Foreign & Colonial Investment Trust (FCIT) AIC Advisor Seminar

Size: px
Start display at page:

Download "Foreign & Colonial Investment Trust (FCIT) AIC Advisor Seminar"

Transcription

1 Foreign & Colonial Investment Trust (FCIT) AIC Advisor Seminar June

2 Agenda Introduction Beliefs and approach Portfolio construction The future 2

3 Introduction Paul Niven Fund Manager Paul Niven joined the Group in 1996, initially undertaking a fund management position in Pacific Basin Equities. Paul obtained an MPhil in Finance and graduated from the University of Strathclyde with a BA (Hons) in Accounting and Economics and is a member of the UK CFA Institute. Paul has had responsibility for the management of Multi-Asset solutions within the group since 2002 and is Chair of the Investment Policy Group in F&C. His role includes responsibility for strategic and tactical portfolio construction as well as manager selection across a range of mandates within F&C. Paul succeeded Jeremy Tigue, taking responsibility for Foreign & Colonial Investment Trust from 1 July only the third manager of the Trust since

4 Foreign & Colonial Investment Trust World s oldest collective investment scheme, launched in March 1868 Predates the first mutual fund by 50 years Original name Foreign & Colonial Government Trust Initial yield : 7% Initial capital 1,000,000 Original objective To give the investor of moderate means the same advantages as the large capitalists, in diminishing the risk of investing Current stated aim To secure long term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity with the use of gearing Source: F&C Management Limited 4

5 The company Listed company with a market cap of c. 2.53bn and 2.95bn* gross assets 2014 operating income 49.7m, net income 37.9m** Top 150 UK company and periodic appearances in the FTSE100 (1995, 2003 and 2009) Investments in listed equity, funds, investment trusts and private equity Current gross yield of 2.1%*** 44 years of consecutive rises in dividends Broad investor base over 100,000 underlying investors one of the most widely held investment vehicles in the UK Relative to open ended funds Has permanent capital can take advantage of illiquidity Has revenue reserves can smooth dividends Can borrow to invest multi-currency bank borrowing Sources: *F&C Management Ltd as at **F&C Management Ltd as at ***Bloomberg as at

6 Foreign & Colonial our proposition and aims Long term growth in capital and income for our shareholders Outperformance against market comparators and peers with lower volatility An equity focused portfolio solution for investors seeking growth related assets Value for money active management Diversified but focused investment portfolios Use our corporate structure to add value 6

7 Investment approach Consideration Asset allocation Listed equity Private equity Gearing Manager selection Implementation Dividends Approach willingness to spend considerable risk budget on strategic and tactical positions diversified global exposure managed by F&C and third party managers diversified global exposure managed by third party managers strategic and tactical multi-currency borrowing pragmatism between expected alpha and cost of delivery selective use of derivatives under consideration unwilling to sacrifice capital for income and strong revenue reserves due to historic conservatism Source: F&C Management Limited 7

8 Key decision points in the investment process Investment decision making process Strategic Asset choice listed equity/private equity/other Borrowing term/structure/currency Market views region/style/approach Tactical Liquid asset allocation/markets/sectors/styles/stocks Borrowing structure/currency Market views region/style/approach Selection Instrument selection physical/synthetic Manager strategies style/approach Portfolio construction /risk Risk allocation assets/markets/styles Diversification horizon/assets/positions 8

9 Foreign & Colonial current investments Primary exposures Foreign & Colonial Investment Trust North America Europe UK Emerging Markets Japan Private Equity Barrow Hanley T Rowe Price F&C F&C F&C F&C Years experience Harbourvest 11 funds F&C Smaller Companies Utilico Emerging Markets Pantheon 5 funds F&C Global Equity Income Global Multi-Manager Funds Source: F&C Management Ltd as at

10 Current asset allocation Region Fund Value Fund Weight Fund Weight ex PE UK 311,779, % 11.8% Europe ex UK 676,720, % 20.6% North America 1,297,945, % 44.6% Japan 221,766, % 8.4% Developed Pacific 105,442, % 1.5% Emerging Markets 321,181, % 11.8% Liquidity 37,696, % 1.1% Total 2,972,532, % 100.0% 9% geared, with 175m of short dated multi-currency borrowing and 100m nominal 7 year borrowing in Yen and US$ Primary third party managers, T Rowe Price, Barrow Hanley, Pantheon, HarbourVest UK Europe ex UK North America Japan Developed Pacific Emerging Markets Total Oil & Gas 0.4% 1.1% 3.0% 0.0% 0.0% 0.1% 4.6% Basic Materials 0.3% 2.6% 0.5% 0.6% 0.4% 0.4% 4.8% Industrials 1.8% 3.1% 5.7% 2.0% 0.1% 0.6% 13.3% Consumer Goods 1.8% 2.7% 2.8% 1.7% 0.1% 3.0% 12.2% Health Care 0.8% 2.6% 8.5% 0.5% 0.0% 0.6% 12.9% Consumer Services 2.3% 1.0% 8.5% 0.7% 0.7% 1.5% 14.7% Telecommunications 0.3% 0.1% 1.3% 0.3% 0.0% 0.5% 2.6% Utilities 0.4% 0.2% 0.2% 0.2% 0.0% 0.4% 1.4% Financials 3.4% 6.3% 7.9% 1.5% 0.2% 4.2% 23.6% Technology 0.4% 1.3% 6.6% 1.0% 0.0% 0.8% 10.0% Total 12.0% 20.9% 45.1% 8.5% 1.6% 12.0% 100.0% Source: F&C Management Limited as at PE Private Equity 10

