Cautious Portfolio | August 2016 MANAGED PORTFOLIO SERVICE August 2016 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)* Cautious Portfolio 1.7 7.2 10.0 9.1 12.1 15.8 26.3 47.5 2.5 9.2 5.8 10.9 2.9 9.3 11.8 8.6 WMA Conservative Index Benchmark 1.9 8.9 12.4 10.6 13.5 18.1 28.0 45.1 1.9 9.5 5.1 4.6 7.7 8.3 6.2 7.7 Relative -0.2 -1.7 -2.4 -1.5 -1.4 -2.3 -1.7 2.4 0.6 -0.3 0.7 6.3 -4.8 1.0 5.6 0.9 Cautious Portfolio The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Conservative Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Recent Activity The Cautious portfolio marginally underperformed its benchmark over the month of August, however posting a positive return. UK equity manager selection was flat over as was bond manager selection. Absolute return manager selection detracted over the month as Old Mutual Global Equity Absolute Return underperformed its benchmark; however this is one of the truly uncorrelated strategies we own so we’re comfortable with underperformance so long as the strategy isn’t displaying too much correlation. Comfortingly over the month this was the case. The long end of the F&C UK Equity Linked gilt provided some alpha over the month; especially given its exposure to the FTSE Gilts Over 15 Yr index which returned 5.6% versus the broader benchmark FTSE Gilt All Stock Index which returned 2.6%. We remain comfortable with the funds positioning and no trades were made over the month. Portfolio Information Portfolio Benchmark WMA Conservative Index Benchmark Investment Management Charge (p.a) 0.3%+VAT Fund Underlying OCFs 0.68 Estimated Annual Yield 2.44 An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details. Performance Since Inception Source: Brewin Dolphin, Morningstar Direct 0 10 20 30 40 50 60 70 80 90 May 2009 Nov 2009 May 2010 Nov 2010 May 2011 Nov 2011 May 2012 Nov 2012 May 2013 Nov 2013 May 2014 Nov 2014 May 2015 Nov 2015 May 2016 WMA Conservative Index Benchmark (70.8) MPS Cautious Performance on JAMES HAY (81.7) MPS Cautious Historic Performance The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance. Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/06/2009, quoted on an annualised basis. 81.7 70.8
Transcript
Cautious Portfolio | August 2016
MANAGED PORTFOLIO SERVICE
August 2016 1 Mth
3 Mths YTD 6
Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)*
Cautious Portfolio The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Conservative Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation.
Recent Activity The Cautious portfolio marginally underperformed its benchmark over the month of August, however posting a positive return. UK equity manager selection was flat over as was bond manager selection. Absolute return manager selection detracted over the month as Old Mutual Global Equity Absolute Return underperformed its benchmark; however this is one of the truly uncorrelated strategies we own so we’re comfortable with underperformance so long as the strategy isn’t displaying too much correlation. Comfortingly over the month this was the case. The long end of the F&C UK Equity Linked gilt provided some alpha over the month; especially given its exposure to the FTSE Gilts Over 15 Yr index which returned 5.6% versus the broader benchmark FTSE Gilt All Stock Index which returned 2.6%. We remain comfortable with the funds positioning and no trades were made over the month.
Portfolio Information
Portfolio Benchmark
WMA Conservative Index Benchmark
Investment Management Charge (p.a) 0.3%+VAT
Fund Underlying OCFs 0.68
Estimated Annual Yield 2.44
An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details.
Performance Since Inception
Source: Brewin Dolphin, Morningstar Direct
0
10
20
30
40
50
60
70
80
90
May
200
9
Nov
200
9
May
201
0
Nov
201
0
May
201
1
Nov
201
1
May
201
2
Nov
201
2
May
201
3
Nov
201
3
May
201
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Nov
201
4
May
201
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201
5
May
201
6
WMA Conservative Index Benchmark (70.8)
MPS Cautious Performance on JAMES HAY (81.7)
MPS Cautious Historic Performance
The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice.
Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance.
Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/06/2009, quoted on an annualised basis.
