NEDGROUP INVESTMENTS MULTIFUNDS PLC
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1 NEDGROUP INVESTMENTS MULTIFUNDS PLC QUARTERLY REVIEW QUARTER
2 NEDGROUP INVESTMENTS BALANCED MULTIFUND Class C INTERNATIONAL RANGE RISK RATING FUND OBJECTIVE The Balanced MultiFund aims to provide moderate levels of growth with moderate levels of risk and volatility over the medium to longerterm. It is anticipated that the Balanced MultiFund will achieve a return of 3-month LIBID + 1% to 3% in the currency of the relevant share class over a rolling 3 to 5 year period. Equity and property investments are volatile by nature and subject to potential capital loss. For credit and income instruments, while unlikely, capital loss may also occur due to an event like the default of an issuer. GENERAL INFORMATION BENCHMARK: 3 month LIBID +1% to 3% over 3 to 5 years PEER GROUP: 50/50 average of the Morningstar Moderate Allocation USD and Morningstar Cautious Allocation USD FUND LEGAL STRUCTURE: Irish OEIC UCITS IV INVESTMENT MANAGER: Nedgroup Investments (IOM) Limited; licensed by the Isle of Man Financial Services Authority. APPROPRIATE TERM: Minimum 3-5 years In order to achieve the investment objective, the portfolio invests across a range of asset classes within a strategic and tactical asset allocation framework designed to maximise diversification benefits. An absolute and relative valuation-based approach underpins this framework, resulting in a multilayered process to facilitate disciplined decision-making and risk management. The Balanced MultiFund is suitable for clients with an investment time horizon of 3 to 5 years. Investing in the fund involves a risk to capital in order to achieve the desired return. FUND PERFORMANCE 1 PERIOD GBP GBP PEER GROUP GBP LIBID 3 MONTH % % +1% +3% % % +1% +3% 3 Months -2.6% -2.4% 0.4% 0.9% -1.1% -0.9% 0.7% 1.2% 6 Months -1.3% -1.0% 0.7% 1.7% 0.8% 1.2% 1.3% 2.3% 1 Year 0.5% 0.4% 1.3% 3.3% 5.7% 5.3% 2.4% 4.4% 3 Years Ann 3.2% 2.4% 1.4% 3.4% n/a n/a n/a n/a YTD -2.6% -2.4% 0.4% 0.9% -1.1% -0.9% 0.7% 1.2% % 5.3% 1.2% 3.2% 10.3% 9.5% 2.2% 4.2% % 8.5% 1.4% 3.4% 3.9% 2.3% 1.6% 3.7% % -0.2% 1.5% 3.5% n/a n/a n/a n/a % 4.4% 1.4% 3.4% n/a n/a n/a n/a Lowest 1 yr return -3.7% -3.2% Highest 1 yr return 13.8% 11.1% Since inception * 4.2% 3.1% 1.4% 3.4% 2.8% 2.2% 1.8% 3.9% The performance presented is Class C performance net of fees. * Since inception annualised. USD USD PEER GROUP USD LIBID 3 MONTH USD peer group is a 50/50 average of the Morningstar Moderate Allocation USD and Morningstar Cautious Allocation USD. For the GBP peer group data, the same universe and returns are used as for the USD data, although a 65% hedge to sterling is applied, as per the fund s GBP share class. MARKET VALUE: RISK MEASURE 166.1m CURRENCIES AVAILABLE AND PRICES: SINCE FUND INCEPTION Annualised volatility FUND GBP 4.9% FUND USD 5.7% GBP Class C: Sharpe ratio (annualised) USD Class C: $ Lowest monthly return -2.7% -3.3% Value and prices as at 29 Risk measures presented based on the simulated Class C performance net of fees since 19 August 2011 to date. INCEPTION DATE: Fund: 19 August 2011 PORTFOLIO STRUCTURE GBP Class: 6 March 2013 USD Class: 8 November 2013 Fixed Income 30% MINIMUM INVESTMENTS: Class C: 1,000 /$1,500 FEES AND CHARGES (VAT incl): Management fee Class C: 0.50% p.a. ON-GOING CHARGES (as at 29 )² Class C: 1.25% Other 10% DEALING: Daily NOTICE PERIODS: Subscriptions: Noon T-1 Redemptions: Noon T-1 Equity 33% Property 11% SETTLEMENT PERIODS: Subscriptions: T+2 Redemptions: T+5 ISIN / SEDOL: Class C GBP: IE00B83TLZ10 / B83TLZ1 Class C USD: IE00B9CBCV86 / B9CBCV8 Cash 16% CONTACT US Tel +44 (0) Fax +44 (0) Website helpdesk@nedgroupinvestments.com MINIMUM DISCLOSURE DOCUMENT Please note: Differences may exist due to rounding 1) The annualised total return is the average return earned by an investment each year over a given time period. Performance is calculated for the portfolio and in investment performance may differ as a result of initial fees, the actual investment, the actual investment date, the date of any reinvestment and dividend withholdi Data source Nedgroup Investments (IOM) Limited. 2) The on-going fee is a measure of the actual expenses incurred in the management of the Classes of the Sub-Fund. The on-going fee shown is expressed as a percentage of the monthly average value of the portfolio calculated over a 12-month period as at the date shown. The current on-going fee cannot be used as an indication of future on-going fees. A higher on-going fee does not necessarily imply a poor return, nor does a low on-going fee imply a good return.