11 Gearing Gearing range of 0-20% for last ten years* low of 4.8% in May 2007 and high of 18.8% in September 2011 Gearing fallen from 14.3% at 31 December m 11.25% debenture matured on 31 December year loan of $80m at 4% and Yen 6,600m at 2.5% taken out in April m equivalent in April 2012 and equivalent to 86.6m at 31 December m of short dated facilities with 200m accordion available. 175m drawn* 175m short dated borrowing taken out in December 2014 with rates ranging from 0.66% on 75m equivalent Euro debt to 1.32% on 75m Sterling Blended borrowing rate down from c7.8% to c1.8%* Source: F&C Management Limited. *As at

12 Private equity 16 funds investing globally, across sectors and vintage years. Several thousand underlying companies 59% primaries, 26% secondaries, 15% direct* 39% Europe, 37% North America, 20% Asia, 4% RoW* Positive cash flow 91m in 2014 ( 70m in 2013). 57m to end May in 2015 Portfolio valued at 332m and commitments of 58m at 30 April 2015 Source: F&C Management Limited. *As at RoW Rest of World 12

13 Dividend policy Dividend increased every year since 1970 more than doubled in each of the last four decades Move to quarterly dividend payments from February dividend of 9.30 pence, an increase of 3.3% Revenue reserve of 15p per share as at end 2014 ( 84.4m) Expected further real rise in dividend in 2015 Source: F&C Management Limited as at

14 Discount policy Buybacks permitted since 1999 but have slowed materially as overhang removed Fundamental change in shareholder register to 90%+ retail investors in FCIT 10% discount policy since November 2005 Low volatility in discount delivered Signs that inflection point reached Annual buybacks (m shares) ytd Source: F&C Management Limited as at

15 Discount policy A Progressive Strategy Progressive discount strategy introduced May 2015 FCIT discount level 0% Lowering of repurchase ceiling from 10% to 7.5% Purchased shares to be held in Treasury -2% -4% -6% Stated aspiration to close discount further Policy will be kept under review -8% -10% -12% Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Source: F&C Management Limited / Datastream

16 Performance overview end May 2015 Consistent outperformance Shareholder return Quartile vs peers (Ptl) NAV return Quartile vs peers (Ptl) Open ended funds return Market benchmark YTD 9.0% 2 8.8% 2 8.2% 7.9% 1 year 22.8% % % 16.3% 3 year 19.3% % % 16.9% 5 year 13.1% % % 11.3% Source: F&C, Datastream, Morningstar, AIC as at NAV Net Asset Value; Ptl - Percentile 16

17 2015 and beyond 2014 was a year of transition and we continued the process of significant changes which have been implemented in the past two years Major overhaul is complete but we continue to evolve the portfolio, keeping true to the ethos of the Trust Continue to improve messaging and tighten up management of all investment processes Balance capital and income requirements Private equity allocation recommit or rundown? Borrowings consideration of longer term financing opportunities Ongoing review of risk allocation Continue to focus on performance delivery Make full use of resourcing and powers to deliver value for our shareholders 17

18 What has quantitative easing (QE) achieved? This is different, isn t it? US Fed balance sheet $tn (adjusted monetary base) QE2 QE QE1 But isn t this inflationary? Source: Federal Reserve Bank of St Louis FRED as at

19 Not much sign of inflation here Shouldn t all this PRINTING MONEY have led to Inflation? US core PCE YoY% 10 9 Economists argue that QE is a deliberate expansion of the central bank's balance sheet and the monetary base. (BBC News) Should the FED worry about Deflation? MAYBE! Dec 80 Dec 82 Dec 84 Dec 86 Dec 88 Dec 90 Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12 Source: Bloomberg as at PCE Personal Consumption Expenditure; YoY Year on Year 19

