Academy of Funds. Analytics Report. Click below to view our latest. Quarter Talking Withs. Talking Factsheets.

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1 Quarter For Professional Clients Only Academy of Funds Analytics Report Click below to view our latest Talking Withs Talking info@squaremileresearch.com squaremileresearch.com

2 Use this button to return to the contents from any page Contents Click below to go straight to a specific section Active funds 4 50 Most Viewed Active Funds 5 Views Per Management Group 7 Searches Per Outcome Views Per Asset Class 8 Views Per Rating Views Per IA Sector 9 Top Views Per IA Sector 15 Top Views Per Outcome Risk Targeted Funds 16 Top Risk Targeted Fund Views 17 Risk Targeted Views Per Management Group Passive Funds 18 Top Passive Fund Views 19 Passive Fund Views Per Management Group Passive Fund Views Per IA Sector Page 2 of 19

3 50 Most Viewed Active Funds Fund Name Change from Q Q Views % 1 Fundsmith Equity I Acc 0.3% 1.6% 2 Artemis US Absolute Return I Hedged Acc GBP 1.4% 1.4% 3 Baillie Gifford Strategic Bond B Inc 0.8% 1.4% 4 Royal London UK Equity Income M Inc 0.7% 1.3% 5 LF Woodford Equity Income C Inc GBP -0.6% 1.3% 6 Standard Life Investments Global Index Linked Bond Ret Platform 1 Acc 1.0% 1.2% 7 Baillie Gifford Global Alpha Growth B Acc 0.1% 1.1% 8 Aviva Inv UK Equity Income 2 0.2% 1.0% 9 Artemis High Income I Inc -0.3% 1.0% 10 Merian Global Equity R Acc GBP -0.3% 1.0% 11 Standard Life Investments Global Absolute Return Strategies Ret Platform 1 Acc -0.2% 1.0% 12 Artemis Income I Inc -0.9% 0.9% 13 Legg Mason Brandywine Global Fixed Income X Acc GBP 0.1% 0.9% 14 Evenlode Income B Inc 0.6% 0.9% 15 Janus Henderson Global Equity Income I Inc 0.5% 0.8% 16 Standard Life Investments UK Equity Income Unconstrained Ret Platform 1 Inc 0.1% 0.8% 17 Baillie Gifford Japanese B Acc -0.7% 0.8% 18 BlackRock European Dynamic FD Acc -0.1% 0.8% 19 Fidelity Emerging Markets W Acc 0.4% 0.8% 20 Jupiter European I Acc 0.3% 0.8% 21 Pimco Global Libor Plus Bond Inst Hedged Acc GBP 0.1% 0.8% 22 Aberdeen Emerging Markets Equity I Acc -0.2% 0.8% 23 Artemis Global Income I Inc -0.9% 0.8% 24 Dodge & Cox Global Stock Acc GBP 0.3% 0.8% 25 Jupiter Absolute Return I Acc -0.3% 0.8% 26 L&G Cash Trust I Acc 0.8% 0.8% 27 Merian North American Equity R Acc GBP 0.2% 0.8% 28 Baillie Gifford High Yield Bond B Inc 0.3% 0.7% 29 M&G Global Dividend I Acc GBP 0.6% 0.7% 30 Newton Real Return Inst W Acc 0.4% 0.7% 31 AXA Distribution Z Inc 0.0% 0.7% 32 Merian Asia Pacific R Acc 0.7% 0.7% 33 Merian UK Equity R Acc GBP 0.5% 0.7% 34 Natixis Loomis Sayles U.S. Equity Leaders N/A GBP 0.3% 0.7% 35 TwentyFour Strategic Income AQN GBP 0.1% 0.7% 36 AXA Global Short Duration Bonds Z Inc -1.1% 0.6% 37 Dodge & Cox US Stock Acc GBP 0.0% 0.6% 38 First State Asia Focus B Acc GBP 0.4% 0.6% 39 Invesco Global Targeted Returns Z Acc 0.0% 0.6% 40 JPM Unconstrained Bond C Gr Inc -0.1% 0.6% 41 Merian Global Equity Income (IRL) R Inc GBP 0.6% 0.6% 42 Merian UK Mid Cap R Acc GBP 0.1% 0.6% 43 MI Somerset Emerging Markets Dividend Growth A Inc GBP 0.5% 0.6% 44 Standard Life Investments UK Equity Unconstrained Ret Platform 1 Acc -0.1% 0.6% 45 Artemis Global Select I Acc -0.1% 0.6% 46 Invesco Distribution Z Acc 0.2% 0.6% 47 Jupiter Merlin Balanced Portfolio I Acc 0.0% 0.6% 48 Lazard Emerging Markets A Acc 0.3% 0.6% 49 Liontrust UK Smaller Companies I Acc 0.0% 0.6% 50 Newton Global Income Inst W Inc GBP -0.6% 0.6% We have recognised an anomaly in reporting in relation to the Aberdeen Asia Pacific & Japan Equity fund. As the first fund to appear alphabetically in the Academy of Funds it experiences a disproportionate number of views. We have therefore removed the fund from the viewing statistics. Page 3 of 19

