KB Elite Multi Asset Growth Fund. Quarterly update, Q1 2014

Transcription

1 KB Elite Multi Asset Growth Fund Quarterly update, Q1 2014

2 Key events in Q January China releases economic data for 2013 showing slowest rate of growth since 1999 Russia hosts 2014 Winter Olympics in Sochi February President Putin orders Russian troops into Crimea Facebook announces purchase of instant messaging platform, WhatsApp, for $19 billion March Russia annexes Crimea US and Europe announce sanctions against Russia 2

3 Key asset allocation changes in Q January Increased equities and fixed income allocations March Reduced fund s Asia Pacific ex Japan equity exposure; increased USD cash Asset Group Dec-13 Mar-14 Change Cash & FX Equities Fixed Income Hedge Funds Real Estate Commodities Total Source: Kleinwort Benson 3

4 Asset allocation Asset class mix as at 31-Mar-2014 Commodities 0.0% Hedge Funds Real Estate 0.1% 6.1% Fixed Income 8.5% Cash & FX 5.4% Equities 79.9% Asset Weight (%) Cash GBP Cash 2.9 USD Cash 2.5 EUR Cash 0.0 Equities UK 47.8 US 12.4 Europe Ex UK 8.3 Japan 2.9 Asia Pacific Ex Japan 0.0 Emerging Markets 8.1 Private Equity 0.4 Fixed Income GBP Government Bonds (Conventional) 0.0 GBP Government Bonds (Index-Linked) 0.0 USD Government Bonds (Conventional) 0.0 GBP Corporate Bonds 4.5 US High Yield Bonds 0.0 Emerging Markets Bonds 4.1 Alternatives Hedge Funds 0.1 Real Estate 6.1 Commodities 0.0 Gold 0.0 Source: Kleinwort Benson 4

5 Currency exposure and top holdings Currency exposure as at 31-Mar-2014 Top 10 Holdings Weight (%) Japanese Yen 2.9% Emerging Markets & Commodity 12.2% VANGUARD UK EQUITY FUND 20.0 ISHARES FTSE ISHARES S&P ISHARES MSCI EUROPE EX.UK 8.3 FIDELITY EMERGING MARKETS 7.6 US Dollar 17.4% UK Sterling 59.2% HENDERSON PROPERTY-I INC 5.0 ISHARES FTSE FRANKLIN UK MID CAP FUND 4.2 Euro 8.3% M&G CORPORATE BONDS 3.7 GBP CASH 3.7 Source: Kleinwort Benson 5

6 Performance and contribution in Q Cumulative Performance KB Elite Multi Asset Growth Fund Morningstar GBP Aggressive Allocation Category ( Peer Group ) 1 Month 3 Months YTD 1 Year 3 Year 5 Year Source: Kleinwort Benson; Bloomberg 1. KB Elite Multi Asset Growth fund launched 18-Sep Asset Risk Consultants Private Client Indices 3. March and quarterly performance is indicative Since Launch 1-1.1% -0.3% -0.3% 1.3% 8.3% 71.4% 21.0% -0.4% 0.4% 0.4% 5.9% 19.5% 70.3% 32.2% UK CPI 0.6% 0.3% 0.3% 1.8% 8.1% 16.2% 22.0% ARC Sterling Steady Growth PCI 2, 3 Equities -0.7% 0.5% 0.5% 4.5% 17.4% 61.4% 31.7% Equity markets contributed -46 bps to fund s performance in Q1 UK equities lagged those in Europe ex UK and the US Real estate Real estate added +15 bps to the fund with strong performance in UK commercial property KB Elite Multi Asset Growth Q Benchmark Index Performance (%) Q Performance Contribution (bps) Cash NA -7 Currency Futures NA -3 UK Equities US Equities Europe ex UK Equities Japan Equities Asia Pacific ex Japan Equities Emerging Equities Global Equities Private Equity GBP Gov Bonds conventional GBP Gov Bonds - index-linked USD Gov Bonds conventional EUR Gov Bonds conventional GBP Corporate Bonds USD Corporate Bonds EUR Corporate Bonds US High Yield Bonds Emerging Markets Bonds Commodities Gold Real Estate Hedge Funds Total -35 6

