ifsl sinfonia risk targeted fund range · ivestmet area: multi-asset risk-targeted oeic: fund of...

Fund FactsheetIFSL Sinfonia Risk Targeted Fund Range

Performance to 30th April 2017

INVESTMENT AREA: Multi-Asset Risk-Targeted

OEIC: Fund of Funds

IFSL Sinfonia OEIC Portfolios Performance to 30th April 2017

Investment Commentary

Investors focused mostly on French politics in April. Opinion poll numbers in the run-up to the first round of the presidential elections made it impossible to completely rule out the possibility of a second-round contest between two Eurosceptic candidates. Against this backdrop, and although they had not been hit hardest by these concerns, equity markets still cheered the outcome, rallying steeply following the result on the 24th April. The EuroSTOXX 50 surged by 4% on 24 April amid broad equity market gains, before markets consolidated slightly. Encouraging quarterly results from US companies helped to contain the profit-taking. In the UK, despite previous indications to the contrary that it would not be in the national interest, Theresa May called a General Election for the 8th June. At this stage it looks like she would secure a comfortable win, strengthening the Conservative’s slim majority with a cleaner long term mandate. It is this optimistic outlook which the market has interpreted as a positive sign, leading to a strong rally in the value of Sterling over the month. The pound gained 1.5% vs. the Euro and 3.4% vs the US Dollar, as market participants bet that Theresa May would emerge from the elections with a larger majority.

Global equities rose by 1.4% on the month (based on the MSCI AC World index in US dollars), with emerging markets outperforming slightly (2.0% for the MSCI Emerging index in US dollars). Performances on the major developed markets reflect tentativeness on the US economy and policies, relief in Europe after the first round

of the French elections, and election announcement in the UK. The S&P 500 gained 0.9% and in Europe, the EuroSTOXX 50 rose by 1.7% (helped by a strong rally by financials), while the FTSE 100 lost 1.6% on Sterling gains. After being hit by the strengthening Japanese yen in the first half of April, the Nikkei 225 rallied to end the month up 1.5%.

In the run-up to the French presidential elections, investor perceptions that political risk had increased in Europe mainly hit government bonds on both sides of the Atlantic. Volatility in T-notes approached this year’s highs, the 10-year Bund yield ease to a 2017 low of 0.16%, and the yield spread of French same-maturity government bonds over Bunds widening to about 75bp. Investors had feared that two Eurosceptic parties would end up in the French presidential run-off, based on opinion polls pointing to a neck-and-neck race between four candidates in the April first round. The ECB clearly had these events on their mind in their monthly meeting, leaving rates unchanged and with a slightly more dovish tone reminding the market that the door remains open with regards to increasing asset purchases should inflationary conditions require it. In the UK the Q1 GDP release showed a slowing in momentum over the year, with growth falling from 0.7% in Q4 2016 to 0.3% for the first quarter of this year. This should soften any pressure for rate rises from the Bank of England and indeed any further slowdown in activity could lead arguments towards further easing.

Market Overview


OEIC: Fund of Funds

IFSL Sinfonia OEIC Portfolios Performance to 30th April 2017

Sinfonia Adventurous GrowthIn our asset allocation, this month we have implemented a short UK versus Europe equities position. This was introduced primarily for two reasons. Firstly, we wanted to neutralise our underweight in European equities given a more positive view on the Eurozone economy. We had not been overweight before, due to our below-consensus earnings forecasts and somewhat rich valuations. That said, we think valuations are less of a concern in Europe than in the US for example. Additionally the timing of the trade was beneficial and a key factor. We implemented the trade before the first round of the French presidential elections, banking on a positive outcome in the face of investor nervousness about a possible dual-extreme run off in the final round. As this did not materialise and the markets were reassured with Macron’s presence in the last round, the trade had an almost immediate positive uplift. But this trade is not just about the eurozone. We think that the consensus expectation of 15% earnings growth in the UK is excessive. Earnings have done well due to the decline in Sterling and the improvement in oil prices, but these effects are fading. Earnings momentum has already slowed, but analysts’ revisions are still highly positive which further points towards an underweight.

