Securities Trust of Scotland
|
|
- Dwayne Scott
- 5 years ago
- Views:
Transcription
1 This article first appeared on Investment Trust Intelligence on 14 October and reflects their views and opinions. Martin Currie has edited this to ensure suitable for a retail audience. Securities Trust of Scotland Recently announced its commitment to a higher dividend, raising it by 18% over the next twelve months Management team is about to be boosted by the appointment of former manager Mark Whitehead as head of Martin Currie s income strategy Prospective dividend yield of 4.7% p.a. now one of the highest in the wider sector, supported by capital, 1 and the board have an ongoing commitment to a progressive dividend Summary Securities Trust of Scotland took a rather bold step to improve its appeal to investors earlier this year when the board announced that the trust would use capital reserves to support progressive dividend payments in future. Chairman Neil Donaldson announced that the trust would commit to a minimum dividend increase of 18% for the current financial year, taking the progressive yield on the trust to 4.7%. As at the time of writing the trust s historic yield is 3.8%. 2 The announcement raised eyebrows in the investment trust sector, but the result was a sharp contraction of the trust s discount which had been around 5% since the start of the year. The discount is the amount expressed as a percentage by which the share price is less than the net asset value per share. The move is clearly designed to generate demand for the trust, which at just over 150m is still relatively small. The trust has a respectable but not outstanding track record. Since launch it has outperformed the MSCI World High Dividend Yield index in NAV terms, returning 79% to investors (as opposed to 65%). The new commitment to a dividend yield of 4.7% will take the trust from around the average in the sector, to near the top in income terms, 1 making it a much more compelling proposition. * 1 An investment company s capital reserve is primarily a reserve which reflects the profits arising on the revaluation or sale of its investments. This reserve is shown on the company s balance sheet and forms part of the equity attributable to shareholders. The majority of charges will be deducted from the capital of the Company. This will be a constraint on capital growth in order to maintain the income streams. 2 The historic yield reflects dividends declared over the past 12 months as a percentage of the mid-market share price as at the time of writing. Investors may be subject to tax on their dividends. Past performance is not a guide to future returns. *Source: Morningstar, Nav total return since launch to 1 October
2 Performance Analysis of the trust, launched in 2005, is of limited use beyond five years ago because it was effectively relaunched in 2011, adopting a new global equity income mandate and appointing a new manager in the form of Alan Porter. Since then, after a period where the trust was well ahead of the two indices, performance has slackened to leave the trust at around par with the MSCI World Dividend High Yield and AIC Global Equity Income sectors, with a total return of 32%, compared to 36% from the benchmark and 36% from the AIC sector between August 2011 and the end of September * Looking at the trust through a wider lens, however, it seems more surefooted. Ranked against our composite global sector which includes 353 OEICs and investment trusts from five AIC and IMA sectors, the trust is ranked 89th in NAV terms over five years and would even on its historic yield of 3.8% offer a higher income than all but eight of its open ended competitors. However, given the board s forward guidance, the prospective yield of 4.7% for the current year would put it firmly in the top ten funds of our wider global universe. The majority of charges will be deducted from the capital of the Company. This will be a constraint on capital growth in order to maintain the income streams. Past performance is not a guide to future returns. *Source: FE Analytics, total return August 1, October Source: Morningstar, NAV total return over five years to 1 October Performance of Securities Trust of Scotland vs benchmarks 100 Five years to 1 October TR (%) Securities Trust of Scotland Ord (Cumulative Fair NAV) Securities Trust of Scotland Ord (Price) MSCI World High Dividend Yield IA Global Equity Income AIC Global Equity Income Source: Morningstar Discrete performance Cumulative performance over 12 months to 30 September to 30 September Three years Five years Share price (7.1%) 0.5% 15.2% 27.6% 9.4% 7.5% 50.0% NAV (3.1%) 5.7% 18.2% 18.2% 3.3% 21.0% 47.8% Benchmark (1.8%) 11.5% 17.6% 15.7% 2.6% 28.8% 52.8% Source: Martin Currie and Morningstar. Bid to bid basis with net income reinvested over the periods shown in sterling terms. These figures do not include the costs of buying and selling shares in an investment trust. If these were included, performance figures would be reduced. Prior to 1 August 2011, the company s benchmark was the FTSE All-Share index and the MSCI World High Dividend Yield index thereafter. Past performance is not a guide to future returns. 2
