MANAGED PORTFOLIO SERVICE

Transcription

1 MANAGED PORTFOLIO SERVICE Cautious February 217 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. February Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Cautious WMA Conservative Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/6/29, quoted on an annualised basis. Cautious The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Conservative Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity 217 has generally seen the continued trend of positive economic surprises however we have seen a couple of slight disappointments from Chinese and UK economic data. The market priced in an increased chance of a March rate hike by the Fed following the release of the minutes from the previous meeting. The likelihood has increased that the French Presidential elections of 217 will be resolved with a victory for centrist Emmanuel Macron despite advances made by Marne Le Pen s Front Nationale. President Trump has so far concentrated on his social policy agenda. Tax plans have yet to be released and comments from Treasury Secretary Mnuchin suggest they are still being formulated with big issues still undecided. This uncertainty in markets and the weak UK data meant the portfolio s underweight position to bonds hit performance over the month and fixed income fund selection also detracted due to the duration position of the underlying funds. The absolute return funds also struggled over the month; however UK equity fund selection added value. UK Equity funds struggled last year against the index, so we ll be keeping a close eye on how things progress this year; however they ve had a good start albeit over a short time frame. There were no trades over the month. Information WMA Conservative Index Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.66 Estimated Annual Yield 2.23 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception May 29 Nov 29 May 21 Nov 21 May 211 Nov 211 May 212 Nov 212 May 213 Nov 213 May 214 Nov 214 May 215 WMA Conservative Index (75.) MPS Cautious Performance on AVIVA (85.9) Nov 215 May Nov 216 MPS Cautious Historic Performance

2 Brewin Dolphin Managed Service Cautious February 217 Asset Allocation as at 28 February 217 Performance One Year Feb 216 Mar 216 Statistics Apr 216 May 216 Jun 216 Jul 216 Inception Volatility 4.8 Inception Volatility 4.3 Inception Information Ratio.3 Tracking Error 2.7 Management Aug 216 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Sep 216 Oct 216 Nov 216 WMA Conservative Index (13.4) MPS Cautious Performance on AVIVA (11.) MPS Cautious Historic Performance Dec 216 Jan Feb 217 Holdings as at 28 February 217 RWC Enhanced Income Fund R GBP Inc 8.5% Fidelity MoneyBuilder Income Net Y 8.5% Old Mutual Global Eq AR R Hgd Acc 6.5% F&C UK Equity-Linked Gilt 2 Inc 6.% Kames Sterling Corporate Bond B Acc 5.5% Henderson UK Absolute Return I Acc 5.% Newton Global Dynamic Bd Inst W Inc 5.% JPM US Equity Income C Net Inc 5.% Troy Trojan Income O Inc 4.5% Cash 4.5% SLI AAA Income Plat 1 Inc 4.% Allianz Gilt Yield C Inc 4.% Vanguard US Equity Index Inc 3.5% Vanguard U.K. Government Bd Idx GBP Inc 3.5% Vanguard US Gov Bond Index GBP Hg Acc 3.% Aviva Investors Mlt-Strat Trgt Inc 5 Inc 3.% SLI Global Index Linked Bond Ret Inc 3.% BlackRock Corporate Bond Tracker D Inc 2.5% Fundsmith Equity I Inc 2.% Newton Asian Income Inst W Inc 2.% BlackRock Continental Euro Inc D Inc 1.5% JPM Global Macro Opportunities C Net Inc 1.5% Baillie Gifford Japanese B Inc 1.5% Schroder Global Cities Real Estt Z Inc 1.5% CF Woodford Equity Income C Sterling Inc 1.5% Majedie UK Equity X Inc 1.% BlackRock Global Prty Secs Eq Trkr D Inc 1.% Fidelity Emerging Markets W Acc 1.% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 1-year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. The opinions expressed are not necessarily the views held throughout Brewin Dolphin Ltd. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/216. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

3 MANAGED PORTFOLIO SERVICE Income February 217 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. February Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Income WMA Income Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/1/28, quoted on an annualised basis. Income The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Income Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity 217 has generally seen the continued trend of positive economic surprises however we have seen a couple of slight disappointments from Chinese and UK economic data. The market priced in an increased chance of a March rate hike by the Fed following the release of the minutes from the previous meeting. All major asset classes experienced positive returns this month. The US equity market has remained the best performing major market with gains coming through a combination of faster earnings growth and an expanding valuation. Asian and Emerging Market equities also put in a strong performance. UK government bonds rallied over 3% on a total return basis whilst corporate bonds returned over 2.5%. Alternatives returned over 1%. Within the portfolio, Absolute return fund disappointed this month, however we don t expect these to outperform a strongly rising market, but to provide diversification in all markets, especially in weak periods. UK Equity funds struggled last year against the index, so we ll be keeping a close eye on how things progress this year; however they ve had a good start albeit over a short time frame. There were no trades over the month. Information Investment Management Charge (p.a) WMA Income Index.3%+VAT Fund Underlying OCFs.65 Estimated Annual Yield 2.38 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Oct 28 Apr 29 Oct 29 Apr 21 Oct 21 Apr 211 Oct 211 Apr 212 Oct 212 Apr 213 WMA Income Index (111.5) Oct 213 Apr 214 Oct 214 Apr 215 MPS Income Performance on AVIVA (122.6) Oct 215 Apr Oct 216 MPS Income Historic Performance