Sinfonia Balanced ManagedIn our asset allocation, this month we have implemented a short UK versus Europe equities position. This was introduced primarily for two reasons. Firstly, we wanted to neutralise our underweight in European equities given a more positive view on the Eurozone economy. We had not been overweight before, due to our below-consensus earnings forecasts and somewhat rich valuations. That said, we think valuations are less of a concern in Europe than in the US for example. Additionally the timing of the trade was beneficial and a key factor. We implemented the trade before the first round of the French presidential elections, banking on a positive outcome in the face of investor nervousness about a possible dual-extreme run off in the final round. As this did not materialise and the markets were reassured with Macron’s presence in the last round, the trade had an almost immediate positive uplift. But this trade is not just about the Eurozone. We think that the consensus expectation of 15% earnings growth in the UK is excessive. Earnings have done well due to the decline in Sterling and the improvement in oil prices, but these effects are fading. Earnings momentum has already slowed, but analysts’ revisions are still highly positive which further points towards an underweight.

Sinfonia Income & GrowthIn our asset allocation, this month we have implemented a short UK versus Europe equities position. This was introduced primarily for two reasons. Firstly, we wanted to neutralise our underweight in European equities given a more positive view on the Eurozone economy. We had not been overweight before, due to our below-consensus earnings forecasts and somewhat rich valuations. That said, we think valuations are less of a concern in Europe than in the US for example. Additionally the timing of the trade was beneficial and a key factor. We implemented the trade before the first round of the French presidential elections, banking on a positive outcome in the face of investor nervousness about a possible dual-extreme run off in the final round. As this did not materialise and the markets were reassured with Macron’s presence in the last round, the trade had an almost immediate positive uplift. But this trade is not just about the Eurozone. We think that the consensus expectation of 15% earnings growth in the UK is excessive. Earnings have done well due to the decline in Sterling and the improvement in oil prices, but these effects are fading. Earnings momentum has already slowed, but analysts’ revisions are still highly positive which further points towards an underweight. Duration in the portfolio remains reduced at these low levels in UK government bond yields and with some expected inflationary pressures in the UK we keep limited interest rate risk in the portfolio.

Sinfonia Cautious ManagedIn our asset allocation, this month we have implemented a short UK versus Europe equities position. This was introduced primarily for two reasons. Firstly, we wanted to neutralise our underweight in European equities given a more positive view on the Eurozone economy. We had not been overweight before, due to our below-consensus earnings forecasts and somewhat rich valuations. That said, we think valuations are less of a concern in Europe than in the US for example. Additionally the timing of the trade was beneficial and a key factor. We implemented the trade before the first round of the French presidential elections, banking on a positive outcome in the face of investor nervousness about a possible dual-extreme run off in the final round. As this did not materialise and the markets were reassured with Macron’s presence in the last round, the trade had an almost immediate positive uplift. But this trade is not just about the Eurozone. We think that the consensus expectation of 15% earnings growth in the UK is excessive. Earnings have done well due to the decline in Sterling and the improvement in oil prices, but these effects are fading. Earnings momentum has already slowed, but analysts’ revisions are still highly positive which further points towards an underweight. Duration in the portfolio remains reduced at these low levels in UK government bond yields and with some expected inflationary pressures in the UK we keep limited interest rate risk in the portfolio.

Sinfonia IncomeIn our asset allocation, this month we have implemented a short UK versus Europe equities position.This was introduced primarily for two reasons. Firstly, we wanted to neutralise our underweight in European equities given a more positive view on the Eurozone economy. We had not been overweight before, due to our below-consensus earnings forecasts and somewhat rich valuations. That said, we think valuations are less of a concern in Europe than in the US for example. Additionally the timing of the trade was beneficial and a key factor. We implemented the trade before the first round of the French presidential elections, banking on a positive outcome in the face of investor nervousness about a possible dual-extreme run off in the final round. As this did not materialise and the markets were reassured with Macron’s presence in the last round, the trade had an almost immediate positive uplift. But this trade is not just about the Eurozone. We think that the consensus expectation of 15% earnings growth in the UK is excessive. Earnings have done well due to the decline in Sterling and the improvement in oil prices, but these effects are fading. Earnings momentum has already slowed, but analysts’ revisions are still highly positive which further points towards an underweight. Duration in the portfolio remains reduced at these low levels in UK government bond yields and with some expected inflationary pressures in the UK we keep limited interest rate risk in the portfolio.