20 Market impact Cross asset volatility moving up from multi-year low NY Fed's Dudley I am nervous that people are taking too much comfort in this low volatility period, and a consequence of that, taking bigger risks. Low Volatility is $1.4 Trillion Emerging-Markets Risk, BIS says % Market Risk Index (IRISIMKT) Source: Bank of America Merrill Lynch Global Investment Strategy, Bloomberg as at BIS - Bank for International Settlements 20

21 Is this time really different? US unemployment % NAIRU % Source: Bloomberg as at NAIRU - Non-Accelerating Inflation Rate of Unemployment 21

22 Outlook Tepid global growth but US still more likely than not to raise rates this year ECB providing liquidity at an opportune time as dataflow is turning Difficult to argue the absolute value case for equities but relatives remain very appealing Large caps more than a short term bounce we have cut smaller company weightings further Currency is key in differentiating returns dollar should continue to gain Europe still has scope for catch-up Japan remains a trade but the fundamental case has improved We continue to watch and wait in Emerging Market allocation China is bubbling Good environment for our private equity portfolio to realise value ECB European Central Bank 22

23 Global reach. Regional expertise United Kingdom F&C Management Limited (1) Exchange House, Primrose Street London EC2A 2NY Tel: +44 (0) F&C Management Limited (1) 80 George Street Edinburgh EH2 3BU, Scotland Tel: +44 (0) Thames River Capital LLP (1) Exchange House, Primrose Street London EC2A 2NY Tel: +44 (0) F&C REIT Property Asset Management Plc (2) 5 Wigmore Street London W1U 1PB Tel: +44 (0) Europe Germany F&C Management Limited (1) Oeder Weg Frankfurt Germany Tel: +49 (0) Germany F&C Management Limited (1) Theatinerstrasse Munich Germany Tel: +49 (0) Germany F&C REIT Property Asset Management GmbH & Co. KG Oberanger 34-36, München Germany Tel: +49 (0) Ireland F&C REIT Property Asset Management plc (2) Block 5, Harcourt Centre, Harcourt Road Dublin 2 Ireland Tel: +353 (0) Netherlands F&C Netherlands B.V. (3) Jachthavenweg 109 e 1081 KM Amsterdam Netherlands Tel: +31 (0) Portugal F&C Portugal, Gestão de Patrimónios, S.A. (4) Rua de Campolide, 372 1st floor, Lisboa Portugal Tel: +351 (0) Switzerland F&C Management Limited (1) Claridenstrasse Zurich Switzerland Tel: F&C is now part of BMO Global Asset Management, which has offices in Canada, United States, Luxembourg, Abu Dhabi, China and Australia. Full details are available at Past performance should not be seen as an indication of future performance. The value of investments and income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. F&C Group Companies may from time to time deal in investments mentioned herein on behalf of their clients. The source of information in all graphs is F&C unless otherwise stated. F&C Management Limited is a member of the F&C Group. The F&C Group is wholly owned by BMO Global Asset Management (Europe) Limited, which is itself a wholly owned subsidiary of the Bank of Montreal. (1) Authorised and regulated in the UK by the Financial Conduct Authority. (2) F&C REIT Property Asset Management Plc is a wholly owned subsidiary of F&C REIT Asset Management LLP and is Authorised and regulated by the Financial Conduct Authority. (3) Regulated in the Netherlands by the Autoriteit Financiele Markten (AFM) and De Nederlandsche Bank (DNB). (4) Regulated in Portugal by the Banco de Portugal and by the Comissão do Mercado de Valores Mobiliários (CMVM). CM: 05615

What investors want BIEE Conference

What investors want BIEE Conference What investors want BIEE Conference Jeremy Tigue F&C Management Limited September 2013 www.fandc.com F&C s history financing long term projects Early investor in North Sea oil exploration companies in

More information

F&C Centralised Investment Propositions. G10\MMF Roadshow template.ppt

F&C Centralised Investment Propositions. G10\MMF Roadshow template.ppt F&C Centralised Investment Propositions G10\MMF Roadshow template.ppt Agenda RDR headlines Opportunity to reshape business FSA paper Replacement business and centralised investment propositions F&C Lifestyle

More information

CM For professional investors only. F&C Investment Trust

CM For professional investors only. F&C Investment Trust CM15949 For professional investors only F&C Investment Trust March 2018 Investment risks The value of your investment is dependent on the supply and demand for the shares of the Investment Trust rather

More information

CM17984 UK. Classification: only to be shown if not public. Connections matter. For professional investors only. Paul Niven.

