#SICM18 @Schroders UK...The counterparty to a derivative or other contractual agreement or synthetic...

Marketing material for professional investors or advisers only. This material is not suitable for retail clients

Joe Tennant, Product Manager

Schroder Multi-Manager Diversity rangeSchroders Investment Conference 2018, Manchester

22 May 2018

#SICM18

@Schroders_UK

Team and ProcessOverview

1

Multi-Manager Team

Asset allocation views

Portfolio construction

Fund selection (5,000 funds)

Review

Marcus BrookesHead of

Multi- Manager

Robin McDonald

FundManager

JoeLe Jéhan

FundManager

JoeTennantProduct

Manager

Lauren Edwards

Fund Manager Assistant

Schroders strategy team (Keith Wade)

Schroders fund managersMatt Hudson (UK)

James Sym (Europe)Robin Parbrook (Asia)Andrew Rose (Japan)Peter Harvey (Credit)

Internal resources

Broker research(BAML, GS, MS)

External fund managers(300–400 meetings a year)

Independent strategists(Gavekal, Gluskin Sheff, CLSA)

External resources

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Schroder MM Diversity A Acc UK Consumer Price Index UK Consumer Price Index + 4%

Schroder MM Diversity Fund vs. Objective

2

Ahead of benchmark and in line with target

Past performance is not a guide to future performance and may not be repeated.Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, main unit share class, 6 March 2009 to 30 April 2018.

72%74%

23%

Schroder MM Diversity Fund

3

What are the risks?

Q1 2017–Q1 2018

Q1 2016–Q1 2017

Q1 2015–Q1 2016

Q1 2014–Q1 2015

Q1 2013–Q1 2014

Schroder MM Diversity Fund Z Acc -2.72 8.49 -3.50 4.61 6.04UK CPI 2.31 2.32 0.46 -0.01 1.61

Risk factors:The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses.High yield bonds (normally lower rated or unrated) generally carry greater market, credit and liquidity risk.A rise in interest rates generally causes bond prices to fall.A decline in the financial health of an issuer could cause the value of its bonds to fall or become worthless.A failure of a deposit institution or an issuer of a money market instrument could create losses.Equity prices fluctuate daily, based on many factors including general, economic, industry or company news.In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares.Failures at service providers could lead to disruptions of fund operations or losses.The counterparty to a derivative or other contractual agreement or synthetic financial product could become unable to honour its commitments to the fund, potentially creating a partial or total loss for the fund. A derivative may not perform as expected, and may create losses greater than the cost of the derivative.The fund uses derivatives for leverage, which makes it more sensitive to certain market or interest rate movements and may cause above-average volatility and risk of loss.

What did we say last time?

4

Edinburgh Conference – 2017

Source: Majedie and Schroders.

Previous views– Moving from Quantitative Easing to

Quantitative Tightening– A return of volatility?– Diversification harder to achieve?– Inflationary pressures

2017 outcomes– Volatility at record lows– Inflation highest since 2011– Total QE in 2017 was biggest ever

Towards the end…– Europe halved QE– Japan struggling to find bonds to buy– Central Banks balance sheets are shrinking

What did we say last time?

5

Edinburgh Conference – 2017

Source: Majedie and Schroders.

2017 performance

6

‘The right notes, in the wrong order’

Source: Schroders, January 2018.

We were broadly correct in our outlook and were positioned for…– Global growth & inflation– Continued improvement in employment data– Wage growth– A weaker USD– Stronger Gold (reflation trade)

But…– Growth did not create volatility– Momentum trades persisted– Growth without inflation became

the narrative– Tech led the markets– Value continued to underperform– Our Alternatives (excl. Gold) were a drag

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Jan-

17IA Mixed Investment 20–60% SharesSchroder MM Diversity Z AccUK Consumer Price IndexUK Consumer Price Index + 4%

Market/economic backdrop

Growth v Value

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2017: Growth outperformed Value significantly

Source: Lipper, Russell 1000 Growth TR, Russell 1000 Value TR, S&P 500 TR. 31.12.2016 to 31.12.2017.

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Russell 1000 Growth Russell 1000 Value S&P 500

Growth v Value

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Growth has “won” for the past 3 years

Source: Lipper, Russell 1000 Growth TR, Russell 1000 Value TR, S&P 500 TR. 31.12.2014 to 31.12.2017.

