MANAGED PORTFOLIO SERVICE

Transcription

1 MANAGED PORTFOLIO SERVICE Cautious January 17 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January 17 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Cautious WMA Conservative Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/6/9, quoted on an annualised basis. Cautious The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Conservative Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Information WMA Conservative Index Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.7 Estimated Annual Yield 2.37 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Donald Trump s inauguration and first acts as president continued to dominate headlines. The tone of his campaign rhetoric continued during his first ten days as president and he initiated some of his campaign promises including measures to restrict immigration from middle-eastern countries and Mexico. Against this backdrop, developed European and North American equities were mildly positive however UK equities were off slightly. Bonds sold off over the month as concerns about rising inflation mounted and the prospects of further rate hikes by the Federal Reserve increased. Alternatives were more or less flat over the month. Within the portfolio, UK equity fund selection detracted from performance, however this was offset by the UK fixed income selection, meaning the alpha at a headline level was driven mainly through superior fund selection over the month May 9 Nov 9 May Nov May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14 Nov 14 May 15 WMA Conservative Index (7.) Nov May 16 Nov 16 MPS Cautious Performance on JAMES HAY (8.8) MPS Cautious Historic Performance

2 Brewin Dolphin Managed Service Cautious January 17 Asset Allocation as at 31 January 17 Performance One Year Jan 16 Feb 16 Statistics Mar 16 Apr 16 May 16 Jun 16 Inception Volatility 4.8 Inception Volatility 4.2 Inception Information Ratio.3 Tracking Error 2.7 Management Jul 16 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Aug 16 Sep 16 Oct 16 WMA Conservative Index (11.2) MPS Cautious Performance on JAMES HAY (9.5) MPS Cautious Historic Performance Nov 16 Dec Jan Holdings as at 31 January 17 Fidelity MoneyBuilder Income Acc 8.5% RWC Enhanced Income Fund B GBP Inc 8.5% Old Mutual Global Eq AR R Hgd Acc 6.5% F&C UK Equity-Linked Gilt 2 6.% PIMCO Select UK Income Bond Instl Inc 5.5% Henderson UK Absolute Return I Acc 5.% JPM US Equity Income C Inc 5.% Newton Global Dynamic Bd Inst W Inc 5.% Troy Trojan Income O Inc 4.5% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 4.5% Allianz Gilt Yield I Inc 4.% SLI AAA Income Plat 1 Inc 4.% Vanguard U.K. Government Bd Idx GBP Inc 3.5% Vanguard US Equity Index Inc 3.5% SLI Global Index Linked Bond Plat 1 Inc 3.% Vanguard US Gov Bond Index GBP Hg Acc 3.% Aviva Investors Mlt-Strat Trgt Inc 2 Inc 3.% BlackRock Corporate Bond Tracker D Inc 2.5% Fundsmith Equity I Inc 2.% Newton Asian Inc Inst Inc 2.% Baillie Gifford Japanese B Inc 1.5% BlackRock Continental Euro Inc D Inc 1.5% Schroder Global Cities Real Estt Z Inc 1.5% JPM Global Macro Opportunities C Net Inc 1.5% CF Woodford Equity Income C Sterling Inc 1.5% BlackRock Global Prty Secs Eq Trkr D Inc 1.% Fidelity Emerging Markets W Acc 1.% Majedie UK Equity X Inc 1.% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a -year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/16. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

3 MANAGED PORTFOLIO SERVICE Income January 17 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January 17 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Income WMA Income Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31//8, quoted on an annualised basis. Income The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Income Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Donald Trump s inauguration and first acts as president continued to dominate headlines. The tone of his campaign rhetoric continued during his first ten days as president and he initiated some of his campaign promises including measures to restrict immigration from Middle Eastern countries and Mexico. Against this backdrop, developed European and North American equities were mildly positive however UK equities were off slightly. Within UK equities, style rotation continued into 17 as those companies whose valuations the market considered lofty were sold for companies whose valuations were considered attractive. This meant the mining sector continued its rally this year and by extension, those managers who are underweight the sector, and there are many in the UK Income sector, underperformed. Those managers who ve chose to underweight commodities sectors due to lack of dividend growth can be forgiven for this underperformance, however it s a dynamic we continue to monitor closely. Within the portfolio, UK equity fund selection detracted from performance, however this was offset by the UK fixed income selection, meaning the alpha at a headline level was driven mainly through superior fund selection over the month. Information Investment Management Charge (p.a) WMA Income Index.3%+VAT Fund Underlying OCFs.69 Estimated Annual Yield 2.62 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Oct 8 Apr 9 Oct 9 Apr Oct Apr 11 Oct 11 Apr 12 Oct 12 WMA Income Index (5.3) Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 MPS Income Performance on JAMES HAY (116.2) Oct 15 Apr Oct 16 MPS Income Historic Performance

