTSE All-Share and 17 per cent for FTSE World ex UK indices. Yearly share price return 2008 (%) 2009 (%) 2010 (%) 2011 (%) 2012 (%) 2013 (%) 2014 (%) Personal Assets ord RIT Capital Partners ord Caledonia Investments ord Hansa ord Brunner ord Majedie Investments ord Witan ord FTSE All-Share TR GBP FTSE World Ex UK TR GBP Source: Morningstar Downsides If one shareholder has many shares this could potentially reduce the liquidity of the shares - how easy they are to buy and sell. This is more of a problem for smaller trusts where there are fewer shares, and could result in a wider bid-offer spread - the difference between the buying and selling price. Although the Rothschild family holds 18 per cent of RIT Capital's shares it has a market capitalisation of 2.3bn and average daily traded shares are 115,000.
3 Caledonia has a market capitalisation of 1.2bn but daily traded volume is only 25,000. Witan's (WTAN) market capitalisation is a similar size at 1.4bn but the family interest is very small and it has a higher average daily level of traded shares at 152,000. Having less trading can also cause the discount to net asset value (NAV) to widen. Caledonia, for example, trades at a discount to NAV of around 20 per cent, and has been at double-digit levels for the last few years, although this may also be due to its large allocation to unquoted investments which account for around a third of assets. If a family owns a large stake in a trust it may be reluctant to buy back shares as this would increase its stake further. And as long-term intergenerational holders, narrowing the discount may not be a priority for them. Before investing in one of these trusts you should check the size of the free float and the bid offer spread. Discounts and trading Market cap ( ) Size of family stake (%)* Average daily shares traded (1 yr) Average daily value traded ( 1 yr) Discount/premium NAV (%) to Brunner 221.9m m 0.1m -8.3 Caledonia 1.2bn m 0.572m Hansa 195m *** m 0.038m Majedie Investment 133.7m m 0.053m +4.7 Personal Assets 584.4m Not disclosed 0.002m 0.546m -0.3 RIT Capital 2.3bn m 1.734m -2.6 Witan Investment 1.4bn 0.6** 0.152m 1.183m Source: Morningstar as at 29 September, *AIC, **Witan & ***Hansa Having a family as the dominant shareholder means the trust is run in its interests and if smaller shareholders are not happy with something they may not be able to effect change.
4 "If one of these trusts is aligned with what you want, great, but if not you are in no position to force change," says Matthew Read, senior analyst at QuotedData. "And if there is a problem a trust with a dominant long-term shareholder could be slower to change." "Make sure you know who the large shareholders in any investment trust are and what their objectives are," adds Simon Elliott, head of the investment trust research team at Winterflood. Not all the trusts with a family connection have a capital preservation focus as their objective. IC Top 100 Fund Witan Investment was set up to hold the Henderson family's wealth but it now holds a very small percentage of the trust's shares per cent - although the chairman is Harry Henderson. The trust has a growth focus with most of its investments in equity funds. Witan is a good option for global growth and has outperformed the FTSE All-Share and the FTSE World ex UK indices, as well as its peer group average, over one, three and five years. It's a multi-manager fund so it gives you exposure to a wide range of funds that you might not be able to access yourself as a private investor with smaller amounts to invest, and it has a reasonable ongoing charge of 1.02 per cent. s that do have a more defensive stance can lag mainstream indices and other Global Growth investment trusts in rising markets. All the trusts are slightly different to each other so check what their investment objective is before you put your money into them, and make sure it matches yours. Portfolio uses and trusts With market volatility likely to continue as the US and UK prepare to raise interest rates, and concerns mount over China's economic slowdown, a trust with a defensive orientation could be a useful portfolio addition. In larger portfolios trusts such as Personal Assets and RIT Capital could be used as a more defensive holding, while in smaller portfolios they could also be useful as a core holding as they offer exposure to various assets. Mick Gilligan, head of research at Killik & Co, likes Personal Assets, which we count as an IC Top 100 Fund and recently tipped as a 'buy'. This has a multi-asset portfolio that includes gold, and because of its defensive stance it has lagged its global growth sector peers over three and five years. But it delivered a good performance in 2014, boosted by healthy returns on consumer defensive stocks, indexlinked government bonds and a strong US dollar. "While performance has been somewhat pedestrian this year it is likely to provide valuable insulation to any further equity market downside," says Mr Gilligan. "We continue to like the portfolio diversification, focus on valuation and importance placed on capital preservation." "We continue to view RIT Capital Partners as providing attractive defensive global exposure