Portfolio Updates


OEIC: Fund of Funds

Fund Type Fund Value Currency Minimum investment Deal closing time Daily valuation point Launch date Unit Type Sponsor Investment Manager ACD Yield OCF (share class A) XD Date Payment date

Fund Facts

IFSL Sinfonia Income Portfolio April 2017

Vanguard UK Government Bond UCITS ETF 17.98%

BlackRock UK Credit Screened Fund 16.13%

Legal & General All Stocks Gilt Index Trust 11.83%

Parvest Bond World X Cap 8.89%

Amundi Funds - Bond Global Aggregate 8.09%

TOTAL 62.92%

Risk Warning – Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund’s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information – Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Income Portfolio August 2016

UK Government Bonds 35.8%

Global Bonds 19.0%

UK Corporate Bonds 16.1%

UK Equities 7.2%

Money Market 7.2%

European Equities 5.5%

Absolute Return 3.4%

Cash 2.3%

US Equities 2.0%

Mixed Allocation 1.5%

Investment Objective

To provide regular income with some potential for capital growth over the long-term.

The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets.

This fund will be invested in a portfolio that is considered to be mainly low and medium risk investments over the long-term.

Fund of Funds £11.9mGBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 2.7% (last 12 months up to 30th April 2017)1.14% (includes AMC of 0.65%)1 Oct / 1 Jan / 1 Apr / 1 Jul 30 Nov / 28 Feb / 31 May / 31 Aug


Global Bonds 19.0%


UK Equities 7.2%

Money Market 7.2%



Cash 2.3%

US Equities 2.0%


Top 5 holdings Tactical Asset Allocation

^The performance shown is that of the A Acc share class

* 33% FTSE Actuaries UK Conventional Gilts All Stocks, 21% IBOXX GBP Corporate, 19% JPM GBI Global, 11% FTSE All Shares, 10% Cash Index LIBOR UK 3 months, 3% MSCI Daily net USA, 3% MSCI Daily Net TR Europe Ex UK

Source: BNPP IPPerformance from 16/06/2008 to 30/04/2017, Net of fees, expressed in GBP value

Performance ^ as at 30.04.17

IFSL Sinfonia Income Portfolio

YTD 31.12.16

TO 30.04.17

3 MTHSSINCE

LAUNCH

16.06.08

12 MTHS ROLLING 30.04.16

TO 30.04.17

Portfolio (%) 1.6 2.2 52.0 10.8

5 YEAR CUMULATIVE PERFORMANCE (%)

Apr 16-Apr 17 Apr 15-Apr 16 Apr 14-Apr 15 Apr 13-Apr 14 Apr 12-Apr 13

10.8 0.0 8.1 1.0 7.5

% Growth

Income Portfolio vs. Risk Managed 3 Benchmark*Performance Pack From 16/06/2008 to 30/04/2017

0

10

-10

20

-20

30

40

50

60

70

80

IFSL Sinfonia Income Portfolio A Acc 52.02Risk Managed 3 Benchmark 66.39

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Key:


OEIC: Fund of Funds


Fund Facts

IFSL Sinfonia Cautious Managed Portfolio April 2017


Legal & General All Stocks Gilt Index Trust 16.21%

JPMorgan Fund ICVC - UK Active Index Plus 12.59%

Vanguard FTSE Developed Europe ex UK UCITS ETF 9.72%

Amundi Funds - Bond Global Aggregate 5.09%

TOTAL 60.08%


IFSL Sinfonia Cautious Managed Portfolio Aug 2016


UK Equities 19.7%


Global Bonds 14.0%


US Equities 6.4%

Money Market 4.5%



Japan Equities 0.8%

Cash 0.7%


To provide long-term returns, by a combination of both capital growth and income generation.


This fund will be invested in a portfolio that is considered mainly medium risk investments with the intention of generating long-term returns.

