SJP Fund Review MAY 2017

Transcription

1 SJP Fund Review MAY 2017

2 About This Report Sales focused, high charges, a lack of transparency on fees and poor fund performance are some of the terms used to describe St James s Place in the barrage of negative press the fund management giant has received over recent months. Yet despite the negative press, SJP has continued to grow exponentially and their 2016 annual report shows that their funds under management have now reached over 75 billion. SJP are the UK s largest private asset manager yet their wealth management model has continually divided opinion. Their restricted approach limits clients to their own in-house range of funds and their Nectar Points reward scheme for their partner advisers, which is based on the amount of client money they draw into the business, has raised concern among investors who feel SJP s focus is simply on selling their products rather than delivering for investors. Despite their continued growth numerous SJP investors have contacted ukmoneysite to voice their confusion over charges and concerns over comparatively poor fund performance. In this report, we provide an independent analysis of their range of unit trust / ISA funds, Life funds, Pension funds and Offshore funds. We detail the 1, 3 & 5-year growth and sector ranking of each fund and provide a performance rating based on how each fund consistently performed in the 5-year period up to 11 th May Our analysis identifies that the significant majority of their funds have underperformed in comparison to competing funds within the same sectors, with 33% ranking in the worst quartile for performance.

3 How Yodelar s Empowering investors with factual fund research, insights and information Yodelar continually review the performance and ranking of fund managers and their funds, helping investors to clearly identify the quality of all investment funds. Fund Colour Definitions Funds that rank in the top 25% in their sector for performance Funds that rank in the top 50% in their sector for performance Funds that rank in the bottom 50% in their sector for performance Funds that rank in the bottom 25% in their sector for performance Based on how a fund ranks over the most recent 1, 3 and 5 year period they will be classified as a TOP MEDIOCRE or POOR performing fund. Performing Funds Yodelar classifies a top-performing fund as a fund that has consistently performed better than 75% of competing funds within the relevant sector. Mediocre Performing Funds A fund will be classified as mediocre performing if at anytime during the 1, 3 and 5- year period analysed they had performed worse than the top 25% of competing funds but maintained a ranking which was better than the remaining 50% of competing funds. Poor Performing Funds Yodelar classifies a poor performing fund as one which has performed worse than 50% of competing funds at anytime over the most recent 1, 3 and 5 year periods. All fund information provided in this report is factual and accurate as of the time of completion. It s purpose is to provide investors with factual performance insights and does not constitute financial advice.

4 How To Invest How you invest will define the future success of your portfolio. The 2 most critical elements of any successful investment portfolio is risk (mostly managed through a suitable asset allocation model) and fund growth (managed by only investing in funds and fund managers that have demonstrated their expertise by consistently achieving top performance. There are 4 steps to building and managing a successful portfolio. Analyse Define Your Risk Regular Reviews If you have an existing portfolio it is important to find out how your funds are performing in order to ensure you only invest in top performing funds Whether you are a very defensive or very aggressive investor it is essential that you have an asset allocation model that fits your profile. Invest only in funds that have proven their ability to maintain consistent top quartile performance in their sectors over the most recent 1,3 & 5 years. Regular reviews are essential to ensure your funds maintain top performance and to rebalance your portfolio when markets move. Below is the asset allocation model is supplied by Which? (the consumer watchdog). The table allows you to identify your risk profile based on the percentage of portfolio loss that would be acceptable to you as an investor in any 1 year

5 UNIT TRUST / ISA SJP Unit Trust Funds Review 11th May 2017 Fund Name SJP UK Absolute Return L Sector UT Targeted Absolute Return 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating / / / POOR SJP Alternative Assets L UT Flexible Investment / / / POOR SJP Balanced Managed L UT Mixed Investment / / / POOR SJP Managed L UT Mixed Investment / / / POOR SJP Strategic Managed L UT Mixed Investment / / / POOR SJP Multi Asset L UT Mixed Investment 20%-60% Shares / / / POOR SJP Strategic Income L UT Mixed Investment 0%-35% Shares / SJP Greater European Progressive L UT Europe Including UK / / / POOR SJP Continental European L UT Europe Excluding UK / / / POOR SJP Asia Pacific L UT Asia Pacific Including Japan / / / POOR SJP Global Equity Income L UT Global Equity Income / / / MEDIOCRE SJP Global Equity L UT Global Equity Income / / / POOR SJP Global L UT Global Equity Income / / / TOP SJP Emerging Markets Equity L UT Global Emerging Markets / / /04/2014 SJP Global Emerging Markets L UT Global Emerging Markets / / / POOR SJP Diversified Bond L UT Global Bonds / SJP International Corporate Bond L UT Global Bonds / / / POOR SJP Global Smaller Companies L UT Global / / / POOR SJP International Equity L Inc UT Global / / / POOR