5 Personal Assets has a strict discount control policy so that it trades close to NAV. At the moment it can be picked up on a slight discount so now could be a good entry point: the strict discount control policy means it is unlikely that the discount will get wider and it might move back to a slight premium. The trust's ongoing charge of 0.93 per cent is lower than a number of multi-asset and wealth preservation funds. But Mr Gilligan adds: "Portfolio performance is heavily dependent on asset allocation policy. If historic correlations (or lack of) between asset classes break down this may result in larger than expected losses during periods of market stress." Analysts at Winterflood have RIT Capital as one of their recommended Global funds, and we count it among the IC Top 100 Funds. It takes a cautious wealth preservation approach and is highly diversified, with unquoted investments accounting for 23 per cent of assets. It was impacted by its defensive approach over the last few years, resulting in underperformance against the index in 2012 and However, following a management shake-up, and successful stock-picking and currency strategies the fund has returned to growth. The trust's chairman is a family member - Lord Rothschild. "We continue to view RIT Capital Partners as providing attractive defensive global exposure," comment analysts at Winterflood. "This investment trust has many of the attributes of a family office reflecting the influence of its founder and largest shareholder, Lord Rothschild. It has developed a strong long-term track record through a top-down investment approach and exposure to some of the world's leading investment managers. The aim is to capture greater participation in up markets than down markets, with the rationale that this will lead to both long-term outperformance and capital preservation." The trust typically trades at a slight discount to NAV. Caledonia has delivered good returns against broader indices and its peer average over three years, so at a discount to NAV of about 20 per cent some analysts argue that it offers value. It has also recently agreed to sell a stake in one of its unquoted holdings, TGE Marine, which analysts at Numis estimate will add 1.3 per cent to NAV. Performance has picked up since 2010 when a new chief executive, Will Wyatt, was appointed who made a number of changes to the trust's investment strategy. "With Caledonia there is a large family stake - in fact a little too large, some would argue, as the Cayzer interests now exceed 48 per cent," says John Newlands, head of investment companies research at Brewin Dolphin. "This hampers any active discount buyback policy, which if taken too far would push the family into Takeover Panel territory. But I do note that Caledonia's performance has picked up of late and there is certainly potential there for discount spotters to get involved."
6 Performance Yield 1-year share price 3-year cumulative share price 5-year cumulative share price Ongoing charge (%) return (%) return (%) return (%) (%)* Brunner Caledonia Hansa Majedie Personal Assets RIT Capital Partners Witan Global trust average Global specialist trust average FTSE All-Share FTSE World ex UK Source: Winterflood, as at 29 September 2015 & *AIC
Five investment trusts for long term superior growth
Five investment trusts for long term superior growth Investment Trust Intelligence has built its second portfolio of closed ended funds for long term growth and in this article we take a closer look at
More informationPros and Cons of Different Investment Options
Pros and Cons of Different Investment Options In 2016, new legislation called CRM2 will come to Canada. Once enacted, all financial institutions in Canada will be required to disclose all investment management
More informationRIT Capital Partners plc Shareholder Disclosure Document January 2015
RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative
More informationRisks of Investments explained
Risks of Investments explained Member of the London Stock Exchange .Introduction Killik & Co is committed to developing a clear and shared understanding of risk with its clients. The categories of risk
More informationAre you protected against market risk?
Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the
More informationACF morning workshop. Is your investment committee asking the right questions?