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Russell 1000 Growth Russell 1000 Value S&P 500

Developed equities vs. emerging equities

10

% growth, TR Def, ExD, Def, GBP 31/12/2012 to 31/12/2017

S&P 500 huge outperformance of MSCI Emerging Markets

Past performance is not a guide to future performance and may not be repeated.Source: Lipper IM and Schroders.

Disinflationary environment which favours Developed

Markets

EM outperforming,

evidence of a change?

Disinflationary environment which favours Long Bonds

Bonds peaking might indicate a

change

Long-term bonds

11


Strong returns helped by low inflation?

Past performance is not a guide to future performance and may not be repeated.Source: Lipper IM and Schroders.

70

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120

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140

150

160

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

EPS relative¹ Price relative²

Index 2010 = 100

Earnings of Value Companies now better

We are beginning to see things (slowly) change

12

MSCI World growth versus value

Can Growth momentum continue?

Past performance is not a guide to future performance and may not be repeated. Source: 1Growth/value indices for MSCI developed markets. 2Ratio of growth/value one year ahead forecast EPS. US recessions shaded.Forecast risk warning: Please see the information slide at the end of this presentation.

Outperformance of Growth vs. Value

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SPX/DM-EX US EPS relative¹ SPX/DM EX-US index relative²

Index 2011 = 100

The US has been a beneficiary of this environment

13

US versus other developed markets: price and EPS

But it no longer has better earnings

Past performance is not a guide to future performance and may not be repeated.1Relative forecast EPS. 2S&P500/MXWOU, price only, both US$ terms.

Outperformance of US vs. non-US DMs

Earnings of non-US DMs is now better

Things to consider

Inflation could yet accelerate

Furthermore consider the following:

End to Goldilocks?

Source: Schroders.

China’s labour shortage

Wage growth is accelerating

Commodities price rises (Oil US$26 to US$75)

Trump cut taxes with unemployment at a low 4.1%

15

Themes for the new environment

16

An end to Goldilocks means

Health warning: Our view is all assets are fully priced, we can only consider relative value

Source: Schroders.

Emerging Markets equity over Developed Markets equity (but really just US)

Cautious positioning towards bonds

Positive towards some commodities

Asset class correlations appear strong

17

4 year performance to December 2017

Using traditional diversifiers is no longer as effective

Past performance is not a guide to future performance and may not be repeated. Source: Lipper, Feb 2018.

34%33%30%

25%

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IA £ Corporate Bond IA Property IA UK All Companies IA UK Gilt

Valuations

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Valuation percentile (since 1871 for S&P500 & US 10 year yields, 1919 for BAA spreads)

Never have bonds and equities been so richly priced, at the same time

Source: Shiller, Goldman Sachs Global Investment Research. January 2018.

But this close correlation works both ways

19

YTD performance to 19 February 2018

Using traditional diversifiers is no longer as effective

Past performance is not a guide to future performance and may not be repeated. Source: Lipper, Feb 2018.

-2.2%

-4.0%

-2.9%

-1.8%

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IA £ Corporate Bond IA Property IA UK All Companies IA UK Gilt

Alternative diversifiers could be the solution

20


Perhaps Hedge funds and Gold?

Past performance is not a guide to future performance and may not be repeated.For illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: Lipper, April 2018.

Returns YTD

Odey +11.5%

UK Absolute Value +2.9%

Gold -1.1%

Asset allocation

Current asset allocation views

22

Source: Schroders, May 2018. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Bonds and cash

Alternatives

Japan, Europe

UK, Asia Pacific, Emerging Markets

US

Property

Gold

Absolute equity, absolute macro

Government debt

Corporate debt

Cash

Equities

$

$

Schroder Dynamic Planner Fund Range

Schroders and Distribution Technology

24

Expert multi-manager investment meets leading risk profiling

Source: Schroders.

Overview – We have partnered with Distribution Technology to provide a high quality investment

solution, which supports the Dynamic Planner investment process

– Risk profiles 3–7 to suit a range of risk tolerances

– A capped OCF of 0.99% offering a cost-efficient solution

– Managed by the highly-experienced Schroders Multi-Manager Team

– Access to best-in-class technology and reporting from Dynamic Planner

Schroder Dynamic Planner Range

25

Benchmark asset allocation

For illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: Schroders, Distribution Technology.

