MANAGED PORTFOLIO SERVICE

Transcription

1 MANAGED PORTFOLIO SERVICE Cautious May 218 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. May 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 May was a volatile month for news-flow and parts of the financial markets as politics dominated. Most of the month s drama stemmed from March s inconclusive Italian election in which populist parties formed the only viable coalition. Their attempt to form a government was blocked by the President on the basis that the finance minister could not be overtly Eurosceptic. Italian debt and related derivatives dramatically widened on the back of the news but rallied on the subsequent formation of a more moderate government. Most asset classes performed reasonably well over May. In particular, safe-haven and long duration attributes helped conventional and index-linked gilts to add value. Equities were also broadly positive. s remain overweight US equities and equities overall. The Cautious portfolio marginally underperformed its benchmark over May. In terms of attribution it was the absolute return holdings that failed to keep up with their more equity heavy benchmark exposures. Information WMA Conservative Index ² Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.49 Estimated Annual Yield 1.89 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 (85.3) May 216 Nov 216 MPS Cautious Performance on STANDARD LIFE (93.6) May Nov 217 May 218 MPS Cautious Historic Performance

2 Brewin Dolphin Managed Service Cautious May 218 Asset Allocation as at 31 May 218 Holdings as at 31 May 218 Performance One Year May 217 Jun 217 Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 217 Jan 218 Feb 218 Mar 218 Apr 218 May 218 WMA Conservative Index ² (3.7) MPS Cautious Performance on STANDARD LIFE (2.4) MPS Cautious Historic Performance Statistics Inception Volatility 4.7 Inception Volatility 4.3 Inception Information Ratio.2 Tracking Error 2.6 Management MI Select Managers Bond Instl Inc 37.% Insight UK Government Bond % Robeco Global Credits % PIMCO UK Corporate Bond % DWS Index Linked Gilt Index - 3.7% MI Select Managers UK Eq Inc Instl Inc 16.5% Investec UK Equity Income % Threadneedle UK Equity Income % Man GLG UK Equity Income % MI Select Managers NA Equity Instl Inc 5.% JPM US Equity Income - 2.5% Baillie Gifford American - 2.5% Cash 5.% Janus Henderson UK Absolute Return I Acc 5.% Old Mutual Glb Eq Abs Rt U1 GBP Hdg Acc 5.% Newton Global Dynamic Bd Inst W Inc 4.5% Vanguard US Equity Index Inc 3.5% Jupiter Absolute Return I Acc 3.% Newton Asian Income Instl W Inc 3.% JPM Global Macro Opportunities C Net Inc 3.% Fundsmith Equity I Inc 2.% BlackRock Continental Eurp Inc D Inc 1.5% Schroder Global Cities Real Estt L Inc 1.5% Baillie Gifford Japanese B Inc 1.5% F&C UK Equity-Linked Gilt 2 1.% Fidelity Instl Emerg Mkts W Acc 1.% ishares Glb Prpty Secs Eq Idx (UK) D 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 May 218 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. May 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 May was a volatile month for news-flow and parts of the financial markets as politics dominated. Most of the month s drama stemmed from March s inconclusive Italian election in which populist parties formed the only viable coalition. Their attempt to form a government was blocked by the President on the basis that the finance minister could not be overtly Eurosceptic. Italian debt and related derivatives dramatically widened on the back of the news but rallied on the subsequent formation of a more moderate government. Most asset classes performed reasonably well over May. In particular, safe-haven and long duration attributes helped conventional and index-linked gilts to add value. s remain overweight US equities and equities overall, so the US position proved beneficial this month with US equities markets proving particularly strong over the month. The Income portfolio marginally outperformed its benchmark last month. Information Investment Management Charge (p.a) WMA Income Index².3%+VAT Fund Underlying OCFs.51 Estimated Annual Yield 2.7 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 Apr 214 Oct 214 Apr 215 Oct 215 Apr 216 Oct 216 Apr Oct 217 Apr 218 WMA Income Index² (127.7) MPS Income Performance on STANDARD LIFE (136.2) MPS Income Historic Performance