Fund of Funds £32.5m GBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 0.39% (last 12 months up to 30th April 2017)1.01% (includes AMC of 0.65%)1 Apr / 1 Oct 30 Nov / 31 May


UK Equities 19.7%


Global Bonds 14.0%


US Equities 6.4%

Money Market 4.5%



Japan Equities 0.8%

Cash 0.7%



* 23% FTSE All Shares, 21% IBOXX GBP Corporate, 18% FTSE Actuaries UK Conventional Gilts, 14% JPM GBI Global, 8% MSCI Daily TR Net USA, 8% MSCI Daily Net TR Europe Ex UK, 7% Cash Index LIBOR UK 3 months, 1% MSCI Daily TR Net Japan

Source: BNPP IP Performance from 16/06/2008 to 30/04/2017, Net of fees, expressed in GBP value


% Growth

Cautious Managed Portfolio vs. Risk Managed 4* Benchmark*Performance Pack From 16/06/2008 to 30/04/2017

0

10

-10

20

-20

30

40

50

60

70

80

IFSL Sinfonia Cautious Managed Portfolio A Acc 67.72Risk Managed 4 Benchmark 78.36

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Key:

IFSL Sinfonia Cautious Managed Portfolio

YTD 31.12.16

TO 30.04.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 30.04.17

Portfolio (%) 2.6 2.6 67.7 14.5



14.5 -1.4 9.3 4.1 10.9


OEIC: Fund of Funds


Fund Facts

IFSL Sinfonia Income & Growth Portfolio April 2017



Legal & General UK Index Trust 11.14%


BNP InstiCash Fund - GBP 7.22%

TOTAL 63.43%


IFSL Sinfonia Income & Growth Portfolio August 2016

UK Equities 27.4%



US Equities 10.3%

Global Bonds 8.7%


Money Market 7.2%

Japan Equities 5.3%


Cash 1.4%


To provide income and capital growth for investors over the long-term.


This fund will be invested in a portfolio that is considered to be mainly medium and high risk investments with the intention of generating long term returns.

Fund of Funds £26.0m GBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 0.97% (last 12 months up to 30th April 2017)1.10% (includes AMC of 0.65%)1 Oct / 1 Apr 30 Nov / 31 May

UK Equities 27.4%



US Equities 10.3%

Global Bonds 8.7%


Money Market 7.2%

Japan Equities 5.3%


Cash 1.4%



*31% FTSE All Shares, 27% IBOXX GBP Corporate, 12% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily TR Net EM 6%, 5% Cash Index LIBOR UK 3 Months, 5% JPM GBI Global, 5% FTSE Actuaries UK Conventional Gilts All Stocks

Source: BNPP IP

Performance from 16/06/2008 to 30/04/2017, Net of fees, expressed in GBP value


IFSL Sinfonia Income & Growth Portfolio

YTD 31.12.16

TO 30.04.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 30.04.17

Portfolio (%) 3.2 2.8 74.3 16.7



16.7 -3.6 11.5 4.6 12.8

% Growth

Income & Growth Portfolio vs. Risk Managed 5*Performance Pack From 16/06/2008 to 30/04/2017

0

10

-10

20

-20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

IFSL Sinfonia Income and Growth Portfolio A Acc 74.32Risk Managed 5 Benchmark 77.49

Key:


OEIC: Fund of Funds

September 2015IFSL Sinfonia Balanced Managed Portfolio August 2016

UK Equities 32.3% UK Corporate Bonds 17.3% US Equities 10.9% European Equities 8.6% Money Market 7.4% Japan Equities 5.6% Emerging Market Equities 5.1% Asian Equities ex Japan 5.1% UK Government Bonds 4.2% Mixed Allocation 1.5% Global Bonds 1.1% Cash 0.8% Absolute Return 0.1%


Fund Facts

IFSL Sinfonia Balanced Managed Portfolio April 2017

Top 5 holdings




BNP InstiCash Fund - GBP 7.35%


TOTAL 64.20%


Tactical Asset Allocation

UK Equities 32.3% UK Corporate Bonds 17.3% US Equities 10.9% European Equities 8.6% Money Market 7.4% Japan Equities 5.6% Emerging Market Equities 5.1% Asian Equities ex Japan 5.1% UK Government Bonds 4.2% Mixed Allocation 1.5% Global Bonds 1.1% Cash 0.8% Absolute Return 0.1%


To provide medium to long-term capital growth.

