MANAGED PORTFOLIO SERVICE

Transcription

1 MANAGED PORTFOLIO SERVICE Cautious November 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. November Mth 3 Mths 6 Mths YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)¹ Cautious WMA Conservative Index ² 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. 1 Inception Date of 19/6/29, quoted on an annualised basis. 2 change from composite to WMA Conservative as at 3/9/212. Data for FTSE WMA indices to 28/2/217. MSCI WMA indices from 1/3/217. 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 Trump s anticipated tax reforms gave a fillip to equity markets in November with the bill anticipating cutting Corporation Tax to 2% whilst offering individuals tax cuts and reforms. However, with two separate bills proposed; one by the Senate Finance Committee and the other passed by the House; work will be required to reach an acceptable proposition before the mid-term election kicks off at the end of Q In the UK, Brexit and the Budget were the main topics, with the UK negotiating its settlement for exiting the EU at circa 5bn. The continued uncertainty lead to UK growth expectations being cut for both 218 & 219. Meanwhile, the Budget passed with Philip Hammond appealing to the millennials by increasing the limit for stamp duty. Europe hit the news with the Catalan independence vote and subsequent ramifications from Madrid. Germany suffered from a breakdown of the fragile coalition and the impending local elections in December. Over the month the portfolio underperformed against the benchmark. A slight underperformance in bonds was covered by a positive contribution from UK equities. Japan and US indices rose during the month whilst Europe and the UK fell driven by Brexit concerns. Information WMA Conservative Index ² Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.63 Estimated Annual Yield 2.13 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 Nov 215 WMA Conservative Index ² (8.2) May 216 MPS Cautious Performance on ASCENTRIC (89.4) Nov May 217 Nov 217 MPS Cautious Historic Performance

2 Brewin Dolphin Managed Service Cautious November 217 Asset Allocation as at 3 November 217 Holdings as at 3 November 217 Performance One Year Nov 216 Dec 216 Statistics Jan 217 Feb 217 Mar 217 Apr 217 Inception Volatility 4.7 Inception Volatility 4.2 Inception Information Ratio.2 Tracking Error 2.6 Management May 217 Jun 217 Jul 217 WMA Conservative Index ² (7.8) Aug 217 MPS Cautious Performance on ASCENTRIC (6.5) MPS Cautious Historic Performance Sep 217 Oct Nov Fidelity MoneyBuilder Income Net Y 9.5% Allianz Gilt Yield I Inc 8.% RWC Enhanced Income Fund B GBP Inc 7.5% F&C UK Equity-Linked Gilt 2 6.5% Troy Trojan Income O Inc 5.5% ishares Corporate Bond Index (UK) D Inc 5.5% Henderson UK Absolute Return I Acc 5.% Old Mutual Global Eq AR R Hgd Acc 5.% JPM US Equity Income C Net Inc 4.5% Cash 4.5% Newton Global Dynamic Bd Inst W Inc 4.5% PIMCO Select UK Income Bond R GBP Inc 4.5% Vanguard UK Govt Bd Idx GBP Inc 3.5% Vanguard US Equity Index Inc 3.5% Vanguard US Govt Bd Idx GBPH Acc 3.% JPM Global Macro Opportunities C Net Inc 2.5% Jupiter Absolute Return I Acc 2.% Newton Asian Income Instl W Inc 2.% BlackRock Continental Euro Inc D Inc 2.% Fundsmith Equity I Inc 2.% Schroder Global Cities Real Estt Z Inc 1.5% CF Woodford Equity Income C Sterling Inc 1.5% Fidelity Emerging Markets W Acc 1.% Baillie Gifford American B Inc 1.% M&G Global Macro Bond GBP I Inc 1.% Majedie UK Equity X Inc 1.% ishares Glb Prpty Secs Eq Idx (UK) D Inc 1.% Baillie Gifford Japanese B Inc 1.% 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. The Estimated Annual Yield figure is based on reasonable assumptions supported by objective data and is no guarantee of future performance. 