6 UNIT TRUST / ISA SJP Unit Trust Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJP Worldwide Income L UT Global /10/2016 SJP Worldwide Opportunities L UT Global / / / POOR SJP Money Market R UT Money Market / / SJP North American L UT North America / / / TOP SJP Property L UT Property / / / POOR SJP Investment Grade Corporate Bond L UT Sterling Corporate Bond / / / POOR SJP Corporate Bond L UT Sterling High Yield / / / POOR SJP Ethical L UT Specialist / / / MEDIOCRE SJP Allshare Income L UT UK Equity Income / / / POOR SJP Equity Income L UT UK Equity Income / / / POOR SJP UK & General Progressive L UT UK Equity Income / / / POOR SJP UK & International Income L UT UK Equity Income / / / POOR SJP UK High Income L UT UK Equity Income / / / POOR SJP UK Income L UT UK Equity Income / /11/2014 SJP UK L UT UK All Companies / / / POOR SJP Gilts L UT UK Gilts / / / POOR SJP Index Linked Gilts L UT UK Index - Linked Gilts / / / POOR

7 UNIT TRUST / ISA SJP Unit Trust Funds 5 Yr Summary Rating Number of Funds Percentage of Funds Amount of Client Funds Under Management Based on 5 Yr Rating ( millions) Percentage of Client Funds Under Management Based on 5 Yr Rating (%) TOP 2 5.6% 1, % MEDIOCRE 2 5.6% % POOR % 16, % % 1, % TOTAL NUMBER OF FUNDS % 20, %

8 PENSION FUNDS SJP Pension Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJP AXA Framlington Managed Pn PN Mixed Investment / / / POOR SJP Schroder Managed Pn PN Mixed Investment / / / POOR SJP Strategic Managed Pn PN Mixed Investment / / / POOR SJP Strategic Income Pn PN Mixed Investment 0%-35% Shares / SJP Strategic Income Pn Cap PN Mixed Investment 0%-35% Shares / SJP Greater European Pn PN Europe Including UK / / / POOR SJP Continental European Pn PN Europe Excluding UK / / / POOR SJP Asia Pacific Pn PN Asia Pacific Including Japan / / / POOR SJP International Corporate Bond Pn PN Global High Yield / / / POOR SJP Ethical Pn PN Global Equities / / / POOR SJP Global Equity Income Pn PN Global Equities / / / POOR SJP Global Equity Pn PN Global Equities / / / POOR SJP Global Managed Pn PN Global Equities / / / TOP SJP Global Smaller Companies Pn PN Global Equities / / / POOR SJP Worldwide Income Pn PN Global Equities /10/2016 SJP Worldwide Managed Pn PN Global Equities / / / POOR SJP Emerging Markets Equity Pn PN Global Emerging Markets / / POOR 28/04/2014 SJP Money Market Pn Cap PN Money Market / / / POOR SJP North American Pn PN North America / / / TOP

9 PENSION FUNDS SJP Pension Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJP Corporate Bond Pn PN Sterling Strategic Bond / / / TOP SJP Diversified Bond Pn PN Sterling Strategic Bond / SJP Diversified Bond Pn Cap PN Sterling Strategic Bond / SJP Investment Grade Corporate Bond Pn PN Sterling Corporate Bond / / / POOR SJP Alternative Assets Pn PN Specialist / / / POOR SJP Global Emerging Market Pn PN Specialist / / / POOR SJP Multi Asset Pn PN Specialist / / / POOR SJP UK Absolute Return Pn PN Specialist / / / POOR SJP International Equity Pn PN Flexible Investment / / / TOP SJP Property Pn PN UK Direct Property / / / POOR SJP Diversified Income Pn PN UK Equity Income / / / POOR SJP UK & International Income Pn PN UK Equity Income / / / POOR SJP UK Income Pn PN UK Equity Income / /11/2014 SJP Equity Income Pn PN UK All Companies / / / POOR SJP UK & General Progressive Pn PN UK All Companies / / / POOR SJP UK Equity Pn PN UK All Companies / / / POOR SJP UK Pn PN UK All Companies / / / POOR SJP Gilts Pn PN UK Gilts / / / POOR SJP Index Linked Gilts Pn PN UK Index - Linked Gilts / / / POOR