ACF morning workshop Is your investment committee asking the right questions? Contents 1. Why would a charity want to consider a total return investment policy? What do we mean by total return? 2. Finding
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationPrivate Equity Investment Trusts. Leonora Walters Deputy Personal Finance Editor Investors Chronicle
Private Equity Investment Trusts Leonora Walters Deputy Personal Finance Editor Investors Chronicle What is a private equity investment trust? Private equity investment trusts are funds which invest in
More informationIndividual Savings Account and Investment Account. Sterling panel funds guide
Individual Savings Account and Investment Account Sterling panel funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 7 Fund risks 8 Managed
More informationDiscretionary Wealth Management
Discretionary Wealth Management Specialist, Focused, Committed Using experience and expertise to invest for your future Contents 1 The practical importance of wisdom 2 Introduction to Discretionary Wealth
More informationPremier Global Utilities. Income Fund
Premier Global Utilities % 5.1p.a. paid quarterly historic yield Income Fund Switch on this powerful alternative income Best performing global equity income fund in 2014 For professional adviser use only
More informationDynamic Diversified Growth Fund
Dynamic Diversified Growth Fund with BlackRock Investment Management (UK) Limited Customer Brochure BlackRock is a truly global firm that manages assets for clients in Europe, North and South America,
More informationhttp://www.pensionprotectionfund.org.uk/documentlibrary/documents/ppf_7800_u nderlying_data.pdf
PPF 7800 Index 31 March 2015 This update provides the latest estimated funding position, on a section 179 (s179) basis, for the defined benefit schemes potentially eligible for entry to the Pension Protection
More informationFREQUENTLY ASKED QUESTIONS March 2015
FREQUENTLY ASKED QUESTIONS March 2015 Table of Contents I. Offering a Hedge Fund Strategy in a Mutual Fund Structure... 3 II. Fundamental Research... 4 III. Portfolio Construction... 6 IV. Fund Expenses
More informationSterling Investment Bond. Investment funds guide
Sterling Investment Bond Investment funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 10 Fund risks 11 Managed funds 12 Multi-Managed funds
More informationFund Management Charges, Investment Costs and Performance
Investment Management Association Fund Management Charges, Investment Costs and Performance IMA Statistics Series Paper: 3 Chris Bryant and Graham Taylor May 2012 2 Fund management charges, investment
More informationMLC MasterKey Unit Trust Product Disclosure Statement (PDS)
MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take
More informationSterling Investment Bond. Investment funds guide
Sterling Investment Bond Investment funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 10 Fund risks 11 Managed funds 12 Multi-Managed funds
More informationPremier Liberation Absolute Growth Fund
Premier Liberation Absolute Growth Fund Professional Adviser Report - Second Quarter 2013 For professional adviser use only and not for distribution to retail investors The Premier Liberation Absolute
More informationScottish Oriental Smaller Companies
Scottish Oriental Smaller Companies In our view Asia is a vital ingredient for a long-term growth portfolio: the demographics alone mean that the region must outstrip that of the developed world over the
More informationMINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 PRESENT. Councillor G Carlile (in the Chair)
MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 Derbyshire County Council PRESENT Councillor G Carlile (in the Chair) Councillors Mrs M Booth, P J G Clark,
More informationST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND
INTRODUCING THE ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced,
More informationShares and options service
Rob Wilson/schutterstock.com Shares and options service Successfully playing the stock market takes time, research and discipline. The shares and options service from KBC Private Banking offers you advanced
More informationFund guide. Prudence Bond Prudence Managed Investment Bond