3 Alan is a stockpicker, buying stocks largely on the back of company fundamentals with a small nod to the macro, and has made some good choices recently, building up a position in Kraft which saw its food business merger with Heinz (another holding which performed well for the trust, back in 2013) in March Recently sold, French aerospace company Saffran also performed well, seeing strong demand for the engines which it makes for narrow bodied planes on the back of growing tourism industries in developing markets like China and India. Securities Trust of Scotland - Discrete performance % TR Securities Trust of Scotland Ord (Cum Fair NAV) Securities Trust of Scotland Ord (Price) MSCI World High Dividend Yield NR LCL Global Equity Income IA OE Global Equity Income Source: Morningstar Industrials and utilities have been the strongest source of returns for the trust in recent years according to the manager, but geographical asset allocation has hurt performance holdings in the UK and North America performed well but the trust suffered as a result of its significant exposure to Europe, which hit returns toward the end of Portfolio characteristics Perhaps surprisingly, Securities Trust of Scotland is the only pure equity play in the global equity income trust sector, and has a strong value bias. The manager invests worldwide, with the largest weightings in North America (45%), continental Europe (25%) and the UK (23%). Asia makes up a relatively small proportion of the portfolio, at only 6%, split evenly between Japan, Australia, developed Asia and emerging Asia. Securities Trust of Scotland - Sector exposure Financials Healthcare Information technology Cash Consumer staples Energy Materials Telecoms Industrials Utilities Consumer discretionary Source: Morningstar. 3
4 The portfolio is tightly focused, with only 44 holdings and around a third of its total assets held in the top ten. The trust is managed on an unconstrained, high conviction basis and this is reflected in its asset allocation. It is overweight financial services, communication services and industrials, with a large underweight to energy which proved apposite, given the poor performance of the sector last year. Alan applies a three stage process to stock selection. First he examines the dividend and particularly the margin of safety that the dividend has in terms of coverage. Next he considers the valuation relative to other stocks. He does not like to pay up for value, growth or quality, but neither is he looking for stocks which are particularly cheap relative to the benchmark. The final analysis looks at what the trigger is which will change the valuation of a stock, without which there is no point buying it. Stocks are subject to a stock template, effectively a piece of due diligence which acts as a written note explaining why the stock has been selected, as well as detailed financial modelling, and must be updated at least once a year as long as the stock remains within any portfolio. Securities Trust of Scotland - Regional exposure Europe North America Japan Asia Pacific ex Japan Emerging markets Cash Source: Morningstar. Management Alan Porter has managed the trust since 2011, three years after he joined the group. Based in Edinburgh, Alan is lead manager on the trust and works as part of a team of five professionals running global and European equity income funds. The income team will soon be expanded with the appointment of Mark Whitehead, formerly at Sarasin, who will join at the end of November to lead the group s income efforts, as part of a drive to build equity income as one of the company s specialist areas of expertise. The whole UK based investment team at Martin Currie works on the same floor, so the income team is embedded in a larger group of managers, and collaboration across the desks is regular. Martin Currie operates a weekly schedule of sector meetings where a representative from each product team will come along to discuss their ideas, in a forum led by head of research Jamie Mariani. There is regular stock discussion, where managers and analysts present individual stock ideas and anybody who can buy the stock takes part in the discussion of its merits. 4
