Media PackInvestment Adviser has been delivering invaluable, business critical information to financial advisers, wealth managers and other investment decision makers since 1995.

We educate and inform investment professionals so that they always have the very latest news and analysis – including performance statistics, regulatory changes, company and people news and new products on the market.

Read by a high quality audience responsible for much of the investment business written in the UK retail channel, Investment Adviser is the perfect environment for asset managers to get their message across to the UK intermediary market.

IA Readers by job title (%)

Who are our readers?

Investment Adviser is read by financial intermediaries who are predominantly involved in advising on / actively managing the investment of their clients’ assets. Put simply, professionals who are choosing which funds and assets their clients should invest in, all day every day.

And with a 100% year one requested ABC verified circulation, you can be sure that your messages will be seen by a high quality, highly engaged audience.

We limit our distribution to wealth managers, investment advisers, discretionary managers and fund managers – and financial advisers with over 80% of their business attributed to investments and pensions.

Investment Adviser Circulation

Financial Adviser / Planner 78.4%

Investment Adviser 7.6%

Wealth Manager 4.7%

Discretionary Asset Manager 3.0%

Fund Manager 2.6%

Other* 3.7%

Which products do you advise on?

90

80

70

60

50

40

30

20

10

0

Personal Pensio

ns

Unit Trusts

Inv bonds

Inv Trusts

SIPP SSAS

Annuities

Multi Manager

O�shore

Fund of Funds

Fixed Income

ETFs

Structured products

Alternativ

e Inv

VCTs

Corporate Pensions

Hedge Funds Tax

Auto Enrolment

* Other includes Stockbroker, Family Office Executive, Fund of Fund Manager, Fund Selector

Investment Adviser Circulation

What level of assets are you personally responsible for? How much of the business that you write is investment or pension related?

Over £100 million

£50m-£100m

£10m-£50m

£5m-£10m

10.4%

13.4%

47.0%

29.0%100%

90%

80%

17.8%

24.3% 58.5%

Reaching the advisers that matter

As retirees come to terms with the flexibility they now have to invest their pension funds, advisers are facing increased demand to find suitable investment vehicles – where previously it might have been a case of simply choosing an annuity.

Therefore, our readership consists of decision makers who are mostly focused on investments and pensions, and who are responsible for at least £5m of assets.

Investment Adviser Editorial

NewsThe news section looks at breaking news stories, new product launches and adviser views.

DFM, IT & MM/MAPopular topics with the IA readers, these pages cover the latest news in specific areas

InterviewA double page spread focussing on a fund manager, team, or industry expert.

GuideA specialist features guide giving readers detailed analysis of topics and issues facing the industry

Fund ReviewBased on specific sector each week we interview fund managers to establish how they are tackling the markets in the long term.

PerformanceA popular section showing extensive UK Unit Trust/ Oeic and Investment Trust statistics provided by Financial Express and highlighting the current IA 100 Club members.

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr / Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

UK Unit Trusts/OeicsNote: Unit Trust/Oeic figures are calculated on a bid-to-bid basis - funds are sectorised according to the IA

INVESTMENT ADVISER NOVEMBER 9 2015 www.FTAdviser.com/IA | PERFORMANCE | 45

3 Months 3M 6 Months 6M 1 Year 1 Year 3 Years 3 Years Risk

IA Sectors: ranked over 3 months b/b b/b Count b/b Count b/b Count b/b

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Powered by data from

Calculation basis: bid-to-bid; net income reinvested; sterling basis; % change

UK Unit Trusts/OeicsNote: Unit Trust/Oeic figures are calculated on a bid-to-bid basis - funds are sectorised according to the Investment Association

Market indices

Currencies. GBP USD EUR JPYGBP - 1.545 1.402 186.528USD 0.647 - 0.908 120.739EUR 0.713 1.102 - 133.027JPY 0.005 0.008 0.008 -

FTSE 350 sector performance

Average sector performances – data to October 30 2015.

Oil price.

Gold price.

© FE 2015.The information and data contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. FE shall not be responsible for any trading decisions, damages, or other loses resulting from, or related to, this information or data or their use. Performances are calculated bid-to-bid, with income reinvested at basic rate tax. Past performance in not a guide to future results.

PerformanceTo research these funds online, see the interactive tool at: www.FTAdviser.com

Threadneedle Asia R Acc GBP CCC -4.7 52 14.8 30 8.5 43 396 1.9 Threadneedle Pac(ExJp)Gt I CCCC -5.2 56 15.4 28 9.3 40 39 1.8 Tiburon Taipan Unhedged GBP C -2.4 35 -2.9 74 -10.4 68 22 2.2 Vanguard Pac XJ Stk Idx A £ -11.4 87 2.9 64 11.4 30 1077 1.9 Veritas Asian A GBP CCCCC 6.6 4 36.6 2 25 9 543 1.8 Waverton Asia Pacific A GBP CCC -3.4 41 12 37 -2.6 64 95 1.8 Mean/Count -3.9 92 10.7 78 10.8 70 526 1.9 IA Asia Pacific Including Japan Aberdeen Asia Pcfc & Jpn Eqty A Acc C -4 8 4.8 8 11.8 6 151 1.6 Baillie Gifford Devd Asia Pac A Acc CCC 10.6 1 34.3 2 38 1 94 1.8 GAM Star Asia Pacific Eq Acc GBP CCC 5.8 4 28.8 3 17.7 5 31 2 Invesco Perp Pacific Acc CCCC 1.7 6 43 1 32.9 2 218 1.9 JPM Pacific Equity A Dis GBP CCC 6.7 3 28.6 4 24.5 3 511 1.9 Matthews Asia Asia Div A Acc £ CCC 6.9 2 24.5 6 - - 435 1.6 SJP Far East Acc C -3.7 7 5.1 7 11.6 7 439 1.7 Smith & Williamson Far Estn IandG A CCC 3.8 5 26.4 5 21.6 4 24 1.6 Mean/Count 3.5 8 24.4 8 22.6 7 237 1.8 IA China/Greater China Aberdeen Gbl Chinese Equity D2 GBP C -4.8 37 -2.2 34 -3.5 27 1132 1.7 Allianz China Eq A GBP CCC 9.9 5 28.4 15 5.2 18 431 2.6 Baillie Gifford Greater China A Acc CC 1.6 28 28.2 16 9.1 15 6 2.2 Baring China Sel A NAV EUR CC 13.6 23 38.7 20 21.3 24 59 2.7 Baring Hong Kong Chn A NAV GBP C 5.5 13 22.7 21 -0.5 25 1772 2.6 Fidelity China Consumer A Acc CCCC 4.4 16 42.3 6 - - 20 2.5 Fidelity China Focus A GBP CCCC 16 2 39.5 9 15 8 4290 2.6 First State GtrChina Gth A GBP Acc CCC 3.9 20 25.4 19 29.3 3 404 2 GAM Star China Equity Ord Acc GBP CCC 7.9 8 44 5 17.7 6 1618 3 GS China Opp Portfolio Bs Inc USD CC -2 27 15.4 27 -2.8 23 5 3 Guinness China & Hong Kong C GBP C -0.4 34 10.8 32 - - 1 2.4 Henderson China Oppos A Acc CCCC 4.2 17 38.3 10 9.5 14 399 2.5 Henderson Horizon China A1 Inc$ CCCC 10.3 3 39.2 4 5 16 116 2.6 HSBC Chinese Equity Ret Inc CCC 6.2 11 21.7 25 3.4 19 20 2.7 HSBC GIF Chinese Eq AD USD CCC 5.9 6 21.9 17 5.8 13 1678 2.8 Invesco Perp Hong Kong&China Acc CCCCC 6.6 10 47.8 2 30.7 2 282 2.1 Invesco PRC Equity A USD CC 4.6 7 23.6 14 -1.9 21 699 2.5 JPM Greater China A Dis $ CCCC 0 21 25 13 18.1 4 1018 2.2 JPM Hong Kong A Dis $ C -0.9 24 17.5 23 2.9 17 136 2.3 Jupiter China Acc CCCC 6.1 12 34.8 11 1.2 22 115 2.6 Legg Mason IFMCChi A CC 2.3 25 19.8 28 -0.7 26 3 2.4 Legg Mason MarCurGF Grt China USD CC -2.9 30 17.8 22 -0.5 20 14 2.1 Matthews Asia China A Acc £ C 5.1 14 12.9 30 - - 72 2.4 Matthews Asia China Dividend A Acc 6.3 4 - - - - 3 - Matthews Asia China Small Cmp A USD CCC -1.5 26 35.5 7 - - 4 2.2 MFS Meridian China Equity A1 USD C -3.1 31 3.5 33 -8.3 28 199 2.5 NB China Equity Adviser Acc$ CCCCC 12.8 1 44.1 1 30.5 1 657 2.5 Neptune China A Acc GBP CC 0 32 12 31 -7.4 29 48 2.6 Neptune Greater China Inc A Acc CC -1.6 35 14.4 29 10.2 12 12 1.9 New Capital ChinaEqty OrdAcc$ 3.2 9 34.8 8 - - 285 2.8 Old Mutual Gtr Chn Eq S £ CC 3.9 19 22.1 24 15.5 7 67 2.4 Old Mutual Hend Chn Opps A Acc GBP 3.5 22 - - - - 64 - Pictet Greater China P dy GBP CC 4.7 15 20.8 26 10.3 11 246 2 Schroder ISF Gtr China A Dis GBP CCC 4.2 18 25.6 18 12.9 10 674 2.2 StanLife Inv Chn Eqs AGU GBP CCC -0.2 33 32.8 12 14.9 9 143 2.4 Templeton China A YDis £ C -3.2 36 -2.4 35 -15.6 30 591 2.3 Threadneedle China Opps R GBP CCCCC 1.5 29 45.8 3 19.3 5 89 2.6 Mean/Count 3.6 37 25.8 35 8.2 30 469 2.4 IA Europe Excluding UK 7IM European (ex UK) Equ Val C Inc - - - - - - 134 - Aberdeen European Equity A Acc C 3.9 96 18.6 90 22.1 79 259 1.6 Aberdeen Eurpn Eq Enhcd Ix B - - - - - - 40 - Aberdeen Gbl Eurpn Eq Ex UK D2 GBP C 2.4 99 19.4 89 21.7 80 57 1.6 Alliance Trust SF Eurpn Gth 1 Acc CC 12.3 40 35 62 36.8 40 134 1.8 Allianz Continental European A C 17.5 10 34.8 67 57.8 10 32 1.8 Allianz European Eq Inc A Acc CC 2.6 98 35.1 61 31 64 24 1.5 Artemis European Growth R Acc CCCC 4.6 95 49.7 15 37.1 39 282 2

IA Asia Pacific Excluding Japan Aberdeen Asia Pacific Equity A Acc C -8.1 71 -2.1 73 3.4 54 1301 1.7 Aberdeen Gbl Asian Sm Cos D2 GBP CC -13.4 90 -0.4 69 14.8 23 2292 1.5 Aberdeen Gbl AsiaPacfEq D2 GBP C -7.9 70 -1.7 72 3 55 5511 1.7 Allianz TR Asian Equity A CCCC -3.1 39 21.6 10 16.4 20 42 2 Aviva Inv APAC Equity MoM 1 2 -7.1 66 - - - - 46 1.8 AXA Rosenberg Asia Pac ExJp Z Acc CC -5.5 57 4.8 54 9.1 42 187 1.8 Baillie Gifford Pacific A Acc CCCC -4.4 49 20.4 12 30.2 5 269 2 Baring ASEAN Frontiers A NAV GBP C -9.8 83 -1.6 71 2.9 56 367 2.2 Baring Eastern Trust Acc GBP CCCC 4.2 9 20.1 14 11.1 31 30 2 BlackRock Asia A Acc -3.3 40 - - - - 29 - BlackRock Asia Special Sits A Acc 6.9 3 - - - - 61 - BlackRock GF As Dragn A4RF £ CCCC 5.2 6 34 3 19.3 11 1485 2.2 BlackRock Pacex Jap EqTkr L -9 80 4.2 56 10.9 35 749 1.8 Capital Group APXJEqFL Xd GBP CC -3 38 13 35 1.8 59 17 1.8 Cavendish Asia Pacific A Inc CC -3.5 42 7.2 47 2.7 57 112 2 CF Canlife Asia Pacific B Acc GBP CCCC -11.5 89 5 53 -7.7 65 91 2.2 Coutts Pacific Basin Prog 4 CCC -4.7 53 8.9 44 10.2 36 63 1.9 F&C Pacific Growth 1 CC -1.1 29 10.6 41 -1.9 63 49 2 Fidelity Asia Pacific Opps W Acc 6.5 5 - - - - 8 - Fidelity Asian Dividend A Acc 0.7 17 - - - - 3 - Fidelity Asn Spec Sits A GBP CCCC 0.6 18 20.4 13 17.5 18 1247 2 Fidelity Emerging Asia A Acc CCCC 2.6 13 25.7 5 - - 19 2.1 Fidelity Emrg Asia A GBP CCCCC -0.3 24 18.1 17 5.5 49 939 2.3 Fidelity Index Pacific ex Jap P Acc -11.3 86 - - - - 51 - Fidelity Inst Pacific Ex Japan CCCC -8.7 76 17.2 19 17.6 17 168 1.9 Fidelity Inst South East Asia CCC 0.2 20 16 26 18.3 15 203 1.9 Fidelity South East Asia Acc CCC 2.2 14 16.3 24 12.8 27 1593 2 First State Asia Focus B Acc GBP - - - - - - 40 - GAM Star Asian Equity Acc GBP C -2.5 36 13.6 32 -1.6 62 26 2.4 GS Asia Portfolio Bs Inc CCC 1.2 7 14.4 15 7.2 34 101 1.9 Guinness Asian Eq Inc X Dis GBP 5 8 - - - - - - Halifax Far Eastern C CCC -7.1 67 5.4 51 4.4 52 299 1.9 Henderson Asia PacificCapGth A Acc CC -6.5 64 9.9 43 2.3 58 164 1.9 Henderson AsianDivInc Inc CCC -5.9 62 8.4 45 14.9 22 120 1.8 Henderson Inst AsiaPacxJpEnEq I Acc CC -8.7 75 4.1 57 8.5 44 122 1.8 Hermes AsexJap Eq F Acc GBP 8 2 - - - - 1437 - HSBC Asian Growth Ret Inc C -3.9 46 3.4 61 -8.7 66 41 2 HSBC Pacific Index C Inc -9 79 3.8 59 9.6 38 221 1.8 Invesco As Cmer Dmnd A S An D $ CCC -7.6 47 11.9 22 1.1 50 429 1.8 Invesco Perp Asian Acc CCCC -4.5 51 15.8 27 15.6 21 489 1.9 Invesco Perp Asian Eq Inc Acc CCC -8.3 74 5.9 49 - - 26 1.7 Investec Asia Ex Japan A Acc GBP CCCC -2.9 37 19.1 16 18.5 14 158 1.9 JGF-Jupiter Asia Pacific L AInc£ CC 0 23 17.4 18 12.8 26 10 1.8 JOHCM Asia ex Japan B GBP CCCC 2.8 11 24.6 6 - - 313 1.8 JOHCM AsiaexJapSmandMdCap B GBP CCCCC 16.1 1 47.8 1 - - 45 1.9 JPM Asia A Acc CCC -0.4 25 13.1 33 4.3 53 79 2 JPM Institutional Asia I Acc CCC -2.3 34 11.1 40 6.5 47 54 2 Jupiter Asian Inc CCC 0.1 22 16.4 23 11.5 29 33 1.8 L&G Asian Income E Inc CCC -11.5 88 4 58 18.9 13 211 1.7 L&G Pacific Index R Inc -9.2 81 2.9 63 7.7 46 601 1.8 Legg Mason IFMCAsPa A CC -2.3 33 3.5 60 9.2 41 45 1.8 Liontrust Asia Income R I CCCC -2.1 32 13 34 - - 43 1.8 M&G Asian A Acc GBP CCC -4.4 50 15.1 29 16.6 19 527 1.9 Marlborough Far East Growth A Acc CC 1.8 15 7.3 46 -0.6 61 16 1.9 Matthews Asia Asia Small Cos A USD -10 65 - - - - 21 - Matthews Asia Pacific Tiger A Acc £ CCCC 0.2 21 21.7 9 - - 776 1.9 Mirae Asset As Sec Leader Eq R Acc -1.1 28 - - - - 602 2.2 Mirae Asset AsiaGreatCoEq R Acc CCC -2 31 - - - - 733 2.6 Natixis Emris Pac RIM Eq R Acc $ -17.2 91 -15.7 77 -22.7 70 206 2 New Capital AsiaPacEqIn Ord$ CC -13.5 85 -3.8 68 - - 113 1.6 Newton Asian Income B Acc GBP C -8.3 73 5.1 52 31.6 4 2355 1.5 Newton Oriental GBP C -9 78 -6.2 76 -9.6 67 217 1.8 Old Mutual Abdn As Pac A Acc GBP -7.4 68 - - - - 74 - Old Mutual AnEqIn A £ C -5.8 61 -3.7 75 - - 171 2.2 Old Mutual Asia Pacific A Acc CCCC -4.4 48 21.1 11 25.3 8 65 1.9 Old Mutual Invesco Perp Asn A Acc -4.9 55 - - - - 58 - Old Mutual Pac Eq S £ CC -5.5 58 3.2 62 17.8 16 189 2 Principal GIF AsnEq A A$ CC -7.1 43 3 48 9.2 25 8 1.8 PUTM Far East Acc CCC -6.5 63 11.2 39 11 32 50 2 Royal London As Pafc XJpnTkr Z Acc CC -9 77 4.2 55 4.6 51 429 1.8 Santander Pac bas ExJap Eq A CCC -1.8 30 16.7 21 12.2 28 31 1.7 Schroder Asian Alpha Plus Acc CCC -0.6 26 11.6 38 26.4 7 524 1.8 Schroder Asian Income A Acc CCC -3.7 44 13.6 31 30.1 6 674 1.5 Schroder Asian Income Maxim A Acc CC -4.9 54 5.8 50 21.7 10 255 1.4 Schroder Institutional Pacif I Acc CC -10.3 84 0.6 67 13.8 24 432 1.8 Scot Wid HIFML Far Eastern Focus 1 C -7.7 69 -1.1 70 5.8 48 21 1.7 Scot Wid Pacific Gth A Acc CC -8.2 72 2.5 65 1.3 60 37 1.9 Smith & Williamson Oriental Gth A CCC 3.6 10 16.9 20 9.4 39 6 1.7 SSgA Asia Pacific ex Jap Eq Tracker -9.6 82 1.7 66 7.8 45 148 1.8 Stan Life Inv Asn Pc Gth Ret CCCC -5.6 59 16.1 25 19.2 12 32 1.8 Standard Life TM Pacific Basin CCC -5.7 60 12.2 36 11 33 1 1.8 Stewart Investors AP Sut A GBP Ac CCCCC 0.3 19 33.7 4 58 1 312 1.5 Stewart Investors As Pac A GBP Ac CCCCC -0.7 27 23.9 7 44.2 2 693 1.6 Stewart Investors AsPcLd A GBP Ac CCCC 1.7 16 22.1 8 42.7 3 7841 1.7 T. Rowe Price Asn Ex Jap Eq Q $ CC -7.2 45 5.7 42 6.4 37 901 1.8 T. Rowe Price Asn Opps Eq Q GBP 2.6 12 - - - - 2 - Templeton Asian Gth A YDis £ CC -21.2 92 -15.1 78 -18 69 5722 2.4

