MANAGED FUNDS SERVICE Cautious Portfolio December 214 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. December 214 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr Yr 213 212 211 21 29 SI (p.a)* Cautious Portfolio.1 3.7 9.1 4.6 9.1 16.1 28.9 4.9 6. 11. 3.6 9.2 9.2 WMA Conservative Blend **. 3.9 9.4 6.3 9.4 1. 2.3 4.2.1 4.6 7.7 8.2 7.4 Relative -.4 -.2 -.3-1.7 -.3 1.1 8.6.7 1.4 6.4-4.1 1. 1.8 Performance and holdings may differ depending on your platform Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) *Inception Date of 19/6/29, quoted on an annualised basis **Benchmark change from composite to FTSE/APCIMS (now WMA) Conservative as at 3.9.212 Cautious Portfolio The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Conservative Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Cautious portfolio underperformed its benchmark by.4% over the month translating into negative.3% relative performance over 1 year; however the strategy maintains its strong long term track record outperforming by 8.6% over 3 years. UK equity fund selection performed well over the quarter as underlying active underweights to big oil served as a relative tailwind. By extension, the declining oil price, essentially a tax cut for the consumer, ties in especially well to the consumer goods and services exposure of the underlying strategies we have, especially the case for Trojan Income. More broadly, fund selection added value in all major sectors over the quarter with only property and bonds detracting. Although the attribution analysis shows our gilt position hurt in terms of asset allocation and selection, we do gain most of our UK gilt exposure through the F&C Equity Linked Gilt, classified as UK Equities in our analysis. The gilt exposure in this instrument provides the portfolio to bonds with a maturity of over 1 years, an area of the gilt market that saw substantial outperformance over the quarter returning 11% versus 6.3% for the All Stock Gilt Index. Clearly the portfolio s duration exposure acted as a significant tailwind to performance over the quarter, albeit an underweight position. Portfolio Information Portfolio Benchmark Investment Management Charge (p.a) WMA Conservative Index TR.3%+VAT Estimated Annual Yield 2.9% Fund Underlying TERs.66% An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 6 4 4 3 3 2 2 1 1 Jun 29 Dec 29 Jun 21 Dec 21 Jun 211 Dec 211 62. MFS Cautious Cautious Composite/WMA Conservative Blended Benchmark 48.8 Jun 212 Dec 212 Jun 213 Dec 213 Jun 214 Dec 214 i For more information on our portfolios, please contact us on 23 21 3363 or at mfs@brewin.co.uk
Brewin Dolphin Managed Funds Service Cautious Portfolio December 214 Asset Allocation as at 31st December 214 Bonds 4.% Equities - UK 24.% Equities - International 13.% Commercial Property.% Cash 3.% Absolute Return.% Performance One Year 1 - Dec 213 Mar 214 9.4 MFS Cautious Cautious Composite/WMA Conservative Blended Benchmark 9.1 Portfolio Holdings as at 31st December 214 Vanguard Global Bond Index Fund Inc 9.% RWC Enhanced Income 9.% Fidelity Moneybuilder Income 8.% Standard Life Global Index Linked 8.% Trojan Income Fund 7.% JPM US Equity Income 7.% Pimco Select UK Income Bond 7.% F&C UK Equity Linked Gilt 7.% Allianz Gilt Yield 6.% Standard Life AAA Income.% Newton Global Dynamic Bond.% SWIP Property.% M&G UK Inflation Linked Corporate Bond 4.% Cash 3.% Blackrock Continental European Income 2.% Newton Asian Income 1.% Jupiter Japan Income 1.% Fidelity Emerging Markets.% Jun 214 Sep 214 Dec 214 Statistics Fund Inception Volatility 4.6 Benchmark Inception Volatility 3.7 Inception Information Ratio.6 Tracking Error 2.9 Portfolio Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person may have positions in the collective investments mentioned herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
MANAGED FUNDS SERVICE Income Portfolio December 214 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. December 214 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr Yr 213 212 211 21 29 SI (p.a)* Income Portfolio.1 3.3 8.6 4.4 8.6 21.7 3.9 2.2 12.1 11.7.3 11.7 12.3 1.3 WMA Income -.2 3.2 7.7 4.9 7.7 18. 27.7 46.8 1. 