7 Source: Kleinwort Benson; Morningstar; data from Sep-2007 to Mar-2014 Long-term performance and risk Performance since inception 1 (%) KB Elite Multi Asset Growth Fund Morningstar GBP Aggressive Allocation Category ("Peer Group") UK CPI -40 Sep-07 Sep-09 Sep-11 Sep-13 KB Elite Multi Asset Growth Fund 2 Morningstar GBP Aggressive Allocation "Peer Group" 3 4 Equities UK CPI Performance since launch Performance (since launch, annualised) Volatility (since launch, annualised) N/A Return/Risk (since launch) N/A Maximum drawdown N/A Volatility as % of equity volatility N/A Monthly Hit Rate (%) N/A The performance data for KB Elite Multi Asset Growth Fund is net of fees whereas data for equities is gross and does not reflect implementation costs to an investor 1. KB Elite Multi Asset Growth fund launched 18-Sep Performance is net of costs and fees 3. Performance relates to the A share class as this fund has a long term performance record. Customers of Financial Advisers are invested in the B share class which pays trail commission 4. MSCI AC World Net TR (GBP) 7

8 Fund information Investment objective To outperform equity returns with equity-like risk through a well diversified portfolio across asset classes. The fund seeks to achieve its objective by investing directly in a range of equities, bonds, money market instruments, derivative instruments, forward transactions, collective investment schemes and other instruments as the Investment Manager may consider appropriate. Fund facts: Benchmark: Domicile: Administrator: Custodian: Auditors: Structure: Dealing: Yield: Morningstar GBP Aggressive Allocation Category ( Peer Group ) Guernsey Kleinwort Benson (Channel Islands) Fund Services Limited BNP Paribas Trust Company (Guernsey) Limited Deloitte LLP Guernsey Class B Collective Investment Scheme structured as a Private Cell Company Weekly Nil Fund size: GBP 60.4m Share Classes Sedol Last Price A GBP Income Reporting Shares B24GX A GBP Reinvest Reporting Shares B24GXD A EUR Accumulating Reporting Shares B8S7YV A USD Accumulating Reporting Shares B79R9Y B GBP Income Reporting Shares B24GXJ B USD Accumulating Non-Reporting Shares B8010G B EUR Accumulating Non-Reporting Shares B8089Q B GBP Accumulating Non-Reporting Shares B87SQJ C GBP Income Reporting Shares B24GXL Fees Share class Annual Management Charge B 1.50% Source: Kleinwort Benson, data as at 31-Mar

9 General risk information The information in this publication is provided for information purposes only and does not take into account the investment objective, the financial situation or the individual needs of any particular person. It is not an offer to buy or sell any particular security or investment. This publication does not constitute advice. All potential investors should seek and obtain advice specific to their circumstances from a qualified financial adviser before making investment decisions. The value of investments, and the income from them, may fall as well as rise and the investor may not get back the amount initially invested. Past performance does not guarantee future performance. Fluctuations in exchange rates may cause the value of investments denominated in currencies other than sterling to fall or rise. The effects of charges and an investor s personal tax circumstances may reduce any returns. Tax treatment depends on an investor s individual circumstances and may be subject to change. Regulatory information This publication is not available for general distribution in, from or into the United Kingdom because this fund is an unregulated Collective Investment Scheme whose promotion is restricted by sections 238 and 240 of the Financial Services and Markets Act This publication is intended for distribution only to clients of Kleinwort Benson Bank Limited with existing holdings in the KB Elite Multi Asset Growth Fund. It must not be distributed to or relied on by any other person. This publication is not intended for distribution into the USA or any other jurisdiction in which its distribution would be against a relevant law or regulation. This publication is a financial promotion. It has been approved and issued in the United Kingdom by Kleinwort Benson Bank Limited. Kleinwort Benson is the brand name of Kleinwort Benson Bank Limited. Kleinwort Benson is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, reference number and is a member of the London Stock Exchange. Kleinwort Benson is a company incorporated in England and Wales with company number