10 PENSION FUNDS SJP Pension Funds 5 Yr Summary Rating Number of Funds Percentage of Funds Amount of Client Funds Under Management Based on 5 Yr Rating ( millions) Percentage of Client Funds Under Management Based on 5 Yr Rating (%) TOP % 5, % MEDIOCRE 0 0.0% % POOR % 23, % % 1, % TOTAL NUMBER OF FUNDS % 30, %

11 LIFE FUNDS SJP Life Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Consistent 5 Year Fund Size ( millions) Rating SJP AXA Framlington Managed LF Mixed Investment / / / POOR SJP Schroder Managed LF Mixed Investment / / / POOR SJP Strategic Managed LF Mixed Investment / / / POOR SJP Strategic Income LF Mixed Investment 0%-35% Shares 12 4 / SJP Strategic Income Distribution LF Mixed Investment 0%-35% Shares / SJP Greater European LF Europe Including UK / / / POOR SJP Continental European LF Europe Excluding UK / / / POOR SJP Asia Pacific LF Asia Pacific Including Japan / / / POOR SJP International Corporate Bond LF Global High Yield / / / POOR SJP Ethical LF Global Equities / / / POOR SJP Global Equity LF Global Equities / / / POOR SJP Global Equity Income LF Global Equities / / / POOR SJP Global Managed LF Global Equities / / / MEDIOCRE SJP Global Smaller Companies LF Global Equities / / / POOR SJP Worldwide Income LF Global Equities /10/2016 SJP Worldwide Managed LF Global Equities / / / POOR SJP Emerging Markets Equity LF Global Emerging Markets / / /04/2014 SJP Money Market LF Money Market / / / POOR SJP North American LF North America / / / MEDIOCRE

12 LIFE FUNDS SJP Life Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJP Corporate Bond LF Sterling Strategic Bond / / / POOR SJP Diversified Bond LF Sterling Strategic Bond / SJP Diversified Bond Distribution LF Sterling Strategic Bond / SJP Investment Grade Corporate Bond LF Sterling Corporate Bond / / / POOR SJP Alternative Assets LF Specialist / / / POOR SJP Global Emerging Markets LF Specialist / / / POOR SJP Multi Asset LF Specialist / / / POOR SJP UK Absolute Return LF Specialist / / / POOR SJP International Equity LF Flexible Investment / / / TOP SJP Property LF UK Direct Property / / / POOR SJP Diversified Income LF UK Equity Income / / / POOR SJP Income Distribution LF UK Equity Income / / / POOR SJP UK & International Income LF UK Equity Income / / / POOR SJP UK Income LF UK Equity Income / /11/2014 SJP Equity Income LF UK All Companies / / / POOR SJP UK & General Progressive LF UK All Companies / / / POOR SJP UK Equity LF UK All Companies / / / POOR SJP UK LF UK All Companies / / / POOR SJP Gilts LF UK Gilts / / / POOR SJP Index Linked Gilts LF UK Index - Linked Gilts / / / POOR

13 LIFE FUNDS SJP Life Funds 5 Yr Summary Rating Number of Funds Percentage of Funds Amount of Client Funds Under Management Based on 5 Yr Rating ( millions) Percentage of Client Funds Under Management Based on 5 Yr Rating (%) TOP 1 2.6% % MEDIOCRE 2 5.1% 1, % POOR % 16, % % % TOTAL NUMBER OF FUNDS % 20, %

14 INTERNATIONAL FUNDS SJPI Offshore Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJPI AXA Framlington Managed EUR in OI Mixed Investment / / / POOR SJPI AXA Framlington Managed P in OI Mixed Investment / / / POOR SJPI Schroder Managed EUR in OI Mixed Investment / / / POOR SJPI Schroder Managed P in OI Mixed Investment / / / POOR SJPI Strategic Managed EUR in OI Mixed Investment / / / POOR SJPI Strategic Managed P in OI Mixed Investment / / / POOR SJPI Money Market P in OI Currency Funds / / / POOR SJPI Multi Asset P in OI Mixed Investment 20%-60% Shares / / / POOR SJPI Strategic Income EUR in OI Mixed Investment 0%-35% Shares / SJPI Strategic Income P in OI Mixed Investment 0%-35% Shares / SJPI Strategic Income USD in OI Mixed Investment 0%-35% Shares / SJPI Greater European EUR in OI Europe Including UK / / / POOR SJPI Continental European EUR in OI Europe Excluding UK / / / POOR SJPI Continental European P in OI Europe Excluding UK / / / POOR SJPI Asia Pacific EUR in OI Asia Pacific Including Japan / / / POOR SJPI Asia Pacific P in OI Asia Pacific Including Japan / / / POOR SJPI International Corporate Bond EUR in SJPI International Corporate Bond P in SJPI International Corporate Bond USD in OI Global High Yield / / / POOR OI Global High Yield / / / POOR OI Global High Yield / / / POOR