4 Views Per Management Group Fund Management Group No. of SM Rated Funds Change from Q Q Views % 1 Standard Life Investments % 6.7% 2 Artemis Fund Managers Limited % 5.2% 3 Legal & General UT Mgr Ltd % 4.6% 4 Fidelity International % 4.3% 5 Jupiter Unit Trust Mgrs Ltd % 4.3% 6 Merian Global Investors (UK) Ltd 8 0.6% 4.3% 7 Baillie Gifford & Co Ltd 7-0.8% 4.2% 8 Premier Asset Management 9 1.2% 3.9% 9 BlackRock % 3.9% 10 Vanguard Investments UK Limited % 3.2% 11 Henderson Global Investors Ltd 8 0.6% 2.7% 12 Invesco Fund Mgrs 9-0.9% 2.7% 13 Schroder UT Managers % 2.7% 14 Kames Capital plc 8 0.0% 2.4% 15 M&G UK 9 0.5% 2.4% 16 AXA IM UK 6-1.3% 2.1% 17 Threadneedle Investment Services 8 0.9% 2.0% 18 Royal London Unit Tst Mgrs Ltd 6 1.0% 1.8% 19 HSBC Gbl Asset Mgt % 1.8% 20 Newton & BNY Mellon Asset Mgmt 4 0.0% 1.5% 21 TwentyFour Asset Management LL 4 0.2% 1.5% 22 JP Morgan Asset Management UK 6 0.0% 1.5% 23 Liontrust Fund Partners LLP 4-0.6% 1.4% 24 Stewart Investors (UK) 5 0.3% 1.4% 25 Investec Fund Managers (UK) 4-0.5% 1.3% 26 BMO Global Asset Management 7 0.3% 1.3% 27 Fundsmith 1 0.2% 1.2% 28 River & Mercantile Asset Mgmt 4 0.7% 1.2% 29 Dodge & Cox WorldwideFunds Plc 2 0.2% 1.1% 30 Legg Mason Global Funds Plc 2-0.8% 1.0% 31 First State Investments UK Ltd 3-0.6% 1.0% 32 Woodford Investment Management 1-0.6% 1.0% 33 Matthews Asia 5-0.3% 1.0% 34 Architas Multi-Manager Ltd 6 0.5% 0.9% 35 Evenlode Investment Management Ltd 2 0.9% 0.9% 36 Aviva Investors UK Fd Serv Ltd 1-1.8% 0.8% 37 Troy Asset Management Ltd 2 0.3% 0.8% 38 Aberdeen Fund Managers Limited 4 1.9% 0.7% 39 Somerset Capital Management LL 2 0.2% 0.7% 40 Polar Capital 2-0.4% 0.7% 41 PIMCO Global Advisors(IRL) Ltd 2 0.0% 0.7% 42 Lazard Fund Managers 2 0.1% 0.6% 43 SEI Global Asset Funds (IRL) 7-0.2% 0.6% 44 Natixis Investment Managers 1 0.2% 0.5% 45 GLG Partners 3-0.3% 0.5% 46 Cornelian Asset Managers 5 0.1% 0.5% 47 CRUX Asset Management Limited 2-0.1% 0.4% 48 SVM Asset Management Ltd 1 0.2% 0.4% 49 Baring Asset Management Limited 1 0.4% 0.4% 50 Ashmore Investment Mgt Ltd 1 0.4% 0.4% 51 Lindsell Train 1-0.2% 0.4% 52 Rathbone Unit Trust Mgmt Ltd 1 0.2% 0.4% 53 RWC 1 0.0% 0.4% 54 Miton Asset Management 1 0.1% 0.3% All roundings may not add up to 100%. We have recognised an anomaly in reporting in relation to the Aberdeen Asia Pacific & Japan Equity fund. As the first fund to appear alphabetically in the Academy of Funds it experiences a disproportionate number of views. We have therefore removed the fund from the viewing statistics. Page 4 of 19

