JH Defensive Income. 31 st December Portfolio Objective. Risk Range. Performance chart. Product mix. Geographic & asset breakdown

Transcription

1 JH Defensive Income 31 st December 2016 Portfolio Objective The strategy aims to deliver defensive total returns with an emphasis on offering above average* income. The portfolio may invest between 35% and 60% in global stock market investments subject to market conditions with the remainder in defensive asset classes. *Average of FTSE All-Share and 10 year bond yields. Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with Smith & Williamson s strategic views, and with the risk levels associated with the portfolio s objective. As a result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. Risk Range Portfolios are aligned with Distribution Technology s risk profiles. The portfolio manager will focus on actively managing asset allocation to try and maintain the risk of a particular profile within target volatility parameters of that profile. The portfolio has been independently rated by Distribution Technology and given a risk score of Performance chart Cumulative (%) 3 M 6 M 1 Yr Since Launch 1 Defensive Portfolio Multi-Asset Composite Benchmark IA Mixed Asset 20-60% Source: Smith & Williamson Investment Management as at All figures total return. 1 Launch date Benchmark: Smith & Williamson Multi-Asset Composite Benchmark. 3 IA (Investment Association: Mixed Asset 20-60% shares. Return 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 3 Months 6 Months 1 Year Since launch Portfolio Multi-Asset Comp. Bmrk IA Mixed Asset 20-60% shares Source: Smith & Williamson Investment Management as at Past performance is not a guide to future performance. Asset breakdown 9.8% 0.8% Product mix 0.8% 7.2% Geographic & asset breakdown 10.6% 0.8% 5.2% 4.4% 5.3% 5.7% 4.1% 42.7% 3.5% 46.7% Bonds Equities Property/Alt 92.0% Passive OEIC / Unit Trust 23.0% 3.8% 27.6% 6.0% Gilts Index Linked Global High Yield UK Bonds International Bonds Property Other alt UK Europe North America Japan Pacific Emerging Markets

2 Current holdings % Benchmark Benchmark Cash RWC Enhanced Income 4.99 Government Bonds Man GLG Undervalued Assets 2.56 M&G Gilt & Fixed Interest 3.01 Trojan Income Fund 5.15 Royal London Short Duration Gilts 2.33 HSBC FTSE 100 Index 2.48 Standard Life Global Index-Linked 2.91 Equity Developed International AXA Sterling Index-Linked 2.78 FP Argonaut European Alpha (Hedged) 1.25 UK & International Bonds Blackrock Continental European Income 2.21 AXA US Short Duration High Yield (Hedged) 3.79 JP Morgan Japan (Hedged) 2.65 Kames Capital Investment Grade 6.92 GLG Japan Core Alpha 2.56 Royal London Corporate Bond 3.48 Vanguard US Equity Index 4.69 Invesco Perpetual Tactical 3.86 JP Morgan US Equity Income 5.92 Jupiter Strategic Bond 5.64 Equity Developing Legal & General High Income 4.10 Schroder Asian Income Maximiser 2.43 Alliance Trust Monthly Income 3.86 Schroder Asian Total Return 1.98 Equity Developed UK Property and Alternatives Investec UK Alpha 3.09 Invesco Global Targeted Returns 1.92 Invesco Perpetual UK Strategic Income 2.41 LM Western Macro Bond Opportunities 1.92 Henderson UK Absolute Return 2.36 Aberdeen Property Shares 1.22 Aberdeen UK Property Feeder 4.73 Total 100% Source: Smith & Williamson Investment Management as at (unaudited). Estimated yield (as at ) 1 3.0% 1 Please note: Performance shown is net of underlying holdings charges but Estimated underlying holdings before accounting for the effect of charges administrated by the platform which charges (as at ) 1 vary. Performance shown does not include the Investment Management charge 0.8% (shown), Custody charge, or Adviser charges, and the effect of these would be to reduce the total returns on the account. Smith & Williamson charge 1 0.3% + VAT Underlying holdings charges and yields are estimated using Smith & Williamson and Morningstar Direct 2016 data, and represent the weighted average of historic costs charged within the underlying collective investment scheme. Important information The value of investments can go down as well as up and investors may not receive back the original amount invested. Past performance is not a guide to future performance. There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility target shown is neither guaranteed nor binding on the Manager. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable. Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed income for a fixed period with a fixed return of capital are lost. This profile is tailored to the output of a Distribution Technology risk profiling process which is complex and not for use without assistance from a financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial products and funds. This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Issued by Smith & Williamson Investment Management which is a trading name of Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is ). Ref: 07217lw