Schroder Dynamic Planner Portfolio 3





Benchmark allocation

Benchmarkallocation

Benchmarkallocation

Benchmarkallocation

Benchmarkallocation

Higher

LowerHigher

Potential return

Risk

Fixed Income & Cash 68%Equities 24%Alternatives 8%





“The funds have been specifically designed to remain within the volatility parameters of Dynamic Planner risk profiles 3–7”

What it is

–Multi-manager portfolio–Risk targeted –Competitively priced–Benchmark directly aligned to DT

asset allocation–CGT solution

What it’s not

–Not a directly invested portfolio–Not risk-rated–Not fettered–Not a closet tracker fund

What is it?

2

Schroder Dynamic Planner range

Source: Schroders.

Why our active, risk-targeted, multi-manager strategy works

27

Active asset allocation

adding real value

Experts in every

asset/region

Distribution technology

data

Schroder Dynamic Planner Funds

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0% 2.1% 4.2% 6.3% 8.4% 10.5% 12.6% 14.7% 16.8% 18.9% 21.0%

Exp

ecte

d r

eal r

etu

rn (

% p

a)

Expected volatility (% pa)DT profiles

Schroder Dynamic Planner 5 – volatility

28

How constrained are we?

Source: Schroders, April 2018.

1

2

3

4

5

6

7

89

10

Lower volatility model Higher volatility modelSchroder Dynamic Planner 5

Schroder Dynamic Planner 5 – asset allocation

29

We have greater flexibility than you might expect

Model High Risk Low Risk Difference

Expected Volatility 10.37% 8.45% 1.92

OCF 0.41 0.39 0.02

Asset Class

Total Cash 7.00 18.50 -11.50

UK Corporate Bonds 17.00 10.00 +7.00

International Bonds 2.00 0.00 +2.00

UK Gilts 1.00 2.00 -1.00

Global High Yield Bonds 2.00 0.00 +2.00

Total Fixed Income 22.00 12.00 +10.00

UK Equity 22.00 21.00 +1.00

Global Equity 2.00 5.00 -3.00

Europe ex UK Equity 6.00 5.50 +0.50

North American Equity 8.00 5.00 +3.00

Japanese Equity 9.00 9.00 0.00

Asia Pacific ex Japan Equity 7.00 3.00 +4.00

Emerging Market Equity 7.00 3.00 +4.00

Total Equity 61.00 51.5 +9.5

Commodities 5.00 6.00 -1.00

Absolute Return 5.00 12.00 -7.00

Total Alternative 71.00 69.50 -8.00

Total 100.00 100.00

Source: Schroders, April 2018.

10.37 8.45

22.00 12.00

18.0010.00

7.00 18.50

51.5061.00

Consistency of approach

30

+70% of funds in Diversity Balanced are included in Schroder Dynamic Planner 5

Source: Schroders, 31 March 2018.

Schroder MM Diversity Balanced Schroder Dynamic Planner 5

Fixed Income & Cash

Schroder SSF Sterling Liquidity Plus

Invesco Perpetual Tactical Bond

Equities

Majedie UK Equity

Investec UK Special Situations

GLG Japan Core Alpha Fund

Sanditon European

Invesco Perpetual European

J O Hambro Global Opportunities

Hermes Asia ex-Japan

Artemis Global Emerging Markets

Alternatives

Morgan Stanley Global Multi-Asset

Sanditon European Select

Jupiter Absolute Return

iShares Physical Gold

Thank you

Appendix

Where does that leave us today?

33

This bull market has been 50% longer and +100% stronger than average

Past performance is not a guide to future performance and may not be repeated. Source: Majedie Asset Management 2016. Lipper IM, S&P 500 TR, % Growth TR, LC. 09.03.2009 to 29.12.2017.

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200

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400

0 12 24 36 48 60 72 84 96 108Months

+163% gain in 64 months

-50% of bull market gains in 15 months

+375% gain in 106 months

Current S&P 500Average post war bull market Average post war bear market

Households believe there has never been a better time to buy stocks

34

Mean probability of increase in stocks prices in 1 year

Over the next 5 years, global investors expect to make an average annual return of 10.2%. The 30 year average of MSCI World is just 7.2%1

Source: Michigan Consumer Survey. University of Michigan, Haver Analytics, DB Global Markets Research. October 2017.1Schroders Global Investor Study, November 2017.