CM17984 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 information

F&C Real Estate Equity Long / Short Fund Ray Lahaut & Marcus Phayre-Mudge

F&C Real Estate Equity Long / Short Fund Ray Lahaut & Marcus Phayre-Mudge F&C Real Estate Equity Long / Short Fund Ray Lahaut & Marcus Phayre-Mudge March 2013 www.fandc.com Contents The fund & team Investment process Current market conditions / outlook Summary Fund terms Case

More information

Climate Change Investing through Private Equity. 27 September 2012

Climate Change Investing through Private Equity. 27 September 2012 Climate Change Investing through Private Equity 27 September 2012 Agenda Climate Change investing through PE The Responsible Investment Context Why Climate Change Investment? A Broader Theme Climate Change

More information

FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June 2018

FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June 2018 Date: 30 July 2018 Contact: Paul Niven Fund Manager 0207 011 4385 F&C Investment Business Limited FOREIGN & COLONIAL INVESTMENT TRUST PLC Unaudited Statement of Results for the half-year ended 30 June

More information

M&G Investments. Michael McLintock and Grant Speirs

M&G Investments. Michael McLintock and Grant Speirs M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About

More information

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return

More information

The Mercantile Investment Trust plc Investment Trust Adviser Seminar

The 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 information

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World

Three-speed recovery. GDP growth. Percent Emerging and developing economies. World Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below

More information

2015 Market Review & Outlook. January 29, 2015

2015 Market Review & Outlook. January 29, 2015 2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5

More information

Foreign & Colonial Investment Trust PLC REPORT AND ACCOUNTS 31 DECEMBER 2015

Foreign & Colonial Investment Trust PLC REPORT AND ACCOUNTS 31 DECEMBER 2015 Foreign & Colonial Investment Trust PLC REPORT AND ACCOUNTS 31 DECEMBER Contents OVERVIEW Introducing Foreign & Colonial 1 Financial Highlights 2 STRATEGIC REPORT Chairman s Statement 6 Business Model

More information

F&C INVESTMENT TRUST PLC ( FCIT or the Company ) Audited Statement of Results for the year ended 31 December 2018

F&C INVESTMENT TRUST PLC ( FCIT or the Company ) Audited Statement of Results for the year ended 31 December 2018 Date: 12th March 2019 Contact: Paul Niven BMO Management Limited 020 7011 4385 ( FCIT or the Company ) Audited Statement of Results for the year ended 31 December 2018 Summary of Results In the most challenging

More information

Foreign & Colonial Investment Trust PLC

Foreign & Colonial Investment Trust PLC Foreign & Colonial Investment Trust PLC Report and Accounts Contents Financial Highlights 1 Strategic Report Your Company in Today s World 2 Chairman s Statement 3 Business Model and Strategy 8 Fund Manager

More information

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager

Global 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 information

F&C Global Smaller Companies

F&C Global Smaller Companies CM17422 UK F&C Global Smaller Companies Annual General Meeting Peter Ewins Lead Manager 26 July 2018 Investment risks The value of investments and any income derived from them can go down as well as up

More information

Global Investment Outlook

Global Investment Outlook Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging

More information

For professional investors only. Achieving precision with BMO ETFs

For professional investors only. Achieving precision with BMO ETFs For professional investors only Achieving precision with BMO ETFs BMO Global Asset Management intelligent about Exchange Traded Funds (ETFs) At BMO Global Asset Management, our focus is on the provision

More information

F&C Global Smaller Companies AIC Global Strategies Seminar Peter Ewins Lead Manager

F&C Global Smaller Companies AIC Global Strategies Seminar Peter Ewins Lead Manager CM13902 For professional investors only F&C Global Smaller Companies AIC Global Strategies Seminar Peter Ewins Lead Manager 7 September 2017 www.fandc.com Agenda The attraction of global smaller company

More information

B-GUIDE: Economic Outlook

B-GUIDE: Economic Outlook Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy

More information

European Equity Update

European Equity Update European Equity Update Matt Williams, Director, European Equities May 2017 Flow as a % of AUM Yield spread European equities are not popular Positioning Significant outflows from the region... driven by

More information

Listed on ASX and LSE, 1bn¹ market capitalisation. Group recurring profit² 27.1m (1H08: 50.8m) Maintained interim dividend of 1.

Listed on ASX and LSE, 1bn¹ market capitalisation. Group recurring profit² 27.1m (1H08: 50.8m) Maintained interim dividend of 1. ANNUAL INVESTMENT CONFERENCE SINGAPORE Andrew Formica, Chief Executive 3 September 2009 All information in unless otherwise stated Henderson Group Overview Listed on ASX and LSE, 1bn¹ market capitalisation

More information

Risk Has Trended Down... So Should I Be Nervous?

