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Hargreaves Bestinvest Lansdown Top Rated Wealth150 Review Review

Hargreaves Lansdown Wealth150 Review Introduction The is a popular list of funds promoted by Hargreaves Lansdown as a selection of the best funds available to UK investors. This influential list has helped to deliver an influx of investment into the funds it promotes but does it really contain the best funds available? With clear benefits to the fund management firms whose funds are listed within the, there has been criticism as to how funds are selected, which Hargreaves Lansdown have dismissed stating that no one pays to be on the list and that all funds are selected on merit. Their first list, 'the ' is a broader list of funds described by Hargreaves Lansdown as having "excellent long-term prospects". Hargreaves consider these to be "superior to other options in the same sector, but they don t have quite the same combination of best-in-class performance potential and low charges as '' funds". The second list, 'the Hargreaves Lansdown ' is a list of funds that contains a selection of (what they believe to be), the "best funds available to UK investors". Our initial concern was why have 2 best fund lists and not 1? These lists influence investors, therefore, why not have 1 list that highlights the best funds only? At the time of this report, there were 79 funds in the '' List, and 35 of these also made up the '' list. To identify the quality of the funds within the our research team carried out a comprehensive and independent analysis of each fund identifying their performance and sector ranking over the recent 1, 3 & 5 years. As detailed in this report a large proportion of these funds have a history of poor performance.

How Yodelar s Performance Empowering investors with factual fund research, insights and information Yodelar continually review the performance and ranking of fund managers and their funds, helping investors to clearly identify the quality of all investment funds. Fund Performance Colour Definitions that rank in the top 25% in their sector for performance that rank in the top 50% in their sector for performance that rank in the bottom 50% in their sector for performance that rank in the bottom 25% in their sector for performance Based on how a fund ranks over the most recent 1, 3 and 5 year period they will be classified as a TOP MEDIOCRE or POOR performing fund. Top Performing Yodelar classifies a top-performing fund as a fund that has consistently performed better than 75% of competing funds within the relevant sector. All consistently top performing funds will only have a purple colour code. Mediocre Performing A fund will be classified as mediocre performing if at anytime during the 1, 3 and 5-year period analysed they had performed worse than the top 25% of competing funds but maintained a ranking which was better than the remaining 50% of competing funds. Poor Performing Yodelar classifies a poor performing fund as one which has performed worse than 50% of competing funds at anytime over the most recent 1, 3 and 5 year periods. that have a yellow or a red colour code will be classified as poor performing. All fund information provided in this report is factual and accurate as of the time of completion. It s purpose is to provide investors with factual performance insights and does not constitute financial advice.

Hargreaves Lansdown Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating AXA World Framlington UK L Cap GBP FO Equity - UK 17.03 212 / 308 45.65 79.36 177.82 107.5 02/03/2016 Pyrford Global Total Return C GBP IA Flexible 8.81 570 / 611 44.83 17.57 412 / 487 71.28 24.02 306 / 331 101.26 2380 POOR Lindsell Train Global Equity D IA Global 26.21 1175 / 1713 57.39 74.63 25 / 1450 96.41 147.65 12 / 1173 163.35 2211.8 POOR Royal London Sterling Extra Yield Y Inc Ltd Issuance IA Sterling 17.11 106 / 556 38.51 24.54 74 / 459 69.33 68.12 5 / 325 81.24 1516 TOP Newton Real Return U Baillie Gifford Managed B EdenTree Higher Income B Schroder Managed Balanced Inst Henderson Cautious Managed I Baring Europe Select I Inc GBP UT Targeted Absolute Return UT Mixed 40%-85% Shares UT Mixed 40%-85% Shares UT Mixed 40%-85% Shares UT Mixed 20%-60% Shares UT European Smaller 2.23 204 / 339 26.57 9.51 111 / 250 43.32 19.85 91 / 182 129.19 9831.3 21.82 111 / 804 39.28 35.18 64 / 676 63.41 65.97 49 / 542 98.12 1178.2 TOP 17.6 399 / 804 39.28 23.47 495 / 676 63.41 51 253 / 542 98.12 362.2 POOR 19.68 227 / 804 39.28 27.58 311 / 676 63.41 55.02 176 / 542 98.12 1408.6 MEDIOCRE 10.79 634 / 917 33.53 15.24 601 / 763 55.4 42.42 157 / 567 91.21 2132.1 POOR 27.64 30 / 77 42.3 52.86 9 / 61 50.76 133.97 8 / 58 183.03 1674 MEDIOCRE FP CRUX European Special Situations I GBP in GB UT Europe Excluding UK 24.97 159 / 424 51.29 48.96 13 / 357 75.61 109.08 13 / 292 155.23 1305.8 MEDIOCRE Thesis TM Sanditon European F UT Europe Excluding UK 23.29 225 / 424 51.29 75.61 155.23 277 25/09/2014 Threadneedle European Select Z GBP UT Europe Excluding UK 20.57 311 / 424 51.29 38.23 45 / 357 75.61 85.93 98 / 292 155.23 2875 POOR Jupiter Asian Income I UT Asia Pacific Excluding Japan 28.58 225 / 282 49.43 76.29 105.41 455.5 02/03/2016 Stewart Investors Asia Pacific Leaders B GBP UT Asia Pacific Excluding Japan 25.05 268 / 282 49.43 59.5 57 / 237 76.29 76.1 27 / 195 105.41 9706.1 POOR CF Woodford Income Focus Z GBP UT Global Equity Income 20/03/2017 36.79 65.69 119.76 10.4 Newton Global Income U UT Global Equity Income 24.98 138 / 261 36.79 62.6 3 / 200 65.69 96.92 19 / 135 119.76 5746.8 POOR JPM Emerging Markets B UT Global Emerging Markets 41.16 53 / 230 53.05 48.33 51 / 201 66.64 36.4 70 / 148 75.39 1201.7 MEDIOCRE M&G Global Macro I GBP UT Global s 16.16 64 / 382 28.58 32.77 46 / 313 46.35 40.74 36 / 251 77.49 1650.6 TOP Man GLG Japan Core Alpha C Professional UT Japan 48.75 5 / 168 50.02 78.09 33 / 147 111.28 99 37 / 118 307.77 1653.4 MEDIOCRE

