Fund in Focus TM Fulcrum Diversified Core Absolute Return Fund
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1 Fund in Focus TM Fulcrum Diversified Core Absolute Return Fund
2 Features of Fulcrum Asset Management LLP Fulcrum was founded in 2004 by Andrew Stevens and Gavyn Davies. Today it is a team of over 60 employees, including eight partners, and manages assets in excess of 4.8bn, predominantly in multi-asset portfolios. Our investment strategies are based on establishing a Dynamic Balance between fluid markets and the risk appetite and return goals of our clients. Growth of Fulcrum Asset Management Assets under management ( bn) Staff number AUM ( bn) Staff Source: Fulcrum Asset Management LLP, December 2016 There are three main features to Fulcrum s investment approach Our macroeconomic viewpoint Our macroeconomic views inform our investment decisions. We combine academic rigour with extensive market experience, using public and proprietary research to analyse the fundamental and behavioural characteristics of markets. We invest in markets We invest globally in markets and sectors, not individual stocks. Our research and investment process is solely focused on global asset allocation across the major liquid asset classes of equities, bonds, currencies and commodities. We offer a range of multi-asset portfolios Fulcrum are multi-asset specialists and manage relative and absolute return funds and portfolios. We focus on asset allocation, risk management and providing consistent returns.
3 Features of the tm Fulcrum Diversified Core Absolute Return Fund Our Diversified Core Absolute Return Fund is an unconstrained portfolio that aims to achieve positive real returns across the economic cycle, with lower volatility than equity markets. The objective of the fund is to generate returns of inflation plus 3-5% per annum over a rolling five-year period. Consistent, Real Returns The strategy invests globally and is highly diversified across equities, fixed income, currencies, commodities and diversifying strategies. Asset allocation has been a key driver of performance since The strategy has delivered consistent returns and its volatility controls and risk management have protected investors from the many economic and market crises since Cumulative Gross Performance 1 Performance (%) Global financial crisis Federal Reserve starts QE European debt crisis Slow down of China s economy Draghi whatever it takes comment 90 Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Dec 16 Taper tantrum Oil price and Russian ruble collapse European migrant crisis Brexit vote Trump Election Capital Preservation The Fund s focus is on generating stable returns and avoiding large losses in times of market stress. A cap on the portfolio s volatility helps deliver greater stability of returns. The strategy is designed to limit downside risk without sacrificing upside returns. The distribution of monthly returns shows the success of this approach with 61% positive performing months since inception. Distribution of Monthly Returns 1 25% 20% 15% 10% 5% 0% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% Fulcrum Diversified Absolute Return Normal Distribution (7% Volatility) 61% positive performing months Stable Risk Profile This focus on diversification and risk management enables our strategy to provide a stable risk profile, minimise losses, and shorten the recovery period from drawdowns. This investment philosophy is ingrained throughout Fulcrum. Performance and Risk Analysis DCAR Strategy Global Equities Balanced Portfolio 2 25% Annualised Return 4.8% 6.1% 5.9% 20% Realised 15% Volatility 5.4% 15.0% 9.2% 10% 12mth Rolling Volatility Range 5% 3 7% 5 27% 3 17% Beta 0% to Global Equities % -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% Sharpe Ratio Fulcrum Diversified Absolute Return Peak-to-Trough Normal Drawdown Distribution (2008) (7% Volatility) 6% 41% 25% Recovery Time (in months) The track record shown represents 3 different time periods: 1) from 16/09/08 until 31/03/12 the performance represents the Fulcrum Diversified Absolute Return strategy as implemented in the longest running separate account source Fulcrum Asset Management LLP, 2) from 01/04/12 to 28/11/14 the performance represents TM Fulcrum Diversified Absolute Return Fund Class C GBP(DAR) following its launch at the end of March 2012 source official third party administrator and 3) from 01/12/14 the performance represents TM Fulcrum Diversified Core Absolute Return Fund Class C GBP(DCAR) source official third party administrator. TM Fulcrum Diversified Core Absolute Return Fund differs from the historic track record shown above in time periods 1 and 2 due to the exclusion of investments in third party funds which have typically represented circa 10-20%. Aside from this, the two funds will be managed on a pari passu basis. Past performance is not a guide to future performance and future returns are not guaranteed. Not available to U.S. investors. 2. The balanced portfolio contains 60% equities and 40% bonds.