3 NEDGROUP INVESTMENTS BALANCED MULTIFUND TOTAL PORTFOLIO ANALYSIS FULL PORTFOLIO LISTING EQUITY 33.3% Vanguard Global Stock Index Core 9.1% Dodge & Cox Global Stock Fund Tilt 6.1% Nedgroup Global Equity Fund Tilt 5.3% Vanguard Emerging Markets Stock Core 3.0% TOBAM Anti-Benchmark World Equity Tilt 3.0% Morgan Stanley Global Brands Tilt 2.5% Allianz Global Small Cap Equity Tilt 2.2% Coronation Global Emerging Markets Tilt 2.1% PROPERTY 10.7% Nedgroup Global Property Fund Core 4.8% F&C Commercial Property Trust Tilt 2.3% Impact Healthcare REIT Tilt 1.8% Target Healthcare REIT Tilt 1.0% Standard Life Investment Property Income Tilt 0.9% FIXED INCOME 30.0% Wellington Global Credit Plus Core 9.2% AXA US Short Duration High Yield Tilt 6.0% PIMCO Global IG Credit Core 5.0% Franklin Templeton Global Total Return Tilt 4.6% Muzinich Short Duration High Yield Tilt 4.1% Kames High Yield Global Bond Tilt 1.0% OTHER 10.4% Greencoat UK Wind Tilt 3.1% SQN Asset Finance Income Fund C Shares Tilt 2.5% John Laing Environmental Assets Group Tilt 1.2% 3i Infrastructure Plc Tilt 1.1% Greencoat Renewables Tilt 1.0% GCP Asset Backed Income Fund Tilt 1.0% GCP Asset Backed Income Fund C Shares Tilt 0.5% CASH 15.6% CHANGES IN ASSET ALLOCATION BY STRATEGY 40% 35% 30% 25% 20% 15% 10% 5% 0% Equity Tilt 21% Equity Fixed Income Other Property Cash Property Tilt 6% Property Core 5% Six months ago Three months ago Present Fixed Income Core 14% Equity Core 12% Tactical Cash 11% Fixed Income Tilt 16% Other Tilt 10% Core Cash 5% BlackRock Institutional USD Liquidity Fund / Cash Core 5.0% Tilt/Tactical 10.6% TOTAL 100.0% EQUITY COMPONENT 3 TOP TEN UNDERLYING HOLDINGS COUNTRY ALLOCATION SECTOR ALLOCATION Microsoft 2.0% USA 47.3% Information Technology 18.3% Comcast 1.4% Europe ex-uk 15.3% Financials 17.1% Alphabet 1.4% UK 7.5% Consumer Discretionary 14.5% Baidu 1.1% Emerging Markets 17.3% Health Care 13.4% Airbus 1.1% Pacific ex-japan 2.7% Industrials 10.0% American Express 1.1% Japan 4.9% Consumer Staples 9.9% Naspers 1.0% Canada 1.9% Energy 4.1% Charter Communications 0.9% Cash 3.0% Materials 4.0% UnitedHealth Group 0.9% Telecommunication Services 2.1% Express Scripts 0.9% Real Estate 1.9% Utilities 1.8% Cash 3.0% TOTAL 11.8% TOTAL 100.0% TOTAL 100.0% FIXED INCOME COMPONENT 3 CURRENCY EXPOSURE 3 CATEGORY ALLOCATION USD SHARE CLASS Cash -1.3% Rest of World 2.8% Asia & Emerging Markets 10.7% Other 2.4% JPY 0.2% Emerging Markets 16.2% EUR GBP 4.9% 2.7% High Yield 37.6% USD 78.8% Corporate Inv Grade 34.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Government Inv Grade 10.6% GBP SHARE CLASS 4 Rest of World 2.8% -10% 0% 10% 20% 30% 40% Asia & Emerging Markets 10.7% YIELD Yield To Maturity 5.0% Average Weighted Maturity (in years) 6.2 Average Modified Duration (in years) 4.1 JPY 0.2% EUR 4.9% GBP 67.7% USD 13.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 3) Source: Underlying managers. Data point 28 February 2018 Data point for underlying fund information on a look-through basis is one month in arrears. 4) For the sterling Hedged share class a 65% hedge to sterling is applied
4 NEDGROUP INVESTMENTS BALANCED MULTIFUND International Range INVESTMENT MANAGER COMMENTARY MARKET COMMENTARY Nedgroup Investments (IOM) Ltd Investment Manager and Distributor Although global economic data releases softened a little from recent highs, the overall picture has remained one of decent growth for However, various concerns saw financial markets continuing to exhibit heightened volatility and risk aversion throughout the month. Arguably the most serious issue for investors was Trump s decision to escalate trade tensions between the US and China, which led to both countries announcing plans for tariffs being threatened on US$50bn worth of goods imported from each other. By themselves, these tariffs would not have a particularly big impact on either economy, and it is also perfectly plausible that the US and China may find an amicable negotiated settlement before they are enacted. However, the market is alert to the risk that a sometimes unpredictable Trump could escalate a trade war which would ultimately cause real damage to the global economy. Technology also dominated headlines as various data protection breaches engulfed Facebook, which called into question online personal data security issues and highlighting the need for more stringent regulation in this area. Other technology companies were also under pressure as politicians attacked their global tax arrangements. Whilst Trump tweeted about Amazon being in his crosshairs, the EU tabled practical proposals to create a new revenue based tax aimed at extracting a fairer tax take on behalf of the countries where these multinational technology businesses operate. In other news, the Federal Reserve raised US interest rates by 0.25%. Whilst this change was widely expected, Powell s accompanying speech struck a slightly more hawkish tone than his predecessor, which led many economists to suggest that the Federal Reserve may raise rates a little faster than previously anticipated. Finally, the UK and EU Brexit negotiations seemed to take a small step forward as the two sides agreed high level terms on a transition period. This was welcomed by the market as it reduced the risk of a so called cliff-edge departure from the EU in March Over the month, the MSCI AC World declined -3.8% in sterling terms. Amonst the majors, the US (-4.1%) and Japan (-4.4%) were the weakest, whilst the UK (-2.0%) and Europe ex UK (-3.2%) were more resilient. At the sector level, defensives generally held up better than cyclicals. Examples included Utilities (+2.2%) and Consumer Staples (-1.6%), which significantly outperformed Materials (-5.2%), Financials (-5.4%), Industrials (-4.1%) and Consumer Discretionary (-4.4%). Information Technology (-4.8%) was also under pressure, as the online data protection scandal embroiling Facebook caused investors to question lofty valuations across the sector. In terms of style, there was little to choose between Growth (-3.8%) and Value (-3.8%), whilst Small Caps (-1.8%) outperformed Large Caps (-3.8%). Bonds fared well as they benefitted from their safe haven status. As is normally the case when risk aversion spikes, government bonds outperformed corporate and emerging market bonds as credit spreads on riskier bonds widened. Over the month, the JP Morgan Global Government Bond Index rose (+1.1%), whilst the Merrill Lynch Global Corporate Investment Grade Index delivered a more modest +0.1%, the Merrill Lynch Global High Yield Index declined -0.6%, and the JP Morgan Emerging Market Bond Index rose +0.2% (all returns in hedged to sterling terms). Commodities were mixed, with the Bloomberg Commodities Index posting a decine of -2.3% in sterling terms. Crude Oil (+4.0%) was the best performing sector, as it responded to a significant fall in US inventories. Gold (-1.3%), whilst it lost a little value due to a rising pound, also outperformed on the back of its safe haven status. Elsewhere, Agriculture (-4.4%) and Industrial Metals (-5.9%) were under pressure, largely on fears that a global trade war could negatively impact bulk commodity demand and pricing. The most significant move in the foreign exchange markets was that of the British pound, which rose against most currencies as it benefited from the announcement of a provisional agreement on a Brexit transition period. As such, it gained +1.9% versus the US dollar, +1.0% versus the euro, and +1.7% relative to the yen. Elsewhere, commodity related currencies were weak (e.g. the Australian dollar lost -3.0% against the pound) and emerging market currencies were mixed (the Mexican peso rose +1.5%, whilst the Brazilian real fell -4.0% against the pound). (Notes: All monthly data is quoted in sterling terms unless otherwise stated).