7.8 3.2 11.4 14.2 9.6 Relative.3.1.9 -..9 3.2 8.2.4 2.1 3.9-2.9.3-1.9.7 Performance and holdings may differ depending on your platform Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) *Inception Date of 31/1/28, quoted on an annualised basis Income Portfolio The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Income Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Income portfolio outperformed its benchmark by.3% over the month, translating into.9% and 8.2% over 1 and 3 years respectively. UK equity fund selection performed well over the quarter as underlying active underweights to big oil served as a relative tailwind. By extension, the declining oil price, essentially a tax cut for the consumer, ties in especially well to the consumer goods and services exposure of the underlying strategies we have, especially the case for Trojan Income. More broadly, fund selection added value in all major sectors over the quarter with only property and bonds detracting as the inflationary debate continued, a debate that moved towards deflation meaning bonds were strong performers. Although our attribution analysis shows our gilt position hurt in terms of asset allocation and selection, we do gain most of our UK gilt exposure through the F&C Equity Linked Gilt, classified as UK Equities in our analysis. The gilt exposure in this instrument provides the portfolio to bonds with a maturity of over 1 years, an area of the gilt market that saw substantial outperformance over the quarter returning 11% versus 6.3% for the All Stock Gilt Index. There were no trades over the month. Portfolio Information Portfolio Benchmark Investment Management Charge (p.a) WMA Income Index TR.3%+VAT Estimated Annual Yield 3.26% Fund Underlying TERs.63% An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 8 8 7 7 6 6 4 4 3 3 2 2 1 1 - Oct 28 Apr 29 Oct 29 MFS Income Apr 21 Oct 21 Apr 211 WMA Income Index 83.4 7.9 Oct 211 Apr 212 Oct 212 Apr 213 Oct 213 Apr 214 Oct 214 i For more information on our portfolios, please contact us on 23 21 3363 or at mfs@brewin.co.uk
Brewin Dolphin Managed Funds Service Income Portfolio December 214 Asset Allocation as at 31st December 214 Equities - UK 37.% Bonds 33.% Equities - International 22.% Commercial Property 4.% Cash 3.% Absolute Return.% Performance One Year 1 8.6 Statistics Fund Inception Volatility 7.4 7.7 Benchmark Inception Volatility 7. Inception Information Ratio.3 Tracking Error 2. - Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 MFS Income WMA Income Index Portfolio Holdings as at 31st December 214 Vanguard Global Bond Index Fund Inc 9.% Trojan Income Fund 8.% Fidelity Moneybuilder Income 8.% JPM US Equity Income 8.% Pimco Select UK Income Bond 7.% Artemis Income 7.% Fidelity Index UK Fund 6.% Newton Global Dynamic Bond.% River & Mercantile UK Equity Income.% F&C UK Equity Linked Gilt.% Vanguard US Equity Index.% SWIP Property 4.% RWC Enhanced Income 4.% Blackrock Continental European Income 3.% Allianz Gilt Yield 3.% Cash 3.% Newton Asian Income 3.% Jupiter Japan Income 2.% Threadneedle UK Equity Income 1.% Portfolio Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meet monthly to decide upon the top down strategy for the portfolio. Strict adherence to their recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person may have positions in the collective investments mentioned herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
MANAGED FUNDS SERVICE Balanced Portfolio December 214 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. December 214 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr Yr 213 212 211 21 29 SI (p.a)* Balanced Portfolio.1 3.8 7.7.2 7.7 27. 42.7 7.9 18.4 11.9-3.8 1. 16. 11.7 WMA Balanced -.7 2.9 7.2 4. 7.2 22.4 33.. 14.1 9.1.2 12. 16.6 1.3 Relative.8.9..7..1 9.2 7.4 4.3 2.8-4. 2. -.6 1.4 Performance and holdings may differ depending on your platform Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) *Inception Date of 31/1/28, quoted on an annualised basis Balanced Portfolio The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Balanced Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Balanced portfolio outperformed its benchmark over the month by.8%. UK equity fund selection performed well over the quarter as underlying active underweights to big oil served as a relative tailwind. By extension, the declining oil price, essentially a tax cut for the consumer, ties in especially well to the consumer goods and services exposure in the underlying strategies. This dispersion in sector returns over the year arguably made for a fertile hunting ground for the UK equity active manager, reflected in strong relative performance over the quarter and month. More broadly, fund selection added value in all major sectors over the quarter and the month with only property and bonds detracting as the inflationary debate continued, a debate that moved towards deflation meaning bonds were strong performers. Although our attribution analysis shows our gilt position hurt in terms of asset allocation and selection, we do gain most of our UK gilt exposure through the F&C Equity Linked Gilt, classified as UK Equities in our analysis. The gilt exposure in this instrument provides the portfolio to bonds with a maturity of over 1 years, an area of the gilt market that saw substantial outperformance over the quarter returning 11% versus 6.3% for the All Stock Gilt Index. There were no trades over the month. Portfolio Information Portfolio Benchmark Investment Management Charge (p.a) WMA Balanced Index TR.3%+VAT Estimated Annual Yield 2.63% Fund Underlying TERs.66% An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 1 9 9 8 8 7 7 6 6 4 4 3 3 2 2 1 1 - -1 Oct 28 Apr 29 Oct 29 MFS Balanced Apr 21 Oct 21 Apr 211 WMA Balanced Index 98.1 83. Oct 211 Apr 212 Oct 212 Apr 213 Oct 213 Apr 214 Oct 214 i For more information on our portfolios, please contact us on 23 21 3363 or at mfs@brewin.co.uk