The latter stage of the cycle is driven by emotion

35

‘Bull markets are born on pessimism, grow on scepticism, mature on optimismand die on euphoria’

Sir John Templeton

Which is invariably a form of euphoria

Source: https://www.reddit.com/r/Bitcoin/comments/4p7mb0/proposing_bitcoin_is_in_the_bear_trap_stage_of_a/.


36

Performance as at 30 April 2018

Past performance is not a guide to future performance and may not be repeated.Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, main unit share class, from fund launch 2 September 2005 to 30 April 2018

141%

82%77%

34%

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160

Sep-

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FTSE All-Share IA Mixed Investment 20–60% Shares Schroder MM Diversity A Acc UK Consumer Price Index

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2010 2011 2012 2013 2014 2015 2016 2017

FTSE All-Share IA Mixed Investment 20–60% Shares Schroder MM Diversity Income Z Acc UK Consumer Price Index

Schroder MM Diversity Income Fund

37


Past performance is not a guide to future performance and may not be repeated. Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, clean unit share class, from fund launch 15 December 2010 to 30 April 2018.

75%

46%44%

15%


38

What are the risks?

Past performance is not a guide to future performance and may not be repeated.

Q1 2017–Q1 2018

Q 2016–Q1 2017

Q1 2015–Q1 2016

Q1 2014–Q1 2015

Q1 2013–Q1 2014

Schroder MM Diversity Income Fund Z Acc -1.44 9.16 -1.70 4.96 6.63UK CPI 2.31 2.32 0.46 -0.01 1.61


Schroder MM Diversity Balanced Fund

39


Past performance is not a guide to future performance and may not be repeated. Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, clean unit share class, from 02 February 2009 to 30 April 2018.

113%

125%

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60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

IA Mixed Investment 40–85% Shares Schroder MM Diversity Balanced Z Acc


40

What are the risks?


Q1 2017–Q1 2018

Q1 2016–Q1 2017

Q1 2015–Q1 2016

Q1 2014–Q1 2015

Q1 2013–Q1 2014

Schroder MM Diversity Balanced Fund Z Acc -1.83 17.04 -3.25 7.38 8.92IA Mixed Investment 40-85% Shares 1.62 17.56 -2.86 10.65 6.05


Schroder MM Diversity Tactical Fund

41


Past performance is not a guide to future performance and may not be repeated. Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, clean unit share class, from fund launch 24 October 2007 to 30 April 2018.

66%65%

-40

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0

20

40

60

80

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

IA Flexible Investment Schroder MM Diversity Tactical Z Acc


42

What are the risks?


Q1 2017–Q1 2018

Q1 2016–Q1 2017

Q1 2015–Q1 2016

Q1 2014–Q1 2015

Q1 2013–Q1 2014

Schroder MM Diversity Tactical Fund Z Acc -1.88 16.67 -3.49 9.47 7.79IA Flexible Investment 2.39 19.43 -3.69 11.32 4.61


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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

FTSE All-Share IA UK All Companies Schroder MM UK Growth Z Acc

Schroder MM UK Growth Fund

43


Past performance is not a guide to future performance and may not be repeated. Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, clean unit share class, from fund manager takeover 24 October 2007 to 30 April 2018.

81%67%

81%

Schroder MM UK Growth Fund

44

What are the risks?


Q1 2017 –Q1 2018

Q1 2016 –Q1 2017

Q1 2015 –Q1 2016

Q1 2014 –Q1 2015

Q1 2013 –Q1 2014

Schroder MM UK Growth Z Acc -2.78 19.15 -5.40 3.14 15.38

FTSE All Share 1.25 21.95 -3.92 6.57 8.81


Schroder MM International Fund

45


Past performance is not a guide to future performance and may not be repeated. Source: Lipper, bid to bid with net income reinvested, net of fees in GBP, clean unit share class, from fund manager takeover 24 October 2007 to 30 April 2018.

138%143%

107%

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30

50

70

90

110

130

150

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

FTSE All World ex UK IA Global Schroder MM International Z Acc

Schroder MM International Fund

46

What are the risks?


Q1 2017–Q1 2018

Q1 2016–Q1 2017

Q1 2015–Q1 2016

Q1 2014–Q1 2015

Q1 2013–Q1 2014

Schroder MM International Z Acc -0.95 29.38 -0.65 16.70 9.10FTSE All World ex UK 2.50 33.03 -0.75 19.56 6.15



47

The current portfolio

Source: Schroders, as at 30 April 2018. Securities mentioned are for illustrative purposes only and are not a recommendation to buy or sell.