Risk Has Trended Down... So Should I Be Nervous? Risk Has Trended Down... So Should I Be Nervous? Presentation to QWAFAFEW Melissa R. Brown, CFA Senior Director of Applied Research, Axioma January 8, 2013 Agenda Risk fell dramatically throughout 2012,

More information

Bank of Montreal. Investing for you. Individual Savings Account General Investment Account ISA GIA

Bank of Montreal. Investing for you. Individual Savings Account General Investment Account ISA GIA Bank of Montreal Investing for you. ISA GIA Individual Savings Account General Investment Account Investing for your future 3 Contents 1. Start with a BMO plan 4 Investing for you: Individual Savings Account

More information

For professional investors only. Welcome to BMO Global Asset Management

For professional investors only. Welcome to BMO Global Asset Management For professional investors only Welcome to BMO Global Asset Management Welcome In a complex and interconnected world, identifying the right investments can be a daunting task. At BMO Global Asset Management,

More information

Schroder Managed Balanced Fund Interim Report and Accounts August 2018

Schroder Managed Balanced Fund Interim Report and Accounts August 2018 Interim Report and Accounts August 2018 August 2018 Contents Fund Information 1 3 Investment objective and policy 3 Financial highlights 3 Fund information 3 Ongoing charges figure 4 Total purchases and

More information

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.

More information

Quarterly Investment Briefing February 5, 2014

Quarterly Investment Briefing February 5, 2014 Quarterly Investment Briefing February 5, 2014 Clayton T. Bill, CFA Stephen J. Nilles, CFP Agenda Topic Page 2013 Review 3 Corporate Earnings and Profit Margins 5 Equity Market Valuations 7 Bonds and Expected

More information

line of Sight Holistic Risk Management Building and Monitoring a Risk-Controlled Portfolio

line of Sight Holistic Risk Management Building and Monitoring a Risk-Controlled Portfolio line of Sight Holistic Risk Management Building and Monitoring a Risk-Controlled Portfolio We hope you enjoy the latest presentation from Northern Trust s Line of Sight. By providing research, findings,

More information

EPRA European Listed RE market

EPRA European Listed RE market EPRA European Listed RE market April 4th, 2016 Tel Aviv Ali Zaidi What are REITs? REITs smell like real estate, look like bonds and walk like equity Greg Whyte, Analyst, Morgan Stanley REAL ESTATE INVESTMENT

More information

AGF INTERNATIONAL ADVISORS CO. LTD.

AGF INTERNATIONAL ADVISORS CO. LTD. AGF INTERNATIONAL ADVISORS CO. LTD. Eli Nasrallah, CFA Regional Vice-President AGF Funds Inc. October, 2008 1 AGENDA 1. The financial sector what happened and where are we? 2. AGFIA s mandates the health

More information

INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN

INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan

More information

Investment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life

Investment 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 information

Schroders Interim Results. Michael Dobson Chief Executive. 5 August trusted heritage advanced thinking

Schroders Interim Results. Michael Dobson Chief Executive. 5 August trusted heritage advanced thinking Schroders 200 Interim Results trusted heritage advanced thinking Michael Dobson Chief Executive 5 August 200 H 200 overview Net new business 6.bn (H 2009:.8bn) Funds under management 64.0bn (3 Dec 2009:

More information

D E L I V E R I N G Half Year Results JUPITER FUND MANAGEMENT PLC

D E L I V E R I N G Half Year Results JUPITER FUND MANAGEMENT PLC D E L I V E R I N G 2015 Half Year Results 2015 HALF YEAR RESULTS 1 Highlights Executing our strategy Improved investment performance Continued organic flow growth from core mutual fund franchise 1.4bn

More information

For professional investors only. Invest from a new perspective BMO ETFs

For professional investors only. Invest from a new perspective BMO ETFs For professional investors only Invest from a new perspective BMO ETFs BMO Global Asset Management intelligent about Exchange Traded Funds (ETFs) At BMO Global Asset Management, our focus is on the provision

More information

BMO Capital and Income Investment Trust PLC

BMO Capital and Income Investment Trust PLC CM19195 UK BMO Capital and Income Investment Trust PLC For professional investors only Julian Cane Fund Manager February 2019 Investment risk The value of investments and income derived from them can go

More information

Potential Gains from the Reform Package

Potential Gains from the Reform Package Chart 1 Potential Gains from the Reform Package GDP per capita, % 18 16 14 12 8 6 4 2 Ireland Germany Finland Portugal Spain France Greece Note: The estimated cumulative GDP impact from structural reforms

More information

For professional investors only. Welcome to BMO Global Asset Management

For professional investors only. Welcome to BMO Global Asset Management For professional investors only Welcome to BMO Global Asset Management Welcome In a complex and interconnected world, identifying the right investments can be a daunting task. At BMO Global Asset Management,

