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investmentweek.co.uk WEEK 5 October 2020

The Big Question: How can the industry be better allies? page 5 2 Contents Analysis 3 OEICs 12 Opinion 18 Economists: Post-Covid double-digit Head versus heart: The six Is a Great British bounce-back on the cards inflation warnings wide of the mark. types of sustainable investor. for UK firms? The Big Question 5 ESG 14 Comment 19 National Inclusion Week 2020: Are renewables worth their current What lurks beneath. What would you like to see from allies? premium? Deep Dive 20 ESG 8 M&A 15 Four commentators look at absolute return Schroders to target sustainability 7IM CEO Dean Proctor: Further acquisitions sector. and impact with fund launches. unlikely despite current opportunities. Statistics 24 Awards 10 Investment Trusts 16 Unit trusts, OEICs and investment trusts. Sustainable and ESG Investment Awards The investment trust advantage. finalists. Leader 18 ESG 11 Dialogue over inclusion needs to go beyond Where the industry must act faster to meet 4 October. sustainable investing demand.

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Economists: Post-Covid double-digit infl ation warnings wide of the mark By David Brenchley Pichoud said. Velocity of MZM money stock (ratio, quarterly, seasonally adjusted) Other factors that are likely Twitter: @davidbrenchley 4 to weigh on inflation according Economists and CIOs believe fears to Unigestion’s head of macro central bank and government and dynamic allocation stimulus measures to fight the Guilhem Savry and head of economic effects of Covid will lead to 3 macroeconomic research Florian an inflationary shock are overdone. Ielpo include a lack of dynamism One of the defining features of the in current growth levels, rising coronavirus pandemic has been the 2 savings rates and corporate cash sheer scale of the policy reaction as holdings, and the acceleration of global lockdowns shut economies the digitalisation of industry. for months on end and pushed 1 “It is possible that inflation many countries into recession. 0.95 will resurface in the coming Fiscal stimulus measures in the months, but this will be cyclical, US and the European Union, for 0 temporary inflation that should example, added up to around 13% Jan 1960 Jan 1970 Jan 1980 Jan 1990 Jan 2000 Jan 2010 Jan 2020 barely exceed 3%,” Savry and Ielpo and 4% of GDP respectively as of 24 Source: Kleinwort Hambros; Federal Reserve Bank of St. Louis Economic Data noted. Pichoud agreed, pointing July 2020, according to Statista.com. to oil prices being the main driver This surge in government inflation may move into double meaning inflation has fallen. of 12-month inflation rates. These borrowing and growing central digits at some point in the next two “It is true that the scale of the were very low in Q1 2020, so bank balance sheets has caused or three years.” central banks’ bazookas is much higher levels in Q1 2021 would an acceleration in money supply With Jackson pointing out a bigger this time, but so is the demand “mechanically” push prices higher growth, according to global head generation of investors have never destruction being wrought across the on a yearly basis. of asset allocation at Invesco had to deal with inflation running at global landscape,” Kamal said. However, in the longer term, Paul Jackson. even 5%, “such an outcome could “Inflation is likely to remain tepid the aforementioned factors mean US M2 growth, for instance, is change the way markets behave”, due to huge slack that occurs in Savry and Ielpo “find it difficult to currently in excess of 23% year-on- including by changing the correlation recessionary times such as now. And anticipate lasting inflation shocks year, the highest level on record. between bonds and equities. there is plenty of slack given double- for the coming quarters”. This creates the possibility of higher However, while some portfolio digit unemployment in the US; a One firm that does expect a inflation over the next year or two, managers have admitted to similar level is likely in the UK as pick-up in inflation is BlackRock’s reasoned Jackson. positioning to hedge against this the tapering furlough schemes fully Investment Institute (BII). The Indeed, a paper from the Institute possibility, others see the scenario cease in October.” team recently predicted US CPI for Economic Affairs (IEA) in June as unlikely to materialise. Nathan Sheets, chief economist to average between 2.5% and warned the policy reaction to the Fahad Kamal, CIO at Kleinwort at PGIM Fixed Income, believes 3% between 2025 and 2030, pandemic could lead to double-digit Hambros, noted fears of an data for advanced economies “broadly consistent with inflation inflation at some point inflationary wave after suggest, in fact, that heavier debt moderately above the Fed’s 2% in the next two years. the US Federal Reserve burdens have brought lower target and a jump from current The IEA’s Juan The scale of the quintupled its balance inflation, rather than higher. market-implied inflation”. Castañeda and Tim sheet in the three “The cost of high debt is not The trigger, the team said, would Congdon predicted central banks’ years following the inflation but rather seems to be be rising global production costs. a big bounce-back in bazookas is Global Financial Crisis disinflation and weak economic With higher inflation not yet financial markets as much bigger proved misguided, performance, reflecting increased reflected in market prices, BII said well as in aggregate this time, but so with prices having uncertainties for the private sector,” it sees “a window of opportunity for demand and output is the demand remained muted over he explained. long-term investors”. It has moved once the pandemic is destruction the past decade. Adrien Pichoud, chief economist overweight inflation-linked bonds under control by mid- For liquidity to result at SYZ Capital, believes there is and underweight developed market to-late 2021. being wrought in inflation, Kamal very little risk of seeing significantly nominal government bonds in its “The extremely high across the global explained, money higher consumer price inflation as unconstrained portfolios. growth rates of money landscape velocity, or company structural factors such as ageing For Pichoud, it is sensible to have now being seen will – Kleinwort and consumer demographics, low productivity and some exposure to inflation hedges, instigate an inflationary Hambros’ Kamal spending, and the the growing share of GDP from the including real assets such as gold and boom,” they argued. money multiplier, service sector that have contributed equities, which would be the biggest “The scale of the boom or company and to a ‘Japanification’ of Western beneficiary of accelerating inflation. will be conditioned by the speed of consumer borrowing, must both economies over the past decade Jackson, meanwhile, suggested money growth in the rest of 2020 and remain high. However, both of these remain in play. commodity-related emerging in early 2021. tend to collapse in a recession. “We do not think anyone should market assets would perform “Money growth in the US has While money in the US has been position for a sustained and lasting better than many asset classes, reached the highest-ever levels in created, the slowdown in circulation acceleration in inflation, at least while value would trump growth peacetime, suggesting consumer has more than offset that rise, for the next two or three years,” within equities. 5 October 2020 investmentweek.co.uk

See investmentweek.co.uk For more responses from The Big Question 5 industry commentators

National Inclusion Week 2020: What would you like to see from allies? Following National Inclusion week between 28 September and 4 October, Lauren Mason asks LGBTQ+ and BAME members of the asset management community how they would bring about more change Paul Brady Rafael Campos Valdez Marion Bentata Madhu Kalia senior vice president diversity & inclusion vice president and senior investment writer and press and director at Franklin manager at AXA Investment credit officer at State Street officer at Rathbones Templeton Managers SUPPORT OPENNESS SET THE TONE EDUCATE, AMPLIFY, It is a sad fact that we live in a Firstly, do not equate equality Be active and visible, participate in society where prejudices still exist and access to opportunities with your networks’ events, show support CHALLENGE and where discrimination is far neutrality. Different experiences to your colleagues through your To me, ‘ally’ is a verb, not a noun. too common. But allies can play a make for an interesting working internal social networking, and help As such, I have four things I critical role in supporting family, environment because it allows for shape the direction that your firm’s would ask of allies. First, educate friends and work colleagues in authenticity. If you do not encourage diversity and inclusion efforts take yourself. While it is impossible creating and maintaining an a culture that acknowledges and – remember, the support of allies is to truly understand my lived inclusive environment. There are respects difference, there is no crucial in driving real change and experience as a gay latinx man, it is many ways one can be an ally, tension. And without tension, acceptance. Do not underestimate possible to learn from it. Second, including taking action against where is the creativity and progress? the power of small things, being amplify my voice, do not replace inappropriate behaviour, using Secondly, get into the schools. In visible or reaching out to colleagues it. Allyship is about being a voice inclusive language and ensuring a former life I was a teacher – it in difficult times or just simply for the voiceless. Remember that everyone feels included in the is terrifying how what children recognising difference is incredibly that your voice is already heard. conversation. Knowing you are assume defines them long term risks powerful. Do not be silent even if Third, get comfortable with the supported by strong allies provides needless limitations. Thirdly, let us it is easier to be. For allies in senior uncomfortable. Challenging the reassurance that you are not stop maligning the ‘stale, pale male’. positions, your active support sets exclusivity is not always easy or going to be treated differently just Many of my work heroes have or still the tone for everybody else. Make enjoyable – buckle in. Lastly, use because of who you are, who you do fall into that ‘category’. Inclusion the time to sponsor and show up to your privilege to create more allies. love or identify as. This, as basic at the expense of others potentially events to support your networks, You can help widen our reach, as it seems, can make a world of creates more problems than it seeks it really makes a difference. changing more hearts and minds. difference to many. to address. And finally, to the BAME Your support also reinforces the community – let us allow for errors. importance of inclusion in your If people are afraid to ask for fear workplace. of being branded ignorant, issues remain unresolved. Tom Maddick Darren Johnson Monique Brown Jonathan Polin governance analyst at executive director and COO of global head of human group CEO at Sanlam UK Janus Henderson Investors listed equities at Impax AM resources at BlueBay Asset Management CALL OUT EMPATHY SPEAK UP DISCRIMINATION The standard you walk past is the Educate yourself and learn to have DIALOGUE The concept of allyship has taken standard you accept. If you hear a conversations around differences; Having a network of allies is key in on greater prominence in the past comment that does not sound right, a stumble in the right direction is supporting a diverse and inclusive year, meaning for many people it point it out. Most often, people better than being sure-footed and industry. In my view, an ally is uncharted territory. The most do not realise their words could silent. Never underestimate the provides the platform to engage in important thing allies can do is to offend. I see allies as people who power of your voice; speak up for meaningful dialogue, and actively take on the struggle of a repressed can, by virtue of being outside our your colleagues when you see or hear listens and supports a decision to or underrepresented group as their experience, share their own path something that feels wrong. Commit action. There are alternative options own and call out discrimination to understanding and help others to real and substantive systemic and available to address D&I change; when they see or hear it. It can be develop empathy. pervasive change where you see enhanced and continued learning daunting, but it is only through inequality or lack of equity. Promote and development coupled with amplifying the voices of minorities equity within your organisation and defined and measurable objectives and standing up to injustice that measure its success by supporting for senior leaders to impact positive we will build a fairer and more pay gap reporting, for example, in cultural change. equal world. terms of ethnicity and gender. 5 October 2020 investmentweek.co.uk CuriosityFirst Sentier Investors has a new name.

At First Sentier Investors – the new name for First State Investments – curiosity is at the heart of all we do. It’s what shapes our investment philosophy and drives our active approach to investment management.

And while our name is changing, we retain the same active approach to creating sustainable, long-term outcomes for our clients.

Curious? Learn more at firstsentierinvestors.com

Important Information This document is not a financial promotion and has been prepared for general information purposes only and the views expressed are those of the writer and may change over time. Unless otherwise stated, the source of information contained in this document is First Sentier Investors and is believed to be reliable and accurate. References to “we” or “us” are references to First Sentier Investors. First Sentier Investors recommends that investors seek independent financial and professional advice prior to making investment decisions. In the United Kingdom, this document is issued by First Sentier Investors (UK) Funds Limited which is authorised and regulated in the UK by the Financial

FSI0069 UK Investment Week 2pg DPS_496x342_FIN.indd 1 21/9/20 7:34 pm First Sentier Investors

Looking to the future First State Investments is now First Sentier Investors. The brand change is part of a global re-branding program which began in 2019 after First State Investments was acquired by Mitsubishi UFJ Trust and Banking Corporation.

The name First Sentier Investors was chosen as it reflects our heritage and our ongoing purpose. The word ‘First’ allows us to keep a reference to our strong heritage, while the word ‘Sentier’ means path - which reflects our commitment to creating our own way forward and investing responsibly over the long term.

Our shared principles First Sentier Investors is a stand-alone asset management business and the home of investment teams FSSA Investment Managers and Stewart Investors. There is no change to the branding of these teams, or to the way they manage client assets.

While all our investment teams work with discrete investment autonomy, according to their own investment philosophies, we are united in a common commitment to responsible investment principles.

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First Sentier Investors is a stand-alone asset management business and the home of investment teams FSSA Investment Managers and Stewart Investors.

Conduct Authority (registration number 143359). Registered office: Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB, number 2294743. Outside the UK, issued by First Sentier Investors International IM Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registration number 122512). Registered office 23 St. Andrew Square, Edinburgh, EH2 1BB number SC079063. The First State Investments logo is a trademark of the Commonwealth Bank of Australia or an affiliate thereof and is used by FSI under licence.