5 Views Per Management Group Fund Management Group No. of SM Rated Funds Change from Q Q Views % 55 State Street Global Advisors 2 0.0% 0.3% 56 TM Fulcrum Asset Management 1-0.2% 0.3% 57 Franklin Templeton Funds (UK) 1 0.1% 0.3% 58 SYZ Asset Management (Lux) 2-0.1% 0.3% 59 Saracen Fund Managers 1-0.2% 0.3% 60 JO Hambro Capital Management 1 0.1% 0.2% 61 Unicorn Asset Management 1-0.2% 0.2% 62 Allianz Global Invtrs GmbH(UK) 1 0.0% 0.2% 63 UBS Asset Mgmt Funds Ltd 1-0.2% 0.2% 64 Majedie Asset Management Ltd 1 0.0% 0.1% 65 Hermes Investment Management 1-0.1% 0.1% All roundings may not add up to 100%. We have recognised an anomaly in reporting in relation to the Aberdeen Asia Pacific & Japan Equity fund. As the first fund to appear alphabetically in the Academy of Funds it experiences a disproportionate number of views. We have therefore removed the fund from the viewing statistics. Page 5 of 19

6 Searches Per Outcome Capital Accumulation 31% Income 33% Capital Preservation 22% Inflation Protection 14% Views Per Asset Class Equity 56% Multi asset 23% Fixed income 20% Property 1% Page 6 of 19

7 Views Per Rating A 45% AA 23% AAA 6% Positive Prospect 3% Recommended 22% Suspended 2% Views Per IA Sector IA Sector Change from Q Q Views % 1 IA UK All Companies -1.2% 11.4% 2 IA Mixed Investment 20-60% Shares 0.9% 7.8% 3 IA Global -0.3% 6.8% 4 IA Targeted Absolute Return -1.1% 6.5% 5 IA Volatility Managed 2.9% 5.7% 6 IA Europe Excluding UK 0.8% 5.6% 7 IA UK Equity Income -1.0% 5.5% 8 IA Sterling Strategic Bond 1.2% 5.5% 9 IA Sterling Corporate Bond 0.6% 4.6% 10 IA Asia Pacific Excluding Japan -0.7% 4.4% 11 IA Global Emerging Markets 0.2% 4.0% 12 IA Global Bonds 0.3% 3.4% 13 IA North America 0.2% 3.3% 14 IA Specialist -0.4% 2.8% 15 IA Global Equity Income -0.5% 2.8% 16 IA Flexible Investment 0.2% 2.5% 17 IA Japan -1.5% 2.2% 18 IA Asia Pacific Including Japan -0.2% 2.2% 19 IA Mixed Investment 40-85% Shares 0.1% 1.9% 20 IA UK Smaller Companies -1.6% 1.4% 21 IA UK Gilts 0.9% 1.2% 22 IA Sterling High Yield 0.5% 1.1% 23 IA Mixed Investment 0-35% Shares -0.5% 1.1% 24 IA UK Direct Property 1.0% 1.0% 25 IA UK Index Linked Gilts 0.5% 0.9% 26 IA Europe Including UK -0.2% 0.9% 27 IA European Smaller Companies 0.3% 0.7% 28 IA Short Term Money Market 0.6% 0.6% 29 IA North American Smaller Companies -0.3% 0.4% 30 IA Japanese Smaller Companies 0.4% 0.4% 31 IA Technology & Telecommunications -0.3% 0.3% 32 IA China/Greater China -0.7% 0.3% 33 IA Global Emerging Markets Bond -0.4% 0.3% 34 IA Unclassified 0.2% 0.2% Page 7 of 19

