FP Thoroughbred Core Alpha Fund
|
|
- Thomas Thomas
- 6 years ago
- Views:
Transcription
1 FP Thoroughbred Core Alpha Fund Short Report for the six months ended 31 January 2016 Investment Objective and Policy The Fund aims to achieve long-term capital growth by the active management of a global multi-asset portfolio. The Fund will aim to achieve its objective by investing mainly in Collective Investment Schemes (both regulated and unregulated) such as unit trusts and OEICs, and exchange traded funds as permitted by the FCA rules. The Fund will not invest more than 25% in any single Collective Investment Scheme. The asset allocation of the Fund will be constructed and managed in such a way as to ensure there is diversity within the Fund and, as a result, at any given time, the portfolio of investments of the Fund will have an overall risk profile that is balanced both by geography and investment sector, but with a UK bias that reflects the likely residency of most of the Fund s investors. Within constraints agreed with the Fund s investment committee, the Fund managers may decide to exclude certain investment sectors at any point in time, with the intention of improving risk adjusted returns. The Fund may also invest in transferable securities, money market instruments, cash and near cash holdings and deposits. The Fund may utilise derivatives for the purposes of efficient portfolio management. Use may also be made of stock lending, borrowing, cash holdings, and other investment techniques of efficient portfolio management. Fund Facts Risk Profile Interim/Annual Accounting End Dates Ex-dividend (xd) Dates Income Distribution/ Accumulation Dates 31 January 31 July 01 August 30 November Please refer to the Full Prospectus for details of all the risks. The Fund has exposure to credit, counterparty and usual market risks. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. You should always regard investments in the Fund as medium to long term. Charges Share Class Initial Charge Annual Management Charge as at 31/01/16 Total Expense Ratios as at 31/01/16 Total Expense Ratios as at 31/07/15 Share Class B Accumulation 0.00% 0.75% 1.47% 1.53% Share Class C Accumulation 0.00% 0.25% 0.97% 1.03% Page 1
2 Distributions/Accumulations The Fund distributes annually, following the annual accounting period. Therefore there is no distribution in the current period. Comparative Tables Net Asset Value Date Net Asset Value of Share Class ( ) Shares in issue Net Asset Value pence per Share Share Class B Accumulation 31/07/15 7,649 4, /01/16 7,387 4, Share Class C Accumulation 31/07/15 56,892,381 30,506, /01/16 51,937,529 28,766, Major Holdings Top 10 Holdings % of Fund as at 31/01/16 Standard Life Global Absolute Return Strategies 8.58 First State Asia Pacific Sustainability 8.09 Rathbone Ethical Bond 7.20 Henderson UK Property 5.05 PFS Chelverton UK Equity Income 4.64 ETFS GBP Daily Hedged Brent Crude Oil 4.11 Vanguard S&P Henderson European Selected Opportunities 3.85 Custodian Real Estate Investment Trust 3.84 Artemis UK Growth 3.76 Top 10 Holdings % of Fund as at 31/07/15 Standard Life Global Absolute Return Strategies 9.35 Henderson UK Property 8.74 First State Asia Pacific Sustainability 7.89 Kames High Yield Bond 5.29 Artemis UK Growth 4.89 PFS Chelverton UK Equity Income 4.79 Vanguard S&P ETFS Physical Gold 4.62 Ignis UK Property 4.41 Invesco Perpetual UK Strategic Income 4.27 Page 2
3 Portfolio Information Breakdown by Investment type % % % 6.08% 2.42% 0 Collective Investment Schemes [75.36%] Exchange Traded Funds [17.33%] Net other assets [(1.19%)] Equities [ 6.40%] Offshore Funds [2.10%] Comparative figures shown above in square brackets relate to 31 July Page 3
4 Investment Manager s Report Investment Review The Fund has remained cautiously positioned throughout the period, reflecting the challenges facing markets after years of decent gains. We entered the period with reduced exposure to equities and fixed interest, with increased exposure to commercial property and absolute return and this combination has offered some protection over what has been a difficult period. Over the six months, equity markets have remained volatile with abrupt changes in investor sentiment causing two significant pullbacks. The first of these was seen in August when weak Chinese data re-emphasized concerns over global growth and markets pulled back sharply. September was broadly flat, with a rally in risk assets taking place in October and November. We took this opportunity to review our fixed interest exposure and given worries over credit quality in the high yield space, particularly those of energy sector companies, removed all high yield in the Fund. December finally saw the much anticipated increase in US rates and was a microcosm of the previous four months, with markets trading lower in the run up to the rates meeting, then rallying afterwards. The increase was widely expected and priced in to most expectations so we took no specific action within the Fund. The start of 2016 has seen