5 NEDGROUP INVESTMENTS BALANCED MULTIFUND International Range PORTFOLIO COMMENTARY The Nedgroup Investments Balanced MultiFund declined -1.7% during March. With equity markets under pressure, the most resilient of the active funds were TOBAM Anti-Benchmark World Equity (-0.9%) and Morgan Stanley Global Brands (-2.5%), with both benefiting from their more defensive sector exposure. At the other end of the spectrum, Coronation Global Emerging Markets (-4.1%) and Nedgroup Global Equity (-4.6%) were held back by holdings in Information Technology, which underperformed over the month. The risk-off environment meant that higher quality parts of the fixed income market outperformed lower rated bonds. Within our portfolios, one of the best performing fixed income holdings was PIMCO Global Investment Grade (+0.5%). Elsewhere, the performance of the lower quality sub-investment grade funds was weak as credit spreads widened, with Kames High Yield Global Bond Fund down -0.5%. Short maturity high yield strategies, such as AXA US Short Duration High Yield (-0.3%) and Muzinich Short Duration High Yield (-0.1%) held up better, but also lost a little ground. Finally, Franklin Templeton Global Total Return (+0.8%) jumped higher on the back of its emerging market bond and currency positioning. In other asset classes, Nedgroup Global Property Fund (0.0%) was flat, similar to the broader REIT market, as the benefit of falling government bond yields offset the headwind of declining equity markets. UK commercial property detracted value, with F&C Commercial Property Trust up (+0.6%), whilst Impact Healthcare (-3.4%), Target Healthcare (-4.2%) and Standard Life Property Income Trust (-2.2%) lost ground. Infrastructure was mixed but broadly positive, with 3i Infrastructure (+3.2%) and Greencoat Renewables (+0.5%) gaining, whilst Greencoat UK Wind (-0.5%) and John Laing Environmental Assets (-0.5%) were slightly down. Finally, the allocation to asset-backed finance was positive, as both GCP Asset Backed Income (+2.5%) and SQN Asset Finance Income Fund C-Shares (+2.7%) gained ground. During the month, SQN announced a number of developments which were taken positively; these included: (1) news of progress regarding two outstanding credit issues, (2) an intention to return GBP40m of excess capital to C-Share class holders, and (3) the commencement of buybacks of ordinary shares using available cash from realisations and any amortisation of investments. In terms of the other asset-backed lender, GCP Asset Backed Income (GABI) announced it has entered into legally binding commitments for over 90% of the proceeds of its recent C class share issue, and is close to converting the Cs into ordinaries (due in April). The funds have been committed across 14 loans, included some new sectors such as energy storage and regulated water. Overall, GABI is performing well, in line with our expectations. In terms of portfolio activity, we reduced holdings in mainstream UK commercial property as part of our strategy to shift property exposure to the higher yielding and less economically sensitive social care home sector. Note: All returns are quoted on a partially hedged or hedged to GBP basis. Investment Manager and Distributor Nedgroup Investments (IOM) Limited (reg no 57917C) the Investment Manager and Distributor of the Fund is licensed by the Isle of Man Financial Services Authority. The Depositary Citi Depositary Services Ireland DAC 1 North Wall Quay, Dublin 1, Ireland. Performance Funds are generally medium to long-term investments. The value of your investment may go down as well as up. International investments may be subject to currency fluctuations due to exchange rate movements. Past performance is not necessarily a guide to future performance. Nedgroup Investments does not guarantee the performance of your investment and even if forecasts about the expected future performance are included you will carry the investment and market risk, which includes the possibility of losing capital. Pricing The Sub-Funds of Nedgroup Investments MultiFunds are valued using the prices of underlying funds prevailing at 11pm Irish time the business day before the price date. Prices are published on the Nedgroup Investments website. Fees Fees are outlined in the relevant Sub-Fund Supplement available from the Nedgroup Investments website. Nedgroup Investments MultiFunds Plc (the Fund) disclaimer Nedgroup Investments MultiFunds Plc (the Fund) is authorised and regulated in Ireland by the Central Bank of Ireland. The Fund is authorised as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) as amended from time-to-time. This document is not intended for distribution to any person or entity who is a citizen or resident of any country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. The Fund and certain of its Sub-Funds are recognised in accordance with Section 264 of the Financial Services and Markets Act UK investors should read the Appendix for UK Investors in conjunction with the Fund s Prospectus which are available from the Investment Manager or facilities agent. Singapore investors should read the Appendix for Singapore Investors in conjunction with the Fund s Prospectus and Key Investor Information Document (KIID) which are available from the Investment Manager. The Fund has been recognised under paragraph 1 of Schedule 4 to the Collective Investment Schemes Act 2008 of the Isle of Man. Isle of Man investors are not protected by statutory compensation arrangements in respect of the Fund. The Prospectus of the Fund, the Supplements of its Sub-Funds and the KIIDs are available from the Investment Manager and Distributor or from its website The value of shares can fall as well as rise. Investors may not get back the value of their original investment. This document is of a general nature and intended for information purposes only. Whilst we have taken all reasonable steps to ensure that the information in this document is accurate and current on an ongoing basis, Nedgroup Investments shall accept no responsibility or liability for any inaccuracies, errors or omissions relating to the information and topics covered in this document. Changes in exchange rates may have an adverse effect on the value price or income of the product. Nedgroup Investments International contact details Tel: +44 (0) Tel: (toll free from South Africa only) Fax: +44(0) helpdesk@nedgroupinvestments.com Website: Address: First Floor, St Mary s Court, 20 Hill Street, Douglas, Isle of Man IM1 1EU, British Isles As at: 29
6 NEDGROUP INVESTMENTS GROWTH MULTIFUND Class C INTERNATIONAL RANGE RISK RATING FUND OBJECTIVE The Growth MultiFund aims to provide high levels of growth with moderate to high levels of risk and volatility over the medium to longer-term. It is anticipated that the Growth MultiFund will achieve a return of 3-month LIBID + 3% to 5% in the currency of the relevant share class over a rolling 5 to 7 year period. Equity and property investments are volatile by nature and subject to potential capital loss. For credit and income instruments, while unlikely, capital loss may also occur due to an event like the default of an issuer. The portfolio may be subject to currency fluctuations due to its international exposure. In order to achieve the investment objective, the portfolio invests across a range of asset classes within a strategic and tactical asset allocation framework designed to maximise diversification benefits. An absolute and relative valuation-based approach underpins this framework, resulting in a multilayered process to facilitate disciplined decision-making and risk management. The Growth MultiFund is suitable for clients with an investment time horizon of 5 to 7 years. Investing in the fund involves a risk to capital