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Transcript of DIRECT FACTSHEET OCT 12.pdf
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7/30/2019 DIRECT FACTSHEET OCT 12.pdf
1/9
MANAGERS MONTHLY COMMENTARY OCTOBER 2012
INVESTMENT MANAGERS:
Patrick Toes
Investment Director with over 20 years
experience in fund management.Previously a member of Rensburg
Sheppards Asset Allocation and Fund
Selection Committees for over 9 years.
David CowellChief Executive, possessing over 40
years experience in financial services,
with over 25 years being investmentmanagement focussed.
"Despicable trickery at elections; under-handedtampering with public officers, and cowardly attacksupon opponents, with scurrilous newspapers forshields, and hired pens for daggers"Charles Dickens (American Notes) commenting on
Washington DC in 1842.
The US presidential election campaign is over andwhilst Obama may have thought Dickens commentswere behind him, unfortunately he may well haveanother four years to come; more of that later. Thismonths commentary is focussed on the USinvestment outlook and to a lesser degree Europe &UK. We plan to look at Asia and Emerging Markets in
OBAMAS SECOND TERM
Despite Abraham Lincolns famous comment A housedivided against itself cannot stand, we expect moreconflict with Republicans in Congress thus weakgovernment and reliance on QE as a policy tool. Thefiscal cliff should be avoided but we arent cate orical in
We are particularly circumspect about growth in Europebeing better than the States over the next couple ofyears so we are disinclined to believe EZ valuationsbased on this premise. We expect that EZ corporates willbe mired in weaker growth for a substantial time and ourpreference is towards the UK on valuation and lowermacro risk.
SALES:
Julie Jones
Julie has over 20 years experience ofworking in investment sales andmarketing, previously as Head of UK
Retail Sales for BNY Mellon (Newton
Investment Management).
For further information call :
0113 274 7700Email : [email protected]
Or visit us at :
www.myddletoncroft.co.uk
IMPORTANT INFORMATION
our next edition.
We will start with a briefing on their 3rd quarterreporting season, which at an aggregate level sawS&P 500 earnings fall 1.2% yoy. S&P 500 earningsgrowth for the 3rd quarter as recent as July & Aprilexpected a rise of 3.1% and 5.3% respectively. Asyou may recall we have been saying that UScorporate earnings were too high and would have tofall. We continue to believe that and that earnings forboth Q4 and 2013 look too high. The US media likesto concentrate on earnings beats as an indication ofimprovement. However, we see these figures for whatthey are: management guiding analysts forecastslow so they can beat them. Far more interesting is thepercentage of companies beating expectationscompared to the previous quarter. That is falling.Moreover, in the current reporting season, only 36%of companies beat revenue expectations; muchworse than the long-run average of 62%. In addition,an unusually high percentage of companies (48 of the64) that have issued EPS guidance for Q4 2012,have guided lower.
VALUATION AND GROWTH
Below are two charts which look at MSCI indices forvarious regions as at the end of October, highlightingvaluation (PE ratio) and earnings growth. The USlooks more expensive than UK & European markets,
that view. We dont feel a grand solution for US deficits is
likely and those deficits will remain high fertile groundfor gold. However, the post election environment mayencourage the corporate sector to put their cash hoard(circa $1,700 billion) to work through M&A or throughcapital spend (IT). This may be the salvation for CEOs tocombat the dilemma of elevated margins which cannotgo on forever. Currently corporate profits are at a recordhigh as a percentage of GDP while wages are at arecord low. Our contention is that companies capableof growing revenue and/or maintaining profit
margins will become very sought-after assets and
likely to be valued well in excess of market
valuations. We consider our portfolio is correctly
weighted in this area.
POST PRANDIAL
Dr. Pippa Malmgren, a financial market advisor to theWhite House and member of the National EconomicCouncil 2001-2, recently observed that one of the mostinteresting trends in the world currently is thatmanufacturing is rapidly leaving China and moving backto the middle of the US. This is known as onshoring. Arecent report from PWC showed that it is now lessexpensive to produce steel in the US than in China andthat an array of industries have relocated and willrelocate manufacturing back to the US .The wagedifferential between the US and China is narrowing sofast and quality control in the US is so good. You can
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
This information has been approved for distribution
to professional investors only. The information in this
document is believed to be correct but cannot be
guaranteed. Past performance is not a guide to future
performance and may not be repeated. The value ofinvestments and the income from them may go
down as well as up and investors may not get back
the amounts originally invested. This material is not
intended as an offer or solicitation for the purchase or
sale of any security or any other action, without first
seeking advice as to the suitability of it for your
needs.
bearing in mind our earlier comments about growthexpectation. However, whilst we are cautious aboutgrowth and margins in the States, we have to
acknowledge that the economic backdrop is far betterthere than Europe or the UK.
build excellent facilities cheaply as American constructioncompanies have been waiting for something to do and sowill do it practically for free. An acceleration of
onshoring could be a big boon for the US economy. Weconfidently expect that our clients will benefit.