a further sell off for markets as investors doubt the ability of central banks to impact the real economy, growth concerns linger and the oil price continues to place equity markets under pressure. Against the backdrop of falling markets, the higher cash position and the gold exposure in the Fund have offered some protection, with the latter acting as insurance. Gilts have rallied strongly since the start of the year which has impacted relative performance against the benchmark. I continue to have no exposure to this asset class with the downside potential when yields rise outweighing the potential safe haven characteristics. Performance, whilst negative in absolute terms, has beaten the sector average, with the cautious approach offering better protection in negative months. Significant trades for the period under review include: Selling out of high yield and convertible bonds and relying solely on investment grade given credit quality concerns through sales of M&G Global Convertibles, Kames High Yield Bond and a purchase of more of the Rathbone Ethical Bond (all November). This also increased the cash level. Taking part in two placings for closed ended property investment trusts, which I believe can deliver superior longer term performance to open ended vehicles, namely Custodian Real Estate Investment Trust (November) and Standard Life Property Income Trust (December). Adding a position in Invesco Perpetual Global Targeted Returns (November) to diversify my absolute return allocation, as well as investing the proceeds from the maturity of the JPMorgan Private Equity ZDP Performance of the Fund FP Thoroughbred Core Alpha Fund Date Price % Movement B Share Class 31-Jul Jan C Share Class 31-Jul Jan % -3.55% Source: Apex Fund Services (UK) Limited Page 4
5 Investment Manager s Report (continued) Outlook An investment world has been created in which assets are valued against a backdrop of zero interest rates, and we have to contend with stretched valuations across all major asset classes and high correlations between many. Markets have become dependent on central banks and will need further support to justify valuations here. Strategically I continue to have lower exposure to both traditional asset classes of equities and bonds. Though gilts form part of the benchmark index they still look vulnerable to a shift in sentiment given where they are trading and I prefer investment grade credit. Within equities, uncertainty over monetary policy and the effects of central bank intervention mean that continued periods of high volatility seems inevitable. This is compounded by the upcoming EU referendum (probably in June at time of writing), US elections later in the year and a fraught geopolitical landscape. I continue to prefer Japanese equities on the structural reforms being undertaken there and am accordingly overweight to this region. The US, whilst economically looking relatively attractive, remains relatively expensive and I remain underweight. Within UK equities, I continue to prefer mid and small cap companies over mega and large cap. The latter are more sensitive to global concerns and the natural resources, energy and bank sectors are more heavily represented here. Smaller sized companies are less exposed to these factors and continue to offer earnings growth potential as the companies expand, which is less readily available for larger companies. I continue to have higher weightings to alternative asset classes, most notably UK commercial property. Whilst recognising capital value growth is unlikely to be witnessed to the same degree as the last few years, the limited supply and strong income component continues to be attractive. Infrastructure is also held for similar reasons, currently being played through the Pictet Water fund. I continue to hold oil price exposure and recognising this has not yet worked, over the medium term I believe it will trade higher. It looks as if an outright global recession can be avoided for now but growth will remain sluggish and policy makers are facing a reduced range of options. I believe that a diversified, global-multi asset portfolio approach offers the best opportunities for long term investors, but short term vigilance will be essential. Simon Gibson Director Mattioli Woods Plc 18 February 2016 Page 5