4 Brewin Dolphin Managed Service Income January 17 Asset Allocation as at 31 January 17 Performance One Year Jan 16 Feb 16 Statistics Mar 16 Apr 16 May 16 Jun 16 Inception Volatility 7.1 Inception Volatility 7.1 Inception Information Ratio.3 Tracking Error 2.3 Management Jul 16 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Aug 16 Sep 16 Oct 16 WMA Income Index (14.6) MPS Income Performance on JAMES HAY (13.2) MPS Income Historic Performance Nov 16 Dec Jan 17 Holdings as at 31 January 17 Fidelity MoneyBuilder Income Acc 8.5% PIMCO Select UK Income Bond Instl Inc 7.5% Troy Trojan Income O Inc 7.5% JPM US Equity Income C Inc 5.5% Vanguard US Equity Index Inc 5.5% Allianz Gilt Yield I Inc 5.% Newton Global Dynamic Bd Inst W Inc 4.5% CF Woodford Equity Income C Sterling Inc 4.% Liontrust Special Situations I Inc 4.% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 4.% Fidelity Index UK W Inc 3.5% River & Mercantile UK Equity Income B 3.5% Newton Asian Inc Inst Inc 3.5% F&C UK Equity-Linked Gilt 2 3.5% Old Mutual Global Eq AR R Hgd Acc 3.% Aviva Investors Mlt-Strat Trgt Inc 2 Inc 3.% RWC Enhanced Income Fund B GBP Inc 3.% Baillie Gifford Japanese B Inc 2.5% BlackRock Continental Euro Inc D Inc 2.5% JPM Global Macro Opportunities C Net Inc 2.5% Majedie UK Equity X Inc 2.% Fundsmith Equity I Inc 2.% Vanguard US Gov Bond Index GBP Hg Acc 1.5% Fidelity Emerging Markets W Acc 1.5% Aviva Investors US Equity Inc II 2 Inc 1.% BlackRock Corporate Bond Tracker D Inc 1.% Henderson UK Absolute Return I Acc 1.% Vanguard U.K. Government Bd Idx GBP Inc 1.% Man GLG Undervalued Assets Profl Inc D 1.% Schroder Global Cities Real Estt Z Inc.75% BlackRock Global Prty Secs Eq Trkr D Inc.75% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a -year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/16. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

5 MANAGED PORTFOLIO SERVICE Balanced January 17 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January 17 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Balanced WMA Balanced Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/8/8, quoted on an annualised basis. Balanced The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Balanced Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Information Investment Management Charge (p.a) WMA Balanced Index.3%+VAT Fund Underlying OCFs.66 Estimated Annual Yield 2.9 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Donald Trump s inauguration and first acts as president continued to dominate headlines. The tone of his campaign rhetoric continued during his first ten days as president and he initiated some of his campaign promises including measures to restrict immigration from middle-eastern countries and Mexico Against this backdrop, developed European and North American equities were mildly positive however UK equities were off slightly. Fund selection over the month was positive in all but UK Commercial property, Asian equities and Advanced emerging detracted from active performance. This meant fund selection was by far and away the largest contributor to active performance over the month. Within UK equities, style rotation continued into 17 as those companies whose valuations the market considered lofty were sold for companies whose valuations were considered attractive. That meant those UK equity managers who adopt a value approach have done well over recent months, especially versus their counterparts adopting a more growth approach Oct 8 Apr 9 Oct 9 Apr Oct Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 Oct 15 WMA Balanced Index (119.6) MPS Balanced Performance on JAMES HAY (138.9) Apr 16 Oct 16 MPS Balanced Historic Performance