Fund guide Prudence Bond Prudence Managed Investment Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone is different so
More informationDeutsche Alternative Asset Allocation VIP
Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes : a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized
More informationMutual Fund Category Analysis Banking Sector Funds
November 18, 2014 Mutual Fund Category Analysis Banking Sector Funds Key Facts: What are they? Banking Sector funds are equity oriented schemes investing predominantly in the banking stocks. Banking Category:
More informationMETLIFE FUND LIST FOR NEW INVESTMENT
METLIFE FUND LIST FOR NEW INVESTMENT RETIREMENT PORTFOLIO - INVESTMENT BOND PORTFOLIO - TRUSTEE RETIREMENT PORTFOLIO - ISA PORTFOLIO MAY 2016 Contents 1 Introduction 3 2 Managing risk in investment management
More informationUnderstanding inflation-linked bonds and indices
Understanding inflation-linked bonds and indices We believe in giving you the fundamental building blocks you need to construct diversified, risk-adjusted, goal-oriented portfolios for your clients. Inflation-linked
More informationFOR PROFESSIONAL CLIENTS ONLY PROFESSIONAL GUIDE TO INVESTMENT TRUSTS DEBUNKING THE MYTHS
FOR PROFESSIONAL CLIENTS ONLY PROFESSIONAL GUIDE TO INVESTMENT TRUSTS DEBUNKING THE MYTHS 2 MYTH 1 Investment trusts are complicated and hard to understand 4 MYTH 2 Investment trusts borrow money, which
More informationwww.medirectbank.be Quarterly Report Wealth Management All content 2016 MeDirect More information visit www.medirectbank.be July - September 2015
www.medirectbank.be Quarterly Report Wealth Management July - September 2015 All content 2016 MeDirect More information visit www.medirectbank.be In a volatile year such as 2015, a good asset manager proves
More informationWith interest rates at historically low levels, and the U.S. economy showing continued strength,
Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationThe City of London Investment Trust plc. A guide for financial advisers and investors
The City of London Investment Trust plc A guide for financial advisers and investors Contents Introduction Chairman s introduction page 1 Risks Key Risks page 2 Performance What is The City of London Investment
More informationModule 1 Introduction to ETFs
Module 1 Introduction to ETFs Course #: Title Topic 1: Big picture investing... 3 Which stock to buy?... 3 Why take a big picture approach?... 3 How can you invest in the market?... 4 Topic 2: What are
More informationCI LifeCycle Portfolios
Portfolios Portfolios Portfolios are sophisticated multi-asset class, multi-manager target date retirement funds offered exclusively by CI Institutional Asset Management as an option for pension plan sponsors
More informationFund Manager Quarterly Review
Fund Manager Quarterly Review Reporting period: Q1 2012 31 March 2012 For professional adviser use only and not for distribution to retail clients Performance to 31 March 2012 3m 6m 1yr Since 13 th May
More informationInvestment Strategy for Pensions Actuaries A Multi Asset Class Approach
Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com
More informationFinding the fix for fixed income. John Stopford Co-Head of Multi-Asset, Portfolio Manager
Finding the fix for fixed income John Stopford Co-Head of Multi-Asset, Portfolio Manager The need for income is increasing It s not just a developed market issue Projected demographic changes across male*
More informationwww.optionseducation.org OIC Options on ETFs
www.optionseducation.org Options on ETFs 1 The Options Industry Council For the sake of simplicity, the examples that follow do not take into consideration commissions and other transaction fees, tax considerations,
More informationPremier Liberation Absolute Growth Fund. Fund Update - Second Quarter 2013
Premier Liberation Absolute Growth Fund Fund Update - Second Quarter 2013 The Premier Liberation Absolute Growth Fund Need to Know The Fund s Four Essential Characteristics: Targeting returns of cash +2%
More informationInvestment Trusts GUIDE. Experienced. Professional. Trusted.
Investment Trusts 2015 GUIDE Experienced. Professional. Trusted. Contents Contents About us... 3 Working with advisers... Working with providers...3 Ratings...3 Introduction... 4 The Investment Trust Market...