5 Gearing and charges Gearing means that the trust can borrow for investment purposes if the manager expects that the return on the investments purchased using the borrowings exceeds the cost of those borrowings. Whilst gearing will increase returns in a rising market it will also increase losses in a falling market. The trust is geared to the tune of around 9% via a 17m debt facility. The manager uses gearing on a tactical basis, increasing it when he feels optimistic about the prospects for the portfolio and using it to increase exposure across the board in order to enhance the portfolio income, rather than investing in specific stock opportunities. The trust currently has net cash of 2.5%. The board have an aim to keep the trust s Ongoing Charge Figure (OCF) to 1% or below, and for the past couple of years it has been exactly 1%. Assuming the trust can continue to grow, we would hope that the OCF comes down slowly. Discount Since the trust s relaunch as a global equity income vehicle, strong demand for its shares has seen share price performance significantly ahead of NAV performance on a number of occasions. The trust traded at a premium throughout 2012 and 2013, and for the first six months of 2014, and the board issued new shares during that period. Premium is the amount expressed as a percentage by which the share price is more than the net asset value per share. Securities Trust of Scotland - Discount vs Premium Five years to 1 October % Source: Morningstar Prior to the dividend announcement made during Summer 2015, the discount had slipped out to around 5%. However, the board s innovation which now puts it amongst the highest yielding funds in the wider global sector, has had a positive effect and the discount narrowed sharply over the summer, reaching a low in August of 2.6%. It now sits on a discount of 8.2% according to data from Morningstar. The board operates a discount control mechanism which over the medium term targets a discount of narrower than 7.5%. 5
6 Conclusion There has been much debate about the decision by the board to increase the yield on this trust in a way that may be partly funded by capital reserves. The no camp believes that paying income from the capital account is robbing Peter to pay Paul, and as pointed out by Numis who did not welcome the news it may have negative implications for some shareholders, for whom returns as capital, rather than income, might be more tax efficient. Our view is that this shift is not as controversial as it looks. If one considers this in the context of total returns, the board of Securities Trust of Scotland is simply offering to divide up the loot in a way which is more attractive to many people who want a steady and predictable income, and supporting that with the policy of forward guidance whereby they commit to a dividend at the start of the year. We think this puts the trust in a much more competitive position in its peer group and note that the manager himself who, ultimately, is the one who has to make this work asked the board to consider this total return option, rather than insisting that he invest in higher yielding income stocks which, in his quite conservative view, would have unduly increased risk in the portfolio. This article first appeared on Investment Trust Intelligence on 14 October and reflects their views and opinions. Martin Currie has edited this to ensure suitable for a retail audience. Important information This material is for information purposes only and does not constitute investment advice, if you are unsure about the suitability of an investment for you, you should speak to a financial advisor. Views expressed are those of Investment Trust Intelligence and should not be considered a recommendation to purchase or sell any particular security. However the article has been edited to ensure suitable for a retail audience. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested. Please note that, as the shares in investment trusts are traded on a stockmarket, the share price will fluctuate in accordance with supply and demand and may not reflect the value of underlying net asset value of the shares. Depending on market conditions and market sentiment, the spread between purchase and sale price can be wide. As with all stock exchange investments the value of investment trust share purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread. The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. This article is issued and approved by Martin Currie Investment Management Limited which is authorised and regulated by the Financial Conduct Authority. Registered in Scotland (no SC104896). Registerd office: Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. Tel: Please note that calls to the above number may be recorded. 6
Standard Life Equity Income Trust
Trust Summary is a highly-active, benchmark-agnostic portfolio of UK equities with a clear bias towards companies that generate attractive dividend growth. The trust is run by Thomas Moore (pictured),
More informationSchroder Oriental Income Fund
1 Fund Ltd is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence covering should be considered a marketing communication, and is not independent research. Please see