8 Top Views Per IA Sector IA UK All Companies LF Woodford Equity Income C Inc GBP -0.6% 1.3% Evenlode Income B Inc 0.6% 0.9% Merian UK Equity R Acc GBP 0.5% 0.7% Merian UK Mid Cap R Acc GBP 0.1% 0.6% Standard Life Investments UK Equity Unconstrained Ret Platform 1 Acc -0.1% 0.6% IA Mixed Investment 20-60% Shares AXA Distribution Z Inc 0.0% 0.7% Invesco Distribution Z Acc 0.2% 0.6% Investec Cautious Managed I Acc GBP -0.6% 0.6% Jupiter Merlin Income Portfolio I Inc 0.1% 0.6% Premier Multi-Asset Distribution C Inc -0.1% 0.5% IA Global Fundsmith Equity I Acc 0.3% 1.6% Baillie Gifford Global Alpha Growth B Acc 0.1% 1.1% Merian Global Equity R Acc GBP -0.3% 1.0% Dodge & Cox Global Stock Acc GBP 0.3% 0.8% M&G Global Dividend I Acc GBP 0.6% 0.7% IA Targeted Absolute Return Artemis US Absolute Return I Hedged Acc GBP 1.4% 1.4% Standard Life Investments Global Absolute Return Strategies Ret Platform 1 Acc -0.2% 1.0% Jupiter Absolute Return I Acc -0.3% 0.8% Newton Real Return Inst W Acc 0.4% 0.7% Invesco Global Targeted Returns Z Acc 0.0% 0.6% IA Volatility Managed Rathbone Total Return Portfolio S Acc 0.2% 0.5% We have recognised an anomaly in reporting in relation to the Aberdeen Asia Pacific & Japan Equity fund. As the first fund to appear alphabetically in the Academy of Funds it experiences a disproportionate number of views. We have therefore removed the fund from the viewing statistics. Page 8 of 19

9 Top Views Per IA Sector IA Europe Excluding UK BlackRock European Dynamic FD Acc -0.1% 0.8% Jupiter European I Acc 0.3% 0.8% Artemis European Opportunities I Acc -0.4% 0.5% BlackRock Continental European Income D Inc -0.2% 0.5% Janus Henderson European Focus I Acc 0.3% 0.4% IA UK Equity Income Royal London UK Equity Income M Inc 0.7% 1.4% Aviva Inv UK Equity Income 2 0.2% 1.0% Artemis Income I Inc -0.9% 0.9% Standard Life Investments UK Equity Income Unconstrained Ret Platform 1 Inc 0.1% 0.8% Schroder Income Maximiser Z Inc 0.3% 0.6% IA Sterling Strategic Bond Baillie Gifford Strategic Bond B Inc 0.8% 1.4% Artemis High Income I Inc -0.4% 1.0% Invesco Monthly Income Plus Z Acc 0.3% 0.5% Janus Henderson Fixed Interest Monthly Income I Inc 0.3% 0.4% Janus Henderson Preference & Bond I Inc -0.2% 0.4% IA Sterling Corporate Bond Kames Ethical Corporate Bond B Inc 0.0% 0.5% Kames Investment Grade Bond B Inc -0.1% 0.5% AXA Sterling Credit Short Duration Bond Z Inc 0.0% 0.4% Fidelity Moneybuilder Income Y Dis GBP -0.1% 0.4% Kames Sterling Corporate Bond B Inc 0.3% 0.4% IA Asia Pacific Excluding Japan Merian Asia Pacific R Acc 0.7% 0.7% First State Asia Focus B Acc GBP 0.4% 0.6% Matthews Asia Asia Small Companies I GBP 0.1% 0.5% Jupiter Asian Income I Inc -0.1% 0.5% Invesco Asian Z Acc -1.0% 0.4% Page 9 of 19