Brewin Dolphin Managed Funds Service Balanced Portfolio December 214 Asset Allocation as at 31st December 214 Equities - UK 4.% Equities - International 36.% Bonds 16.% Cash 4.% Commercial Property 3.% Absolute Return.% Performance One Year 1 7.7 7.2 Statistics Fund Inception Volatility 8.8 Benchmark Inception Volatility 9. Inception Information Ratio. Tracking Error 3.1 - Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 MFS Balanced WMA Balanced Index Portfolio Holdings as at 31st December 214 JPM US Equity Income 9.% Pimco Select UK Income Bond 9.% Threadneedle UK Equity Income 8.% Fidelity Index UK Fund 7.% Vanguard US Equity Index 7.% Artemis Income 7.% Investec UK Special Situations 7.% Threadneedle European Select 6.% Vanguard Global Bond Index Fund Inc.% Newton Asian Income 4.% River & Mercantile UK Equity Income 4.% F&C UK Equity Linked Gilt 4.% SWIP Property 4.% Schroder Tokyo 4.% Cash 3.% Newton Global Dynamic Bond 2.% Legg Mason ClearBridge US Aggressive Growth 2.% Old Mutual UK Select Smaller Companies 2.% Aviva US Equity Income 1.% Fidelity Emerging Markets 1.% Portfolio Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meet monthly to decide upon the top down strategy for the portfolio. Strict adherence to their recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person may have positions in the collective investments mentioned herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
MANAGED FUNDS SERVICE Growth Portfolio December 214 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. December 214 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr Yr 213 212 211 21 29 SI (p.a)* Growth Portfolio.1 4. 7.9.7 7.9 32. 47.4 62.4 22.2 11.7-6.1 17.3 21.6 12.9 WMA Growth -1.1 2.6 6. 3.9 6. 24.6 37. 1.8 17. 1. -2.3 13.4 19.8 1.9 Relative 1.2 1.4 1.4 1.8 1.4 7.4 1.4 1.6.2 1.7-3.8 3.9 1.8 2. Performance and holdings may differ depending on your platform Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) *Inception Date of 31/1/28, quoted on an annualised basis Growth Portfolio The portfolio s objective is to provide outperformance of the Wealth Management Association (WMA) Growth Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Growth portfolio outperformed its benchmark over the month by 1.2%. This helped the portfolio achieve 1.4% of alpha over the 3 year period. The portfolio s overweight to US equities helped again on an asset allocation basis and within our equity strategies an underweight to oil & gas also helped. By extension, the declining oil price, essentially a tax cut for the consumer, ties in especially well to the consumer goods and services exposure in the underlying strategies. This dispersion in sector returns over the year arguably made for a fertile hunting ground for the UK equity active manager, reflected in strong relative performance over the quarter. More broadly, fund selection added value in all major sectors over the quarter and the month with only property detracting. We remain comfortable with the shape of the portfolio. Portfolio Information Portfolio Benchmark Investment Management Charge (p.a) WMA Growth Index TR.3%+VAT Estimated Annual Yield 1.94% Fund Underlying TERs.72% An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 11 1 1 9 9 8 8 7 7 6 6 4 4 3 3 2 2 1 1 - -1 Oct 28 Apr 29 Oct 29 Apr 21 Oct 21 Apr 211 Oct 211 Apr 212 Oct 212 Apr 213 111.3 Oct 213 Apr 214 88.8 Oct 214 MFS Growth WMA Growth Index i For more information on our portfolios, please contact us on 23 21 3363 or at mfs@brewin.co.uk
Brewin Dolphin Managed Funds Service Growth Portfolio December 214 Asset Allocation as at 31st December 214 Equities - UK 4.% Equities - International 44.% Bonds 7.% Cash 2.% Commercial Property 1.% Absolute Return.% Performance One Year 1 7.9 Statistics Fund Inception Volatility 1.6 6. Benchmark Inception Volatility 1.8 Inception Information Ratio.6 Tracking Error 3. - Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 MFS Growth WMA Growth Index Portfolio Holdings as at 31st December 214 Vanguard US Equity Index 9.% JPM US Equity Income 9.% Artemis UK Special Situations 9.% Investec UK Special Situations 9.% Threadneedle UK Equity Income 8.% Fidelity Index UK Fund 8.% Threadneedle European Select 8.% Legg Mason ClearBridge US Aggressive Growth 6.% Portfolio Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meet monthly to decide upon the top down strategy for the portfolio. Strict adherence to their recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. First State Asia Pacific Leaders.% Schroder Tokyo.% Pimco Select UK Income Bond 4.% AXA Framington UK Select Opps 4.% Blackrock UK Special Situations 3.% Old Mutual UK Select Smaller Companies 3.% Newton Global Dynamic Bond 3.% Cash 2.% SWIP Property 1.% Fidelity Emerging Markets 1.% Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person may have positions in the collective investments mentioned herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