FSI0069 UK Investment Week 2pg DPS_496x342_FIN.indd 2 21/9/20 7:34 pm 8 ESG

Schroders to target sustainability and impact with fund launches By David Brenchley funds, which actively exclude certain “allocating specifically to sustainable raise £250m to invest in “the future activities; ‘integrated’ funds, which funds, or even funds that are growth of British business”. Twitter: @davidbrenchley consider ESG factors throughout the dedicated more towards impact and A second investment trust launch Schroders will look to ESG, investment process; ‘sustainable’ positive change”. could soon follow, with Abbott sustainability and impact solutions funds, which seek to identify the most As a result, he explained, the revealing the firm was looking at as it aims to build out its range of sustainable companies; and ‘impact’ firm will look to bring “a range of bringing a fund to the market that funds and investment trusts. funds, which look to achieve specific strategies in [the sustainability] area focuses on impact investing within In November, Schroders said it and measurable ESG impacts. into the UK market” within global the private asset space. would integrate ESG across all of its Schroders’ head of UK equities but more specifically the Schroders recently bought investments by the end of 2020. intermediary Doug Abbott told UK equity space, “which is where BlueOrchard, an emerging market Then, Schroders’ Sustainability Investment Week that process most clients in the UK seem to be focused impact investment manager Accreditation encompassed just remains on track. “All offerings allocating at the moment”. that specialises in microfinance and over half of its £230bn AUM, with from Schroders will be, within their Abbott added Schroders was impact investing across asset classes, an aim to cover 100% by end- investment process, very cognisant of keen to continue to add to its including credit, private equity and 2020. Schroders said the in-house ESG,” he said. “It is something we are presence in the closed-ended sustainable infrastructure. accreditation helps its clients very passionate about.” market, too. The firm recently Abbott said ESG was an area distinguish how ESG factors are Looking further out, Abbott announced the launch of the at which Schroders was “very considered across its products. (pictured) added there was “clearly Schroders British Opportunities strong”, but reasoned “we need The accreditation spans ‘screened’ a growth in interest” from clients for Trust (SBOT), which will seek to to offer more in terms of product

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*All data is for the Columbia and Threadneedle group of companies as at 30 June 2020. Important information: )RU3URIHVVLRQDODQGRU4XDOLƂHG,QYHVWRUVRQO\ QRWWREHXVHGZLWKRUSDVVHGRQWRUHWDLOFOLHQWV Past performance is not a guide to future performance. Your capital is at risk. The value of investments can fall as well as rise and your clients may get EDFNOHVVWKDQLQYHVWHG7KLVPDWHULDOLVIRULQIRUPDWLRQRQO\DQGGRHVQRWFRQVWLWXWHDQRIIHURUVROLFLWDWLRQRIDQRUGHUWREX\RUVHOODQ\VHFXULWLHVRURWKHUƂQDQFLDOLQVWUXPHQWVRUWRSURYLGHLQYHVWPHQWDGYLFHRUVHUYLFHV,VVXHGE\7KUHDGQHHGOH,QYHVWPHQW6HUYLFHV/LPLWHG5HJLVWHUHG 1RDQG7KUHDGQHHGOH$VVHW0DQDJHPHQW/LPLWHG5HJLVWHUHG1RERWKUHJLVWHUHGLQ(QJODQGDQG:DOHV&DQQRQ3ODFH&DQQRQ6WUHHW/RQGRQ(&1$*8QLWHG.LQJGRP$XWKRULVHGDQGUHJXODWHGLQWKH8.E\WKH)LQDQFLDO&RQGXFW$XWKRULW\&ROXPELD 7KUHDGQHHGOH,QYHVWPHQWVLVWKHJOREDOEUDQGQDPHRIWKH&ROXPELDDQG7KUHDGQHHGOHJURXSRIFRPSDQLHV 08.20 | J30867 |

investmentweek.co.uk 5 October 2020 See page 10 ESG 9 To find out who has made it to the final of Investment Week’s Sustainable and ESG Investment Awards 2020

to the market so people can make The recent launch of Schroder Jenny Jones, Andrew Rose and active decisions to invest with us Portfolios saw the firm collaborate Matthew Dobbs. in the space”. with Benchmark Capital and fund All three have been replaced “If you invest with Schroders, research agency RSMR for a suite internally – by Bob Kaynor, Masaki all of our funds will have that ESG of six unitised multi-manager Taketsume and Richard Sennitt integration, [but] I think there is products that blend active and respectively – and Abbott said that another level where people are passive management. showed “the depth of talent we have”. looking for dedicated approaches Abbott said Schroders is “excited Succession planning is “an ongoing that go another step forward in terms about those” portfolios. “We think process, because the market always of the way they allocate.” they offer to advisers the best of active wants to see that you are more than a SBOT, which will be run by the and passive with a reasonable fee and one-person band”. firm’s head of equities Rory Bateman an enormous amount of resource “One of the strengths of a big and head of UK and European private behind them,” he said. house like Schroders is you have equity Tim Creed, will look to provide returns on capital”. Abbott added the firm wanted to within the business in every area long-term total returns by investing The trust would be differentiated “bring more of Benchmark Capital talent coming through. in both public and private UK firms. from the Schroder UK Public to the adviser market”, calling the “We have worked hard to make Abbott claimed there was “a once- Private Trust (SUPP), run by Creed company “the largest MPS provider sure that for almost all portfolios in-a-generation opportunity” to and head of data insights and you have never heard of in the UK”. there is a succession plan and a group invest in some “really interesting and research innovation Ben Wicks, “Working collaboratively with of people who can take on the mantle innovative” UK companies. The trust by investing in more mature [Benchmark Capital], we can offer if there are departures. would look to “support them at a time companies. SUPP remains more a lot more to advisers not just in “That is vital from a client where the UK economy is struggling focused on early-stage businesses. terms of investment solutions but perspective. Key person risk is huge because of the lockdown [and] “[SBOT] is very much about a in terms of a network [through its when people are allocating money because of that there are some good specific market opportunity. It is Aspect8 IFA business].” to a fund manager. We are not keen quality companies out there that going to have a seven-year life In terms of fund management, the on creating a star-manager culture you can invest in at really interesting as a fixed vehicle, so we are company has seen a number of high- where everything relies on one valuations where, over the long run, looking to make the most of that profile and long-serving managers person; we are very much about a you can make some really good current opportunity.” retire in 2019 and 2020, including collaborative team-based approach.”

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5 October 2020 investmentweek.co.uk 10 Awards

Visit event.investmentweek.co.uk/ sustainableesginvestmentawards- 2020 for more information

Sustainable and ESG Investment Awards finalists

By Katrina Lloyd We also introduced an award for Best Group Initiative and Best Thought Leadership for ESG Integration to reflect increased activity Paper categories. Twitter: @KatrinaLloydIW and interest in this area at a time of transition Finally, a number of groups competed for Investment Week is pleased to announce the for many asset managers. the accolade of Sustainable and ESG Fund shortlist for our Sustainable & ESG Investment In addition, we wanted to highlight groups Management Group of the Year in a closely- Awards in 2020, which have been relaunched that are contributing to the evolution of this fought category. at a key point in the evolution of this important sector and setting the agenda for the coming During the awards ceremony we will part of the market. years as well as reward innovation in the space. also reveal the winner of the Outstanding Building on the proud 13-year history of As a result, we welcomed entries for the Best Contribution to the Industry, which was these awards, Investment Week has introduced Newcomer, Best Sustainable & ESG Education decided by the judging panel. a number of new categories and extended our judging panel this year to better reflect the Judging panel huge growth in this area of the market and the main interests of Investment Week readers. Lisa Beauvilain, managing director, head of Louie French, senior research analyst and Ben Palmer, investment director - head of The winners will be revealed during a special sustainability/ESG, Impax Asset Management portfolio manager, Tilney responsible investment, Brooks Macdonald online awards ceremony on 26 November. Gianfranco Gianfrate, professor of finance, Richard Romer-Lee, co-founder and Hortense Bioy, director, sustainability/passive EDHEC Business School This year we have bolstered the number of strategies research at Europe Morningstar managing director, Square Mile Investment Philipp Hirche, founder and chairman, The Consulting & Research fund categories included in the awards with Dean Cook, multi-asset portfolio analyst, M&G WikiRate Project Treasury & Investment Office Felicity Selcoe, entries welcomed in the Best Sustainable and Laura Houet, partner, funds/ESG specialist, CFA, director, investment adviser, Julius Baer ESG Equity, Bond, Multi-Asset and Tancredi Cordero di Montezemolo, founder CMS Cameron McKenna Nabarro Olswang LLP and CEO, Kuros Associates Damien Lardoux, Mona Shah, director, Alternatives categories. head of impact investing, EQ Investors Stonehage Fleming Investment Management To reflect a high level of interest in the Julia Dreblow, director SRI services, founder of Fund EcoMarket, SRI Services Sophie Meatyard, fund analyst, FE fundinfo Lisa Stonestreet, head of communications and environmental and climate change theme in charity impact, Eiris Foundation Ashley Fagan, global head of ETF, index Veronique Morel, fellow chartered wealth 2020 and beyond, there was also a new category and smart beta strategic clients and head of manager, branch manager, Raymond James for Best Environmental/Climate Change fund. development for UK and Ireland, Amundi

2020 FINALISTS

THOUGHT LEADERSHIP PAPER Morningstar UK Ltd GROUP FOR ESG INTEGRATION SUSTAINABLE AND ESG Pictet-Global Environmental Opportunities Fund Nordea Asset Management BOND FUND RobecoSAM Smart Energy Fund Aberdeen Standard Investments Pictet Asset Management Aberdeen Standard Investments Strategic Asset Allocation: ESG's New Frontier Schroder International Selection Fund (ISF) African Infrastructure Investment Managers AB Sustainable Thematic Global Credit Fund Aberdeen Standard Investments Going Green – A Global Energy Transition SUSTAINABLE AND ESG RESEARCH Alquity Investment Management Aegon Ethical Corporate Bond Fund climate policy toolkit for investors AND RATINGS PROVIDER Vontobel Fund - Clean Technology Fund Amundi and IFC BNP Paribas Asset Management Amity Sterling Bond Fund Emerging Market Green Bonds Report 2019 Foresight Group LLP Morningstar, Inc Pictet-Global Sustainable Credit Fund SUSTAINABLE AND ESG INDEX/ BNP Paribas Asset Management S&P Global Ratings’ Sustainable Finance Team Newton Investment Management SERVICE PROVIDER Wells, Wires and Wheels Rathbone Ethical Bond Fund Sustainalytics PIMCO Edentree Investment Management Mind the gap BMO Global Asset Management Truvalue Labs Portland Hill Asset Management GREEN BOND FUND J.P. Morgan Global Index Research ESG Portfolio Management GmbH Quantitative Schroders Credit Rating Models including ESG factors Morningstar, Inc. NEWCOMER Allianz Green Bond Fund M&G Investments Pandemic: The inextricable link SUSTAINABLE AND Solactive ISS ESG Climate Transition Benchmark between human, animal and ecosystem health Green Credit Continuum Fund Index Series and the emergence of communicable disease AllianceBernstein Responsible US Equities ESG EQUITY FUND Montanaro Asset Management Renewable FP Foresight Global Real Infrastructure Fund BMO Responsible Global Equity Fund IMPACT FUND Energy; The Biomass Debate GIB Global ESG-Plus SUSTAINABLE AND ESG ETF Morningstar, Inc Investing in Times of Climate Candriam SRI Equity Emerging Markets Fund Morningstar MPS – ESG Range Aberdeen Standard Investments Global Equity Amundi Index Euro AGG Corporate SRI - UCITS Change. An Expanding Array of Choices for Carmignac Portfolio Grande Europe Fund Impact Fund Climate-Aware Investors Nomura Global Sustainable Equity ETF DR Impax Global Opportunities Strategy Morningstar, Inc Asset Managers as Stewards of The Big Exchange Baillie Gifford Positive Change Fund BNP Paribas Easy ECPI Circular Economy Leaders Sustainable Business. Implications of the Rise in TwentyFour Sustainable Short Term Bond Jupiter Global Sustainable Equities Fund FP WHEB Sustainability Fund UCITS ETF Passive Investing Income Invesco GBP Corporate Bond ESG UCITS ETF Nordea 1 - Emerging Stars Equity Fund Montanaro Better World Fund PIMCO ESG Investing Report: Bonds ESG into Action Urban Impact Ventures Sustainable Cities Impact iShares MSCI Europe SRI UCITS ETF Rathbone Global Sustainability Fund Nomura Global Sustainable Equity Fund RobecoSAM AG Covid-19 and ESG data: Spotting Fund I RobecoSAM Smart Energy Fund UBS ETF (IE) S&P 500 ESG UCITS ETF the cracks before the quake Wealthify Ethical range Threadneedle European Social Bond Fund S&P Global Ratings Space, The Next Frontier: Spatial Wellington Global Stewards UBAM - Positive Impact Equity Fund Finance And Environmental Sustainability SUSTAINABLE AND ESG SUSTAINABLE AND ESG FUND MULTI-ASSET FUND Wellington Global Impact Bond Fund MANAGEMENT GROUP OF THE YEAR Triodos Investment ManagementTurning SUSTAINABLE AND ESG the page. A radical agenda for economic EDUCATION INITIATIVE transformation Aegon Ethical Corporate Bond Fund SUSTAINABLE AND ESG BMO Global Asset Management Vontobel Asset Management Navigating with AllianceBernstein Climate Science and Portfolio Barclays Sustainable Strategy ALTERNATIVE ASSETS FUND BNP Paribas Funds ESG Ratings: What you need to know EdenTree Investment Management Implications curriculum Jupiter Global Ecology Diversfied WWF and Ninety One Sustainability & Satellites: BNP Paribas Asset Management and the CFA BNP Paribas European Infra Debt Fund Federated Hermes New frontiers in sovereign debt investing Nest Retirement Date Funds Institute Sustainable Investing Game Show IDEAS Managed Fund Foresight Group LLP SUSTAINABLE AND ESG Candriam The Candriam Academy MOST INNOVATIVE LAUNCH JLEN Environmental Assets Group Limited Impax Asset Management RESEARCH TEAM CFA Society of the UK (CFA UK) Certificate in ESG Montanaro Asset Management VT Gravis Clean Energy Income Fund Investing AllianceBernstein Green Managed Volatility Nordea Asset Management Aberdeen Standard Investments UBS AG #TOGETHERBAND Equities Fund ENVIRONMENTAL/CLIMATE Pictet Asset Management AllianceBernstein LP / Sustainable Global CPR Invest - Social Impact Fund Robeco Thematic Equities SUSTAINABLE AND ESG CHANGE FUND EQ Future Leaders Portfolios WHEB Asset Management BMO Global Asset Management - Responsible WEALTH MANAGER/DFM GROUP Investment Team Fidelity Funds (FF) Sustainable Reduced Carbon Candriam SRI Equity Climate Action Fund Bond Fund OUTSTANDING CONTRIBUTION Brown Advisory Aberdeen Standard Capital Davy Low Carbon Equity Fund EQ Investors Pictet-Sustainable Emerging Debt Blend Fund Citi Research & Global Insights Impax Environmental Markets plc To be announced at the ceremony P1 Investment Management PIMCO Climate Bond Strategy EQ Investors Ninety One Global Environment Fund Tribe Impact Capital Schroders International Selection Fund (ISF) Nordea 1 – Global Climate and Environment Fund Montanaro Asset Management Wealthify Sustainable Multi-Asset Income investmentweek.co.uk 5 October 2020 See page 12 ESG 11 To read more from Boring Money’s Great British Sustainable Savers Census