Hargreaves Lansdown Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating Schroder Tokyo H UT Japan 37.52 26 / 168 50.02 76.15 41 / 147 111.28 94.59 42 / 118 307.77 2378.2 MEDIOCRE Artemis I Monthly 9.74 78 / 441 38.51 14.61 131 / 367 69.33 36.63 74 / 280 77.53 1009.9 MEDIOCRE Artemis I Quarterly 9.85 72 / 441 38.51 14.73 127 / 367 69.33 37.93 65 / 280 77.53 1009.9 MEDIOCRE Invesco Perpetual Tactical X 4.39 379 / 441 38.51 69.33 77.53 547 31/03/2014 Fidelity Moneybuilder Income Y GBP Corporate 7.27 320 / 455 20.53 19.66 177 / 392 44.77 33.06 199 / 312 62.34 3887.7 POOR Morgan Stanley Sterling Corporate F Corporate 8.18 269 / 455 20.53 20.3 155 / 392 44.77 40.36 67 / 312 62.34 205.1 POOR Royal London Corporate Y Corporate 9.65 119 / 455 20.53 22.21 73 / 392 44.77 44.17 37 / 312 62.34 959.2 MEDIOCRE Aberdeen Latin American Equity I in GB UT Specialist 49.7 30 / 504 79.91 29.88 177 / 447 136.13 4.65 262 / 342 194.87 218.8 POOR Jupiter India X UT Specialist 49.84 29 / 504 79.91 136.13 1 / 447 136.13 121.51 13 / 342 194.87 745.5 TOP Schroder Small Cap Discovery Z UT Specialist 28.79 173 / 504 79.91 47.3 43 / 447 136.13 75.9 50 / 342 194.87 180.6 MEDIOCRE Artemis Income I UT UK Equity Income 17.18 137 / 412 37.65 27.13 92 / 349 38.06 67.78 126 / 297 116.9 6469.2 MEDIOCRE CF Woodford Equity Income Z GBP UT UK Equity Income 12.8 309 / 412 37.65 38.06 116.9 9909 02/06/2014 Marlborough Multi Cap Income P UT UK Equity Income 5.97 401 / 412 37.65 19.43 285 / 349 38.06 95 16 / 297 116.9 1515.9 POOR Threadneedle UK Equity Income Z GBP UT UK Equity Income 18.45 109 / 412 37.65 31.74 30 / 349 38.06 82.39 33 / 297 116.9 3705.6 MEDIOCRE Franklin UK Managers' Focus S 16.79 683 / 1072 44.05 32.22 98 / 969 65.15 98.2 57 / 820 150.58 290.4 POOR Franklin UK Mid Cap S 11.43 974 / 1072 44.05 23.1 480 / 969 65.15 86.43 130 / 820 150.58 935.6 POOR Lindsell Train CF Lindsell Train UK Equity D 16.89 672 / 1072 44.05 43.99 20 / 969 65.15 118.63 23 / 820 150.58 3389.1 POOR R&M UK Dynamic Equity B 25.47 74 / 1072 44.05 30.17 146 / 969 65.15 99.35 54 / 820 150.58 160.5 TOP Rathbone Income S 18.34 588 / 1072 44.05 35.23 60 / 969 65.15 84.6 150 / 820 150.58 1379.8 POOR Thesis TM Sanditon UK F 15.3 781 / 1072 44.05 65.15 150.58 117.3 23/06/2015