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q3 2016 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationInvesco Asia Summary. Portfolio
19.4.218 1 Invesco Perpetual is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Please
More informationBlackRock Commodities Income
1 BlackRock Commodities Income is a client of Kepler Trust Intelligence. Research produced by Kepler Trust Intelligence covering BlackRock Commodities Income should be considered a marketing communication,
More informationSTRATEGY INSIGHT JAPAN LONG/SHORT
STRATEGY INSIGHT JAPAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as a focus
More informationStandard Life Equity Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. Standard Life Equity Income Summary Standard Life Equity Income (SLET) aims to deliver an above-average
More informationATTRIBUTION AND RISK REPORT
ATTRIBUTION AND RISK REPORT FOR PROFESSIONAL CLIENTS ONLY September 8 MARTIN CURRIE JAPAN ABSOLUTE RETURN FUND ATTRIBUTION (absolute contributions calculated from gross performance) LAUNCH DATE: -June-4
More informationJupiter European Opportunities
1 Jupiter European Opportunities investment trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent
More informationThe Mercantile Investment Trust plc Investment Trust Adviser Seminar
The Mercantile Investment Trust plc Investment Trust Adviser Seminar October 2015 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Agenda Overview of fund strategy Benefits of investment
More informationInvestment Capabilities
Investment Capabilities Global Equities Solutions April 2017 This communication is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended
More informationFund Management Index: Bonds
Fund Management Index: Bonds Page X of 8 FundCalibre launched its Fund Manager Index earlier this year. The goal was to identify the fund groups whose actively managed equity funds consistently outperform
More informationBlackRock North American Income Trust
1 BlackRock North American Income Trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research.
More informationInvesco Perpetual Select: Global Equity Income
Invesco Perpetual Select: Global Equity Income is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication
More informationMaterial produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Source: Morningstar
1 Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Summary is an actively managed portfolio of stocks listed in China, including
More informationFund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and
More informationEUROPEAN LONG/SHORT JANUARY 2016
EUROPEAN LONG/SHORT JANUARY 2016 FOR PROFESSIONAL CLIENTS ONLY There was certainly no shortage of talking points for investors in 2015. Monetary easing, low oil prices and political upheaval drove investor
More informationSTRATEGY INSIGHT EUROPEAN LONG/SHORT
STRATEGY INSIGHT EUROPEAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as an
More information1 month 3 mths FYTD 1 Year Fund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationMARTIN CURRIE AUSTRALIA MICROCAP
STRATEGY INSIGHT FEBRUARY 2016 FOR PROFESSIONAL CLIENTS ONLY The Martin Currie Australia MicroCap strategy aims to provide exposure to high-quality micro caps: emerging companies that are growing faster
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q3 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationInvestment Report. Standard Life Corporate Investment Proposition Passive Plus Funds Report Q3 2018
Investment Report Standard Life Corporate Investment Proposition Q3 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationQuotedData. Martin Currie Closed-End Funds. Snapshot of investment trust range Investment trusts 13 March 2017
Snapshot of investment trust range Investment trusts 13 March 2017 In this publication, we take a look at Edinburgh-based fund manager, Martin Currie and provide a snapshot of its three investment trusts
More informationInvesco Perpetual UK Smaller Companies Trust
is a clients of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. Invesco Perpetual UK Smaller Companies Trust Summary
More informationSince inception (% p.a.) Global Emerging Markets MSCI Emerging Markets Relative
QUARTERLY UPDATE GLOBAL EMERGING MARKETS QUARTER 4, 2017 FOR INSTITUTIONAL INVESTORS IN THE US ONLY Driven by fundamental research, we aim to build high-conviction, stock-focused emerging markets portfolios
More informationSchroder Global Value Fund
Schroder Global Value Fund Overview Portfolio objective To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio
More informationEdinburgh Dragon. Summary. Analysts: Portfolio. Update 01 October 2018
Aberdeen Standard Investments is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability
More informationRIT Capital Partners Summary. Portfolio
13.4.218 1 Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Please see the important information at the bottom of the page.