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7/30/2019 DIRECT FACTSHEET OCT 12.pdf
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MCIM Balanced Defensive Portfolio OCTOBER 2012
PERFORMANCE SINCE LAUNCHVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
lection Committees for over 9 years.
avid CowellChief Executive, possessing over 40 years
experience in financial services, with over
25 years being investment management
focussed.
2012 PERFORMANCE
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK Retail
Sales for BNY Mellon (Newton Investment
anagement).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annual
anagement fees, but not the charges for
stodian, dealing and settlement (equivalent to
atform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
ww.myddletoncroft.co.uk
PORTANT INFORMATION
s information has been approved for distribution to
ail and professional investors only. The information ins document is believed to be correct but cannot bearanteed. Past performance is not a guide to future
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
ASSET ALLOCATION
rformance and may not be repeated. The value ofestments and the income from them may go downwell as up and investors may not get back the
mounts originally invested. Before contemplating any
nsaction, you should consult your financial adviser.s material is not i ntended as an offer or s olicitationthe purchase or sale of any security or any other
ion, without first seeking advice as to the suitabilityt for your needs.ients portfolios may differ from model portfoliospendent on their specific objectives. 19%
19%
5%
7%
9%
25%
16%
UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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7/30/2019 DIRECT FACTSHEET OCT 12.pdf
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MCIM Balanced Cautious Portfolio OCTOBER 2012
PERFORMANCE SINCE LAUNCHNVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
election Committees for over 9 years.
avid CowellChief Executive, possessing over 40
years experience in financial services,
with over 25 years being investment
2012 PERFORMANCE
managemen ocusse .
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK
Retail Sales for BNY Mellon (Newton
vestment Management).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annual
anagement fees, but not the charges for
ustodian, dealing and settlement (equivalent to
atform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
www.myddletoncroft.co.uk
MPORTANT INFORMATION
is information has been approved for distribution
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
ASSET ALLOCATION
.
formation in this document is believed to be correct
ut cannot be guaranteed. Past performance is not auide to future performance and may not be
peated. The value of investments and the incomeom them may go down as well as up and investors
ay not get back the amounts originally invested.
fore contemplating any transaction, you should
nsult your financial adviser. This material is not
tended as an offer or solicitation for the purchase orle of any security or any other action, without first
eking advice as to the suitability of it for your needs.
lients portfolios may differ from model portfolios
ependent on their specific objectives.
21%
28%
18%
4%
6%
16%
7% UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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MCIM Balanced Moderate Portfolio OCTOBER 2012
PERFORMANCE SINCE LAUNCHNVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
election Committees for over 9 years.
avid CowellChief Executive, possessing over 40
years experience in financial services,
with over 25 years being investment
2012 PERFORMANCE
.
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK
Retail Sales for BNY Mellon (Newton
vestment Management).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annual
anagement fees, but not the charges for
ustodian, dealing and settlement (equivalent
platform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
www.myddletoncroft.co.uk
MPORTANT INFORMATION
is information has been approved for distribution
retail and rofessional investors onl . The
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
ASSET ALLOCATION
.
formation in this document is believed to be
rrect but cannot be guaranteed. Past performance
not a guide to future performance and may not be
peated. The value of investments and the income
om them may go down as well as up and investors
ay not get back the amounts originally invested.
fore contemplating any transaction, you should
nsult your financial adviser. This material is not
tended as an offer or solicitation for the purchase
sale of any security or any other action, without
st seeking advice as to the suitability of it for your
eeds.
lients portfolios may differ from model portfolios
ependent on their specific objectives.
23%
32%
4%
5%
15%
5%
17%
UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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MCIM Balanced Progressive Portfolio OCTOBER 2012PERFORMANCE SINCE LAUNCHNVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.Previously a member of Rensburg
Sheppards Asset Allocation and Fundelection Committees for over 9 years.