3 JH Balanced Income 31 st December 2016 Portfolio Objective To deliver balanced returns through a combination of investment income and capital growth. The portfolio is diversified across major asset classes and may invest between 55% and 70% in global stock market investments subject to market conditions. Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with Smith & Williamson s strategic views, and with the risk levels associated with the portfolio s objective. As a result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. Risk Range Portfolios are aligned with Distribution Technology s risk profiles. The portfolio manager will focus on actively managing asset allocation to try and maintain the risk of a particular profile within target volatility parameters of that profile. The portfolio has been independently rated by Distribution Technology and given a risk score of Performance chart Cumulative (%) 25% 3 M 6 M 1 Yr Since Launch 1 20% Balanced Income Portfolio Multi-Asset Composite Benchmark Return 15% 10% 5% IA Mixed Asset 40-85% Source: Smith & Williamson Investment Management as at All figures total return. 1 Launch date Benchmark: Smith & Williamson Multi-Asset Composite Benchmark. 3 IA (Investment Association: Mixed Assets 40-85% shares. 0% 3 Months 6 Months 1 Year Since launch Portfolio Multi-Asset Comp. Bmrk IA Mixed Asset 40-85% shares Source: Smith & Williamson Investment Management as at Past performance is not a guide to future performance. Asset breakdown Product mix Geographic & asset breakdown 8.3% 0.2% 29.5% 0.2% 11.0% 12.7% 4.7% 5.4% 6.2% 0.2% 2.1% 1.4% 3.6% 22.4% 62.0% Bonds Equities Property/Alt 88.8% Passive OEIC / Unit Trust 4.6% 28.4% 0.0% 5.4% 2.8% Gilts Index Linked Global High Yield UK Bonds International Bonds Property Other alt UK Europe North America Japan Pacific Emerging Markets

4 Current holdings % Benchmark Benchmark Cash Marlborough Multi Cap Income 1.96 Government Bonds Trojan Income Fund 4.98 M&G Gilt & Fixed Interest 2.09 Equity Developed International Standard Life Global Index-Linked 1.45 Artemis US Extended Alpha 5.50 UK & International Bonds JP Morgan Japan (Hedged) 3.20 Kames Capital Investment Grade 4.63 FP Argonaut European Alpha (Hedged) 1.73 Royal London Corporate Bond 3.01 Henderson European Focus 2.87 Invesco Perpetual Tactical 4.67 GLG Japan Core Alpha 3.03 Jupiter Strategic Bond 4.69 Vanguard US Equity Index 7.21 Legal & General High Income 3.55 Equity Developing International Alliance Trust Monthly Income 3.10 Fidelity Asia 1.00 AXA US Short Duration High Yield (Hedged) 2.29 Schroder Asian Income Maximiser 1.75 Equity Developed UK Schroder Asian Total Return 1.91 Investec UK Alpha 2.77 Hermes Global Emerging Markets 3.39 Invesco Perpetual UK Strategic Income 1.91 Fidelity Emerging Markets 2.02 Artemis UK Select 3.20 Property and Alternatives RWC Enhanced Income 5.00 Invesco Global Targeted Returns 1.41 Man GLG Undervalued Assets 2.51 LM Western Macro Bond Opportunities 1.42 HSBC FTSE 100 Index 3.78 Aberdeen Property Shares 1.11 Henderson UK Absolute Return 2.31 Aberdeen UK Property Feeder 4.31 Total 100% Source: Smith & Williamson Investment Management as at (unaudited). Estimated yield (as at ) 1 2.7% 1 Please note: Performance shown is net of underlying holdings charges but before accounting for the effect of charges administrated by the platform which Estimated underlying holdings 0.8% vary. Performance shown does not include the Investment Management charge charges (as at ) 1 (shown), Custody charge, or Adviser charges, and the effect of these would be to Smith & Williamson charge 1 0.3% + VAT reduce the total returns on the account. Underlying holdings charges and yields are estimated using Smith & Williamson and Morningstar Direct 2016 data, and represent the weighted average of historic costs charged within the underlying collective investment scheme. Important information The value of investments can go down as well as up and investors may not receive back the original amount invested. Past performance is not a guide to future performance. There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility target shown is neither guaranteed nor binding on the Manager. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable. Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed income for a fixed period with a fixed return of capital are lost. This profile is tailored to the output of a Distribution Technology risk profiling process which is complex and not for use without assistance from a financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial products and funds. This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Issued by Smith & Williamson Investment Management which is a trading name of Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is ). Ref: 07117lw