More informationBUILDING STRONGER PORTFOLIOS WITH MULTI-ASSET SOLUTIONS
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE BUILDING STRONGER PORTFOLIOS WITH MULTI-ASSET SOLUTIONS Leveraging the best ideas of J.P. Morgan Stronger portfolios for better client results It takes
More informationFund Guide. Short Duration Credit Fund
Fund Guide Short Duration Credit Fund March 2017 This document is for investment professionals only and should not be distributed to or relied upon by retail clients. It is only intended for use in jurisdictions
More informationFund Guide. Emerging Market Debt Unconstrained Fund. August 2016
Fund Guide Emerging Market Debt Unconstrained Fund August 2016 This document is for investment professionals only and should not be distributed to or relied upon by retail Usage statementclients. It is
More informationInformation for investors
Information for investors Martin Currie Asia Unconstrained Trust plc changed its name on 31 July 2015 having previously been known as Martin Currie Pacific Trust. This followed a vote by shareholders at
More informationPortfolio Select Series. Portfolio Review First Quarter 2017
Portfolio Select Series Portfolio Review First Quarter 2017 Q1 Q4 3 Select Income Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio
More informationSAMPLE. Adventurous Portfolio. Create your tomorrow. Quarterly Review July 2018
Adventurous Portfolio Quarterly Review July 2018 Create your tomorrow Q3 Our investment committee carried out the quarterly review of our governed investment portfolios. The information that follows summarises
More informationStandard Life Equity Income
Standard Life Investments is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability
More informationFIDELITY ASIAN VALUES PLC 31 MARCH 2018
Investment Objective To achieve longterm capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). Investment Trust Facts Launch date: Portfolio manager:
More informationYour gateway to Asia s strong growth potential. Schroder Asian Income
Your gateway to Asia s strong growth potential Asian economies rank amongst the fastest-growing and most dynamic globally. The region is set to remain as the world s growth engine for years to come. (the
More information23 November 2011 GLOBAL VALUE INVESTORS
Global Value Investors Limited Level 5 261 George Street Sydney NSW 2000 PO Box H104 Australia Square Sydney NSW 1215 Ph +61 2 8222 1100 Fax +61 2 8222 1199 ABN 76 111 397 392 AFSL 308107 www.gvi.com.au
More informationBlackRock Commodities Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. BlackRock Commodities Income Update 15 August 218 Summary (BRCI) has a conviction-led approach
More informationInvestment Update Retail Pension November 2018
Investment Update Retail Pension November 2018 This communication is intended for investment professionals only and must not be relied on by anyone else. Investment Indices - Annual growth up to 01/11/2018
More informationSecurities Trust of Scotland
Securities Trust of Scotland New manager and newly unconstrained approach Investment trusts Securities Trust of Scotland (STS) has revamped its investment approach, appointing Martin Currie s income team
More informationSchroder Global Value Fund (Hedged) Overview. Performance to 31 January Relative to MSCI All Country World ex Australia (Hedged)
Schroder Global Value Fund (Hedged) Overview Portfolio objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing
More informationFidelity China Special Situations
17.5.218 1 Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Fidelity China Special Situations Summary Fidelity China Special
More informationFP Matterley Regular High Income Fund
FP Matterley Regular High Income Fund Short Report for the six months ended 31 July 2016 Investment Objective and Policy The investment objective of the FP Matterley Regular High Income Fund is to generate
More informationFIDELITY ASIAN VALUES PLC 30 JUNE 2018
Investment Objective To achieve longterm capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). Investment Trust Facts Launch date: Portfolio manager:
More informationPIER Portfolio News Summer 2017
PIER Portfolio News Summer 2017 Investment Committee The Investment Committee meeting of PIER Financial Investments Limited ( PIER ), attended by Thesis Asset Management plc ( Thesis ) and Antrams Financial