6 Significant Information Under the Alternative Investment Fund Managers Directive ("AIFMD"), acting as the Alternative Investment Fund Manager ( AIFM ), Fund Partners is required to disclose how those whose actions have a material impact on the Funds are remunerated. The remuneration strategy across Fund Partners is governed by the Remuneration Committee, a committee appointed by the Fund Partners' Board. The Remuneration Committee has established an AIFM Remuneration Policy designed to ensure the AIFM Remuneration Code in the UK Financial Authority handbook is met proportionately for all AIFM Remuneration Code Staff. Fund Partners considers its activities as non complex due to the fact that regulation limits the AIF strategies conducted and the scope of investment in such a way that investor risk is mitigated. The discretion of Fund Partners and the portfolio manager is strictly controlled within certain pre-defined parameters as determined in the prospectus of each Alternative Investment Fund. In its role as an AIFM, Fund Partners deems itself as lower risk due to the nature of the activities it conducts. Fund Partners does not pay any form of variable remuneration currently. Therefore Fund Partners has provided a basic overview of how staff whose actions have a material impact on the Fund are remunerated. January 2016 Number of Beneficiaries Total remuneration paid Fixed remuneration Variable remuneration paid Carried interest paid by the AIF Total remuneration paid by the AIFM during the financial year 47 1,516,466 1,516, Remuneration paid to employees of the AIFM who have a material impact on the risk profile of the AIF 5 376, , Due to the size and structure of Fund Partners, it is determined that employees of the AIFM who have a material impact on the risk profile of the AIF include the Board and the Head of Risk and Compliance. The delegated investment manager is subject to regulatory requirements on remuneration that Fund Partners deem to be equally as effective as those detailed in the AIFMD, which would include the Capital Requirements Directive or Markets in Financial Instruments Directive. The information in this report is designed to enable shareholders to make an informed judgment on the activities of the Fund during the period it covers and the result of those activities at the end of the period. The long Report and Accounts are available free of charge on request. For more information about the activities and performance of the Fund during the period and previous periods, please contact: Authorised Corporate Director Fund Partners Limited Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset, BH21 7SB Customer Service Centre: Authorised and regulated by the Financial Conduct Authority (FCA) Depositary Northern Trust Global Services Ltd 50 Bank Street, Canary Wharf, London, E14 5NT Authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA Investment Manager Mattioli Woods Plc MW House, 1 Penman Way, Grove Park, Enderby, Leicester, Leicestershire, LE19 1SY Authorised and regulated by the FCA Auditor Please note that telephone calls may be recorded for monitoring and training purposes, and to confirm investors' instructions Deloitte LLP Chartered Accountants and Statutory Auditor Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2DB Page 6
FP Verbatim Portfolio 5 Growth Fund
FP Verbatim Portfolio 5 Growth Fund Short Report for the year ended 31 December 2015 Investment Objective and Policy The Fund will use a broadly cautious balanced strategy with the aim of achieving capital
More informationFP 8AM Multi-Strategy Portfolio I
FP 8AM Multi-Strategy Portfolio I Short Report for the year ended 30 June 2016 Investment Objective and Policy The objective of the Fund is to achieve long term capital growth. The Fund will aim to operate
More informationElite CAM Balanced Discretionary Portfolio
Elite CAM Balanced Discretionary Portfolio Short Report for the year ended 31 May 2016 Investment Objective and Policy The investment objective of the Fund is to provide a total return with an emphasis
More informationElite Balanced Trust. Short Report for the year ended 31 May Investment Objective and Policy. Risk Profile. Fund Facts
Elite Balanced Trust Short Report for the year ended 31 May 2016 Investment Objective and Policy The objective of the Fund is to provide a total positive return above the IMA Mixed Investment 40%-85% Shares
More informationWAY Global Momentum Fund
WAY Global Momentum Fund Short Report for the six months ended 31 August 2016 Investment Objective and Policy The objective of the Fund is to achieve long-term capital growth. The Fund aims to achieve
More informationFP Octopus Global Growth Fund
FP Octopus Global Growth Fund Short Report for the six months ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth for investors over the medium to longer term. The
More informationFP Frontier MAP Balanced Fund
FP Frontier MAP Balanced Fund Short Report for the year ended 31 May 2016 Investment Objective and Policy The aim of the Fund is to provide Shareholders with medium to long term investment growth through
More informationFP Brompton Global Income Fund
FP Brompton Global Income Fund Short Report for the year ended 31 July 2016 Investment Objective and Policy To achieve an income with potential for some capital growth by investing in markets in both the
More informationFP CAF International Equity Fund
FP CAF International Equity Fund Short Report for the year ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth over the medium to longer term which is in excess
More informationFP Octopus UK Equity Fund
FP Octopus UK Equity Fund Short Report for the six months ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth over the medium to longer term which is in excess of