The Sub-Fund’s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may focus on UK and European assets.

This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term.



* 33% FTSE All Shares, 22% IBOXX GBP Corporate, 13% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily Net Japan, 5% MSCI Daily TR Net EM, 5% MSCI Daily TR Net Pacific Ex Japan, 5% Cash Index LIBOR UK 3months, 1% JPM GBI Global, 1% FTSE Actuaries UK Conventional Gilts All Stocks

Source: BNPP IPPerformance from 16/06/2008 to 30/04/2017, Net of fees, expressed in GBP value


IFSL Sinfonia Balanced Managed Portfolio

YTD 31.12.16

TO 30.04.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 30.04.17

Portfolio (%) 4.1 3.1 72.3 19.0



19.0 -5.4 13.7 4.8 14.3

% Growth

Balanced Managed Portfolio vs. Risk Managed 6*Performance Pack From 16/06/2008 to 30/04/2017

0

10

-10

20

-20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

IFSL Sinfonia Balanced Managed Portfolio A Acc 72.32Risk Managed 6 Benchmark 73.71

Key:


OEIC: Fund of Funds


IFSL Sinfonia Adventurous Growth Portfolio

YTD 31.12.16

TO 30.04.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 30.04.17

Portfolio (%) 5.0 3.6 73.6 21.7



21.7 -7.3 14.4 5.2 15.3


Fund Facts

IFSL Sinfonia Adventurous Growth Portfolio April 2017





Parvest Equity Pacific ex-Japan 6.49%

TOTAL 63.95%


IFSL Sinfonia Adventurous Growth Portfolio August 2016

UK Equities 35.5%



Emerging Market Equities 9.9%

US Equities 9.6%

Asian Equities ex Japan 9.0%

Japan Equities 4.6%


Money Market 2.0%

Cash 1.5%



To provide long-term capital growth.

The Sub-Fund’s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may also focus on UK assets.

This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term.



UK Equities 35.5%



Emerging Market Equities 9.9%

US Equities 9.6%

Asian Equities ex Japan 9.0%

Japan Equities 4.6%


Money Market 2.0%

Cash 1.5%



* 10% MSCI Daily TR Net EM (NR) + 9% MSCI Daily TR Net Pacific Ex Japan (NR) + 11% MSCI Daily TR Net USA (NR) + 1% Cash Index LIBOR UK 3 Months (RI) + 8% MSCI Daily Net TR Europe Ex UK (NR) + 5% MSCI Daily TR Net Japan (NR) + 39% FTSE All Shares (NR) - (Calculated) + 17% IBOXX GBP Corporate (NR) -- (Calculated)

Source: BNPP IP Performance from 16/06/2008 to 30/04/2017, Net of fees, expressed in GBP value

% Growth

Adventurous Growth Portfolio vs. Risk Managed 7*Performance Pack From 16/06/2008 to 30/04/2017

0

10

-10

20

-20

-30

30

40

50

60

70

80

2008 2010 2011 2012 2013 2014 2015 2016 20172009

IFSL Sinfonia Adventurous Portfolio A Acc 73.62Risk Managed 7 Benchmark 70.94

Key:

IFSL Sinfonia OEIC Portfolios April 2017

BNP Paribas Investment Partners UK Ltd

The Multi-Asset Solutions, part of BNP Paribas Investment Partners manage the selected funds in the IFSL Sinfonia portfolios on a day-to-day basis, taking into account the prevailing market conditions and have an extremely robust and comprehensive process for selecting the funds in the portfolios giving investors in the IFSL Sinfonia OEIC access to specialist investment managers that may not be available to the retail investor.

Multi-Asset Solutions is the dedicated asset allocation capability within BNP Paribas Investment Partners, offering an extensive range of tailored multi-asset solutions for institutional and retail clients. The team has been in place since 2002 and has developed a strong expertise in both strategic and tactical asset allocation. The team comprises of 50 investment professionals located across Europe, the US and Asia and runs over £50bn of assets (31/12/2016).