More informationIssue date: 7 November 2018
Issue date: 7 November 2018 This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by Diversa Trustees Limited (ABN 49 006 421 638, AFSL 235153, RSE Licence No. L0000635)
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationFIDELITY ASIAN VALUES PLC 31 MAY 2018
Investment Objective To achieve longterm capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). Investment Trust Facts Launch date: Portfolio manager:
More informationFP Octopus Global Growth Fund
FP Octopus Global Growth Fund Short Report for the six months ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth for investors over the medium to longer term. The
More informationInvesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets
Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets June 218 John Botham Product Director This presentation is for Professional Clients only and is not for consumer
More information4Q17 Global & International Equity GLOBAL EQUITY. 10+ Years of Providing High Income Through Global Dividends
4Q17 Global & International Equity GLOBAL EQUITY INCOME FUND 10+ Years of Providing High Income Through Global Dividends A: HFQAX C: HFQCX I: HFQIX N: HFQRX S: HFQSX T: HFQTX Overall Morningstar Rating
More informationCirilium Moderate Passive Fund MODERATE
MODERATE Interim Short Report Fund Manager Paul Craig Investment objective and policy To achieve long term capital growth. The portfolio will be moderate in that it will be broadly diversified across asset
More informationTHE FACTS. Guide to Jupiter Asian Income Fund ON THE PLANET TO PERFORM. On the planet to perform
THE FACTS Guide to Jupiter Asian Income Fund ON THE PLANET TO PERFORM On the planet to perform CONTENTS Why invest in Asia if seeking income? 3 The Jupiter Asian Income Fund 4 Investment process 5 Asset
More informationElston Blend Model Market Update
Blend Model Market Update September 2018 Snapshot of the month The S&P/ASX 100 Accumulation Index declined -1.3% while the MSCI World ex Australia NR Index (A$) ended +0. higher. The A$ appreciated +0.
More informationA N A L L I A N C E O F B E S T I D E A S
A N A L L I A N C E O F B E S T I D E A S Results for the six months to 30 June 2018 For Professional Investors only 2018 ALLIANCE TRUST. ALL RIGHTS RESERVED S U M M A R Y: S T E A D Y P R O G R E S S
More informationFinance Shop Wealth Management Quarterly Review SPRING
www.financeshopgroup.com Finance Shop Wealth Management Quarterly Review SPRING 2017 Welcome Welcome to the Spring 2017 Finance Shop Wealth Management (FSWM) Quarterly Review. The aim of the Review is
More informationFP CAF International Equity Fund
FP CAF International Equity Fund Short Report for the year ended 30 April 2016 Investment Objective and Policy The Fund aims to achieve capital growth over the medium to longer term which is in excess
More informationThe most recommended investment trusts. By Emma Agyemang 16 November Investors Chronicle
The most recommended investment trusts By Emma Agyemang 16 November 2018 Investors Chronicle Copyright 2018 The Financial Times Ltd. All rights reserved When picking an investment trust you should do extensive
More informationSchroder Global Core Fund Wholesale Class. Overview. Performance to 30 June Fund characteristics as at 30 June Quarterly Report June 2018
Overview Fund objective To outperform the MSCI World ex Australia Index (net dividends reinvested) before fees across a broad range of market environments with limited index-relative risk. The Fund provides
More informationThe Mercantile Investment Trust plc Annual General Meeting
The Mercantile Investment Trust plc Annual General Meeting Discovering tomorrow s market leaders 24 th May 2017 Guy Anderson, Portfolio Manager, The Mercantile Investment Trust Agenda Overview of fund
More informationFund (Net)
Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks relative to the indices.
More informationMartin Currie Global Portfolio Trust
Martin Currie Global Portfolio Trust Still finding opportunities Investment trusts Martin Currie Global Portfolio Trust (MNP) invests in a portfolio of largercap blue chip companies selected for their
More informationAnnual Returns: S&P 500 vs. ACWI ex-u.s. (Global Equities outside U.S.)