5 JH Balanced Growth 31 st December 2016 Portfolio Objective To deliver balanced growth through investing actively across defensive and riskier asset classes. The portfolio is based towards global stock market investments and may invest between 65% and 85% in equities with the remainder diversified across defensive asset classes. Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with Smith & Williamson s strategic views, and with the risk levels associated with the portfolio s objective. As a result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. Cumulative (%) Risk Range Portfolios are aligned with Distribution Technology s risk profiles. The portfolio manager will focus on actively managing asset allocation to try and maintain the risk of a particular profile within target volatility parameters of that profile. The portfolio has been independently rated by Distribution Technology and given a risk score of Performance chart 25% 3 M 6 M 1 Yr Since Launch 1 20% Balanced Growth Portfolio Multi-Asset Composite Benchmark IA Mixed Asset 40-85% Source: Smith & Williamson Investment Management as at All figures total return. 1 Launch date Benchmark: Smith & Williamson Multi-Asset Composite Benchmark. 3 IA (Investment Association: Mixed Assets 40-85% shares. Return 15% 10% 5% 0% 3 Months 6 Months 1 Year Since launch Portfolio Multi-Asset Comp. Bmrk IA Mixed Asset 40-85% shares Source: Smith & Williamson Investment Management as at Past performance is not a guide to future performance. Asset breakdown Product mix Geographic & asset breakdown 5.8% 0.2% 19.0% 0.2% 11.5% 10.0% 0.2% 2.6% 16.4% 10.4% 6.1% 3.0% 2.7% 75.0% Bonds Equities Property/Alt 88.2% Passive OEIC / Unit Trust 9.7% 34.3% 4.6% Gilts Index Linked Global High Yield UK Bonds International Bonds Property Other alt UK Europe North America Japan Pacific Emerging Markets

6 This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Issued by Smith & Williamson Investment Management which is a trading name of Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is ). Ref: 07017lw Current holdings % Benchmark Benchmark Cash Equity Developed International Government Bonds Artemis US Extended Alpha 4.22 UK & International Bonds FP Argonaut European Alpha (Hedged) 1.73 AXA US Short Duration High Yield (Hedged) 1.43 JP Morgan Japan (Hedged) 3.15 Alliance Trust Monthly Income 2.59 Henderson European Focus 2.86 Kames Capital Investment Grade 4.42 GLG Japan Core Alpha 2.91 Royal London Corporate Bond 2.91 Vanguard US Equity Index 5.45 Invesco Perpetual Tactical 2.02 Equity Developing International Jupiter Strategic Bond 3.01 Fidelity Asia 3.70 Legal & General High Income 2.59 Schroder Asian Alpha Plus 3.26 Equity Developed UK Schroder Asian Total Return 3.44 Investec UK Alpha 3.03 Fidelity Emerging Markets 3.56 Invesco Perpetual UK Strategic Income 3.64 Hermes Global Emerging Markets 4.28 Artemis UK Select 3.21 Goldman Sachs India Equity 2.17 HSBC FTSE 100 Index 6.07 Property and Alternatives Man GLG Undervalued Assets 6.74 Invesco Global Targeted Returns 1.36 Henderson UK Absolute Return 2.27 LM Western Macro Bond Opportunities 1.36 Trojan Income Fund 3.52 F&C Property Growth & Income 3.04 Franklin UK Smaller Companies Fund 2.55 RWC Enhanced Income 3.25 Total 100% Source: Smith & Williamson Investment Management as at (unaudited). 1 Please note: Performance shown is net of underlying holdings charges but Estimated yield (as at ) 1 2.4% before accounting for the effect of charges administrated by the platform which Estimated underlying holdings vary. Performance shown does not include the Investment Management charge charges (as at ) 1 0.8% (shown), Custody charge, or Adviser charges, and the effect of these would be to reduce the total returns on the account. Smith & Williamson charge 1 0.3% + VAT Underlying holdings charges and yields are estimated using Smith & Williamson and Morningstar Direct 2016 data, and represent the weighted average of historic costs charged within the underlying collective investment scheme. Important information The value of investments can go down as well as up and investors may not receive back the original amount invested. Past performance is not a guide to future performance. There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility target shown is neither guaranteed nor binding on the Manager. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable. Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed income for a fixed period with a fixed return of capital are lost. This profile is tailored to the output of a Distribution Technology risk profiling process which is complex and not for use without assistance from a financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial products and funds.