Mackay thinks the next 12 months will see a huge raft of multi-asset Where the industry must act faster to solutions being launched to meet this need with a large piece of work still to be done around how to map meet sustainable investing demand customer preferences and there could also be a rise in the customised By Katrina Lloyd industry with many moving parts What is also clear is the sector approach through Individually to accommodate and what we are has a long way to go in terms of Managed Accounts. Industry commentators with already seeing is some areas and ensuring investors understand the However, although there are still decades of experience have never companies move rapidly ahead while basic terminology as jargon is rife. many gaps to be filled, parts of the seen anything like the extraordinary others are left far behind. Boring Money’s CEO Holly Mackay industry are moving ahead quickly as change in attitude from investors The change in adviser attitudes has believes there needs to be a rethink shown by the response to Investment and advisers towards sustainable been particularly stark. According of communications and factsheets Week’s relaunched Sustainable and investing over the past couple of to Boring Money’s recent The Great for investors, while many fund and ESG Investment Awards. years and 2020 in particular. British Sustainable Savers Census index names have the potential for A number of wealth managers and Some were still dismissing ESG as 2020, 29% of advisers in September misunderstandings. selectors have become specialists in another ‘fad’ or ’flavour of the month’ 2019 thought their clients would In addition, the whole this field and are keeping the pressure as recently as the start of this year. value a conversation about ESG conversation with investors needs to on providers to evidence impact However, just a few months later funds, leaping to 54% just a year expand rapidly from one traditionally and avoid greenwashing. Innovative and accelerated by the fallout from later. At present though it is a story focused on exclusions to a much new products are being launched Covid-19, sustainable investing of extremes as some adviser firms wider discussion. But at this point while established funds are evolving. is being described as the ‘new consider becoming specialists in this many advisers will reach another There were also many excellent normal’, with the direction of travel area while 20% of advisers surveyed roadblock due to the significant lack entries for the Thought Leadership broader total integration into for the census are in the ‘disengaged’ of solutions and product innovation Paper category, highlighting groups processes and products. camp, despite regulatory changes to keep pace with this growth in setting the agenda in this exciting and This is a huge shift for an hurtling down the tracks. client demand. important sector for investors.

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5 October 2020 investmentweek.co.uk 12 OEICs See page 14 To read Rowan Dartington’s Tim Cockerill discuss whether renewables are worth their current premium

who do not want to be invested in sin stocks such as tobacco and arms. Head versus heart: The six At the opposite end of the scale to the ‘eco warriors’ are the ‘pure returns’ investors who are “only interested in investing for returns” – types of sustainable investor this is the oldest of the six segments and most male dominated. Holly Mackay (pictured), CEO By James Baxter-Derrington returns compared to cash savings, of Boring Money, said investors, 25% of existing investors believe it is advisers and “even fund managers Twitter: @jamesbaxterd more important for an investment to are confused”. UK investors can be divided into reflect their sustainable values than “The industry argues about six core groups of consumers from purely deliver returns. semantics and naming; those who are willing to prioritise The largest proportion of characteristics and false claims. As sustainability above financial returns, investors fell under the banner always the focus is on product sets to those who prioritise performance of ‘moderate greens’, for whom not customer need or demand,” above all else, according to The Great returns are a priority, but want to she said. British Sustainable Savers Census, see their money have a positive “We surveyed over 6,000 UK conducted by Boring Money. impact, with a particular focus on adults to understand the nuances The survey detailed two primary protecting the environment. of what they wanted. We looked at categories into which the six core At the ‘heart’ end of the scale priorities from financial returns to groups can be placed, with those are ‘eco warriors’, who prioritise more holistic attributes. We asked who choose investments that sustainability over returns and interested in a broader range of ESG about environmental, social and “reflect their sustainable values and want to see their money be a “force issues than just environment and are governance concerns to understand lifestyle” in the ‘heart’ category, for change”. driven by a desire to “create a better thematic preferences. and those whose investments They invest in a way that protects world” for their families. “And from this we identified are “positioned to perform well” the environment and are the Alongside the ‘moderate greens’ in six key ‘tribes’. If we start our comprising the ‘head’ category. youngest of the six segments, with the ‘head’ category are the ‘diligent proposition development with what Canvassing over 6,000 UK 78% under the age of 55. savers’, who prioritise performance the customer wants, and then move investors, the research found that Also willing to prioritise but want to see good governance in along to products, rather than the while most people invest with the sustainability over returns are their investments and companies other way round, we will surely primary drive of achieving higher the ‘future focus’ cohort, who are “doing better”, and the ‘no nasties’, deliver better outcomes.” Stonehage Fleming’s Smit: Quality stock selection key in tech sector

By Lauren Mason of e-commerce generally should High tech weighting has contributed to top-quartile returns (%) benefit luxury brands with a strong Twitter: @LaurenMason_IW 80 online presence. Online payment firms, cloud-based IA Global “Through the crisis, I think the services and e-commerce brands 60 Stonehage Fleming SCI Global Best Ideas Equity people with the luxury to do so will only continue to thrive over the have begun to prefer quality at a “very, very long term”, according 40 bit of a higher price” he reasoned. to Stonehage Fleming’s Gerrit “There is also a greater focus now on Smit, who said the need for quality 20 sustainability, and prioritising quality stock selection has “never been so 0 does feed into that. profound as it is now”. “[Portfolio holding] Estée Lauder Smit, who runs the £1.3bn -20 is a perfect example of this. Long Stonehage Fleming Global Best Ideas Nov 2018 May 2019Nov 2019 May 2019 before the crisis, it re-orientated itself Equity fund, has a 25.7% weighting Source: FE fundinfo for what it calls ‘the digital storm’. in technology, and 16% and 18% in E-commerce is now becoming a very consumer staples and discretionary increasing the use of technology, so normal’? I do not think so, because serious option at the top-quality end holdings respectively, which he said in terms of sustainability, I have no e-commerce gives you more of markets too.” has allowed the portfolio to deliver reservations about the continued convenience, greater choice and Another example in the 25-stock top-quartile returns over the last year. growth potential of tech.” often a better price on your goods,” portfolio of a company that His long-term conviction in these As part of this, Smit is particularly the manager said. “I would not be utilises technology is US firm sectors has also contributed to top- positive on the prospects for cloud surprised if food retail shops end Intuitive Surgical, which provides quartile gains over the past three and services and semiconductor up disappearing. Why would you robotics to help surgeons with five years as well as since launch in businesses, which he said the world ever want to go to a supermarket intricate surgeries. 2013, according to the manager. will become increasingly dependent if you can have goods delivered to “The chances of a successful “The modern world, aside from on “over the very, very long term”. your house?” surgery is much higher, the surgeon’s having become totally dependent He added online payment In terms of consumer career is extended, and the patient on technology, now relies on tech businesses such as PayPal, Visa, discretionary companies, Smit said recovery time is much quicker,” Smit to drive economic growth and Mastercard and American Express that while people are “ultimately explained. “I have been fortunate productivity, whereby tech delivers will retain “phenomenal” structural social creatures” who will choose to in having a long career in investing. the same outcome quicker and at a growth – particularly since the utilise bricks-and-mortar versions Given how we use technology, I have lower cost,” he said. Covid-19 pandemic and increased of some “niche” retail businesses, never seen critical aspects of the right “You can only achieve that dependence on e-commerce. he said a renewed consumer focus stock selection being so profound as by continuously improving and “Will we suddenly go ‘back to on quality combined with the rise it is now.” investmentweek.co.uk 5 October 2020 BAILLIE GIFFORD POSITIVE CHANGE FUND

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Standardised past performance to 30 June* 2016 2017 2018 2019 2020 POSITIVE CHANGE B ACC N/A N/A 32.4% 4.9% 51.0% (FUND INCEPTION DATE 03/01/2017) MSCI AC WORLD +2% TR IN GB 16.2% 25.4% 11.7% 12.5% 7.9% MSCI AC WORLD 13.9% 22.9% 9.5% 10.3% 5.7% IA GLOBAL TR IN GB 6.7% 23.7% 9.1% 7.5% 5.4%

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All data is at 30 June 2020. *Source: FE and MSCI, B Acc shares, single pricing basis, total return, sterling. Benchmark Returns are net of maximum applicable withholding taxes. Baillie Gifford & Co Limited is the Authorised Corporate Director of the Baillie Gifford ICVCs. Baillie Gifford & Co Limited is wholly owned by Baillie Gifford & Co. Both companies are authorised and regulated by the Financial Conduct Authority. See investmentweek.co.uk 14 ESG For our new ESG hub, as well as our live ESG blog

Are renewables worth their current premium? Sustainability is a word we hear countries leading the way. As the were to happen I do not think it will be being used every day now, and it is sector grows, newer technologies such in my lifetime, but it raises an important not just in the investment world – as biomass and battery storage will point – power prices. more and more products are being become more prominent. Their base The power price is important because labelled sustainable, from food and costs will fall, which then enables wider it provides the return for electricity clothing to holidays. This change instillations and further integration into generators like renewables. has been a long time coming and the grid system. Current projections are for a steady is very welcome. But let us be clear We have here an industry driving power price long term (20 years), Tim Cockerill is about what sustainability means. structural change which is going to which should mean that investment in investment director of In 1987, the United Nations play out over the coming decades, and renewables remains attractive. Rowan Dartington Brundtland Commission defined this presents a compelling investment And those attractions are considerable, sustainability as “meeting opportunity. And, of course, the demand with a high income which is stable – from the needs of the present without for power is only going one way too. an asset-based investment which means compromising the ability of future All of this is very positive but renewable the net asset value (NAV) should have low generations to meet their own needs.” energy in the form of wind and solar is levels of volatility. A part of the income When you look at it in these terms not the answer on its own – some days is fixed (there are power price contracts and when you take the UN’s Sustainable the wind does not blow and the sun does in place) and it also has an element of Development Goals (set out in 2015) into not shine; and what happens when there inflation linking. account, it is clear there is a very long is surge in demand? The sector is, however, trading on a road ahead. The changes the world needs The ability to provide instantaneous premium. This is not surprising given to effect are huge. power is a critical part of the grid system, the yield and strength of demand for A visible sign of this change is which today is covered mainly by natural assets, but I do not feel it is expensive renewable energy, to the point where gas generated power. Natural gas has a given the characteristics and the long- images of wind turbines have become a lower carbon footprint than coal, but it term outlook. little cliched. The only way to halt climate still releases carbon dioxide when burnt. change is to decarbonise and a major The answer is battery storage – battery Covid part of this is to stop using carbon-based technology has improved considerably In the Covid-19 market sell-off renewable energy sources. and costs have come down; lithium ion investment trusts got hit like most securities The UK’s energy mix has been battery prices have fallen over 80% in the as almost every asset class became transitioning from coal and gas towards last decade. correlated. But the NAV was not impacted renewables for a decade or so and during Battery storage facilities go hand-in- and nor was power generation. the first quarter of 2020, 47% of the UK’s hand with renewables and present an Thankfully, share prices recovered electricity generation came from wind exciting investment opportunity quickly. There are potential risks, such and solar. Additionally, during the first (see below). as a change in the long-term outlook for half of the year there was a two-month So far so good, but you may remember power prices, but set against the wider stretch when no coal-powered electricity futurists had predicted free and backdrop and the important and tangible was generated. unlimited energy, so could renewables be contribution renewables are making to The UK hopes to close all coal plants pointing in that direction? It is certainly sustainability, they look well placed for by 2024 as part of the government’s net not just around the corner and if it ever the medium to long term. zero emission target. Yet a decade ago approximately 40% of the UK electricity Battery pack price ($kWh): Down 87% from 2010-2019 came from coal. All change. An obvious consequence of this is that this year 1200 the carbon intensity (a measure of how 1000 much carbon dioxide is emitted for each kilowatt hour of electricity produced) was 800 the lowest recorded by the UK. Projections for future electricity 600 production from renewables show a strongly positive trend. When all sources 400 of renewables are included, such as biomass and hydro, the forecast is for 200 around 80% to come from renewables in 0 the UK by 2040. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e This pattern is expected to be replicated worldwide, with European Source: BNEF 2019 Lithium-ion battery price survey investmentweek.co.uk 5 October 2020 M&A 15

