Smith & Williamson Managed Portfolio Service factsheets

Smith & Williamson Managed Portfolio Service factsheets

Defensive Income (OE) Portfolio Profile 31 August 2017 For professional advisers only - Not for use by or distribution to retail clients. Portfolio objective The strategy aims to deliver defensive total returns with an emphasis on also offering higher than 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. Asset breakdown 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. Cash 0.9% Bonds 41.7% Equities 47.5% Alternatives 9.9% (OE) - refers to the portfolio containing only cash and open-ended investment funds. 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 4. Geographic & asset breakdown Cash 0.9% Bonds - Sovereign 5.7% Bonds - Index Linked 5.6% Bonds - Credit 26.4% Bonds - High Yield 4.1% Equities - UK 22.6% Equities - Developed 19.9% Equities - Developing 4.9% Alternatives 9.9% Performance 1 10% Product mix 8% 6% 4% Cash 0.9% Passive 6.8% OEIC / Unit Trust 92.3% 2% 0% 6 Months 1 Year Since Launch 2 Portfolio Benchmark 3 IA 20-60% Shares 4 Figures may not add to 100% due to rounding. Cumulative (%) Discrete (%) 6m 1yr Since launch ² Sep 15 - Aug 16 Sep 16 - Aug 17 Portfolio 3.53 7.66 15.52 9.97 7.66 Benchmark 3 3.55 7.69 21.19 15.38 7.69 IA 20-60% Shares 4 3.40 7.35 15.42 10.54 7.35 Past performance is not a guide to future performance.

Portfolio % Benchmark % Cash 0.93 5.00 Cash 0.93 Bonds - Sovereign 5.68 8.00 M&G Gilt & Fixed Interest 3.44 Royal London Short Duration Gilts 2.24 Bonds - Index Linked 5.59 5.00 Standard Life Global Index Linked 2.83 AXA Sterling Index Linked 2.76 Bonds - Credit 26.35 24.00 Kames Capital Investment Grade 7.89 Royal London Corporate Bond 5.56 Jupiter Strategic 5.46 Liontrust Monthly Income 3.84 AXA US Short Duration High Yield (Hdg) 3.59 Bonds - High Yield 4.05 6.00 Legal & General High Income 4.05 Bonds - International 0.00 3.00 Equities - UK 22.64 19.00 Capita Financial Trojan Income 4.93 RWC Enhanced Income 4.75 Investec UK Alpha 3.28 Man GLG Undervalued Assets 2.92 Invesco Perpetual UK Strategic Income 2.41 Henderson UK Absolute Return 2.31 HSBC FTSE 100 Index 2.02 Equities - Developed 19.94 18.00 JP Morgan US Equity Income 5.63 Vanguard US Equity Index 4.73 JPM Japan 2.87 Man GLG Japan CoreAlpha 2.52 BlackRock Continental European Income 2.46 Blackrock European Dynamic (Hdg) 1.73 Equities - Developing 4.92 4.00 Schroder Asian Income Maximiser 2.55 Schroder ISF Asian Total Return 2.37 Alternatives 9.91 8.00 Aberdeen UK Property Feeder 4.65 Aberdeen Property Shares 1.31 Legg Mason Western Macro Bond Opps 2.06 Invesco Global Targeted Returns 1.89 Portfolio volatility - standard deviation (ann), since launch 2 Benchmark volatility - standard deviation (ann), since launch 2 Estimated yield (as at 30.06.17) 5 4.8% 5.5% 2.8% Important notes: 1 Smith & Williamson Investment Management / FactSet as at 31.08.17 (unaudited). Periods over one year are annualised. 2 Launch date 31.07.15. 3 Benchmark: Smith & Williamson Defensive Income (OE) Portfolio Profile Benchmark. 4 IA (Investment Association) Mixed Investment 20-60% Shares. 5 Estimated yield shown is net of underlying holdings charges but before platform charges, which vary, Smith & Williamson Investment Management charges (as shown), custody or adviser charges, and the effect of these would be to reduce the total returns on the account. 6 Underlying holdings charges are estimated using platform information where possible, 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. Estimated underlying holdings charges (as at 30.06.17) 6 Smith & Williamson charge 5 0.8% 0.3% + VAT 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. Smith & Williamson Investment Management 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 580531). Source: FactSet