6 Brewin Dolphin Managed Service Balanced January 17 Asset Allocation as at 31 January 17 Performance One Year Jan 16 Feb 16 Statistics Mar 16 Apr 16 May 16 Jun 16 Inception Volatility 8.5 Inception Volatility 8.5 Inception Information Ratio.4 Tracking Error 2.8 Management Jul 16 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Aug 16 Sep 16 Oct 16 Nov 16 WMA Balanced Index (18.3) MPS Balanced Performance on JAMES HAY (17.6) MPS Balanced Historic Performance Dec Jan 17 Holdings as at 31 January 17 Vanguard US Equity Index Inc 8.5% Threadneedle UK Eq Inc Z Inc GBP 7.5% PIMCO Select UK Income Bond Instl Inc 7.% JPM US Equity Income C Inc 6.5% Investec UK Special Situations I Acc Net 6.% Fidelity Index UK W Inc 6.% Old Mutual Global Eq AR R Hgd Acc 5.% CF Woodford Equity Income C Sterling Inc 4.% Threadneedle European Sel Z Inc GBP 4.% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 4.% Legg Mason CB US Agrsv Gr X GBP Acc 3.5% Liontrust Special Situations I Inc 3.5% Newton Asian Inc Inst Inc 3.% Schroder Tokyo Z Inc 3.% Newton Global Dynamic Bd Inst W Inc 3.% F&C UK Equity-Linked Gilt 2 3.% Vanguard U.K. Government Bd Idx GBP Inc 2.5% Vanguard US Gov Bond Index GBP Hg Acc 2.5% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% Old Mutual UK Smlr Coms A GBP Acc 2.% River & Mercantile UK Equity Income B 1.5% Allianz Gilt Yield I Inc 1.5% BlackRock Corporate Bond Tracker D Inc 1.5% Aviva Investors Mlt-Strat Trgt Inc 2 Inc 1.25% Schroder Global Cities Real Estt Z Inc 1.25% Hermes Asia Ex Japan Equity F GBP Inc 1.% Man GLG Undervalued Assets Profl Inc D 1.% Fidelity MoneyBuilder Income Acc 1.% BlackRock Global Prty Secs Eq Trkr D Inc 1.% JPM Global Macro Opportunities C Net Inc.5% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a -year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/16. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

7 MANAGED PORTFOLIO SERVICE Growth January 17 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January 17 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Growth WMA Growth Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31//8, quoted on an annualised basis. Growth The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Growth Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Information Investment Management Charge (p.a) WMA Growth Index.3%+VAT Fund Underlying OCFs.75 Estimated Annual Yield 1.69 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Donald Trump s inauguration and first acts as president continued to dominate headlines. The tone of his campaign rhetoric continued during his first ten days as president and he initiated some of his campaign promises including measures to restrict immigration from middle-eastern countries and Mexico. Against this backdrop, developed European and North American equities were mildly positive however UK equities were off slightly. Fund selection over the month was positive in all but UK Commercial property, Asian equities and Advanced emerging. North American and UK fund selection were both the main drivers over the month that saw the basic materials sector continue its momentum into 17. That meant our strategies that have exposure to this part of the market did well, particularly Investec UK Special Situations Oct 8 Apr 9 Oct 9 Apr Oct Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 WMA Growth Index (131.8) Oct 13 Apr 14 Oct 14 Apr 15 Oct Apr 16 Oct 16 MPS Growth Performance on JAMES HAY (162.4) MPS Growth Historic Performance