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 November 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. November Mth 3 Mths 6 Mths YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)¹ Income WMA Income Index² 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. 1 Inception Date of 31/1/28, quoted on an annualised basis. 2 Data for FTSE WMA indices to 28/2/217. MSCI WMA indices from 1/3/217. 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 Trump s anticipated tax reforms gave a fillip to equity markets in November with the bill anticipating cutting Corporation Tax to 2% whilst offering individuals tax cuts and reforms. However, with two separate bills proposed; one by the Senate Finance Committee and the other passed by the House; work will be required to reach an acceptable proposition before the mid-term election kicks off at the end of Q In the UK, Brexit and the Budget were the main topics, with the UK negotiating its settlement for exiting the EU at circa 5bn. The continued uncertainty lead to UK growth expectations being cut for both 218 & 219. Meanwhile, the Budget passed with Philip Hammond appealing to the millennials by increasing the limit for stamp duty. Europe hit the news with the Catalan independence vote and subsequent ramifications from Madrid. Germany suffered from a breakdown of the fragile coalition and the impending local elections in December. Despite both the UK and European indices falling over Brexit concerns, the stock selection in the UK helped the portfolio perform in line with the benchmark achieving an overall positive return. Japan and US indices rose during the month. Information Investment Management Charge (p.a) WMA Income Index².3%+VAT Fund Underlying OCFs.66 Estimated Annual Yield 2.24 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 Oct 213 WMA Income Index² (119.6) Apr 214 Oct 214 Apr 215 Oct 215 Apr 216 MPS Income Performance on ASCENTRIC (13.3) Oct Apr 217 Oct 217 MPS Income Historic Performance

4 Brewin Dolphin Managed Service Income November 217 Asset Allocation as at 3 November 217 Performance One Year Nov 216 Dec 216 Statistics Jan 217 Feb 217 Mar 217 Apr 217 Inception Volatility 6.9 Inception Volatility 6.9 Inception Information Ratio.3 Tracking Error 2.2 Management May 217 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. Jun 217 Jul 217 Aug 217 WMA Income Index² (9.7) MPS Income Performance on ASCENTRIC (9.) MPS Income Historic Performance Sep 217 Oct Nov Holdings as at 3 November 217 Fidelity MoneyBuilder Income Net Y 8.5% Troy Trojan Income O Inc 7.% Vanguard US Equity Index Inc 6.% Allianz Gilt Yield I Inc 5.5% JPM US Equity Income C Net Inc 5.% PIMCO Select UK Income Bond R GBP Inc 4.5% BlackRock Continental Euro Inc D Inc 4.% Cash 4.% CF Woodford Equity Income C Sterling Inc 4.% Liontrust Special Situations I Inc 4.% F&C UK Equity-Linked Gilt 2 3.5% Newton Global Dynamic Bd Inst W Inc 3.5% Fidelity Index UK P Inc 3.5% River & Mercantile UK Equity Income B 3.5% Newton Asian Income Instl W Inc 3.5% Henderson UK Absolute Return I Acc 3.% Old Mutual Global Eq AR R Hgd Acc 3.% JPM Global Macro Opportunities C Net Inc 2.5% Majedie UK Equity X Inc 2.% Baillie Gifford Japanese B Inc 2.% Aviva Investors US Equity Inc II 2 Inc 2.% Jupiter Absolute Return I Acc 2.% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 1.5% Vanguard US Govt Bd Idx GBPH Acc 1.5% Man GLG Undervalued Assets Profl Inc D 1.5% RWC Enhanced Income Fund B GBP Inc 1.% Schroder Global Cities Real Estt Z Inc 1.% Baillie Gifford American B Inc 1.% M&G Global Macro Bond GBP I Inc 1.% ishares Glb Prpty Secs Eq Idx (UK) D Inc 1.% Vanguard UK Govt Bd Idx GBP Inc 1.% ishares Corporate Bond Index (UK) D Inc 1.% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 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. The Estimated Annual Yield figure is based on reasonable assumptions supported by objective data and is no guarantee of future performance. 