Artemis European Opps R Acc CCC 13.6 29 42.6 34 - - 272 1.6 Aviva Inv Euro Equity MOM 1 2 12.3 38 - - - - 149 1.8 Aviva Inv Euro Equity MOM 2 2 8.9 65 - - - - 83 1.7 Aviva Inv European Equity A CCCC 18.4 8 47.6 19 46.3 24 148 1.7 AXA Framlington European R Acc CC 10.8 52 33.6 72 47.1 23 64 1.9 AXA Rosenberg European R Acc CC 6.8 85 33.5 74 21.6 81 255 1.9 Baillie Gifford European A Acc CC 11.7 46 41.8 36 50.7 20 172 1.7 Barclays Europe (ex-UK) Alpha A Acc CCC 12.2 42 47.1 20 35.1 44 39 1.9 Baring European Growth GBP CCC 12.3 37 42.9 31 35.6 43 76 1.9 BlackRock Cntl European A Acc CCC 15.5 14 41.2 37 45.2 26 441 1.9 BlackRock CntnentalEurEqTk L 7.8 76 36 57 30.7 65 2969 1.8 BlackRock Cont Eurpn Inc A Acc CCC 14 25 52.4 13 - - 1109 1.7 BlackRock European Dyn A Acc CCC 14.9 18 47 21 55.6 12 1920 2 BlackRock Systic Contl Eurp A GBP - - - - - - 6 - Cavendish European A Inc C 12.1 44 29.7 85 12.6 85 59 1.9 CF Canlife European B Acc CC 11.2 48 38.4 45 31.2 61 184 1.8 CF Odey Cont Eurpn R Acc CC 2 100 34.5 68 28.2 69 157 1.7 EdenTree Amity European A CC 11 50 42 35 32 56 64 1.8 F&C European Growth & Income 1 Acc CCC 13.2 32 45.6 24 51.8 18 305 1.7 Fidelity European Acc CC 7.9 75 31 82 35 45 2156 1.7 Fidelity European Opps Acc CC 15.3 16 33.8 70 26.8 73 370 1.7 Fidelity Index Europe ex UK P Acc 8.2 71 - - - - 135 - FP Argnt Erpn Alpha A Acc GBP CCCC 20.1 6 55.6 9 53.8 14 372 2.2 FP Argnt Erpn Income A Acc GBP CC 14.1 23 42.7 33 36.8 41 173 1.7 FP Argt ErpnEhcd Inc A Hgd Acc GBP CCCCC 23 4 58.1 7 58.7 9 121 1.6 FP CRUX European I Acc GBP - - - - - - - - FP CRUX European SpSit A Acc GBP CCC 12.7 36 39.5 43 48.9 21 981 - Franklin European Opps A Acc CCC 5.3 94 30.5 84 25.2 76 15 1.8 GAM Star Cntl Eurpn Eq Acc GBP CCCC 20.4 5 42.9 32 56.1 11 840 1.9 Guinness European Eq Inc X Dis GBP 5.6 93 - - - - - - Halifax European C CC 8.4 70 37.9 47 31.4 60 427 1.9 Henderson European Focus A Acc CCCC 10.3 54 48.6 16 68.3 5 489 1.8 Henderson European Grth A Acc CCC 13.2 31 44.5 26 48.1 22 933 1.6 Henderson Europn Selctd Opps A Acc CCCC 9.7 61 45.1 25 52.1 17 2177 1.8 Henderson Inst Europn Enh Eq Y Acc CC 8.5 68 37.7 48 32.4 54 415 1.8 Hermes SrcecpEurExUK F Acc £ CC 12 45 34.8 65 - - 183 1.8 HL Multi-Manager European A Acc - - - - - - 120 - HSBC European Growth C Inc CC 15.3 15 37.5 50 23.3 77 228 1.9 HSBC European Index C Inc 8.4 69 38.1 46 32.6 51 770 1.8 HSBC GIF Euroland Eq AD EUR CCC 18.3 81 58.6 40 43.1 84 886 2.3 Invesco Perp European Equity Acc CCCCC 10 58 59.9 6 45.1 27 1471 2.1 Invesco Perp European Opps Acc CCCC 15.3 17 62.4 5 65.2 6 120 1.9 Invesco Perp Eurpn Eq Income Acc CCCCC 8 74 58.1 8 54 13 518 1.9 IWI Oriel European A Inc CC 12.3 39 33.7 71 44.5 29 13 1.7 JOHCM CntlEurp B GBP CCCCC 13.7 27 50.8 14 53 15 1500 1.9 JPM Europe A Acc CCC 10.3 55 45.7 23 40.7 33 185 1.8 JPM Europe Dynamic Ex UK A Acc CCCC 10.1 56 53.7 12 52.8 16 477 1.9 Jupiter Eur Special Sits Acc CC 12.3 41 39.8 42 43.6 32 1030 1.8 Jupiter European Inc CCCC 23.7 3 55.6 10 71.2 4 3219 1.6 Jupiter European Income Acc CC 11.3 47 35.3 60 34.5 47 54 1.7 Kames European Equity A GBP CC 13.3 30 35.5 58 34.1 48 11 1.9 L&G European E Inc CCC 9.9 59 43.6 27 39.7 35 146 2 L&G European Index R Acc 7.3 82 35 63 27.9 70 2189 1.8 Lazard European Alpha Inst Inc CCC 13 34 43.2 30 43.9 31 93 1.8 Legg Mason IFMCEuEqIn A Acc CC 8.7 67 34.8 66 32.5 52 23 1.8 Liontrust European Growth R I C 8.2 72 31.4 81 31.6 57 30 1.7 M&G European A Acc GBP CC 11.1 49 34.9 64 32.5 53 165 1.7 M&G Eurpn Index Trk A Acc GBP 7.2 83 37 53 29.8 67 62 1.8 Man GLG Con Er Gth A Ret CCCCC 34.2 1 74.1 1 81.8 1 220 1.8 Marlborough European Multi-Cap A C 15.8 12 37.7 49 30.6 66 11 1.5 MFS Meridian Cntl Eurpn Eq A1 GBP C 8.1 73 33.1 77 34.7 46 14 1.7 Natixis SyndFctr+ErpeExUKEq N A - - - - - - 10 - Neptune European Opps A Acc GBP C 7.2 84 24.1 86 18.2 83 534 2.5 Newton Contin Eur GBP CC 10.1 57 37.2 52 31.5 58 146 1.8 Old Mutual Eurpn Eq (ex UK) A Acc CCC 5.7 91 36.1 56 36.8 42 86 2 OM Hendrsn Eurpn A Acc 9.6 63 - - - - 117 - OM Thrdndl Eurpn Sel A Acc 14.4 22 - - - - 20 - Oyster Cont Euro Select R GBP D - - - - - - 33 - PUTM European Acc CCC 12.2 43 40.9 38 38.1 38 108 1.7 Royal London Euro Gth Trst Inc CC 18.2 9 43.5 29 33.3 49 239 1.7 Royal London Europe ex UK Tracker Z 7.7 78 - - - - 626 - Royal London Eurpn Gth A Acc CC 5.7 92 33.2 75 27.1 72 689 1.8 Royal London Eurpn Opp A Acc CC 6.3 89 33.1 76 31 63 316 1.8 Sanlam FOUR Actv EurpnEx-UKEq C £ CCC 8.7 66 33.6 73 - - 23 1.9 Santander Europe Ex UK Eq A CCC 9.6 64 40 41 33.2 50 98 1.9 Schroder European I Acc CCCC 10.6 53 43.6 28 51.3 19 406 1.8 Schroder Eurpn Alp Inc A Acc CCCC 13.9 26 62.7 4 - - 497 2.1 Schroder Eurpn Alpha Plus A Acc C 13 35 21.6 87 27.2 71 382 2 Schroder Eurpn Opps A Acc CCC 13.1 33 47.9 18 45 28 609 2 Scot Wid Eurpen Gth A Acc CC 5.9 90 31 83 22.7 78 762 1.8 Scot Wid Eurpen Sel Gth A Acc C 3.5 97 21.6 88 19.5 82 180 1.8 Scot Wid HIFML European Focus 1 CCCCC 26.7 2 65.3 2 77 2 3 1.6 Scot Wid HIFML European Strategic 1 CCCCC 14.5 21 63 3 74.8 3 24 2 SJP Continental European Acc C 9.6 62 33.9 69 25.2 75 75 2.3 Smith & Williamson European Eq A CCC 14.6 20 48.5 17 38.1 37 24 2 SSgA Europe ex UK Equity Tracker 6.4 88 36.4 55 29.2 68 2202 1.9 Stan Life Inv Erpn Eq Gth Ret CC 7.5 80 32.9 79 32.4 55 71 1.8 Stan Life Inv Eurpn Eq Inc R Inc C 6.6 87 33 78 44.1 30 2243 1.6 Stan Life Inv Eurpn Eth Eq Ret CCC 7.8 77 35.5 59 25.5 74 150 1.8

Top 10

The Investment Adviser 100 Club is a new, annually hand-picked selection of 100 leading UK retail funds and fund managers across 20 categories. All Investment Adviser 100 Club member funds are now highlighted in gold in the Investment Adviser performance pages.

Visit FTAdviser.com/IA100 for more information

Disclaimer :The FE Crown Fund rating is based on 3 year performance of a fund against an assigned benchmark, calculated using alpha, volatility and consistency as a measure of success. The rating enables investors to distinguish between funds that are strongly outperforming their benchmark and those that are not. The top 10% of funds receive 5 FE Crowns, the next 15% receiving 4 FE Crowns and each of the remaining 3 quartiles will be given 3, 2 and 1 FE Crown respectively. Total expense ratios are the most recent collected by FE and are defined as the percentage of fund’s assets, net of reimbursements, used to pay for operating expenses and management fees, including administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV. Sales charges are not included in the expense ratio. Investment Trusts- Fund Size and latest discount are provided by FE as a guide only and are based on NAV estimates on a cum. income basis with debt valued at fair. Fund size: the Net Assets of the fund, being the total value of all assets held, less all liabilities. Discount: the discount or premium at which the share trades relative to its Net Asset Value. The information and data contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. FE shall not be responsible for any trading decisions, damages, or other loses resulting from, or related to, this informa-tion or data or their use. Performances are calculated bid-to-bid, with income reinvested at basic rate tax. Past perfor-mance in not a guide to future results.

Standard Life TM European CC 7.6 79 32 80 31.1 62 283 1.8 Stonehage Fleming EuroAlCpE B Inc CC 13.7 28 46.3 22 59.7 8 70 1.7 SVM Continental Europe A CCC 19.7 7 55.3 11 46.2 25 18 1.9 T. Rowe Price Cont Eurpn Eq Q GBP CCCC 11 51 - - - - 62 1.7 Threadneedle Eur(ExUK)Gt R CC 15.9 11 39 44 38.9 36 190 1.8 Threadneedle European R GBP CC 15.8 13 36.7 54 40 34 662 1.8 Threadneedle Eurpn Slct Ret GBP CC 14.8 19 40.7 39 65.2 7 2769 1.8 THS Cont Grw & Val S Acc 14 24 - - - - 6 - TM Sanditon Eurpn A Acc 9.7 60 - - - - 267 - Vanguard FTSE DvpEurXUK EqIdx A 6.8 86 37.2 51 31.5 59 854 1.9 Mean/Count 11.5 100 41 90 40 85 463 1.8 IA Europe Including UK Allianz Eur Eq Gth A GBP CCC 15.2 7 39 19 61.1 6 6896 1.7 Allianz EurEqGthSel RT GBP - - - - - - 331 - BlackRock GF Eur Val A4RF £ CCCC 7.6 31 44.3 12 54.2 11 3078 1.9 Candriam Quant Eq Europe C Cap CC 18.2 33 44.3 44 51.4 39 1002 2 Capital Group EG&IFL Xd GBP CCCCC 7 34 49 8 50.2 17 499 1.7 Carmignac Ptf Grnde Eur F £ AccHdg C 6.6 36 25.7 45 - - 407 1.7 Fidelity Pan European Inst CCC 9.7 27 35.6 33 43.9 22 252 1.6 Franklin European Gth A YD£ CC 1.6 46 21.3 47 34.5 34 950 1.7 Franklin Mutl Eurpn A YDis GBP CC 1.5 47 23.1 46 22.8 41 2663 1.8 GAM Star (Lux) European Momtm CCCCC 31.5 3 82.7 2 106.9 3 55 2 GAM Star European Equity Acc GBP CCC 19.3 4 40.3 16 54.9 10 71 1.9 GS Eur CORE Eq Portfolio Bs CC 18.7 29 55.6 21 59.1 36 164 2 GS Eurp Pfl Bs CC 23.4 15 56 20 67.6 28 242 2 GS GIVI Europe Eq Pfl BsSn CC 14.1 43 46 43 - - 86 1.9 Hermes SrcecapErpnAlp F Acc GBP 10.9 17 29.8 42 53.8 14 537 1.8 JGF-Jupiter Eur Gth L A Inc£ CCCC 24.8 1 51.1 6 67.6 4 1859 1.6 JGF-Jupiter Europan Opps L A Inc£ CCC 10.7 20 36.4 31 45.4 20 481 1.7 JOHCM European Sel Val B GBP CCCC 10.6 22 43.2 14 57.3 8 2279 1.7 JPM Europe Eq Plus A p Dis GBP CCCCC 9.5 28 53.5 5 75.5 2 5351 1.8 JPM Eurp Sel EqPlus A p Dis GBP CCC 4.7 41 36.6 30 39.3 27 19 1.9 JPM Eurp Strat Gth A Dis GBP CCCC 15.2 8 61.2 3 63.9 5 478 1.8 JPM Eurp Strat Val A Dis GBP CCC 3 44 32.3 36 23.4 40 1657 1.9 LM QSMVEurEqGt&In A(A) Dis€ CC 18.3 32 50.9 35 62.3 35 163 1.8 LO Fds - Eur Hi Convc Syst Hgd ID £ CCC 20.3 2 58 4 - - 1060 1.6 M&G Eurpn Strat Value A Acc GBP CCC 6.5 37 36.8 27 30.8 37 960 1.7 M&G Pan European A Inc GBP C 12.2 14 31.2 38 28.3 38 183 1.7 M&G Pan Eurpn Dividend A Acc GBP CCC 14.7 11 37.5 25 40.2 24 67 1.6 MFS Meridian European Value A1 GBP CC 10.6 21 41.4 15 55 9 6490 1.4 MFS Meridian Europn Core Eq A1 EUR CCC 25.6 12 57.2 17 85.7 16 26 1.9 New Capital DynmErpn Eq Ord Inc€ CCCC 23.6 13 55.5 23 - - 85 1.8 Odey European Focus B EUR CCCCC 15.9 40 115.7 1 128.9 1 1408 2.3 Old Mutual European Eq S £ CCC 6.1 38 31.1 39 34.8 33 54 1.9 Old Mutual Eurpn BestIds A Inc £ CCCC 14.9 10 40 18 37.5 31 243 1.8 Pioneer SICVEurEqTrgInc N DSA € C 15.2 42 47.2 41 - - - - Pioneer SICV-TopEurpnPly N ND £ CCC 10.2 25 37 26 48.5 19 1675 1.8 Polar Capital Eurpn Inc R Acc GBP - - - - - - 12 - Principal GIF EurpnEq A A$ CCC 6.2 24 30.9 32 35 26 108 1.8 Schroder ISF Eur Eq Yd A Dis GBP CC 1.9 45 31.7 37 35.8 32 291 1.7 SJP Greater European Prog Acc CCC 17.9 5 46.7 9 60.3 7 570 1.7 Standard Life TM Pan European CCC 7.7 30 36.8 28 40.1 25 134 1.6 StanLife Inv EurpnEqsUnctrd A GBP CCC 9.8 26 34.8 34 37.8 29 95 1.8 SVM All Europe SRI A CCCC 15 9 43.5 13 48.8 18 21 1.4 T. Rowe Price Eurpn Eq Q € CCCC 21.7 23 62.8 11 87 13 526 1.9 Threadneedle Pan Europn R GBP CCC 12 16 37.8 22 44.3 21 358 1.9 Threadneedle PanEurpFcs R GBP CCCC 16.5 6 49.4 7 53.9 12 90 1.8 Threadneedle PanEurpnEqD R Acc £ CC 10.7 19 37.5 24 53 15 64 1.6 THS European Gth & Val Z CCCC 10.8 18 44.6 10 37.8 30 8 1.7 TU Unit C -0.8 48 11.6 48 13.1 42 46 1.7 Vanguard SRI European Stk Inc GBP 5.5 39 30.5 40 - - 868 1.8 Virgin Climate Change CCC 6.7 35 36.7 29 42.1 23 62 1.8 Winton European Equity I GBP - - - - - - - - Mean/Count 12.5 48 43.4 48 51.8 42 918 1.8 IA European Smaller Companies Aberdeen European Sm Cos A Acc C 7.6 18 20.4 17 32.5 16 103 1.5 Baring Europe Select GBP CC 19.7 10 55.3 10 64.1 9 1246 1.7 Carmignac Ptf € Entpnr F £AccHdg 21.6 6 - - - - 41 - F&C European Small Cap A CCCCC 27.4 17 78 8 135.6 2 569 1.8 F&C European Small Cap ex UK 1 Acc - - - - - - 73 - Henderson European Sm Cos A Acc C 21.6 5 55.7 9 49 14 68 1.8 Invesco Perp European Sm Cos CC 18.1 15 64.3 6 61.3 10 167 1.9 JPM Europe Smaller Comp I Acc CC 29.1 1 69.8 4 48 15 107 2 Lazard European Sm Cos Inst Acc CCCC 26 3 73.3 2 89 4 230 1.6 M&G European Smaller Cos A Acc GBP C 19.5 11 44.5 16 49.8 13 109 1.7 MFS Meridian Eurpn Sm Cos A1 EUR CC 28.9 16 72.7 11 132.4 3 1213 1.7 Old Mutual Eur(ExUK)SmCo R Acc£ - - - - - - - - Pictet Small Cap Europe P dy EUR CC 31.3 12 71.7 13 92 12 353 2 Pioneer SICV-Eurpn Potntl N ND £ CCCCC 19.8 9 60.3 7 98.1 1 - - Schroder European Smaller Cos A Acc CCC 18.2 14 64.7 5 58.4 11 119 1.7 Stan Life Inv ErexUKSlCo R Acc CCC 23.5 4 73.3 3 80.6 5 23 1.7 StanLife Inv Eurpn Sm Cos A £ CCC 28.8 2 76.7 1 - - 227 1.7 T. Rowe Price Eurpn SmCo Eq Q £ CC 18.7 13 52.9 12 67 8 62 1.5 Threadneedle Eurpn SmCos R Acc GBP C 20.4 7 45.4 15 71.9 6 1154 1.6 Threadneedle Pan ErpnSmCo R GBP CC 20.1 8 46.4 14 70.1 7 1436 1.7 Mean/Count 22.2 18 60.3 17 75 16 405 1.7 IA Flexible Investment 7IM AAP Adventurous C Acc CCCCC 7.4 38 35.8 16 38.8 29 240 1.4 7IM Adventurous C Acc CCCCC 7.1 42 40.9 8 44.9 13 132 1.3 Aberdeen Capital A CC 5.4 67 27 54 29.3 60 1091 1.5 Aberdeen MMgr Eq Managed Pfl R Acc CCC 5.5 64 28.9 39 31.2 53 143 1.4 Alliance Trust SF Abs Gth 1 Acc 6.1 55 33.9 22 40.2 24 103 1.5 Allianz Gbl Strat RT2 H£ £ - - - - - - 107 - Allianz RiskMaster Def Ml Ass A C -0.1 128 2 113 - - 3 0.7 Allianz RiskMaster Gth Ml Ass A C 0.2 126 11.2 104 - - 14 1.4 Allianz RiskMaster Mod Ml Ass A C 0.6 123 10.5 107 - - 57 1.1 Architas MA Active Dynamic A Acc CCC 5.4 66 29.8 36 34.9 42 50 1.4 Architas MA Active Growth A Inc CCCCC 7.8 27 35.1 17 40.9 20 95 1.3 Artemis Strategic Assets R Acc C 0 127 14.6 96 19.9 80 870 1.3 Aviva Inv Multi-Manager Flxble 1 CCCC 7.7 31 30.2 35 37 33 62 1.4 AXA IM Smart Divfd Gth Z Acc 4.5 85 - - - - 11 - Barclays Adventurous Gth Pfl A Acc CCC 3 105 26 58 30.1 57 50 1.3 Barclays Wealth Gbl Mkts 5 B Acc C -1 133 14.5 97 16 87 5 1.2 Baring Dynamic Emg Mkts A NAV GBP CC -8.5 138 -10.6 116 - - 15 1.6 Capital Group EMTOpL Xd GBP C -5.5 137 -4.8 115 -2.9 96 2767 1.4 Capital Group GAIGrL Xd GBP CC 1.9 113 24.9 69 - - 81 1.3 Capital Group GAlcL B £ 5.4 68 - - - - 24 - Carmignac Patrimoine F £ AccHdg C 3.3 99 15.7 92 - - 13 1.3 Carmignac Ptf Emg Pat F £ AccHdg C -1.3 135 -3.9 114 - - 516 1.5 Carmignac Ptf Pat F £ AccHdg 3.1 103 - - - - 842 - Cavendish Worldwide A CCC 2.3 109 25 67 25.7 71 106 1.6 CCM CFS Balanced Opps A Acc C -4.6 136 -12 117 -0.9 95 10 1.7 CF Bentley Global Growth C 5.8 60 19.5 82 21.3 79 12 1.4 CF Bentley Sterling Balanced CC 4.1 88 18.4 84 26 70 141 0.8 CF Canlife Portfolio VII B Acc 2.9 106 - - - - 13 - CF Cautela A Acc C 2.8 107 10 108 19.1 82 35 1 CF IM Global Strategy A CCC 8.3 20 34.4 19 19.1 83 28 1.8 CF KB Newgate Acc CC 8.9 16 20.4 79 34.3 45 12 1.3 CF Miton Worldwide Opps A GBP CC 3.8 92 24.4 71 28.6 63 15 0.8 CF PruDy60-100Pf A Inc CCC 5.4 65 28.5 40 36.9 35 84 1.2 CF Purisima EAFE Total Rtn A PCG CC 9 15 27.7 49 27.9 65 6 1.7 CF Ruffer Equity&Gen C Inc CC 3.2 102 28.3 46 46.8 9 200 0.8 CF Ruffer Japanese C Acc CCCCC 14.6 1 84.2 1 95.1 1 439 2.4 CF Stewart Ivory Invest Mkt Acc CCC 6.1 54 30.7 34 51.3 6 17 1.4 CF Waverton Portfolio A CC 3.3 98 23.4 74 37.4 32 83 1.2 City Financial Mult Asst Dyn A Acc CC 2 112 19 83 22 78 20 1.2 Close Growth Portfolio A Acc CC 6.8 44 25.6 64 40.7 21 334 1.4 Close Managed Growth A Acc CCCC 8.8 19 28.4 44 - - 16 1.2 Close Strategic Alpha A Acc CCCC 11.8 2 31.8 27 41.4 17 13 1.5 Close Tactical Select Pas Gth A Acc CC 4.8 77 24.7 70 - - 3 1.3 COURTIERS Total Return Growth A CCCCC 8.2 22 44.1 5 50.4 7 47 1.5 Discovery Managed Gth A £ CCC 7.9 24 28.1 47 29.4 58 3 1.3 F&C Managed Growth 1 Acc CC 6.1 53 27.1 53 31 54 105 1.2 F&C MM Investment Trust 1 Acc CCCCC 8.2 21 36.9 14 43.9 14 8 1.3 F&C MM Navigator Select A Acc CCCCC 7.7 30 35.1 18 32 50 104 1.1 Family Child Trust CC 5 74 24.3 73 31.4 52 717 1.5 Fidelity Ml Ass Advs A Acc £ CC 6.1 56 28.4 41 34.2 46 237 1.4 Fidelity Ml Ast OpAd PF Fr 4C 2.2 110 - - - - 9 - Fidelity MulAs AllAdvs N Acc 3.8 93 - - - - 21 - FP Brompton Global Opportunities B 10.1 6 - - - - 8 - FP Pictet Multi Asset Portfolio A - - - - - - 11 - FP Tatton Oak Advanced A CCCC 7.4 36 29.1 38 32.8 48 31 1.2 FP WM East West Value R C 1.7 115 10.6 105 -0.2 94 6 1.8 Franklin Diversified Growth Z Acc 6 58 - - - - 8 - Franklin Diversified Income Z Acc 4.8 78 - - - - 25 - GAM Star Global Equity I Acc GBP 7.3 39 - - - - 2 - GAM Star Growth C GBP 5.1 71 - - - - 122 1.3 HC KB Capital Growth A Inc C 4.5 86 14.9 94 24.3 72 75 1.2 HC Sequel Gth Tgt Rtn Strategy S B 4.7 81 - - - - 34 - Henderson Multi-Mgr Active A Acc CCC 4.7 84 31.4 32 22.5 76 223 1.2 Hermes MulAsst Infla F Acc GBP - - - - - - - - IFSL Brooks Macdonald SG A A 9.7 9 - - - - 6 - IFSL Brunsdon Adventurous Growth A C 5.6 62 14.8 95 - - 25 0.9 IFSL Select O Acc CC 7.7 28 25.7 62 28.7 62 24 1.2 Ingenious Global Growth CCCC 7.9 25 22.8 75 - - 46 1.1 Invesco Perp Managed Growth Acc CCCC 6.1 52 40.5 10 45.4 11 404 1.5 Investec Gbl Str Mg A Gr Inc $ CCC 0.5 87 20.3 65 24.1 64 763 1 Investec Managed Growth A Acc£ CCCCC 8.8 18 39.4 11 45.9 10 103 1.3 IWI Growth Pfl A Acc CC 1.4 117 21 78 13.1 90 17 1.3 JPM Fusion Growth Plus A Acc 10.3 4 - - - - 8 - JPM Portfolio A Acc CCCC 9.6 12 44.1 6 53 5 62 1.5 Jupiter Merlin Growth Ptfl Acc CCC 10.2 5 31.5 30 40.2 25 1811 1.4 L&G Multi Manager Growth I Acc C 4.7 79 13.8 98 9.9 91 189 1.4 L&G Multi-Index 7 F Acc 3.9 91 - - - - 45 - L&G Worldwide E Inc CCCC 7.2 40 29.7 37 36.4 37 96 1.2 LO Fds - AllRoads Mlt Ast £SHgIA C 0.9 118 12.9 101 - - 153 0.7 M&G Managed Growth X Inc GBP C 0.5 124 4.3 112 3.8 93 785 1.4 Man GLG Stockmarket Managed A Ret A CCCC 6 57 36.8 15 40.5 23 153 1.3

