Adventurous Core Portfolio 2016 Annual Revie fileAdventurous Core Portfolio 2016 Annual Review ......

Security Clarity Simplicity

Adventurous Core Portfolio 2016

Annual Review

www.searchlightinvestments.co.uk

Searchlight Adventurous Core Portfolio Page 2

Q1 2017

Contents

Adventurous Core Portfolio – Outline ................................................................. 3

Market Review ..................................................................................................... 4

Risk-Return .......................................................................................................... 5

Sector Performance ............................................................................................. 7

Portfolio Breakdown ............................................................................................ 9

Core Portfolio Performance Summary ............................................................... 10

Notable Contributors ........................................................................................ 13

Notable Detractors ............................................................................................ 14

Portfolio Activity................................................................................................ 15

Glossary ............................................................................................................. 17

Notes ................................................................................................................. 18


Q1 2017

Adventurous Core Portfolio – Outline

Investment Philosophy Core Portfolio Profile Core Portfolio Aim

At Searchlight Investments we subscribe to Modern

Portfolio Theory which aims to maximise return for

a given amount of risk or to minimise risk for a given

level of expected return. Our bespoke suite of Core

Portfolios and Satellite Baskets is constructed with

appropriate maximisation of both the number of

asset classes and ‘best of breed’ fund managers

whose varied styles and skill-sets blend together to

produce an all-weather performance standard. We

carefully select both actively managed and passive

funds focusing on excellent value for money by

controlling management costs whilst ensuring

strong and consistent performance.

The investment objective is to achieve sustainable

returns commensurate with a moderately balanced

medium to high risk approach. The portfolio will

have a high allocation to UK and global equities,

positioning the portfolio for growth opportunities.

Suitable for risk tolerant investors or investors

whose capacity for loss allows them to tolerate a

fair level of fluctuations in the value of their

investments in anticipation of possible higher

returns.

The portfolio aims to produce capital growth in excess of 1.5% per annum above inflation (CPI) over the longer term.

The portfolio has an additional aim to minimise volatility through diversification across different markets and asset classes.


Q1 2017

Index performance data is twelve months total return cumulative performance to 31 December 2016 in local currency terms.

Market Review Twelve months to 31 December 2016

Global equity markets ended 2016 on a positive note

with major indices in the US and UK touching all-time

highs in December. After a turbulent start to the year the

bulls took control of market sentiment and the MSCI

World Index booked impressive yearly returns of 9.0%.

Not even the political earthquakes of Brexit and Donald

Trump’s election victory could dampen market

enthusiasm as benchmark indices in both countries

completed the year with double-digit returns. Even

troubled European markets staged a strong recovery in

the second half of the year with Asia the only region to

struggle against a strong dollar and growing risks in

China.

November’s presidential election dominated the news

cycle for much of the year in the US and Trump’s shock

triumph heralds a fundamental pivot in policy approach

from Washington. Investors chose to focus on the

prospects of greater fiscal stimulus rather than the threat

of increased trade protectionism, with a late surge

handing the S&P 500 annual returns of 11.2%. Ongoing

improvements in the domestic economy – which

expanded by 3.5% in the third quarter – also supported

market optimism which wasn’t even dented by the

Federal Reserve’s (Fed) decision in December to hike

interest rates by 25 points.

European markets had a torrid start to the year but

eventually joined the bulls and the MSCI EMU Index (an

index of European developed market equities) finished

2016 with returns of 4.3%. The ECB gave investors

another jolt by expanding its Quantitative Easing (QE)

programme in March and then announcing in December

that it would be extended until at least end-2017. By that

point the regional economy was showing clear signs of

improved health with falling unemployment, increased

activity and improved stability in the banking sector. At

the same time political storm clouds loomed as

Eurosceptic movements gained momentum across the

region. There will be pivotal elections in Germany, France

and probably Italy during 2017, as well as the start of

complex negotiations over Brexit, making the next 12

months decisive for the future of European integration.

The Brexit result had an immediate impact in the UK as

Prime Minister David Cameron resigned and Theresa

May took on the mandate to lead the country out of the

European Union (EU). May pledged to begin formal

negotiations with Brussels by the end of March 2017 but

legal challenges and high-level resignations are

threatening this timetable.