More information

Navigating the storm Investing in ideas to aid diversification

Navigating the storm Investing in ideas to aid diversification Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please

More information

Tavistock Investments Plc Group INTEGRITY VIGILANCE

Tavistock Investments Plc Group INTEGRITY VIGILANCE GLOBAL SERVICE Tavistock Investments Plc Group INTEGRITY VIGILANCE GLOBAL SERVICE CONTENTS: SAFE HANDS 1 TAVISTOCK WEALTH, REVOLUTIONARY THINKING & OUR VISION 2 GLOBAL SERVICE, GLOBAL PORTFOLIOS & LONG-TERM

More information

Predicting the Markets: Chapter 9 Charts: Predicting the Fed

Predicting the Markets: Chapter 9 Charts: Predicting the Fed Predicting the Markets: Chapter 9 Charts: November, 1 Dr. Edward Yardeni Chief Investment Strategist Mali Quintana Senior Economist info@yardenibook.com Please visit our sites at www. blog. thinking outside

More information

AVIVA IRELAND. High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities. 28 February 2018

AVIVA IRELAND. High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities. 28 February 2018 AVIVA IRELAND High Yield Equity Fund Richard Saldanha Fund Manager, Global Equities 28 February 2018 This document is for Professional Clients, institutional/qualified investors and Advisers only. It is

More information

PIMCO: The New Neutral

PIMCO: The New Neutral PIMCO: The New Neutral Philanthropy Summit 2015 Investing in the New Neutral world April 2015 PIMCO Australia Pty Ltd ABN 54 084 280 508 AFS Licence 246862 Level 19, 363 George St. Sydney, NSW 2000 telephone:

More information

INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN

INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan

More information

UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I

UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I V E D I R E C T O R, P E N S I O N S M R. M I K E L

More information

Global Real Estate Capital Markets

Global Real Estate Capital Markets Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment

More information

UBS Forum. Sharper opinions, smarter decisions

UBS Forum. Sharper opinions, smarter decisions Thursday, February 5 2015 UBS Forum. Sharper opinions, smarter decisions Madrid Milan London Frankfurt Zurich Chief Investment Office WM The Diverging World CIO Year Ahead 2015 Bill O'Neill Head of Investment

More information

Update on charity funds

Update on charity funds Newton charity seminar 2016 Update on charity funds Jeremy Wells June 2016 For Professional and Retail Charity clients only Please read the important information at the back of this material The opinions

More information

Connections matter. Neil Sneddon

Connections matter. Neil Sneddon CM18008 UK Connections matter For professional investors only Neil Sneddon BMO Global Asset Management (EMEA) Private Equity Establishing and utilising strong connections for our clients benefit Investment

More information

Improving property portfolio performance through diversification

Improving property portfolio performance through diversification May 2018 Real Estate Insight This communication is for investment professionals only and should not be distributed or relied on by retail clients. It is only intended for use in jurisdictions where the

More information

KB Elite Multi Asset Balanced Fund

KB Elite Multi Asset Balanced Fund KB Elite Multi Asset Balanced Fund Quarterly update, Q4 2014 For professional use only Key events in Q4 2014 October Islamic state forces besiege the Syrian border town of Kobane Bank of Japan announces

More information

Economic Imbalances in the post-maastricht Treaty World A Look at Global and European Implications and Investment Conclusions

Economic Imbalances in the post-maastricht Treaty World A Look at Global and European Implications and Investment Conclusions Economic Imbalances in the post-maastricht Treaty World A Look at Global and European Implications and Investment Conclusions JOHN W. BECK Senior Vice President Co-Director, Global Fixed Income Franklin

More information

Economic Update: Fed Delay Bought Calm. But is it Calm Enough to Hike Rates? 2016 AAM Investment Conference Chris Low FTN Financial Chief Economist

Economic Update: Fed Delay Bought Calm. But is it Calm Enough to Hike Rates? 2016 AAM Investment Conference Chris Low FTN Financial Chief Economist Economic Update: Fed Delay Bought Calm. But is it Calm Enough to Hike Rates? May 2016 2016 AAM Investment Conference Chris Low FTN Financial Chief Economist Executive Summary 1 FOMC recognizes global inflation

More information

Economic and Market Outlook

Economic and Market Outlook Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions

More information

Smaller Companies. June Andrew Paisley

Smaller Companies. June Andrew Paisley June 2018 Smaller Companies Andrew Paisley This communication is intended for investment professionals only and must not be relied on by anyone else. Aberdeen Standard Investments is a brand of the investment

More information

Perspectives JAN Market Preview: Non-U.S. Equities

Perspectives JAN Market Preview: Non-U.S. Equities Perspectives JAN 2018 2018 Market Preview: Non-U.S. Equities SUSTAINED STRENGTH OR ONE HIT WONDER? Non-U.S. equity investors patience was finally rewarded with a banner year in 2017, as both strong economic