2015 Strategy Review Tactical Growth (Managed ETFs) December 31, 2015 The following report provides in-depth analysis into the successes and challenges of Tactical Growth throughout 2015, important research
More informationPortrait Portfolio Funds
Investment Solutions Standard Life Mutual Funds Portrait Portfolio Funds A solution in their image For advisor use only. This document is not intended for public distribution. Expertise of a truly global
More informationCIS Corporate Bond Income Trust
CIS Corporate Bond Income Trust A high quality bond portfolio generating a regular and stable income. Product profile as at 31/03/2013 This document is intended for investment professionals and professional
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q3 2018 OEIC Ret MyFolio Market Ratings MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three growth and
More informationFIDELITY ASIAN VALUES PLC 30 SEPTEMBER 2018
Investment Objective To achieve longterm capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). Investment Trust Facts Launch date: Portfolio manager:
More informationFeb. IA Global Equity Income Sector. 28 February Fund Information * Composition by Country. Top Ten Holdings. OEIC Fund. Equity Fund.
Feb 2019 Global Equity Income Fund 28 February 2019 The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on global stock
More informationDividend Builder Fund
Dividend Builder Fund Review of the 4 th Quarter 2017 For registered investment professional use only Contents 2 Introduction to fund Market performance Summary fund performance Performance drivers and
More informationAberdeen Asia Pacific Equity Enhanced Index Fund
Aberdeen Asia Pacific Equity Enhanced Index Fund Interim short report for the period ended 30 June 2016 Investment objective and policy The Fund aims to achieve long-term capital growth by investing in
More informationSchroder Global Quality Fund
Q3/ Schroder Global Quality Fund Overview Portfolio objective To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices but with lower downside risks
More informationCIS Sustainable Diversified Trust
CIS Sustainable Diversified Trust To provide capital growth from a diverse range of asset classes including equities, fixed income, property-related investments and cash, mainly in the UK. Product profile
More informationGLOBAL SPECIAL SITUATIONS FUND A - ACC SHARES 31 JULY 2018
Global Special Situations A - ACC Shares Approach and Style Jeremy Podger uses a valuation-focussed approach to identify companies with significant potential for share price appreciation. This can be because
More informationMarketing material. A guide to multi-manager investing
Marketing material A guide to multi-manager investing What is multi-manager investing? Multi-manager funds invest in a selection of individual funds to form a complete portfolio in one package. They re
More informationWhich investment trusts make it into the brokers 2019 model
21 February 2019 By Fiona Hamilton Which investment trusts make it into the brokers 2019 model portfolios? Diversity rules with a mix of equity and alternative trusts in all the leading investment trust
More informationUtilico Emerging Markets
1 Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research. Please see the important information at the bottom of the page. Utilico
More informationInvestor s Guide Clerical Medical Pension Funds
Investor s Guide Clerical Medical Pension Funds Contents Introduction 1 Clerical Medical funds managed by Aberdeen Standard Investments 2 Clerical Medical funds managed by other fund managers 3 Pension
More informationSchroder ISF* QEP Global Quality Q Investment Report
For professional investors only Schroder ISF* QEP Global Quality Q2 2018 Investment Report * Schroder International Selection Fund is referred to as Schroder ISF throughout this document. Q2/2018 Schroders
More informationLloyd's Register Superannuation Fund Association Fixed Income Fund Fund Factsheet 1st Quarter 2018
This factsheet has been produced to provide you with information on this blended fund. It includes information on the investment objective of the fund, where the fund is invested, risk information and
More informationCM17984 UK. Classification: only to be shown if not public. Connections matter. For professional investors only. Paul Niven.