Hargreaves Lansdown Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating Marlborough Nano Cap P UT UK Smaller 24.58 28 / 178 150.58 22.38 95 / 162 65.15 150.58 121.5 31/10/2013 Marlborough UK Micro Cap P UT UK Smaller 24.09 32 / 178 150.58 33.51 57 / 162 65.15 114.74 50 / 140 150.58 742.5 MEDIOCRE Schroder UK Dynamic Smaller Z UT UK Smaller 27.58 13 / 178 150.58 24.47 87 / 162 65.15 136.89 17 / 140 150.58 538.1 POOR Standard Life UK UT UK Smaller Smaller Inst S 15.87 110 / 178 150.58 30.08 69 / 162 65.15 150.58 1264.9 25/07/2013

Hargreaves Lansdown 5 Year Performance Summary Performance Summary Number of Percentage of Amount Held in Based on 5 Yr Performance Rating ( Million) Percentage Held in Based on 5 Yr Performance Rating (%) TOP 5 11.36% 5,250.8 5.88% MEDIOCRE 13 29.55% 23,698.6 26.52% POOR 16 36.36% 37,774.5 42.27% 10 22.73% 22,641.4 25.34% TOTAL NUMBER OF FUNDS 44 100% 89,365.3 100%

Hargreaves Lansdown Tracker Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating Tracker L&G European Index Trust C UT Europe Excluding UK 27.61 103 / 424 51.29 32.44 137 / 357 75.61 155.23 2624.6 Tracker UT Asia Pacific BlackRock Pacific ex Excluding Japan Equity Tracker H Japan 36.45 99 / 282 49.43 46.66 143 / 237 76.29 57.65 125 / 195 105.41 1169.7 POOR Tracker BlackRock Emerging Markets Equity Tracker H UT Global Emerging Markets 38.31 112 / 230 53.05 46.42 80 / 201 66.64 33.54 93 / 148 75.39 884.5 POOR L&G Global Inflation Tracker Linked Index C UT Global s 1.55 354 / 382 28.58 6.24 278 / 313 46.35 77.49 889.8 Tracker L&G International Index Trust C UT Global 33.15 90 / 866 47.34 60.03 65 / 755 96.41 163.35 1327.8 Tracker BlackRock Japan Equity Tracker H UT Japan 33.28 58 / 168 50.02 68.68 69 / 147 111.28 86.74 52 / 118 307.77 1850.4 MEDIOCRE Tracker L&G US Index Trust C UT North America 33.98 106 / 346 46.64 74.73 28 / 314 85.19 159.61 3476.2 Tracker BlackRock Corporate Tracker H Corporate 8.69 224 / 455 20.53 21.66 94 / 392 44.77 36.55 133 / 312 62.34 1911.9 MEDIOCRE Tracker HSBC FTSE 250 Index S 16.07 734 / 1072 44.05 26.43 268 / 969 65.15 85.48 141 / 820 150.58 734.5 POOR Tracker L&G UK 100 Index Trust C 24.35 129 / 1072 44.05 25.29 353 / 969 65.15 150.58 561.8 Tracker L&G UK Index Trust C 22.98 216 / 1072 44.05 25.94 300 / 969 65.15 150.58 5474.9 L&G All Stocks Gilt Index Tracker Trust C UT UK Gilts 5.62 53 / 125 11.85 22.56 36 / 111 63.85 54.52 1163.8 L&G All Stocks Index Tracker Linked Gilt Index Trust C UT UK Index - Linked Gilts 17.64 43 / 70 20.7 43.34 39 / 63 52.15 62.78 1467.5

Hargreaves Lansdown Tracker 5 Year Performance Summary Performance Summary Number of Percentage of Amount Held in Based on 5 Yr Performance Rating ( Million) Percentage Held in Based on 5 Yr Performance Rating (%) TOP 0 0.00% 0.0 0.00% MEDIOCRE 2 15.38% 3,762.3 15.98% POOR 3 23.08% 2,788.7 11.85% 8 61.54% 16,986.4 72.17% TOTAL NUMBER OF FUNDS 13 100% 23,537.4 100%