In the meantime investors focused on encouraging post-

Brexit data that defied the doomsayers and propelled the

FTSE All Share Index to bumper returns of 16.8%. The

Bank of England played its part by cutting its policy rate

to a new historic low of 0.25%, though issued warnings

about slower growth and higher inflation in 2017.

Elsewhere, Japan’s TOPIX eked out a barely positive

return of 0.3% in 2016 despite a series of stimulus

measures from the Bank of Japan. Chinese equities were

the big losers of the year with the Shanghai Composite

benchmark tumbling 12.3% as panicky investors fretted

over the state of the world’s second-largest economy

and future trade relations with the Trump

administration. At the other end of the scale Brazil’s

Bovespa returned 38.9% in 2016 as parliament ousted

President Dilma Rousseff and welcomed a new business-

friendly leader, Michel Temer.


Q1 2017

Portfolio performance data is indicative only and excludes any ongoing service charges.

Risk-Return Position over three years to 31 December 2016

PORTFOLIO/INDEX SECTOR 3 YEAR

PERFORMANCE 3 YEAR

VOLATILITY

SEARCHLIGHT ADVENTUROUS CORE PORTFOLIO - 34.4 7.6

FTSE Actuaries UK Conventional Gilts All Stocks UK Gilts 26.1 7.4

IBOXX UK Sterling Corporate All Maturities UK Corporate Bonds 26.2 6.8

Bank of America Merrill Lynch Global Broad Market Global Bonds 34.9 10.3

IPD UK All Property UK Property 38.0 2.6

FTSE All Share UK Equities 19.3 9.7

MSCI World Developed Market Equities 49.9 9.8

S&P 500 North America 69.7 10.1

MSCI Europe Excluding UK Europe Excluding UK 23.8 12.2

TSE TOPIX Japan 49.3 12.6

MSCI AC Asia Pacific Excluding Japan Asia Pacific Excluding Japan 33.3 14.8

MSCI Emerging Markets Emerging Market Equities 24.0 16.3

Investment Association Targeted Absolute Return Sector Targeted Absolute Return 6.4 1.8


Q1 2017

Risk-Return Position over three years to 31 December 2016

Adventurous Core Portfolio

UK GiltsUK Corporate Bonds

Global Bonds

UK Property

UK Equities

Developed Market Equities

North America

Europe Excluding UK

Japan

Asia Pacific Excluding Japan

Emerging Market Equities

Targeted Absolute Return

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

0 2 4 6 8 10 12 14 16 18

3-y

ear

Ret

urn

(%

)

3-year Volatility (%)


Q1 2017

Sector Performance Twelve months to 31 December 2016


The sector includes funds adopting a broad range of absolute return strategies targeting

a positive return in a variety of market conditions over the medium to long term. The

sector endured a difficult year with many funds failing to achieve their performance

targets caught out by key events including Brexit and Trump’s election. However, the

absolute return objective attracted investors and hence it was the best selling IA sector

over 2016.

Global

Global equity markets performed well in what was a volatile year. The beginning of the

year was dominated by sell-offs with China’s slowdown, low commodity prices and the

EU referendum dominating investor sentiment. In the second half of 2016 support from

central banks and a weaker sterling benefitted returns. Markets were also resilient to

the US election result with president-elect Donald Trump’s fiscal stimulus plans boosting

investor confidence.

Global Emerging Markets

Emerging markets rebounded after a difficult first quarter. The easing in US dollar

strength and increases in oil prices after OPEC’s announcement of production cuts was

supportive for returns. Brazil performed strongly on the back of its improved political

environment. Expectations of Fed rate hikes in 2017 and US president-elect Donald

Trump’s stance on trade are likely to provide headwinds to emerging markets.

Asia Pacific Excluding Japan

Asia Pacific equity markets performed well throughout the period, however the region

sits on a concerning backdrop. China continues to undergo structural reforms, however,

currency devaluation, capital outflows and high levels of debt pose a long-term risk to

the country’s fragile economy. In India investors were surprised by the government’s

overnight ban on high denomination currency to tackle corruption.