Margetts Opes Income Acc CC 5.3 69 22.2 77 34.8 43 5 1.2 Margetts Venture Strategy Acc C -1.2 134 13.1 100 17.4 85 75 1.4 MFM SGWM Managed A Acc CC 5.3 70 24.3 72 29.4 59 19 1.2 MGTS Clarion Explorer Ptfl L Acc C 1.9 114 16.6 89 16 86 10 1.4 MGTS Frontier Adventurs Acc C 0.4 125 14.9 93 - - 4 1.4 Neptune Global Alpha A Acc CCCC 7.7 29 49.5 3 42.4 16 92 2 Newton MA Gth Inc CCCC 11.8 3 40.8 9 49.6 8 1410 1.3 Newton Osprey CCCCC 10 8 51 2 68.4 2 21 1.3 Newton SRI for Charities CC 3.2 101 26.1 56 37 34 87 1.1 NFU Mutual Mixed Pfl Max100% Shrs B C -0.9 132 10 109 15.3 88 41 1.5 Old Mutual Cirilium Dyn A Acc GBP CCCCC 5 73 34 21 41.3 18 688 1.1 Old Mutual Fdtn 5 A Acc GBP 2 111 - - - - 65 - PFS Momentum Factor 3 A Acc CC 0.8 121 9 110 - - 14 0.5 PFS Momentum Factor 4 A Acc 4 89 - - - - 13 - PFS Momentum Factor 5 A Acc 4.8 76 - - - - 17 - Pimco GISDiv&Inc Bldr E USD C -4 129 11.8 90 - - 118 1.4 Premier Diversified B Inc C 5.7 61 15.7 91 - - 44 1.1 Premier MultiAsset Glbl Gth B Inc CCCCC 9.7 10 44.9 4 - - 57 1.2 R&M Dynamic Asset Allocation B 4.7 80 - - - - 68 - Rathbone Dragon Acc CC 4.9 75 25.8 61 32.2 49 28 1.4 RHFS Diversified Strategy C Inc 6.2 51 25.7 63 35.7 40 - - Royal Bank of Scot Adventurous Gth CCC 6.4 48 28.4 42 38.7 30 172 1.3 S&W Deucalion CCCCC 6.9 43 33.3 23 39.2 26 7 1.1 S&W Ilex Income Acc C 3.8 94 -14 118 -4.8 97 26 2 S&W Starhunter Managed Acc C 6.8 45 17.6 88 27.1 68 19 1.1 Sand Aire Generation CCCC 10 7 31.4 31 33.6 47 95 1.1 Sanlam P-Solve Inflation Plus A CCC 3.7 95 17.7 87 19.7 81 46 1 Sarasin EquiSar IIID A Acc C -0.4 130 12.4 102 14.3 89 43 1.1 Sarasin FoF Gbl Gth A Acc - - - - - - 5 - Sarasin FoF Global Equity A Acc CCCCC 6.6 47 38.5 13 - - 60 1.5 Schroder Dynamic Multi Asset A Acc CC 4.7 82 19.7 81 23.4 74 213 0.9 Schroder MMDiversityTact A Acc CCCC 5.5 63 31.3 33 45 12 180 0.9 Scot Wid HIFML Adventurous 1 CCC 4 90 28.3 45 37.9 31 1 1.5 Scot Wid HIFML Dynamic Return 1 C 0.9 119 13.4 99 18.2 84 21 1 Sentinel Entrprse Prtflo A Acc C -0.5 131 10.5 106 6.5 92 53 1.4 SF Adventurous CC 7.4 37 26.6 55 23.2 75 10 1.2 Smith & Williamson MM Gbl Invest A CCCC 0.7 122 25.9 59 29 61 24 0.9 Sovereign Teachers Adven Inv CCC 6.3 50 33.2 24 38.9 27 51 1.5 Spectrum Income O A - - - - - - 10 - Spectrum O Acc C 9.1 14 17.8 86 27.3 67 83 1 Stan Life Wealth Acer CC 8 23 25.9 60 30.9 55 17 1.1 Stan Life Wealth Bridge CC 7.5 33 27.6 51 36.1 39 361 1.2 SVS Church House UK Mgd Gth CCCC 3.6 96 31.7 29 43.5 15 48 1.4 SVSBrownShipleyGth A Acc CCCC 7.5 34 31.8 28 35.3 41 160 1.2 TB Wise Income A Acc CCCCC 4.7 83 38.8 12 55.5 4 53 0.9 TB Wise Investment A Acc CCCCC 0.8 120 27.3 52 36.6 36 40 0.9 TB Wise Strategic A Acc CCCC 9.6 11 34.2 20 38.9 28 19 1.3 The Notts Trust CC 9.3 13 25.2 66 40.6 22 9 1.2 Thesis Balanced Growth C 5 72 18.3 85 26 69 69 0.9 Thesis iFunds Spectrum Green A Acc C 3.2 100 26.1 57 - - 17 1 Thesis iFunds Spectrum Indigo A Acc C 1.6 116 11.6 103 - - 4 0.7 Thesis iFunds Spectrum Orange A Acc CC 2.5 108 32.7 25 - - 30 1.2 Thesis Palm Inc CC 6.4 49 22.2 76 27.8 66 15 1.4 Thesis Thameside Managed CC 6.7 46 27.6 50 34.6 44 302 1 Threadneedle Global Equity R Acc CCC 7.6 32 31.9 26 41.1 19 271 1.3 TM Cerno Select B Acc 7.1 41 - - - - 43 - Total Clarity Portfolio 6 CC 3 104 20.3 80 22.2 77 9 1.3 Trojan O Inc C 5.8 59 7.2 111 23.9 73 2458 0.8 UBS Targeted Return C Acc CCC 3.3 97 25 68 36.3 38 35 1 Unicorn Mastertrust B CCCCC 8.8 17 43.3 7 59.2 3 27 0.9 WAY Global Red Active Pfl A Acc CCC 7.8 26 28.4 43 30.2 56 44 1.3 WAY MA Growth Portfolio B Acc CCC 7.4 35 27.7 48 31.9 51 9 1.3 Mean/Count 4.9 138 24.5 118 31.9 97 165 1.3 IA Global Aberdeen Ethcl Wrld Eqty A Acc C -6.3 7 9.8 222 12.5 187 175 1.6 Aberdeen Gbl World Equity D2 GBP C -5.2 132 12.4 218 26.3 174 1365 1.6 Aberdeen World Eq Enhcd Ix B - 155 - - - - 14 - Aberdeen World Equity A Inc C -5.3 91 12 220 25 178 419 1.6 Alliance Trust SF Gbl Gth 1 Acc 7.3 152 39.3 118 52.6 72 119 1.7 Allianz Bt StsGbl Eq RT £ - 186 - - - - 491 - Allianz Gbl Sm Cap Eq PT £ CCCC 10.2 189 - - - - 353 - Ardevora Global Equity A CCCCC 13 258 64.4 11 - - 353 1.7 Ardevora Global Long Only Equity C 10.5 56 - - - - 200 - Artemis Global Growth R Acc CCCCC 13.8 82 61 13 81.4 8 433 1.7 Artemis Global Select R Acc CC 16.9 169 44.2 78 - - 44 1.5 Artemis Inst Gbl Cap Inst Acc CCCCC 15.2 214 64.9 10 88.3 6 132 1.7 Aubrey GblConviction R Acc C 7.3 232 42.7 94 45.8 112 33 2 Aviva Inv Intl Index Tracking 1 6.2 148 39.6 114 49.6 89 408 1.5 AXA Framlington Gbl Opps R Acc CCC 5.2 131 42.7 92 47.7 98 59 1.7 AXA Rosenberg Global R Acc CC 4.9 39 37 138 46.2 110 358 1.6 Baillie Gifford Gbl Alpha Gth A Acc CCC 10 55 47.3 55 60.7 41 842 1.8 Baillie Gifford Gbl Discovery A Acc CCCC 12.1 72 79.6 2 95.2 - 203 2.1 Baillie Gifford International A Acc 9.6 195 48 49 57.1 51 545 1.7 Baillie Gifford Lg Tm Gbl Gth B Acc CCCC 14.5 253 66.4 8 83.4 7 204 2.3 Baillie Gifford Phoenix Gbl Growth CCCC 16.8 211 47.2 56 65.1 28 41 1.8 Barclays Global Core A Acc C 2.6 122 27.5 197 42 131 44 1.4 Baring Global Growth GBP C 10.5 212 33.2 166 42.6 129 11 1.7 BlackRock Global Equity A Acc C 7.5 104 33 169 24.6 179 118 1.7 BlackRock NURS II Consensus 100 A 6.8 67 35.2 154 - - 38 1.5 BlackRock NURS II Global Equity I CC 6.8 222 35.9 148 50.2 85 452 1.5 BlackRock NURS II Overseas Equity I CCC 8.8 85 48.3 46 62.2 35 105 1.6 BNY Mellon Lg Tm GblEq Exempt 2 Acc CC 9.5 124 38 131 55.6 58 346 1.5 Broadway ICVC Balanced C 2.5 45 13.1 217 25.5 176 50 0.9 Broadway ICVC Growth CC 9.9 90 28.9 192 32.1 165 49 1.4 Candriam Eq L Sust World C Cap CCC 14 185 57.6 108 85.3 73 294 1.9 Candriam Quant Eq World C Cap CC 15 123 52.8 146 78.9 100 103 1.9 Capital Group GEqL Xd GBP CCC 6.7 108 45.1 69 53.7 67 629 1.7 Capital Group GGw&IL Xd GBP CC 4.2 8 33.1 167 43.9 120 197 1.6 Capital Group WDiGrL B GBP 2.6 46 - - - - 30 - Carmignac Invstsmt F £ AccHdg C 6 141 32.1 179 - - 6064 2 Carmignac Ptf Invstsmt F £ AccHdg 5.8 41 - - - - 296 - CF Adam Worldwide Acc C 5.1 125 24.9 203 41.5 134 25 1.4 CF Canlife Global Equity B Acc£ CCC 6.7 79 42.3 97 46.9 104 252 1.4 CF Macquarie Global Infra Sec A Acc CCC -0.1 160 23.7 206 32.7 164 26 1.4 CF Odey Opus R Inc CCC 7.1 151 42.9 91 49 91 389 1.8 CF Purisima Gbl Total Rtn PCG A CC 15.2 250 47.8 50 50.8 82 1346 1.7 Clerical Medical Intl Mgd C -4.1 199 26.4 199 43.3 125 12 1.7 Dimensional International Value Acc CCC 4.6 121 41.8 102 46.6 107 335 1.8 Dimensional Intl Core Equity I Acc CCC 7.6 50 45.3 67 56.8 52 518 1.6 Dodge & Cox Gbl Stk A GBP CCCCC 0.4 100 48.2 47 57.6 49 1682 1.8 Dominion Gbl Trds Lxry Csmr R GBP C 5.1 14 24.1 205 27.4 173 55 1.6 Dominion Gbl Trend Managed GBP R 5.5 236 15.8 213 - - - 1.6 EdenTree Amity Intl A C -2.8 54 19.3 210 15.7 184 205 1.5 Electric & Gnrl Inv A Inc CC 13.5 22 43.9 84 - - 89 1.6 F&C Global Thematic Opports 1 Acc CC 4.4 193 33.7 162 37.6 146 39 1.7 F&C Inst Global Equity 4 Acc CCCC 11 - 58.8 17 75.3 13 9 1.6 F&C MM Navigator Boutiques A Acc CCCC 9.6 145 43 88 46.6 106 60 1.4 F&C Responsible Global Equity 1 Acc CCC 11.9 101 44.5 74 51.4 80 176 1.6 Fidelity Allocator Wld Y Acc 8.2 69 - - - - 11 - Fidelity Gbl Csmr Inds A GBP CCC 14.7 183 48.5 45 71.2 20 495 1.5 Fidelity Gbl Financl Svs A GBP CCC 10.4 230 44.7 73 44.4 117 718 1.8 Fidelity Gbl Health Care A GBP CC 10.8 226 74.1 4 104.1 3 1059 1.6 Fidelity Gbl RAst Sec A GBP C -2.1 173 5.2 227 14.6 185 118 1.7 Fidelity Global Focus Acc CCC 11.4 87 41.9 101 54.2 64 326 1.6 Fidelity Global Indus A GBP C -6 238 7.1 224 2.2 194 90 1.9 Fidelity Global Special Sit Acc CCCC 14 - 58 20 55.7 57 1527 1.8 Fidelity Index World P 8.5 98 - - - - 235 - Fidelity Inst Global Focus CCC 12.1 9 44.8 72 59.8 45 101 1.6 Fidelity Moneybuilder Global A Acc£ CCC 8.5 167 36.9 139 40.8 137 410 1.4 Fidelity Open World A Acc 5.8 27 - 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44 | PERFORMANCE | NOVEMBER 9 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA

IA Property 2.41 0.8 44 9.21 43 27.63 37 0.82IA Global Bonds 0.84 -2.7 146 -1.7 145 1.56 132 0.44IA UK Gilts 0.83 -0.31 30 4.91 30 8.34 28 0.62IA Japanese Smaller Companies 0.43 -2.22 5 12.17 5 59.08 5 2.06IA Short Term Money Market 0.03 0.07 13 0.11 13 0.17 13 0IA Money Market 0.02 0.03 12 0.07 12 0.33 12 0IA UK Smaller Companies -0.06 5.32 51 16.68 51 56.43 49 0.79IA Targeted Absolute Return -0.11 0.26 86 3.7 80 12.36 65 0.16IA Technology & Telecoms -0.32 -2.74 15 12.37 15 52.76 15 1.65IA Sterling Corporate Bond -0.42 -2.02 97 2.08 96 11.56 84 0.33Bottom 10IA Global -2.09 -5.15 266 6.05 258 35.31 234 1.6IA Personal Pensions -2.19 -4.35 6 4.75 6 22.33 6 0.89IA Asia Pacific Including Japan -2.4 -10.11 8 3.28 8 24.95 8 2.17IA Europe Including UK -2.69 -3.65 50 10.21 48 38.95 48 1.61IA UK All Companies -2.77 -3.08 273 8.89 270 36.04 263 1.46IA Asia Pacific Excluding Japan -3.09 -14 92 -4.35 92 11.13 78 2.57IA Specialist -3.35 -9.47 239 -5.74 236 1.46 212 1.64IA China/Greater China -3.38 -19.43 37 3.84 37 25.42 35 3.05IA North American Smaller Companies -3.46 -4.88 14 6.47 13 53.71 11 1.82IA Global Emerging Markets -4.07 -16.1 82 -10.23 80 -4.92 70 2.62

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SEPTEMBER 28 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA28 | NEWS

OUTSOURCING

iFunds’ Ash shorts equities with ETFs

FUND SELECTOR PAUL SURGUYDiscretionary fund manager, Kleinwort Benson

Fed’s dilemma is so familiar Fed chair Janet Yellen wants to deflate market bubbles and avoid the need to backtrack, too

Having started my investment career in 2000, I’ve seen too many savage bear markets. That

makes me a worrier. Today, like most market partici-pants, my fears centre on interest rate rises.

Over the years, I have been fortunate enough to work with many talented inves-tors; I am confident many have taught me at least one nugget of useful information. One ex-colleague combined a talent for reading markets with expressive comments. On many an occasion while I was digging myself into another black hole he would utter: “Well if you want to commit career suicide, go ahead.” I wonder if central bankers worry in the same way about their careers and legacies?

All of the column inches and hours of discussion that have been dedicated to the expectation of a 25 basis point move in interest rates turned out to be wasted earli-er this month, with the out-come ending in a not so sur-prising ‘no change’. Is Janet Yellen learning from her pre-decessors? Recalling previous cycles, we can see some familiar themes.

As oil prices fell during 1986, inflation slowed and market participants were worried about growth, which led to interest rates being left on hold for an extended peri-od. (Sound familiar?) This easy monetary policy contrib-uted to an increase in infla-tion – and a ‘bubble’ in stock-markets. When rates were eventually increased, equities plummeted, and the US Fed-eral Reserve was forced to reverse course, moving rates down once again.

Fast forward to the next cycle during the 1990s, when many Asian countries had their currencies pegged to the dollar. (Sound familiar?)

As interest rates rose in the US, the ability to maintain those pegs was strained. Thailand buckled first, devaluing its baht. The ensu-ing crisis led to the collapse of Long-Term Capital Man-agement, a hedge fund that then had to be saved. This led to planned rises being shelved. Once again equity prices formed yet another bubble into the final two years of the 20th century. (Sound familiar?)

Thus it is easy to see the Fed’s dilemma. It doesn’t want to go too early and be forced into backtracking – my former colleague’s “career suicide” – nor does it wish to see ‘engineers of financial bubbles’ as its legacy.

One would have expected the delay in hiking rates would have been well received by markets, as every sign of them being raised has elicited the opposite reaction. Unfortunately not. Why? An increase has clearly been sig-nalled to come at some point in 2015, with many expecting it to be at this meeting. It is worth remembering the mar-ket’s greatest fear: uncertain-ty. Even some emerging mar-kets have been calling for the Fed to increase rates to remove the fear of the unknown.

For now, the risks remain elevated in financial assets. If a few years of easy monetary policy led to the falls seen on the original Black Monday, the nine years since the last interest rate rise in the US could be even more damag-ing. With two meetings left to fulfil expectations of a rate rise this year, it appears the market is finally looking for some confirmation that growth is strong enough to be self-sustaining. A gentle increase should be welcomed by investors.

Paul Surguy, discretionary fund manager,

Kleinwort Benson

Investment manager is predicting further falls in the FTSE 100 and S&P 500 indices

STRATEGY by Dave Baxter

iFunds Asset Management is maintaining short positions in a variety of equity market indi-ces within its multi-asset funds, believing further falls are around the corner.

The firm, which runs multi-asset and model portfolios, has been dialling down its equity risk over the past six months.

In March the medium-risk Thesis iFunds Spectrum Green portfolio’s long exposure to equities stood at 85 per cent. But investment manager Stac-ey Ash said he had subsequent-ly been building up cash levels to as much as 45 per cent as of July.