Performance recovering It was revealed in August that 7IM 7IM CEO Proctor: Further acquisitions grew its AUM by 9.2% in 2019, as group profits before tax soared 15% to £9.3m on group revenue of £70.9m, unlikely despite current opportunities up 5.2%. Proctor said 2020 has been By Mike Sheen and significant investment into our activity as smaller firms have felt the “difficult for all firms” amid the platform technology.” most pressure. economic and market impact of the Twitter: @michaeljsheen The acquisition forms part of He explained: “There are a coronavirus pandemic, highlighting The current market environment has 7IM’s broader strategy to partly drive lot of people rightly looking at the second quarter in particular as presented opportunities for wealth asset growth inorganically through the operating costs of running a 7IM’s workforce dealt with the impact management acquisitions, according acquisitions, having purchased business in the current climate, while working from home. to Seven Investment Management’s TCAM in 2019. in addition to headwinds like However, Proctor said the firm’s Dean Proctor, but the CEO does not For PWM, managing director increased regulatory costs. That is investment performance “has really see the firm as a “consolidator” and James Roberts explained that after clearly having an impact and there returned in a very positive light” believes further M&A activity in the 16 years the firm had been seeking is a lot of activity in the market”. since the market chaos of Q2 with immediate future is unlikely. a partner to “help... continue However, Proctor said 7IM performance returning to “pre- Last week 7IM completed the advancing our vision to build the does not see itself “as a market market levels quite quickly”. acquisition of London-based best client and adviser proposition consolidator”, with the PWM He added: “We are rebuilding financial planner Partners Wealth in the UK”, and had been attracted acquisition having been a “carefully our credentials as an investment Management (PWM), which saw the to 7IM due to its “award winning selected transaction for a very manager, and that is very group grow to £17bn in assets under technology, entrepreneurial culture, credible operation”. important to us as a firm given our management and over 400 in staff. strong management team and He added: “We currently have principal focus for supporting our A “key component of the deal”, shared values”. nothing in our sights. If there were intermediary customers. What one according to Proctor, was the greater Speaking to Investment Week, to be opportunities we felt were hopes is that continues alongside our efficiencies of scale it offers 7IM, Proctor noted the current market strategically aligned [with our plans], continued commitment to investing which “will allow us to make further environment has given way to M&A then perhaps.” in our platform.” From Hsinchu to Herzogenaurach A world of sustainable opportunities has never been closer. Royal London Global Sustainable Equity Fund A new world of responsible investing is taking shape. And our GSEF is seizing these opportunities with both hands. Looking for the very best ideas that drive positive change, from every corner of the world. Innovative thinking. A global outlook. And a track record of award-winning sustainable investing. It’s all closer than you think. Past performance is not a reliable indicator of future results. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. Discover more at rlam.co.uk/GSEF

For professional clients only, not suitable for retail investors. This is a ﬁ nancial Promotion and is not investment advice. The Fund is a sub-fund of Royal London Equity Funds ICVC, an open-ended investment company with variable capital with segregated liability between sub-funds, incorporated in England and Wales under registered number IC000807. The Company is a UCITS umbrella fund. The Authorised Corporate Director (ACD) is Royal London Unit Trust Managers Limited. For more information on the fund or the risks of investing, please refer to the fund factsheet, Prospectus or Key Investor Information Document (KIID), available via the relevant Fund Information page on www.rlam.co.uk. Issued September 2020 by Royal London Asset Management Limited, authorised and regulated by the Financial Conduct Authority. Firm Reference Number 141665, and registered in England and Wales number 2244297. Royal London Unit Trust Managers Limited, authorised and regulated by the Financial Conduct Authority. Firm Reference Number 144037, and registered in England and Wales number 2372439. Both are subsidiaries of The Royal London Mutual Insurance Society Limited, registered in England and Wales number 99064. Registered Offi ce: 55 Gracechurch Street, London EC3V 0RL.

5 October 2020 investmentweek.co.uk 16 Investment Trusts

The investment trust advantage William Sobczak of Kepler Partners looks at how investment trusts can (ATST), which now has an unbroken track record of dividend increases over 53 years. help income-hungry investors, even in the most difficult of environments Last year saw a 3% increase in ATST’s payouts, with the board dipping into This year has put income-seeking investors characteristics of investment trusts really reserves to help support this progressive under a great deal of pressure, with Covid-19 come into their own. policy. Their most recent interim report impacting almost every country and Investment trusts have a number of stated that they anticipate increasing the sector. According to the most recent Janus structural features which make them dividend for the 54th year, with the previous Henderson Global Dividend Index, which extremely effective at delivering a reliable full year’s dividend being covered more measures the income of 1,200 global firms, income, which we examine here. than 2x by their remaining revenue reserves. Q2 of 2020 saw a 22% drop in dividends. It was also announced that the board will Within Europe 54% of companies reduced Revenue reserves be converting its ‘merger reserve’ into their pay-outs, of which two thirds cancelled Arguably, the most important characteristic distributable reserves. This would take the them. Banks, which were asked to favour of investment trusts, for investors living off revenue reserves from £109m to around emergency loans over paying dividends, their investment income, is that trusts can £754m, covering the most recent full year accounted for 50% of the decline. retain up to 15% of the revenue they receive dividend by more than 16x, leaving the trust For those of us investing directly in from their underlying investments in a in a strong position to maintain its payout. equities, and relying on the dividends they reserve. Over time, this can be built up and, produce, income will have been significantly should there be a cut in the income of the Converting capital into income cut throughout the year. At Kepler Trust underlying companies, the board can utilise In 2012 tax laws were altered to allow Intelligence we spend our lives looking their reserves to maintain dividends the investment trust boards to pay dividends out at investment trusts, and against the trust pays. Many trusts are in this position, of capital reserves. This presents income- backdrop this year we have seen the unique and a well-known example is Alliance Trust seeking investors with huge diversification

SCOTTISH MORTGAGE INVESTMENT TRUST

Successful investing is as much about what you don’t know. So, we never stop learning.

investmentweek.co.uk 5 October 2020 See pages 37-39 For full investment trusts Investment Trusts 17 performance and statistics

benefits, given that they capital profits, targeting a otherwise struggle to afford this, the can access dividends from yield of 4%. This initially structure of investment trusts gives them non-income producing had a positive effect on the an affordable way of accessing these higher strategies which may be discount, but when the yielding assets. entirely uncorrelated with board moved to halt the 4% A good example of this is Greencoat UK the traditional income yield commitment – wisely, Wind (UKW), which provides investment producing sectors. amid the uncertainty of exposure to UK wind farms, with the twin International 2020 - the trust moved aims of delivering a high, RPI-linked income Biotechnology Trust (IBT) is from a small premium to return for shareholders whilst maintaining an example here, operating the current discount of capital value in real terms. in a sector which is wholly William Sobczak is an around 20%. The market-cap for the trust is more than uncorrelated to traditional analyst at Kepler Partners £2bn which, when coupled with a specialist income sources. In 2016 a Illiquidity yield management team, means they are able dividend was introduced, premium/illiquid assets to make very large investments that other with the board committing to paying 4% of Due to the structure of investment trusts, vehicles might struggle to do. At the current NAV each year from capital. they are able to invest in a wide variety of share price, UKW’s prospective yield is 5.2%, Such is the popularity of income among asset types and classes, many of which although it does trade on a premium of investors that the introduction of an income are potentially extremely illiquid and (in 12.2% currently. paid from capital can have a transformative practical terms) difficult to acquire. In some These features are among a number of effect on demand for a trust’s shares. cases, they also require a sizeable initial characteristics of investment trusts which IBT saw its discount shift from double investment. As such, they often attract can support income including; gearing, digits to a much tighter line, and it what is known as an illiquidity premium – a a fixed pool of capital protecting the currently trades around par. However, higher yield (or return) for the risk attached manager – unlike the OEIC counterparts this can be a double-edged sword. to holding these assets. – from forced sales of holdings, and board Invesco Perpetual UK Smaller Companies Examples include property, loans or oversight. Collectively, we think these make Investment Trust (IPU) decided to pay out infrastructure, where investments can investment trusts an extremely attractive all portfolio revenue as income in 2015, often run into the tens of millions of way to gain dependable income, and 2020 together with a contribution from realised pounds. While retail investors would has really brought that to the fore.

What’s next? It’s a question we ask ourselves every day. So, we speak to academia, to authors, to people who think differently, to help us imagine the future. This helps us seek out those genuinely innovative businesses which are providing new solutions, and disrupting existing JOEVTUSJFT"TBDUVBMJOWFTUPSTXFCFMJFWFJUnTPVSUBTLUPåOEUIFTFDPNQBOJFT BOENBLFTVSF UIFZSFBDIZPVSQPSUGPMJP0WFSUIFMBTUåWFZFBSTUIFScottish Mortgage Investment Trust has delivered a total return of 225.9% compared to 115.2% for the sector*. And Scottish Mortgage JTMPXDPTUXJUIBOPOHPJOHDIBSHFTåHVSFPGKVTU

Standardised past performance to 30 June* 2016 2017 2018 2019 2020 SCOTTISH MORTGAGE 4.9% 48.8% 33.4% 0.7% 55.4% AIC GLOBAL SECTOR WEIGHTED AVERAGE 5.6% 39.1% 20.6% 4.6% 19.0%

Past performance is not a guide to future returns. Please remember that changing stock market conditions and currency exchange rates will affect the value of the investment in the fund and any income from it. Investors may not get back the amount invested.

'JOEPVUNPSFCZXBUDIJOHPVSæMNBUTDPUUJTINPSUHBHFJUDPN A Key Information Document is available. Call 0800 917 2112.

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*Source: Morningstar, share price, total return in sterling as at 30.06.20. **Ongoing charges as at 31.03.20 calculated in accordance with AIC recommendations. Details of other costs can be found in the Key Information Document. Your call may be recorded for training or monitoring purposes. Issued and approved by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford & Co Limited is the authorised Alternative Investment Fund Manager and Company Secretary of the Trust. Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority.

5 October 2020 investmentweek.co.uk See investmentweek.co.uk 18 Opinion Follow our Diversity blog: For the latest industry news, commentary and analysis

INVESTMENT Opinion WEEK Is a Great British bounce-back Dialogue over inclusion needs on the cards for UK firms? One of my greatest pandemic to go beyond 4 October epiphanies has been for the British economy. Having just celebrated National Inclusion women in asset management, targeting a One that has increasingly Week, Investment Week believes now to be 30% proportion of female fund managers become services-based yet a poignant time to ask BAME and LGBTQ+ and for the industry’s gender pay gaps to be left behind in the global members of the asset management halved by 2030. technology war. community what the industry can do next The Diversity Project also partnered with Our largest companies to help. Not just over the course of a week, Women Returners this year to launch the JB Beckett is an iNED and represented by the FTSE but over the long term. How can members Diversity Project: Cross-Company Returner author of #newfundorder looks every bit as much of the industry serve as better allies? The Programme – a six-month returnship for the archaic legacy as our answers we received for this week’s front experienced professionals looking to return awkward history. page feature were insightful examples to work after an extended career break. There is a huge disconnect between current populous of the fact the dialogue is open, but In April, LGBT Great launched its Project concerns over unemployment, recession fears, supply nonetheless reminders that we need to do 1000, Pride 2020 campaign as part of a chains and retirement funding gaps; versus allocation more to allow people to bring their ‘whole five-year initiative aiming to spotlight 1,000 of capital decisions being taken by UK boards and asset selves’ to work. LGBTQ+ and supportive allies working on managers today. This year has seen some spectacular the buy side of the industry. Yet our economy is both circular and open. Past decisions highs and devastating lows. The murder of In terms of neurodiversity – promoting have interpreted this as grounds to globalise allocations to George Floyd shocked the world. The racist equal rights for those with ADHD, dyslexia, capture higher growth rates and diversify country-specific display from former Franklin Templeton dyspraxia or an autism spectrum disorder risk. Brexit has been corrosive to the UK outlook. These things executive Amy Cooper just three days later – several companies are leading the way, have been, but should not necessarily be, mutually exclusive. was a reminder the fight for equality is far with Goldman Sachs launching its eight- The past few months have been very painful for the UK from over. week Neurodiversity Hiring Initiative. economy. The OECD has noted the UK was hardest hit But from these events, we have seen the JP Morgan Chase’s Autism at Work among the largest developed economies. industry rally together to help fight racial programme employs 175 people in eight All eyes are now on recovery, and by what means we will injustice through campaigns such as #IAM, countries, and the firm plans to employ recover and what sort of economy we will recover to. which has been engaged with hundreds several hundred more neurodiverse people Yet boards are operating in a bubble to the UK economy of thousands of times across social media. over the next few years. and their decisions to diversify UK risk are counter-productive #IAM, which aims to allow black members None of the above initiatives existed – or at to that very recovery. of the asset management community and the very least had minimal traction at best – Meanwhile, the City’s steel and glass are hosting allies to create their own narratives, joins five years ago. It is important to recognise the activities and profits not necessarily pursuant to growing #TalkAboutBlack, an initiative launched two progress we have made as an industry. the UK economy. Today there are fewer home grown asset years ago to address the four kinks of the But with the proportion of female fund managers that have not been acquired by US or European racial inequality hosepipe. managers hovering around 10% for the past conglomerates. Consolidation and M&A activity has Indeed, amid harrowing tales of conflict four years, and just 1% of individuals in the accelerated post-Global Financial Crisis. in the mainstream media, positive steps are asset management industry identifying as Aberdeen Standard, Schroders, Royal London, Legal and being taken within our industry to make black, there is still work to be done. National General and Baillie Gifford stand among the few genuinely our places of work more inclusive. Inclusion Week is an immensely important large British brands that are still British controlled. Earlier this year, The Diversity Project event to note in the calendar, but it is futile if Meanwhile, UK asset management has been dominated announced a new “scale of ambition” for the dialogue stops after the 4 October. by US firms since the ‘Big Bang’. Whether early entrants such as Fidelity (surely the Ford of British asset management) or firms that have entered through acquisition (BlackRock, Tel: Unless specified, prefix Key account manager: Julia O’Brien 9913 For reprint and e-print enquiries: Columbia, Invesco, Legg Mason or Franklin Resources), numbers with 020 7484... Richard Coury, Media Licensing Co., CIRCULATION The Grange, 3 Waverley Road, the shift in British-controlled assets (proportionally) has Email: firstname.surname@ Please contact subscriptions on 01858 438 427 Farnham, Surrey GU9 8BB. been obfuscated by the overall rise in assets reported by the incisivemedia.com or email [email protected] Tel: 020 3773 9320 or email [email protected] industry as a whole. UK/WHOLESALE EDITORIAL MANAGEMENT EVENTS Published by Incisive Business Media Ltd This flow to overseas firms has also been symptomatic of Editor-in-chief: Katrina Lloyd 9838 Commercial director: Natasha Buckle 9791 New London House, 172 Drury Lane, Acting editor: London WC2B 5QR the shift to index based products and ETFs. Beth Brearley 9761 (maternity leave) EVENTS Investment Week is registered with the I expect few investors will stop to consider where the Acting editor: Lauren Mason 9942 Post Office as a newspaper Acting news editor: Mike Sheen 9966 Events managing director: profits of their investments go. Be in no doubt when it goes Acting deputy news editor: Simone Broadhurst 9798 © Incisive Business Media (IP) Limited David Brenchley 9894 Head of marketing and delegate relations: to BlackRock, Threadneedle, Invesco, Franklin Templeton or Asset management correspondent: Elena Tsangarides 9972 (maternity leave) James Baxter-Derrington 9771 Head of event operations: Legg Mason then the answer is (mostly) Stateside. Zara Bailey 9920 PRODUCTION Most UK subsidiaries of overseas multi-nationals will pay Production editor: Rachel Bird 9760 GENERAL dividends back to their overseas group parent. Art editor/infographics: CEO: Jonathon Whiteley 9745 Rachel Steele 9905 Managing director: Circulation figures: Should UK investment boards now consider both the origin Digital production editor: Ravi Meah 9820 Kevin Sinclair 9891 6,350 print edition, Advertising production manager: Customer Care UK: 7,534 digital edition as at July 2017 of whom they are invested through, as much as where they Maria Pelton 9823 +44(0)1858 438800 Email: [email protected] are allocating to? Possibly. Compared to ‘Make America Great MEDIA ADVISERS Again’, Britain sadly is not so ‘Great’ but we can ‘Make UK Head of sales: Mick Hrabe 9889 Subscriptions: Account manager: Naomi Howell 9959 UK £200, Europe £220, ROW £240 Again’ a strong and purposeful economy. investmentweek.co.uk 5 October 2020 See investmentweek.co.uk For more articles on the markets 19 and asset classes