0 5 10 15 20 25 30 35

IA Money Market

IA UK Gilts

IA Sterling Corporate Bond

IA Sterling Strategic Bond

IA Global Bonds

IA Property

IA UK All Companies

IA UK Equity Income

IA UK Smaller Companies

IA North America

IA Europe Excluding UK

IA Japan

IA Asia Pacific Excluding Japan

IA Global Emerging Markets

IA Global

IA Global Equity Income

IA Technology & Telecoms

IA Targeted Absolute Return

Total Return (%)


Q1 2017

Sector Performance

Japan

The Japanese yen appreciated for most of the year despite the Bank of Japan’s attempts

to devalue the currency. Furthermore, there was increased demand for the yen in the

period post-Brexit given its status as a ‘safe-haven’ asset. Overall equities were resilient

to these currency fluctuations with the TOPIX returning 23.4% over the year.

Europe Excluding UK

European markets continued to be supported by the ECB’s QE program. In Italy prime

minister Mario Renzi resigned after losing the referendum on constitutional change.

Spain re-elected Mariano Rajoy as prime-minister after two inconclusive elections.

Brexit negotiations and elections in France, Germany, Netherlands and possibly Italy are

a challenge for the region with the trend of populist parties gaining increased support.

North America

US equities performed well over the year with the S&P 500 hitting record highs. The Fed

kept interest rates on hold for most of the year but raised them in December. Sentiment

was dominated by the US elections in November which saw Donald Trump elected. The

fiscal stimulus and infrastructure spending plans provided a boost to investors.

However, Trump’s stance on trade and foreign policy are perceived as a risk to the US

and the global economy.

UK Smaller Companies

UK small-caps suffered in the aftermath of the referendum given the domestically

focused nature of the companies. Limited overseas exposure ensured they were not

able to benefit as significantly from the weaker sterling leading to underperformance

relative to large-caps. Improved sentiment in the second half of the year and the

market’s rotation from defensive to value stocks supported the sector.

UK All Companies

The EU referendum result on 23rd June led to a sell-off in markets and a drastic

depreciation of sterling. Nevertheless, markets rebounded with investors seeking

opportunities and weaker currency supporting export driven businesses. Prime Minister

Theresa May has said that the process of leaving the EU is likely to start by the end of

March 2017 with the triggering of the Article 50. UK investors are challenged by the

outcome of future EU-UK negotiations.

Property

The sector experienced a difficult period in 2016. A number of UK commercial property

funds experienced significant withdrawal requests in the run up to and aftermath of the

EU referendum. This led fund managers to apply pricing adjustments and in certain

cases to suspend trading in order to protect liquidity. As conditions stabilised many of

these funds have since lifted the suspensions, however, sentiment remains cautious.

Sterling Strategic Bond

Fixed income assets had a broadly positive year with investors turning to historically

safer assets amidst market volatility and support from the Bank of England’s loose

monetary policy. However the asset class sold-off following the election of Donald

Trump in the US as bond investors assessed the impact of increased inflationary

expectations.

Sterling Corporate Bond

The sector was supported by the Bank of England’s corporate bond purchasing

programme following the EU referendum. However, the result of the US elections in

November and consequent pick-up in inflationary expectations led to a sell-off in bond

markets towards the end of the year. Financials remained resilient with expectations of

higher interest rates.


Q1 2017

Fund sector breakdown and asset allocation may differ due to the diverse nature of underlying holdings.

Portfolio Breakdown Asset allocation as at 31 December 2016

Mixed Investment 20%-60% Shares

Henderson Cautious Managed 8%

Property

L&G UK Property Feeder 10%

UK All Companies

Lindsell Train UK Equity 10% Schroder Recovery 10%

UK Equity Income Woodford Equity Income 10%

Europe Excl. UK

Threadneedle European Select 6%

North America

L&G US Index Trust 8%

Japan

Schroder Tokyo 4%

Asia Pacific Excl. Japan

Stewart Investors Asia Pacific Leaders 4%

Global

Schroder QEP Global Core 6% Baillie Gifford International 5%

L&G Global Health & Pharmaceutical Index 4% First State Global Listed Infrastructure 3%

Global Equity Income

Newton Global Income 5%

Global Emerging Markets

Fidelity Emerging Markets 4%


Standard Life Global Absolute Return Strategies 3%

Money Market6% Global Fixed Interest

1%

UK Fixed Interest2%

UK Equities32%

North America Equities23%

European Equities11%

Japan Equities5%

Asia Pacific Equities3%

Emerging Markets Equities

7%

Property7%

Absolute Return 3%


Q1 2017

0

1

2

3

4

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6

7

8

9

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11

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Searchlight Adventurous CorePortfolio