in order to achieve the desired return. GENERAL INFORMATION FUND PERFORMANCE 1 BENCHMARK: 3 month LIBID +3% to 5% over 5 to 7 years % % +3% +5% % % +3% +5% PEER GROUP: 3 Months -3.9% -3.5% 0.9% 1.3% -1.8% -1.3% 1.2% 1.7% Morningstar Aggressive Allocation USD 6 Months -1.1% -0.4% 1.7% 2.7% 1.8% 2.6% 2.3% 3.3% 1 Year 2.2% 2.1% 3.3% 5.3% 9.6% 9.3% 4.4% 6.4% FUND LEGAL STRUCTURE: 3 Years 5.5% 4.9% 3.4% 5.4% 4.8% 4.2% 3.8% 5.8% Irish OEIC UCITS IV 5 Years n/a n/a n/a n/a n/a n/a n/a n/a YTD -3.9% -3.5% 0.9% 1.3% -1.8% -1.3% 1.2% 1.7% % 9.9% 3.2% 5.2% 17.9% 16.2% 4.2% 6.2% INVESTMENT MANAGER: % 13.5% 3.4% 5.4% 4.6% 3.3% 3.6% 5.6% Nedgroup Investments (IOM) Limited; licensed by the Isle of Man Financial Services Authority % 0.6% 3.5% 5.4% -2.6% -2.4% 3.2% 5.2% % 5.0% 3.5% 5.4% n/a n/a n/a n/a Lowest 1 yr return -5.6% -10.8% Highest 1 yr return 22.6% 19.7% APPROPRIATE TERM: Since inception * 6.9% 5.6% 3.4% 5.4% 5.2% 4.4% 3.8% 5.8% Minimum 5-7 years MARKET VALUE: 142.5m CURRENCIES AVAILABLE AND PRICES GBP Class C: RISK MEASURE USD Class C: $ SINCE FUND INCEPTION Value and prices as at 29 INCEPTION DATE: Fund: 19 August 2011 GBP Class: 6 March 2013 USD Class: 30 December 2013 MINIMUM INVESTMENTS: Class C: 1,000 / $1,500 FEES AND CHARGES (VAT incl) Management fee Class C: 0.50% p.a PERIOD Annualised volatility Sharpe ratio (annualised) Lowest monthly return PORTFOLIO STRUCTURE GBP GBP PEER GROUP The performance presented is Class C performance net of fees. * Since inception annualised 7.6% 9.4% % -5.8% Risk measures based on the simulated Class C performance net of fees since 19 August 2011 to date. USD PEER GROUP USD peer group is the Morningstar Aggressive Allocation USD. For the GBP peer group data, the same competitor universe and returns are used as for the USD data, although a 45% hedge to sterling is applied, as per the fund s GBP share class. FUND GBP USD LIBID 3 MONTH USD FUND USD GBP LIBID 3 MONTH ON-GOING CHARGES (as at 29 March 2017)² Class C: 1.27% DEALING: Daily NOTICE PERIODS: Subscriptions: Noon T-1 Redemptions: Noon T-1 SETTLEMENT PERIODS: Subscriptions: T+2 Redemptions: T+5 Equity 69% Fixed Income 2% Other 10% ISIN / SEDOL: Class C GBP: IE00B8NXWC79 / B8NXWC7 Class C USD: IE00B7FH6954 / B7FH695 CONTACT US Tel +44 (0) Fax +44 (0) Website helpdesk@nedgroupinvestments.com MINIMUM DISCLOSURE DOCUMENT Please note: Differences may exist due to rounding Property 10% 1) The annualised total return is the average return earned by an investment each year over a given time period. Performance is calculated for the portfolio and individual investment performance may differ as a result of initial fees, the actual investment, the actual investment date, the date of any reinvestment and dividend withholding tax. Data source Nedgroup Investments (IOM) Limited. 2) The on-going fee is a measure of the actual expenses incurred in the management of the Classes of the Sub -Fund. The on-going fee shown is expressed as a percentage of the monthly average value of the portfolio calculated over a 12-month period as at the date shown. The current on-going fee cannot be used as an indication of future on-going fees. A higher on-going fee does not necessarily imply a poor return, nor does a low on-going fee imply a good return. Cash 9%
7 NEDGROUP INVESTMENTS GROWTH MULTIFUND TOTAL PORTFOLIO ANALYSIS FULL PORTFOLIO LISTING EQUITY 69.4% Vanguard Global Stock Index Core 19.9% Dodge & Cox Global Stock Fund Tilt 12.9% Nedgroup Global Equity Fund Tilt 11.1% Vanguard Emerging Markets Stock Core 6.3% TOBAM Anti-Benchmark World Equity Tilt 6.0% Allianz Global Small Cap Equity Tilt 4.5% Coronation Global Emerging Markets Tilt 4.3% Morgan Stanley Global Brands Tilt 4.5% PROPERTY 10.1% Nedgroup Global Property Fund Core 4.3% F&C Commercial Property Trust Tilt 2.2% Impact Healthcare REIT Tilt 1.8% Target Healthcare REIT Tilt 1.0% Standard Life Investment Property Income Tilt 0.8% FIXED INCOME 1.9% Franklin Templeton Global Total Return Fund Tilt 1.9% OTHER 10.1% Greencoat UK Wind Tilt 3.2% SQN Asset Finance Income Fund C Shares Tilt 2.2% 3i Infrastructure Plc Tilt 1.1% John Laing Environmental Assets Group Tilt 1.1% Greencoat Renewables Tilt 1.0% GCP Asset Backed Income Fund Tilt 0.9% GCP Asset Backed Income Fund C Shares Tilt 0.6% CASH 8.5% BlackRock Institutional USD Liquidity Fund / Cash Core 5.0% Tilt/Tactical 3.5% TOTAL 100.0% CHANGES IN ASSET ALLOCATION BY STRATEGY 80% 70% 60% 50% 40% 30% 20% 10% 0% Property Tilt 6% Property Core 4% Fixed Income Tilt 2% Equity Fixed Income Other Property Cash Six months ago Three months ago Present Other Tilt 10% Tactical Cash 4% Core Cash 5% Equity Tilt 43% Equity Core 26% EQUITY COMPONENT 3 TOP TEN UNDERLYING HOLDINGS COUNTRY ALLOCATION SECTOR ALLOCATION Microsoft 1.9% USA 47.5% Financials 17.2% Alphabet 1.4% Europe ex-uk 15.3% Information Technology 18.1% Comcast 1.4% UK 7.4% Consumer Discretionary 14.5% Baidu 1.1% Emerging Markets 17.2% Health Care 13.5% American Express 1.1% Pacific ex-japan 2.7% Industrials 10.1% Airbus 1.1% Japan 5.0% Consumer Staples 9.5% Naspers 1.0% Canada 1.9% Energy 4.2% Charter Communications 0.9% Cash 3.0% Materials 4.0% UnitedHealth Group 0.9% Real Estate 1.9% Express Scripts 0.9% Telecommunication Services 2.1% Utilities 1.8% Cash 3.0% TOTAL 11.7% TOTAL 100.0% TOTAL 100.0% FIXED INCOME COMPONENT 3 CURRENCY EXPOSURE 3 CATEGORY ALLOCATION USD SHARE CLASS Cash 13.6% Rest of World 5.6% Asia & Emerging Markets 14.8% Other 0.2% JPY 3.1% EUR 9.0% Emerging Markets 81.0% GBP 5.2% High Yield 0.0% USD 62.3% 0% 20% 40% 60% 80% Corporate Inv Grade 0.3% GBP SHARE CLASS 4 Government Inv Grade 4.8% -5% 20% 45% 70% 95% Rest of World 5.6% Asia & Emerging Markets 14.8% YIELD JPY 3.1% Yield To Maturity 9.3% EUR 9.0% Average Weighted Maturity (in years) 3.2 GBP 50.2% Average Modified Duration (in years) -0.5 USD 17.3% 0% 20% 40% 60% 3) Source: Underlying managers. Data point 28 February 2018 Data point for underlying fund information on a look-through basis is one month in arrears. 4) For the sterling Hedged share class a 45% hedge to sterling is applied
8 NEDGROUP INVESTMENTS GROWTH MULTIFUND International Range INVESTMENT MANAGER COMMENTARY MARKET COMMENTARY Nedgroup Investments (IOM) Ltd Investment Manager and Distributor Although global economic data releases softened a little from recent highs, the overall picture has remained one of decent growth for However, various concerns saw financial markets continuing to exhibit heightened volatility and risk aversion throughout the month. Arguably the most serious issue for investors was Trump s decision to escalate trade tensions between the US and China, which led to both countries announcing plans for tariffs being threatened on US$50bn worth of goods imported from each other. By themselves, these tariffs would not have a particularly big impact on either economy, and it is also perfectly plausible that the US and China may find an amicable negotiated settlement before they are enacted. However, the market is alert to the risk that a sometimes unpredictable Trump could escalate a trade war which would ultimately cause real damage to the global economy. Technology also dominated headlines as various data protection breaches engulfed Facebook, which called into question online personal data security issues and highlighting the need for more stringent regulation in this area. Other technology companies were also under pressure as politicians attacked their global tax arrangements. Whilst Trump tweeted about Amazon being in his crosshairs, the EU tabled practical proposals to create a new revenue based tax aimed at extracting a fairer tax take on behalf of the countries where these multinational technology businesses operate. In other news, the Federal Reserve raised US interest rates by 0.25%. Whilst