4 Brewin Dolphin Managed Service Income February 217 Asset Allocation as at 28 February 217 Performance One Year Feb 216 Mar 216 Statistics Apr 216 May 216 Jun 216 Jul 216 Inception Volatility 7.1 Inception Volatility 7.1 Inception Information Ratio.3 Tracking Error 2.3 Management Aug 216 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Sep 216 Oct 216 Nov 216 WMA Income Index (16.9) MPS Income Performance on AVIVA (15.) MPS Income Historic Performance Dec 216 Jan Feb 217 Holdings as at 28 February 217 Fidelity MoneyBuilder Income Net Y 8.5% Troy Trojan Income O Inc 7.5% Vanguard US Equity Index Inc 5.5% JPM US Equity Income C Net Inc 5.5% Kames Sterling Corporate Bond B Acc 5.% Allianz Gilt Yield C Inc 5.% Newton Global Dynamic Bd Inst W Inc 4.5% CF Woodford Equity Income C Sterling Inc 4.% Cash 4.% Liontrust Special Situations I Inc 4.% Fidelity Index UK W Inc 3.5% F&C UK Equity-Linked Gilt 2 Inc 3.5% River & Mercantile UK Equity Income B 3.5% Newton Asian Income Inst W Inc 3.5% Old Mutual Global Eq AR R Hgd Acc 3.5% Aviva Investors Mlt-Strat Trgt Inc 5 Inc 3.% RWC Enhanced Income Fund R GBP Inc 3.% BlackRock Continental Euro Inc D Inc 2.5% Baillie Gifford Japanese B Inc 2.5% JPM Global Macro Opportunities C Net Inc 2.5% Majedie UK Equity X Inc 2.% Fundsmith Equity I Inc 2.% Henderson UK Absolute Return I Acc 2.% Fidelity Emerging Markets W Acc 1.5% Vanguard US Gov Bond Index GBP Hg Acc 1.5% Aviva Investors US Equity Inc II 2 Inc 1.% BlackRock Corporate Bond Tracker D Inc 1.% Jupiter Absolute Return 1.% Man GLG Undervalued Assets Profl Inc D 1.% Vanguard U.K. Government Bd Idx GBP Inc 1.% BlackRock Global Prty Secs Eq Trkr D Inc.75% Schroder Global Cities Real Estt Z Inc.75% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 1-year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. The opinions expressed are not necessarily the views held throughout Brewin Dolphin Ltd. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/216. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

5 MANAGED PORTFOLIO SERVICE Balanced February 217 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. February Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Balanced WMA Balanced Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/8/28, quoted on an annualised basis. Balanced The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Balanced Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity Information Investment Management Charge (p.a) WMA Balanced Index.3%+VAT Fund Underlying OCFs.62 Estimated Annual Yield 1.84 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 217 has generally seen the continued trend of positive economic surprises however we have seen a couple of slight disappointments from Chinese and UK economic data. The market priced in an increased chance of a March rate hike by the Fed following the release of the minutes from the previous meeting. All major asset classes experienced positive returns this month. The US equity market has remained the best performing major market with gains coming through a combination of faster earnings growth and an expanding valuation. Asian and Emerging Market equities also put in a strong performance. UK government bonds rallied over 3% on a total return basis whilst corporate bonds returned over 2.5%. This meant the portfolio s underweight to gilts detracted from performance whilst fixed income fund selection also struggled given their underweight to duration. UK Equity funds struggled last year against the index, so we ll be keeping a close eye on how things progress this year; however they ve had a good start albeit over a short time frame Oct 28 Apr 29 Oct 29 Apr 21 Oct 21 Apr 211 Oct 211 Apr 212 Oct 212 Apr 213 Oct 213 Apr 214 Oct 214 Apr 215 Oct 215 WMA Balanced Index (126.4) MPS Balanced Performance on AVIVA (144.4) MPS Balanced Historic Performance Apr 216 Oct 216