81.7
70.8
Brewin Dolphin Managed Portfolio Service Cautious Portfolio | 31 August 2016
Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
Asset Allocation as at 31 August 2016
Performance One Year
Source: Brewin Dolphin, Morningstar Direct
Statistics
Portfolio Inception Volatility 4.8
Benchmark Inception Volatility 4.1
Inception Information Ratio 0.3
Tracking Error 2.8
Portfolio Management
The management of the portfolio is achieved through Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels.
The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk.
Portfolio Holdings as at 31 August 2016
Fidelity MoneyBuilder Income Acc 8.50% RWC Enhanced Income Fund B GBP Inc 8.50% F&C UK Equity-Linked Gilt 2 7.00% Old Mutual Global Eq AR R £ Hgd Acc 6.50% PIMCO Select UK Income Bond Instl Inc 5.50% Henderson UK Absolute Return I Acc 5.00% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 5.00% JPM US Equity Income C Inc 5.00% Newton Global Dynamic Instl W Net Inc 5.00% Vanguard U.K. Government Bd Idx GBP Inc 4.50% Troy Trojan Income O Inc 4.50% Allianz Gilt Yield I 4.00% SLI AAA Income Plat 1 Inc 4.00% Vanguard US Equity Index Inc 3.50% Aviva Investors Mlt-Strat Trgt Inc 2£Inc 3.00% Vanguard US Gov Bond Index GBP Hg Acc 3.00% SLI Global Index Linked Bond Plat 1 Inc 3.00% BlackRock Corporate Bond Tracker D Inc 2.50% Fundsmith Equity I Inc 2.00% JPM Global Macro Opportunities C Net Inc 1.50% BlackRock Continental Euro Inc D Inc 1.50% Newton Asian Income Inst Inc 1.50% Henderson UK Property PAIF Feeder I Inc 1.50% CF Woodford Equity Income C GBP Inc 1.50% Baillie Gifford Japanese B Inc 1.00% BlackRock Global Prty Secs Eq Trkr D Inc 1.00% Fidelity Emerging Markets W Acc 0.50%
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2016
Feb
2016
Mar
201
6
Apr
201
6
May
201
6
Jun
2016
Jul 2
016
Aug
201
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WMA Conservative Index Benchmark (13.5)
MPS Cautious Performance on JAMES HAY (12.1)
MPS Cautious Historic Performance
Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. This information is for illustrative purposes only and is not intended as investment advice. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
12.1
13.5
Income Portfolio | August 2016
MANAGED PORTFOLIO SERVICE
August 2016 1 Mth
3 Mths YTD 6
Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)*
Income Portfolio The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Income Index over the medium term. Returns will be generated through both capital growth and income, with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation.
Recent Activity The Income portfolio performed in line with the benchmark over the month returning just shy of 2%. The long end of the F&C UK Equity Linked gilt provided some alpha over the month; especially given its exposure to the FTSE Gilts Over 15 Yr index which returned 5.6% versus the broader benchmark FTSE Gilt All Stock Index which returned 2.6%. One of the better performing UK funds this year, the Trojan Income fund, came off slightly over the month, however this remains the strongest UK fund in the portfolio on a year to date basis. Absolute return manager selection detracted over the month as Old Mutual Global Equity Absolute Return underperformed its benchmark; however this is one of the truly uncorrelated strategies we own so we’re comfortable with underperformance so long as the strategy isn’t displaying too much correlation. Comfortingly over the month this was the case. There were no trades over the month.
Portfolio Information
Portfolio Benchmark
WMA Income Index
Investment Management Charge (p.a) 0.3%+VAT
Fund Underlying OCFs 0.67
Estimated Annual Yield 2.63
An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details.
Performance Since Inception
Source: Brewin Dolphin, Morningstar Direct
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0
20
40
60
80
100
120
Oct
200
8
Apr
200
9
Oct
200
9
Apr
201
0
Oct
201
0
Apr
201
1
Oct
201
1
Apr
201
2
Oct
201
2
Apr
201
3
Oct
201
3
Apr
201
4
Oct
201
4
Apr
201
5
Oct
201
5
Apr
201
6
WMA Income Index (102.1)
MPS Income Performance on JAMES HAY (113.9)
MPS Income Historic Performance
The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice.
Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance.
Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/10/2008, quoted on an annualised basis.
113.9
102.1
Brewin Dolphin Managed Portfolio Service Income Portfolio | 31 August 2016
Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
Asset Allocation as at 31 August 2016
Performance One Year
Source: Brewin Dolphin, Morningstar Direct
Statistics
Portfolio Inception Volatility 7.2
Benchmark Inception Volatility 7.2
Inception Information Ratio 0.3
Tracking Error 2.3
Portfolio Management
The management of the portfolio is achieved through Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels.
The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk.
Portfolio Holdings as at 31 August 2016
Fidelity MoneyBuilder Income Acc 8.50% Troy Trojan Income O Inc 7.50% PIMCO Select UK Income Bond Instl Inc 7.50% Vanguard US Equity Index Inc 5.50% JPM US Equity Income C Inc 5.50% Allianz Gilt Yield I 5.00% F&C UK Equity-Linked Gilt 2 5.00% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 5.00% Newton Global Dynamic Instl W Net Inc 4.50% Fidelity Index UK W Inc 4.50% CF Woodford Equity Income C GBP Inc 4.00% Liontrust Special Situations I Inc 4.00% River & Mercantile UK Equity Income B 3.50% Old Mutual Global Eq AR R £ Hgd Acc 3.00% Aviva Investors Mlt-Strat Trgt Inc 2£Inc 3.00% RWC Enhanced Income Fund B GBP Inc 3.00% JPM Global Macro Opportunities C Net Inc 2.50% Vanguard U.K. Government Bd Idx GBP Inc 2.00% BlackRock Continental Euro Inc D Inc 2.00% Majedie UK Equity X Inc 2.00% Fundsmith Equity I Inc 2.00% Newton Asian Income Inst Inc 2.00% Baillie Gifford Japanese B Inc 1.50% Vanguard US Gov Bond Index GBP Hg Acc 1.50% Man GLG Undervalued Assets Profl Inc D 1.00% Fidelity Emerging Markets W Acc 1.00% Henderson UK Absolute Return I Acc 1.00% BlackRock Corporate Bond Tracker D Inc 1.00% Henderson UK Property PAIF Feeder I Inc 0.75% BlackRock Global Prty Secs Eq Trkr D Inc 0.75%
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2016
Feb
2016
Mar
201
6
Apr
201
6
May
201
6
Jun
2016
Jul 2
016
Aug
201
6
WMA Income Index (14.3)MPS Income Performance on JAMES HAY (13.7)MPS Income Historic Performance
Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. This information is for illustrative purposes only and is not intended as investment advice. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
13.7
14.3
Balanced Portfolio | August 2016
MANAGED PORTFOLIO SERVICE
August 2016 1 Mth
3 Mths YTD 6
Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)*
Balanced Portfolio The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Balanced Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation.
Recent Activity The Balanced portfolio was flat with the benchmark return over the month. All UK equity managers added value over the month with the F&C Equity Linked Gilt and Investec UK Special Situations the top two performers. Investec UK Special Situations has been one of the more pedestrian performers over the last few years, however given its value tilt we remain comfortable with the position as part of a blended suite of UK equity managers. The Threadneedle UK Equity Income also delivered for the portfolio, another fund that has a tendency to take contrarian positions, however not to the same extent as Investec. This blended approach to UK manager selection has served the portfolio well over time. Absolute return manager selection detracted over the month as Old Mutual Global Equity Absolute Return underperformed its benchmark; however this is one of the truly uncorrelated strategies we own so we’re comfortable with underperformance so long as the strategy isn’t displaying too much correlation. Comfortingly over the month this was the case. There were no trades over the month.
Portfolio Information
Portfolio Benchmark
WMA Balanced Index
Investment Management Charge (p.a) 0.3%+VAT
Fund Underlying OCFs 0.64
Estimated Annual Yield 2.16
An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details.