More informationFP Verbatim Portfolio 5 Income Fund
FP Verbatim Portfolio 5 Income Fund Short Report for the six months ended 30 June 2016 Investment Objective and Policy The Fund will use a broadly cautious balanced investment strategy with the aim of
More informationWAY Global Momentum Fund
WAY Global Momentum Fund Short Report for the six months ended 31 August 2015 Investment Objective and Policy The objective of the Fund is to achieve long-term capital growth. The Fund aims to achieve
More informationFP Verbatim Portfolio 5 Income Fund
FP Verbatim Portfolio 5 Income Fund Short Report for the year ended 31 December 2015 Investment Objective and Policy The Fund will use a broadly cautious balanced investment strategy with the aim of achieving
More informationWAY Absolute Return Portfolio Fund
WAY Absolute Return Portfolio Fund Short Report for the six months ended 30 September 2015 Investment Objective and Policy The objective of the Fund is to achieve long term capital appreciation in the
More informationWAY Global Momentum Fund
WAY Global Momentum Fund Short Report for the six months ended 31 August 2014 Investment Objective and Policy The objective of the Fund is to achieve long-term capital growth. The Fund aims to achieve
More informationFP Matterley Regular High Income Fund
FP Matterley Regular High Income Fund Short Report for the six months ended 31 July 2016 Investment Objective and Policy The investment objective of the FP Matterley Regular High Income Fund is to generate
More informationFP Wheb Sustainability Fund
FP Wheb Sustainability Fund Short Report for the year ended 28 February 2016 Investment Objective and Policy The aim of the Fund is to achieve capital growth over the medium to longer term. The Fund will
More informationInterim Report & Financial Statements. WAY Momentum Portfolio. For the six months ended 31 August 2018 (unaudited)
Interim Report & Financial Statements WAY Momentum Portfolio For the six months ended 31 August 2018 (unaudited) contents WAY Momentum Portfolio Page Authorised Corporate Director s ( ACD ) Report* 3 Certification
More informationInterim Report & Financial Statements. FP Pictet OEIC. For the period ended 31 March 2016 (unaudited) FUND PARTNERS
Interim Report & Financial Statements FP Pictet OEIC For the period ended 31 March 2016 (unaudited) FUND PARTNERS contents Page FP Pictet OEIC Authorised Corporate Directors ( ACD ) Report* 3 Certification
More informationAnnual Report & Financial Statements. The FP Mattioli Woods Funds ICVC (previously The FP Thoroughbred Funds ICVC) For the period ended 28 July 2017
76 93 Annual Report & Financial Statements 96 The FP Mattioli Woods Funds ICVC (previously The FP Thoroughbred Funds ICVC) FUND PARTNER contents The FP Mattioli Woods Funds ICVC Page Authorised Corporate
More informationWAY MA Cautious Portfolio Fund
WAY MA Cautious Portfolio Fund Short Report for the year ended 31 March 2016 Investment Objective and Policy The objective of the Fund is to seek capital growth, achieved through investment in a portfolio
More informationFP WHEB Sustainability Fund
FP WHEB Sustainability Fund Short Report for the six months ended 31 August 2014 Investment Objective and Policy The aim of the Fund is to achieve capital growth over the medium to longer term. The Fund
More informationLegal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January Distribution Number 35
Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January 2017 Distribution Number 35 Investment Objective and Policy The investment objective is to achieve
More informationInterim Report & Financial Statements. FP SCDavies Funds. For the six months ended 31 August 2016 (unaudited) FUND PARTNERS
Interim Report & Financial Statements FP SCDavies Funds For the six months ended 31 August 2016 (unaudited) FUND PARTNERS contents FP SCDavies Funds Page Authorised Corporate Director s ( ACD ) Report*
More informationSimplified Prospectus
Simplified Prospectus (Incorporating the ISA Terms & Conditions) Elite CAM Discretionary Portfolios Valid as at 1 st April 2016 Helping you decide What you should know before you invest This document gives
More informationWAY Fund Managers Limited. WAY Global Cautious Portfolio Fund
Fund Partners WAY Fund Managers Limited WAY Global Cautious Portfolio Fund Interim Short Report for the period from 1 April 2013 to 30 September 2013 Interim Short Report for the period from 1 April 2013
More informationSchroder MM Diversity Income Fund. Interim Short Report 29 February 2016 to 31 August 2016
Schroder MM Diversity Income Fund Interim Short Report 29 February 2016 to 31 August 2016 Schroder MM Diversity Income Fund Review of Investment Activities From 26 February 2016 to 31 August 2016, the
More informationSimplified Prospectus
Simplified Prospectus (Incorporating the ISA Terms & Conditions) FP Allium Portfolio Funds Valid as at 16th November 2015 0 Helping you decide What you should know before you invest This document gives
More informationSimplified Prospectus