Balanced Income (OE) Portfolio Profile 31 August 2017 For professional advisers only - Not for use by or distribution to retail clients. Portfolio objective The strategy aims 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. Asset breakdown 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. Bonds 28.1% Equities 63.5% Alternatives 8.1% (OE) - refers to the portfolio containing only cash and open-ended investment funds. 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 5. Geographic & asset breakdown Bonds - Sovereign 3.0% Bonds - Index Linked 1.4% Bonds - Credit 20.4% Bonds - High Yield 3.4% Equities - UK 28.1% Equities - Developed 23.8% Equities - Developing 11.7% Alternatives 8.1% Performance 1 12% Product mix 10% 8% 6% 4% Passive 9.8% OEIC / Unit Trust 90.0% 2% 0% 6 Months 1 Year Since Launch 2 Portfolio Benchmark 3 IA 40-85% Shares 4 Figures may not add to 100% due to rounding. Cumulative (%) Discrete (%) 6m 1yr Since launch ² Sep 15 - Aug 16 Sep 16 - Aug 17 Portfolio 5.38 11.96 19.97 10.46 11.96 Benchmark 3 4.78 11.49 26.01 17.32 11.49 IA 40-85% Shares 4 4.52 10.86 20.48 12.99 10.86 Past performance is not a guide to future performance.

Portfolio % Benchmark % Cash 0.18 0.00 Cash 0.18 Bonds - Sovereign 2.98 5.00 M&G Gilt & Fixed Interest 2.98 Bonds - Index Linked 1.37 0.00 Standard Life Global Index Linked 1.37 Bonds - Credit 20.38 24.00 Kames Capital Investment Grade 5.24 Royal London Corporate Bond 5.10 Jupiter Strategic 4.42 Liontrust Monthly Income 3.51 AXA US Short Duration High Yield (Hdg) 2.11 Bonds - High Yield 3.41 6.00 Legal & General High Income 3.41 Equities - UK 28.12 26.00 Capita Financial Trojan Income 4.65 Invesco Perpetual UK Strategic Income 4.55 RWC Enhanced Income 4.37 Artemis UK Select 3.43 HSBC FTSE 100 Index 3.25 Investec UK Alpha 2.87 Man GLG Undervalued Assets 2.79 Henderson UK Absolute Return 2.21 Equities - Developed 23.77 22.00 Vanguard US Equity Index 6.58 Artemis US Extended Alpha 5.62 JPM Japan 3.38 Man GLG Japan CoreAlpha 2.91 Henderson European Focus 3.12 Blackrock European Dynamic (Hdg) 2.16 Equities - Developing 11.66 10.00 Hermes Global Emerging Markets 4.07 Fidelity Emerging Markets 2.38 Schroder ISF Asian Total Return 2.23 Schroder Asian Income Maximiser 1.79 Fidelity Asia 1.19 Alternatives 8.13 7.00 Aberdeen UK Property Feeder 4.13 Aberdeen Property Shares 1.16 Legg Mason Western Macro Bond Opps 1.49 Invesco Global Targeted Returns 1.36 Portfolio volatility - standard deviation (ann), since launch 2 Benchmark volatility - standard deviation (ann), since launch 2 Estimated yield (as at 30.06.17) 5 5.7% 6.6% 2.6% Important notes: 1 Smith & Williamson Investment Management / FactSet as at 31.08.17 (unaudited). Periods over one year are annualised. 2 Launch date 31.07.15. 3 Benchmark: Smith & Williamson Balanced Income (OE) Portfolio Profile Benchmark. 4 IA (Investment Association) Mixed Investment 40-85% Shares. 5 Estimated yield shown is net of underlying holdings charges but before platform charges, which vary, Smith & Williamson Investment Management charges (as shown), custody or adviser charges, and the effect of these would be to reduce the total returns on the account. 6 Underlying holdings charges are estimated using platform information where possible, 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. Estimated underlying holdings charges (as at 30.06.17) 6 Smith & Williamson charge 5 0.8% 0.3% + VAT 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. Smith & Williamson Investment Management 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 580531). Source: FactSet