this change was widely expected, Powell s accompanying speech struck a slightly more hawkish tone than his predecessor, which led many economists to suggest that the Federal Reserve may raise rates a little faster than previously anticipated. Finally, the UK and EU Brexit negotiations seemed to take a small step forward as the two sides agreed high level terms on a transition period. This was welcomed by the market as it reduced the risk of a so called cliff-edge departure from the EU in March Over the month, the MSCI AC World declined -3.8% in sterling terms. Amongst the majors, the US (-4.1%) and Japan (-4.4%) were the weakest, whilst the UK (-2.0%) and Europe ex UK (-3.2%) were more resilient. At the sector level, defensives generally held up better than cyclicals. Examples included Utilities (+2.2%) and Consumer Staples (-1.6%), which significantly outperformed Materials (-5.2%), Financials (-5.4%), Industrials (-4.1%) and Consumer Discretionary (-4.4%). Information Technology (-4.8%) was also under pressure, as the online data protection scandal embroiling Facebook caused investors to question lofty valuations across the sector. In terms of style, there was little to choose between Growth (-3.8%) and Value (-3.8%), whilst Small Caps (-1.8%) outperformed Large Caps (-3.8%). Bonds fared well as they benefitted from their safe haven status. As is normally the case when risk aversion spikes, government bonds outperformed corporate and emerging market bonds as credit spreads on riskier bonds widened. Over the month, the JP Morgan Global Government Bond Index rose (+1.1%), whilst the Merrill Lynch Global Corporate Investment Grade Index delivered a more modest +0.1%, the Merrill Lynch Global High Yield Index declined -0.6%, and the JP Morgan Emerging Market Bond Index rose +0.2% (all returns in hedged to sterling terms). Commodities were mixed, with the Bloomberg Commodities Index posting a decine of -2.3% in sterling terms. Crude Oil (+4.0%) was the best performing sector, as it responded to a significant fall in US inventories. Gold (-1.3%), whilst it lost a little value due to a rising pound, also outperformed on the back of its safe haven status. Elsewhere, Agriculture (-4.4%) and Industrial Metals (-5.9%) were under pressure, largely on fears that a global trade war could negatively impact bulk commodity demand and pricing. The most significant move in the foreign exchange markets was that of the British pound, which rose against most currencies as it benefited from the announcement of a provisional agreement on a Brexit transition period. As such, it gained +1.9% versus the US dollar, +1.0% versus the euro, and +1.7% relative to the yen. Elsewhere, commodity related currencies were weak (e.g. the Australian dollar lost -3.0% against the pound) and emerging market currencies were mixed (the Mexican peso rose +1.5%, whilst the Brazilian real fell -4.0% against the pound). (Notes: All monthly data is quoted in sterling terms unless otherwise stated).
9 NEDGROUP INVESTMENTS GROWTH MULTIFUND International Range PORTFOLIO COMMENTARY The Nedgroup Investments Growth MultiFund declined -3.3% during March. With equity markets under pressure, the most resilient of the active funds were TOBAM Anti-Benchmark World Equity (-0.9%) and Morgan Stanley Global Brands (-2.5%), with both benefiting from their more defensive sector exposure. At the other end of the spectrum, Coronation Global Emerging Markets (-4.1%) and Nedgroup Global Equity (-4.6%) were held back by holdings in Information Technology, which underperformed over the month. In other asset classes, Nedgroup Global Property Fund (0.0%) was flat, similar to the broader REIT market, as the benefit of falling government bond yields offset the headwind of declining equity markets. UK commercial property detracted value, with F&C Commercial Property Trust up (+0.6%), whilst Impact Healthcare (-3.4%), Target Healthcare (-4.2%) and Standard Life Property Income Trust (-2.2%) lost ground. Infrastructure was mixed but broadly positive, with 3i Infrastructure (+3.2%) and Greencoat Renewables (+0.5%) gaining, whilst Greencoat UK Wind (-0.5%) and John Laing Environmental Assets (-0.5%) were slightly down. Finally, the allocation to asset-backed finance was positive, as both GCP Asset Backed Income (+2.5%) and SQN Asset Finance Income Fund C-Shares (+2.7%) gained ground. During the month, SQN announced a number of developments which were taken positively; these included: (1) news of progress regarding two outstanding credit issues, (2) an intention to return GBP40m of excess capital to C-Share class holders, and (3) the commencement of buybacks of ordinary shares using available cash from realisations and any amortisation of investments. In terms of the other asset-backed lender, GCP Asset Backed Income (GABI) announced it has entered into legally binding commitments for over 90% of the proceeds of its recent C class share issue, and is close to converting the Cs into ordinaries (due in April). The funds have been committed across 14 loans, included some new sectors such as energy storage and regulated water. Overall, GABI is performing well, in line with our expectations. In terms of portfolio activity, we reduced holdings in mainstream UK commercial property as part of our strategy to shift property exposure to the higher yielding and less economically sensitive social care home sector. Note: All returns are quoted on a partially hedged or hedged to GBP basis. Investment Manager and Distributor Nedgroup Investments (IOM) Limited (reg no 57917C) the Investment Manager and Distributor of the Fund is licensed by the Isle of Man Financial Services Authority. The Depositary Citi Depositary Services Ireland DAC 1 North Wall Quay, Dublin 1, Ireland. Performance Funds are generally medium to long-term investments. The value of your investment may go down as well as up. International investments may be subject to currency fluctuations due to exchange rate movements. Past performance is not necessarily a guide to future performance. Nedgroup Investments does not guarantee the performance of your investment and even if forecasts about the expected future performance are included you will carry the investment and market risk, which includes the possibility of losing capital. Pricing The Sub-Funds of Nedgroup Investments MultiFunds are valued using the prices of underlying funds prevailing at 11pm Irish time the business day before the price date. Prices are published on the Nedgroup Investments website. Fees Fees are outlined in the relevant Sub-Fund Supplement available from the Nedgroup Investments website. Nedgroup Investments MultiFunds Plc (the Fund) disclaimer Nedgroup Investments MultiFunds Plc (the Fund) is authorised and regulated in Ireland by the Central Bank of Ireland. The Fund is authorised as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) as amended from time-to-time. This document is not intended for distribution to any person or entity who is a citizen or resident of any country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. The Fund and certain of its Sub-Funds are recognised in accordance with Section 264 of the Financial Services and Markets Act UK investors should read the Appendix for UK Investors in conjunction with the Fund s Prospectus which are available from the Investment Manager or facilities agent. Singapore investors should read the Appendix for Singapore Investors in conjunction with the Fund s Prospectus and Key Investor Information Document (KIID) which are available from the Investment Manager. The Fund has been recognised under paragraph 1 of Schedule 4 to the Collective Investment Schemes Act 2008 of the Isle of Man. Isle of Man investors are not protected by statutory compensation arrangements in respect of the Fund. The Prospectus of the Fund, the Supplements of its Sub-Funds and the KIIDs are available from the Investment Manager and Distributor or from its website The value of shares can fall as well as rise. Investors may not get back the value of their original investment. This document is of a general nature and intended for information purposes only. Whilst we have taken all reasonable steps to ensure that the information in this document is accurate and current on an ongoing basis, Nedgroup Investments shall accept no responsibility or liability for any inaccuracies, errors or omissions relating to the information and topics covered in this document. Changes in exchange rates may have an adverse effect on the value price or income of the product. Nedgroup Investments International contact details Tel: +44 (0) Tel: (toll free from South Africa only) Fax: +44(0) helpdesk@nedgroupinvestments.com Website: Address: First Floor, St Mary s Court, 20 Hill Street, Douglas, Isle of Man IM1 1EU, British Isles As at: 29