Performance Since Inception
Source: Brewin Dolphin, Morningstar Direct
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0
20
40
60
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100
120
140
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200
8
Apr
200
9
Oct
200
9
Apr
201
0
Oct
201
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Apr
201
1
Oct
201
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Apr
201
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201
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Apr
201
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201
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Apr
201
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201
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Apr
201
6
WMA Balanced Index (112.2)
MPS Balanced Performance on JAMES HAY (130.6)
MPS Balanced Historic Performance
The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice.
Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance.
Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/08/2008, quoted on an annualised basis.
130.6
112.2
Brewin Dolphin Managed Portfolio Service Balanced Portfolio | August 2016
Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
Asset Allocation as at 31 August 2016
Performance One Year
Source: Brewin Dolphin, Morningstar Direct
Statistics
Portfolio Inception Volatility 8.7
Benchmark Inception Volatility 8.7
Inception Information Ratio 0.4
Tracking Error 2.8
Portfolio Management
The management of the portfolio is achieved through Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels.
The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk.
Portfolio Holdings as at 31 August 2016
Vanguard US Equity Index Inc 8.50% Threadneedle UK Eq Inc ZNI 7.50% PIMCO Select UK Income Bond Instl Inc 7.00% JPM US Equity Income C Inc 6.50% Fidelity Index UK W Inc 6.00% Old Mutual Global Eq AR R £ Hgd Acc 5.00% Investec UK Special Situations I Acc Net 5.00% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 5.00% CF Woodford Equity Income C GBP Inc 4.00% Threadneedle Eurp Sel Z GBP 4.00% F&C UK Equity-Linked Gilt 2 4.00% Vanguard U.K. Government Bd Idx GBP Inc 3.50% Liontrust Special Situations I Inc 3.50% Legg Mason CB US Agrsv Gr X GBP Acc 3.50% Newton Global Dynamic Instl W Net Inc 3.00% Newton Asian Income Inst Inc 3.00% Vanguard US Gov Bond Index GBP Hg Acc 2.50% Schroder Tokyo Z Inc 2.50% Fundsmith Equity I Inc 2.00% Old Mutual UK Smlr Coms A GBP Acc 2.00% BlackRock Corporate Bond Tracker D Inc 1.50% Fidelity Emerging Markets W Acc 1.50% Allianz Gilt Yield I 1.50% River & Mercantile UK Equity Income B 1.50% Aviva Investors Mlt-Strat Trgt Inc 2£Inc 1.25% Henderson UK Property PAIF Feeder I Inc 1.25% Man GLG Undervalued Assets Profl Inc D 1.00% Fidelity MoneyBuilder Income Acc 1.00% BlackRock Global Prty Secs Eq Trkr D Inc 1.00% JPM Global Macro Opportunities C Net Inc 0.50%
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201
5
Sep
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5
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5
Jan
2016
Feb
2016
Mar
201
6
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201
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May
201
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2016
Jul 2
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WMA Balanced Index (15.6)MPS Balanced Performance on JAMES HAY (14.7)MPS Balanced Historic Performance
Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. This information is for illustrative purposes only and is not intended as investment advice. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
14.7
15.6
Growth Portfolio | August 2016
MANAGED PORTFOLIO SERVICE
August 2016 1 Mth
3 Mths YTD 6
Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)*
Growth Portfolio The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Growth Index over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation.
Recent Activity The Growth portfolio performed in line with the benchmark over the month. US equity manager selection detracted from portfolio performance however UK selection added value, especially those managers with a value tilt to their funds. Investec UK Special Situations, one of the more pedestrian performers of late, has been the victim of the market rewarding growth over value since the global financial crisis, so to see it perform well over the month is encouraging. In the US it was the Legg Mason Clearbridge US Aggressive Growth fund that disappointed as pressure on the biotech sector weighed on performance. Absolute return manager selection detracted over the month as Old Mutual Global Equity Absolute Return underperformed its benchmark; however this is one of the truly uncorrelated strategies we own so we’re comfortable with underperformance so long as the strategy isn’t displaying too much correlation. Comfortingly over the month this was the case. There were no trades over the month.
Portfolio Information
Portfolio Benchmark
WMA Growth Index
Investment Management Charge (p.a) 0.3%+VAT
Fund Underlying OCFs 0.74
Estimated Annual Yield 1.74
An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details.