6 Brewin Dolphin Managed Service Balanced February 217 Asset Allocation as at 28 February 217 Performance One Year Feb 216 Mar 216 Statistics Apr 216 May 216 Jun 216 Jul 216 Inception Volatility 8.5 Inception Volatility 8.5 Inception Information Ratio.4 Tracking Error 2.8 Management Aug 216 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Sep 216 Oct 216 Nov 216 WMA Balanced Index (2.9) MPS Balanced Performance on AVIVA (19.5) MPS Balanced Historic Performance Dec 216 Jan Feb 217 Holdings as at 28 February 217 Vanguard US Equity Index Inc 8.5% Threadneedle UK Eq Inc Z Inc GBP 7.5% Kames Sterling Corporate Bond B Acc 7.% JPM US Equity Income C Net Inc 6.5% Investec UK Special Situations I Acc Net 6.% Old Mutual Global Eq AR R Hgd Acc 5.% Newton Asian Income Inst W Inc 4.% CF Woodford Equity Income C Sterling Inc 4.% Cash 4.% Threadneedle European Sel Retl Acc GBP 4.% Fidelity Index UK W Inc 3.5% Liontrust Special Situations I Inc 3.5% Legg Mason IF Royce US Smlr Coms X Acc 3.5% Schroder Tokyo Z Inc 3.% Newton Global Dynamic Bd Inst W Inc 3.% F&C UK Equity-Linked Gilt 2 Inc 3.% Vanguard U.K. Government Bd Idx GBP Inc 2.5% Vanguard US Gov Bond Index GBP Hg Acc 2.5% Fidelity Emerging Markets W Acc 2.% Fundsmith Equity I Inc 2.% Old Mutual UK Smlr Coms A GBP Acc 2.% River & Mercantile UK Equity Income B 1.5% Allianz Gilt Yield C Inc 1.5% BlackRock Corporate Bond Tracker D Inc 1.5% Schroder Global Cities Real Estt Z Inc 1.25% Aviva Investors Mlt-Strat Trgt Inc 5 Inc 1.25% Man GLG Undervalued Assets Profl Inc D 1.% Jupiter Absolute Return 1.% Henderson UK Absolute Return I Acc 1.% JPM Global Macro Opportunities C Net Inc 1.% Fidelity MoneyBuilder Income Net Y 1.% BlackRock Global Prty Secs Eq Trkr D Inc 1.% Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 1-year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. The opinions expressed are not necessarily the views held throughout Brewin Dolphin Ltd. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/216. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

7 MANAGED PORTFOLIO SERVICE Growth February 217 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. February Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Growth WMA Growth Index Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/1/28, quoted on an annualised basis. Growth The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Growth Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity 217 has generally seen the continued trend of positive economic surprises however we have seen a couple of slight disappointments from Chinese and UK economic data. The market priced in an increased chance of a March rate hike by the Fed following the release of the minutes from the previous meeting. All major asset classes experienced positive returns this month. The US equity market has remained the best performing major market with gains coming through a combination of faster earnings growth and an expanding valuation. Asian and Emerging Market equities also put in a strong performance. UK government bonds rallied over 3% on a total return basis whilst corporate bonds returned over 2.5%. This meant the portfolio s underweight to gilts detracted from performance whilst fixed income fund selection also struggled given their underweight to duration. UK Equity funds struggled last year against the index and for the Growth portfolio this continued with markets preference for value orientated stocks reversing over the month. This is a dynamic we re keeping a close eye on, and although such a short time period, we remain confident in our positioning here. There were no trades over the month. Information Investment Management Charge (p.a) WMA Growth Index.3%+VAT Fund Underlying OCFs.71 Estimated Annual Yield 1.53 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Oct 28 Apr 29 Oct 29 Apr 21 Oct 21 Apr 211 Oct 211 Apr 212 Oct 212 Apr 213 WMA Growth Index (139.3) Oct 213 Apr 214 Oct 214 Apr 215 MPS Growth Performance on AVIVA (167.4) Oct 215 Apr Oct 216 MPS Growth Historic Performance