Hargreaves Lansdown Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating JOHCM Continental European Y IA Europe Excluding UK 25.01 239 / 552 51.29 34.38 144 / 458 77.51 96.19 72 / 370 155.23 1700 MEDIOCRE JOHCM Japan A GBP IA Japan 33.74 174 / 450 50.02 53.93 322 / 398 111.28 82.46 160 / 306 307.77 434.6 POOR Old Mutual UK Dynamic Equity R Inc GBP IA UK All 27.1 39 / 1074 44.05 49.7 15 / 971 65.15 153.31 2 / 821 154.17 484.2 TOP Artemis Assets I UT Flexible 15.46 430 / 649 44.83 13.61 446 / 505 71.21 33.91 303 / 379 101.26 829.8 POOR CF Odey Opus Inst UT Flexible 12.22 522 / 649 44.83 14.03 439 / 505 71.21 58.4 109 / 379 101.26 294.7 POOR Troy Asset Management Ltd Trojan O UT Flexible 10.64 566 / 649 44.83 27.02 276 / 505 71.21 27.77 338 / 379 101.26 3834.1 POOR Argonaut FP Argonaut European Alpha R GBP UT Europe Excluding UK 6.05 418 / 424 51.29 14.39 350 / 357 75.61 66.62 265 / 292 155.23 328 POOR Jupiter European I UT Europe Excluding UK 15.8 391 / 424 51.29 43.79 27 / 357 75.61 104.77 27 / 292 155.23 3835.4 POOR Aberdeen Asia Pacific Equity I UT Asia Pacific Excluding Japan 36.74 94 / 282 49.43 39.81 213 / 237 76.59 41.38 183 / 195 105.41 1281.2 POOR First State Global Listed Infrastructure B GBP UT Global 27.94 410 / 866 47.34 63.95 31 / 755 96.41 106.96 52 / 607 163.35 2390.2 MEDIOCRE Rathbone Global Opportunities Inst UT Global 25.61 576 / 866 47.34 56.54 122 / 755 96.41 103.87 58 / 607 163.35 978.5 POOR Rathbone Global Opportunities Inst NAV Standard Life Global Smaller Inst S Legg Mason IF Royce US Smaller X Artemis High Income I Inc UT Global 25.61 576 / 866 47.34 56.54 122 / 755 96.41 103.87 58 / 607 163.35 978.5 POOR UT Global 30.2 255 / 866 47.34 46.48 349 / 755 96.41 163.35 475 25/07/2013 UT North American Smaller 38.33 22 / 33 51.18 37.19 23 / 28 67.44 75.72 20 / 24 133.7 236.1 POOR 11.48 56 / 441 38.51 15.95 102 / 367 69.33 54.79 11 / 280 77.53 1155 MEDIOCRE Artemis High Income I Monthly Inc 11.35 58 / 441 38.51 15.71 107 / 367 69.33 52.57 15 / 280 77.53 1155 MEDIOCRE Jupiter I 8.38 141 / 441 38.51 12.74 178 / 367 69.33 35.46 83 / 280 77.53 3518.2 MEDIOCRE M&G Optimal Income Inst GBP 8.38 142 / 441 38.51 12.05 195 / 367 69.33 31.54 117 / 280 77.53 16966.1 POOR M&G UK Inflation Linked Corporate I 6.25 280 / 441 38.51 3.67 335 / 367 69.33 13.12 258 / 280 77.53 1077.9 POOR M&G Corporate I GBP Corporate 7.03 343 / 455 20.53 15.74 296 / 392 44.77 30.95 231 / 312 62.34 3686.6 POOR