Performance Since Inception
Source: Brewin Dolphin, Morningstar Direct
-20
0
20
40
60
80
100
120
140
160
Oct
200
8
Apr
200
9
Oct
200
9
Apr
201
0
Oct
201
0
Apr
201
1
Oct
201
1
Apr
201
2
Oct
201
2
Apr
201
3
Oct
201
3
Apr
201
4
Oct
201
4
Apr
201
5
Oct
201
5
Apr
201
6
WMA Growth Index (120.2)
MPS Growth Performance on JAMES HAY (148.1)
MPS Growth Historic Performance
The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice.
Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance.
Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 31/10/2008, quoted on an annualised basis.
148.1
120.2
Brewin Dolphin Managed Portfolio Service Growth Portfolio | 31 August 2016
Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
Asset Allocation as at 31 August 2016
Performance One Year
Source: Brewin Dolphin, Morningstar Direct
Statistics
Portfolio Inception Volatility 10.2
Benchmark Inception Volatility 10.3
Inception Information Ratio 0.5
Tracking Error 3.4
Portfolio Management
The management of the portfolio is achieved through Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels.
The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk.
Portfolio Holdings as at 31 August 2016
Vanguard US Equity Index Inc 8.50% Artemis UK Special Situations I Acc 7.00% Fidelity Index UK W Inc 6.50% JPM US Equity Income C Inc 6.50% Legg Mason CB US Agrsv Gr X GBP Acc 6.00% Investec UK Special Situations I Acc Net 6.00% Liontrust Special Situations I Inc 6.00% Old Mutual Global Eq AR R £ Hgd Acc 5.00% Threadneedle Eurp Sel Z GBP 5.00% PIMCO Select UK Income Bond Instl Inc 4.50% Stewart Inv Asia Pac Ldrs B Acc GBP 4.50% AXA Framlington UK Select Opps ZI Inc 4.00% Old Mutual UK Smlr Coms A GBP Acc 3.50% Schroder Tokyo Z Inc 3.50% Newton Global Dynamic Instl W Net Inc 3.50% Threadneedle UK Eq Inc ZNI 3.00% Artemis US Select I GBP Acc 2.50% Investec UK Alpha I Inc Net 2.50% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 2.50% Fundsmith Equity I Inc 2.00% Allianz Gilt Yield I 1.50% Fidelity Emerging Markets W Acc 1.50% Henderson UK Property PAIF Feeder I Inc 1.00% Vanguard U.K. Government Bd Idx GBP Inc 1.00% Man GLG Undervalued Assets Profl Inc D 1.00% Vanguard US Gov Bond Index GBP Hg Acc 0.50% JPM Global Macro Opportunities C Net Inc 0.50% BlackRock Global Prty Secs Eq Trkr D Inc 0.50%
-5
0
5
10
15
20
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201
5
Sep
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Oct
201
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Jan
2016
Feb
2016
Mar
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6
Apr
201
6
May
201
6
Jun
2016
Jul 2
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WMA Growth Index (16.6)MPS Growth Performance on JAMES HAY (14.9)MPS Growth Historic Performance
Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. This information is for illustrative purposes only and is not intended as investment advice. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
14.9
16.6
Global Equity Portfolio | August 2016
MANAGED PORTFOLIO SERVICE
August 2016 1 Mth
3 Mths YTD 6
Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2009 SI (p.a)*
Global Equity Portfolio The portfolio’s objective is to provide outperformance of a bespoke Global Equity Benchmark Index (5% cash, 65% UK shares, 30% overseas shares) over the medium term. Returns will be generated through both capital growth and income with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation.
Recent Activity The Global Equity portfolio outperformed the benchmark over the month. The lion’s share of performance came from UK equity fund selection, a pleasing result given the challenges that active management in the UK equity space has faced this year. For a manager to be beating the index this year he or she needs to be an upper first quartile performer. Investec UK Special Situations, one of the more pedestrian performers of late, has been the victim of the market rewarding growth over value since the global financial crisis, so to see it perform well over the month is encouraging. In the US it was the Legg Mason Clearbridge US Aggressive Growth fund that disappointed as pressure on the biotech sector weighed on performance. We remain comfortable with our approach to portfolio construction by blending different fund management strategies to protect against any stylistic reversals in fortune. There were no trades over the month.