Balanced Growth (OE) Portfolio Profile 31 August 2017 For professional advisers only - Not for use by or distribution to retail clients. Portfolio objective The strategy aims to deliver balanced growth through investing actively across defensive and riskier asset classes. The portfolio is biased towards global stock market investments and may invest between 65% and 85% in equities with the remainder diversified across defensive asset classes. Asset breakdown 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. Bonds 17.5% Equities 76.8% Alternatives 5.5% (OE) - refers to the portfolio containing only cash and open-ended investment funds. 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 6. Geographic & asset breakdown Bonds - Credit 15.1% Bonds - High Yield 2.4% Equities - UK 33.2% Equities - Developed 20.2% Equities - Developing 23.4% Alternatives 5.5% Performance 1 16% Product mix 14% 12% 10% 8% 6% 4% Passive 10.4% OEIC / Unit Trust 89.4% 2% 0% 6 Months 1 Year Since Launch 2 Portfolio Benchmark 3 IA 40-85% Shares 4 Figures may not add to 100% due to rounding. Cumulative (%) Discrete (%) 6m 1yr Since launch ² Sep 15 - Aug 16 Sep 16 - Aug 17 Portfolio 8.41 15.79 26.08 13.02 15.79 Benchmark 3 5.84 14.14 29.75 19.19 14.14 IA 40-85% Shares 4 4.52 10.86 20.48 12.99 10.86 Past performance is not a guide to future performance.

Portfolio % Benchmark % Cash 0.20 0.00 Cash 0.20 Bonds - Credit 15.09 19.00 Kames Capital Investment Grade 4.12 Royal London Corporate Bond 4.08 Liontrust Monthly Income 2.91 Jupiter Strategic 2.72 AXA US Short Duration High Yield (Hdg) 1.27 Bonds - High Yield 2.39 5.00 Legal & General High Income 2.39 Equities - UK 33.19 31.00 HSBC FTSE 100 Index 5.29 Man GLG Undervalued Assets 5.17 Invesco Perpetual UK Strategic Income 4.61 Investec UK Alpha 3.74 Artemis UK Select 3.30 Capita Financial Trojan Income 3.16 Old Mutual UK Smaller Companies Focus 2.95 RWC Enhanced Income 2.89 Henderson UK Absolute Return 2.08 Equities - Developed 20.23 19.00 Vanguard US Equity Index 5.14 Artemis US Extended Alpha 4.15 JPM Japan 3.20 Man GLG Japan CoreAlpha 2.68 Henderson European Focus 2.98 Blackrock European Dynamic (Hdg) 2.08 Equities - Developing 23.42 21.00 Hermes Global Emerging Markets 4.94 Fidelity Emerging Markets 4.02 Goldman Sachs India Equity 2.57 Fidelity Asia 4.22 Schroder ISF Asian Total Return 3.85 Schroder Asian Alpha Plus 3.81 Alternatives 5.48 5.00 F&C Property Growth & Income 2.85 Legg Mason Western Macro Bond Opps 1.37 Invesco Global Targeted Returns 1.25 Portfolio volatility - standard deviation (ann), since launch 2 Benchmark volatility - standard deviation (ann), since launch 2 Estimated yield (as at 30.06.17) 5 Estimated underlying holdings charges (as at 30.06.17) 6 7.0% 8.0% 2.4% 0.9% Important notes: 1 Smith & Williamson Investment Management / FactSet as at 31.08.17 (unaudited). Periods over one year are annualised. 2 Launch date 31.07.15. 3 Benchmark: Smith & Williamson Balanced Growth (OE) Portfolio Profile Benchmark. 4 IA (Investment Association) Mixed Investment 40-85% Shares. 5 Estimated yield shown is net of underlying holdings charges but before platform charges, which vary, Smith & Williamson Investment Management charges (as shown), custody or adviser charges, and the effect of these would be to reduce the total returns on the account. 6 Underlying holdings charges are estimated using platform information where possible, 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. Smith & Williamson charge 5 0.3% + VAT 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. Smith & Williamson Investment Management 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 580531). Source: FactSet