At this point the firm began shorting a number of equity markets via exchange-traded funds (ETFs).

The iFunds Spectrum Green fund now has a 10 per cent exposure to the db x-trackers FTSE 100 Short Daily ETF, and 4 per cent in the Euro Stoxx 50 Short Return Index ETF. The portfolio also has a 6 per cent short position in commodities.

Mr Ash said the move had benefited the portfolios during August’s market turmoil.

He said: “What happened [after the changes were made] was we had a dash from equi-ties through August. We started to see the prices deteriorate.”

The fund now has just 1 per cent in cash, with the remain-der in bonds. Just over 50 per

cent of the Spectrum Green fund is invested in the Barclays Capital UK Gilt 1-5 years Ster-ling Bond index, for example.

The remainder is split between a 10 per cent alloca-tion to the iShares GBP Index-linked Gilts ETF and 10 per cent in the SPDR Barclays Cap-ital 15+ year Gilt ETF.

Similar moves have been made in the firm’s other two multi-asset funds and discre-tionary fund management portfolio range.

“Clearly investors were rush-ing towards bonds in August, despite what was being written about interest rates. People rushed to the traditional safe haven,” Mr Ash said.

iFunds’ quantitative process analyses 34 asset classes and ranks them by relative strength based on price momentum and volatility.

The team then uses ETFs to invest in what it deems the top 10 asset classes, buying the new entrants according to its rank-

ings and selling those that have fallen out of favour. The weight-ing to each asset class is based on its volatility level and the risk profile of each fund.

Speaking last week as the FTSE dropped below 6,000 points, Mr Ash said market sentiment indicated he was right to maintain his short positions.

He said: “The market’s tell-ing us it’s not safe going back into the water as far as equities are concerned.

“At the moment it is telling us that the recovery we had was a bit of a false dawn.”

Over three years the Thesis iFunds Spectrum Green fund has returned 27.8 per cent, compared to a 20.4 per cent average return for the Invest-ment Association Flexible Investment sector, according to FE Analytics.

To read more online visit FTAdviser.com/IA

“We had a dash from equities through August,” recalls Stacey Ash

Walker Crips launches risk-rated managed portfolio service for UK advisory market

»Walker Crips Investment Management has launched a

managed portfolio service for UK financial advisers and their clients.

Named Alpha: r2, the range of portfolios will be closely aligned to the industry-standard Wealth Management Association (WMA) benchmarks, covering five risk-return profiles. The model

portfolios will come in equities, bonds and collectives or collectives-only variants.

In addition to the standard models aligned to the WMA’s risk categories, it also offers two higher income options and an ethical model, managed by Gary Waite and Andrew Morgan.

“Advisers and their clients want

confidence and certainty, not undue risk. With Alpha: r2, advisers will know exactly what to expect in terms of asset allocation, stock selection and performance, as each model is closely correlated to its respective benchmark, with active management providing the opportunity for alpha,” Mr Waite said.

NOVEMBER 30 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA42 | FUND REVIEW

EUROPEAN INCOME

THEPICKS

FP Argonaut European Income This fund, which launched in December 2005, is managed by Oliver Russ, with Greg Bennett assisting, and aims to provide an income in excess of the yield of the MSCI Europe ex UK index. A regional breakdown shows its portfolio has 21 per cent allocated to Germany, 18.2 per cent in France and 13.5 per cent to Sweden. Its top five holdings include Swedbank, Daimler and Ryanair. The fund has delivered steady returns over one, three and five years, FE Analytics data shows. In the three years to November 18, it returned 43.7 per cent, slightly ahead of the average 41.6 per cent return of the IA Europe ex UK sector.

Jupiter European Income Gregory Herbert and Cédric de Fonclare manage this fund that targets “high and rising” income. Some of its largest positions are pharmaceuticals and healthcare firms, with Roche, Bayer and Novartis its top three holdings. This fund has been running since May 2007 and is still on the small side at £54m. The managers have generated steady returns, although over three years to November 18, it returned 35.8 per cent, whereas the IA Europe ex UK sector average was 41.6 per cent.

EDITOR’SPICK

Standard Life Investments European Equity Income Run by Will James, this £2.3bn fund has been popular with investors. The manager runs a fairly concentrated portfolio of around 57 stocks and has the ability to hold some in government, corporate and other bonds to supplement the income. France is the largest weighting in the portfolio at 18.2 per cent, followed by Switzerland at 13.6 per cent. The top three holdings are tech firm Nokia, and pharmaceuticals companies Roche and Novo Nordisk. The fund has delivered an impressive return of 47.7 per cent in the five years to November 18, against the IA Europe ex UK sector average of 38.5 per cent.

FUND REVIEW: EUROPEAN INCOME

Three-year performance of the Stoxx Europe 600 index versus UK and US indices

by Ellie Duncan

Over the past few years, inves-tors may not have considered European equities the best asset class in which to find income.

But now European markets have stabilised and tension surrounding a possible Greek exit from the eurozone has abated, could there be some opportunities for dividend investors in the region?

Stephanie Butcher, man-ager of the Invesco Perpetual European Equity Income fund, believes there are but concedes it has been a difficult couple of years for Europe.

“Ultimately there is a lot of stimulus in the European economy and I think the risks to Europe come more from outside than they have done in a long time,” she notes. “Over the past five years Europe was always top of the list of

problem areas and you could understand why with the sovereign [debt] crisis. Now, when we do our monthly meet-ings, it’s less [about] what’s going wrong [in Europe].”

There are a number of open-ended funds offering exposure to this asset class. A search for funds in FE Analytics with ‘European income’ in the title reveals 16 such vehicles. Four of these have at least 10-year track records, with the Capital Group European Growth and Income fund coming out on top over 10 years to November 20, returning 106.2 per cent. But the FP Argonaut European Enhanced Income fund has generated the best return in the 12 months to November 20, delivering 20.4 per cent, with the next best-performing fund, BlackRock Continental European Income, returning 9.5 per cent.

There are currently several

factors supporting growth in Europe and those look likely to remain tailwinds for the region in 2016.

Matteo Germano, global head of multi-asset invest-ments at Pioneer Investments, says: “Easy financial condi-tions, low oil prices and the gradual normalisation of fiscal policies, especially in Europe, are all supportive factors for the 2016 economic outlook. In the eurozone, the outlook is improving. Here, the abundant liquidity is, at least to some degree, being felt throughout the real economy.”

He adds: “In this moderate positive global growth frame-work, we believe the corporate sector has still potential to generate earnings, especially in Europe and Japan.”

For Ms Butcher, earnings growth is set to be the main driver for European equities next year.

“If you go back to 2007, that was the last peak and earn-ings are roughly 30 per cent below that peak, in contrast to the US where earnings are already well above that previ-ous peak,” she points out.

“So there’s a big lost chunk of earnings, and to be bullish on Europe I think you need to believe some of that will come back and that is our view.”

Ms Butcher suggests dividend growth should come with those earnings, too.

“We’re not anticipating a massive hike in payout ratios from here – I think we’re around average payout ratios as we stand today – so it needs to be earnings coming through to really push the dividend growth, but there’s plenty of opportunity for that to happen and that’s why we’re still pretty constructive on the European space,” she adds.

European stimulus is providing a springboard for earnings growth

Argonaut’s fund returned 20.4% in the past year from a region that once topped ‘list of problem areas’

0

10

20

30

40

50

60

70

80

Source: FE Analytics

Per c

ent

16/11/12 18/05/14 18/11/15

S&P 500 index Stoxx Europe 600 Europe index FTSE All-Share index

INVESTMENT ADVISER NOVEMBER 30 2015 www.FTAdviser.com/IA FUND REVIEW | 43

EUROPEAN INCOME

THE SUSTAINABLE INCOME APPROACHALEXANDER FITZALAN HOWARDCO-MANAGER, JPMORGAN EUROPEAN IT INCOME

EXPERT VIEW

RICHARD PHILBIN, CHIEF INVESTMENT OFFICER, HARWOOD MULTI-MANAGER

Verdict This is a broadly diversified portfolio in terms of hold-ings, yielding just shy of 3.75 per cent – with divi-dends paid quarterly. Managed by Stephen Macklow-Smith, Alexander Fitzalan Howard and Michael Barakos, the trust’s share price and net asset value have comfortably beat the benchmark in the longer term, and particularly so this year. Yet the vehicle sits on a discount to net asset value. With more than one-third of the total assets in financials, be aware of spe-cific sector-concentration risk. The top-10 holdings account for less than 20 per cent of the total assets.

Investing in high-yielding stocks, while avoiding ‘dividend or value traps’ Aim: Launched in August 2006, this £122m trust aims to beat its MSCI Europe ex UK index bench-mark by seeking long-term capital growth, with an above-market and increasing yield.

Process: The portfolio, which sits alongside the JPMorgan European IT Growth trust, was established as a pan-European fund including the UK. But this was changed in March 2013 when the vehicle’s benchmark was changed to Europe ex UK to create a continental Europe focus.

Alexander Fitzalan Howard co-manages the trust alongside Stephen Macklow-Smith and Michael Barakos, and notes this has been the only change to its process since it was established.

He explains: “It is all about finding higher-yielding stocks that are fundamentally sound. We start with a very broad universe of around 1,200 stocks and we take from that the highest-yield-ing 30 per cent. That then becomes the subset where we do our fundamental work. We’re look-ing for companies where we can be confident about the sustainability of the yield.”

This includes analysing a number of balance sheet measures, as well as dividend cover and earnings revisions. But he adds: “Where we are worried about the sustainability of the dividend, we just cut it out completely. Then anything left in the pot, so to speak, we will own in the fund.”

Therefore the portfolio has a large number of holdings – about 220 – which the manager acknowledges is different to a number of other income trusts but is “absolutely by design”. He says: “We’re trying to minimise stock-specific risk. We know we will make mistakes, but when we do we don’t want [them] to have a big impact on the fund. If there’s a profit warning or a dividend cut or something, it’s not going to absolutely destroy us. That is quite a differentiating factor.”

Performance: The trust made its first appearance in the Investment Adviser 100 Club in 2015 and has deliv-ered steady performance across one, three and five years, outperforming both the Association of Investment Companies Europe sector average and the MSCI Europe ex UK index.

The vehicle recorded a total return of 76.5 per cent for the five years to November 19 2015 compared with the index’s rise of just 29.9 per cent, while the sector average of 74.1 per cent has lagged slightly behind, data from FE Analytics shows.

The manager notes portfolio changes are “quite slow moving”, but generally the team has been “going a little bit less defensive and having a bit more exposure, particularly to domestic cyclicals” ahead of what is expected to be a rising interest rate environment.

Changes include moving more overweight the media sector, by adding to positions in some French media stocks, such as Vivendi, and increasing the underweight to pharmaceuticals by selling Novartis. Mr Fitzalan Howard explains: “In most instances the higher-yielding bit of the market continues to do well [as interest rates increase]. But it is important to distinguish between the more cyclical and financial bits that do well and some of the more traditionally defensive – almost bond proxy – [parts] of the market that don’t do so well.”

This is reflected in the portfolio, with the manager noting the trust is overweight financial sec-tors, including banks and insurance – which should benefit from rising rates. “We feel we should still be able to perform quite well if we’re exposed to the cyclical and financial areas,” he adds.

Meanwhile, he attributes part of the trust’s performance to avoiding some of the big under-performers in the market, including the large Spanish banks – such as Santander and BBVA – and German car manufacturer Volkswagen. “It comes back to only investing in sustainable yield stocks and getting rid of the ones that might be considered dividend or value traps,” he says.

“That definitely contributed quite a lot. In terms of what went well, we own [German reinsur-ance company] Hanover RE in the insurance sector, while in telecoms we have exposure to mobile virtual network operator Drillisch, which has no capital expenditure burden and so it can distribute its free cashflow.” On the flip side, the manager points out the trust did suffer by not owning certain stocks that have performed well, such as Danish pharmaceutical firm Novo Nordisk and Spanish retailer Inditex. But he adds: “These are stocks that we don’t normally own

because they don’t yield enough for this portfolio.” Words by Nyree Stewart

TOP-FIVE HOLDINGSRocheSanofiNestleAllianz

Daimler

SECTOR BREAKDOWN

Source: JPMorgan Asset Management

Financials35.7%

Industrials14.4%

Healthcare6.3%

Telecoms7.1%

Consumer discretionary

11%

Utilities8.6%

Energy3.1%

Materials2.5%

IT2.3%

Consumer staples

9%

Source: FE Analytics

-40

-20

0

20

40

60

80

100

Per

cent

19/11/10 20/05/13 19/11/15

JPMorgan European IT Income trustAIC Europe sectorMSCI Europe ex UK index

Source: FE Analytics. Discrete calendar year performance table. Pricing spread: bid-bid. Currency: pounds sterling.

Per c

ent

-30

-20

-10

0

10

20

30

40

2007

2008

2009

2010

2011

2012

2013

2014

JPMorgan European IT Income trustAIC Europe sectorMSCI Europe ex UK index

Five-year cumulative performance

Discrete annual performance since launch

INVESTMENT ADVISER NOVEMBER 30 2015www.FTAdviser.com/IA

NOVEMBER 30 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA34 | INTERVIEW INTERVIEW | 35

SCHRODERS’ MULTI- MANAGER TEAM Ellie Duncan talks to the managers about being acquired by Cazenove, how their funds weathered the August sell-off and their move back into emerging markets

When Schroders acquired Cazenove in July 2013, Marcus Brookes, Robin McDonald and Joe Le Jehan duly moved across with their multi-manager fund range. The Cazenove

multi-manager funds were renamed as part of the overhaul, with four funds merged away, leaving them to manage seven multi-manager strategies in a very different environment.

“The Schroder range was very complementary to what we were doing and has very similar bench-marks, so we just merged them into the old Cazenove funds and then rebranded the Cazenove funds to Schroders,” says Mr Brookes.

“Cazenove was obviously a much smaller firm,” Mr McDonald points out. “It was principally pan-European equities, fixed income and multi-man-ager. The breadth of product, the breadth of exper-tise here at Schroders is a completely different ball game. There have been a lot of benefits to us join-ing in that respect, but in terms of the core of what

we do, that hasn’t really changed.”What the range and the team are trying to

achieve is market-leading, risk-adjusted perfor-mance – a phrase Mr McDonald uses repeatedly. So, what does this mean in practice? They are “not necessarily shooting for the best nominal perfor-mance in every peer group with every fund” they run, he says, which means “preserving capital on the downside is incredibly important”.

The volatile behaviour of the markets in August provided a perfect test for the funds. Mr McDonald observes: “August was the first really tricky month equity markets have experienced for quite a period of time. So global equities were down somewhere between 5 and 10 per cent – quite a short, sharp sell-off in the market potentially catches a lot of people out.

“It’s in months like August that our process really ought to ensure we’re limiting the degree of downside exposure we give to clients.”

Sure enough, the funds did just that, he suggests, with the flagship Diversity fund down just 1 per cent, compared to the average in its peer group of minus three.

“We construct portfolios that look different from

so long as the investment thesis is still in place, gives us a bit more comfort.”

Many investors believe the global market volatil-ity in evidence over the summer was in response to concerns over developing economies. As he explains the team’s thinking, Mr McDonald harks back to 2012, when he and his colleagues made a call to get out of emerging markets.

“We took the view a weak US dollar was not only quite evidently no longer good for the world – sending commodity prices higher, squeezing developed market growth – but that it appeared to be bottoming,” he says.

“Now, at the time, it was an indisputable trend that the dollar would be going down, and that emerging markets and commodities would con-tinue to outperform developed markets and US equities.”

He continues: “Three-and-a-half years ago when we made that call, it was in part predicated on the fact a weak US dollar was no longer good for the world. Today, we’ve taken the same, albeit opposite view, which is that a strong US dollar is perhaps no longer good for the world because it’s squeezing those very same emerging markets that are now significant proportions of the global economy.”

Another change, this time within Schroders, is the addition of product specialist Joe Tennant this year. He admits it was a “real concern” of his, inte-grating into what he calls “such a tight and success-ful team”.

“I needn’t have worried,” he says. “Whilst my role was new to the team, they were very open-minded and, I think, quite interested to see what I could bring to the desk.

“There’s a strong mutual respect between all four of us, which is crucial, and I think this devel-oped quite early on.”

Describing his role, he calls himself “the voice of the fund managers to our clients, and the voice of our clients to the fund managers”.

“From a business side, it is about listening to our distribution teams and clients, and understanding where the current and future demand lies, and how we need to shape our offering to provide for these needs,” he says.

The team is careful to differentiate itself from the multi-asset team at Schroders, although it too invests across asset classes. Multi-manager funds remain popular among advisers and investors, the managers assert.

Mr Tennant says: “They take the pressure off many advisers, who have an awful lot of different factors to consider when planning for their clients. It’s important to remember that there’s a lot more to being a financial adviser than simply putting together investment portfolios.”

Mr McDonald adds: “I think what has driven multi-manager is that investing has got a lot harder. It’s got harder for a number of reasons: one, because markets have become that much more complicated and secondly, the regulator, many times for very good reason, has indirectly made an adviser’s job a lot more complicated.”

The team seems happy to retain its current size, both in terms of the number of people and the number of funds.

Mr Le Jehan adds: “Ever since we’ve come to Schroders, we’ve been quite conscious of not sud-denly agreeing to run 50 different portfolios.”

Mr McDonald agrees: “The great thing about this job is you don’t need a huge amount of change with your own product in order to keep it interest-ing – the market keeps it interesting.”

the majority of our peers and, as a result, the out-comes over time have been different,” he continues. “We can’t be right all the time. But what’s impor-tant is over time we meet that objective of good, solid, market-leading, risk-adjusted performance and over the course of the past five years we’ve pretty much managed to do that, which is quite gratifying.”

It is a tight-knit team, with Mr Brookes and Mr McDonald working together for 14 years now. “Too long,” jokes Mr Brookes.

Mr Le Jehan, who joined them at Cazenove in 2007, says: “We’re all generalists on the investment side. Basically, everything we do starts from the macroeconomic environment, so we all need to know what’s going on.”

Mr Brookes agrees: “I think that’s a really impor-tant strength of the team because if you are given a specialism and that’s the only thing you can look at every day, guess what you’re going to be bullish on? What we need to be able to do is take every invest-ment theme, it doesn’t matter who generates it, and then evidence-test that against what is actu-ally considered to be the truth within the market.”

At the moment, the team is utilising its ability to hold cash in the portfolios, which it does when other asset classes are not offering the return potential they would like.

Mr McDonald says: “I think it’s a consequence of this cycle, the environment we’ve been in – mone-tary policy, quantitative easing, all these sorts of things – that a lot of these conventionally defensive asset classes which historically have provided you with a low-risk reasonable return, today are some of the most overpriced in the marketplace.”

He notes how investors have been forced further out on the ‘risk curve’ in recent years as a result. “It’s why we, for the time being, have a preference for cash in lieu of a few asset classes but principally fixed income.”

Significantly, the team has dipped a toe back into emerging markets, having left the asset class a few years ago. Says Mr Brookes: “I can’t say it’s the highest conviction thing we’ve ever done but it’s the beginnings of something, actually.

“We know from our own history, if we have an idea, the worst thing we can do is put the first posi-tion in at 5-10 per cent straight away. So going at it small, building it up, even buying as it goes down

TIMELINE SCHRODERS’MULTI-MANAGEMENT TEAM

Phot

ogra

pher

: Sim

on H

argr

ave

“WE CONSTRUCT PORTFOLIOS THAT LOOK DIFFERENT FROM THE MAJORITY OF OUR PEERS”

From left, Joe Le Jehan, Joe Tennant, Marcus Brookes and Robin McDonald

October 2007Robin McDonald joined Cazenove as a fund manager

January 2008Marcus Brookes hired as head of multi-manager at Cazenove

March 2008Joe Le Jehan appointed as an analyst, became fund manager in January 2013

July 2013The multi-manager team moved to Schroders following its acquisition of Cazenove

March 2014The team hired Joe Tennant as a product specialist

INVESTMENT ADVISER NOVEMBER 16 2015 www.FTAdviser.com/IA GUIDE | 31

HUNT FOR INCOME

Global income How truly diversified are these funds?

Fixed income How much of an issue is illiquidity?

Dividends Looking beyond the traditional income stalwarts

THE

GUID

E HUNT FOR INCOME

Low rates and pension reforms fuel demand for income sources

The so-called hunt for income has become a familiar story in this per-sistently low interest rate environ-ment.

Now, income can be generated via a vari-ety of asset classes, including the ever popu-lar equity income, as well as fixed income and also through property investing. Multi-asset products have also jumped on this bandwagon, with several asset managers offering multi-asset income vehicles.

The changes to how people will fund their retirements have also propelled the search for yield, as the Investment Associa-tion highlights in its most recent annual Asset Management Survey.

It suggests: “The need to provide income to those in retirement as a result of the pen-sion freedoms is evident… Investors are looking for an alternative to the low interest rates elsewhere.”

But the trade body points out investors now look to equity income funds for yield, where once they would have relied on fixed income. The report reveals net flows into fixed income funds peaked in 2009-10, and reached a low of £30m in 2013. Those flows did, however, recover in 2014 to £1.3bn, but were still below historical levels.

“Investors are exhibiting a strong prefer-ence for equity income and sales of equity income funds increased to £7.8bn in 2014,” states the Investment Association.

These findings are supported by research from Square Mile Investment Consulting & Research based on its website users’ view-ing patterns of its ‘academy of funds’.