More information

Asset allocation achieving the right mix

Asset allocation achieving the right mix Asset allocation achieving the right mix Learning outcomes The objective of the presentation is to help develop your understanding of: The benefits and drawbacks of a range of asset allocation styles The

More information

Outlook 2015: Europe & Germany

Outlook 2015: Europe & Germany Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214

More information

Investment Update UK Institutional Funds April 2018

Investment Update UK Institutional Funds April 2018 Investment Update UK Institutional Funds April 2018 This communication is intended for investment professionals only and must not be relied on by anyone else. After some deceleration in global activity

More information

Moving On Up Today s Economic Environment

Moving On Up Today s Economic Environment Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL

More information

11 QUESTIONS FOR EQUITY INVESTORS IN 2017

11 QUESTIONS FOR EQUITY INVESTORS IN 2017 Global Equities 11 QUESTIONS FOR EQUITY INVESTORS IN 2017 January 2017 For investment professionals only. Not for further distribution. The 2 nd Longest US Bull Market In History Could This Be The Record

More information

ATTRIBUTION AND RISK REPORT

ATTRIBUTION 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 information

JPMorgan Claverhouse Investment Trust plc

JPMorgan Claverhouse Investment Trust plc JPMorgan Claverhouse Investment Trust plc Annual General Meeting 18 April 2018 William Meadon, Portfolio Manager Callum Abbot, Portfolio Manager FOR AGM USE ONLY NOT FOR FURTHER PUBLIC DISTRIBUTION Co-fund

More information

Quarterly Range Report

Quarterly 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 information

Real Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff

Real Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff Real Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff CAJPA Fall Conference September 17, 2015 Martin Cassell, CFA CEO, Chief Investment Officer 6225 Lusk Boulevard San Diego,

More information

The increasing importance of multi asset solutions genuine diversification to reduce total risk

The increasing importance of multi asset solutions genuine diversification to reduce total risk The increasing importance of multi asset solutions genuine diversification to reduce total risk Ariconsult Vermögensverwaltungs-Symposium 17 September 2014 Richard Batty Fund Manager, Multi Asset This

More information

MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2

MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight

More information

Questions and answers about Russell Tax-Managed Model Strategies allocation changes

Questions and answers about Russell Tax-Managed Model Strategies allocation changes MAY 11, 2015 Questions and answers about Russell Tax-Managed Model Strategies allocation changes Summary The global financial markets are dynamic, never constant nor predictable. We believe investors should

More information

Man AHL Diversified Markets EU

Man AHL Diversified Markets EU This material is of a promotional nature. Man AHL Diversified Markets EU FUND AIM Man AHL Diversified markets EU provides investors access to the AHL Diversified Programme. It aims to generate returns

More information

Investment Opportunities in Global Fixed Income Markets

Investment Opportunities in Global Fixed Income Markets Investment Opportunities in Global Fixed Income Markets GSAM Insurance Fixed Income May 217 GSAM Insurance Asset Management Key Themes for 217 Economic Backdrop End of the Distortion Monetary to Fiscal

More information

AllianceBernstein: Tradition and Change Citigroup Financial Services Conference

AllianceBernstein: Tradition and Change Citigroup Financial Services Conference March 10, 2011 AllianceBernstein: Tradition and Change Citigroup Financial Services Conference David A. Steyn Chief Operating Officer Cautions Regarding Forward-Looking Statements Certain statements provided

More information

Portfolio Review Third Quarter 2018

Portfolio Review Third Quarter 2018 Portfolio Review Third Quarter 2018 Q3 The Gherkin, London, United kingdom 3 Portfolio Series Income Fund 7 Portfolio Series Conservative Fund 11 Portfolio Series Conservative Balanced Fund 15 Portfolio

More information

ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH

ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,

More information

Investor pre-close briefing. 15 September

Investor pre-close briefing. 15 September Investor pre-close briefing 15 September Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties and

More information

INVESTMENT REVIEW Q4 2017

INVESTMENT REVIEW Q4 2017 INVESTMENT REVIEW Q4 2017 OVERVIEW WORLD MARKETS 30TH SEPTEMBER 2017-31ST DECEMBER 2017 CLOSING LEVEL 30/09/17 CLOSING LEVEL 31/12/17 % CHANGE FTSE 100 7,372 7,687 4.27% DOW JONES INDUSTRIAL AVERAGE 22,405

More information

Outlook for 2014 Title 1. David Greene, Pioneer Investments

Outlook for 2014 Title 1. David Greene, Pioneer Investments Outlook for 2014 Title 1 David Greene, Pioneer Investments 2014 A year of Transition Transitioning from fiscal tightening to less austerity. Transitioning from Euro-area recession to growth. Transitioning