Portfolio Information
Portfolio Benchmark
Global Equity Composite Benchmark
Investment Management Charge (p.a) 0.3%+VAT
Fund Underlying OCFs 0.73
Estimated Annual Yield 2.15
An Investment Administration Charge is applicable. Please refer to your investment adviser or investment administrator for details.
Performance Since Inception
Source: Brewin Dolphin, Morningstar Direct
-20
0
20
40
60
80
100
120
140
160
May
200
9
Nov
200
9
May
201
0
Nov
201
0
May
201
1
Nov
201
1
May
201
2
Nov
201
2
May
201
3
Nov
201
3
May
201
4
Nov
201
4
May
201
5
Nov
201
5
May
201
6
Global Equity Composite Benchmark (122.5)
MPS Global Equity Performance on JAMES HAY (139.8)
MPS Global Equity Historic Performance
The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice.
Performance Calculation: All income is reinvested. Performance is shown inclusive of underlying fund charges but gross of Brewin Dolphin’s investment management charge. Deduction of this charge will have the result of reducing the illustrated performance.
Performance is calculated through Morningstar direct and provided for illustrative purposes only and should not be viewed as the performance of a specific client account. *Inception Date of 19/06/2009, quoted on an annualised basis.
139.8
122.5
Brewin Dolphin Managed Portfolio Service Global Equity Portfolio | 31 August 2016
Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444).
Asset Allocation as at 31 August 2016
Performance One Year
Source: Brewin Dolphin, Morningstar Direct
Statistics
Portfolio Inception Volatility 11.1
Benchmark Inception Volatility 11.2
Inception Information Ratio 0.3
Tracking Error 3.8
Portfolio Management
The management of the portfolio is achieved through Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures that profits are taken regularly and keeps risks within appropriate levels.
The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is mandated to provide the building blocks for successful portfolio management. All selected funds have been carefully analysed to identify fund managers who can sustain enhanced returns while diversifying risk.
Portfolio Holdings as at 31 August 2016
Vanguard US Equity Index Inc 9.50% Majedie UK Equity X Acc 8.30% AXA Framlington UK Select Opps ZI Inc 8.30% Fidelity Index UK W Inc 8.10% Artemis UK Special Situations I Acc 8.00% Threadneedle UK Eq Inc ZNI 8.00% Liontrust Special Situations I Inc 6.30% Investec UK Special Situations I Acc Net 5.50% Aviva Investors US Equity Inc II 2 £ Inc 5.00% Vanguard U.K. Shrt-Term IG Bd Idx GBPInc 4.50% Threadneedle Eurp Sel Z GBP 4.00% Investec UK Alpha I Inc Net 3.50% Stewart Inv Asia Pac Ldrs B Acc GBP 3.50% Old Mutual UK Smlr Coms A GBP Acc 3.50% Legg Mason CB US Agrsv Gr X GBP Acc 3.00% Troy Trojan Income O Inc 3.00% Schroder Tokyo Z Inc 2.50% Fundsmith Equity I Inc 2.00% Fidelity Emerging Markets W Acc 1.50% Man GLG Undervalued Assets Profl Inc D 1.00% Artemis US Select I GBP Acc 1.00%
-5
0
5
10
15
20
Aug
201
5
Sep
201
5
Oct
201
5
Nov
201
5
Dec
201
5
Jan
2016
Feb
2016
Mar
201
6
Apr
201
6
May
201
6
Jun
2016
Jul 2
016
Aug
201
6
Global Equity Composite Benchmark (15.7)MPS Global Equity Performance on JAMES HAY (16.2)MPS Global Equity Historic Performance
Past performance is not a guide to future performance. The value of investments can fall and you may get back less than you invested. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset. This information is for illustrative purposes only and is not intended as investment advice. The information contained in this documentation has been taken from sources stated and is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.