10 Top Views Per IA Sector IA Global Emerging Markets Fidelity Emerging Markets W Acc 0.4% 0.8% Aberdeen Emerging Markets Equity I Acc -0.2% 0.8% MI Somerset Emerging Markets Dividend Growth A Inc GBP 0.5% 0.6% Lazard Emerging Markets A Acc 0.3% 0.6% RWC Global Emerging Markets R Acc GBP 0.1% 0.5% IA Global Bonds Standard Life Investments Global Index Linked Bond Ret Platform 1 Acc 1.0% 1.2% Legg Mason Brandywine Global Fixed Income X Acc GBP 0.1% 0.9% AXA Global Short Duration Bonds Z Inc -1.1% 0.6% Standard Life Investments Short Duration Global Index Linked Bond Platform 1 Acc 0.4% 0.5% IA North America Merian North American Equity R Acc GBP 0.2% 0.8% Natixis Loomis Sayles U.S. Equity Leaders N/A GBP 0.3% 0.7% Dodge & Cox US Stock Acc GBP 0.0% 0.6% JPM US Equity Income C Inc 0.0% 0.4% Artemis US Select I Acc GBP -0.5% 0.3% IA Specialist Stewart Investors Asia Pacific Leaders B Acc GBP 0.0% 0.6% Aberdeen Latin American Equity I Acc 0.0% 0.6% Polar Capital Global Insurance F Acc GBP 0.0% 0.5% Invesco Global Financial Capital Z Acc 0.2% 0.3% BlackRock Gold & General D Acc -0.2% 0.3% IA Global Equity Income Janus Henderson Global Equity Income I Inc 0.5% 0.8% Artemis Global Income I Inc -0.9% 0.8% Merian Global Equity Income (IRL) R Inc GBP 0.6% 0.6% Newton Global Income Inst W Inc GBP -0.6% 0.6% Saracen Global Income & Growth B Dist -0.2% 0.4% Page 10 of 19

11 Top Views Per IA Sector IA Flexible Investment Trojan X Acc 0.5% 0.5% Jupiter Merlin Growth Portfolio I Acc 0.1% 0.5% Pyrford Global Total Return B Acc GBP 0.2% 0.4% Threadneedle Managed Equity ZNA GBP 0.3% 0.3% Premier Multi-Asset Global Growth C Acc -0.2% 0.2% IA Japan Baillie Gifford Japanese B Acc -0.7% 0.8% Baillie Gifford Japanese Income Growth B Inc -1.0% 0.5% Schroder Tokyo Z Acc 0.1% 0.3% Invesco Japan Z Acc -0.1% 0.2% Man GLG Japan Core Alpha C Professional Acc 0.0% 0.2% IA Asia Pacific Including Japan Matthews Asia Asia Dividend I Acc GBP -0.1% 0.2% IA Mixed Investment 40-85% Shares Jupiter Merlin Balanced Portfolio I Acc 0.0% 0.6% AXA Framlington Managed Balanced Z Acc -0.1% 0.3% Premier Multi-Asset Growth & Income C Acc -0.2% 0.3% Threadneedle Managed Equity Focused ZNA GBP 0.2% 0.2% Schroder MM Diversity Balanced Z Acc 0.2% 0.2% IA UK Smaller Companies Liontrust UK Smaller Companies I Acc 0.0% 0.6% Merian UK Smaller Companies R Acc GBP -0.5% 0.6% Standard Life Investments UK Smaller Companies Ret Platform 1 Acc -0.6% 0.4% Fidelity UK Smaller Companies W Acc -0.6% 0.2% IA UK Gilts Allianz Gilt Yield C Inc 0.0% 0.3% Page 11 of 19