Multi-Asset Solutions works with FundQuest, the fund selection specialist of BNP Paribas Investment Partners. FundQuest has a team of 28 professionals located in Paris, London and Singapore, proposing funds selection around the world and Model Portfolio activity.

As a totally independent and unbiased organisation Multi-Asset Solutions have access to the widest range of research and resources available enabling investments to be chosen that are appropriate to meet the objectives of the Portfolios.

Investment Management Team

The IFSL Sinfonia OEIC portfolios are available via a wide range of platforms and providers for ISAs, OEICs, SIPPs, pensions and onshore and offshore bonds.

For full details of where the funds are available please visit our website: www.sinfonia.com

The income generated for the IFSL Sinfonia Income Portfolio and IFSL Sinfonia Income & Growth Portfolios is based on natural income whereby distributions are generated by the underlying assets of the fund. This can include dividends from equities or interest from fixed interest holdings.

Quarterly or bi-annual income distributions can vary due to the synchronisation of the underlying fund distributions. E.g. if the underlying fund pays half year dividends on 31st March then that income will be paid in the following quarter’s distributions for the IFSL Portfolios.

Important Information

Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund’s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets.

This document has been approved by Investment Fund Services Limited. Investment Fund Services Limited is authorised and regulated by the FCA.

BNP Paribas Investment Partners UK Ltd, the Investment Manager, is authorised and regulated by the Financial Conduct Authority.

Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority.

If you do not understand any part of this document or you require guidance please obtain independent advice. Any opinions or statements included in this document constitute the judgment of BNP Paribas Investment Partners at the time specified and may be subject to change without notice.

No representation or warranty, express or implied, is made to the accuracy or completeness of the information contained herein, and BNP Paribas Investment Partners UK Ltd accepts no liability for any loss arising, whether direct or indirect, caused by the use of any part of such information.

SINFONIA ASSET MANAGEMENT LTD., 5 LISTER HILL, HORSFORTH, LEEDS, WEST YORKSHIRE, LS18 5AZ. COMPANY NO: 06309491. REGISTERED IN ENGLAND AND WALES

Investment Opportunities

Providers and Platforms

Natural Income

OEIC

ISA TRANSFERS

PENSION

ISA

SIPP

BONDS

To contact SinfoniaFor more information visit our website at www.ifslfunds.com

To invest in IFSL Sinfonia OEIC Portfolios please contact your financial adviser.

For adviser use onlyAdviser Service Line: 0808 178 9322

Leeds Head Office: 0113 239 0025

Email: [email protected]

Website: www.sinfonia.com

http://www.sinfonia.com


Asset Class Returns

Wondering which asset class to invest in for the best returns? Good luck! An asset class is a broad group of securities or investments that have similar financial characteristics, such as gilts or equities. The chart below shows the best performing to worst performing asset class each year. No single asset class is a consistent winner which is why having a blend of assets is so important.