8 Brewin Dolphin Managed Service Growth February 217 Asset Allocation as at 28 February 217 Performance One Year Feb 216 Mar 216 Statistics Apr 216 May 216 Jun 216 Jul 216 Inception Volatility 9.9 Inception Volatility 1.1 Inception Information Ratio.4 Tracking Error 3.4 Management Aug 216 The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. Sep 216 Oct 216 Nov 216 WMA Growth Index (24.4) MPS Growth Performance on AVIVA (22.1) MPS Growth Historic Performance Dec 216 Jan Feb 217 Holdings as at 28 February 217 Vanguard US Equity Index Inc 8.5% Artemis UK Special Situations I Acc 7.% Fidelity Index UK W Inc 6.5% JPM US Equity Income C Net Inc 6.5% Investec UK Special Situations I Acc Net 6.% Legg Mason IF Royce US Smlr Coms X Acc 6.% Liontrust Special Situations I Inc 6.% Threadneedle European Sel Retl Acc GBP 5.% Old Mutual Global Eq AR R Hgd Acc 5.% Stewart Inv Asia Pac Ldrs B Acc GBP 5.% Kames Sterling Corporate Bond B Acc 4.5% Schroder Tokyo Z Inc 4.% AXA Framlington UK Select Opps R Inc 4.% Old Mutual UK Smlr Coms A GBP Acc 3.5% Newton Global Dynamic Bd Inst W Inc 3.5% Threadneedle UK Eq Inc Z Inc GBP 3.% Investec UK Alpha I Inc Net 2.5% Artemis US Select I GBP Acc 2.5% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% Cash 2.% Man GLG Undervalued Assets Profl Inc D 1.% Allianz Gilt Yield C Inc 1.% Aviva Investors Mlt-Strat Trgt Inc 5 Inc 1.% Vanguard U.K. Government Bd Idx GBP Inc 1.% JPM Global Macro Opportunities C Net Inc.5% BlackRock Global Prty Secs Eq Trkr D Inc.5% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 1-year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. The opinions expressed are not necessarily the views held throughout Brewin Dolphin Ltd. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/216. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).

9 MANAGED PORTFOLIO SERVICE Global Equity February 217 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. February Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)* Global Equity Global Equity Composite Relative Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/6/29, quoted on an annualised basis. Global Equity The portfolio s objective is to provide outperformance of a bespoke Global Equity Index (5% cash, 65% UK shares, 3% overseas shares) over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity 217 has generally seen the continued trend of positive economic surprises however we have seen a couple of slight disappointments from Chinese and UK economic data. The market priced in an increased chance of a March rate hike by the Fed following the release of the minutes from the previous meeting. All major asset classes experienced positive returns this month. The US equity market has remained the best performing major market with gains coming through a combination of faster earnings growth and an expanding valuation. Asian and Emerging Market equities also put in a strong performance. UK Equity funds struggled last year against the index and for the Global Equity portfolio this continued with markets preference for value orientated stocks reversing over the month. This is a dynamic we re keeping a close eye on, and although such a short time period, we remain confident in our positioning here. There were no trades over the month. Information Global Equity Composite Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.71 Estimated Annual Yield 1.81 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception May 29 Nov 29 May 21 Nov 21 May 211 Nov 211 May 212 Nov 212 May 213 Nov 213 May 214 Nov 214 Global Equity Composite (144.3) May 215 Nov 215 MPS Global Equity Performance on AVIVA (161.) MPS Global Equity Historic Performance May Nov 216

10 Brewin Dolphin Managed Service Global Equity February 217 Asset Allocation as at 28 February 217 Performance One Year Feb 216 Mar 216 Statistics Apr 216 May 216 Jun 216 Jul 216 Aug 216 Inception Volatility 1.8 Sep 216 Oct 216 Nov 216 Global Equity Composite (26.1) MPS Global Equity Performance on AVIVA (23.7) MPS Global Equity Historic Performance Dec 216 Jan Feb 217 Holdings as at 28 February 217 Vanguard US Equity Index Inc 9.5% Majedie UK Equity X Acc 8.3% AXA Framlington UK Select Opps R Inc 8.3% Fidelity Index UK W Inc 8.1% Threadneedle UK Eq Inc Z Inc GBP 8.% Artemis UK Special Situations I Acc 8.% Liontrust Special Situations I Inc 6.3% Investec UK Special Situations I Acc Net 5.5% Aviva Investors US Equity Inc II 2 Inc 5.% Stewart Inv Asia Pac Ldrs B Acc GBP 4.5% Threadneedle European Sel Retl Acc GBP 4.% Old Mutual UK Smlr Coms A GBP Acc 3.5% Investec UK Alpha I Inc Net 3.5% Troy Trojan Income O Inc 3.% Legg Mason IF Royce US Smlr Coms X Acc 3.% Schroder Tokyo Z Inc 3.% Cash 2.5% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% Man GLG Undervalued Assets Profl Inc D 1.% Artemis US Select I GBP Acc 1.% Inception Volatility 11. Inception Information Ratio.3 Tracking Error 3.8 Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 1-year time horizon. The mappings are only for use by financial advisers licensed to use evalue s risk profiling system and does not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. The opinions expressed are not necessarily the views held throughout Brewin Dolphin Ltd. FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds strategic asset allocations as at 3/11/216. The mappings are only for use by financial advisers licensed to use FinaMetrica s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: ).