Comment What lurks beneath

We live in interesting is now worth more than the FTSE 100; The times. Not exactly a Nasdaq 100 is now worth more than the contentious statement, Eurostoxx 600, having been only a quarter but when you spend your of the value a decade ago. This has been days following markets an absurdly unbalanced recovery, which and asset classes there can looks great to those investors passively be times when an outside tracking an index but conceals deeply perspective adds a great skewed risks. Events such as the derivative- deal of insight into how induced tech wreck we saw in the first week bizarre markets have been of September are likely to become more Cormac Nevin is head of this year. commonplace. fund research at Beaufort For me, this came Europe and Japan are also not immune to Investment when one of our wealth the mania – as in these markets the growth, manager clients relayed an quality and momentum equity factors anecdote about a client. remain at all-time-tight correlations. While reviewing his quarterly report Diversification is hard to come by, This has been an absurdly for Q2, with the painful memory of the combined with the potential for very unbalanced recovery, which first quarter fresh in his mind, the client limited upside. In markets such as these we looks great to those investors had expected another deluge of red ink view specialist value strategies as bursting passively tracking an index but given the negative headlines at home with upside convexity, and have expressed and abroad. He was stunned to see that this via the Pzena Global Value fund, which conceals deeply skewed risks. markets have rallied significantly, almost we purchased on 1 April. The strategy has Events such as the derivative- erasing the losses from Q1. underperformed the benchmark (MSCI induced tech wreck we saw in This should give us all pause for thought World index) slightly since then, but trades the first week of September regarding the sustainability of the current on a normalised P/E ratio of half the Index are likely to become more market structure and, most importantly for (9x versus 18x). commonplace clients, where positive returns can be found from this point onwards. Fixed income We are in the middle of a global I would argue the principal challenge have achieved equity-like returns since; pandemic, and enduring the resulting facing multi-asset investors at the moment which is remarkable; both in that there economic fallout from the seemingly is finding reasonably priced equity-beta has been a strong equity rally, and we are stop-start nature of the re-opening of our diversifiers, ideally which are also liquid. investing in securities that are higher in a economies. As the physical property fund debacle has company’s capital structure than equity. As of September, unemployment is illustrated recently, phantom liquidity is a Making this ‘value-esque’ investment in rising back towards multi-decade highs dangerous game. fixed income has helped us to outperform across the UK, Europe and the US. With traditional government bonds being peers and the market since the inception Policy interest rates are either near zero incredibly expensive, investors have to of our multi-asset funds in July 2019, while or negative across the globe, and the think further outside the box if they expect maintaining the potential upside of our efficacy of monetary policy to stimulate the next 30 years of multi-asset investment value equity exposures. growth is surely “pushing on a string” to be as amenable as the past 30. at this stage. Couple this with record With this in mind, we find the onshore Absolute return fiscal deficits and increasing political Chinese government debt market to be It is no secret that the absolute return tension in Europe, China and the US attractive and invested in UBS’s China offering in the UK wealth market is broadly – and investors could be forgiven for Bond fund in July. absolutely abysmal. Constituents of the their confusion regarding how financial For a country that has the same credit sector generally have either high and/or markets have reacted. rating as Japan (and is the world’s second massively volatile equity beta (in which So, looking at where the opportunities largest net creditor), GBP hedged investors case why not just buy specialist equity and challenges lie: can achieve yields of around 2.5% for mangers?) or dreadful risk controls and roughly five years of duration risk (versus the resulting drawdowns. To this end, we Equities 13 years of duration risk in the All-Stock bought Trium’s European Equity Market Since their nadir in March, equity markets Gilt index and a yield of 70bps). Neutral strategy on 1 April. This is a have disregarded the above economic While the aforementioned crisis presents strategy you want to hold if you have even reality and have consistently broken challenges for investors, it also presents a sneaking suspicion that equity prices are through new highs in many markets. great opportunities. This was most clearly not efficiently reflecting fundamentals and Looking at top-line measures such as the illustrated in the massive and rapid they have stuck rigidly to their mandate. S&P 500 entirely betrays the underlying blowout in high yield spreads witnessed in While the performance has not been stellar reality of what is happening in markets. February and March of this year. recently – investment, like in sport, is about Factoids abound about how concentrated We bought MAN GLG’s High Yield running to where you think the ball is these equity market gains have been, Apple Opportunities fund on 1 April, and they going, rather than where it has been. 5 October 2020 investmentweek.co.uk In a brand new series replacing Bull Bears, Investment Week takes a deep dive into 20 A Deep Dive Into… one particular asset class each week. Four commentators – one specialist fund manager, one Absolute Return multi-asset manager, one fund-picker and one CIO or economist – will each provide their in-depth takes on the market area, including the biggest potential risks, long-term themes and where they are seeing investment opportunities.

Polina Kurdyavko Fund manager

With the global economy slowly delivered mixed return profiles, EM assets are compelling from a risk/return perspective transitioning from a period of highlighting that it takes several sharp Covid-19 related slowdown market cycles to test and determine 14% to gradual growth, we have seen the true merits of such an 12% emerging market debt (EMD) approach. Long-termism is key. US equities 10% experience a rise in interest from Many benchmarked strategies US high yield investors attracted to the potential are made from the similar, often corporates 8% EM hard currency for higher yields and the portfolio indistinguishable cast and tend corporate debt diversification benefits that the asset to provide homogeneous investor 6% class offers. experiences, with mixed EM hard currency 4% US investment sovereign debt However, due to the periodic track records across multiple grade corporate EM local volatility inherent to EMD, there economic cycles. 10yrs over return Annualised currency debt 2% has also been significant dispersion In contrast, the world of in the investor experience, unconstrained EMD strategies, 0% depending on several factors, which have generally been more 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% including which of the four successful, require close scrutiny as Annualised volatility over 10 yrs sub-asset classes investors have each is unique in its approach. As at 31 July 2020. Source: JP Morgan, Bloomberg exposure to, and the timing of It is our belief that success in EMD capital deployment into the asset unconstrained investing depends on to be volatile, given the impending for risk markets. class. Over the past ten years, EMD three factors: concentrated position US election. For emerging markets (EMs), the has performed positively in six of sizing adjusted for asset volatility; the Looking to Latin America, global set-up should be reasonably those years, while posting negative use of derivative instruments as tools Argentina announced a successful constructive, not least because the returns for the other four. for hedging; and overall nimble and debt restructuring, with almost Fed stance is feeding a weaker US In response, there has been a dynamic portfolio construction. all bond series tendered and the dollar narrative. proliferation of new unconstrained, Taking each of these elements into new bonds beginning to trade Of course, this only works in a total return and absolute return consideration, where do we believe with strong yields of around 11%. healthy risk environment, so there strategies in the EMD universe – the opportunities currently lie? Interestingly, given the low initial has been a short-term wobble, as US each one with its own philosophy In Indonesia, an amendment to coupons on bonds, cash prices equity weakness has caused a ‘flight and unique portfolio construction its central bank law was proposed for the new instruments are in the to safety’ trade, which has actually approach, but all promising a that would create a monetary board, mid-40 to mid-50 range. seen the US dollar strengthen and smoother return experience. allowing government officials to Looking to the medium term, led to weakness in EM local markets. The presumed superiority of directly impact monetary policy. what should investors do well to be Credit has so far been more resilient, such strategies over traditional Given Indonesia’s recent foray into cognisant of? although high yield has seen some approaches has, however, been debt monetisation, in our view Economic data continues to selling pressure. subject to much debate. investors would do well to keep improve as economies bounce back The main point is that EM local This debate has taken a more a close eye on whether there are from their coronavirus-induced markets and credit markets more urgent turn over the past two- any further impediments to the slumps, and as the impact of highly generally have experienced nowhere to-three years for two principal independence of the central bank. expansionary monetary and fiscal near the euphoria of US equities in reasons. Firstly, an increase Russian assets remain under policies takes hold. In our view, August. Therefore, while they may in market volatility prompted pressure, after it was revealed this now leaves markets at an trade with the same directionality as investors to reflect on how opposition leader, Alexei Navalny interesting crossroads, where there equities in September, in our opinion best to access the opportunity was poisoned, raising the threat is less impetus for governments any moves are likely to be much set. Secondly, many of the of sanctions. This comes at a time to take further action on the fiscal more muted and we see conditions unconstrained strategies have when US-Russia relations are likely side, but where we are yet to have as supportive for performance in EM a virus vaccine, in addition to fixed income in the medium term. EMD sub-asset class returns 2011-2020 infection numbers picking up Position sizing discipline is a key across many parts of the globe as issue here, especially in the context 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 mobility restrictions are lifted. of an asset class with a highly EM sov IG EM corp HY EM corp HY EM sov IG EM sov HY EM corp HY EM sov HY EM corp IG EM sov IG EM sov IG 9.2% 23.0% -0.2% 9.7% 4.3% 17.6% 11.4% -0.7% 16.6% 3.1% Monetary policy will likely disparate profile of volatilities. No continue to do much of the heavy less important is systematic capacity EM corp IG EM sov HY EM sov HY EM corp IG EM corp IG EM sov HY EM corp HY EM sov IG EM corp HY EM corp IG lifting, as central banks tolerate management, as well as a focus 5.4% 21.5% -0.8% 8.2% 1.3% 13.7% 10.4% -2.4% 14.8% 1.9% higher inflation to promote a more on well-rounded security analysis

EM sov HY EM corp IG EM corp IG EM sov HY EM corp HY EM sov IG EM sov IG EM corp HY EM sov HY EM corp HY solid rebound in employment (including fundamentals, valuations 4.9% 15.1% -2.4% 3.4% 1.0% 7.0% 9.2% -3.1% 13.5% -2.4% and growth. In particular, the US and technical factors). A lack of focus Federal Reserve (Fed) has signalled on the latter can often lead to less EM corp HY EM sov IG EM sov IG EM corp HY EM sov IG EM corp IG EM corp IG EM sov HY EM corp IG EM sov HY -2.6% 14.8% -7.6% 0.3% -1.1% 6.4% 6.3% -6.2% 12.7% -9.6% its intentions with an average successful strategies. inflation targeting regime. In our Difference between the best and worst performing EM credit sub-components opinion, this should help to anchor Polina Kurdyavko is head of emerging 11.8% 8.2% 7.5% 9.4% 5.5% 11.2% 5.1% 5.5% 3.9% 12.7% real rates, even while nominal rates market debt at BlueBay Asset curves steepen on anticipated Management EM sovereign IG EM corporate IG EM sovereign HY EM corporate HY future inflation rises, which in turn As at 31 June 2020. Source: BlueBay Asset Management, JP Morgan should be a medium-term support investmentweek.co.uk 5 October 2020 See pages 24-39 21 For full fund and trust performance statistics