Consumer Price Index + 1.5%

Tota

l Ret

urn

(%

)

-10

-5

0

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15

20

2011 2012 2013 2014 2015 2016

Tota

l Ret

urn

(%

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Searchlight Adventurous Core Portfolio Consumer Price Index + 1.5%


Core Portfolio Performance Summary Six months to 31 December 2016 Historical performance

TOTAL RETURN % VOLATILITY 6 MONTH 1 YEAR 3 YEAR

Searchlight Adventurous Core Portfolio 11.7 18.6 7.6

Consumer Price Index (CPI) 0.8 1.1 1.1

FTSE All Share 12.0 16.8 9.7


Q1 2017

0

2

4

6

8

10

12

Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16

Tota

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Searchlight Adventurous Core Portfolio

-4

-2

0

2

4

6

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

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6

Sep

-16

Oct

-16

No

v-1

6

De

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Tota

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Searchlight Adventurous Core Portfolio


Core Portfolio Performance Summary Monthly for twelve months to 31 December 2016 Six monthly for three years to 31 December 2016


Q1 2017

Please note data above is three yearly performance and volatility to the end of the month shown, i.e. Sep-13 refers to the three years up to the end of Sep 2013.

Core Portfolio Performance Summary Rolling three year to 31 December 2016

0

2

4

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8

10

12

14

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4

6

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14

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18

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Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

3yr

Vo

lati

lity

An

nu

alis

ed (

%)

3yr

To

tal R

etu

rn A

nn

ual

ised

(%

)

Adventurous Core Portfolio Return FTSE All Share Return UK Consumer Price Index +1.5%

Adventurous Core Portfolio Volatility FTSE All Share Volatility


Q1 2017

Notable Contributors Top performing portfolio funds over twelve months to 31 December 2016

First State Global Listed Infrastructure – Managers Andrew Greenup and Peter Meany

since 08/10/2007 The fund invests in businesses involved in infrastructure across the globe with a bias

to the US. Managers have positioned the fund to sectors of the market that display

healthy cash flows and quality companies such as the toll road sector. The fund is

underweight in utilities which are more sensitive to interest rate movements.

0 5 10 15 20 25 30 35 40

First State Global Listed Infrastructure

L&G US Index Trust

Schroder QEP Global Core

Schroder Recovery

Newton Global Income

Total Return (%)

Newton Global Income – Manager Nick Clay since 14/12/2015

The fund’s defensive positioning against a volatile market backdrop contributed to

performance over the year. Sectorally the fund is underweight banks and financials

and overweight technology and utilities. On a regional level the fund has a bias for

the US and developed markets. Clay increased allocations to cyclical sectors towards

the end of the year supported by the market’s rotation away from defensive sectors.

Schroder Recovery – Managers Kevin Murphy and Nick Kirrage since 21/07/2006

Despite volatility across UK markets the fund outperformed the FTSE All Share Index

over the year. The fund’s holding in Anglo American was a notable contributor to

performance with its share price increasing by 290% over the year. The managers

seek to invest in value stocks and take advantage of opportunities arising from

volatile markets.

Schroder QEP Global Core – Managed by the Quantitative Equity Products Team

The fund outperformed the MSCI benchmark over the one year period. Stock

selection within US equities supported returns whilst holdings in the Japanese

telecommunications sector also contributed towards performance. The fund invests

in large cap stocks holding household names such as Apple, Alphabet and Microsoft.

L&G US Index Trust – Managed by the Index Fund Management Team

The fund seeks to track the performance of the FTSE USA, an index comprised of

predominantly large cap stocks. The fund benefitted from a weaker sterling post

Brexit and the rally in US equity markets following Donald Trump’s election as

expectations of fiscal expansion, increased government spending and inflation

stimulated business confidence.