Income has become a clear favourite among the site’s users in the third quarter of 2015, says Richard Romer-Lee, managing director at Square Mile.

“Income was by far and away the most searched for outcome across the site during the quarter at 38 per cent of traffic,” he says. “This spike in popularity has been main-tained since the new pension freedoms were introduced earlier in the year.”

He observes: “A more unexpected trend is the move away from capital preservation towards capital accumulation.” Capital preservation accounted for 22 per cent of

searches in 2015 by advisers, down from the first quarter of the year, while capital accu-mulation drove 27 per cent of adviser searches, up from 20 per cent in the previ-ous quarter.

An area once overlooked by many advis-ers but now becoming more prominent is investment trusts, which have a reputation for producing consistent yield.

Annabel Brodie-Smith, communications director at the Association of Investment Companies, suggests: “This year’s pension changes means that some retirees will be looking for the additional flexibility that drawing an income from a portfolio can provide. At a time when FTSE companies’ dividend cover is low, some investment companies have been able to increase their dividend year on year… thanks to the sec-tor’s unique ability to save some of the income received each year for a rainy day – a process known as ‘dividend smoothing’.”

The demand for income is such that investors should keep an open mind as to how and where they can find it, while ensuring they remain comfortably within their risk parameters.

Ellie Duncan is deputy features editor of Investment Adviser

Pension changes mean some retirees are looking for more flexibility in drawing incomes, says Ms Brodie-Smith of the AIC. Picture: Bloomberg

“The need to provide income to those in retirement as a result of the pension freedoms is evident”

– Investment Association, Asset Management Survey

Investment AdvIser MARCH 7 2016www.FTAdviser.com/IA neWs |5

FUND NEWS

First State funds ‘won’tfollow Lau and reopen’Other EM fundswould fear flood ofcash if they reopened,say selectors

FUNDNEWSbyDaveBaxter

More First State funds areunlikely to follow the GreaterChina Growth fund’s lead andreopen to investment for fearof being hit by a “flood ofassets”, buyers have suggested.Investment Adviser revealed

last week that First State hadreopened Martin Lau’s £372mGreater China Growth fund,more than four years after itwas closed to new investors.

The removal of restrictionsimposed in January 2012 alsomarked the first reopening of aFirst State fund since the com-pany split up its First StateStewart business last year.

Suggestions had been madethat the greater flexibility ofthe two new businesses, Stew-art Investors and First StateStewart Asia (FSS Asia), mayhave played a role – leading tospeculation over changes tothe Stewart Investors soft-closed funds.

These include JonathanAsante’s £2.2bn GlobalEmerging Market Leadersvehicle and others such as the£710m Stewart Investors AsiaPacific product.

However, due to a potentialinflux of assets such movescould attract, selectors havedownplayed this eventuality –despite the benefits of the fundhouse’s new structure.

Ben Willis, head of researchfor Whitechurch Securities,said the business split mayhave made the investmentstructures more flexible andliquid.

He noted that stock positionlimits – capping how much of astock could be held – were pre-viously calculated across the

whole of First State ratherthan on individual portfolios,meaning the changes createdgreater leeway for fundmanagers.

However, First State deniedits decision was due toincreased flexibility and said itwas the “direct result of signifi-cant outflows” in the Chinafund.

But it said fund capacitywould be watched, stating:“Capacity continues to beclosely monitored across FirstState and Stewart Investorstrategies.”

Ryan Hughes, fund managerfor Apollo Multi Asset Man-agement, said Stewart Inves-tors portfolios would be hit by“a huge flood of assets” werethey to reopen.

“On the Stewart side I don’tsee them reopening,” he said.“The split was because they[Stewart] wanted to take con-trol of their own destiny.

“They have got significantassets to manage, and theywon’t potentially compromisethat for existing investors byreopening funds.”

He noted that while theGreater China Growth fundhad been a viable candidate forreopening after shrinking insize – from more than £600min assets under management atthe time of its soft closure tounder £400m – other portfo-lios could be hindered by sig-nificant inflows.

The Asia All-Cap fundremains the only other FSSAsia fund currently soft-closed.

“[Greater China Growth]used to be a huge strategy butnow it’s significantly smaller,”said Mr Hughes.

“On the Stewart side, if theydid reopen funds I would befairly certain they would get ahuge flood of assets, which issomething they would struggleto cope with. That’s not in theirinterests.”

Mr Willis agreed the StewartInvestors business was unlikely

to be the home for any furtherfund changes. He added vehi-cles such as the Indian Subcon-tinent and Global EmergingMarkets funds – which are partof the Stewart Investors busi-ness –may also still be “behold-en to the total company stocklimit rules”.

First State’s China fundhas reopened, but others are “unlikely to follow”

To readmore online visitFTAdviser.com/IA

First State funds’ soft-closure dates

Source: First State

Fund Date of soft closeFirst StateAsiaAll-Cap 26-Oct-15Stewart InvestorsAsiaPacific 01-Feb-04Stewart InvestorsAsiaPacific Sustainability 01-Jan-12Stewart InvestorsGlobal EmergingMarkets 01-Feb-04Stewart InvestorsGEMLeaders 07-Feb-13Stewart InvestorsGEMSustainability 01-Jan-12Stewart Investors IndianSubcontinent 01-Jan-12Stewart Investors LatinAmerica 01-Jan-12

Investment Adviser Print opportunities

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr / Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

UK Unit Trusts/OeicsNote: Unit Trust/Oeic figures are calculated on a bid-to-bid basis - funds are sectorised according to the IA

INVESTMENT ADVISER NOVEMBER 9 2015 www.FTAdviser.com/IA | PERFORMANCE | 45

3 Months 3M 6 Months 6M 1 Year 1 Year 3 Years 3 Years Risk

IA Sectors: ranked over 3 months b/b b/b Count b/b Count b/b Count b/b

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Figures up to October 30 2015 NET INCOME, Sterling, % ChangeFund name FE Crown Fund Rating 1Yr/ Rank 3Yrs/ Rank 5Yrs/ Rank Fsize(£m) Risk

Powered by data from

Calculation basis: bid-to-bid; net income reinvested; sterling basis; % change

UK Unit Trusts/OeicsNote: Unit Trust/Oeic figures are calculated on a bid-to-bid basis - funds are sectorised according to the Investment Association

Market indices

Currencies. GBP USD EUR JPYGBP - 1.545 1.402 186.528USD 0.647 - 0.908 120.739EUR 0.713 1.102 - 133.027JPY 0.005 0.008 0.008 -

FTSE 350 sector performance

Average sector performances – data to October 30 2015.

Oil price.

Gold price.

© FE 2015.The information and data contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. FE shall not be responsible for any trading decisions, damages, or other loses resulting from, or related to, this information or data or their use. Performances are calculated bid-to-bid, with income reinvested at basic rate tax. Past performance in not a guide to future results.

PerformanceTo research these funds online, see the interactive tool at: www.FTAdviser.com

Threadneedle Asia R Acc GBP CCC -4.7 52 14.8 30 8.5 43 396 1.9 Threadneedle Pac(ExJp)Gt I CCCC -5.2 56 15.4 28 9.3 40 39 1.8 Tiburon Taipan Unhedged GBP C -2.4 35 -2.9 74 -10.4 68 22 2.2 Vanguard Pac XJ Stk Idx A £ -11.4 87 2.9 64 11.4 30 1077 1.9 Veritas Asian A GBP CCCCC 6.6 4 36.6 2 25 9 543 1.8 Waverton Asia Pacific A GBP CCC -3.4 41 12 37 -2.6 64 95 1.8 Mean/Count -3.9 92 10.7 78 10.8 70 526 1.9 IA Asia Pacific Including Japan Aberdeen Asia Pcfc & Jpn Eqty A Acc C -4 8 4.8 8 11.8 6 151 1.6 Baillie Gifford Devd Asia Pac A Acc CCC 10.6 1 34.3 2 38 1 94 1.8 GAM Star Asia Pacific Eq Acc GBP CCC 5.8 4 28.8 3 17.7 5 31 2 Invesco Perp Pacific Acc CCCC 1.7 6 43 1 32.9 2 218 1.9 JPM Pacific Equity A Dis GBP CCC 6.7 3 28.6 4 24.5 3 511 1.9 Matthews Asia Asia Div A Acc £ CCC 6.9 2 24.5 6 - - 435 1.6 SJP Far East Acc C -3.7 7 5.1 7 11.6 7 439 1.7 Smith & Williamson Far Estn IandG A CCC 3.8 5 26.4 5 21.6 4 24 1.6 Mean/Count 3.5 8 24.4 8 22.6 7 237 1.8 IA China/Greater China Aberdeen Gbl Chinese Equity D2 GBP C -4.8 37 -2.2 34 -3.5 27 1132 1.7 Allianz China Eq A GBP CCC 9.9 5 28.4 15 5.2 18 431 2.6 Baillie Gifford Greater China A Acc CC 1.6 28 28.2 16 9.1 15 6 2.2 Baring China Sel A NAV EUR CC 13.6 23 38.7 20 21.3 24 59 2.7 Baring Hong Kong Chn A NAV GBP C 5.5 13 22.7 21 -0.5 25 1772 2.6 Fidelity China Consumer A Acc CCCC 4.4 16 42.3 6 - - 20 2.5 Fidelity China Focus A GBP CCCC 16 2 39.5 9 15 8 4290 2.6 First State GtrChina Gth A GBP Acc CCC 3.9 20 25.4 19 29.3 3 404 2 GAM Star China Equity Ord Acc GBP CCC 7.9 8 44 5 17.7 6 1618 3 GS China Opp Portfolio Bs Inc USD CC -2 27 15.4 27 -2.8 23 5 3 Guinness China & Hong Kong C GBP C -0.4 34 10.8 32 - - 1 2.4 Henderson China Oppos A Acc CCCC 4.2 17 38.3 10 9.5 14 399 2.5 Henderson Horizon China A1 Inc$ CCCC 10.3 3 39.2 4 5 16 116 2.6 HSBC Chinese Equity Ret Inc CCC 6.2 11 21.7 25 3.4 19 20 2.7 HSBC GIF Chinese Eq AD USD CCC 5.9 6 21.9 17 5.8 13 1678 2.8 Invesco Perp Hong Kong&China Acc CCCCC 6.6 10 47.8 2 30.7 2 282 2.1 Invesco PRC Equity A USD CC 4.6 7 23.6 14 -1.9 21 699 2.5 JPM Greater China A Dis $ CCCC 0 21 25 13 18.1 4 1018 2.2 JPM Hong Kong A Dis $ C -0.9 24 17.5 23 2.9 17 136 2.3 Jupiter China Acc CCCC 6.1 12 34.8 11 1.2 22 115 2.6 Legg Mason IFMCChi A CC 2.3 25 19.8 28 -0.7 26 3 2.4 Legg Mason MarCurGF Grt China USD CC -2.9 30 17.8 22 -0.5 20 14 2.1 Matthews Asia China A Acc £ C 5.1 14 12.9 30 - - 72 2.4 Matthews Asia China Dividend A Acc 6.3 4 - - - - 3 - Matthews Asia China Small Cmp A USD CCC -1.5 26 35.5 7 - - 4 2.2 MFS Meridian China Equity A1 USD C -3.1 31 3.5 33 -8.3 28 199 2.5 NB China Equity Adviser Acc$ CCCCC 12.8 1 44.1 1 30.5 1 657 2.5 Neptune China A Acc GBP CC 0 32 12 31 -7.4 29 48 2.6 Neptune Greater China Inc A Acc CC -1.6 35 14.4 29 10.2 12 12 1.9 New Capital ChinaEqty OrdAcc$ 3.2 9 34.8 8 - - 285 2.8 Old Mutual Gtr Chn Eq S £ CC 3.9 19 22.1 24 15.5 7 67 2.4 Old Mutual Hend Chn Opps A Acc GBP 3.5 22 - - - - 64 - Pictet Greater China P dy GBP CC 4.7 15 20.8 26 10.3 11 246 2 Schroder ISF Gtr China A Dis GBP CCC 4.2 18 25.6 18 12.9 10 674 2.2 StanLife Inv Chn Eqs AGU GBP CCC -0.2 33 32.8 12 14.9 9 143 2.4 Templeton China A YDis £ C -3.2 36 -2.4 35 -15.6 30 591 2.3 Threadneedle China Opps R GBP CCCCC 1.5 29 45.8 3 19.3 5 89 2.6 Mean/Count 3.6 37 25.8 35 8.2 30 469 2.4 IA Europe Excluding UK 7IM European (ex UK) Equ Val C Inc - - - - - - 134 - Aberdeen European Equity A Acc C 3.9 96 18.6 90 22.1 79 259 1.6 Aberdeen Eurpn Eq Enhcd Ix B - - - - - - 40 - Aberdeen Gbl Eurpn Eq Ex UK D2 GBP C 2.4 99 19.4 89 21.7 80 57 1.6 Alliance Trust SF Eurpn Gth 1 Acc CC 12.3 40 35 62 36.8 40 134 1.8 Allianz Continental European A C 17.5 10 34.8 67 57.8 10 32 1.8 Allianz European Eq Inc A Acc CC 2.6 98 35.1 61 31 64 24 1.5 Artemis European Growth R Acc CCCC 4.6 95 49.7 15 37.1 39 282 2

IA Asia Pacific Excluding Japan Aberdeen Asia Pacific Equity A Acc C -8.1 71 -2.1 73 3.4 54 1301 1.7 Aberdeen Gbl Asian Sm Cos D2 GBP CC -13.4 90 -0.4 69 14.8 23 2292 1.5 Aberdeen Gbl AsiaPacfEq D2 GBP C -7.9 70 -1.7 72 3 55 5511 1.7 Allianz TR Asian Equity A CCCC -3.1 39 21.6 10 16.4 20 42 2 Aviva Inv APAC Equity MoM 1 2 -7.1 66 - - - - 46 1.8 AXA Rosenberg Asia Pac ExJp Z Acc CC -5.5 57 4.8 54 9.1 42 187 1.8 Baillie Gifford Pacific A Acc CCCC -4.4 49 20.4 12 30.2 5 269 2 Baring ASEAN Frontiers A NAV GBP C -9.8 83 -1.6 71 2.9 56 367 2.2 Baring Eastern Trust Acc GBP CCCC 4.2 9 20.1 14 11.1 31 30 2 BlackRock Asia A Acc -3.3 40 - - - - 29 - BlackRock Asia Special Sits A Acc 6.9 3 - - - - 61 - BlackRock GF As Dragn A4RF £ CCCC 5.2 6 34 3 19.3 11 1485 2.2 BlackRock Pacex Jap EqTkr L -9 80 4.2 56 10.9 35 749 1.8 Capital Group APXJEqFL Xd GBP CC -3 38 13 35 1.8 59 17 1.8 Cavendish Asia Pacific A Inc CC -3.5 42 7.2 47 2.7 57 112 2 CF Canlife Asia Pacific B Acc GBP CCCC -11.5 89 5 53 -7.7 65 91 2.2 Coutts Pacific Basin Prog 4 CCC -4.7 53 8.9 44 10.2 36 63 1.9 F&C Pacific Growth 1 CC -1.1 29 10.6 41 -1.9 63 49 2 Fidelity Asia Pacific Opps W Acc 6.5 5 - - - - 8 - Fidelity Asian Dividend A Acc 0.7 17 - - - - 3 - Fidelity Asn Spec Sits A GBP CCCC 0.6 18 20.4 13 17.5 18 1247 2 Fidelity Emerging Asia A Acc CCCC 2.6 13 25.7 5 - - 19 2.1 Fidelity Emrg Asia A GBP CCCCC -0.3 24 18.1 17 5.5 49 939 2.3 Fidelity Index Pacific ex Jap P Acc -11.3 86 - - - - 51 - Fidelity Inst Pacific Ex Japan CCCC -8.7 76 17.2 19 17.6 17 168 1.9 Fidelity Inst South East Asia CCC 0.2 20 16 26 18.3 15 203 1.9 Fidelity South East Asia Acc CCC 2.2 14 16.3 24 12.8 27 1593 2 First State Asia Focus B Acc GBP - - - - - - 40 - GAM Star Asian Equity Acc GBP C -2.5 36 13.6 32 -1.6 62 26 2.4 GS Asia Portfolio Bs Inc CCC 1.2 7 14.4 15 7.2 34 101 1.9 Guinness Asian Eq Inc X Dis GBP 5 8 - - - - - - Halifax Far Eastern C CCC -7.1 67 5.4 51 4.4 52 299 1.9 Henderson Asia PacificCapGth A Acc CC -6.5 64 9.9 43 2.3 58 164 1.9 Henderson AsianDivInc Inc CCC -5.9 62 8.4 45 14.9 22 120 1.8 Henderson Inst AsiaPacxJpEnEq I Acc CC -8.7 75 4.1 57 8.5 44 122 1.8 Hermes AsexJap Eq F Acc GBP 8 2 - - - - 1437 - HSBC Asian Growth Ret Inc C -3.9 46 3.4 61 -8.7 66 41 2 HSBC Pacific Index C Inc -9 79 3.8 59 9.6 38 221 1.8 Invesco As Cmer Dmnd A S An D $ CCC -7.6 47 11.9 22 1.1 50 429 1.8 Invesco Perp Asian Acc CCCC -4.5 51 15.8 27 15.6 21 489 1.9 Invesco Perp Asian Eq Inc Acc CCC -8.3 74 5.9 49 - - 26 1.7 Investec Asia Ex Japan A Acc GBP CCCC -2.9 37 19.1 16 18.5 14 158 1.9 JGF-Jupiter Asia Pacific L AInc£ CC 0 23 17.4 18 12.8 26 10 1.8 JOHCM Asia ex Japan B GBP CCCC 2.8 11 24.6 6 - - 313 1.8 JOHCM AsiaexJapSmandMdCap B GBP CCCCC 16.1 1 47.8 1 - - 45 1.9 JPM Asia A Acc CCC -0.4 25 13.1 33 4.3 53 79 2 JPM Institutional Asia I Acc CCC -2.3 34 11.1 40 6.5 47 54 2 Jupiter Asian Inc CCC 0.1 22 16.4 23 11.5 29 33 1.8 L&G Asian Income E Inc CCC -11.5 88 4 58 18.9 13 211 1.7 L&G Pacific Index R Inc -9.2 81 2.9 63 7.7 46 601 1.8 Legg Mason IFMCAsPa A CC -2.3 33 3.5 60 9.2 41 45 1.8 Liontrust Asia Income R I CCCC -2.1 32 13 34 - - 43 1.8 M&G Asian A Acc GBP CCC -4.4 50 15.1 29 16.6 19 527 1.9 Marlborough Far East Growth A Acc CC 1.8 15 7.3 46 -0.6 61 16 1.9 Matthews Asia Asia Small Cos A USD -10 65 - - - - 21 - Matthews Asia Pacific Tiger A Acc £ CCCC 0.2 21 21.7 9 - - 776 1.9 Mirae Asset As Sec Leader Eq R Acc -1.1 28 - - - - 602 2.2 Mirae Asset AsiaGreatCoEq R Acc CCC -2 31 - - - - 733 2.6 Natixis Emris Pac RIM Eq R Acc $ -17.2 91 -15.7 77 -22.7 70 206 2 New Capital AsiaPacEqIn Ord$ CC -13.5 85 -3.8 68 - - 113 1.6 Newton Asian Income B Acc GBP C -8.3 73 5.1 52 31.6 4 2355 1.5 Newton Oriental GBP C -9 78 -6.2 76 -9.6 67 217 1.8 Old Mutual Abdn As Pac A Acc GBP -7.4 68 - - - - 74 - Old Mutual AnEqIn A £ C -5.8 61 -3.7 75 - - 171 2.2 Old Mutual Asia Pacific A Acc CCCC -4.4 48 21.1 11 25.3 8 65 1.9 Old Mutual Invesco Perp Asn A Acc -4.9 55 - - - - 58 - Old Mutual Pac Eq S £ CC -5.5 58 3.2 62 17.8 16 189 2 Principal GIF AsnEq A A$ CC -7.1 43 3 48 9.2 25 8 1.8 PUTM Far East Acc CCC -6.5 63 11.2 39 11 32 50 2 Royal London As Pafc XJpnTkr Z Acc CC -9 77 4.2 55 4.6 51 429 1.8 Santander Pac bas ExJap Eq A CCC -1.8 30 16.7 21 12.2 28 31 1.7 Schroder Asian Alpha Plus Acc CCC -0.6 26 11.6 38 26.4 7 524 1.8 Schroder Asian Income A Acc CCC -3.7 44 13.6 31 30.1 6 674 1.5 Schroder Asian Income Maxim A Acc CC -4.9 54 5.8 50 21.7 10 255 1.4 Schroder Institutional Pacif I Acc CC -10.3 84 0.6 67 13.8 24 432 1.8 Scot Wid HIFML Far Eastern Focus 1 C -7.7 69 -1.1 70 5.8 48 21 1.7 Scot Wid Pacific Gth A Acc CC -8.2 72 2.5 65 1.3 60 37 1.9 Smith & Williamson Oriental Gth A CCC 3.6 10 16.9 20 9.4 39 6 1.7 SSgA Asia Pacific ex Jap Eq Tracker -9.6 82 1.7 66 7.8 45 148 1.8 Stan Life Inv Asn Pc Gth Ret CCCC -5.6 59 16.1 25 19.2 12 32 1.8 Standard Life TM Pacific Basin CCC -5.7 60 12.2 36 11 33 1 1.8 Stewart Investors AP Sut A GBP Ac CCCCC 0.3 19 33.7 4 58 1 312 1.5 Stewart Investors As Pac A GBP Ac CCCCC -0.7 27 23.9 7 44.2 2 693 1.6 Stewart Investors AsPcLd A GBP Ac CCCC 1.7 16 22.1 8 42.7 3 7841 1.7 T. Rowe Price Asn Ex Jap Eq Q $ CC -7.2 45 5.7 42 6.4 37 901 1.8 T. Rowe Price Asn Opps Eq Q GBP 2.6 12 - - - - 2 - Templeton Asian Gth A YDis £ CC -21.2 92 -15.1 78 -18 69 5722 2.4