Georgina Taylor Multi-asset fund picker

Equities and bonds have provided globalisation, a core driver of Performance of bonds, currency volatility and yen during Q1 sell off a welcome tailwind for asset the thinking of the financial EUR USD 1yr at-the- Japanese yen vs allocators in recent years, with community over many years, now FTSE 100 money volatility Korean won UK 10yr govt bonds both delivering a good total return. looks under threat after seemingly However, the macro environment being irreversible. Change between 12/02/20 and -34% 6% 6% 3% is now very different. Interest rates Discussing the challenges 23/03/20 are at all-time lows and equity that this new world presents is valuations reflect optimistic only the start of the investment Source: Bloomberg expectations about the growth conversation. The next step is environment ahead. deciding whether it really has dynamic. Interest rates have risks. Similarly, within emerging For multi-asset absolute return changed the way we need to invest. been falling, which is supportive. markets, Brazil and Chile continue investors this also presents It feels difficult this time around, However, fiscal constraints and to look vulnerable, which could challenges, with some of our asset but I am reminded by colleagues a recent rise in inflation place a be reflected in a fall in their class tools becoming less reliable who have navigated markets for question mark over the level of currencies. for delivering an absolute return many years, that it never feels easy. policy help going forward, which in going forward. However, if we can The key is flexibility in our own our view will weigh on the Indian 4. Alternative diversifiers step outside of traditional asset thought processes to think about equity market. With low interest rates and ample classes and be less constrained how we navigate the current set of liquidity the main driver of financial in our investment approach, this challenges given the investment 2. Convergence markets diversification is hard to current economic and market tools we have available. The pandemic has merely come by in traditional asset classes. backdrop presents us with a range Below, I highlight some of the accelerated the convergence of While it seems unlikely that bonds of excellent opportunities. themes we see emerging across this monetary policy across economies lose a huge amount of money from While financial markets are in changing economic and market as policy makers look to stave here, there are negative scenarios part driven by economic dynamics, landscape and examples of how off its economic consequences. for equity markets driven by higher human behaviour is a key element we turn these into absolute return We believe this will underpin bond yields. The good news is that underpinning why they behave opportunities. a continuing narrowing of the there are alternative sources of the way they do. Fear and greed gap between bond markets, diversification. Volatility markets drive extremes in financial market 1. Interest rates lower for in particular between US and reflect the price that investors are performance and, as an element even longer European government bond willing to pay to insure themselves of investing, are perhaps more art Finding countries where policy yields (see chart below). Backing against a large move in markets. than science. makers have room to ease policy a directional call on bond markets Given volatility is so low, we believe In a post-Covid world driven by further helps unveil equity market given the current level of bond both equity and currency volatility fear of infection, human behaviour opportunities. Australia is an yields is tough, so we have more will likely rise from here. Buying is also going to have a significant example where policy rhetoric conviction in buying one bond volatility can make a positive return impact on economic growth. is still shifting while, at the same market relative to another. Relative in its own right but can also help if Opening up economies only fuels time, dividends in Australia are value – buying one market versus equity markets fall. Currencies can growth if individuals embrace still attractive, helping to boost another – is a helpful investment also help diversify a portfolio. For these new risks. The theme of total return. India has the opposite tool for generating absolute returns. example, while the Japanese yen A relative value bond or equity looks attractive versus history, it US 10y bond yields vs eurozone 10y bond yields idea can generate a positive return has also acted as a diversifier this regardless of whether equity or year when markets were falling. The 2.5 bond markets are rising or falling. table above shows the performance of bonds, currency volatility and 2.0 3. Release valves the yen during the sell-off in equity Release valves are used to control markets in Q1 2020. the pressure in a system. Interest 1.5 rates are arguably anchored and Thinking about the world as a set of are perhaps constrained in how investment ideas rather than asset 1.0 much they can move in response to classes can broaden the investment changing economic dynamics over universe for finding good return the next few years. But currencies opportunities. Some themes may 0.5 may play a more prominent role continue – accommodative policy through either being an asset type – however, others may change, 0.0 to reflect an investment view on such as the impact of globalisation. a particular economy, or used as This is likely to increase the divide an extra policy tool to help aid the between winners and losers and -0.5 economic recovery. For example, will underpin how to generate a we believe sterling could play positive investment return over the -1.0 this role for the UK economy and coming years. Feb 09 Feb 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 Feb 20 weaken from here, especially given the ongoing uncertainty Georgina Taylor is multi-asset fund Source: Bloomberg from Covid- and Brexit-related manager at Invesco 5 October 2020 investmentweek.co.uk 22 A Deep Dive Into… Absolute Return 22% Percentage loss of the HFRXEW in 2008

Philip DiDio Fund picker

Portable alpha is enjoying a excess beta exposure. For the Portable alpha comparison with typical fund of hedge funds quiet resurgence in popularity worst-hit investors this resulted in Portable alpha target Typical FoF target among pension funds and other margin calls, gated investments, institutions. The promise of better and insufficient liquidity to meet risk-adjusted returns through investment needs like paying Return LIBOR + 3% LIBOR + 5-7% efficient capital deployment and beneficiaries or expenses, or Standard Deviation* 5% 6% - 10% enhanced diversification is well- satisfying private equity capital calls. deserving of attention. It is rare Disappointment with portable Equity Beta* 0.0 - 0.25 0.3 - 0.5 for useful ideas in finance to be alpha performance (and alternative Credit Beta** 0.0 - 0.25 0.4 - 0.6 neglected or ignored, but the investments more generally) sent the relative silence around portable strategy into exile. Source: HFRI, SECOR Analytics alpha has a historical context. * Beta vs MSCI World Equity Index **Beta vs Bloomberg Barclays Global High Yield Index After suffering poor performance Recovery during the Global Financial Crisis The healing of time and a rebound in (GFC), portable alpha has been alternative investment performance discretionary strategies have the leading to challenging performance reborn and improved upon in recent has revived interest in portable ability to eliminate beta and target comparisons in normal markets. years. There is potential for a vibrant alpha. Demand for portable desired volatility The reward for caution comes future for portable alpha, driven by alpha strategies from larger, more during volatile periods like Q1 2020. the imagination and creativity of sophisticated pension funds forces Portable alpha portfolios often Portable alpha is designed to have today’s investment leaders. managers to quantify their value combine components of all four much lower drawdowns and lower proposition. Of primary importance strategies. volatility. This puts programme Concept of portable alpha is a clearer separation of alpha and managers on the front foot when Many institutional portfolios include beta. Stakeholders measure beta Portfolio construction allocating to crisis opportunities dedicated allocations to traditional by tracking position exposures and We believe portable alpha portfolios (dislocation trades) in the middle of equity and bond portfolios managed analysing historical returns. Though should adhere to certain principles: turmoil. by long-only managers. Long-only not completely decoupled, beta risks to invest primarily in liquid strategies; managers combine beta (market have become easier to distinguish to identify and diversify risks Conclusion risk) and alpha (active management) from alpha. This allows portable embedded in alpha strategies; to Today’s portable alpha users have in a single package. alpha investors to prioritise own tail hedge strategies to generate learned from the mistakes of the past. Portable alpha replaces paying only for alpha, not beta, and returns during market crises; and to The growth of liquid market neutral the long-only package with a challenges managers to deliver deliver acceptable performance in strategies, especially via quantitative combination of futures (providing alpha with minimal beta. The extreme market environments and higher-turnover strategies, beta) plus absolute return discipline imposed upon hedge increases the universe of suitable strategies (providing alpha) in funds by institutions has shaped In practice, these rules lead us to a investments for portable alpha. an effort to outperform equity the investment universe to produce different portfolio mix from a typical Macro investments, both systematic and bond benchmarks on a more purer expressions of alpha. hedge fund-of-funds portfolio. and discretionary, can also be consistent basis and with a higher The way to mitigate tail risk appropriate. Allocating to these information ratio. Strategies is by owning portfolio hedges strategies can generate predictable The motivation to defund equity The strategies that make the most that perform well in extreme volatility and minimal beta. Finding and bond managers is not born sense for portable alpha are those markets. These hedges can include those with persistent alpha is the from dissatisfaction or criticism of that minimise beta and have limited volatility arbitrage strategies, that final piece of the puzzle. their contribution. Many traditional correlation to other strategies. If we are systematically long volatility, managers add value through take the four main HFRI hedge fund or trend-following strategies, Philip DiDio is head of hedge security selection, market timing, categories: equity long/short, relative popular among commodity trading fund research at SECOR Asset and tight risk control. Rather, it is value, event driven, and macro, we advisers, which can also behave as Management the proliferation and breadth of see potential within each area to a portfolio hedge. Credit managers investment options made possible contribute. introduce credit beta, which is by portable alpha programmes that hard to avoid and as such should excites asset allocators. • equity long/short – while most be sized appropriately. Macro managers are long-biased and not strategies have struggled to perform GFC a good fit, many quantitative and consistently but are attractive for The 2008 GFC was unkind to some fundamental managers are their diversification benefits and portable alpha returns. Embedded, more faithful to the market-neutral can be used as beta-risk mitigators. and perhaps not fully understood, standard. The result is a portable alpha risks (duration, credit risk, illiquidity, • relative value – arbitrage strategies portfolio that is more faithful to the leverage) inflated portfolio betas. produce alpha but many contain original promise and more likely to Previously uncorrelated alpha tail risks that suffer in extreme bear perform during volatility-spiking strategies revealed tail risks when markets market events. confronted by a global deleveraging • event driven – credit investments Portable alpha programmes event. With alpha and beta turning are usually long-biased and are less aggressive than typical negative simultaneously, portable introduce limited beta hedge funds of funds. Tighter alpha investors experienced • macro – both systematic and constraints reduce the upside, investmentweek.co.uk 5 October 2020 Next week, we deep dive into: Emerging market equities 23

James Beck Market strategist

The past 40 years have been good Tough choices The 60/40 portfolio has had a great run (%)* to one of the mainstays of multi- Commodities have historically 30 asset portfolios and investment benefited in periods of higher and textbooks alike, the traditional 60/40 accelerating inflation, particularly 20 portfolio. But is the framework that when associated with rising demand. underpinned that model crumbling? That, of course, requires demand to 10 Since Fed Chair Paul Volker rise – not a foregone conclusion in 0 waged war on inflation in the early the current crisis. 1980s, ushering in a golden age for Gold has already surged this year, -10 Stocks 60/40 annualised bonds, a simple portfolio of 60% supported by its status as a safe Bonds S&P 500, 40% US Treasuries would haven, a strong relationship with -20 Average since 1980 have returned more than 10% a year falling real yields and the collapse -30 in dollars terms. Better still, with in rates (rendering its zero yield 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020* inflation tamed, successive Chairs irrelevant). It provides potential of the Federal Reserve were able to protection against a multitude of * Annualised year to date. Sources: Bloomberg, TS Lombard mobilise monetary policy to offset sins and is easily accessed via a falls in economic activity, often well-established ETF market backed generate depends on their availability In 2020 volatility has returned. With coincident with periods of equity by physical assets. Some investors rather than use and government business models now robust, many market weakness. As markets fell, have begun to look at other precious backing is more prevalent. strategies have generated meaningful bond prices rose, offsetting losses metals and even cryptocurrencies Private equity and private debt positive returns. These strategies and providing a natural cushion to should policymakers become have increasingly been favoured often benefit from low correlation the equity volatility. seduced by modern monetary theory by investors with extremely long- to equities and bonds. Exposure to However, that relationship is and outright currency debasement. term horizons, such as sovereign a carefully chosen combination of shifting. Equities and bonds are With inflation lurking in the wealth funds, pension funds and hedge fund strategies and managers becoming more closely correlated. shadows, productive assets such as endowments. With leverage cheap could help improve the risk/return Valuations for both are close to infrastructure and real estate offer and an illiquidity premium to harvest profile of a portfolio and its resilience record levels, and future returns are a more tangible solution for those for the patient, returns have been in the event of drawdown. likely to be muted. whose priority is return on capital. attractive compared to those of many As interest rates hit zero – and with Real estate has historically delivered equity indices. Smart balance return expectations falling – multi- strong real returns. The sector is Allocations have inevitably been There is no silver bullet solution for asset investors face the challenge in the middle of a Covid-induced creeping up, creating increased the top-down asset allocator. The of creating a diverse portfolio and paradigm shift, so sector exposure competition for assets and sparking large fan of credible potential future mitigating risk, particularly if inflation matters more than ever. Distribution higher prices, ultimately lowering economic outcomes – inflation or takes root. They will need to consider and data centres look like winners; returns for a given level of gearing. deflation, recovery or recession, broadening their horizons, and that retail and office look like losers. The underlying assets, as private rolling lockdowns or opening up – will mean including more alternative Given the uncertainty in real companies, are as economically requires all-weather solutions and asset classes in portfolios. estate, infrastructure assets seem sensitive to a prolonged downturn the steady introduction of alternative Alternatives comprise a broad a more reliable diversifier – and as many listed companies and assets alongside equites and bonds. church, stretching from real one that might help fill the income securities. More importantly, many All should be able to deliver assets – such as commodities, real vacuum left by bonds. They offer a investors do not have the resources to attractive risk-adjusted returns estate and infrastructure – to less combination of long-term, inflation- access private equity or private debt through the cycle but in differing liquid and specialist investment linked income that is effectively or may not be able to commit funds environments and with a low strategies in private equity, private backed by government. to illiquid structures for periods that correlation not just to equities but to debt and hedge funds. All carry Social infrastructure such as can stretch beyond a decade. each other. The skill will be not just in their own idiosyncrasies. hospitals and schools are particularly The comeback kids in a world how managers pick alternatives but attractive, as the income they where correlations have increased in how they blend them. and traditional diversification Bond-equity correlations are changing relationships are breaking down James Beck is head of investments at 100% could be hedge funds. The industry James Hambro & Partners 80% 5-year annual experienced a well reported 60% 2-year monthly existential crisis in 2008 as the 40% HFRXEW lost nearly 22% and funds 20% became caught in a downward spiral 0% of losses, redemptions, deleveraging -20% and broken business models. A lost -40% decade of anaemic returns followed. -60% While this reflected a necessary -80% reassessment of business models, leverage and fee rates, it coincided -100% 1975 1981 1987 1993 1999 2005 2011 2017 with a period in which many strategies were starved of the oxygen Sources: MacroHistory.com, Bloomberg, TS Lombard on which returns thrived – volatility. 5 October 2020 investmentweek.co.uk 24 Unit Trusts/OEICs Funds data supplied by Morningstar. Performance over one, three and five years on a cumulative bid-to-bid basis with income re-invested net of basic-rate tax. Figures based on closing price valuations available prior to 25 September 2020.