Q1 2017

Notable Detractors Poorest performing portfolio funds over twelve months to 31 December 2016

-4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9

Henderson Cautious Managed

Woodford Equity Income

L&G UK Property Feeder

Standard Life Global Absolute ReturnStrategies

Total Return (%)

Standard Life Global Absolute Return Strategies – Managed by the Multi Asset

Investing Team

The fund produced negative returns during the first half of the year and a positive

third and fourth quarter were not enough to offset the initial losses. The fund

suffered in June following the EU referendum with exposure to European equities

and low interest rate sensitivity hurting performance. A rebound in UK equities and

US stock market rally following Trump’s victory contributed positively.

L&G UK Property Feeder – Managers Matt Jarvis and Michael Barrie since 27/05/2014

The fund suffered a difficult period following the UK referendum on EU membership

as the impact of Brexit weighed on investors. Throughout a volatile period for the

sector L&G implemented various pricing adjustments which impacted returns,

however dealing was not suspended unlike many other UK commercial property

funds. The managers maintained a strong liquidity position after the referendum and

removed fair value adjustments in September as market conditions improved.

Woodford Equity Income – Manager Neil Woodford since 02/06/2014

The recovery in commodity prices was a headwind for relative returns as the fund

does not allocate to oil & gas and mining stocks. Woodford continues to believe that

global demand for commodities is weak and the rally in commodity prices is based

on momentum rather than fundamentals. Holdings in outsourcing company Capita

has been a key source of underperformance with the business issuing two profit

warnings over the last quarter.

Please note funds displayed above are the poorest performing funds and will not necessarily have a negative return.

Henderson Cautious Managed – Managers Chris Burvill, Jenna Barnard, John Pattullo,

and Stephen Payne since 01/02/2003

The fund underperformed the IA Mixed Investment 20%-60% Shares sector. Relative

underperformance is partially attributed to the fund’s sterling bias with any overseas

exposure hedged back to sterling. The depreciation of the pound in the aftermath

of the EU referendum had a greater impact for the fund relative to peers within the

sector that have a higher international exposure. Furthermore, the fund’s value bias

wasn’t supportive post Brexit as the market rotated towards defensive stocks.

.


Q1 2017

Portfolio Activity The following funds have been introduced to the portfolio at the expense of AXA Framlington Health, M&G Global Emerging Markets, Newton Asian Income, Fundamental Energy and Threadneedle UK Equity Income:

Woodford Equity Income - Introduced May 2016

After managing the successful Income and Higher Income funds at Invesco Perpetual, Neil Woodford set up his own investment management company in 2014. The Equity Income

fund offers a value oriented, conservative and contrarian approach investing in UK equities. The fund provides a complement to our other holdings within the sector as Woodford’s

non-consensus calls lead to a portfolio which will typically appear different to the benchmark FTSE All Share index and peers. Woodford developed a strong reputation over his time

at Invesco and has a track record of outperformance managing UK equities.

Fidelity Emerging Markets - Introduced May 2016 Established in 1969 as a subsidiary of the wider Fidelity business, Fidelity International manage over £223 billion of assets (as at 31 December 2016) worldwide and the emerging

markets strategy has a strong track record benefitting from the experience of manager Nick Price. The fund provides exposure to a number of emerging markets across the globe

including China, India, South Africa and South Korea. Nick is able to take advantage of Fidelity’s extensive research capabilities and the manager adopts a best ideas approach across

emerging market regions selecting companies that can deliver sustainable returns through the economic cycle.

L&G Global Health & Pharmaceutical Index - Introduced May 2016 British multinational Legal & General was founded in 1836 in a coffee shop and today is one of the UK’s largest providers of pension funds. The fund offers low cost exposure to the health, pharmaceuticals and biotechnology industries aiming to track the performance of relevant companies within the benchmark FTSE World Index. Innovative products within the healthcare and biotechnology sectors often receive premium pricing and drive the potential for future growth. Furthermore this industry receives support from changing demographics with an ageing global population leading to an increased demand for healthcare. As such, we believe this is a suitable addition to the portfolio.

Schroder Tokyo - Introduced May 2016 Founded 213 years ago, Schroders manage £375 billion of assets (as at 30 September 2016) operating across 27 countries. Manager Andrew Rose has a wealth of experience in Japanese equities and his fund invests principally in large cap equities with a value bias across a range of sectors. The fund has a strong long term performance record against the benchmark TOPIX index and sector. Andrew seeks to invest in sectors which provide opportunities from Japan’s macroeconomic strengths and benefit from the country’s underlying structural changes. This provides a long-term strategic addition to the portfolio.