10 NEDGROUP INVESTMENTS INCOME MULTIFUND - ACCUMULATING Class C INTERNATIONAL RANGE RISK RATING Equity and property investments are volatile by nature and subject to potential loss. For credit and income instruments, while unlikely, capital loss may also occur due to an event like the default of an issuer. The portfolio may be subject to currency fluctuations due to its international exposure. FUND OBJECTIVE The Income MultiFund aims to provide a low risk, low volatility investment option over the medium to longer-term. It is anticipated that the Income MultiFund will achieve a return in excess of 3-month LIBID in the currency of the relevant share class over a rolling 3 to 5 year period. In order to achieve the investment objective, the portfolio invests across a range of asset classes within a strategic and tactical asset allocation framework designed to maximise diversification benefits. An absolute and relative valuation-based approach underpins this framework, resulting in a multi-layered process to facilitate disciplined decision-making and risk management. The Income MultiFund is suitable for clients with an investment time horizon of 3 to 5 years. Investing in the fund involves a risk to capital in order to achieve the desired return. BENCHMARK: 3 month LIBID over 3 to 5 years PEER GROUP: Morningstar Global Bonds FUND PERFORMANCE 1 % % % % FUND LEGAL STRUCTURE: Irish OEIC UCITS IV 3 Months -1.0% -1.0% 0.1% -0.7% -0.2% 0.5% 6 Months -1.0% -0.5% 0.2% -0.4% 0.1% 0.8% INVESTMENT MANAGER: 1 Year 0.6% -0.2% 0.3% 1.6% 2.3% 1.4% 3 Years Ann 2.0% 1.2% 0.4% n/a n/a n/a Nedgroup Investments (IOM) Limited; licensed by the Isle of Man Financial Services Authority. YTD -1.0% -1.0% 0.1% -0.7% -0.2% 0.5% % 1.6% 0.2% 3.9% 3.5% 1.2% % 4.8% 0.4% 5.9% 2.2% % -0.2% 0.5% -1.2% -0.7% APPROPRIATE TERM: Minimum 3-5 years % 5.6% 0.4% n/a n/a Lowest 1 yr return -3.0% 1.6% MARKET VALUE: 45.7m Highest 1 yr return 8.0% 8.2% CURRENCIES AVAILABLE AND PRICES: GBP Class C: USD Class C: $ Value and prices as at 29 INCEPTION DATES: Fund: 19 August 2011 Sub-fund: 26 January 2012 GBP Class: 8 April 2013 USD Class: 16 October 2015 PERIOD Since inception * 2.6% 1.5% 0.4% 3.1% 1.9% Class C performance net of fees. * Since inception annualised. RISK MEASURE SINCE FUND INCEPTION Annualised Volatility Sharpe Ratio (annualised) Lowest Monthly Return GBP % GBP PEER GROUP GBP Peer Group is Morningstar Global Bonds GBP Hedged. USD Peer Group is Morningstar Global Bonds USD Hedged. * Since inception annualised. FUND GBP 2.6% 2.4% 0.9 USD PEER 3 MONTH GBP LIBID USD 3 MONTH USD LIBID GROUP FUND USD -1.7% -1.0% 1.1 % 0.6% 0.1% n/a 0.9% MINIMUM INVESTMENTS: Class C: 1,000 / $1,500 FEES AND CHARGES (VAT incl) Management fee Class C: 0.40% p.a ON-GOING CHARGES (as at 29 )² Class C: 1.15% Risk measure based on the simulated Class C performance net of fees since 26 January 2012 for GBP and 12 April 2012 for USD share class to date. PORTFOLIO STRUCTURE Fixed Income 80% DEALING: Daily NOTICE PERIODS: Subscriptions: Noon T-1 Redemptions: Noon T-1 SETTLEMENT PERIODS: Subscriptions: T+2 Redemptions: T+5 DISTRIBUTION YIELD OF DISTRIBUTING CLASS: GBP Class C Dist: 3.78% Based on last four quarterly distributions as a percentage of current share price. Last dividend 28 ISIN / SEDOL: Class C Acc GBP: IE00B9BBC647 / B9BBC64 Class C Acc USD: IE00B9CNVR36 / B9CNVR3 Property 4% Equity 2% Cash 4% Other 10% CONTACT US Tel +44 (0) Fax +44 (0) Website helpdesk@nedgroupinvestments.com MINIMUM DISCLOSURE DOCUMENT Please note: Differences may exist due to rounding 1) The annualised total return is the average return earned by an investment each year over a given time period. Performance is calculated for the portfolio and individual investment performance may differ as a result of initial fees, the actual investment, the actual investment date, the date of any reinvestment and d ividend withholding tax. Data source Nedgroup Investments (IOM) Limited. 2) The on-going fee is a measure of the actual expenses incurred in the management of the Classes of the Sub -Fund. The on-going fee shown is expressed as a percentage of the monthly average value of the portfolio calculated over a 12-month period as at the date shown. The current on -going fee cannot be used as an indication of future on -going fees. A higher on-going fee does not necessarily imply a poor return, nor does a low on -going fee imply a good return.
11 NEDGROUP INVESTMENTS INCOME MULTIFUND - ACCUMULATING TOTAL PORTFOLIO ANLAYSIS FULL PORTFOLIO LISTING EQUITY INCOME 2.0% ishares UK FTSE Dividend Plus Fund Core 2.0% EQUITY PROPERTY 4.4% F&C Commercial Property Trust Tilt 2.0% Target Healthcare REIT Tilt 0.9% Impact Healthcare REIT Tilt 0.9% Standard Life Investment Property Income Tilt 0.6% FIXED INCOME 79.7% Wellington Global Credit Plus Core 18.7% CHANGES IN ASSET ALLOCATION BY STRATEGY 100% 80% 60% 40% 20% PIMCO Global IG Credit Core 17.0% Muzinich Short Duration High Yield Tilt 12.0% AXA US Short Duration High Yield Tilt 11.9% Franklin Templeton Global Total Return Tilt 8.1% 0% Equity Property Fixed Income Other Cash Six months ago Three months ago Present Kames Short Dated High Yield Global Bond Tilt 7.0% Kames High Yield Global Bond Tilt 5.0% OTHER 9.9% Greencoat UK Wind Tilt 2.6% Other Tilt 10% Tactical Cash 4% Equity Core 2% SQN Asset Finance Income Fund C Shares Tilt 2.0% John Laing Environmental Assets Group Tilt 2.0% Property Tilt 4% Fixed Income Core 36% 3i Infrastructure Plc Tilt 1.1% GCP Asset Backed Income Fund Tilt 1.0% Greencoat Renewables Tilt 0.9% GCP Asset Backed Income Fund C Shares Tilt 0.5% CASH 4.0% Cash Tilt/Tactical 4.0% TOTAL 100.0% Fixed Income Tilt 44% FIXED INCOME COMPONENT 3 REGIONAL ALLOCATION 3 CREDIT RATING USA 51.8% AAA 14.2% UK 25.2% AA 4.4% Europe ex UK 9.6% A 15.4% Emerging Markets 11.2% BBB 18.9% Rest of the World 1.4% < BBB 47.1% Asia Pacific ex Japan 0.9% TOTAL 100.0% Japan -0.1% MATURITY < 3 year 24.5% 3-5 years 35.7% 5-10 years 29.2% > 10 years 10.6% TOTAL 100.0% TOTAL 100.0% CURRENCY EXPOSURE 3 SECTOR ALLOCATION GBP SHARE CLASS Cash 2.0% Rest of World -0.4% Asia & Emerging Markets 7.0% Other 2.2% JPY -3.1% Emerging Markets 12.3% EUR GBP -2.3% 98.6% High Yield Corporate Inv Grade 30.3% 42.6% USD 0.2% -20% 0% 20% 40% 60% 80% 100% 120% Government Inv Grade 10.6% USD SHARE CLASS 0% 10% 20% 30% 40% 50% Rest of World -0.4% Asia & Emerging Markets 7.0% PORTFOLIO YIELD JPY EUR -3.1% -2.3% Effective Yield 4.5% GBP -1.4% Average Weighted Maturity (in years) 5.9 USD 100.2% Average Modified Duration (in years) % 0% 20% 40% 60% 80% 100% 120% 3) Source: Underlying managers. Data point 28 February 2018(including portfolio cash) Data point for underlying fund information on a look -through basis is one month in arrears.