More informationInvesting 200: Behind the scenes on Western s two largest funds
Investing 200: Behind the scenes on Western s two largest funds Martin Bélanger Director, Investments November 20, 2015 Human Resources Disclaimer This presentation material was created to educate and
More informationHansa Trust. Endowment-style fund with a flexible approach. Investment strategy: Broader, still equity biased
Hansa Trust Endowment-style fund with a flexible approach Investment trusts Hansa Trust is differentiated by its focus on special situations and significant indirect holding in Wilson Sons, the quoted
More informationInvestment management. Tailor-made investment solutions
Investment management Tailor-made investment solutions ABOUT US Tilney Bestinvest is a leading investment and financial planning firm that builds on a heritage of more than 150 years. We look after more
More informationRYT Sector Weights. Price Chart
March 11, 2016 GUGGENHEIM SP 500 EQL WEIGHT TECHNOLOGY (RYT) $89.67 Risk: Med Zacks ETF Rank 2 - Buy 2 Fund Type Issuer Technology - broad RYDEXSGI RYT Sector Weights Benchmark Index SP EQUAL WEIGHT INDEX
More informationEdinburgh Worldwide Investment Trust
Edinburgh Worldwide Investment Trust A broad global growth mandate pursuing the smaller businesses most likely to shape the world in which we live A well-established management team which has produced
More information2016 Summary Prospectus
March 1, 2016 Global X Permanent ETF NYSE Arca, Inc: PERM 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its
More informationETF Fundamentals. Chris McHaney, CFA Vice President & Portfolio Manager BMO Global Asset Management. PMAC February 26, 2013
ETF Fundamentals Chris McHaney, CFA Vice President & Portfolio Manager BMO Global Asset Management PMAC February 26, 2013 Industry Insight ETFs have the potential to recast the traditional ways of building
More informationSEI Income Portfolio. Investment Policy Statement
SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment
More informationDiversified, multi-asset, global growth investment
Available in a NISA Premier Multi-Asset Global Growth Fund Diversified, multi-asset, global growth investment A For professional advisers only, not for distribution to retail clients Premier Multi-Asset
More informationInstitutional Investors and the CEE Stock Exchange Group in 2014
Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges
More informationFund Manager Quarterly Review
Fund Manager Quarterly Review Sentinel Defensive Fund Reporting period: Q1 2014 For professional adviser use only and not for distribution to retail clients Performance to 31 March 2014 3m 6m 1yr Since
More informationFUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference.
LEGAL & GENERAL Portfolio BoND (NATioNWIDE IPS) FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. 2 CONTENTS WhAT ARE the FUNDS KEY FEATURES? USING THE FUNDS
More informationHolding the middle ground with convertible securities
January 2015» White paper Holding the middle ground with convertible securities Eric N. Harthun, CFA Portfolio Manager Robert L. Salvin Portfolio Manager Key takeaways Convertible securities are an often-overlooked
More informationSingle Manager vs. Multi-Manager Alternative Investment Funds
September 2015 Single Manager vs. Multi-Manager Alternative Investment Funds John Dolfin, CFA Chief Investment Officer Steben & Company, Inc. Christopher Maxey, CAIA Senior Portfolio Manager Steben & Company,
More informationAMP Capital Investment Funds
AMP Capital Investment Funds Investment Statement Dated: 18 September 2015 Issued by AMP Investment Management (N.Z.) Limited Important information (The information in this section is required under the
More informationQBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.
Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes
More informationCIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013
CIS UK Growth Trust A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 This document is intended for investment professionals and professional
More informationThe path to financial independence. SM. Wealth Management Services
The path to financial independence. SM Wealth Management Services 1 st Portfolio s integrated services featuring Wealth Connect TM are custom-built to address the unique needs of wealthy individuals and
More informationInvestment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?
Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income
More informationStructured Products. Designing a modern portfolio
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
More informationFunds in Court Information Guide INVESTMENT RISKS
Funds in Court Information Guide INVESTMENT RISKS NOTE: The information in this document is for information purposes only. The information is not intended to be and does not constitute financial advice
More informationAre Publicly-Traded REITs Real Estate or Stocks?