Artemis European Opps R Acc CCC 13.6 29 42.6 34 - - 272 1.6 Aviva Inv Euro Equity MOM 1 2 12.3 38 - - - - 149 1.8 Aviva Inv Euro Equity MOM 2 2 8.9 65 - - - - 83 1.7 Aviva Inv European Equity A CCCC 18.4 8 47.6 19 46.3 24 148 1.7 AXA Framlington European R Acc CC 10.8 52 33.6 72 47.1 23 64 1.9 AXA Rosenberg European R Acc CC 6.8 85 33.5 74 21.6 81 255 1.9 Baillie Gifford European A Acc CC 11.7 46 41.8 36 50.7 20 172 1.7 Barclays Europe (ex-UK) Alpha A Acc CCC 12.2 42 47.1 20 35.1 44 39 1.9 Baring European Growth GBP CCC 12.3 37 42.9 31 35.6 43 76 1.9 BlackRock Cntl European A Acc CCC 15.5 14 41.2 37 45.2 26 441 1.9 BlackRock CntnentalEurEqTk L 7.8 76 36 57 30.7 65 2969 1.8 BlackRock Cont Eurpn Inc A Acc CCC 14 25 52.4 13 - - 1109 1.7 BlackRock European Dyn A Acc CCC 14.9 18 47 21 55.6 12 1920 2 BlackRock Systic Contl Eurp A GBP - - - - - - 6 - Cavendish European A Inc C 12.1 44 29.7 85 12.6 85 59 1.9 CF Canlife European B Acc CC 11.2 48 38.4 45 31.2 61 184 1.8 CF Odey Cont Eurpn R Acc CC 2 100 34.5 68 28.2 69 157 1.7 EdenTree Amity European A CC 11 50 42 35 32 56 64 1.8 F&C European Growth & Income 1 Acc CCC 13.2 32 45.6 24 51.8 18 305 1.7 Fidelity European Acc CC 7.9 75 31 82 35 45 2156 1.7 Fidelity European Opps Acc CC 15.3 16 33.8 70 26.8 73 370 1.7 Fidelity Index Europe ex UK P Acc 8.2 71 - - - - 135 - FP Argnt Erpn Alpha A Acc GBP CCCC 20.1 6 55.6 9 53.8 14 372 2.2 FP Argnt Erpn Income A Acc GBP CC 14.1 23 42.7 33 36.8 41 173 1.7 FP Argt ErpnEhcd Inc A Hgd Acc GBP CCCCC 23 4 58.1 7 58.7 9 121 1.6 FP CRUX European I Acc GBP - - - - - - - - FP CRUX European SpSit A Acc GBP CCC 12.7 36 39.5 43 48.9 21 981 - Franklin European Opps A Acc CCC 5.3 94 30.5 84 25.2 76 15 1.8 GAM Star Cntl Eurpn Eq Acc GBP CCCC 20.4 5 42.9 32 56.1 11 840 1.9 Guinness European Eq Inc X Dis GBP 5.6 93 - - - - - - Halifax European C CC 8.4 70 37.9 47 31.4 60 427 1.9 Henderson European Focus A Acc CCCC 10.3 54 48.6 16 68.3 5 489 1.8 Henderson European Grth A Acc CCC 13.2 31 44.5 26 48.1 22 933 1.6 Henderson Europn Selctd Opps A Acc CCCC 9.7 61 45.1 25 52.1 17 2177 1.8 Henderson Inst Europn Enh Eq Y Acc CC 8.5 68 37.7 48 32.4 54 415 1.8 Hermes SrcecpEurExUK F Acc £ CC 12 45 34.8 65 - - 183 1.8 HL Multi-Manager European A Acc - - - - - - 120 - HSBC European Growth C Inc CC 15.3 15 37.5 50 23.3 77 228 1.9 HSBC European Index C Inc 8.4 69 38.1 46 32.6 51 770 1.8 HSBC GIF Euroland Eq AD EUR CCC 18.3 81 58.6 40 43.1 84 886 2.3 Invesco Perp European Equity Acc CCCCC 10 58 59.9 6 45.1 27 1471 2.1 Invesco Perp European Opps Acc CCCC 15.3 17 62.4 5 65.2 6 120 1.9 Invesco Perp Eurpn Eq Income Acc CCCCC 8 74 58.1 8 54 13 518 1.9 IWI Oriel European A Inc CC 12.3 39 33.7 71 44.5 29 13 1.7 JOHCM CntlEurp B GBP CCCCC 13.7 27 50.8 14 53 15 1500 1.9 JPM Europe A Acc CCC 10.3 55 45.7 23 40.7 33 185 1.8 JPM Europe Dynamic Ex UK A Acc CCCC 10.1 56 53.7 12 52.8 16 477 1.9 Jupiter Eur Special Sits Acc CC 12.3 41 39.8 42 43.6 32 1030 1.8 Jupiter European Inc CCCC 23.7 3 55.6 10 71.2 4 3219 1.6 Jupiter European Income Acc CC 11.3 47 35.3 60 34.5 47 54 1.7 Kames European Equity A GBP CC 13.3 30 35.5 58 34.1 48 11 1.9 L&G European E Inc CCC 9.9 59 43.6 27 39.7 35 146 2 L&G European Index R Acc 7.3 82 35 63 27.9 70 2189 1.8 Lazard European Alpha Inst Inc CCC 13 34 43.2 30 43.9 31 93 1.8 Legg Mason IFMCEuEqIn A Acc CC 8.7 67 34.8 66 32.5 52 23 1.8 Liontrust European Growth R I C 8.2 72 31.4 81 31.6 57 30 1.7 M&G European A Acc GBP CC 11.1 49 34.9 64 32.5 53 165 1.7 M&G Eurpn Index Trk A Acc GBP 7.2 83 37 53 29.8 67 62 1.8 Man GLG Con Er Gth A Ret CCCCC 34.2 1 74.1 1 81.8 1 220 1.8 Marlborough European Multi-Cap A C 15.8 12 37.7 49 30.6 66 11 1.5 MFS Meridian Cntl Eurpn Eq A1 GBP C 8.1 73 33.1 77 34.7 46 14 1.7 Natixis SyndFctr+ErpeExUKEq N A - - - - - - 10 - Neptune European Opps A Acc GBP C 7.2 84 24.1 86 18.2 83 534 2.5 Newton Contin Eur GBP CC 10.1 57 37.2 52 31.5 58 146 1.8 Old Mutual Eurpn Eq (ex UK) A Acc CCC 5.7 91 36.1 56 36.8 42 86 2 OM Hendrsn Eurpn A Acc 9.6 63 - - - - 117 - OM Thrdndl Eurpn Sel A Acc 14.4 22 - - - - 20 - Oyster Cont Euro Select R GBP D - - - - - - 33 - PUTM European Acc CCC 12.2 43 40.9 38 38.1 38 108 1.7 Royal London Euro Gth Trst Inc CC 18.2 9 43.5 29 33.3 49 239 1.7 Royal London Europe ex UK Tracker Z 7.7 78 - - - - 626 - Royal London Eurpn Gth A Acc CC 5.7 92 33.2 75 27.1 72 689 1.8 Royal London Eurpn Opp A Acc CC 6.3 89 33.1 76 31 63 316 1.8 Sanlam FOUR Actv EurpnEx-UKEq C £ CCC 8.7 66 33.6 73 - - 23 1.9 Santander Europe Ex UK Eq A CCC 9.6 64 40 41 33.2 50 98 1.9 Schroder European I Acc CCCC 10.6 53 43.6 28 51.3 19 406 1.8 Schroder Eurpn Alp Inc A Acc CCCC 13.9 26 62.7 4 - - 497 2.1 Schroder Eurpn Alpha Plus A Acc C 13 35 21.6 87 27.2 71 382 2 Schroder Eurpn Opps A Acc CCC 13.1 33 47.9 18 45 28 609 2 Scot Wid Eurpen Gth A Acc CC 5.9 90 31 83 22.7 78 762 1.8 Scot Wid Eurpen Sel Gth A Acc C 3.5 97 21.6 88 19.5 82 180 1.8 Scot Wid HIFML European Focus 1 CCCCC 26.7 2 65.3 2 77 2 3 1.6 Scot Wid HIFML European Strategic 1 CCCCC 14.5 21 63 3 74.8 3 24 2 SJP Continental European Acc C 9.6 62 33.9 69 25.2 75 75 2.3 Smith & Williamson European Eq A CCC 14.6 20 48.5 17 38.1 37 24 2 SSgA Europe ex UK Equity Tracker 6.4 88 36.4 55 29.2 68 2202 1.9 Stan Life Inv Erpn Eq Gth Ret CC 7.5 80 32.9 79 32.4 55 71 1.8 Stan Life Inv Eurpn Eq Inc R Inc C 6.6 87 33 78 44.1 30 2243 1.6 Stan Life Inv Eurpn Eth Eq Ret CCC 7.8 77 35.5 59 25.5 74 150 1.8

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Disclaimer :The FE Crown Fund rating is based on 3 year performance of a fund against an assigned benchmark, calculated using alpha, volatility and consistency as a measure of success. The rating enables investors to distinguish between funds that are strongly outperforming their benchmark and those that are not. The top 10% of funds receive 5 FE Crowns, the next 15% receiving 4 FE Crowns and each of the remaining 3 quartiles will be given 3, 2 and 1 FE Crown respectively. Total expense ratios are the most recent collected by FE and are defined as the percentage of fund’s assets, net of reimbursements, used to pay for operating expenses and management fees, including administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV. Sales charges are not included in the expense ratio. Investment Trusts- Fund Size and latest discount are provided by FE as a guide only and are based on NAV estimates on a cum. income basis with debt valued at fair. Fund size: the Net Assets of the fund, being the total value of all assets held, less all liabilities. Discount: the discount or premium at which the share trades relative to its Net Asset Value. The information and data contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. FE shall not be responsible for any trading decisions, damages, or other loses resulting from, or related to, this informa-tion or data or their use. Performances are calculated bid-to-bid, with income reinvested at basic rate tax. Past perfor-mance in not a guide to future results.

Standard Life TM European CC 7.6 79 32 80 31.1 62 283 1.8 Stonehage Fleming EuroAlCpE B Inc CC 13.7 28 46.3 22 59.7 8 70 1.7 SVM Continental Europe A CCC 19.7 7 55.3 11 46.2 25 18 1.9 T. Rowe Price Cont Eurpn Eq Q GBP CCCC 11 51 - - - - 62 1.7 Threadneedle Eur(ExUK)Gt R CC 15.9 11 39 44 38.9 36 190 1.8 Threadneedle European R GBP CC 15.8 13 36.7 54 40 34 662 1.8 Threadneedle Eurpn Slct Ret GBP CC 14.8 19 40.7 39 65.2 7 2769 1.8 THS Cont Grw & Val S Acc 14 24 - - - - 6 - TM Sanditon Eurpn A Acc 9.7 60 - - - - 267 - Vanguard FTSE DvpEurXUK EqIdx A 6.8 86 37.2 51 31.5 59 854 1.9 Mean/Count 11.5 100 41 90 40 85 463 1.8 IA Europe Including UK Allianz Eur Eq Gth A GBP CCC 15.2 7 39 19 61.1 6 6896 1.7 Allianz EurEqGthSel RT GBP - - - - - - 331 - BlackRock GF Eur Val A4RF £ CCCC 7.6 31 44.3 12 54.2 11 3078 1.9 Candriam Quant Eq Europe C Cap CC 18.2 33 44.3 44 51.4 39 1002 2 Capital Group EG&IFL Xd GBP CCCCC 7 34 49 8 50.2 17 499 1.7 Carmignac Ptf Grnde Eur F £ AccHdg C 6.6 36 25.7 45 - - 407 1.7 Fidelity Pan European Inst CCC 9.7 27 35.6 33 43.9 22 252 1.6 Franklin European Gth A YD£ CC 1.6 46 21.3 47 34.5 34 950 1.7 Franklin Mutl Eurpn A YDis GBP CC 1.5 47 23.1 46 22.8 41 2663 1.8 GAM Star (Lux) European Momtm CCCCC 31.5 3 82.7 2 106.9 3 55 2 GAM Star European Equity Acc GBP CCC 19.3 4 40.3 16 54.9 10 71 1.9 GS Eur CORE Eq Portfolio Bs CC 18.7 29 55.6 21 59.1 36 164 2 GS Eurp Pfl Bs CC 23.4 15 56 20 67.6 28 242 2 GS GIVI Europe Eq Pfl BsSn CC 14.1 43 46 43 - - 86 1.9 Hermes SrcecapErpnAlp F Acc GBP 10.9 17 29.8 42 53.8 14 537 1.8 JGF-Jupiter Eur Gth L A Inc£ CCCC 24.8 1 51.1 6 67.6 4 1859 1.6 JGF-Jupiter Europan Opps L A Inc£ CCC 10.7 20 36.4 31 45.4 20 481 1.7 JOHCM European Sel Val B GBP CCCC 10.6 22 43.2 14 57.3 8 2279 1.7 JPM Europe Eq Plus A p Dis GBP CCCCC 9.5 28 53.5 5 75.5 2 5351 1.8 JPM Eurp Sel EqPlus A p Dis GBP CCC 4.7 41 36.6 30 39.3 27 19 1.9 JPM Eurp Strat Gth A Dis GBP CCCC 15.2 8 61.2 3 63.9 5 478 1.8 JPM Eurp Strat Val A Dis GBP CCC 3 44 32.3 36 23.4 40 1657 1.9 LM QSMVEurEqGt&In A(A) Dis€ CC 18.3 32 50.9 35 62.3 35 163 1.8 LO Fds - Eur Hi Convc Syst Hgd ID £ CCC 20.3 2 58 4 - - 1060 1.6 M&G Eurpn Strat Value A Acc GBP CCC 6.5 37 36.8 27 30.8 37 960 1.7 M&G Pan European A Inc GBP C 12.2 14 31.2 38 28.3 38 183 1.7 M&G Pan Eurpn Dividend A Acc GBP CCC 14.7 11 37.5 25 40.2 24 67 1.6 MFS Meridian European Value A1 GBP CC 10.6 21 41.4 15 55 9 6490 1.4 MFS Meridian Europn Core Eq A1 EUR CCC 25.6 12 57.2 17 85.7 16 26 1.9 New Capital DynmErpn Eq Ord Inc€ CCCC 23.6 13 55.5 23 - - 85 1.8 Odey European Focus B EUR CCCCC 15.9 40 115.7 1 128.9 1 1408 2.3 Old Mutual European Eq S £ CCC 6.1 38 31.1 39 34.8 33 54 1.9 Old Mutual Eurpn BestIds A Inc £ CCCC 14.9 10 40 18 37.5 31 243 1.8 Pioneer SICVEurEqTrgInc N DSA € C 15.2 42 47.2 41 - - - - Pioneer SICV-TopEurpnPly N ND £ CCC 10.2 25 37 26 48.5 19 1675 1.8 Polar Capital Eurpn Inc R Acc GBP - - - - - - 12 - Principal GIF EurpnEq A A$ CCC 6.2 24 30.9 32 35 26 108 1.8 Schroder ISF Eur Eq Yd A Dis GBP CC 1.9 45 31.7 37 35.8 32 291 1.7 SJP Greater European Prog Acc CCC 17.9 5 46.7 9 60.3 7 570 1.7 Standard Life TM Pan European CCC 7.7 30 36.8 28 40.1 25 134 1.6 StanLife Inv EurpnEqsUnctrd A GBP CCC 9.8 26 34.8 34 37.8 29 95 1.8 SVM All Europe SRI A CCCC 15 9 43.5 13 48.8 18 21 1.4 T. 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45.5 66 49.9 88 574 1.5 GAM Star Composite Gbl Equ Acc GBP CCCCC 7.5 147 42.1 99 - - 111 1.8 GAM Star Global Qly Acc GBP CCC 9.7 6 44.5 75 - - 246 1.5 GAM Star Worldwide Equity Acc GBP CCC 3 136 31.1 182 31.8 166 129 1.8 GS Gbl Eq Part Pfl Base CCCC 3.7 146 41.1 57 45.9 81 767 1.6 GS Gbl Eq Unctrnd Pfl R 2.4 175 - - - - 5 1.6 GS GblRespEqPfl RSn CC 0.9 119 - - - - 23 1.6 GS GIVIGlEq-GrthMktsTltPf BsSn CC -1 5 25 186 - - 73 1.5 GS Global CORE Eq Pfl BsSn CCCC 7.8 11 52.3 19 65.8 19 547 1.7 GS Global SmCap Core Eq Base Snap CCCC 4.3 143 46 29 68.2 14 444 1.8 GS Str Gbl Eq Port Bs CC -0.2 20 31.3 141 38.9 122 20 1.7 Guinness Alternative Energy C GBP CCC -18.1 196 49.5 39 -37.4 200 5 3.1 Guinness Gbl Innovators X Acc GBP - 177 - - - - - - Guinness Gbl Money Mangrs C GBP CCCCC 2.2 96 63.5 12 - - 8 2.2 Guinness Global Energy C GBP CCC -27.9 81 -16.6 232 -18.5 199 199 3 Halifax Ethical C CC -2.1 184 28.4 195 38.1 145 160 1.8 Halifax Fund of Investment Trusts C CC 8.9 102 37.4 133 44.4 118 342 1.3 Halifax International Growth C CC 4.1 37 38.7 128 55.6 59 1623 1.6 Henderson Global Care Growth A Inc CCCC 6.9 59 52.3 28 51.4 79 367 1.7 Henderson Global Growth Acc CCCC 13.3 114 59.8 16 72.4 16 355 1.7 Henderson Inst Gbl50/50EnhEq 3 Acc CC 6.9 - 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Hermes Gbl Eq ESG F Acc GBP 8.2 25 - - - - 42 - Hermes Gbl Eq F Acc GBP CCCC 7.7 254 48.1 48 72.7 15 250 1.6 Hermes Gbl SC Eq F Acc GBP - 1 - - - - 30 - HL MMgrSplSits A Acc CCCC 11.5 - 44 82 51.9 77 956 1.3 HSBC FTSE All World Index Inst Acc 6.6 233 - - - - 1289 - HSBC Global Growth FoF Ret Acc CCC 6.9 43 37.4 135 42.8 128 35 1.4 Invesco Perp Gb ExUKEnhInd NoTral A CCC 9.1 229 50.5 34 70.4 21 290 1.6 Invesco Perp GbExUKCorEqId NoTral A CC 8.2 2 45.9 64 67 25 45 1.6 Invesco Perp Gbl Oppt Acc CCCC 9.2 - 54.2 24 67.9 23 157 1.7 Invesco Perp Global Equity Acc CCCC 8.5 16 46.4 60 53.2 69 1209 1.7 Invesco Perp Global Sm Cos Acc CCCC 7.5 76 48.6 44 53 71 555 1.5 Investec Gbl Spcl Situations A Acc£ CC 10.1 225 39.6 116 40.9 136 25 1.4 Investec Gbl Stategic Eqt A Acc£ CCCC 6.4 - 50.8 32 62.9 33 557 1.7 Investec GblFranc A Gr Inc$ C 9.6 190 33.2 126 62.6 22 2020 1.5 Investec Global Dyn A Acc GBP CCC 7.7 89 43.9 83 59 47 673 1.7 Investec Global Eq A Acc GBP CCC 4.7 139 39.7 113 50.7 84 341 1.7 Investec Global Franchise A Acc 16.6 4 42.9 90 - 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- 232 1.7 Majedie Global Equity A Acc GBP 10.7 107 - - - - 51 - Majedie Global Focus A Acc GBP 16.7 179 - - - - 27 - Margetts Greystone Global Gth Acc CCCC 9.3 135 35.2 153 46.3 109 58 1.4 Margetts Intl Strategy Acc CC 5.8 249 30 187 35.1 159 82 1.4 Margetts Opes Growth Acc CC 8.1 65 32.1 178 38.6 143 14 1.3 Marlborough Global A Acc CCCC 6.2 48 33.1 168 34.3 161 10 1.4 McInroy & Wood Sm Cos Personal CCCC 10.6 112 48.7 43 58.6 48 59 1.5 Melchior ST Global Equity I7 GBP CCCCC 6.6 246 50.9 31 60 43 6 1.8 MFS Meridian Gbl Concentrd A1 $ CCCC 7.3 36 47.2 25 66.4 18 737 1.6 MFS Meridian Global Equity A1 GBP CCC 7.6 216 45.1 70 64.6 29 5244 1.7 MFS Meridian Global Research A1 USD CC 1.2 213 27.9 164 35.2 139 382 1.6 Miton Global Equity R C 2.1 75 15.5 215 - - 16 1.6 Morgan Stanley Global Brands A Acc CC 18.1 70 42 100 76.4 11 592 1.5 MT Total Return CCC 13.2 118 39.1 121 54.9 62 378 1.4 Natixis Harris AssoGblEqu R A $ CCC 1.6 209 40.4 63 41.9 103 1151 1.9 Natixis HarsAsGblConcntdEq N/A USD 5 181 - - - - 36 - Neptune Glbl Spcl Situns A Acc GBP C 13.3 159 24.2 204 5.7 191 3 2 Neptune Global Equity A Acc GBP C 9.9 10 32.6 174 19.5 182 408 1.9 Newton Gbl Eq GBP Inc CCC 11.1 247 47.4 54 56.2 56 2145 1.5 Newton Glob Opps B Acc CCC 14.2 134 50.5 35 62 37 393 1.4 NFU Mutual Global Growth A C -1.5 154 12.2 219 9.5 190 110 1.9 Old Mutual Ethical A Acc CCC 2.6 129 40.6 107 41.7 133 74 1.8 Old Mutual Fid Gbl Focus A Acc GBP 10.9 47 - - - - 29 - Old Mutual Gbl Bst Ids A Acc GBP CC 7.2 71 32.4 175 43.2 127 315 1.6 Old Mutual Global Equity A Acc CCCCC 12.4 170 71.5 6 102.2 4 300 1.7 Old Mutual Voyager Gbl Dyn Eq A GBP C -3.5 205 15.5 215 14.5 186 897 1.8 Old Mutual World Equity S £ CCCC 11.9 92 50.6 33 52.1 76 149 1.7 Old Mutual World Index U2 9.1 244 - - - - 82 - Orbis Gbl Eq Standard CCC 1.6 220 44.1 79 59.9 44 - - PFS ThrnbdgGblOpps A Acc C 3.1 111 17.7 211 16.3 183 57 1.4 Pictet Gbl Megatrend Sel P dy GBP CCCC 5 32 44.2 77 48.5 93 4440 1.7 Premier Global Alpha Growth A Acc CCCC 15 61 51.7 30 55.3 61 83 1.8 Principal GIF Gbl Eq A A CCC 3.1 137 33.9 117 55.5 40 59 1.5 PUTM International Growth Acc CCC 10.2 176 50.2 37 43.6 123 82 1.8 PUTM Opportunity CCC 9.1 240 43.1 87 46.9 105 224 1.7 R&M World Recovery Z Acc 9 235 - - - - 191 - Rathbone Global Opp R Acc CCC 19.7 77 55.5 21 72.3 17 570 1.7 Royal Bank of Scot Intl Growth CC 7.7 207 36.8 142 47.2 102 25 1.6 S&W Saltus Global Equity I Acc CC 10.4 84 32.1 180 - - 36 1.3 S&W Smithfield CCCC 5.5 206 34.1 160 48.3 94 204 1.4 Sand Aire Capital CCC 10.5 86 37.1 137 38.9 142 47 1.2 Sanlam FOUR Gbl Equity C £ CCCC -1.3 210 36.5 144 - - 53 1.8 Sanlam FOUR Stable Global Eq A GBP - 198 - - - - 27 1.7 Sanlam Gbl Best Ideas A GBP C 0.5 202 6.8 225 -7.4 196 248 1.6 Sanlam Global Financial A GBP C -7.9 243 6.6 226 10.3 189 193 1.8 Sarasin EqSr SclyRspbl (£Hg) A Acc CCC 6.3 219 42.6 95 - - 20 1.6 Sarasin EqSr Soly Rspsble A Acc CC 5.8 256 37.7 132 - - 27 1.6 Sarasin EquiSar Gbl Thmtc A Acc C 3.7 171 33 170 36.7 149 244 1.7 Sarasin EquiSar GblThm (£Hg) A Acc CCC 3.7 12 36 147 41.9 132 67 1.7 Schroder Global Alpha Plus A Acc CCC 13.8 128 53.3 26 48.6 92 22 1.7 Schroder Global Healthcare A Acc CCC 11.2 153 79.7 1 122.8 2 224 1.8 Schroder Inst Global Eq I Acc CCC 10.1 127 46.4 61 54.2 65 238 1.7 Schroder ISF Gbl Eq Yd A Dis GBP CC 7.2 93 30.6 184 47.6 99 487 1.7 Schroder ISF Gbl EqAlp A Dis GBP CC 7.9 191 35.9 149 35.8 154 914 1.8 Schroder ISF Gbl Erg A Dis GBP C -37.1 28 -42.6 234 -50.8 201 392 3.6 Schroder ISF Gbl Sm Cos A Dis NV $ CCCCC 6.8 109 46.3 27 54.7 42 272 1.5 Schroder MM International A Acc CCCC 9.1 80 49.4 40 61.9 38 380 1.4 Schroder QEP Gbl Active Value X Acc CCC 1.8 15 38.2 130 43.2 126 2505 1.5 Schroder QEP Global Core Inst Acc CCC 7.6 158 45.2 68 62.1 36 1009 1.5 Scot Wid Gbl Gth A Acc C 4 239 32.8 171 45.7 113 651 1.6 Scot Wid Gbl Sel Gth A Acc C -4.8 35 25 202 36.5 151 11 1.7 Scot Wid Intl Eq Trk I Acc 6 187 38.8 125 44.4 119 1098 1.6 Scot Wid MM Intl Eq A CC 8.3 138 39.1 120 48.1 95 2162 1.6 Scot Wid Opps Pfl A Acc CCC 7.7 180 37.4 134 47.8 97 89 1.4 SF Metropolis Value Inst II Acc C 21.9 166 46.6 59 - - 37 1.2 SJP Ethical Acc C -5.8 215 10.1 221 10.9 188 92 1.6 SJP Global Acc CCCC 7.8 217 47.8 51 77.4 9 875 1.5 SJP Global Equity Acc CC 2 64 29.2 190 - - 991 1.5 SJP High Octane Acc C 6.6 203 28 196 28.4 172 67 1.8 SJP International Equity Acc CCCC 16.6 192 59.9 15 63.6 31 632 1.5 SJP Worldwide Opportunities Acc CCC 10.7 144 44 81 59.4 46 795 1.4 SKAGEN Global A GBP C 0.9 110 22.2 207 33.2 163 2513 1.8 SKAGEN KonTiki A GBP CC -12.6 62 -5.3 230 -10.3 197 2921 2.1 Stan Life Inv Gl Eq Uncons Ret Acc CCC 10.2 174 47.6 52 67.6 24 182 1.7 Stan Life Inv GlSmlr Cmp R Acc CC 16.8 165 49.2 41 - - 236 1.6 Stan Life Wealth Falcon Acc CC 9.7 18 36.6 143 48 96 129 1.5 Standard Life TM Global Equity CCCC 11.4 149 49.8 38 67 26 67 1.6 Standard Life TM International CCCC 12.4 200 65.4 9 88.4 5 1709 1.8 StanLife Inv Global Equities A GBP CCCC 7.2 97 42.2 98 57.3 50 298 1.7 Stewart Investors Wldwd Eq A Ac C 8.6 120 25.4 200 - - 29 1.3 Stewart Investors WW Ldr A A£ CC 9.7 13 41.1 105 53.1 70 33 1.5 Stewart Investors WW Sust A A£ 8.9 44 - - - - 170 - Stonehage Fleming Gbl Eqs I B Inc CC 6.7 - 32.8 173 33.9 162 124 1.3 Stonehage Fleming Gbl Eqs II B Inc CCC 6.8 - 40.3 110 41.2 135 216 1.4 Stonehage Fleming Gbl Sel Eq A Inc 11.7 164 - - - - 100 - SVM World Equity A CCCC 8.1 63 41.6 103 - - 43 1.6 SVS Church House Esk Gbl Eq A CCC 6.9 161 41.4 104 54.9 63 16 1.4 SVSBrownShipleyDyn A Acc CC 7.2 49 30.6 185 25.9 175 136 1.4 T. Bailey Growth R Acc CCC 11.6 103 39.2 119 47.2 101 169 1.3 T. Rowe Price Gbl Fcs Gr Eq A USD CCCC 8.2 228 54.5 14 51.2 54 125 1.9 T. Rowe Price Gbl Gr Eq Q GBP CCC 8.5 68 44.2 76 50.8 83 431 1.8 Templeton Growth A Acc CCCC 4.6 201 44.9 71 45.8 111 184 1.8 Threadneedle GblExtn Alp R GBP CCCC 15.5 53 58.8 18 76.6 10 93 1.7 Threadneedle Global Sel R GBP CC 11.9 38 47 58 54.2 66 754 1.7 THS IntlGth&Val X Acc £ 3.7 188 - - - - 471 1.7 TM UBS Gbl Eqty B Acc 5 133 32.8 172 - - - 1.4 Trojan Global Equity I Acc C 14.8 245 39 122 62.4 34 95 1.3 UBS FTSE RAFI Devlpd 1000 Idx J Acc - 29 - - - - - - UBS Global Optimal A Acc CC 2.4 116 35.3 152 37.5 147 34 1.7 UBS MSCI Wld Min Vol Idx J Acc - 94 - - - - - - Vanguard FTSE DvpWldExUK EqIdx A 7.3 106 46.3 62 61.8 39 2005 1.6 Vanguard Gbl Small-Cap Idx Acc£ 6.9 163 47.5 53 64.3 30 504 1.6 Vanguard LifeStrategy 100% Eq Acc 5.6 182 37.1 136 - - 246 1.6 Vanguard SRI Global Stock Inc GBP 6.6 31 42.9 89 - - 888 1.6 Veritas Global Focus A GBP CCC 8.5 126 43.8 85 63.2 32 4184 1.4 Virgin Global Share - 117 - - - - 9 - VT Turcan Connell Growth Portfolio C 7.9 74 29 191 30.7 169 25 1.3 VT Ursus Arctos 1 CC 7.2 168 29.3 189 49.2 90 - - Waverton Global Equity A GBP CC -1 88 32.2 177 35.6 156 53 1.6 Wesleyan International S1 CC 1.7 142 28.8 193 29.4 170 19 1.6 Winton Global Equity I GBP CCCC - 51 - - - - - 2 Mean/Count 6.4 258 37.8 234 45.8 203 470 1.6 IA Global Bonds Aberdeen Euro Corporate Bond I Inc CCC -8.4 132 -1.1 91 2.5 78 26 - Aberdeen Gbl Select HgYdBd D1 £ CCCCC 0.5 46 16.8 7 23.8 20 37 0.6 Aberdeen Gbl SelEurHiYdBd D1 £ CCCC -4.5 103 8.9 35 7.5 60 705 0.9 Aberdeen Gbl SelGblCrBd D1 £ CCC -0.9 69 9.5 31 17.8 31 45 0.4 Aberdeen World Gov Bd A Acc CC -0.4 63 -7 124 -1.4 90 67 -