Simplified Prospectus (Incorporating the ISA Terms & Conditions) FP Verbatim s Valid as at 1 st July 2016 Helping you decide What you should know before you invest This document gives you a summary of
More informationFP Matterley UK & International Growth Fund
FP Matterley UK & International Growth Fund Short Report for the six months ended 31 July 2015 Investment Objective and Policy The investment objective of the FP Matterley UK and International Growth Fund
More informationSchroder Managed Balanced Fund Interim Report and Accounts August 2018
Interim Report and Accounts August 2018 August 2018 Contents Fund Information 1 3 Investment objective and policy 3 Financial highlights 3 Fund information 3 Ongoing charges figure 4 Total purchases and
More informationSchroder MM International Fund. Interim Short Report 29 February 2016 to 31 August 2016
Schroder MM International Fund Interim Short Report 29 February 2016 to 31 August 2016 Review of Investment Activities From 26 February 2016 to 31 August 2016, the price of A Accumulation units on a dealing
More informationInvestor s Guide Clerical Medical Pension Funds
Investor s Guide Clerical Medical Pension Funds Contents Introduction 1 Clerical Medical funds managed by Aberdeen Standard Investments 2 Clerical Medical funds managed by other fund managers 3 Pension
More informationOptimum Investment Management Enterprise Fund
Optimum Investment Management Enterprise Fund Annual Short Report For the year ended 30 November 2015 Optimum Investment management Enterprise Fund Short Report For the year ended 30 November 2015 Fund
More informationInterim Report & Financial Statements. Elite Income Trust. For the six months ended 30 November 2017 (unaudited)
Interim Report & Financial Statements Elite Income Trust For the six months ended 30 November 2017 (unaudited) contents Elite Income Trust Page Authorised Fund Manager s ( AFM ) Report* 3 Certification
More informationUK Commercial Property REIT Limited
This document is issued by Standard Life Investments (Corporate Funds) Limited (as alternative investment fund manager of UK Commercial Property REIT Limited (the "Company" formerly known as UK Commercial
More informationAviva Select Funds. An overview of our funds. Retirement Investments Insurance Health
For financial adviser use only. Not approved for use with customers Aviva Select Funds An overview of our funds Retirement Investments Insurance Health Welcome to our range of fully researched funds Aviva
More informationAviva Investors. For the year ended 28 February avivainvestors.co.uk
Aviva Investors PORTFOLIO FUNDS ICVC Short Report For the year ended 28 February 2013 avivainvestors.co.uk Contents Aviva Investors Fund of Funds Growth Fund 2 Aviva Investors Fund of Funds Balanced Fund
More informationSimplified Prospectus
Simplified Prospectus (Incorporating the ISA Terms & Conditions) FP New Horizon Fund Valid as at 18 th July 2016 Helping you decide What you should know before you invest This document gives you a summary
More informationIndividual Savings Account and Investment Account. Sterling panel funds guide
Individual Savings Account and Investment Account Sterling panel funds guide 1 Contents Introduction 2 List of current investment funds by sector 4 Investment choice and flexibility 7 Fund risks 8 Managed
More informationElite LJ Portfolio Fund
Fund Managers WAY Fund Managers Limited Elite LJ Portfolio Fund Annual Short Report for the year ended 30 April 2013 ELITE LJ PORTFOLIO FUND Authorised Corporate Director s Report and Financial Statements
More informationAberdeen Asia Pacific Equity Enhanced Index Fund
Aberdeen Asia Pacific Equity Enhanced Index Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long-term capital growth by investing in
More informationSchroder Multi-Manager Cautious Managed Fund. Interim Short Report 1 October 2013 to 31 March 2014
Schroder Multi-Manager Cautious Managed Fund Interim Short Report 1 October 2013 to 31 March 2014 Schroder Multi-Manager Cautious Managed Fund Review of Investment Activities From 30 September 2013 to
More informationCirilium Moderate Passive Fund MODERATE
MODERATE Interim Short Report Fund Manager Paul Craig Investment objective and policy To achieve long term capital growth. The portfolio will be moderate in that it will be broadly diversified across asset
More informationDistribution Number 9. Legal & General Multi Manager Income Trust. Interim Manager s Report for the period ended 15 July 2010 (Unaudited)
Distribution Number 9 Legal & General Multi Manager Income Trust Interim Manager s Report for the period ended 15 July 2010 (Unaudited) Contents Page Number Manager s Investment Report 2 Authorised Status
More informationAnnual Report & Financial Statements. WAY MA Portfolio. For the year ended 31 March 2017
76 93 Annual Report & Financial Statements 96 WAY MA Portfolio For the year ended 3 March 207 contents WAY MA Portfolio Page Authorised Corporate Director s ( ACD ) Report* 3 Certification of Financial
More informationIMPORTANT FUND INFORMATION.