4 Brewin Dolphin Managed Service Income May 218 Asset Allocation as at 31 May 218 Holdings as at 31 May 218 Performance One Year May 217 Jun 217 Statistics Jul 217 Aug 217 Sep 217 Oct 217 Inception Volatility 6.8 Inception Volatility 6.9 Inception Information Ratio.2 Tracking Error 2.2 Management Nov 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. Dec 217 Jan 218 Feb 218 Mar 218 WMA Income Index² (5.) MPS Income Performance on STANDARD LIFE (3.5) MPS Income Historic Performance Apr May MI Select Managers UK Eq Inc Instl Inc 22.% Investec UK Equity Income % Threadneedle UK Equity Income % Man GLG UK Equity Income % MI Select Managers Bond Instl Inc 22.% Insight UK Government Bond - 6.6% Robeco Global Credits - 5.5% PIMCO UK Corporate Bond - 7.7% DWS Index Linked Gilt Index - 2.2% MI Select Managers UK Equity Instl Inc 8.% JPM UK Equity Core % Investec UK Special Situations - 2.8% Miton UK Smaller Companies -.4% Old Mutual UK Mid & Large Cap Crossover -.88% Lindsell Train UK Equity - 2.8% MI Select Managers NA Equity Instl Inc 6.5% JPM US Equity Income % Baillie Gifford American % Vanguard US Equity Index Inc 6.% Cash 5.% Newton Asian Income Instl W Inc 4.% Newton Global Dynamic Bd Inst W Inc 3.5% Jupiter Absolute Return I Acc 3.% Janus Henderson UK Absolute Return I Acc 3.% Old Mutual Glb Eq Abs Rt U1 GBP Hdg Acc 3.% JPM Global Macro Opportunities C Net Inc 3.% BlackRock Continental Eurp Inc D Inc 3.% Baillie Gifford Japanese B Inc 2.5% Fundsmith Equity I Inc 2.% Fidelity Instl Emerg Mkts W Acc 1.5% Schroder Global Cities Real Estt L Inc 1.% ishares Glb Prpty Secs Eq Idx (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 May 218 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. May 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 May was a volatile month for news-flow and parts of the financial markets as politics dominated. Information Investment Management Charge (p.a) WMA Balanced Index².3%+VAT Fund Underlying OCFs.51 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 Most of the month s drama stemmed from March s inconclusive Italian election in which populist parties formed the only viable coalition. Their attempt to form a government was blocked by the President on the basis that the finance minister could not be overtly Eurosceptic. Italian debt and related derivatives dramatically widened on the back of the news but rallied on the subsequent formation of a more moderate government. Most asset classes performed reasonably well over May. In particular, safe-haven and long duration attributes helped conventional and index-linked gilts to add value. s remain overweight US equities and equities overall, so the US position proved beneficial this month with US equities markets proving particularly strong over the month. The Balanced portfolio outperformed its benchmark last month 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 Apr 217 Oct 217 Apr 218 WMA Balanced Index² (144.9) MPS Balanced Performance on STANDARD LIFE (164.8) MPS Balanced Historic Performance

6 Brewin Dolphin Managed Service Balanced May 218 Asset Allocation as at 31 May 218 Holdings as at 31 May 218 Performance One Year May 217 Jun 217 Statistics Jul 217 Aug 217 Sep 217 Oct 217 Inception Volatility 8.1 Inception Volatility 8.2 Inception Information Ratio.3 Tracking Error 2.7 Management Nov 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. Dec 217 Jan 218 Feb 218 Mar 218 WMA Balanced Index² (5.6) MPS Balanced Performance on STANDARD LIFE (4.8) MPS Balanced Historic Performance Apr May MI Select Managers Bond Instl Inc 16.% Insight UK Government Bond - 4.8% Robeco Global Credits - 4.% PIMCO UK Corporate Bond - 5.6% DWS Index Linked Gilt Index - 1.6% MI Select Managers UK Eq Inc Instl Inc 15.% Investec UK Equity Income % Threadneedle UK Equity Income % Man GLG UK Equity Income - 5.1% MI Select Managers UK Equity Instl Inc 14.5% JPM UK Equity Core % Investec UK Special Situations % Miton UK Smaller Companies -.73% Old Mutual UK Mid & Large Cap Crossover - 1.6% Lindsell Train UK Equity % MI Select Managers NA Equity Instl Inc 1.5% JPM US Equity Income % Baillie Gifford American % Vanguard US Equity Index Inc 8.5% Cash 5.% Newton Asian Income Instl W Inc 5.% Old Mutual Glb Eq Abs Rt U1 GBP Hdg Acc 4.% Threadneedle European Sel Z Acc GBP 3.% Schroder Tokyo L GBP Inc 2.5% Newton Global Dynamic Bd Inst W Inc 2.5% Janus Henderson UK Absolute Return I Acc 2.25% Fidelity Instl Emerg Mkts W Acc 2.% Fundsmith Equity I Inc 2.% Jupiter Absolute Return I Acc 1.5% JOHCM Continental European Y GBP Inc 1.5% Schroder Global Cities Real Estt L Inc 1.25% ishares Glb Prpty Secs Eq Idx (UK) D Inc 1.% JPM Global Macro Opportunities C Net Inc 1.% F&C UK Equity-Linked Gilt 2.5% Baillie Gifford Japanese B 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: ).