44 | PERFORMANCE | NOVEMBER 9 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA

IA Property 2.41 0.8 44 9.21 43 27.63 37 0.82IA Global Bonds 0.84 -2.7 146 -1.7 145 1.56 132 0.44IA UK Gilts 0.83 -0.31 30 4.91 30 8.34 28 0.62IA Japanese Smaller Companies 0.43 -2.22 5 12.17 5 59.08 5 2.06IA Short Term Money Market 0.03 0.07 13 0.11 13 0.17 13 0IA Money Market 0.02 0.03 12 0.07 12 0.33 12 0IA UK Smaller Companies -0.06 5.32 51 16.68 51 56.43 49 0.79IA Targeted Absolute Return -0.11 0.26 86 3.7 80 12.36 65 0.16IA Technology & Telecoms -0.32 -2.74 15 12.37 15 52.76 15 1.65IA Sterling Corporate Bond -0.42 -2.02 97 2.08 96 11.56 84 0.33Bottom 10IA Global -2.09 -5.15 266 6.05 258 35.31 234 1.6IA Personal Pensions -2.19 -4.35 6 4.75 6 22.33 6 0.89IA Asia Pacific Including Japan -2.4 -10.11 8 3.28 8 24.95 8 2.17IA Europe Including UK -2.69 -3.65 50 10.21 48 38.95 48 1.61IA UK All Companies -2.77 -3.08 273 8.89 270 36.04 263 1.46IA Asia Pacific Excluding Japan -3.09 -14 92 -4.35 92 11.13 78 2.57IA Specialist -3.35 -9.47 239 -5.74 236 1.46 212 1.64IA China/Greater China -3.38 -19.43 37 3.84 37 25.42 35 3.05IA North American Smaller Companies -3.46 -4.88 14 6.47 13 53.71 11 1.82IA Global Emerging Markets -4.07 -16.1 82 -10.23 80 -4.92 70 2.62

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NOVEMBER 9 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA40 | SNAPSHOT

STRATEGIC BONDS

SNAPSHOT STRATEGIC BONDS

Strategic bond funds, by definition, offer investors exposure to a range of fixed income securities in one investment prod-uct – and therein lies their appeal for many

who find it challenging to navigate credit markets. At the moment bond funds in general are being

overlooked in favour of multi-asset and absolute return vehicles, as recent figures from the Invest-ment Association show. But nervous investors may want to consider the benefits of strategic bond funds as a way of obtaining fixed income exposure.

Stefan Isaacs, deputy head of retail fixed inter-est at M&G Investments, acknowledges he has some clients who want to make their own asset allocation decisions in fixed income, “or there might be those that want to defer some of that decision-making to a fund management group”, he says of those who tend to be more suited to investing in stra-tegic bond funds.

Describing the “key levers” managers can pull in these types of funds, Mr Isaacs refers to the interest rate risk run in portfolios.

“That would be one of the principal levers,” he points out. “Where do we want to own interest rate risk? Is that in Europe? The US? The UK? How much interest rate risk do we want to run?

“The other main lever is credit risk and how much exposure do we want to have to corporates. That’s where I think strategic funds are important because they give us flexibility to implement those views for those clients that want us to do that.”

But Kevin Corrigan, head of credit at Lombard Odier Investment Managers, proffers a word of caution about funds that have the ability to go “a little bit anywhere”.

He comments: “Managers can say, ‘We want to be able to go and work wherever we want to because we’re finding it difficult in this area of the

fixed income market.’ And that may not always be in the client’s interest because the client may want exposure to one part of the fixed income market and managers say, ‘In order for me to outperform, I need to go elsewhere.’”

Performance data from FE Analytics reveals the IA Sterling Strategic Bond sector generated a modest 1.7 per cent average return in the 12 months to October 29, behind the IA Sterling Corporate Bond sector average of 2.6 per cent.

Aviva Investors’ fixed income fund manager Chris Higham admits: “Fixed income is a very diverse asset class and last year was a good case in point and this year has been [as well]. There will always be certain parts of fixed income that do well and other parts that don’t.”

Identifying those parts of the fixed income mar-ket that have been disappointing, he says: “This

year most of the attention from a negative perspective has been regarding US high-yield and emerging market bonds. Obvi-ously emerging markets have been in the press and that’s a consequence of the potential US

rate hike and dollar strength that we’ve seen. US high yield has been negatively impacted because it has very high exposure to the energy sector.

“[However,] on the positive side, European high-yield returns have been pretty strong this year –around 3.5 per cent for the European high-yield index.”

So strategic bond funds are more suited to investors who want fixed income exposure but aren’t familiar enough with areas of the asset class to invest confidently. Mr Higham concludes: “Strategic bond funds have that flexibility to find the best parts within fixed income and we think that flexibility is key, given the volatile environ-ment we’re in.”

Ellie Duncan is deputy features at Investment Adviser

Providing fixed income investors with flexibility

Pat Connolly, chartered financial planner, Chase de Vere “Most people should hold fixed interest in their portfolios to provide protection alongside other riskier investments, such as equities. However, the conventional wisdom of fixed interest being low risk doesn’t necessarily work today. Many fixed interest assets look expensive and might be susceptible to rising interest rates and possible concerns over liquidity.

We still hold fixed interest in client portfolios although we believe that currently the best way to do this is through strategic bond funds. We look for managers who have the flexibility to allocate between different fixed interest assets, which means they can diversify risks and hopefully avoid any future fallout.

The strategic bond sector includes some of the best fixed interest managers and teams. However, the funds in the sector can adopt radically different approaches. It is therefore imperative that adviser firms do the necessary research before deciding where to invest their clients’ money.”

IA UK STRATEGIC BOND SECTOR VERSUS OTHER BOND SECTORS THREE-YEAR PERFORMANCE

Per

cent

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Source: FE Analytics

Investment Assocaition (IA) Sterling High Yield sector IA Sterling Corporate Bond sectorIA Sterling Strategic Bond sector

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10

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IA UK Gilts sector

“Strategic bond funds are more suited to investors who want

fixed income exposure but aren’t familiar enough with areas of the asset class to invest confidently”

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Sector analysis dispels fears of rising asset concentration

Premier looks to add ‘oomph’ to Smith’s strategyMULTI-ASSET by Dave Baxter

Premier Asset Management is intending to launch a more aggressive version of Paul Smith’s £339m Defensive Growth fund in the new year.

Investment Adviser under-stands Premier is seeking to unveil a cash-plus 3 per cent vehicle to be run by Mr Smith, subject to FCA approval.

The manager’s Defensive Growth fund is a feature on many investors’ buy lists because of its ability to protect on the downside. The fund focuses on “fixed life” investments – prod-ucts with a defined start and end date – in a bid to generate “steady returns”.

One fund buyer, who wished to remain anonymous, said of the proposed launch: “Some investors may be saying they

like what Paul Smith does but they want a slightly more oom-phy version, targeting higher returns.”

The existing multi-asset port-folio, which sits in the IA Tar-geted Absolute Return sector, aims to generate “steady returns with less severe rises and falls in price than company shares”, while not being dependent on market beta.

It aims to match cash on a

there that tend to be at the fore-front of people’s minds.”

Morningstar’s UK director of manager research Jeremy Beckwith said: “It’s only a few funds that see the bulk of the flows, so I [am] a little sur-prised… concentration is down a bit.”

Mr Beckwith added, howev-er, that he did not see a “great issue” with concentration, say-ing the UK retail fund market was very competitive in this regard.

The FCA said last month, in the terms of reference for its asset management study, that the industry “does not appear particularly concentrated… however, it is possible that parts

READ OUR GUIDE:Investing in Asia >> See P37

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FUND REVIEW: European income>> See P42

Findings contradict received wisdom over the growing impact of centralised buy lists

RESEARCHby Dave Baxter

The proportion of assets held by the UK’s largest equity funds has remained constant or fallen over the past five years, con-founding assumptions that centralised buy lists are driving more money into fewer portfo-lios.

Research conducted by Investment Adviser shows a notable drop in the concentra-tion of assets within the IA UK All Companies sector in par-ticular. There, the proportion of assets accounted for by the 10 largest portfolios stood at 28 per cent in December 2010. That figure is now 19.4 per cent.

The drop is similar for the IA North America sector – sug-gesting the rise of passive prod-ucts may have had a role to play – and for global emerging mar-kets funds, which may have been affected by the soft closure of high-profile portfolios.

Nor has there been an

increase in concentration in the UK Smaller Companies, Europe ex-UK, and Global sec-tors, all of which saw negligible changes in the past half decade.

The pattern is the same even when the analysis is widened to the top 20 funds in each sector.

The findings would appear to contradict received wisdom over the growing impact of cen-tralised investment proposi-tions, and fund selectors expressed surprise. Ken Rayner, a founding director at Rayner Spencer Mills Research, said: “We have been led to believe that flows were getting more and more concentrated. Maybe that is clouded by the fact there are some huge franchises out

of the sector may still have higher areas of concentration.”

The regulator pointed to research by the Investment Association (IA) to back up its initial claim. The trade body has noted in its past two annual surveys that the distribution of fund flows had become more broadly-based in recent years.

But concentration may be rising in some sectors. The top 10 funds in the UK Equity Income sector now account for 60 per cent of assets, up from 51 per cent in 2010. The analy-sis incorporated the sizeable minority of equity income funds that now sit outside the sector as a result of missing yield requirements.

rolling 12-month basis and has returned 10.5 per cent over the past three years, according to data from FE Analytics.

Launched in 2010, Defensive Growth’s top 10 positions cur-rently include a selection of zero-dividend preference shares and defensive autocall structured products, according to a recent update from the fund house.

Premier declined to comment on the launch.

Dominance of top 10 funds in 2010 versus 2015Investment Association sector

Top 10 funds as percentage of total sector assets, 2010

Top 10 funds as percentage of total sector assets, 2015

UK All Companies 28 19UK Smaller Companies 53 52Europe ex-UK 41 42North America 45 35Global Emerging Markets 67 52Global 35 33UK Equity Income 51 60Source: Investment Adviser

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As liquidity-addicted financial markets remain vulnerable to break outs of volatility and mul-tiple sources of risk shape a

complex geopolitical environment, it is crucial to base investment decisions on strong macro fundamentals.

Across the globe, multiple transitions are happening at different levels. A gradual pick-up in gross domestic prod-uct growth is generally expected in 2016, supported by healthier domestic demand in both Europe and the US.

The underlying drivers of this accel-eration are governments’ continued loose monetary policies, improved con-fidence and labour market conditions, and a gradual return to neutral fiscal conditions in the euro area. Also con-tributing to internal demand in devel-oped markets is the wealth effect derived from low oil prices.

Asynchronous central bank policies are one consequence of these transi-tions.

The European Central Bank has introduced a possible expansion of quantitative easing (QE), China has cut interest rates and its reserve require-ment ratio in an effort to strengthen its economy. Elsewhere, the Bank of Japan

has decided to continue the current pace of its QE and the US Federal Reserve appears ready to hike interest rates.

China is also dealing with a challeng-ing transition, trying to overcome its past growth model that relied on exports, investments and commodities. This poses some threats to those emerg-ing markets still too dependent on these factors.