15 INTERNATIONAL FUNDS SJPI Offshore Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( millions) Consistent 5 Year Rating SJPI Global Equity EUR in OI Global Equities / / / POOR SJPI Global Equity P in OI Global Equities / / / POOR SJPI Global Equity Income EUR in OI Global Equities / / / POOR SJPI Global Equity Income P in OI Global Equities / / / POOR SJPI Global Equity Income USD in OI Global Equities / / / POOR SJPI Global Equity USD in OI Global Equities / / / TOP SJPI Global Managed EUR in OI Global Equities / / / TOP SJPI Global Managed P in OI Global Equities / / / TOP SJPI Global Smaller Companies EUR in OI Global Equities / / / POOR SJPI Global Smaller Companies P in OI Global Equities / / / POOR SJPI International Equity EUR in OI Global Equities / / / POOR SJPI International Equity P in OI Global Equities / / / POOR SJPI International Equity USD in OI Global Equities / / / MEDIOCRE SJPI Multi Asset EUR in OI Global Equities / / / POOR SJPI Multi Asset USD in OI Global Equities / / / POOR SJPI Worldwide Income EUR in OI Global Equities /10/2016 SJPI Worldwide Income P in OI Global Equities /10/2016 SJPI Worldwide Income USD in OI Global Equities /10/2016 SJPI Worldwide Managed EUR in OI Global Equities / / / POOR

16 INTERNATIONAL FUNDS SJPI Offshore Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Consistent 5 Year Fund Size ( millions) Rating SJPI Worldwide Managed P in OI Global Equities / / / POOR SJPI Worldwide Managed USD in OI Global Equities / / / POOR SJPI Diversified Bond EUR in OI Global Fixed Interest / SJPI Diversified Bond P in OI Global Fixed Interest / SJPI Diversified Bond USD in OI Global Fixed Interest / SJPI Emerging Markets Equity EUR in OI Global Emerging Markets / / /04/2014 SJPI Emerging Markets Equity P in OI Global Emerging Markets / / /04/2014 SJPI Emerging Markets Equity USD in OI Global Emerging Markets / / /04/2014 SJPI Global Emerging Markets EUR in OI Global Emerging Markets / / / POOR SJPI Global Emerging Markets P in OI Global Emerging Markets / / / POOR SJPI Global Emerging Markets USD in OI Global Emerging Markets / / / POOR SJPI Money Market EUR in OI Money Market / / / POOR SJPI Money Market EUR S in OI Money Market / / / POOR SJPI Money Market P S in OI Money Market / / / POOR SJPI Money Market USD in OI Money Market / / / MEDIOCRE SJPI North American EUR in OI North America / / / TOP SJPI North American USD in OI North America / / / TOP SJPI Investment Grade Corporate Bond EUR in SJPI Investment Grade Corporate Bond P in OI Sterling Corporate Bond OI Sterling Corporate Bond / / / POOR / / / POOR

17 INTERNATIONAL FUNDS SJPI Offshore Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Consistent 5 Year Fund Size ( millions) Rating SJPI Corporate Bond EUR in OI Sterling High Yield / / / MEDIOCRE SJPI Corporate Bond P in OI Sterling High Yield / / / MEDIOCRE SJPI Alternative Assets EUR in OI Specialist / / / POOR SJPI Alternative Assets P in OI Specialist / / / POOR SJPI Alternative Assets USD in OI Specialist / / / POOR SJPI Ethical EUR in OI Specialist / / / POOR SJPI Ethical P in OI Specialist / / / POOR SJPI UK Absolute Return P in OI Specialist / / / POOR SJPI Diversified Income EUR in OI UK Equity Income / / / POOR SJPI Diversified Income P in OI UK Equity Income / / / POOR SJPI Equity Income EUR in OI UK Equity Income / / / POOR SJPI Equity Income P in OI UK Equity Income / / / POOR SJPI UK & General Progressive EUR in OI UK Equity Income / / / POOR SJPI UK & General Progressive P in OI UK Equity Income / / / POOR SJPI UK & International Income EUR in OI UK Equity Income / / / POOR SJPI UK & International Income P in OI UK Equity Income / / / POOR SJPI UK High Income EUR in OI UK Equity Income / / / POOR SJPI UK High Income P in OI UK Equity Income / / / POOR SJPI UK Income EUR in OI UK Equity Income / /11/2014