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) Fidelity UK Select W Acc -10.2 81 -0.2 50 21.7 61 QQQQQ 4.7 438 UK Direct Property FP Octopus UK Equity B Acc -14.1 118 -12.2 154 8.2 148 QQQ 4.6 18 Aberdeen UK Property Feeder UT I Acc -10.2 24 -7.8 22 -8.0 18 - 0.7 807 FP Russell Invsmts UK Growth Assts C Acc -19.7 202 -13.7 170 7.1 156 Q 5.9 50 Aberdeen UK Property I Acc -10.2 23 -7.7 21 -7.9 17 - 0.7 984 Franklin UK Managers' Focus W Acc -10.0 76 -4.6 77 17.2 77 QQQQ 5.0 304 Aegon Property Inc Feeder(Acc) GBP B Acc -7.7 20 -7.2 20 1.0 12 - 1.2 166 OFranklin UK Mid Cap W Acc -19.3 197 -7.5 93 11.8 125 QQQ 6.2 1039 Aegon Property Income GBP B Gross Acc -6.9 19 -4.8 15 5.1 9 - 1.2 427 Franklin UK Opportunities W Acc -13.4 114 -6.8 89 14.1 110 QQQQ 4.5 43 ARC TIME Commercial Lng Inc Fdr I NetAcc -0.9 8 - - - - - 0.3 181 Franklin UK Rising Dividends W Acc -10.7 85 -3.4 68 28.9 39 QQQQ 4.0 106 ARC TIME Commercial Long Inc A Gross Acc -0.2 7 - - - - - 0.4 448 GlobalAccess UK Opportunities M Acc GBP -19.8 203 -8.6 100 22.3 56 QQQQ 4.3 384 ARC TIME Social Long Inc Fdr Tr I NetAcc 3.2 3 13.7 2 - - - - 62 GVQ Opportunities A GBP Inc -34.5 242 -34.3 232 - - Q 6.7 56 ARC TIME Social Long Income A Gross Acc 4.0 2 16.5 1 - - - - 102 GVQ UK Focus I GBP Inc -35.5 243 -34.3 231 -18.3 213 QQ 6.9 151 Aviva Inv UK Prpty Fdr Acc 1 GBP Acc -15.2 29 -11.9 25 -9.0 20 - 0.9 178 Halifax Special Situations C -27.7 236 -20.1 198 -1.0 188 QQ 4.9 105 Aviva Inv UK Prpty Fdr Inc 1 GBP Inc -15.2 28 -11.8 24 -8.7 19 - 0.9 103 Halifax UK FTSE 100 Idx Track C -18.2 185 -13.2 165 9.6 135 QQQ 4.1 1024 Aviva Investors UK Property 2 GBP Acc -14.8 27 -10.9 23 -7.0 14 - 0.9 393 Halifax UK FTSE AllSh Idx Track C -17.1 170 -12.1 152 10.4 133 QQQ 4.3 1443 BMO UK Property 2 Inc 1.5 5 2.0 8 10.3 7 - 1.5 471 Halifax UK Growth C -18.7 187 -15.1 177 6.9 158 QQ 4.4 3434 BMO UK Property Feeder 1 Acc 1.0 6 0.1 12 7.2 8 - 1.5 370 HL Multi-Manager UK Growth A Acc -13.8 116 -12.4 156 12.4 120 QQQ 5.5 153 Janus Henderson UK Pty PAIF Feeder I Acc -2.3 12 8.2 7 11.0 5 - 1.9 1433 HL Select UK Growth A Acc 0.7 25 15.4 17 - - QQQQQ 4.1 286 Janus Henderson UK Pty PAIF I Acc -2.2 11 8.2 6 11.1 4 - 1.9 756 HSBC Common For Growth Income -24.2 223 -20.5 202 -5.8 198 QQ 5.1 7 OHSBC FTSE 100 Index Accumulation C -17.4 176 -11.3 139 14.5 104 QQQ 4.2 769 L&G UK Property Feeder I Acc -2.0 9 9.1 4 20.7 1 - 0.6 2866 HSBC FTSE 250 Index C Acc -13.1 109 -8.1 96 12.3 121 5.3 1081 L&G UK Property I Acc -2.0 10 9.1 5 20.7 2 - 0.6 2866 O QQQQ OHSBC FTSE All Share Index C Acc -16.2 144 -10.2 119 15.3 93 QQQ 4.4 1590 LF Canlife UK Property ACS I Acc -7.8 21 ------341 HSBC UK Focus R Acc -23.8 220 -22.3 211 -9.6 205 4.5 4 M&G Feeder of Property GBP I Acc -10.4 25 -6.5 18 -7.3 16 - 0.9 1386 QQ HSBC UK Growth & Income C Acc -24.4 224 -22.7 213 -10.2 207 Q 4.6 255 M&G Property Portfolio GBP I Acc -10.5 26 -6.5 19 -7.2 15 - 0.9 2180 HSBC UK Multi-Factor Eq Instl A Inc -16.9 165 -10.7 129 11.9 123 QQQ 4.3 29 MGTS St Johns High Income Property Acc 2.3 4 10.2 3 19.8 3 - 0.2 148 IFSL CAF UK Equity A Acc -13.3 112 -11.5 142 8.3 147 QQQ 4.6 88 MGTS St Johns Property Athrsd Tr GBP Acc 7.0 1 ------0 Invesco UK Companies UK Z Acc -18.9 191 -21.2 205 -4.9 196 QQ 5.4 133 Royal London Property A Acc -5.2 13 -0.4 13 10.7 6 - 0.6 379 Invesco UK Enhanced Index UK Z Acc -17.6 179 -10.5 122 14.4 106 QQQQ 4.5 493 SLI UK Real Estate Acc Feeder P 1 Acc -6.0 18 0.6 11 - - - 0.6 944 OInvesco UK Eq High Inc UK Z Acc -27.4 232 -34.5 233 -26.8 217 Q 5.6 3162 SLI UK Real Estate Inc Feeder P 1 Inc -6.0 16 0.6 10 - - - 0.6 334 OInvesco UK Equity Inc UK Z Acc -27.4 231 -33.6 230 -26.7 216 Q 5.6 1468 SLI UK Real Estate Platform 1 Acc -6.0 17 0.7 9 1.4 10 - 0.6 1594 OInvesco UK Opports (UK) Z (Acc) -18.7 186 -20.3 199 2.2 177 QQQ 4.7 602 Threadneedle UK Prpty Authrsd GBP InsInc -5.7 15 -5.4 16 1.1 11 - 1.2 793 iShares 100 UK Equity Index (UK) D Acc -17.3 174 -11.0 136 15.3 90 QQQQ 4.2 1270 Threadneedle UK Prpty Authrsd Invmt INI -5.7 14 -5.4 17 1.0 13 - 1.2 1023 iShares Mid Cap UK Equity Idx (UK) D Acc -13.4 113 -8.2 97 12.6 119 QQQ 5.6 592 VT Redlands Prpty A GBP Acc -9.3 22 -0.6 14 - - - 1.7 97 OiShares UK Equity Index (UK) D Acc -16.3 146 -10.1 114 15.6 85 QQQ 4.4 10238 Sector average/count -4.9 29 -0.3 25 3.3 20 0.9 753 Janus Henderson Instl Hi Alp UK Eq I Acc -16.8 163 -11.7 147 7.2 155 QQQQ 4.4 12 Janus Henderson Instl MainstrmUKEq I Acc -17.6 181 -11.6 143 8.9 139 QQQQ 4.3 166 Janus Henderson Instl UK Eq Trck A Inc -17.4 175 -12.9 162 9.2 138 QQQ 4.4 64 UK EQUITIES Janus Henderson Instl UK Idx Opps I Acc -16.8 162 -10.1 115 15.6 86 QQQQ 4.4 717 UK All Companies Janus Henderson UK Alpha I Acc -15.9 134 -15.9 183 11.0 128 QQQ 5.9 311 OJOHCM UK Dynamic A Acc -30.4 239 -25.9 218 0.5 184 QQQ 5.5 1344 OAegon Ethical Equity GBP B Acc -1.2 31 -2.5 62 11.6 126 QQQQ 5.1 509 OJOHCM UK Growth GBP A Inc -10.3 83 -13.3 169 0.7 182 QQQ 6.1 158 Aegon UK Equity GBP B Acc -6.6 55 -6.1 87 14.9 98 QQQQ 4.6 168 JOHCM UK Opportunities A GBP Acc -8.1 63 -0.9 54 20.7 63 QQQQQ 3.3 334 Aegon UK Opportunities GBP B Acc 4.1 17 5.6 35 25.6 50 QQQQ 5.2 131 JPM UK Dynamic C Net Acc -19.7 201 -17.8 193 0.6 183 QQQ 5.3 69 Allianz UK Mid Cap C Acc -8.0 62 -8.3 98 14.1 111 QQ 6.8 39 JPM UK Equity Core E Net Acc -15.6 129 -10.6 124 15.0 96 QQQQ 4.4 1066 Allianz UK Opportunities C Acc GBP -16.5 155 -11.4 140 19.5 65 QQQ 6.2 94 JPM UK Equity Growth C Net Acc -5.1 46 2.6 40 28.2 40 QQQQ 4.8 163 Architas MM UK Equity S Acc -14.3 119 -5.2 80 16.0 81 QQQ 4.9 104 JPM UK Equity Index E Acc ------27 Ardevora UK Equity B GBP Acc 1.8 23 10.6 25 35.8 27 QQQQQ 3.6 167 JPM UK Equity Plus C Net Acc -10.9 87 -1.6 60 25.5 51 QQQQ 4.6 116 Artemis Capital I Acc -16.3 149 -14.4 174 6.7 160 QQQ 6.0 216 JPM UK Equity Value C Net Acc -24.8 227 -25.1 215 -6.4 200 QQ 5.8 40 Artemis Instl UK Special Sits IN Acc -12.7 104 -13.1 164 2.3 175 QQQ 5.6 55 Jupiter Growth & Income I Acc -23.7 217 -29.4 224 -17.2 212 QQ 5.1 33 Artemis UK Select I Acc -10.1 77 -10.9 132 5.1 165 QQQ 6.7 680 Jupiter Responsible Inc I Acc -12.9 105 -12.7 159 2.2 176 QQQ 4.4 43 OArtemis UK Special Situations I Acc -12.0 97 -12.9 161 3.1 173 QQQ 5.6 459 Jupiter UK Growth I Acc -23.2 214 -33.2 229 -31.4 220 Q 6.7 530 Artorius A GBP Acc 6.4 11 29.5 4 59.1 8 QQQQ 6.4 13 OJupiter UK Special Situations I Acc -23.7 216 -19.6 196 4.8 168 QQQ 4.7 1601 AS SICAV I UK Eq X SInc GBP -3.2 35 7.9 31 35.1 29 QQQQ 4.9 33 L&G (N) Tracker I Acc -16.1 142 -10.2 118 15.1 95 QQQQ 4.3 1552 ASI UK All Share Tracker C Acc -16.5 154 -10.7 130 14.1 109 QQQ 4.4 1455 L&G Ethical I Acc -12.1 98 -5.2 81 7.4 153 QQQ 5.2 260 ASI UK Equity Enhanced Index B Acc -16.5 151 -11.5 141 - - QQQ 4.5 490 L&G Future Wld Gender Lead UK Idx I Acc -18.9 190 ------7 ASI UK Equity I Acc -2.9 33 8.6 30 36.8 26 QQQQ 5.0 419 L&G Future World ESG UK Index I £ Acc -17.8 182 ------239 ASI UK Equity Index Managed B Acc -16.6 157 -10.9 134 15.1 94 QQQ 4.1 219 L&G Growth I Acc 6.3 12 14.2 19 52.5 14 QQQQ 7.4 229 OASI UK Ethical Equity P1 Acc -14.1 117 -11.9 150 11.8 124 QQQ 6.8 288 OL&G UK 100 Index I Acc -17.0 167 -10.7 128 15.3 92 QQQ 4.0 1106 ASI UK Growth Equity P1 Acc -16.2 143 -13.9 172 3.1 172 QQ 4.8 125 L&G UK 350 Index A Acc -16.8 161 -11.7 146 10.5 132 QQQ 4.3 118 ASI UK High Alpha Equity P1 Acc -19.2 195 -20.4 200 -4.3 194 QQ 5.8 75 L&G UK Alpha I Acc -20.7 209 -44.8 234 -29.7 219 Q 5.8 53 ASI UK Impact Employ Opprt Eq P1 Acc -9.6 74 ------0 OL&G UK Index I Acc -16.1 139 -10.5 123 14.8 100 QQQQ 4.3 5713 ASI UK Mid-Cap Equity I Acc 8.8 5 23.0 11 58.4 9 QQQQQ 5.4 136 L&G UK Mid Cap Index I Acc -16.7 158 -13.3 168 - - QQ 5.9 283 ASI UK Opportunities Equity P1 Acc 6.7 9 11.0 24 38.7 24 QQQ 6.3 147 L&G UK Select Equity I Acc -6.5 53 -7.4 92 19.3 66 QQQ 6.2 325 ASI UK Recovery Equity P1 Acc -41.4 244 -56.3 235 -26.8 218 Q 8.1 49 L&G UK Special Situations I Acc -27.3 230 -33.0 228 -11.3 210 QQ 5.9 168 ASI UK Responsible Equity I Acc -3.2 37 12.9 21 53.0 13 QQQQ 5.0 42 Lazard UK Omega C Acc -16.0 136 -15.7 181 5.1 164 QQ 4.8 210 ASI UK Unconstrained Equity P1 Acc -27.7 237 -32.2 226 -24.4 215 Q 7.4 269 Legg Mason IF QS UK Equity X Acc -6.6 54 -7.5 94 3.4 171 QQQ 4.5 26 Aviva Investors UK Index Tracking 2 £Inc -15.6 132 -9.1 