12 NEDGROUP INVESTMENTS INCOME MULTIFUND International Range INVESTMENT MANAGER COMMENTARY MARKET COMMENTARY Nedgroup Investments (IOM) Ltd Investment Manager and Distributor Although global economic data releases softened a little from recent highs, the overall picture has remained one of decent growth for However, various concerns saw financial markets continuing to exhibit heightened volatility and risk aversion throughout the month. Arguably the most serious issue for investors was Trump s decision to escalate trade tensions between the US and China, which led to both countries announcing plans for tariffs being threatened on US$50bn worth of goods imported from each other. By themselves, these tariffs would not have a particularly big impact on either economy, and it is also perfectly plausible that the US and China may find an amicable negotiated settlement before they are enacted. However, the market is alert to the risk that a sometimes unpredictable Trump could escalate a trade war which would ultimately cause real damage to the global economy. Technology also dominated headlines as various data protection breaches engulfed Facebook, which called into question online personal data security issues and highlighting the need for much more stringent regulation in this area. Other technology companies were also under pressure as politicians everywhere attacked their global tax arrangements. Whilst Trump tweeted about Amazon being in his cross-hairs, the EU tabled practical proposals to create a new revenue based tax aimed at extracting a fairer tax take on behalf of the countries where these multi-national technology businesses operate. In other news, the Federal Reserve raised US interest rates by 0.25%. Whilst this change was widely expected, Powell s accompanying speech struck a slightly more hawkish tone than his predecessor, which led many economists to suggest that the Federal Reserve may raise rates a little faster than previously anticipated. Finally, the UK and EU Brexit negotiations seemed to take a small step forward as the two sides agreed high level terms on a transition period. This was welcomed by the market as it reduced the risk of a so called cliff-edge departure from the EU in March Over the month, bonds fared well as they benefitted from their safe haven status. As is normally the case when risk aversion spikes, government bonds outperformed corporate and emerging market bonds as credit spreads on riskier bonds widened. Over the month, the JP Morgan Global Government Bond Index rose (+1.1%), whilst the Merrill Lynch Global Corporate Investment Grade Index delivered a more modest +0.1%, the Merrill Lynch Global High Yield Index declined -0.6%, and the JP Morgan Emerging Market Bond Index rose +0.2% (all returns in hedged to sterling terms). Equities were under pressure, with the MSCI AC World declining -3.8% in US dollar terms. Amonst the majors, the US (-4.1%) and Japan (-4.4%) were the weakest, whilst the UK (-2.0%) and Europe ex UK (-3.2%) were more resilient. At the sector level, defensives generally held up better than cyclicals. Examples included Utilities (+2.2%) and Consumer Staples (-1.6%), which significantly outperformed Materials (-5.2%), Financials (-5.4%), Industrials (-4.1%) and Consumer Discretionary (-4.4%). Information Technology (-4.8%) was also under pressure, as the online data protection scandal embroiling Facebook caused investors to question lofty valuations across the sector. The most significant move in the foreign exchange markets was that of the British pound, which rose against most currencies as it benefited from the announcement of a provisional agreement on a Brexit transition period. As such, it gained +1.9% versus the US dollar, +1.0% versus the euro, and +1.7% relative to the yen. Elsewhere, commodity related currencies were weak (e.g. the Australian dollar lost -3.0% against the pound) and emerging market currencies were mixed (the Mexican peso rose +1.5%, whilst the Brazilian real fell -4.0% against the pound). (Notes: All monthly data is quoted in sterling terms unless otherwise stated).
13 NEDGROUP INVESTMENTS INCOME MULTIFUND International Range PORTFOLIO COMMENTARY The Nedgroup Investments Income MultiFund declined -0.1% during March. The risk-off environment meant that higher quality parts of the fixed income market outperformed lower rated bonds. Within our portfolios, one of the best performing fixed income holdings was PIMCO Global Investment Grade (+0.5%). Elsewhere, the performance of the lower quality sub-investment grade funds was weak as credit spreads widened, with Kames High Yield Global Bond Fund down -0.5%. Short maturity high yield strategies such as AXA US Short Duration High Yield (-0.3%), Kames Short Dated High Yield (-0.2%), and Muzinich Short Duration High Yield (-0.1%) held up better, but also lost a little ground. Finally, Franklin Templeton Global Total Return (+0.8%) jumped higher on the back of its emerging market bond and currency positioning. Most risk assets struggled over the month as risk aversion remained elevated. Falling equity markets meant the exposure to high dividend paying stocks through the ishares UK Dividend Fund (-0.6%) detracted value. UK commercial property was also unhelpful, with F&C Commercial Property Trust up (+0.6%), whilst Impact Healthcare (-3.4%), Target Healthcare (-4.2%) and Standard Life Property Income Trust (-2.2%) lost ground. Infrastructure was mixed but broadly positive, with 3i Infrastructure (+3.2%) and Greencoat Renewables (+0.5%) gaining, whilst Greencoat UK Wind (-0.5%) and John Laing Environmental Assets (-0.5%) were slightly down. Finally, the allocation to assetbacked finance was positive, as both GCP Asset Backed Income (+2.5%) and SQN Asset Finance Income Fund C-Shares (+2.7%) gained ground. During the month, SQN announced a number of developments which were taken positively; these included: (1) news of progress regarding two outstanding credit issues, (2) an intention to return GBP40m of excess capital to C-Share class holders, and (3) the commencement of buybacks of ordinary shares using available cash from realisations and any amortisation of investments. In terms of the other asset-backed lender, GCP Asset Backed Income (GABI) announced it has entered into legally binding commitments for over 90% of the proceeds of its recent C class share issue, and is close to converting the Cs into ordinaries (due in April). The funds have been committed across 14 loans, included some new sectors such as energy storage and regulated water. Overall, GABI is performing well, in line with our expectations. In terms of portfolio activity, we reduced holdings in mainstream UK commercial property as part of our strategy to shift property exposure to the higher yielding and less economically sensitive social care home sector. Note: All returns are quoted on a hedged to sterling basis. Investment Manager and Distributor Nedgroup Investments (IOM) Limited (reg no 57917C) the Investment Manager and Distributor of the Fund is licensed by the Isle of Man Financial Services Authority. The Depositary Citi Depositary Services Ireland DAC 1 North Wall Quay, Dublin 1, Ireland. Performance Funds are generally medium to long-term investments. The value of your investment may go down as well as up. International investments