7 MANAGED PORTFOLIO SERVICE Growth May 218 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. May 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 May was a volatile month for news-flow and parts of the financial markets as politics dominated. Information Investment Management Charge (p.a) WMA Growth Index².3%+VAT Fund Underlying OCFs.54 Estimated Annual Yield 1.48 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Most of the month s drama stemmed from March s inconclusive Italian election in which populist parties formed the only viable coalition. Their attempt to form a government was blocked by the President on the basis that the finance minister could not be overtly Eurosceptic. Italian debt and related derivatives dramatically widened on the back of the news but rallied on the subsequent formation of a more moderate government. Most asset classes performed reasonably well over May. In particular, safe-haven and long duration attributes helped conventional and index-linked gilts to add value. Equities were also broadly positive. s remain overweight US equities and equities overall. The Growth portfolio outperformed its benchmark last month. Broadly speaking, fund selection added value across the board with UK and US funds in particular adding relative value 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 Apr 217 Oct 217 Apr 218 WMA Growth Index² (161.9) MPS Growth Performance on STANDARD LIFE (21.6) MPS Growth Historic Performance

8 Brewin Dolphin Managed Service Growth May 218 Asset Allocation as at 31 May 218 Holdings as at 31 May 218 Performance One Year May 217 Jun 217 Statistics Jul 217 Aug 217 Sep 217 Oct 217 Inception Volatility 9.5 Inception Volatility 9.7 Inception Information Ratio.5 Tracking Error 3.2 Management Nov 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. Dec 217 Jan 218 Feb 218 Mar 218 WMA Growth Index² (6.5) MPS Growth Performance on STANDARD LIFE (8.3) MPS Growth Historic Performance Apr 218 May MI Select Managers UK Equity Instl Inc 32.% JPM UK Equity Core % Investec UK Special Situations % Miton UK Smaller Companies - 1.6% Old Mutual UK Mid & Large Cap Crossover % Lindsell Train UK Equity % MI Select Managers NA Equity Instl Inc 15.% JPM US Equity Income - 7.5% Baillie Gifford American - 7.5% Vanguard US Equity Index Inc 9.% MI Select Managers Bond Instl Inc 6.5% Insight UK Government Bond % Robeco Global Credits % PIMCO UK Corporate Bond % DWS Index Linked Gilt Index -.65% Stewart Investors AsiaPac Ldrs B Acc GBP 6.5% Schroder Tokyo L GBP Inc 4.% Threadneedle European Sel Z Acc GBP 4.% Old Mutual Glb Eq Abs Rt U1 GBP Hdg Acc 4.% Newton Global Dynamic Bd Inst W Inc 3.% MI Select Managers UK Eq Inc Instl Inc 3.% Investec UK Equity Income -.99% Threadneedle UK Equity Income -.99% Man GLG UK Equity Income - 1.2% Fidelity Instl Emerg Mkts W Acc 2.5% Cash 2.5% Fundsmith Equity I Inc 2.% JOHCM Continental European Y GBP Inc 2.% Schroder Global Cities Real Estt L Inc 1.% Janus Henderson UK Absolute Return I Acc 1.% Jupiter Absolute Return I Acc.5% JPM Global Macro Opportunities C Net Inc.5% ishares Glb Prpty Secs Eq Idx (UK) D Inc.5% Baillie Gifford Japanese B 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 May 218 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. May 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 May was a volatile month for news-flow and parts of the financial markets as politics dominated. Most of the month s drama stemmed from March s inconclusive Italian election in which populist parties formed the only viable coalition. Their attempt to form a government was blocked by the President on the basis that the finance minister could not be overtly Eurosceptic. Italian debt and related derivatives dramatically widened on the back of the news but rallied on the subsequent formation of a more moderate government. Most asset classes performed reasonably well over May. In particular, safe-haven and long duration attributes helped conventional and index-linked gilts to add value. Equities were also broadly positive. s remain overweight US equities and equities overall. The Aggressive portfolio outperformed its benchmark last month. Broadly speaking, fund selection added value across the board with UK and US funds in particular adding relative value. Information Global Equity Composite Investment Management Charge (p.a).3%+vat Fund Underlying OCFs.52 Estimated Annual Yield 1.54 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 (171.6) Nov 215 May 216 Nov 216 May 217 MPS Global Equity Performance on STANDARD LIFE (197.9) Nov 217 May 218 MPS Global Equity Historic Performance

10 Brewin Dolphin Managed Service Global Equity May 218 Asset Allocation as at 31 May 218 Holdings as at 31 May 218 Performance One Year May 217 Jun 217 Statistics Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 217 Jan 218 Feb 218 Mar 218 Global Equity Composite (7.2) MPS Global Equity Performance on STANDARD LIFE (8.8) MPS Global Equity Historic Performance Apr 218 May MI Select Managers UK Equity Instl Inc 53.5% JPM UK Equity Core % Investec UK Special Situations % Miton UK Smaller Companies % Old Mutual UK Mid & Large Cap Crossover % Lindsell Train UK Equity % MI Select Managers NA Equity Instl Inc 15.% JPM US Equity Income - 7.5% Baillie Gifford American - 7.5% Vanguard US Equity Index Inc 9.5% Stewart Investors AsiaPac Ldrs B Acc GBP 6.5% JOHCM Continental European Y GBP Inc 3.% Threadneedle European Sel Z Acc GBP 3.% Fidelity Instl Emerg Mkts W Acc 2.5% Baillie Gifford Japanese B Inc 2.5% Fundsmith Equity I Inc 2.% Schroder Tokyo L GBP Inc 1.5% Cash 1.% Inception Volatility 1.4 Inception Volatility 1.6 Inception Information Ratio.3 Tracking Error 3.6 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: ).