7 JH Growth 31 st December 2016 Portfolio Objective To deliver long-term growth by investing predominantly in stock market investments across a wide range of geographic regions. The portfolio will always retain an emphasis on developed markets, and in particular investments in UK company shares. The portfolio will normally be more than 90% invested in stock markets but may be up to 15% in defensive asset classes. Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with Smith & Williamson s strategic views, and with the risk levels associated with the portfolio s objective. As a result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. Risk Range Portfolios are aligned with Distribution Technology s risk profiles. The portfolio manager will focus on actively managing asset allocation to try and maintain the risk of a particular profile within target volatility parameters of that profile. The portfolio has been independently rated by Distribution Technology and given a risk score of Performance chart JH Growth Portfolio Multi-Asset Composite Benchmark 2 Cumulative (%) 3 M 6 M 1 Yr Since Launch IA Flexible Source: Smith & Williamson Investment Management as at All figures total return. 1 Launch date Benchmark: Smith & Williamson Multi-Asset Composite Benchmark. 3 IA (Investment Association: Flexible. Return 30% 25% 20% 15% 10% 5% 0% 3 Months 6 Months 1 Year Since launch Portfolio Multi-Asset Comp. Bmrk IA Flexible Source: Smith & Williamson Investment Management as at Past performance is not a guide to future performance. Asset breakdown 5.1% 0.1% 5.9% Product mix 0.1% 11.8% Geographic & asset breakdown 0.1% 2.1% 15.6% 3.8% 3.3% 1.8% 15.5% 38.1% Bonds Equities Property/Alt 88.9% 88.1% Passive OEIC / Unit Trust 5.9% 8.8% 5.0% Gilts Index Linked Global High Yield UK Bonds International Bonds Property Other alt UK Europe North America Japan Pacific Emerging Markets

8 Current holdings % Benchmark Benchmark Cash JP Morgan Japan (Hedged) 3.04 UK & International Bonds Henderson European Focus 2.58 Legal & General High Income 2.11 GLG Japan Core Alpha 2.85 Kames Capital Investment Grade 2.62 Vanguard US Equity Index 4.63 AXA US Short Duration High Yield (Hedged) 1.21 Equity Developing Equity Developed UK Fidelity Asia 5.71 Investec UK Alpha 4.49 Schroder Asian Alpha Plus 2.97 Invesco Perpetual UK Strategic Income 3.40 Schroder Asian Total Return 3.12 Artemis UK Select 3.45 Aberdeen Asia Pacific Equity 3.70 HSBC FTSE 100 Index 7.14 Fidelity Emerging Markets 3.38 Man GLG Undervalued Assets 7.53 Hermes Global Emerging Markets 5.26 Henderson UK Absolute Return 2.22 Goldman Sachs India Equity 3.21 Trojan Income Fund 3.71 Neuberger Berman China Equity 1.53 Franklin UK Smaller Companies 3.18 T Rowe Price Frontier Markets Equity 2.20 RWC Enhanced Income 3.00 Property and Alternatives Equity Developed International LM Western Macro Bond Opportunities 1.79 Artemis US Extended Alpha 4.12 F&C Property Growth & Income 3.29 FP Argonaut European Alpha (Hedged) 2.45 Total 100% Source: Smith & Williamson Investment Management as at (unaudited). 1 Please note: Performance shown is net of underlying holdings charges but before accounting for the effect of charges administrated by the platform which vary. Performance shown does not include the Investment Management charge (shown), Custody charge, or Adviser charges, and the effect of these would be to reduce the total returns on the account. Estimated yield (as at ) 1 1.9% Estimated underlying holdings charges (as at ) 1 0.9% Smith & Williamson charge 1 0.3% + VAT Underlying holdings charges and yields are estimated using Smith & Williamson and Morningstar Direct 2016 data, and represent the weighted average of historic costs charged within the underlying collective investment scheme. Important information The value of investments can go down as well as up and investors may not receive back the original amount invested. Past performance is not a guide to future performance. There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility target shown is neither guaranteed nor binding on the Manager. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable. Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed income for a fixed period with a fixed return of capital are lost. This profile is tailored to the output of a Distribution Technology risk profiling process which is complex and not for use without assistance from a financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial products and funds. This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Issued by Smith & Williamson Investment Management which is a trading name of Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is ). Ref: 06917lw