MANAGED FUNDS SERVICE Global Equity December 214 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. December 214 1 Mth 3 Mths YTD 6 mths 1 Yr 2 yr 3 Yr Yr 213 212 211 21 29 SI (p.a)* Global Equity Portfolio Composite Benchmark.1 3.4.4 3.6.4 3.6 48. 6.4 23.9 13.3-7. 2.8 13. -1.4 1.9 4.4 2.3 4.4 2.6 4.3 4.2 2.3 11.6-4. 14. 12.6 Relative 1. 1. 1. 1.3 1.. 7.7 11.2 3.6 1.7-3. 6.3.9 Performance and holdings may differ depending on your platform Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) *Inception Date of 19/6/29, quoted on an annualised basis Global Equity Portfolio The portfolio s objective is to provide outperformance of a bespoke Global Equity Benchmark Index (% cash, 6% UK shares, 3% overseas shares) over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Global Equity portfolio outperformed its benchmark over the month by 1.%. This helped the portfolio achieve 7.7% of alpha over the 3 year period. The portfolio s overweight to US equities helped again on an asset allocation basis and within our equity strategies an underweight to oil & gas also helped. By extension, the declining oil price, essentially a tax cut for the consumer, ties in especially well to the consumer goods and services exposure in the underlying strategies. This dispersion in sector returns over the year arguably made for a fertile hunting ground for the UK equity active manager, reflected in strong relative performance over the quarter and month. More broadly, fund selection added value in all major sectors over the quarter and the month with only property detracting. In particular the UK and US fund selection added around 1.2% of alpha over the month. We remain comfortable with the shape of the portfolio. Portfolio Information Portfolio Benchmark Investment Management Charge (p.a) Composite Benchmark - details above.3%+vat Estimated Annual Yield 2.14% Fund Underlying TERs.72% An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception 11 1 1 9 9 8 8 7 7 6 6 4 4 3 3 2 2 1 1 - -1 Jun 29 Dec 29 Jun 21 Dec 21 MFS Global Equity Jun 211 Dec 211 Jun 212 Dec 212 Jun 213 Dec 213 11.2 Global Equity Composite Benchmark 93. Jun 214 Dec 214 i For more information on our portfolios, please contact us on 23 21 3363 or at mfs@brewin.co.uk
Brewin Dolphin Managed Funds Service Global Equity Portfolio December 214 Asset Allocation as at 31st December 214 Equities - UK 6.% Equities - International 33.% Cash 2.% Bonds.% Commercial Property.% Absolute Return.% Performance One Year Statistics 1.4 Fund Inception Volatility 11.3 4.4 Benchmark Inception Volatility 11.7 Inception Information Ratio.2 Tracking Error 3.8 - Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 MFS Global Equity Global Equity Composite Benchmark Portfolio Holdings as at 31st December 214 Threadneedle UK Equity Income 9.9% Artemis UK Special Situations 9.6% Fidelity Index UK Fund 9.6% Vanguard US Equity Index 9.% Majedie UK Equity 8.3% Portfolio Management The management of the portfolio is achieved through Brewin Dolphin s network of investment professionals. The group s Asset Allocation Team meet monthly to decide upon the top down strategy for the portfolio. Strict adherence to their recommendations ensures that profits are taken regularly and keeps risks within appropriate levels. The funds selected for the portfolio are taken from the group s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk. AXA Framington UK Select Opps 8.3% Aviva US Equity Income 6.% Investec UK Special Situations.% Threadneedle European Select.% Blackrock UK Special Situations.3% Trojan Income Fund.% First State Asia Pacific Leaders 3.8% Schroder Tokyo 3.% Old Mutual UK Select Smaller Companies 3.% Legg Mason ClearBridge US Aggressive Growth 3.% Cash 2.% Fidelity Emerging Markets 1.2% Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person may have positions in the collective investments mentioned herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve the right to act as principal or agent with regard to the sale or purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).