David CowellChief Executive, possessing over 40years experience in financial services,
with over 25 years being investment
***IMPORTANT NOTE : THE ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE PROGRESSIVE PORTFOLIO***
2012 PERFORMANCE
.
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UKRetail Sales for BNY Mellon (Newton
nvestment Management).
Model portfolios include cost of underlyingnvestments and Myddleton Crofts annual
management fees, but not the charges for
ustodian, dealing and settlement (equivalent
o platform charges)
For further information call :
0113 274 7700mail : [email protected]
Or visit us at :
www.myddletoncroft.co.uk
MPORTANT INFORMATION
his information has been approved for distribution
o retail and professional investors only. The
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
nformation in this document is believed to be correct
ut cannot be guaranteed. Past performance is not a
uide to future performance and may not be
epeated. The value of investments and the income
om them may go down as well as up and investorsmay not get back the amounts originally invested.
efore contemplating any transaction, you should
onsult your financial adviser. This material is not
ntended as an offer or solicitation for the purchase or
ale of any security or any other action, without first
eeking advice as to the suitability of it for your needs.
Clients portfolios may differ from model portfolios
ependent on their specific objectives.
ASSET ALLOCATION
25%
15%
4%
14%
4%
34%
4%
UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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7/30/2019 DIRECT FACTSHEET OCT 12.pdf
6/9
MCIM Balanced Adventurous Portfolio OCTOBER 2012
PERFORMANCE SINCE LAUNCHNVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
election Committees for over 9 years.
avid CowellChief Executive, possessing over 40
years experience in financial services,
with over 25 years being investment
***IMPORTANT NOTE: THE HIGHLY ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE ADVENTUROUS PORTFOLIO***
2012 PERFORMANCE
management ocusse .
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK
Retail Sales for BNY Mellon (Newton
vestment Management).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annual
anagement fees, but not the charges for
ustodian, dealing and settlement (equivalent to
atform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
www.myddletoncroft.co.uk
MPORTANT INFORMATION
is information has been approved for distribution to
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
ASSET ALLOCATION
a a n proe ss ona nves ors ony. e norma on
this document is believed to be correct but cannot
e guaranteed. Past performance is not a guide to
ture performance and may not be repeated. The
lue of investments and the income from them mayo down as well as up and investors may not get back
e amounts originally invested. Before
ntemplating any transaction, you should consult
ur financial adviser. This material is not intended as
offer or solicitation for the purchase or sale of any
curity or any other action, without first seeking
vice as to the suitability of it for your needs.
lients portfolios may differ from model portfolios
ependent on their specific objectives.
28%
36%
14%
3%
4%
13%
2% UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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7/9
MCIM Balanced Speculative Portfolio OCTOBER 2012
PERFORMANCE SINCE LAUNCHNVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
lection Committees for over 9 years.
avid CowellChief Executive, possessing over 40
years experience in financial services,
with over 25 years being investment
2012 PERFORMANCE
management ocusse .
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK
Retail Sales for BNY Mellon (Newton
vestment Management).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annual
anagement fees, but not the charges for
stodian, dealing and settlement (equivalent to
atform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
ww.myddletoncroft.co.uk
PORTANT INFORMATION
is information has been approved for distribution to
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
ASSET ALLOCATION
a an pro essona nves ors ony. e norma on
this document is believed to be correct but cannot
guaranteed. Past performance is not a guide to
ture performance and may not be repeated. The
ue of investments and the income from them maydown as well as up and investors may not get back
e amounts originally invested. Before
ntemplating any transaction, you should consult
ur financial adviser. This material is not intended as
offer or solicitation for the purchase or sale of any
curity or any other action, without first seeking
vice as to the suitability of it for your needs.
lients portfolios may differ from model portfolios
pendent on their specific objectives. 35%
47%
7%
4% 4%1%
2%
UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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8/9
INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years
experience in fund management.
Previously a member of Rensburg
Sheppards Asset Allocation and Fund
Selection Committees for over 9 years and former
chairman of those committees at BWD Rensburg, he
holds a MSC in Investment Analysis and is an
Associate Member of the Society of Investment
Professionals (ASIP).