may be subject to currency fluctuations due to exchange rate movements. Past performance is not necessarily a guide to future performance. Nedgroup Investments does not guarantee the performance of your investment and even if forecasts about the expected future performance are included you will carry the investment and market risk, which includes the possibility of losing capital. Pricing The Sub-Funds of Nedgroup Investments MultiFunds are valued using the prices of underlying funds prevailing at 11pm Irish time the business day before the price date. Prices are published on the Nedgroup Investments website. Fees Fees are outlined in the relevant Sub-Fund Supplement available from the Nedgroup Investments website. Nedgroup Investments MultiFunds Plc (the Fund) disclaimer Nedgroup Investments MultiFunds Plc (the Fund) is authorised and regulated in Ireland by the Central Bank of Ireland. The Fund is authorised as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) as amended from time-to-time. This document is not intended for distribution to any person or entity who is a citizen or resident of any country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. The Fund and certain of its Sub-Funds are recognised in accordance with Section 264 of the Financial Services and Markets Act UK investors should read the Appendix for UK Investors in conjunction with the Fund s Prospectus which are available from the Investment Manager or facilities agent. Singapore investors should read the Appendix for Singapore Investors in conjunction with the Fund s Prospectus and Key Investor Information Document (KIID) which are available from the Investment Manager. The Fund has been recognised under paragraph 1 of Schedule 4 to the Collective Investment Schemes Act 2008 of the Isle of Man. Isle of Man investors are not protected by statutory compensation arrangements in respect of the Fund. The Prospectus of the Fund, the Supplements of its Sub-Funds and the KIIDs are available from the Investment Manager and Distributor or from its website The value of shares can fall as well as rise. Investors may not get back the value of their original investment. This document is of a general nature and intended for information purposes only. Whilst we have taken all reasonable steps to ensure that the information in this document is accurate and current on an ongoing basis, Nedgroup Investments shall accept no responsibility or liability for any inaccuracies, errors or omissions relating to the information and topics covered in this document. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on the value price or income of the product. Nedgroup Investments International contact details Tel: +44 (0) Tel: (toll free from South Africa only) Fax: +44(0) helpdesk@nedgroupinvestments.com Website: Address: First Floor, St Mary s Court, 20 Hill Street, Douglas, Isle of Man IM1 1EU, British Isles As at: 29
14 NEDGROUP INVESTMENTS INCOME MULTIFUND - DISTRIBUTING Class C INTERNATIONAL RANGE RISK RATING Equity and property investments are volatile by nature and subject to potential loss. For credit and income instruments, while unlikely, capital loss may also occur due to an event like the default of an issuer. The portfolio may be subject to currency fluctuations due to its international exposure. FUND OBJECTIVE The Income MultiFund aims to provide a low risk, low volatility investment option over the medium to longer-term. It is anticipated that the Income MultiFund will achieve a return in excess of 3-month LIBID in the currency of the relevant share class over a rolling 3 to 5 year period. In order to achieve the investment objective, the portfolio invests across a range of asset classes within a strategic and tactical asset allocation framework designed to maximise diversification benefits. An absolute and relative valuation-based approach underpins this framework, resulting in a multi-layered process to facilitate disciplined decision-making and risk management. The Income MultiFund is suitable for clients with an investment time horizon of 3 to 5 years. Investing in the fund involves a risk to capital in order to achieve the desired return. GENERAL INFORMATION FUND PERFORMANCE 1 BENCHMARK: 3 month LIBID over 3 to 5 years GBP PEER 3 MONTH USD PEER 3 MONTH GBP USD PERIOD GROUP GBP LIBID GROUP USD LIBID PEER GROUP: Morningstar Global Bonds % % % % % % 3 Months -1.0% -1.0% 0.1% n/a n/a n/a FUND LEGAL STRUCTURE: Irish OEIC UCITS IV 6 Months -1.0% -0.5% 0.2% n/a n/a n/a 1 Year 0.6% -0.2% 0.3% n/a n/a n/a INVESTMENT MANAGER: YTD -1.0% -1.0% 0.1% n/a n/a n/a Nedgroup Investments (IOM) Limited, licensed by the Isle of Man Financial Services Authoirty. APPROPRIATE TERM: Minimum 3-5 years MARKET VALUE: 45.7m CURRENCIES AVAILABLE AND PRICES: GBP Class C: USD Class C: $ Value and prices as at % 1.6% 0.2% n/a n/a n/a % 4.8% 0.4% n/a n/a n/a % -0.2% 0.5% n/a n/a n/a % 5.6% 0.4% n/a n/a n/a Lowest 1 yr return Highest 1 yr return Since inception * 2.5% 2.2% 0.4% Class C performance is presented, net of fees and assuming reinvestment of dividends. GBP Peer Group is Morningstar Global Bonds GBP Hedged. USD Peer Group is Morningstar Global Bonds USD Hedged. * Since incpetion annualised. RISK MEASURE -3.0% 8.0% INCEPTION DATES: Fund: 19 August 2011 Sub-fund: 26 January 2012 GBP Class: 19 November 2013 USD Class: n/a MINIMUM INVESTMENTS: Class C: 1,000 / $1,500 FEES AND CHARGES (VAT incl) Management fee Class C: 0.40% p.a Since fund inception Annualised Volatility Sharpe Ratio (annualised) Lowest Monthly Return Risk measures based on the simulated Class C performance net of fees and assuming reinvestment of dividends since 26 January 2012 to date. PORTFOLIO STRUCTURE Fund GBP Fund USD 2.5% n/a 0.86 n/a -1.3% n/a Fixed Income 80% ON-GOING CHARGES (as at 29 )² Class C: 1.16% DIVIDEND DATES: End March, June, September and December DISTRIBUTION YIELD: GBP Class C: 3.78% Based on last four quarterly distributions as a percentage of current share price. Last dividend 28 DEALING: Daily NOTICE PERIODS: Subscriptions: Noon T-1 Redemptions: Noon T-1 SETTLEMENT PERIODS: Subscriptions: T+2 Redemptions: T+5 ISIN / SEDOL: Class C Dist GBP: IE00B9CLX269 / B9CLX26 Class C Dist USD: IE00B9CS1S96 / B9CS1S9 Property 4% Equity 2% Cash 4% Other 10% CONTACT US Tel +44 (0) Fax +44 (0) Website helpdesk@nedgroupinvestments.com MINIMUM DISCLOSURE DOCUMENT Please note: Differences may exist due to rounding 1) The annualised total return is the average return earned by an investment each year over a given time period. Performance is calculated for the portfolio and individual investment performance may differ as a result of initial fees, the actual investment, the actual investment date, the date of any reinvestment and dividend withholding tax. Data source Nedgroup Investments (IOM) Limited. 2) The on-going fee is a measure of the actual expenses incurred in the management of the Classes of the Sub-Fund. The on-going fee shown is expressed as a percentage of the monthly average value of the portfolio calculated over a 12-month period as at the date shown. The current on-going fee cannot be used as an indication of future on-going fees. A higher on-going fee does not necessarily imply a poor return, nor does a low on-going fee imply a good return.
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