At this stage, the diversified picture across China’s sectors suggests the deep structural transition is underway, with a painful cut in overcapacity. Success, however, will mostly depend on the actions of Chinese authorities, which are putting in place a number of measures to avoid a hard landing and are now committed to reforming the real parts of the economy.

Huge secular transitions are also affecting the world population. The flows of refugees crossing European borders are an outcome of multiple geo-political tensions and a worsening situa-tion in the Middle East and North Afri-ca – challenges that will again test Europe’s political capacity to develop a coordinated response.

Our risk map is therefore crowded and the impact of such risks on financial

World in transition spawns multiple risks

MACRO HEADWINDS

DECEMBER 7 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA32 | GUIDE

MULTI-ASSET

China’s authorities are reforming the country’s economy, making it less reliant on exports, investments and commodities. Picture: Getty Images

markets may be significant. This is especially so in an environment where high liquidity has altered in some way the natural market-price equilibrium, leaving room for spells of volatility.

The macro environment is still posi-tive for equities (mainly in the Europe-an Union, Japan and selective emerging markets) but the long list of risks means

investors should remain vigilant of any dangers. However, relative value strate-gies at the sector or security level can help generate value during a phase where returns for most asset classes are expected to remain low for a long time.

Matteo Germano is global head of multi-asset invest-

ments at Pioneer Investments

The risk map: Hedging a multiple-risk environment

Time horizon Risks Impact Probability Trend vs last quarter

3-6 monthsGeopolitical tensions & election cycle ● Medium ▲

3-18 monthsBad management of China transition ● Medium ▼

3-12 months “Minsky Moment” ● Medium =6-12 months

Credit liquidity issue & defaults ● Medium =

6-12 monthsLiquidity fading (Central bank reserves) ● Low ▼

1-2 yearsFragile European governance process ● Low ▼

● = low impact ● = medium impact ● = high impactSource: Pioneer Investments. Data available as of November 6 2015. Note: “Minsky moment” is a broad collapse in asset values related to excessive debt accumulation

INVESTMENT ADVISER DECEMBER 7 2015 www.FTAdviser.com/IA GUIDE | 33

MULTI-ASSET

“Although China’s economy is slowing, its implications

for western economies are manageable”

Market unease is simply a blip

The past few months have seen significant volatility in financial markets: global equities endured

a double-digit sell-off in the third quarter, high-yield credit spreads have widened sharply, and commodity markets have continued to tumble.

Markets have been unsettled by a combination of issues: the anticipation of the first rate hike from the US Federal Reserve, Chinese growth concerns, and a potential flare up in European political risks. Is the recent bout of volatility a blip or is it the beginning of the end of the upward cycle?

With emerging markets now accounting for around a third of global output, a substantial slowdown among these mar-kets would have a material impact on the global economy. On official data, China is still growing at a much faster pace than the rest of the world and its positive contribution to global economic growth is considera-ble.

Sceptics argue China is gross-ly over-reporting its rate of eco-nomic growth. However, that would imply that the world economy has already weathered a sharp slowdown in Chinese demand without much obvious damage to western labour mar-kets or consumer demand.

The impact of any slowing in emerging markets therefore seems manageable for the rest of the world. Moreover, western economies would be net benefi-ciaries of the weakness in oil and other commodity prices that would result from an emerging market slowdown.

Weaker commodity prices are bad news for the principal exporters in emerging markets, and also signals trouble for debt that is secured against com-modity earnings. This is of par-ticular concern for US high yield, where there is likely to be materially higher default rates in 2016.

However, a cheapening in oil prices represents a boost to the

real income of western con-sumers and a fall in an impor-tant input cost for most indus-trial producers. On balance, the commodity price fall is a posi-tive development for the sus-tainability of the global recov-ery.

In economies where econom-ic slack is limited, such as in the UK and US, the policy response is likely to be relatively muted. Central banks in both countries are preparing to raise interest rates to prevent their economies from overheating in the future. Lower commodity prices and concerns about China’s growth will encourage them to delay hiking interest rates and soften the pace of rate rises.

But lower commodity prices can trigger deflationary risks if low inflation starts to affect wage- and price-setting behav-

iour. That is a more material concern in conti-nental Europe, due to extremely high unemploy-

ment and Japan, because of its long history of near-zero infla-tion. In these regions, a more aggressive response is likely to be forthcoming, with further interest rate cuts and more asset purchases.

At the global level, monetary policy will therefore remain loose. The quantitative easing baton has simply been passed from the Federal Reserve and Bank of England to the Euro-pean Central Bank and Bank of Japan.

Overall, there are a number of reasons why the recent mar-ket volatility represents a cor-rection, rather than the start of a new bear market.

Although China’s economy is slowing, its implications for western economies are man-ageable. It is important to watch for signs of financial contagion from distressed commodity exporters, but the weakness in oil prices is a healthy develop-ment rather than something to give investors sleepless nights.

Chris Jeffrey is a strategist in LGIM’s asset

allocation team

Beware of biases that trigger rash decisions

Managing portfolios to successfully navigate the sort of volatility we have seen across

global markets recently can be as much an emotional challenge as an intellectual one.

Making a clear distinction between short-term volatility and genuine risk is vital in resist-ing the emotional urges, such as panic, that can be the driver of ill-judged investment decision-making. Awareness of this issue can go some way to helping investors generate realistic returns over the long term, with-out exposing their portfolios to unnecessary risk.

Misunderstanding invest-ment risk may be the biggest risk of all. Rather than indis-criminately avoiding all risk, investors should aim to add value by taking risks at the right price.

Risk ultimately comes down to one thing: the chance of los-ing money once it is time to close an investment. Vola-tility, on the other hand, is a meas-ure of how much the price of an asset moves over time. There-fore, volatility should only be relevant to an individual inves-tor’s time horizon. It is vital that long-term investors do not allow short-term turbulence to dis-tract them from their funda-mentals-based convictions.

But this may not be as easy as it sounds. Investors are human beings and can be victims of their own biases. What may seem logical in theory can be dif-ficult to execute in practice. Sud-den, sharp market movements can exert a strong emotional pull that can cloud rational judgement and compel inves-tors to act illogically.

The best chance we can give ourselves of resisting these behavioural forces is to centre our approach on a framework based on observable facts about where asset valuations are today, versus where they have been in the past. We hope this creates rigour and discipline without being too anchored to a particu-lar perspective. Therefore, inves-tors should consider why valua-tions might have moved away from long-term averages.

Sometimes it is down to a shift in the fundamental eco-nomic facts, but more often it is because of a change in senti-ment, which is less likely to be permanent. If these shifts in sentiment trigger bouts of vola-tility, it should be viewed as an opportunity, rather than a risk.

Tolerating such volatility may feel uncomfortable but it is important not to panic sell if the fundamental conditions under-lying longer-term conviction about an asset are unchanged. Doing so may result in perma-nent capital loss for an investor. Furthermore, short-term vola-tility could provide compelling investment opportunities, as it can discount temporarily assets we already believe to be attrac-tively priced.

Careful diversification can sometimes make volatility in one asset easier to tolerate. But, as we have seen recently, this will not always be the case.

While diversifica-tion is the well-established cor-nerstone of man-aging investment

risk, in phases where correlation patterns are highly changeable, a ‘set it and forget it’ approach to asset allocation will not suffice.

It is important to understand and challenge the correlation patterns among different asset classes and not simply rely on the associations drawn from past performance. In order to construct a truly diversified portfolio, it is paramount to maintain an objective view of asset valuations and to also take into account the effect human behaviour and investor psychol-ogy can have on asset pricing and their relative movements. Flexibility is therefore key.

For investors there is much uncertainty and we should expect heightened volatility to persist for some time yet. Run-ning a portfolio in this type of environment requires discipline, patience and the emotional for-titude to not only tolerate short-term volatility in pursuit of long-term goals, but to take it on in instances where price action is at odds with fundamentals.

Maria Municchi is an investment specialist for

multi-asset at M&G

MARKET DECLINES

6.6% Average annualised return of the MSCI All Country World index for the 10 years to December 31 2014, in spite of the financial crisis

15% Declines of this magnitude occur every 3.5 years on average

78.9% Return produced by MSCI All Country World in 12 months following 2009 lowSource: Capital Group

GLOBAL VOLATILITY

“Misunderstanding investment risk may be the biggest risk of all”

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NOVEMBER 9 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA40 | SNAPSHOT

STRATEGIC BONDS

SNAPSHOT STRATEGIC BONDS

Strategic bond funds, by definition, offer investors exposure to a range of fixed income securities in one investment prod-uct – and therein lies their appeal for many

who find it challenging to navigate credit markets. At the moment bond funds in general are being

overlooked in favour of multi-asset and absolute return vehicles, as recent figures from the Invest-ment Association show. But nervous investors may want to consider the benefits of strategic bond funds as a way of obtaining fixed income exposure.

Stefan Isaacs, deputy head of retail fixed inter-est at M&G Investments, acknowledges he has some clients who want to make their own asset allocation decisions in fixed income, “or there might be those that want to defer some of that decision-making to a fund management group”, he says of those who tend to be more suited to investing in stra-tegic bond funds.

Describing the “key levers” managers can pull in these types of funds, Mr Isaacs refers to the interest rate risk run in portfolios.

“That would be one of the principal levers,” he points out. “Where do we want to own interest rate risk? Is that in Europe? The US? The UK? How much interest rate risk do we want to run?

“The other main lever is credit risk and how much exposure do we want to have to corporates. That’s where I think strategic funds are important because they give us flexibility to implement those views for those clients that want us to do that.”

But Kevin Corrigan, head of credit at Lombard Odier Investment Managers, proffers a word of caution about funds that have the ability to go “a little bit anywhere”.

He comments: “Managers can say, ‘We want to be able to go and work wherever we want to because we’re finding it difficult in this area of the

fixed income market.’ And that may not always be in the client’s interest because the client may want exposure to one part of the fixed income market and managers say, ‘In order for me to outperform, I need to go elsewhere.’”

Performance data from FE Analytics reveals the IA Sterling Strategic Bond sector generated a modest 1.7 per cent average return in the 12 months to October 29, behind the IA Sterling Corporate Bond sector average of 2.6 per cent.

Aviva Investors’ fixed income fund manager Chris Higham admits: “Fixed income is a very diverse asset class and last year was a good case in point and this year has been [as well]. There will always be certain parts of fixed income that do well and other parts that don’t.”

Identifying those parts of the fixed income mar-ket that have been disappointing, he says: “This

year most of the attention from a negative perspective has been regarding US high-yield and emerging market bonds. Obvi-ously emerging markets have been in the press and that’s a consequence of the potential US

rate hike and dollar strength that we’ve seen. US high yield has been negatively impacted because it has very high exposure to the energy sector.

“[However,] on the positive side, European high-yield returns have been pretty strong this year –around 3.5 per cent for the European high-yield index.”

So strategic bond funds are more suited to investors who want fixed income exposure but aren’t familiar enough with areas of the asset class to invest confidently. Mr Higham concludes: “Strategic bond funds have that flexibility to find the best parts within fixed income and we think that flexibility is key, given the volatile environ-ment we’re in.”

Ellie Duncan is deputy features at Investment Adviser

Providing fixed income investors with flexibility

Pat Connolly, chartered financial planner, Chase de Vere “Most people should hold fixed interest in their portfolios to provide protection alongside other riskier investments, such as equities. However, the conventional wisdom of fixed interest being low risk doesn’t necessarily work today. Many fixed interest assets look expensive and might be susceptible to rising interest rates and possible concerns over liquidity.

We still hold fixed interest in client portfolios although we believe that currently the best way to do this is through strategic bond funds. We look for managers who have the flexibility to allocate between different fixed interest assets, which means they can diversify risks and hopefully avoid any future fallout.

The strategic bond sector includes some of the best fixed interest managers and teams. However, the funds in the sector can adopt radically different approaches. It is therefore imperative that adviser firms do the necessary research before deciding where to invest their clients’ money.”

IA UK STRATEGIC BOND SECTOR VERSUS OTHER BOND SECTORS THREE-YEAR PERFORMANCE

Per

cent

29/10/12 29/04/14 29/10/15

Source: FE Analytics

Investment Assocaition (IA) Sterling High Yield sector IA Sterling Corporate Bond sectorIA Sterling Strategic Bond sector

-10

-5

0

5

10

15

20

IA UK Gilts sector

“Strategic bond funds are more suited to investors who want

fixed income exposure but aren’t familiar enough with areas of the asset class to invest confidently”

ADVISER VIEW

DECEMBER 7 2015 INVESTMENT ADVISERwww.FTAdviser.com/IA28 | GUIDE

MULTI-ASSET

Macro risks How is the geopolitical landscape shaping up?

Alternatives Looking beyond traditional assets

Diversification The importance of taking a broad view

THE

GUID

E INVESTING IN MULTI-ASSET

Investors seeking diversification and income flock to multi-asset

Multi-asset investments have been a popular choice for many investors this year.

The combination of a low interest-rate, low-growth environment, volatile markets and the introduction of pension freedoms, means the diversifica-tion benefits of these strategies and their potential to generate income have attracted retail inflows.

Figures from the Investment Association show the mixed asset sector has been among the top three best-selling asset classes in nine of the past 12 months to the end of Septem-ber 2015. It is also the only asset class, aside from property, that has maintained positive net retail sales each month for the past year, with inflows peaking at £449m in July 2015.

As we head into 2016, slower growth in China and continuing geopolitical concerns could keep multi-asset at the forefront of investors’ minds.

David Jane, co-manager of Miton’s multi-asset fund range, suggests there are cur-rently two conflicting aspects of the market that could affect investors.

“Firstly, earnings growth is facing multi-ple headwinds of slow sales, slowing share buybacks, rising wages and rising interest

charges. This may mean forecasts for next year are likely to experience further down-grades and valuations will rise even with a flat market. On the other side of the coin, it may be the case that the attractiveness of equity versus other asset classes becomes even greater… Rising short- and longer-term interest rates [are constraining] gov-ernment and corporate bond returns, and stresses in the high-yield market [are increasing].”

In addition to general market uncertainty, the search for income remains a key priority. This means multi-asset funds offering diver-sification with an income focus are likely to remain attractive.

Shoqat Bunglawala, part of the multi-asset investment team at Goldman Sachs Asset Management, notes: “While we believe fixed income and equities remain core ele-ments of a well-diversified portfolio, inves-tors should also incorporate other sources of income such as real estate investment trusts, emerging market debt, bank loans and buy-

write options strategies. An expanded opportunity set may provide a higher yield, better diversification of sources of risk and income, and greater interest rate resiliency than traditional fixed income investments.”

But Simon Evan-Cook, senior investment manager at Premier Multi-Asset Funds, points out that at an asset level it is difficult to find a simple answer to the question of income.

“This is because years of quantitative eas-ing and rising asset prices have eliminated the obvious bargains. The key is in selectiv-ity. There are many UK companies, for example, that will pay a decent and rising income. But there are just as many that won’t. The trick will be choosing between the two,” he explains.

Meanwhile, Mr Bunglawala warns inves-tors not to overreach for income. “Investors often move into higher yielding equities, take more credit risk by pushing down in credit quality, and take on more interest rate risk by buying longer-dated bonds,” he explains. “In the current environment, pulling any one of these three ‘yield levers’ too aggressively may pose significant drawbacks.”

Nyree Stewart is features editor at Investment Adviser

“Years of quantitative easing and rising asset prices have eliminated the obvious bargains”

– Simon Evan-Cook, Premier

Ongoing geopolitical concerns, such as conflict in Syria, will keep multi-asset at the forefront of investors’ minds. Picture: Getty Images

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In an environment where a growing number of clients are seeking to reduce the overall volatility of their investment portfolios, whether that

is because they are in or approaching retirement or just have a lower appetite for risk and the vagaries of the market, it makes sense to opt for a proposition that offers consistency and diversifica-tion. Meanwhile, for advisers trying to navigate the myriad options available in the market, outsourcing the invest-ment decisions to a high-quality dis-cretionary manager is equally appeal-ing. Against this backdrop, Standard Life Wealth provides a compelling solution with its target return strategy.

Darren Ripton, Head of Investments at Standard Life Wealth explains: “A typical target return portfolio within Standard Life Wealth will look to tar-get anything from LIBOR plus 1 per cent to LIBOR plus 4 per cent. What we are looking to do is achieve those goals on a rolling three-five year time horizon, but we are also aiming to avoid negative drawdown in any 12-month period. Whatever the market conditions, we want to deliver a posi-tive return. In fact, we aim to deliver long term-equity returns but with between a third and half of the volatil-ity of the underlying equity market.”

The team looks to meet these objec-tives by creating a diversified portfolio that is typically a lot less equity-orientat-ed than most discretionary managed funds. Instead, the portfolios are fur-nished with a blend of traditional asset classes, including equities, fixed income, currencies and commodities, and more

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“The SIA Fund allows us to assess what the risks are within various asset classes and which of those risks we want to have exposure to. We are able to strip away the risks we don’t want and then add in some diversifying strategies to strengthen the portfolios,” Mr Ripton says. “The result is a diverse portfolio of assets that are uncorrelated or, in some cases, negatively correlated to help ensure consistency of return.”

Mr Ripton uses the example of Euro-pean equities, which currently make up around 15 per cent of a LIBOR plus 3 per cent mandate. While the team is clearly relatively positive on the overall prospects for this asset class, they are able to strip out some of the risk they don’t want exposure to by using futures in the SIA Fund to hedge out half of the underlying market risk (beta). Moreo-ver, they are able to remove the euro exposure in the position by using for-wards in the currency market to sell that exposure and invest in a more attractive currency such as the US dollar instead.

“In addition, we employ opportunistic strategies which are more directional in nature. An example of this would be the ’Short US Duration’ strategy which should benefit our clients as interest rates rise in the US over the next few years. Traditionally, if you invested in fixed interest assets as interest rates go up you would lose money, as there is an inverse relationship between yields and prices. What we are able to do within the SIA fund, (using derivative posi-tions) is essentially give us a short posi-tion in US bonds, which would be of benefit if you saw a rise in interest rates. This is an example of an alternative strategy. It gives us an opportunity to make positive returns where traditional managers might not be able to hold US treasuries at all or, if they did have expo-sure that would be a negative outcome for them.

BIOGRAPHYDarren Ripton assumed responsibility for the day-to-day investment process within Standard Life Wealth in 2009, after joining the company in 2007 as a Client Portfolio Manager. He has helped develop the fund selection and portfolio construction process that is used by the business. He has 14 years’ investment experience, 7 of which were spent managing discretionary mandates with ABN Amro Private Bank. Here, his role included the oversight of all investment funds used within mandates in London, Jersey and Gibraltar offices. He is an Associate Member of the Chartered Institute for Securities and Investment and holds a BSc from the University of Hertfordshire.

Standard Life WeaLth’S SophiSticated reSponSe for private cLientS

darren ripton

HEAD oF INVESTMENTS

“It is all about taking advantage of

the differential between two

areas in what we think is an

unattractive asset class,

giving us an additional

lever”

INVESTMENT ADVISER november 30 2015 www.ftadviser.com/ia

november 30 2015 INVESTMENT ADVISERwww.ftadviser.com/ia

“We also look at the relative value of assets and seek to take advantage of the differential between them. For example, we aren’t particularly positive on US equi-ties from a fundamental perspective, how-ever there are certain areas that we think look better value than others. Therefore, we might look to balance exposure to US tech, which we think has quite strong characteristics and performance poten-tial, with US small caps. That way, we no longer have to worry about whether the US equity market is going to go up or down, but rather whether US tech is going to outperform the small cap market.

“It is all about taking advantage of the differential between two areas in what we think is an unattractive asset class, giving us an additional lever we can pull to generate a positive return for our clients.”

Standard Life Wealth works very closely with Standard Life Investments, particularly with the Multi-Asset Invest-ment and Fund Solutions teams. Indeed, two members of the Standard Life Wealth team helped establish the Fund Solutions proposition, ensuring a posi-tive working relationship between the two in terms of sharing research and formulating an overarching House View.

In terms of cost, for clients with between £100-500k there is a managed portfolio service that is available through the Standard Life Wrap platform. It is broken down into five models, targeting LIBOR plus 1,2,3,3.5 and 4 per cent, with an overall total expense ratio of approximately 200bps. Meanwhile, the core proposition is aimed at those with £500k and above and offers a full discre-tionary service, with a named client port-folio manager and regular meetings with the underlying client. In spite of the high level of service, it is still available with an expense ratio of 200bps.

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they are tailored to meet the individual needs of the underlying clients. So, while some individuals may be willing to take on a little more risk for a higher level of return, others have the option to ratchet down the risk but accept a lower overall potential for return. Indeed, many clients divide their investment into different pots, varying the level of risk for each.

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“Our ultimate aim is, not only to deliver a certain level of return over time, but to ensure that interim goals are also met. That means getting a clear idea of what the specific return profiles are for their goals and structur-ing the portfolios accordingly. All the same strategies and House Views go into the portfolios we have here, it is just that we are tailoring those to our clients’ underlying needs.”

The nature of the portfolios and, in particular, their high level of consistency means they are well-placed to appeal to those entering into retirement. The rela-tively narrow distribution of returns helps to keep performance predictable, cutting out much of the volatility associated with equity markets. However, they are also suited to a far wider range of clients, par-ticularly those who are looking for the benefit of being able to compound returns over time, while meeting both short and long-term performance goals.

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Contact details:

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