David Cowell
MCIM Enhanced Income Portfolio OCTOBER 2012
PERFORMANCE SINCE JAN 2008*NVESTMENT MANAGERS
atrick Toes
Investment Director with over 20 years
experience in fund management.Previously a member of Rensburg
Sheppards Asset Allocation and Fund
lection Committees for over 9 years.
avid CowellChief Executive, possessing over 40 years
experience in financial services, with over
25 years being investment management
Chief Executive, possessing over 40 years
experience in financial services, with over25 years being investment management
focussed. David formulates the macro
economic position and leads the investment process
across the portfolio range. He also has over 10 years
experience of business consultancy to small and
medium sized enterprises.
Model portfolios include cost of underlying
investments and Myddleton Crofts annual
management fees, but not the charges for custodian,
dealing and settlement (equivalent to platform
charges)
For further information call :
0113 274 7700Email : [email protected]
Or visit us at :
www.myddletoncroft.co.uk
IMPORTANT INFORMATION
12 MONTH PERFORMANCE
ASSET ALLOCATION
The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the
performance before that date (presented above) is from the back-tested portfolio and is provided for
illustration purposes only.
ocusse .
ALES:
ulie Jones
Julie has over 20 years experience ofworking in investment sales andmarketing, previously as Head of UK
Retail Sales for BNY Mellon (Newtonvestment Management).
odel portfolios include cost of underlyingvestments and Myddleton Crofts annualanagement fees, but not the charges forstodian, dealing and settlement (equivalent toatform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
ww.myddletoncroft.co.uk
PORTANT INFORMATION
is information has been approved for distribution to
tail and professional investors only. The informations n orma on a s een appro ve or s r u on
to retail and professional investors only. The
information in this document is believed to be correct
but cannot be guaranteed. Past performance is not a
guide to future performance and may not berepeated. The value of investments and the income
from them may go down as well as up and investors
may not get back the amounts originally invested.
Before contemplating any transaction, you should
consult your financial adviser. This material is not
intended as an offer or solicitation for the purchase or
sale of any security or any other action, without first
seeking advice as to the suitability of it for your needs.
*Clients portfolios may differ from model portfolios
dependent on their specific objectives.
.
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.
Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.
this document is believed to be correct but cannot
guaranteed. Past performance is not a guide to
ture performance and may not be repeated. The
ue of investments and the income from them may
down as well as up and investors may not get backe amounts originally invested. Before contemplating
y transaction, you should consult your financial
viser. This material is not intended as an offer or
icitation for the purchase or sale of any security or
y other action, without first seeking advice as to the
itability of it for your needs.
lients portfolios may differ from model portfolios
pendent on their specific objectives.
5%5%
13%
5%
21%
46%
5% UK Equities
International Equities
Alternatives
Commodities
UK Fixed Interest
Global Fixed Interest
Cash
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7/30/2019 DIRECT FACTSHEET OCT 12.pdf
9/9
MCIM Tactical Growth Portfolio OCTOBER 2012
PERFORMANCE SINCE JAN 2011*VESTMENT MANAGERS
trick Toes
Investment Director with over 20 years
experience in fund management.Previously a member of Rensburg
Sheppards Asset Allocation and Fundection Committees for over 9 years.
avid CowellChief Executive, possessing over 40 yearsexperience in financial services, with over
25 years being investment management
2012 PERFORMANCE*
.
ALES:
lie Jones
Julie has over 20 years experience ofworking in investment sales and
marketing, previously as Head of UK RetailSales for BNY Mellon (Newton Investment
anagement).
odel portfolios include cost of underlying
vestments and Myddleton Crofts annualanagement fees, but not the charges for
stodian, dealing and settlement (equivalent to
atform charges)
or further information call :
113 274 7700mail : [email protected]
r visit us at :
ww.myddletoncroft.co.uk
PORTANT INFORMATION
s information has been approved for distribution to
ail and professional investors only. The information
Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE
T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.uk
M ddl t C ft Ltd i th i d d l t d b th Fi i l S i A th it R i t d i E l d & W l b 05782909 VAT b UK 889 241088
ASSET ALLOCATION
t s ocument s e eve to e correct ut cannot
guaranteed. Past performance is not a guide to
ure performance and may not be repeated. The
ue of investments and the income from them may
down as well as up and investors may not get backe amounts originally invested. Before contemplating
y transaction, you should consult your financial
viser. This material is not intended as an offer or
icitation for the purchase or sale of any security or
y other action, without first seeking advice as to the
tability of it for your needs.
ients portfolios may differ from model portfolios
pendent on their specific objectives.
s as een run as a mo e por o o s nce anuary
10%
35%
14%
11%
20%
10%
UK Equities
International Equities
Alternatives
Commodities
Global Fixed Interest
Cash