INVESTOR PORTFOLIO SERVICE (IPS) IMPORTANT FUND INFORMATION. PANEL B This guide gives you further information about funds that were previously available and supports the Key Investor Information Document.
More informationAnnual Report & Financial Statements. WAY Momentum Portfolio
Annual Report & Financial Statements WAY Momentum Portfolio contents WAY Momentum Portfolio Page Authorised Corporate Director s ( ACD ) Report* 3 Certification of Financial Statements by Directors of
More informationQuarterly Range Report
Quarterly Range Report Active Plus Range - Q3 2018 Pension Insured Funds S4 Retail Active Plus There are five Active Plus Pension Funds, ranging from lower through to higher risk (I to V). Each fund invests
More informationAVIVA INVESTORS PORTFOLIO FUNDS ICVC
AVIVA INVESTORS PORTFOLIO FUNDS ICVC SHORT REPORT For the year ended 28 February 2015 Contents Aviva Investors Multi-Manager Flexible Fund 2 Aviva Investors Multi-Manager 40-85% Shares Fund 8 Aviva Investors
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q3 2018 OEIC Ret MyFolio Market Ratings MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three growth and
More informationManaged Balanced Fund
Schroder Managed Balanced Fund Final Report and Accounts February 2018 Contents Schroder Managed Balanced Fund Fund Information 1...............................................3 Investment objective and
More informationYour choice of pension funds
Your choice of pension funds Contents Introduction 3 List of current investment funds by sector 4 Investment choice, flexibility and fund risks 8 Managed funds 10 Multimanaged funds 17 UK equity funds
More informationSchroder Multi-Manager High Alpha Fund. Final Short Report 16 March 2014 to 15 March 2015
Schroder Multi-Manager High Alpha Fund Final Short Report 16 March 2014 to 15 March 2015 Schroder Multi-Manager High Alpha Fund Review of Investment Activities From 14 March 2014 to 24 October 2014, the
More informationSterling Investment Bond. Investment funds guide
Sterling Investment Bond Investment funds guide 1 Contents Introduction 2 List of current investment funds by sector 4 Investment choice and flexibility 10 Fund risks 11 Managed funds 12 Multi-Managed
More informationAberdeen Multi-Asset Growth 2 Portfolio
Aberdeen Multi-Asset Growth 2 Portfolio Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return. The Portfolio aims to achieve long term
More informationFUND CHOICE AND FUND CHARGES
FUND CHOICE AND FUND CHARGES PENSIONS Pension products which have a standard Annual Management Charge of 1% for most of our funds (please see note 9). (Stakeholder Pension charges are not included in this
More informationFund Guide. Prudential Investment Plan
Fund Guide Prudential Investment Plan Contents 04 Funds that are open to new and existing investors 07 Information to read before making a decision 10 Funds that are only available to existing investors
More informationLegal & General (PMC) All Stocks Gilts Index Fund UK Gilts 0.20% 0.00%
PORTFOLIO PLUS FUND DETAILS This document shows the fund management charge, Association of British Insurers (ABI) sectors and spreads for the funds available on the Portfolio Plus SIPP and Portfolio Plus
More informationLegal & General Multi Manager Income Trust Interim Manager s Short Report for the period ended 15 July Distribution Number 37
Legal & General Multi Manager Income Trust Interim Manager s Short Report for the period ended 15 July 2017 Distribution Number 37 Investment Objective and Policy With effect from 6 June 2017, the Trust
More informationThreadneedle Dynamic Real Return Fund
Interim Short Report 25 November 2017 Fund Manager s Report Toby Nangle Performance of Class 2 Income shares* Over the six months to 25 November 2017, the published of the Threadneedle Dynamic Real Return
More informationProspectus. Standard Life Investment Company II
Prospectus Standard Life Investment Company II This prospectus is valid as at 1 February 2018. It is prepared in accordance with the rules contained in the Collective Investment Schemes Sourcebook (the
More informationThis guide is for our:
Fund Choice Guide Closed Funds Quarter 2 2018 2 This guide is for our: Policies taken out after January 2007 (Current product range) Policies taken out between February 1994 and January 2007 (Portfolio
More informationT. Bailey Dynamic Fund. Interim Short Report For the six month period ended 30 September 2016
T. Bailey Dynamic Fund Interim Short Report For the six month period ended 30 September 2016 INVESTMENT OBJECTIVE & POLICY The benchmark of the Fund is UK Inflation plus 3%. The Fund aims to outperform
More informationLegal & General Multi Manager Growth Trust. Annual Manager s Short Report for the year ended 15 January Distribution Number 6