Q1 2017

Portfolio Activity

Stewart Investors Asia Pacific Leaders - Introduced May 2016 Stewart Investors is a trading name of First State Investments and is owned by the Commonwealth Bank of Australia. The company’s bottom-up house philosophy targets quality

companies with the potential of earnings growth and the distinctive team and boutique culture has delivered strong returns over the long-term. Managers David Gait and Sashi Reddy

typically ignore wider macroeconomic sentiment leading to a portfolio which is likely to differ from the benchmark and other funds in the sector. The fund provides high conviction

exposure to a fast growing region with a track record of downside protection.


Q1 2017

Glossary

Bottom Up Investing

Portfolio comprised by analysing individual

company fundamentals rather than broader

economic or sector trends.

FTSE 100 Index

An index consisting of the largest 100

companies listed on the London Stock Exchange

(LSE), as measured by market capitalisation.

FTSE Actuaries UK Conventional All Stocks Index

An index often used as benchmark for fixed

income funds, depicting the performance of a

wide range of UK gilts.

FTSE All Share Index

An index composed of companies spreading the

full range of market caps listed on the LSE.

Gilt

The name given to UK government bonds. They

are traditionally safe, low-risk investments.

Growth Assets

Assets capable of delivering strong earnings to

drive share price growth over time.

IA Sectors

As decided by the Investment Association (IA),

they categorise the wide range of funds on

offer, to allow for easier comparisons.

Inflation (Deflation)

A situation where the general price level is

increasing (decreasing).

Large Caps

A broad term to describe companies listed on

the FTSE 100 index.

Liquidity

Liquid assets can be purchased or sold quickly,

soon after a situation demands. In other words,

they can be quickly converted into cash.

Market Capitalisation (Cap)

The market value of a company, calculated by

multiplying the number of outstanding shares

by the share price.

Mid Caps


the FTSE 250 index.

Overweight (Underweight)

When the proportional size of a holding in a

fund exceeds (is less than) the proportional size

in the benchmark.

Quantitative Easing

A method to stimulate economic growth when

interest rates are very low, often involving the

central bank making vast purchases of financial

securities from the market.

Relative Return

The difference between the absolute return of

an asset and the return of the benchmark.

Retail Price Index (RPI)

An index, composed of a range of goods and

services, used to measure inflation.

S&P 500 Index

An index consisting of 500 large American firms

listed on the NYSE or NASDAQ.

Small Caps


the LSE, but not included in the FTSE 100 or

FTSE 250 indices.

Top Down Investing

Portfolio comprised by analysing broader

economic trends before analysing individual

sectors and companies.

Total Return

Total performance of a fund or portfolio that

includes both capital and income returns.

Value Assets

An asset which is undervalued by the market,

given its fundamental accounting position and

potential.


Q1 2017

Notes Past performance is no guarantee of future returns. The price of shares and the income from them can fall as well as rise. The value of this investment is not guaranteed and on encashment you may not

get back the full amount invested.

Please be aware that there may be occasions when an individual fund or funds may have a higher risk rating than your overall stated attitude to risk. If this is the case, then the overall risk rating applied to

all of the combined funds being recommended is still designed to meet the portfolio risk profile and objectives.

Performance data may show backtested performance of the portfolio from the earliest date where data is available. Performance data is indicative only and actual portfolio performance may vary. Performance

data excludes any ongoing service charges. Constituent funds of the portfolio may vary depending on your platform provider.

Performance data is total return cumulative performance to 31 December 2016, on a bid-bid basis, rebased in Pounds Sterling, unless stated otherwise. Volatility is 3 year cumulative annualised volatility to

31 December 2016.

Sector performance data refers to performance of the Investment Association (IA) sectors.

All portfolio data is provided by FE Analytics unless otherwise stated. Figures may be subject to rounding differences.

Care has been taken to ensure that the information is correct but Searchlight Investments neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility

for errors, inaccuracies, omissions or any inconsistencies herein.

Searchlight Investments Ltd is authorised and regulated by the Financial Conduct Authority and provides advice on investment products. The registered office is Panama, Chorleywood Road, Rickmansworth,

Hertfordshire, WD3 1EF. Searchlight Investments Ltd is registered in England No. 02223188.

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