CM17984 UK Connections matter For professional investors only Paul Niven BMO Multi-Asset Investment risks The value of investments and income derived from them can go down as well as up as a result of
More informationQuarterly Range Report
Quarterly Range Report MyFolio Managed Range - Q2 2018 OEIC Platform 1 MyFolio Managed Ratings MyFolio is a flexible solution consisting of 25 multi-asset, fund-of-funds, split into five ranges (three
More information373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS
UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS THE SIZE OF THE ASSET MANAGEMENT INDUSTRY IN THE UK >> Total assets under management grew significantly during 206, ending the year at a record
More informationGLOBAL EQUITY MANDATES
MEKETA INVESTMENT GROUP GLOBAL EQUITY MANDATES ABSTRACT As the line between domestic and international equities continues to blur, a case can be made to implement public equity allocations through global
More informationAviva Investors Multi-Strategy (AIMS) Target Return Fund
AIMS fund guide For financial advisers only. Not for distribution in Hong Kong or Singapore. Aviva Investors Multi-Strategy (AIMS) Target Return Fund Aiming to deliver long-term capital growth with managed
More informationLegal & General Multi Manager Balanced Trust. Annual Manager s Short Report for the year ended 15 January Distribution Number 6
Legal & General Multi Manager Balanced Trust Annual Manager s Short Report for the year ended 15 January 2011 Distribution Number 6 Investment Objective and Policy The investment objective is to achieve
More informationMEET THE TEAM FOORD ASSET MANAGEMENT
MEET THE TEAM FOORD ASSET MANAGEMENT November 2015 MEET THE TEAM SPEAKERS Welcome Paul Cluer Managing Director Share focus Michael Townshend Portfolio Manager and Resources Analyst Returns and macro environment
More informationA GUIDE TO INVESTMENT MANAGEMENT FINANCIAL ADVICE & WEALTH MANAGEMENT
A GUIDE TO INVESTMENT MANAGEMENT FINANCIAL ADVICE & WEALTH MANAGEMENT 2017 Learn why our portfolios consistently outperform industry benchmarks. Chartered Financial Advisers 29 years professional experience
More informationpower Asian Equity Yield Fund Schroder The of investing for dividends
Schroder Asian Equity Yield Fund The power of investing for dividends Morningstar rating as of 31 Jan 2015. Morningstar 2015. All Rights Reserved. The information contained herein: (1) is proprietary to
More informationSTANDARD LIFE INVESTMENTS MYFOLIO MANAGED III RET PLATFORM 1 ACC April 2016
STANDARD LIFE INVESTMENTS MYFOLIO MANAGED III RET PLATFORM 1 ACC April 2016 Outcome: Capital Accumulation Risk Targeted Multi Asset Solutions Sector: Domicile: United Kingdom Risk Based Approach: Rating:
More informationMAX MULTI-ASSET ADVANTAGE FUND (FUND SUMMARY) Schroder Investment Management (Singapore) Ltd
Fund Summary With effect from July 2017 MAX MULTI-ASSET ADVANTAGE FUND (FUND SUMMARY) 1. Fund Facts (as at 30 April 2017) Launch Date: 15 March 2004 Minimum Floor (per unit): S$0.9792 # Fund Size: S$56.196
More informationSelecting investment companies for income portfolios. Nick Britton Head of Training AIC
Selecting investment companies for income portfolios Nick Britton Head of Training AIC What s most important to you? Value for money Speed Comfort 2 What s most important to you? Attractive yield Infrastructure,
More informationInvestment Report. Standard Life Corporate Investment Proposition MyFolio Managed Pension Funds Report Q2 2018
Investment Report Standard Life Corporate Investment Proposition Q2 2018 Corporate Investment Proposition Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationMartin Currie Asia Unconstrained Trust
Martin Currie Asia Unconstrained Trust Scope for narrower discount Investment trusts Martin Currie Asia Unconstrained Trust (MCP) aims to generate returns at least in-line with Asia ex-japan nominal GDP
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationInvesco Perpetual UK Equities Investment Trusts
Invesco Perpetual Investment risks The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.
More informationIndividual Savings Account and Investment Account. Sterling panel funds guide
Individual Savings Account and Investment Account Sterling panel funds guide 1 Contents Introduction 2 List of current investment funds by sector 4 Investment choice and flexibility 7 Fund risks 8 Managed
More informationbuy list update UK EQUITIES Invesco Perpetual Income & Growth Invesco Perpetual Income & Invesco Perpetual High Income November 2017 SELL:
buy list update November 2017 The clarity investment committee regularly reviews the funds on our buy list and has recently made some changes, mainly in relation to UK and AsiaPacific funds, as summarised
More information