Legal & General Multi Manager Growth Trust Annual Manager s Short Report for the year ended 15 January 2011 Distribution Number 6 Investment Objective and Policy The investment objective is to provide
More informationThe Charity Multi-Asset Fund. Interim Report and Accounts September 2017
Interim Report and Accounts September 2017 Contents The Charity Multi-Asset Fund Fund Information 1...............................................3 Investment objective and policy......................................3
More informationInvestment alteration form
Pru Flexible Retirement Plan (Personal Pension and Income Drawdown with SIPP options) Investment alteration form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections
More informationWith-Profits Fund. Investment Report 2014
With-Profits Fund Investment Report 2014 With-Profits Fund Investment Report 2014 This information does not constitute investment advice and we recommend that you speak to a suitably qualified financial
More informationLegal & General All Stocks Gilt Index Fund LS5 UK Gilts 0.12% 0.05% 0.17% 0.06%
SELECT PORTFOLIO BOND (WEALTH MANAGERS) FUND DETAILS This document shows the fund charges, Association of British Insurers (ABI) sectors and valuation spreads for the funds available on our Select Portfolio
More informationLegal & General All Stocks Gilt Index Fund LS5 UK Gilts 0.12% 0.04% 0.16% 0.05%
SELECT PORTFOLIO bond (WEALTH MANAGERS) FUND DETAILS This document shows the fund charges, Association of British Insurers (ABI) sectors and valuation spreads for the funds available on our Select Portfolio
More informationDistribution Number 13. Legal & General Multi Manager Income Trust Interim Manager s Report for the period ended 15 July 2011 (Unaudited)
Distribution Number 13 Legal & General Multi Manager Income Trust Interim Manager s Report for the period ended 15 July 2011 (Unaudited) Contents Page Number Manager s Investment Report 2 Authorised Status
More informationLegal & General Multi Manager Balanced Trust. Annual Manager s Short Report for the year ended 15 January Distribution Number 6
Legal & General Multi Manager Balanced Trust Annual Manager s Short Report for the year ended 15 January 2011 Distribution Number 6 Investment Objective and Policy The investment objective is to achieve
More informationPension Fund August 2018
Pension Fund August 2018 Aviva Pension Janus Henderson Multi- Manager Global Select IE/XE This factsheet provides factual information only. The information shown should not be used in isolation for making
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationFUND CHOICE AND FUND CHARGES
FUND CHOICE AND FUND CHARGES PENSIONS Pension products which have a standard Annual Management Charge of 1% for most of our funds (please see note 9). (Stakeholder Pension charges are not included in this
More informationThe All-In-1 Investment Bond and Guaranteed Capital Bond
The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 This information does not constitute investment
More informationJH Defensive Income. 31 st December Portfolio Objective. Risk Range. Performance chart. Product mix. Geographic & asset breakdown
JH Defensive Income 31 st December 2016 Portfolio Objective The strategy aims to deliver defensive total returns with an emphasis on offering above average* income. The portfolio may invest between 35%
More informationRNPFN Managed Growth Fund. Investment Report 2014
RNPFN Managed Growth Fund Investment Report 2014 RNPFN Managed Growth Fund Investment Report 2014 This information does not constitute investment advice and we recommend that you speak to a suitably qualified
More informationInvestment Strategy Statement (June 2018)
Investment Strategy Statement (June 2018) Introduction and background This is the Investment Strategy Statement ( ISS ) of the Tyne and Wear Pension Fund ( the Fund ), which is administered by South Tyneside
More informationALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD)
ALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD) CURRENT CHALLENGES DECEMBER 2014 1 AIFMD CURRENT CHALLENGES The AIFMD goes back to April 2009 when the European Commission proposed a Directive
More informationInterim Report & Financial Statements. FP Frontier ICVC. For the six months ended 30 November 2018 (unaudited)
Interim Report & Financial Statements FP Frontier ICVC For the six months ended 30 November 2018 (unaudited) contents FP Frontier ICVC Page Authorised Corporate Director s ( ACD ) Report* 3 Certification
More informationSchroderUKRealEstateFundFeederTrust Report and Audited Financial Statements. FortheYearEnded 31 March 2016
SchroderUKRealEstateFundFeederTrust Report and Audited Financial Statements FortheYearEnded 31 March 2016 CONTENTS SchroderUKRealEstateFundFeederTrust Report and Audited Financial Statements for the year
More informationThreadneedle Navigator Growth Managed Trust
Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the offer price of accumulation units rose by 21.60% from 125.90p to 153.10p. In view
More informationZurich Flexible Personal Pension (Section 61 plan) Zurich Personal Pension (89 plan)
Company sponsored personal pension plans Zurich Flexible Personal Pension (Section 61 plan) Zurich Personal Pension (89 plan) Funds Guide To offer the best value for our customers, we use our global buying
More informationRETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES
RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES SCOTTISH WIDOWS PENSION FUNDS FUND CHOICE AND FUND CHARGES Scottish Widows Funds, managed by a subsidiary of Aberdeen Standard s Scottish Widows
More informationFP CRUX UCITS OEIC Prospectus
FP CRUX UCITS OEIC Prospectus Prepared in accordance with the Collective Investment Schemes Sourcebook Dated and valid as at: 23 May 2016 Authorised Corporate Director Fund Partners Limited Cedar House
More informationInformation for investors
Information for investors Martin Currie Asia Unconstrained Trust plc changed its name on 31 July 2015 having previously been known as Martin Currie Pacific Trust. This followed a vote by shareholders at
More informationKB Elite Multi Asset Balanced Fund
KB Elite Multi Asset Balanced Fund Quarterly update, Q4 2014 For professional use only Key events in Q4 2014 October Islamic state forces besiege the Syrian border town of Kobane Bank of Japan announces
More informationShort report For the year ended 31 Dec 2016
Short report For the year ended 31 Dec 2016 Architas MA Active Intermediate Income Fund For the year ended 31 Dec 2016 Investment objective The aim of the Fund is for you to receive an above average level
More informationReport and Audited Financial Statements
For professional investors and advisers only Report and Audited Financial Statements For the Year Ended Report to Report to 1 CONTENTS 02 03 Trust Information* Report of the Authorised Fund Manager and
More informationDistribution Number 7. Legal & General Multi Manager Growth Trust Interim Manager s Report for the period ended 15 July 2011 (Unaudited)
Distribution Number 7 Legal & General Multi Manager Growth Trust Interim Manager s Report for the period ended 15 July 2011 (Unaudited) Contents Page Number Manager s Investment Report 2 Authorised Status
More informationRETIREMENT ACCOUNT WEALTH MANAGEMENT. Scottish Widows Pension Fund Charges
RETIREMENT ACCOUNT WEALTH MANAGEMENT Scottish Widows Pension Fund Charges SCOTTISH WIDOWS PENSION FUNDS FUND CHOICE AND FUND CHARGES Scottish Widows Funds, managed by a subsidiary of Aberdeen Standard
More informationMI Downing Diversified Global Managers. (Formally MFM SGWM Managed Fund)
(Formally MFM SGWM Managed Fund) Short Report 31 May 2016 Directory Authorised Corporate Director (ACD) & Registrar Authorised Corporate Director (ACD) & Registrar to 31 January 2016: Malbrough Fund Managers
More informationAnnual Report and Audited Financial Statements
Annual Report and Audited Financial Statements Standard Life Investments Liability Solutions ICAV For the financial year ended 30 September 2017 Standard Life Investments Contents Page Directory 2 Background
More informationSupplementary Information Document
Supplementary Information Document (incorporating the ISA Terms & Conditions) FP Argonaut Funds Valid as at 20 March 2014 Introduction Guide to this document This document is designed to be read alongside
More informationOur Packaged Fund Range
For customers Our Packaged Fund Range Our Packaged Fund Range allows you choice when building your portfolio with your adviser, while still offering the comfort of full governance. The charges listed below
More informationEvaluating Scottish Widows Funds 1 July 2018
Evaluating Scottish Widows 1 July 2018 This information is for UK Financial Advisers use only and should not be distributed to or relied upon by any other person. Contents Pension Statistics Life Statistics
More informationEvaluating Scottish Widows Funds 1 October 2018
Evaluating Scottish Widows 1 October 2018 This information is for UK Financial Advisers use only and should not be distributed to or relied upon by any other person. Contents Pension Statistics Life Statistics
More informationManaged Portfolios from OBSR December 2012
Managed Portfolios from OBSR December 2012 WHAT ARE THE MANAGED PORTFOLIOS FROM OBSR? The Managed Portfolios from OBSR are a range of five funds designed to actively target and maintain different levels
More informationInvestment Strategy Statement: September 2018
Investment Strategy Statement: September 2018 Introduction and background This is the Investment Strategy Statement ( ISS ) of the London Borough of Lewisham Pension Fund ( the Fund ), which is administered
More information