Bailard Research Are Publicly-Traded REITs Real Estate or Stocks? It Depends on Your Investment Horizon (And Who Wins: Public or Private Real Estate?) Ronald W. Kaiser, CRE Henry S. Newhall Bailard, Inc.,
More informationfunds KEY This is an important document. Please keep it safe for future reference.
SELECT PORTFOLIO bond (wealth managers) funds KEY FEATURES. This is an important document. Please keep it safe for future reference. SELECT PORTFOLIO BOND (wealth managers) FUNDS KEY FEATURES 2 WHAT ARE
More informationEight Steps for Analysing Listed Private Equity Companies
Eight Steps for Analysing Listed Private Equity Companies Tim Spence, Graphite Capital Management LLP Monique Dumas, Electra Partners LLP With thanks to Research & Analysis Ltd www.lpeq.com Historically,
More informationAre Unconstrained Bond Funds a Substitute for Core Bonds?
TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? By Peter Wilamoski, Ph.D. Director of Economic Research Philip Schmitt, CIMA Senior Research Associate AUGUST 2014 The problem
More informationThe Role of Alternative Investments in a Diversified Investment Portfolio
The Role of Alternative Investments in a Diversified Investment Portfolio By Baird Private Wealth Management Introduction Traditional Investments Domestic Equity International Equity Taxable Fixed Income
More informationEquity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds
Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds 1 Equity and Fixed Income Funds London & Capital Equity and Fixed Income Funds London & Capital 2 We are an independently-owned
More informationA Guide to Investment Management Styles
Investment guide Investment management styles 2 Investment management approach The purpose of this guide is to provide you with a snapshot of the variety of investment management styles applied across
More informationWhat can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
More informationGUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how
GUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how much risk you are prepared to take with your money. 2 GUIDE
More information1. Gold as a risk-management vehicle: goldboerse +41612623738 info@goldboerse.ch www.goldboerse.ch 1
Prepared by Ryan Case and Adam Offermann, Trading & Business Development, January 2014 This article presents a number of compelling arguments for investing in gold. It explores gold s role as a risk management
More informationDavy Defensive High Yield Fund from New Ireland
Davy Asset Management For Financial Advisors Only Davy Defensive High Yield Fund from New Ireland Davy Asset Management is regulated by the Central Bank of Ireland. Exposure to: equity-market type returns
More informationInvestment Menu Retail Managed Accounts
Investment Menu Retail Managed Accounts IMPORTANT INFORMATION This Investment Menu is issued by Linear Asset Management Ltd (ABN 11 119 757 596, AFSL 304542) ( Responsible Entity we, our or us ), the responsible
More informationUnderstanding investment concepts
Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published
More informationA DIFFERENT APPROACH TO EQUITY INVESTING Sprott Enhanced Equity Strategy
A DIFFERENT APPROACH TO EQUITY INVESTING Sprott Enhanced Equity Strategy John Wilson takes a different approach to equity investing John Wilson joined Sprott in January 2012 as Senior Portfolio Manager
More informationdecidedly different Catalyst Mutual Funds Investor Overview
decidedly different Catalyst Mutual s Investor Overview Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of an
More informationHANSA TRUST Annual General Meeting 21 st July 2014
Annual General Meeting 21 st July 2014 Agenda Transition update/ New funds bought Performance review Market outlook 2 Transition Update/ New Funds Bought 3 Performance Review 4 Key Market Highlights (YTD
More informationAbout Hedge Funds. What is a Hedge Fund?
About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost
More informationA guide to INVESTMENT TRUSTS. We ve been investing successfully since 1888. We re on the right course to invest for generations.
A guide to INVESTMENT TRUSTS We ve been investing successfully since 1888. We re on the right course to invest for generations. 2 A guide to Investment Trusts Contents 3 Investment Trusts explained 4 Differences
More informationExperience with external active fixed income managers - NBIM
Page 1 of 5 Experience with external active fixed income managers This article summarises nearly five years experience with external fixed income managers. During this period, net excess return in relation
More informationRETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES
RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES SCOTTISH WIDOWS RETIREMENT ACCOUNT THE SCOTTISH WIDOWS RETIREMENT ACCOUNT COMBINES RETIREMENT PLANNING WITH RETIREMENT INCOME, ALLOWING YOU TO CONSOLIDATE
More informationWhy Consider Bank Loan Investing?
Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative
More informationDiversify your wealth internationally
ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why
More informationZurich Investment Bonds. Funds guide
Zurich Investment Bonds Funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 6 Fund risks 7 Managed funds 8 Multimanaged funds 10 UK equity
More informationBob Zenouzi Discusses Delaware s Dividend Income Fund
Bob Zenouzi Discusses Delaware s Dividend Income Fund October 12, 2015 by Robert Huebscher Bob Zenouzi is the lead manager of the real estate securities and income solutions (RESIS) group at Delaware Investments,
More informationANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)
ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors
More informationPremier Multi-Asset Monthly Income Fund
Premier Multi-Asset Monthly Income Fund AA Fund update - first quarter 2015 For retail investors and professional advisers Premier Multi-Asset Monthly Income Fund Need to know The Fund s five essential
More informationMarket Linked Certificates of Deposit
Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not
More informationLEGAL & GENERAL SELECT PORTFOLIO BOND (nationwide) FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference.
LEGAL & GENERAL SELECT PORTFOLIO BOND (nationwide) 1 FUNDS KEY FEATURES. This is an important document. Please keep it safe for future reference. 2 LEGAL & GENERAL SELECT PORTFOLIO BOND (NATIONWIDE) FUNDS
More informationUNdErSTANdINg INVESTMENTS THE NEXT STEP. A guide to understanding the issues you should consider. Make time for your future now. nfumutual.co.
INVESTMENTS THE NEXT STEP UNdErSTANdINg INVESTMENT risk Make time for your future now. A guide to understanding the issues you should consider Simply get in touch with your local NFU Mutual office, or call
More informationDiversify your wealth internationally
ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why
More informationInvestingINSEAD s Endowment. Overview
InvestingINSEAD s Endowment Overview March 203 Overview of the INSEAD Endowment INSEAD s 52 million endowment supports the school s mission and provides a permanent source of funds to build its competitive
More informationSophisticated investments. Simple to use.
Russell LifePoints INSTITUTIONAL TARGET DATE FUNDS Sophisticated investments. Simple to use. INVESTED. TOGETHER. Now your default option can be your best option. If your target date funds are projected
More informationBRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence
BRINKER CAPITAL OVERVIEW Helping You Invest with Confidence PARTIALLY INVESTED PERIODIC INVESTMENT FULLY INVESTED Unwavering Focus on Investment Excellence For more than 25 years, Brinker Capital has been
More informationFund guide. Prudential Premier Plans Flexible Retirement Portfolio Ex-Scottish Amicable Plans
A Fund guide Prudential Premier Plans Flexible Retirement Portfolio Ex-Scottish Amicable Plans Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many
More informationFund Guide. Prudential International Investment Bond International Prudence Bond
Fund Guide Prudential International Investment Bond International Prudence Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone
More informationUniversity of Saskatchewan Academic Money Purchase Pension Plan
University of Saskatchewan Academic Money Purchase Pension Plan Investment Review Annual General Meeting Presentation February 2015 Prepared by Agenda Plan Objectives & Guiding Risk Philosophy Investment
More informationCautious Portfolio (Medium and Long Term)
February 2016 Review prepared by Morningstar Investment Management Europe 1 Oliver s Yard, 55-71 City Road, London EC1Y 1HQ Overview for Zurich Model Portfolios Cautious Portfolio (Medium and Long Term)
More informationGIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites...
GIPS List of Composite Descriptions Updated 6/4/2015 Janus Equity Composites...2 Perkins Composites....11 Fixed Income Composites... 14 Global Macro Composites...19 Alternative Composites.....19 Allocation
More information