12 Top Views Per IA Sector IA Sterling High Yield Baillie Gifford High Yield Bond B Inc 0.3% 0.7% Threadneedle High Yield Bond ZNI GBP 0.4% 0.5% M&G Global Floating Rate High Yield IH Inc GBP 0.0% 0.2% IA Mixed Investment 0-35% Shares Jupiter Distribution I Inc -0.1% 0.5% Fidelity Multi Asset Income Y Inc GBP -0.3% 0.3% IA UK Direct Property M&G Property Portfolio I Inc GBP 0.2% 0.5% Janus Henderson UK Property PAIF I Inc 0.0% 0.3% L&G UK Property I Acc 0.0% 0.3% Standard Life Investments UK Real Estate Platform 1 Inc 0.2% 0.3% IA UK Index Linked Gilts Royal London Index Linked M Inc 0.3% 0.4% IA Europe Including UK JGF-Jupiter European Growth D Acc GBP 0.0% 0.3% JGF-Jupiter European Opportunities D Acc EUR 0.2% 0.2% Oyster European Selection R EUR -0.2% 0.2% IA European Smaller Companies Barings Europe Select Trust I Inc GBP 0.3% 0.5% F&C European Small Cap A Inc EUR 0.1% 0.2% F&C European Small Cap ex UK C Acc 0.1% 0.2% IA Short Term Money Market L&G Cash Trust I Acc 0.8% 0.8% Page 12 of 19

13 Top Views Per IA Sector IA North American Smaller Companies Artemis US Smaller Companies I Acc GBP -0.3% 0.6% IA Japanese Smaller Companies Baillie Gifford Japanese Smaller Companies B Acc 0.5% 0.5% IA Technology & Telecommunications Polar Capital Global Technology I GBP -0.3% 0.4% Page 13 of 19

14 Top Views Per Outcome Top 5 Viewed Capital Accumulation Funds Fundsmith Equity I Acc 0.3% 1.6% Artemis US Absolute Return I Hedged Acc GBP 1.4% 1.4% Royal London UK Equity Income M Inc 0.7% 1.3% LF Woodford Equity Income C Inc GBP -0.6% 1.3% Baillie Gifford Global Alpha Growth B Acc 0.1% 1.1% Top 5 Viewed Capital Preservation Funds Artemis US Absolute Return I Hedged Acc GBP 1.4% 1.4% Standard Life Investments Global Absolute Return Strategies Ret Platform 1 Acc -0.2% 1.0% Pimco Global Libor Plus Bond Inst Hedged Acc GBP 0.1% 0.8% Jupiter Absolute Return I Acc -0.3% 0.8% L&G Cash Trust I Acc 0.8% 0.8% Top 5 Viewed Income Funds Baillie Gifford Strategic Bond B Inc 1.4% 1.4% Royal London UK Equity Income M Inc 1.4% 1.4% LF Woodford Equity Income C Inc GBP 1.3% 1.3% Aviva Inv UK Equity Income 2 1.0% 1.0% Artemis High Income I Inc 1.0% 1.0% Top 5 Viewed Inflation Protection Funds Standard Life Investments Global Index Linked Bond Ret Platform 1 Acc 1.0% 1.2% Legg Mason Brandywine Global Fixed Income X Acc GBP 0.1% 0.9% AXA Distribution Z Inc 0.0% 0.7% Trojan X Acc 0.5% 0.5% Standard Life Investments Short Duration Global Index Linked Bond Platform 1 Acc 0.4% 0.5% We have recognised an anomaly in reporting in relation to the Aberdeen Asia Pacific & Japan Equity fund. As the first fund to appear alphabetically in the Academy of Funds it experiences a disproportionate number of views. We have therefore removed the fund from the viewing statistics. Page 14 of 19