Perf

orm

an

ceB

ES

TW

OR

ST

Emerging Market Equity 58.93%

2009

January – December

Asian Equity 53.2%

UK Equity 27.59%

European Equity 17%


USA Equity 12.41%

UK Gilts 1.78%

Cash 0.55%

Japan Equity -5.4%

Asian Equity 23.38%

2010


Japan Equity 19.06%

USA Equity 18.38%

UK Equity 12.17%


UK Gilts 6.47%

Cash 0.5%

European Equity -1.24%

UK Gilts 9.92%

2011


USA Equity 2.11%

Cash 0.49%

UK Equity -1.84%

Japan Equity -13.69%

Asian Equity -16.69%


Emerging Market Equity -17.82%

Asian Equity 16.99%

2012

European Equity 15.85%



USA Equity 10.27%

UK Equity 10.19%

Japan Equity 3.43%

UK Gilts 2.66%

Cash 0.31%

USA Equity 29.34%

2013


Japan Equity 24.8%

UK Equity 18.43%


Asian Equity 1.16%

Cash 0.3%

UK Gilts -2.56%


USA Equity 19.7%

2014


Asian Equity 11.32%

UK Gilts 6.36%


Japan Equity 1.95%

UK Equity 0.5%

Cash 0.38%


Japan Equity 15.91%

2015

USA Equity 6.52%


UK Gilts 0.85%


Cash 0.44%

UK Equity -2.21%

Asian Equity -3.91%



2016

USA Equity 32.28%

Asian Equity 25.77%

Japan Equity 22.12%


UK Equity 19.16%


UK Gilts 4.56%

Cash 0.33%

Risk Warning Past performance is not a guide to the future performance. The value of an investment and income are not guaranteed and can in fact fall as well as rise as a result of market fluctuations. You may not get back the original amount invested.

Investments in stocks and shares do not have the same degree of capital security which is afforded with a deposit account. The levels and basis of taxation are subject to change and their value depends on the individual circumstances of the investor. Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or by writing to IFSL, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP.

This document has been approved by Investment Fund Services Limited who are authorised and regulated by the FCA. Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority.

Disclaimer This document and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised use, disclosure or copying of this document, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence.

Sinfonia Asset Management Ltd is a private limited company registered in England with company number 06309491 whose registered office is at 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. The VAT registration number of Sinfonia Asset Management is 712054479. Sinfonia Asset Management Ltd is not regulated or authorised by the Financial Conduct Authority or the Prudential Regulation Authority. Investment Funds Services Limited (IFSL) is the Authorised Corporate Director for the IFSL Sinfonia OEIC. IFSL is regulated and authorised by the Financial Conduct Authority. All our literature including KIIDS, SID and Prospectus are available at www.ifslfunds.com

Source: FE Analytics


Asset Class Returns

Diversification reduces risk Predicting market movements over the long-term is impossible. It is very rare for a single asset class to outperform another consistently. That’s why it makes sense to invest in a wide range of different assets rather than try to predict short-term market movements. Over time, a diversified portfolio could smooth your overall return, giving you a more balanced and consistent outcome compared to a single asset portfolio.

Your financial adviser can help you decide which IFSL Sinfonia portfolio best suits your personal circumstances, time horizon, capacity for loss and attitude to risk. Each portfolio invests in a wide range of assets and is managed to a set level of risk. Because the portfolios are risk targeted, they will always stay at the same level of risk.

Risk

Po

ten

tial re

turn

IncomePortfolio

CautiousManagedPortfolio

Income& GrowthPortfolio

BalancedManagedPortfolio

AdventurousGrowthPortfolio

Cash and Fixed Interest Investment

UK Equity

Global Equity

30%

70%

55%

40%45%

15%

30%

55%

15%

45%

40%

5%

25%

30%

Risk Warning Past performance is not a guide to the future performance. The value of an investment and income are not guaranteed and can in fact fall as well as rise as a result of market fluctuations. You may not get back the original amount invested.

Investments in stocks and shares do not have the same degree of capital security which is afforded with a deposit account. The levels and basis of taxation are subject to change and their value depends on the individual circumstances of the investor. Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or by writing to IFSL, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP.

This document has been approved by Investment Fund Services Limited who are authorised and regulated by the FCA. Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority.

Disclaimer This document and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised use, disclosure or copying of this document, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence.

Sinfonia Asset Management Ltd is a private limited company registered in England with company number 06309491 whose registered office is at 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. The VAT registration number of Sinfonia Asset Management is 712054479. Sinfonia Asset Management Ltd is not regulated or authorised by the Financial Conduct Authority or the Prudential Regulation Authority. Investment Funds Services Limited (IFSL) is the Authorised Corporate Director for the IFSL Sinfonia OEIC. IFSL is regulated and authorised by the Financial Conduct Authority. All our literature including KIIDS, SID and Prospectus are available at www.ifslfunds.com

To contact SinfoniaFor more information visit our website at www.ifslfunds.com

To invest in IFSL Sinfonia OEIC Portfolios please contact your financial adviser.

For adviser use onlyAdviser Service Line: 0808 178 9322

Leeds Head Office: 0113 239 0025

Email: [email protected]

Website: www.sinfonia.com