4 Fund Benefits & Reasons to Invest There are many reasons why we believe in the fund s ability to deliver on its objectives and offer long term, stable returns. Here we explore these reasons alongside the benefits of the fund. Consistent Performance Track Record The fund has successfully generated real returns of 3-5% per annum together with strong downside protection in difficult times. Since inception in September 2008, it has generated an annualised gross return of +4.8%. 3 Our risk management processes are critical to the strategy s ability to compound returns over time. A Low Cost Multi-Asset Fund The Fulcrum Diversified Core Absolute Return Fund is a UK regulated UCITS diversified multi-asset strategy. The annual management fee is 0.80% and the OCF is 0.90%. The strategy is also available as a Luxembourg SICAV. Risk Management Designed to Avoid Panic 4 Capital Preservation with Downside Protection By managing volatility and hedging against major losses the fund aims to prevent permanent capital impairment and deliver a smoother investment path. Behavioural errors are often triggered by managers or investors exceeding their loss threshold. As demonstrated in the chart below. Panic selling can lead to the long-term destruction of capital. Through effective hedging, we seek to protect the portfolio from sudden market shocks or from reaching a loss threshold. Good Capacity & Flexibility Fulcrum now manages over 3.1bn in multi-asset strategies, and the Fulcrum Diversified Core Absolute Return Fund enjoys the flexibility to move quickly when opportunities arise or exit a position should the markets or information change. Portfolio value DCAR Target Return Profile Higher Volatility Return Profile Panic Low Volatility Absolute Return Our team has demonstrated skill in being able to cost-effectively hedge portfolios against severe shocks. This insurance overlay protects the strategy from unexpected market shocks, while the volatility cap helps ensure that outsized risk is simply not taken. Since inception in September 2008, the strategy has realised a volatility of 5.4%. 5 Time 3. Please see the full footnote on the earlier page. 4. Source: Fulcrum Asset Management LLP. 5. Performance represents the Fulcrum Diversified Absolute Return Strategy from 2008 to March 2012, DAR from April 2012-November 2015 and DCAR from December Past performance is not a guide to future performance and future returns are not guaranteed.
5 Large, Experienced Investment Team The Fulcrum Investment Team is an experienced, stable, multi-disciplined team whose members have complementary strengths and are supported by a team of over 20 researchfocused investment professionals. The team has managed multiasset portfolios at Fulcrum since 2004 one of the industry s longest track records in multi-asset investing. Highly Diversified Portfolio We ensure multiple sources of diversification in the portfolio. We invest in a large number of uncorrelated ideas to increase diversification and reduce the dependency on equity markets. These ideas originate from fundamental and behavioural analysis, and span various time horizons and asset classes. Historic Asset Allocation 6 100% 75% 50% An Unconstrained Approach Our unconstrained and benchmark-free approach allows us to dynamically allocate between asset classes, hedge against the most significant risks, and generate superior risk-adjusted returns. Core & Complementary to Client Portfolios The fund is a low cost, liquid alternative investment. Our consistent process and volatility management means the fund can be used as a core holding as well as a diversified investment solution. Portfolio Solution Core Holding Liquid, Low-Cost Alternative 25% 0% Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Dec16 Cash Commodities Diversifying Strategies Fixed Income & Currencies Equities 6. Asset allocation of TM Fulcrum Diversified Core Absolute Return Fund, represents the Fulcrum Diversified Absolute Return Strategy from 2008 to March 2012, DAR from April 2012-November 2014 and DCAR from December 2014 based on market exposure of cash settled instruments, futures and options.
6 Essential Fund Facts Investing in the Fulcrum Diversified Core Absolute Return Fund couldn t be easier. It is accessible via the key industry platforms: Industry Awards Square Mile: Kepler Rating: A Rating 4 Stars Key Fund Facts Fund name: Focus: Sector: Objective: AUM of Strategy: TM Fulcrum Diversified Core Absolute Return Fund Multi - Asset Absolute Return IA Targeted Absolute Return Aims to generate returns of inflation plus 3-5% per annum over a rolling five-year period 3.1bn AUM of Fund: 587m Launch date: Structure: UCITS, UK OEIC, DAILY DEALING Volatility: Capped at 12% Management fee: 0.8% OCF: 0.9% Further Information For more information, please contact Rose Yeatman or a member of the UK distribution team on This material is directed at professional clients and eligible counterparties only and is not intended for retail clients. The given material is subject to change and, although based upon information which we consider reliable, it is not guaranteed as to accuracy or completeness and it should not be relied upon as such. The price and value of the investments referred to in this material and the income from them may go down as well as up and investors may not receive back the amount originally invested. Past performance is not a guide to future performance. Future returns are not guaranteed and a loss of principal may occur. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time ( benchmarks ) are provided by Fulcrum Asset Management for your information purposes only. This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Fulcrum Asset Management ( Fulcrum ), Marble Arch House, 66 Seymour Street, London W1H 5BT. Fulcrum Asset Management LLPis authorised and regulated by the Financial Conduct Authority (No: ) Fulcrum Asset Management LLP. All rights reserved. All data as of December 2016.
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