15 Risk Targeted funds: Top Risk Targeted Fund Views Fund Name Change from Q Q Views % 1 Premier Liberation IV C Acc 11.5% 14.8% 2 Premier Liberation V C Acc 1.3% 7.0% 3 L&G Multi-Index 3 I Acc 2.4% 5.6% 4 Architas MA Active Dynamic S Acc 3.9% 3.9% 5 L&G Multi-Index 7 I Acc 1.4% 3.9% 6 L&G Multi-Index 5 I Acc -3.0% 3.5% 7 HSBC Global Strategy Adventurous Portfolio C Acc -5.8% 3.2% 8 L&G Multi-Index 6 I Acc 0.7% 3.2% 9 Premier Liberation VI C Acc 0.7% 3.2% 10 Premier Liberation VII C Acc -0.1% 3.2% 11 Standard Life Investments MyFolio Managed III Platform 1 Acc -2.9% 2.8% 12 Standard Life Investments MyFolio Market I Platform 1 Acc 0.4% 2.8% 13 Standard Life Investments MyFolio Market V Platform 1 Acc 2.0% 2.8% 14 L&G Multi-Index 4 I Acc 0.0% 2.5% 15 Standard Life Investments MyFolio Market IV Platform 1 Acc 0.8% 2.5% 16 Architas MA Active Intermediate Income S Acc 2.1% 2.1% 17 HSBC Global Strategy Balanced Portfolio C Acc -6.1% 2.1% 18 Standard Life Investments MyFolio Managed I Platform 1 Acc -1.2% 2.1% 19 Standard Life Investments MyFolio Market III Platform 1 Acc 0.5% 2.1% 20 SEI Core Sterling Wealth A GBP 0.9% 1.8% 21 Standard Life Investments MyFolio Multi Manager V Platform 1 Acc 0.9% 1.8% 22 Architas MA Active Progressive S Acc 1.4% 1.4% 23 HSBC Global Strategy Conservative Portfolio C Acc -1.1% 1.4% 24 Standard Life Investments MyFolio Managed II Platform 1 Acc 0.6% 1.4% 25 Standard Life Investments MyFolio Multi Manager III Platform 1 Acc 1.4% 1.4% 26 SVS Cornelian Managed Growth D Acc -0.2% 1.4% 27 SEI Moderate Sterling Wealth A 0.2% 1.1% 28 Standard Life Investments MyFolio Managed IV Platform 1 Acc -0.6% 1.1% 29 Standard Life Investments MyFolio Managed V Platform 1 Acc -1.4% 1.1% 30 Standard Life Investments MyFolio Market II Platform 1 Acc 1.1% 1.1% 31 Standard Life Investments MyFolio Multi Manager II Platform 1 Acc 1.1% 1.1% 32 Standard Life Investments MyFolio Multi Manager IV Platform 1 Acc 0.2% 1.1% 33 SVS Cornelian Defensive D Acc -1.4% 1.1% 34 SVS Cornelian Growth D Acc 1.1% 1.1% 35 Architas MA Active Growth S Acc 0.7% 0.7% Page 15 of 19

16 Risk Targeted funds: Risk Targeted Views Per Management Group Fund Management Group No. of SM Rated funds Change from Q Q Views % 1 Premier Asset Management % 28.2% 2 Standard Life Investments % 25.4% 3 Legal & General UT Mgr Ltd 5 6.5% 18.7% 4 Architas Multi-Manager Ltd 6 4.9% 9.5% 5 HSBC Gbl Asset Mgt (HSBC Inv) % 7.4% 6 SEI Global Asset Funds (IRL) 7-3.3% 6.0% 7 Cornelian Asset Managers 5 0.9% 4.9% Page 16 of 19