8 Brewin Dolphin Managed Service Growth January 17 Asset Allocation as at 31 January 17 Performance One Year Jan 16 Feb 16 Statistics Mar 16 Apr 16 May 16 Jun 16 Inception Volatility 9.9 Inception Volatility.1 Inception Information Ratio.5 Tracking Error 3.4 Management Jul 16 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Aug 16 Sep 16 Oct 16 WMA Growth Index (21.6) MPS Growth Performance on JAMES HAY (.5) MPS Growth Historic Performance Nov 16 Dec Jan 17 Holdings as at 31 January 17 Vanguard US Equity Index Inc 8.5% Artemis UK Special Situations I Acc 7.% Fidelity Index UK W Inc 6.5% JPM US Equity Income C Inc 6.5% Legg Mason CB US Agrsv Gr X GBP Acc 6.% Investec UK Special Situations I Acc Net 6.% Liontrust Special Situations I Inc 6.% Old Mutual Global Eq AR R Hgd Acc 5.% Threadneedle European Sel Z Inc GBP 5.% PIMCO Select UK Income Bond Instl Inc 4.5% Stewart Inv Asia Pac Ldrs B Acc GBP 4.5% AXA Framlington UK Select Opps ZI Inc 4.% Schroder Tokyo Z Inc 4.% Old Mutual UK Smlr Coms A GBP Acc 3.5% Newton Global Dynamic Bd Inst W Inc 3.5% Threadneedle UK Eq Inc Z Inc GBP 3.% Investec UK Alpha I Inc Net 2.5% Artemis US Select I GBP Acc 2.5% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 2.% Man GLG Undervalued Assets Profl Inc D 1.% Vanguard U.K. Government Bd Idx GBP Inc 1.% Allianz Gilt Yield I Inc 1.% Aviva Investors Mlt-Strat Trgt Inc 2 Inc 1.% JPM Global Macro Opportunities C Net Inc.5% Hermes Asia Ex Japan Equity F GBP Inc.5% BlackRock Global Prty Secs Eq Trkr D Inc.5% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a -year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/16. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

9 MANAGED PORTFOLIO SERVICE Global Equity January 17 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January 17 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Global Equity Global Equity Composite Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/6/9, quoted on an annualised basis. Global Equity The portfolio s objective is to provide outperformance of a bespoke Global Equity Index (5% cash, 65% UK shares, 3% overseas shares) over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Donald Trump s inauguration and first acts as president continued to dominate headlines. The tone of his campaign rhetoric continued during his first ten days as president and he initiated some of his campaign promises including measures to restrict immigration from middle-eastern countries and Mexico. Against this backdrop, developed European and North American equities were mildly positive however UK equities were off slightly. Fund selection over the month was positive in all but Advanced Emerging and Asian equities detracted from active performance. North American and UK fund selection were both the main drivers over the month that saw the basic materials sector continue its momentum into 17. That meant our strategies that have exposure to this part of the market did well, particularly Majedie UK Equity. Information Global Equity Composite Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.75 Estimated Annual Yield 1.98 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception May 9 Nov 9 May Nov May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14 Nov 14 Global Equity Composite (136.6) May 15 Nov May 16 Nov 16 MPS Global Equity Performance on JAMES HAY (155.) MPS Global Equity Historic Performance

10 Brewin Dolphin Managed Service Global Equity January 17 Asset Allocation as at 31 January 17 Performance One Year Jan 16 Feb 16 Statistics Mar 16 Apr 16 May 16 Jun 16 Jul 16 Inception Volatility.8 Inception Volatility 11. Aug 16 Sep 16 Oct 16 Nov 16 Global Equity Composite (23.2) MPS Global Equity Performance on JAMES HAY (22.8) MPS Global Equity Historic Performance Dec Jan 17 Holdings as at 31 January 17 Vanguard US Equity Index Inc 9.5% Majedie UK Equity X Acc 8.3% AXA Framlington UK Select Opps ZI Inc 8.3% Fidelity Index UK W Inc 8.% Threadneedle UK Eq Inc Z Inc GBP 8.% Artemis UK Special Situations I Acc 8.% Liontrust Special Situations I Inc 6.3% Investec UK Special Situations I Acc Net 5.5% Aviva Investors US Equity Inc II 2 Inc 5.% Threadneedle European Sel Z Inc GBP 4.% Stewart Inv Asia Pac Ldrs B Acc GBP 3.5% Investec UK Alpha I Inc Net 3.5% Old Mutual UK Smlr Coms A GBP Acc 3.5% Legg Mason CB US Agrsv Gr X GBP Acc 3.% Schroder Tokyo Z Inc 3.% Troy Trojan Income O Inc 3.% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 2.5% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% Artemis US Select I GBP Acc 1.% Hermes Asia Ex Japan Equity F GBP Inc 1.% Man GLG Undervalued Assets Profl Inc D 1.% Inception Information Ratio.3 Tracking Error 3.8 Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a -year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/16. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).