Hargreaves Lansdown Fund Performance Review 27th March 2017 HL Fund Name Sector 1 Yr % 1 Year Performance 3 Year Performance 5 Year Performance 1 Yr 3 Yr % 3 Yr 5 Yr % 5 Yr Fund Size ( Millions) Consistent 5 Year Performance Rating BlackRock Gold & General DI UT Specialist 39.76 65 / 504 79.91 39.89 90 / 447 136.13-19.51 306 / 342 194.87 1235.1 POOR JOHCM UK Equity Income Y UT UK Equity Income 25.11 16 / 412 37.65 25.79 123 / 349 38.06 80.47 40 / 297 116.9 2900 MEDIOCRE Majedie UK Income X UT UK Equity Income 11.76 339 / 412 37.65 26.47 109 / 349 38.06 102.13 9 / 297 116.9 954 POOR Troy Asset Management UT UK Equity Ltd Trojan Income O Income 13.59 279 / 412 37.65 37.05 2 / 349 38.06 75.3 60 / 297 116.9 3270.4 POOR AXA Framlington UK Select Opportunities ZI 11.81 954 / 1072 44.05 16.59 805 / 969 65.15 54.39 579 / 820 150.58 3811.5 POOR Fidelity Special Situations W 21.81 338 / 1072 44.05 34.45 68 / 969 65.15 96.2 65 / 820 150.58 2956.5 MEDIOCRE Jupiter UK I 9.33 1026 / 1072 44.05 15.29 833 / 969 65.15 76.32 227 / 820 150.58 1407.1 POOR Kames Ethical Equity B 7.65 1051 / 1072 44.05 17.69 759 / 969 65.15 74.89 244 / 820 150.58 563 POOR Liontrust Special Situations I Inc 23.5 166 / 1072 44.05 41.09 30 / 969 65.15 90.84 97 / 820 150.58 2521.6 TOP M&G Recovery I GBP 28.62 26 / 1072 44.05 8.02 950 / 969 65.15 24.35 808 / 820 150.58 3187.3 POOR Majedie UK Equity X 25.77 59 / 1072 44.05 25.2 362 / 969 65.15 78.1 216 / 820 150.58 3800 MEDIOCRE Old Mutual UK Alpha U1 GBP 21.4 370 / 1072 44.05 18.35 724 / 969 65.15 66.17 374 / 820 150.58 2223.1 POOR Old Mutual UK Mid Cap R GBP 25.35 85 / 1072 44.05 51.2 9 / 969 65.15 150.58 1 / 820 150.58 2476.7 TOP Standard Life UK Equity Unconstrained Inst 8.95 1035 / 1072 44.05 11.58 905 / 969 65.15 92.96 84 / 820 150.58 714.2 POOR Marlborough Special Situations P UT UK Smaller 20.95 60 / 178 150.58 41.49 23 / 162 65.15 118.9 41 / 140 150.58 1210 MEDIOCRE Old Mutual UK Smaller R GBP UT UK Smaller 27.62 11 / 178 150.58 43.4 15 / 162 65.15 132.49 22 / 140 150.58 1004.3 TOP

Hargreaves Lansdown 5 Year Performance Summary Performance Summary Number of Percentage of Amount Held in Based on 5 Yr Performance Rating ( Million) Percentage Held in Based on 5 Yr Performance Rating (%) TOP 4 11.11% 6,486.8 8.12% MEDIOCRE 9 25.00% 20,784.9 26.02% POOR 22 61.11% 52,127.2 65.26% 1 2.78% 475.0 0.59% TOTAL NUMBER OF FUNDS 36 100% 79,873.9 100%

Hargreaves Lansdown Fund Performance Summary The is a popular resource used by many self managed investors and financial advisers in helping them make fund selections, but as identified in our review the significant proportion of funds they include have underperformed in comparison to competing same sector funds. With the exception of the small number of consistently top performing funds the inclusion of such a large number of mediocre and poor performing funds undermines its value for investors. Unsure of the quality of your investments? If you are unsure of the performance of each of the funds in your investment portfolio or you would like to find out if you can improve your portfolio growth, you might wish to benefit from the 5 star rated Yodelar portfolio review service. This unique service provides investors with complete clarity on the performance and ranking of each individual fund within their portfolio. Our investment research team will undertake a comprehensive analysis of your portfolio for performance and volatility as well as provide a growth comparison alongside a similar risk model portfolio of consistently top performing funds. FIND OUT MORE

Independent & Impartial Performance Analysis Upload your portfolio today and get an independent analysis of your existing investment funds and overall portfolio. Our 5 star rated portfolio review service will detail the factual ranking and performance of your individual funds, and the overall performance of your entire portfolio. Simply upload your most recent investment statement or attach a list of funds including the amounts invested in each and our team of experts will provide you with a comprehensive portfolio analysis. HOW IT WORKS Upload your fund statement / information today, and receive a detailed fund analysis within 48 hrs. 1. Complete the purchase 2. Upload your portfolio Info 3. Receive your analysis PURCHASE NOW Get a complete fund analysis and assessment of each fund contained within your pension, ISA or investment portfolio. 1, 3 & 5 year performance analysis of each fund. Positional ranking comparing each fund to all other same sector funds. Individual fund rating as TOP, MEDIOCRE or POOR. I would recommend this portfolio review service to anyone with an investment portfolio. I have a very different view on fund performance and investing now, as a result of this service. - Paul Fallowfield Portfolio growth comparison. We analyse your portfolio against model portfolios that contain only consistently TOP performing funds.