17 Passive funds: Top Passive Fund Views Fund Name Change from Q Q Views % 1 Vanguard US Equity Index A 1.3% 4.1% 2 L&G International Index Trust I Acc 0.0% 3.5% 3 ishares 100 UK Equity Index (UK) D Acc 2.6% 3.3% 4 ishares Emerging Markets Equity Index (UK) D Acc 0.4% 3.2% 5 ishares UK Equity Index (UK) D Acc -0.5% 3.0% 6 L&G All Stocks Gilt Index Trust I Inc 2.3% 3.0% 7 Vanguard FTSE Developed World ex-uk Equity Index A 0.9% 3.0% 8 ishares UK Gilts All Stocks Index (UK) D Inc 2.1% 2.8% 9 L&G Sterling Corporate Bond Index I Inc 2.7% 2.7% 10 ishares Index Linked Gilt Index (UK) D Acc 1.2% 2.6% 11 ishares North American Equity Index (UK) D Acc 2.6% 2.6% 12 Vanguard FTSE U.K. All Share Index A Acc GBP 2.4% 2.4% 13 ishares Pacific ex Japan Equity Index (UK) D Acc -1.9% 2.3% 14 L&G US Index Trust I Acc 0.9% 2.3% 15 ishares Continental European Equity Index (UK) D Acc 1.5% 2.2% 16 ishares Japan Equity Index (UK) D Acc 0.8% 2.2% 17 ishares Corporate Bond Index (UK) D Inc -0.6% 2.2% 18 Vanguard Emerging Markets Stock Index Acc GBP 0.7% 2.1% 19 ishares US Equity Index (UK) D Acc 2.0% 2.0% 20 Vanguard UK Government Bond Index Inc GBP 2.0% 2.0% 21 L&G European Index Trust I Acc 1.3% 2.0% 22 Vanguard UK Inflation-Linked Gilt Index A Gross Inc GBP 2.0% 2.0% 23 Vanguard FTSE Developed Europe ex-uk Equity Index A 1.9% 1.9% 24 Vanguard Pacific ex-japan Stock Index Acc GBP -2.4% 1.8% 25 L&G Pacific Index Trust I Acc -1.1% 1.7% 26 HSBC FTSE 100 Index C Acc 1.0% 1.7% 27 HSBC UK Gilt Index C Inc 1.7% 1.7% 28 L&G Japan Index Trust I Acc 1.0% 1.7% 29 ishares 350 UK Equity Index (UK) D Acc 0.9% 1.6% 30 Vanguard UK Long Duration Gilt Index A Gross Inc GBP 1.6% 1.6% 31 L&G All Stocks Index Linked Gilt Index Trust I Acc -3.4% 1.5% 32 Vanguard UK Investment Grade Bond Index Inc GBP -0.6% 1.5% 33 L&G UK Index Trust I Acc 1.4% 1.4% 34 SSgA UK Equity Tracker 0.6% 1.3% 35 HSBC American Index C Acc -0.1% 1.3% Page 17 of 19

18 Passive funds: Passive Fund Views Per Management Group Fund Management Group No. of SM Rated funds Change from Q Q Views % 1 Vanguard Group Inc % 30.3% 2 Legal & General UT Mgr Ltd % 18.6% 3 BlackRock % 18.0% 4 Fidelity International (FIL In 7-6.0% 13.6% 5 HSBC Gbl Asset Mgt (HSBC Inv) 8 1.3% 10.4% 6 Royal London Unit Tst Mgrs Ltd 4 1.6% 4.4% 7 State Street Global Advisors L 2-1.7% 3.2% 8 UBS Asset Mgmt Funds Ltd 1-3.3% 1.6% Passive Fund Views Per IA Sector IA Sector Change from Q Q Views % 1 IA UK All Companies 8.5% 15.5% 2 IA Europe Excluding UK 5.1% 10.7% 3 IA North America -1.2% 10.7% 4 IA Global 0.7% 9.8% 5 IA Asia Pacific Excluding Japan -14.3% 9.5% 6 IA UK Gilts 7.7% 9.1% 7 IA Sterling Corporate Bond 0.5% 8.2% 8 IA Global Bonds -0.1% 7.6% 9 IA Japan -2.8% 6.3% 10 IA UK Index Linked Gilts -0.3% 6.0% 11 IA Global Emerging Markets -4.1% 5.7% 12 IA Unclassified 0.2% 0.9% Page 18 of 19

19 Get in touch If you have any questions regarding the information contained within this document, get in touch Stephanie Bone Head of Marketing Source: Square Mile Academy of Funds as at 30th September 2018 This report is for the use of professional clients only (who are deemed to be professional clients under the FCA rules). It is issued and published by, and remains the copyright of, Square Mile Investment Consulting & Research Limited ( SMICR ). SMICR makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SMICR at the date of issue but may be subject to change without reference or notification to you. This report shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SMICR shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SMICR does not accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Page 19 of 19