Growth (OE) Portfolio Profile 31 August 2017 For professional advisers only - Not for use by or distribution to retail clients. Portfolio objective The strategy aims to deliver long-term growth by investing predominantly in stock markets 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. Asset breakdown 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. (OE) - refers to the portfolio containing only cash and open-ended investment funds. 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 7. Geographic & asset breakdown Cash 0.1% Bonds 5.3% Equities 89.8% Alternatives 4.8% Cash 0.1% Bonds - Credit 3.4% Bonds - High Yield 1.9% Equities - UK 36.2% Equities - Developed 19.1% Equities - Developing 34.5% Alternatives 4.8% Performance 1 20% 18% Product mix 16% 14% 12% 10% 8% 6% Cash 0.1% Passive 10.4% OEIC / Unit Trust 89.5% 4% 2% 0% 6 Months 1 Year Since Portfolio Benchmark 3 IA Flexible 4 Launch 2 Figures may not add to 100% due to rounding. Cumulative (%) Discrete (%) 6m 1yr Since launch ² Sep 15 - Aug 16 Sep 16 - Aug 17 Portfolio 10.09 18.85 30.57 14.93 18.85 Benchmark 3 6.40 16.85 32.80 20.51 16.85 IA Flexible 4 4.94 12.69 22.00 13.19 12.69 Past performance is not a guide to future performance.

Portfolio % Benchmark % Cash 0.09 0.00 Cash 0.09 Bonds - Credit 3.42 5.00 Kames Capital Investment Grade 2.38 AXA US Short Duration High Yield (Hdg) 1.04 Bonds - High Yield 1.90 5.00 Legal & General High Income 1.90 Equities - UK 36.22 35.00 HSBC FTSE 100 Index 6.14 Man GLG Undervalued Assets 5.82 Investec UK Alpha 5.32 Invesco Perpetual UK Strategic Income 4.06 Old Mutual UK Smaller Companies Focus 3.59 Artemis UK Select 3.46 Capita Financial Trojan Income 3.25 RWC Enhanced Income 2.60 Henderson UK Absolute Return 1.98 Equities - Developed 19.09 18.00 Vanguard US Equity Index 4.26 Artemis US Extended Alpha 3.94 JPM Japan 3.01 Man GLG Japan CoreAlpha 2.56 Blackrock European Dynamic (Hdg) 2.69 Henderson European Focus 2.63 Equities - Developing 34.52 32.00 Hermes Global Emerging Markets 5.92 Fidelity Emerging Markets 3.73 Goldman Sachs India Equity 3.70 T Rowe Price Frontier Markets 2.23 Neuberger Berman China Equity 1.88 Fidelity Asia 6.35 Aberdeen Asia Pacific 3.93 Schroder ISF Asian Total Return 3.40 Schroder Asian Alpha Plus 3.38 Alternatives 4.77 5.00 F&C Property Growth & Income 3.01 Legg Mason Western Macro Bond Opps 1.75 Portfolio volatility - standard deviation (ann), since launch 2 Benchmark volatility - standard deviation (ann), since launch 2 Estimated yield (as at 30.06.17) 5 Estimated underlying holdings charges (as at 30.06.17) 6 8.2% 9.5% 2.0% 0.9% Important notes: 1 Smith & Williamson Investment Management / FactSet as at 31.08.17 (unaudited). Periods over one year are annualised. 2 Launch date 31.07.15. 3 Benchmark: Smith & Williamson Growth (OE) Portfolio Profile Benchmark. 4 IA (Investment Association) Flexible Investment. 5 Estimated yield shown is net of underlying holdings charges but before platform charges, which vary, Smith & Williamson Investment Management charges (as shown), custody or adviser charges, and the effect of these would be to reduce the total returns on the account. 6 Underlying holdings charges are estimated using platform information where possible, 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. Smith & Williamson charge 5 0.3% + VAT 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. Smith & Williamson Investment Management 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 580531). Source: FactSet