33.3%

33.3%

33.3%

Fixed interest and cash (33.5%)

SSSF Sterling Liquidity Plus 21.9

Cash GBP 1.5

Invesco Perpetual Tactical Bond 10.1

Alternatives (33.3%)

Majedie Tortoise 10.1

Sanditon European Select 6.8

Morgan Stanley Global Multi-Asset Opportunities 5.0

iShares Physical Gold ETC 3.0

GLG UK Absolute Value 3.1

Jupiter Absolute Return 2.6

ODEY European 2.6

Equities (33.2%)

GAM Global Eclectic 6.8

GLG Japan Core Alpha 6.1

RWC Income Opportunities 4.8

Investec UK Special Situations 3.4

Majedie UK Income 3.0

Blackrock Gold & General 2.7

Majedie UK Equity 2.3

J O Hambro Global Opportunities 2.2

Invesco Perpetual European Equity 2.0

Neutralposition


48



20

40

40



Cash GBP 1.7

Schroder Strategic Credit 7.5

PIMCO Select UK Income 2.6






Equities (53.8%)

RWC Enhanced Income 21.2

Schroder Income Maximiser 11.2

RWC Global Enhanced Dividend Hedged 6.2

RWC Global Enhanced Dividend 6.1



Schroder European Alpha Income Fund 2.6


Neutralposition


49


Source: Schroders, as at 30 April 2018. For illustrative purposes only and are not a recommendation to buy or sell.

25

6510



Cash GBP 1.9









ODEY European 1.2

Equities (57.2%)



Sanditon European Fund 7.1



Hermes Asia ex Japan 3.6

Investec UK Specials Situations 3.5



Artemis Emerging Markets 2.6


Findlay Park American 0.6

Neutralposition


50



15

80

5



Cash GBP 1.2









ODEY European 1.0

Equities (53.2%)




Majedie UK Focus 7.3

Invesco European Equity 6.1




Hermes Asia ex Japan 1.5

Neutralposition

Schroder MM UK Growth FundThe current portfolio


100

Equities (96.6%)


Investec Special Situations 22.0

Jupiter Special Situations 17.3


J O Hambro UK Opportunities 15.9

Cash (3.4%)

GBP 3.2

Neutralposition

51

Schroder MM International FundThe current portfolio

Source: Schroders, as at 30 April 2018. Securities mentioned are for illustrative purposes only and are not a recommendation to buy or sell.*Schroder International Selection Fund will be referred to as Schroder ISF throughout this presentation.

100

Equities (90.6%)

Findlay Park American 19.4





Hermes Asia ex-Japan Equity 6.6

Fidelity ICVC US Index 6.0




Blackrock Asian Dragon Fund 1.3

CF Odey Opus 1.1

Cash (9.4%)

Schroder SSF Sterling Liquidity Plus 5.1

Schroder ISF* Euro Liquidity 2.2

Schroder ISF US Dollar Liquidity 1.0

GBP 1.1

Neutralposition

52

Disclaimer

53

For professional investors or advisers only. This material is not suitable for retail clients.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.

Schroders has expressed its own views and these may change. The data contained in this document has been sourced by Schroders and should be independently verified before further publication or use. This presentation is intended to be for information purposes only. The material is not intended as an offer or solicitation for the purchase or sale of any financialinstrument. The information provided is not intended to constitute investment advice, an investment recommendation or investment research and does not take into account specific circumstances of any recipient. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Information herein is believed to be reliable but Schroder Unit Trusts Limited (Schroders) does not warrant its completeness or accuracy. No responsibility can be accepted forerror of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions.

The forecasts included in this document should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors.

FTSE International Limited (“FTSE”). “FTSE” is a trade mark of the London Stock Exchange Group of companies and is used by FTSE International Limited under licence. All rights in the FTSE indices vest in FTSE and/or its licensors. Neither FTSE not itslicensors accept any liability for any errors or omissions in the FTSE indices or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

Issued in May 2018 by Schroder Unit Trust Limited, 31 Gresham Street, London EC2V 7QA. Registered No: 4191730 England. Authorised and regulated by the Financial Conduct Authority. MM00147

ContactAdvisory sales desk: +44 (0) 207 658 3894

Asset Manager sales desk: +44 (0) 207 658 3210

Schroder Investment Management Limited,

31 Gresham Street, London EC2V 7QA.

schroders.com

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