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 November 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. November Mth 3 Mths 6 Mths YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)¹ Balanced WMA Balanced Index² 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. 1 Inception Date of 31/8/28, quoted on an annualised basis. 2 Data for FTSE WMA indices to 28/2/217. MSCI WMA indices from 1/3/217. 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 Trump s anticipated tax reforms gave a fillip to equity markets in November with the bill anticipating cutting Corporation Tax to 2% whilst offering individuals tax cuts and reforms. However, with two separate bills proposed; one by the Senate Finance Committee and the other passed by the House; work will be required to reach an acceptable proposition before the mid-term election kicks off at the end of Q In the UK, Brexit and the Budget were the main topics, with the UK negotiating its settlement for exiting the EU at circa 5bn. The continued uncertainty lead to UK growth expectations being cut for both 218 & 219. Meanwhile, the Budget passed with Philip Hammond appealing to the millennials by increasing the limit for stamp duty. Europe hit the news with the Catalan independence vote and subsequent ramifications from Madrid. Germany suffered from a breakdown of the fragile coalition and the impending local elections in December. Over the month both the portfolio and the benchmark fell as Brexit concerns drove both the UK and European markets down. A difficult month for Threadneedle UK equity Income fund undid positive contributions from other UK funds. Information Investment Management Charge (p.a) WMA Balanced Index².3%+VAT Fund Underlying OCFs.65 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 Oct 28 Apr 29 Oct 29 Apr 21 Oct 21 Apr 211 Oct 211 Apr 212 Oct 212 Apr 213 Oct 213 WMA Balanced Index² (135.7) Apr 214 Oct 214 Apr 215 Oct 215 Apr 216 MPS Balanced Performance on ASCENTRIC (156.8) Oct Apr 217 Oct 217 MPS Balanced Historic Performance

6 Brewin Dolphin Managed Service Balanced November 217 Asset Allocation as at 3 November 217 Performance One Year Nov 216 Dec 216 Statistics Jan 217 Feb 217 Mar 217 Apr 217 Inception Volatility 8.2 Inception Volatility 8.3 Inception Information Ratio.4 Tracking Error 2.7 Management May 217 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. Jun 217 Jul 217 Aug 217 WMA Balanced Index² (1.6) MPS Balanced Performance on ASCENTRIC (1.4) MPS Balanced Historic Performance Sep 217 Oct Nov 217 Holdings as at 3 November 217 Vanguard US Equity Index Inc 8.5% Threadneedle UK Eq Inc Z Inc GBP 7.5% JPM US Equity Income C Net Inc 6.5% Investec UK Special Situations I Acc Net 6.% PIMCO Select UK Income Bond R GBP Inc 6.% Threadneedle European Sel Z Acc GBP 4.% Old Mutual Global Eq AR R Hgd Acc 4.% CF Woodford Equity Income C Sterling Inc 4.% Liontrust Special Situations I Inc 4.% Cash 4.% Fidelity Index UK P Inc 3.5% F&C UK Equity-Linked Gilt 2 3.5% Legg Mason CB US Agrsv Gr X GBP Acc 3.% Newton Asian Income Instl W Inc 3.% Vanguard UK Govt Bd Idx GBP Inc 2.5% Vanguard US Govt Bd Idx GBPH Acc 2.5% Allianz Gilt Yield I Inc 2.5% Newton Global Dynamic Bd Inst W Inc 2.5% Henderson UK Absolute Return I Acc 2.25% Fidelity Emerging Markets W Acc 2.% Fundsmith Equity I Inc 2.% Old Mutual UK Smaller Coms R GBP Acc 2.% Schroder Tokyo Z Inc 2.% Man GLG Undervalued Assets Profl Inc D 1.5% Jupiter Absolute Return I Acc 1.5% ishares Corporate Bond Index (UK) D Inc 1.5% Schroder Global Cities Real Estt Z Inc 1.25% Fidelity MoneyBuilder Income Net Y 1.% JOHCM Continental European Y GBP Inc 1.% Hermes Asia Ex Japan Equity F GBP Inc 1.% Baillie Gifford American B Inc 1.% ishares Glb Prpty Secs Eq Idx (UK) D Inc 1.% JPM Global Macro Opportunities C Net Inc 1.% River & Mercantile UK Equity Income B.5% 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. The Estimated Annual Yield figure is based on reasonable assumptions supported by objective data and is no guarantee of future performance. 