18 INTERNATIONAL FUNDS SJPI Offshore Funds Review 11th May 2017 Fund Name Sector 1 Year 3 Year 5 Year 1 Yr % 1 Yr Fund % 3 Yr % 3 Yr 5 Yr % 5 Yr Consistent 5 Year Fund Size ( millions) Rating SJPI UK Income P in OI UK Equity Income / /11/2014 SJPI UK Income USD in OI UK Equity Income / /11/2014 SJPI UK P in OI UK All Companies / / / POOR SJPI UK EUR in OI UK All Companies / / / POOR SJPI UK Gilts EUR in OI UK Gilts / / / POOR SJPI UK Gilts P in OI UK Gilts / / / POOR SJPI Index Linked Gilts EUR in OI UK Index - Linked Gilts / / / POOR SJPI Index Linked Gilts P in OI UK Index - Linked Gilts / / / POOR SJPI Index Linked Gilts USD in OI UK Index - Linked Gilts / / / POOR

19 INTERNATIONAL FUNDS SJPI Offshore Funds 5 Yr Summary Rating Number of Funds Percentage of Funds Amount of Client Funds Under Management Based on 5 Yr Rating ( millions) Percentage of Client Funds Under Management Based on 5 Yr Rating (%) TOP 5 5.9% 1, % MEDIOCRE 4 4.7% % POOR % 5, % % % TOTAL NUMBER OF FUNDS % 7, %

20 Summary SJP continue to divide opinion among investors. Their business model of funding partner advisers and recruiting IFA firms has enabled them to scale and substantially increase their amount of funds under management. But for many investors their restricted wealth management approach, comparatively poor fund performance, high charges and exit penalties are a significant pain point. Based on the facts it appears that the SJP model / client proposition is primarily focused on fee generation for St James Place and their tied, self-employed partner advisers, who cannot provide independent advice and only provide investors with access to the funds provided to them by SJP. There restricted approach coupled with their charges and fund performance would suggest that investors with a focus on maximising returns within a suitable risk portfolio, that is both cost effective and delivering on performance, would be better served elsewhere. Find out if your funds are top or poor performing Fund ing Risk Analysis Portfolio We will highlight the position each of your funds ranked based on performance when compared to all other funds in their sectors. Are you investing with more risk than intended? Our volatility review will show you what level of risk your portfolio is actually taking. Discover the level of growth your portfolio has achieved and find out how it compares to our model top portfolios. Report Summary Comprehensive summary on the overall quality of your existing portfolio highlighting potential improvements Find out if your portfolio contains top or poor performing funds Get your independent portfolio review today PORTFOLIO REVIEW

21 Independent & Impartial Analysis Upload your portfolio today and get an independent analysis of your existing investment funds and overall portfolio. Our 5 star rated portfolio review service will detail the factual ranking and performance of your individual funds, and the overall performance of your entire portfolio. Simply upload your most recent investment statement or attach a list of funds including the amounts invested in each and our team of experts will provide you with a comprehensive portfolio analysis. HOW IT WORKS Upload your fund statement / information today, and receive a detailed fund analysis within 48 hrs. 1. Complete the purchase 2. Upload your portfolio Info 3. Receive your analysis CLAIM REVIEW Get a complete fund analysis and assessment of each fund contained within your pension, ISA or investment portfolio. 1, 3 & 5 year performance analysis of each fund. Positional ranking comparing each fund to all other same sector funds. Individual fund rating as TOP, MEDIOCRE or POOR. I would recommend this portfolio review service to anyone with an investment portfolio. I have a very different view on fund performance and investing now, as a result of this service. - Paul Fallowfield Portfolio growth comparison. We analyse your portfolio against model portfolios that contain only consistently TOP performing funds.

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