More information

Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund

Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord

More information

Quarterly Range Report

Quarterly Range Report Quarterly Range Report MyFolio Market Range - Q1 2019 Pension Insured Funds S4 Retail MyFolio Market MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three

More information

Selecting investment companies for income portfolios. Nick Britton Head of Training AIC

Selecting 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 information

European Equity Update

European Equity Update European Equity Update Christopher Warren April 2017 Europe A quick recap of market conditions since 2015 14 th Annual Capital Link Forum April 23, 2015 15 th Annual Capital Link Forum April 21, 2016 16

More information

1. Global Money Market Fund

1. Global Money Market Fund 1. Global Money Market Fund Conservative investment approach Higher return than overseas bank account - minimal risk, lower entry levels Focus is on retention of capital Invests in short-term interest

More information

Fund Performance - EUR March

Fund Performance - EUR March Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity

More information

Eurozone Economic Watch. February 2018

Eurozone Economic Watch. February 2018 Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available

More information

Selecting investment companies for income portfolios. Nick Britton Head of Training AIC

Selecting investment companies for income portfolios. Nick Britton Head of Training AIC Selecting investment companies for income portfolios Nick Britton Head of Training AIC Key information 2 What we ll cover 3 What we ll cover 4 What s most important to you? Attractive yield Infrastructure,

More information

Real Estate Investment Strategy

Real Estate Investment Strategy Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured

More information

VYMI Vanguard International High Dividend Yield ETF

VYMI Vanguard International High Dividend Yield ETF Vanguard International High Dividend Yield ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: DWX, HDAW Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, High

More information

Foreign & Colonial Investment Trust

Foreign & Colonial Investment Trust Investment Trust Review 29 May 2012 Foreign & Colonial Investment Trust 12 months Ending Total Share Price Return* (%) Total NAV return* (%) Launched in 1886, Foreign & Colonial Investment Trust (FRCL)

More information

4Q17 Global & International Equity GLOBAL EQUITY. 10+ Years of Providing High Income Through Global Dividends

4Q17 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 information

Asset Management. CS (Lux) Prima Family Presentation. Review Q CS (Lux) Prima Multi-Strategy Fund CS (Lux) Prima Growth Fund.

Asset Management. CS (Lux) Prima Family Presentation. Review Q CS (Lux) Prima Multi-Strategy Fund CS (Lux) Prima Growth Fund. CS (Lux) Prima Family Presentation Review Q3 2014 CS (Lux) Prima Multi-Strategy Fund CS (Lux) Prima Growth Fund December 2014 Merger Deal-Break: AbbVie vs Shire Source: Bloomberg; data as of Nov 2014 Historical

More information

Fourth Quarter 2015 Market Review. March 2016

Fourth Quarter 2015 Market Review. March 2016 Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001

More information

Global Equity Style Premia

Global Equity Style Premia For professional investors only Global Equity Style Premia A unique approach to style-based investing Global Equity Style Premia A smarter way to invest in equities; systematically accessing the returns

More information

Strong performance for real estate assets

Strong performance for real estate assets Strong performance for real estate assets Annualized returns, United States, 212 Percent 2 18 16 14 1 year 1 year 12 1 8 6 4 2 REITs Equities Real property Govt bonds CPI T-bills Sources: CBRE, NCREIF.

More information

HarbourVest Global Private Equity Ltd.

HarbourVest Global Private Equity Ltd. HarbourVest Global Private Equity Ltd. Capital Markets Session 6 October 2016 Agenda 1 Introduction HVPE Factsheet and Overview HVPE Performance vs. Peers Financial Performance and Portfolio Highlights

More information

CORPORATE SUBSTANTIAL SHAREHOLDER NOTICE

CORPORATE SUBSTANTIAL SHAREHOLDER NOTICE FORM 2 CORPORATE SUBSTANTIAL SHAREHOLDER NOTICE Notice pursuant to s. 324 of Part XV of the Securities and Futures Ordinance (Cap. 571) Form for use by a corporation giving notice of : (i) First acquiring

More information

Calamos Phineus Long/Short Fund

Calamos Phineus Long/Short Fund Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle

More information

Securities Trust of Scotland

Securities Trust of Scotland 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

More information

EXAMPLE was a weaker year for real estate. Full-year returns are unlikely to match the double figures achieved in 2017.

EXAMPLE was a weaker year for real estate. Full-year returns are unlikely to match the double figures achieved in 2017. This summary provides market commentary from our investment experts, and details any changes made to Portfolio 5 during the fourth quarter of 2018. The commentary is intended to give you a general overview

More information