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 November 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. November Mth 3 Mths 6 Mths YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)¹ Growth WMA Growth Index² 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. 1 Inception Date of 31/1/28, quoted on an annualised basis. 2 Data for FTSE WMA indices to 28/2/217. MSCI WMA indices from 1/3/217. 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 Trump s anticipated tax reforms gave a fillip to equity markets in November with the bill anticipating cutting Corporation Tax to 2% whilst offering individuals tax cuts and reforms. However, with two separate bills proposed; one by the Senate Finance Committee and the other passed by the House; work will be required to reach an acceptable proposition before the mid-term election kicks off at the end of Q Information Investment Management Charge (p.a) WMA Growth Index².3%+VAT Fund Underlying OCFs.72 Estimated Annual Yield 1.6 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception In the UK, Brexit and the Budget were the main topics, with the UK negotiating its settlement for exiting the EU at circa 5bn. The continued uncertainty lead to UK growth expectations being cut for both 218 & 219. Meanwhile, the Budget passed with Philip Hammond appealing to the millennials by increasing the limit for stamp duty Europe hit the news with the Catalan independence vote and subsequent ramifications from Madrid. Germany suffered from a breakdown of the fragile coalition and the impending local elections in December. -5 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 Apr 216 Oct 216 Apr 217 Oct 217 Over the month both the portfolio and the benchmark fell as Brexit concerns drove both the UK and European markets down. Stock selection within the UK helped to limit the falls with Man GLG UK Undervalued the stand out performer. Overall the portfolio outperformed the benchmark. WMA Growth Index² (15.9) MPS Growth Performance on ASCENTRIC (187.7) MPS Growth Historic Performance

8 Brewin Dolphin Managed Service Growth November 217 Asset Allocation as at 3 November 217 Performance One Year Nov 216 Dec 216 Statistics Jan 217 Feb 217 Mar 217 Apr 217 Inception Volatility 9.6 Inception Volatility 9.8 Inception Information Ratio.5 Tracking Error 3.2 Management May 217 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. Jun 217 Jul 217 Aug 217 WMA Growth Index² (12.2) MPS Growth Performance on ASCENTRIC (13.3) MPS Growth Historic Performance Sep 217 Oct Nov 217 Holdings as at 3 November 217 Man GLG Undervalued Assets Profl Inc D 8.5% Vanguard US Equity Index Inc 8.5% JPM US Equity Income C Net Inc 7.5% Fidelity Index UK P Inc 6.5% Investec UK Special Situations I Acc Net 6.% Threadneedle European Sel Z Acc GBP 5.% Investec UK Alpha I Acc Net 4.5% Legg Mason CB US Agrsv Gr X GBP Acc 4.5% Stewart Investors AsiaPac Ldrs B Acc GBP 4.5% Old Mutual Global Eq AR R Hgd Acc 4.% PIMCO Select UK Income Bond R GBP Inc 3.5% Old Mutual UK Smaller Coms R GBP Acc 3.5% Liontrust Special Situations I Inc 3.5% Schroder Tokyo Z Inc 3.5% Threadneedle UK Eq Inc Z Inc GBP 3.% Newton Global Dynamic Bd Inst W Inc 3.% Artemis US Select I Acc GBP 2.5% CF Lindsell Train UK Equity Inc 2.% Cash 2.% Allianz Gilt Yield I Inc 2.% Fundsmith Equity I Inc 2.% Fidelity Emerging Markets W Acc 2.% JOHCM Continental European Y GBP Inc 1.5% Vanguard UK Govt Bd Idx GBP Inc 1.% Henderson UK Absolute Return I Acc 1.% Hermes Asia Ex Japan Equity F GBP Inc 1.% Baillie Gifford American B Inc 1.% Schroder Global Cities Real Estt Z Inc 1.% Jupiter Absolute Return I Acc.5% ishares Glb Prpty Secs Eq Idx (UK) D Inc.5% JPM Global Macro Opportunities C Net Inc.5% The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments and any income from them can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in this document. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at evalue risk tolerance scores are based on a 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. The Estimated Annual Yield figure is based on reasonable assumptions supported by objective data and is no guarantee of future performance. 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 November 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. November Mth 3 Mths 6 Mths YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr SI (p.a)¹ 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. 1 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 Trump s anticipated tax reforms gave a fillip to equity markets in November with the bill anticipating cutting Corporation Tax to 2% whilst offering individuals tax cuts and reforms. However, with two separate bills proposed; one by the Senate Finance Committee and the other passed by the House; work will be required to reach an acceptable proposition before the mid-term election kicks off at the end of Q In the UK, Brexit and the Budget were the main topics, with the UK negotiating its settlement for exiting the EU at circa 5bn. The continued uncertainty lead to UK growth expectations being cut for both 218 & 219. Meanwhile, the Budget passed with Philip Hammond appealing to the millennials by increasing the limit for stamp duty. Europe hit the news with the Catalan independence vote and subsequent ramifications from Madrid. Germany suffered from a breakdown of the fragile coalition and the impending local elections in December. Over the month both the portfolio and the benchmark fell as Brexit concerns drove both the UK and European markets down. Stock selection and the underweight position in the UK helped to limit the falls with Man GLG UK Undervalued the stand out performer. Overall the portfolio performance was in line with the benchmark return. Information Global Equity Composite Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.7 Estimated Annual Yield 1.85 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 Global Equity Composite (158.3) Nov 215 May 216 MPS Global Equity Performance on ASCENTRIC (18.5) MPS Global Equity Historic Performance Nov May 217 Nov 217

10 Brewin Dolphin Managed Service Global Equity November 217 Asset Allocation as at 3 November 217 Performance One Year Nov 216 Dec 216 Statistics Jan 217 Feb 217 Mar 217 Apr 217 May 217 Inception Volatility 1.4 Inception Volatility 1.6 Inception Information Ratio.3 Tracking Error 3.6 Jun 217 Jul 217 Aug 217 Sep 217 Global Equity Composite (13.9) MPS Global Equity Performance on ASCENTRIC (14.5) MPS Global Equity Historic Performance Oct Nov 217 Holdings as at 3 November 217 Vanguard US Equity Index Inc 9.5% Majedie UK Equity X Acc 8.3% Fidelity Index UK P Inc 8.1% Man GLG Undervalued Assets Profl Inc D 8.% Threadneedle UK Eq Inc Z Inc GBP 8.% Investec UK Alpha I Acc Net 7.5% Baillie Gifford American B Inc 7.% Aviva Investors US Equity Inc II 2 Inc 5.% CF Lindsell Train UK Equity Inc 4.3% Threadneedle European Sel Z Acc GBP 4.% Stewart Investors AsiaPac Ldrs B Acc GBP 3.5% Old Mutual UK Smaller Coms R GBP Acc 3.% JOHCM Continental European Y GBP Inc 3.% Troy Trojan Income O Inc 3.% Hermes Asia Ex Japan Equity F GBP Inc 2.5% Fidelity Emerging Markets W Acc 2.5% Legg Mason CB US Agrsv Gr X GBP Acc 2.% Fundsmith Equity I Inc 2.% Liontrust Special Situations I Inc 1.8% Schroder Tokyo Z Inc 1.5% Baillie Gifford Japanese B Inc 1.5% Artemis US Select I Acc GBP 1.% Investec UK Special Situations I Acc Net 1.% JPM US Equity Income C Net Inc 1.% Cash 1.% 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. The Estimated Annual Yield figure is based on reasonable assumptions supported by objective data and is no guarantee of future performance. 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: ).