105 15.8 83 QQQ 4.2 693 LF Canlife UK Equity C Acc -15.6 131 -14.8 176 -6.8 201 Q 4.9 604 Aviva Investors UK Lstd Eq Hi Alp2GBPAcc -27.5 233 -32.0 225 -18.6 214 Q 7.0 155 LF IM UK Growth A Inc -6.8 56 1.3 42 26.1 46 QQQQQ 4.1 24 Aviva Investors UK Lstd Eq MoM1 2 GBPInc -5.6 50 26.0 7 66.4 4 QQQQQ 3.9 342 OLF Lindsell Train UK Equity Acc -7.3 58 20.6 12 61.1 7 QQQQQ 3.5 6218 Aviva Investors UK Lstd Eq Uncons2GBPAcc -15.4 127 -16.2 186 7.0 157 QQQ 6.0 154 LF Majedie UK Equity X Acc -14.3 120 -15.2 179 8.4 146 QQQ 4.5 1296 Aviva Investors UK Lstd S&M Cap2 GBP Acc -7.8 60 -0.5 52 27.3 43 QQQ 6.5 155 LF Majedie UK Focus X Acc -8.3 66 -1.2 57 21.9 59 QQQQ 5.0 1012 AXA Framlington UK Growth Z GBP Acc -6.1 52 6.0 32 25.8 49 QQQQQ 4.5 119 LF Miton UK Value Opps B Instl Acc -11.3 90 -8.6 101 8.8 140 QQ 6.4 345 AXA Framlington UK Mid Cap Z GBP Acc -5.2 47 3.2 39 26.3 45 QQQQQ 5.3 458 LF Purisima UK Total Return A PCG -10.3 82 -4.1 72 17.8 74 QQQQ 4.2 7 OAXA Framlington UK Select Opps ZI Acc -10.1 78 -2.9 64 14.1 108 QQQ 5.1 1043 Liontrust Macro UK Growth I Acc -17.5 178 -17.3 191 -10.2 208 QQ 5.3 21 AXAWF Fram UK F Cap GBP -7.1 57 0.9 47 - - QQQQ 4.9 289 OLiontrust Special Situations I Inc -3.5 40 12.0 23 54.3 12 QQQQQ 4.1 5616 Baillie Gifford UK Equity Alpha B Acc 8.3 6 30.9 3 74.6 3 QQQQQ 5.9 596 Liontrust Sust Fut UK Gr 2 Net Acc -0.4 27 12.9 22 45.7 19 QQQQQ 4.8 622 Baillie Gifford UK Equity Core B Acc -9.1 69 ------241 Liontrust UK Ethical 2 Net Acc -3.2 36 13.3 20 43.1 21 QQQQQ 5.1 617 Baillie Gifford UK Equity Focus B GBPAcc 10.2 2 16.5 15 - - QQQQQ 5.4 153 OLiontrust UK Growth I Inc -10.8 86 0.0 49 37.7 25 QQQQ 4.1 484 Barclays UK Alpha R Acc GBP -19.1 194 -16.5 188 5.1 163 QQQ 4.9 378 Liontrust UK Mid Cap C Acc GBP -14.7 123 -28.4 223 -16.4 211 QQ 6.2 88 Barclays UK Alpha S2 R Acc GBP -19.0 193 -16.5 189 5.0 166 QQ 4.7 40 Liontrust UK Opportunities C Acc GBP -15.5 128 -20.7 203 -6.1 199 QQ 6.6 10 Barclays UK Core R Acc GBP -20.3 205 -15.6 180 11.3 127 QQ 4.6 225 M&G Index Tracker GBP A Acc -16.7 159 -11.7 148 12.9 118 QQQ 4.4 439 Barclays UK Lower Cap R Acc GBP -7.3 59 -8.5 99 23.0 55 QQQ 6.4 53 OM&G Recovery GBP I Acc -22.9 213 -25.6 217 -7.4 202 QQ 6.7 1420 Barclays UK Opportunities R Acc GBP -20.3 206 -9.7 110 21.8 60 QQQQ 4.3 64 M&G UK Select GBP I Acc -0.7 30 3.3 38 25.2 52 QQQQQ 4.4 543 OBlackRock UK D Acc 1.4 24 15.6 16 45.5 20 QQQQQ 4.8 508 OMan GLG Undervalued Assets Profl Acc C -27.5 234 -24.9 214 -3.4 192 QQ 5.8 1042 BlackRock UK Equity D Acc -8.2 65 3.8 37 33.9 31 QQQQQ 4.7 443 Marks & Spencer UK 100 Comp Acc -17.6 180 -11.6 144 15.0 97 QQQ 4.6 227 OBlackRock UK Special Situations D Acc -13.5 115 -3.9 70 27.5 41 QQQQ 5.4 525 Marks & Spencer UK Selection Acc -24.1 222 -22.2 210 -5.3 197 Q 5.2 83 BMO FTSE All-Share Tracker 2 Inc -16.5 153 -10.9 135 13.8 112 QQQ 4.4 341 Marlborough Multi-Cap Growth P Inc 5.8 15 10.1 27 57.9 10 QQQQQ 5.6 254 BMO Responsible UK Equity 2 Acc -10.2 80 1.0 45 28.9 38 QQQQ 5.0 434 OMerian UK Alpha R GBP Acc -19.5 198 -14.6 175 7.9 151 QQQ 5.2 872 BMO Select UK Equity 2 Acc -19.5 200 -13.1 163 4.9 167 QQ 5.2 42 Merian UK Dynamic Equity R GBP Inc 3.6 18 0.4 48 49.4 17 QQQQ 7.0 423 BMO UK Mid-Cap C Acc -24.4 225 -21.3 206 -3.5 193 QQ 6.7 28 OMerian UK Mid Cap R GBP Acc 3.0 20 -3.0 65 39.8 23 QQQQ 7.5 2894 BNY Mellon UK Equity Inst W Acc -12.5 99 -3.4 67 14.7 102 QQQQ 4.0 653 MFM UK Primary Opportunities P Inc -12.5 100 -7.3 91 29.2 37 QQQ 4.6 19 BNY Mellon UK Opportunities Inst W Acc -12.9 106 -2.7 63 15.9 82 QQQQQ 4.4 259 MFS Meridian UK Equity W1 GBP -12.6 101 -4.2 73 18.2 71 QQQQ 4.0 14 Castlefield CFP SDL UK Bufftlgy Inst Inc -0.5 28 24.4 8 77.4 2 QQQQQ 5.4 1341 MGTS AFH DA UK Multi-Cap Gr I GBP Acc -16.3 147 -10.7 127 - - - - 92 CFP SDL Free Spirit General (Acc) 17.0 1 37.6 1 - - QQQQQ 4.7 19 MI Brompton UK Recovery Trust Acc -14.6 121 -10.4 121 14.7 103 QQQ 4.5 8 ODimensional UK Core Equity GBP Acc -17.2 173 -11.1 137 13.7 113 QQQ 4.8 641 MI Charles Stanley Equity A Acc -1.6 32 10.0 28 31.5 35 QQQQ 4.2 11 Dimensional UK Value Acc -29.2 238 -28.1 221 -7.4 203 Q 5.6 358 MI Chelverton UK Equity Growth B Acc 9.2 3 31.3 2 106.2 1 QQQQQ 5.7 712 EdenTree Amity UK B -8.1 64 -5.4 82 10.8 129 QQQQ 4.9 139 Mirabaud UK Equity High Alpha A GBP Acc -3.9 41 -3.4 66 22.1 57 QQQ 6.3 16 EdenTree UK Equity Growth B -8.7 67 -3.9 71 18.5 69 QQQQ 5.4 70 Montanaro UK Income GBP -3.4 39 1.9 41 - - QQQQQ 5.0 633 ES R&M UK Dynamic Equity B Acc -11.6 96 -11.2 138 18.8 67 QQQQ 5.0 56 NFU Mutual UK Growth C -10.1 79 1.1 43 32.9 33 QQQQ 4.4 321 ES R&M UK Equity High Alpha Fund B Acc -20.1 204 -18.3 194 8.8 141 QQQ 5.8 88 ONinety One UK Alpha I Inc -11.4 91 -4.5 75 18.2 70 QQQQQ 4.1 2234 ES R&M UK Recovery Fund B Inc -18.0 183 -17.7 192 15.8 84 QQQ 5.8 146 Ninety One UK Equity Income I Acc -5.8 51 5.7 34 33.7 32 QQQQQ 3.8 119 Family Asset Trust -17.2 171 -12.8 160 8.7 143 QQQ 4.2 58 ONinety One UK Special Situations I Acc -31.7 241 -28.2 222 -9.8 206 QQ 6.6 451 Family Charities Ethical Tr Inc -17.2 172 -9.6 109 10.0 134 QQQ 3.3 130 Ninety One UK Sustainable Equity I £ Acc 4.5 16 ------37 Fidelity FAST UK Y-ACC-GBP -5.6 49 10.5 26 33.9 30 QQQQQ 4.3 21 Ocean UK Equity B Acc -4.1 42 ------7 OFidelity Index UK P Acc -16.2 145 -10.2 117 15.5 89 QQQQ 4.3 2614 OneFamily Stockmarket 100 Trust RA -16.5 150 -10.9 133 14.2 107 QQQ 4.0 430 Fidelity Instl UK Acc -11.5 94 -9.4 107 7.9 150 QQQQ 4.4 150 Polar Capital UK Value Opports I GBP Acc -15.6 130 -13.2 166 - - QQ 6.3 831 OFidelity Special Situations W Acc -23.8 218 -20.8 204 3.6 169 QQQ 5.6 2164 Premier Ethical C Inc 7.3 8 9.7 29 35.7 28 QQQQQ 6.0 146 Fidelity UK Opportunities W Acc -4.9 45 -10.8 131 17.9 73 QQQ 5.3 389 Premier UK Growth C Inc 8.9 4 24.0 9 46.8 18 QQQQ 6.3 134 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 25 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) Quilter Inv UK Eq Opports U2 (GBP) Acc -13.1 107 -13.3 167 1.9 178 QQ 5.6 240 L&G UK Equity Income I Acc -25.0 78 -28.5 76 -14.7 71 QQ 5.5 199 Quilter Investors Equity 1 A (GBP) Acc -0.7 29 -8.7 102 32.7 34 QQQQ 7.6 64 Lazard Multicap UK Income A Acc -19.1 46 -16.4 45 2.8 35 QQQ 4.7 56 Quilter Investors UK Eq Gr U2 (GBP) Acc -9.8 75 1.0 44 26.0 47 QQQQ 4.4 233 LF ASI Income Focus A Sterling Acc -29.6 84 -49.1 81 - - Q 5.7 157 Quilter Investors UK Equity U2 (GBP) Acc -16.1 140 ------196 LF Canlife UK Equity Income C Acc -18.9 44 -16.6 46 -2.6 49 QQQ 4.6 238 Rathbone UK Opportunities I Inc 3.6 19 -1.2 56 21.2 62 QQQQ 5.6 42 LF Gresham House UK Mlt Cap Inc C £ Acc 2.6 2 17.8 1 - - QQQQQ 4.6 71 RBS UK Equity 1 Acc -16.5 152 ------LF Majedie UK Income X Acc -18.9 45 -16.1 44 -5.0 58 QQ 4.8 148 Royal London FTSE 350 Tracker Z Acc -16.7 160 -10.6 126 14.8 99 QQQ 4.3 5741 LF Miton UK Multi Cap Inc B Acc Instl -0.5 3 -0.5 5 18.1 5 QQQQQ 3.9 872 ORoyal London Sustainable Leaders C Acc 2.1 21 28.9 5 62.3 6 QQQQQ 3.7 2061 LF Montanaro UK Income A GBP Acc ------9 Royal London UK All Share Tracker Z Acc -16.0 135 -10.0 113 15.5 88 QQQQ 4.4 506 Liontrust Income C Acc GBP -12.1 17 -2.1 7 26.2 1 QQQQQ 4.3 328 Royal London UK Dividend Growth M -9.4 72 -1.3 59 23.2 54 QQQQ 4.9 812 Liontrust Macro Equity Income I Acc -19.1 47 -17.0 48 -4.8 57 QQQ 5.0 66 Royal London UK Equity M Acc -15.9 133 -7.2 90 14.5 105 QQQQ 4.2 611 M&G Dividend GBP I Acc -19.2 50 -19.4 53 -3.4 53 QQQ 4.9 908 Royal London UK FTSE4Good Tracker -17.1 168 -9.7 111 10.6 131 QQQ 4.1 111 M&G Equity Investment for Chrts GBP Inc -19.2 48 -13.0 30 9.1 25 QQQQ 4.4 823 Royal London UK Growth -11.2 88 -4.4 74 16.4 79 QQQQ 4.7 947 OMan GLG Income Professional Acc C -20.7 57 -14.6 36 10.8 19 QQQ 5.2 989 Royal London UK Mid-Cap Growth Instl M -10.4 84 -0.9 53 20.2 64 QQQQ 5.7 391 Marlborough Multi Cap Income P Acc -13.5 23 -10.8 25 -0.2 38 QQQ 5.5 1087 Royal London UK Opportunities M Acc -13.3 111 -11.9 151 1.0 181 QQ 6.4 698 Merian UK Equity Income R GBP Acc -20.7 58 -21.1 59 -8.0 64 QQQ 5.4 52 RWC UK Focus R GBP Acc -3.1 34 -6.5 88 14.8 101 QQQ 5.2 6 MI Chelverton UK Equity Income B Acc -22.3 62 -22.4 63 -1.1 41 QQQ 6.5 422 Sanlam Active UK A GBP -13.2 110 -10.0 112 2.4 174 QQQ 5.0 81 MI Downing Monthly Income Acc -15.0 26 -24.8 71 -6.7 61 QQ 5.5 45 Santander UK Equities A -9.0 68 -5.7 86 13.0 117 QQQ 5.2 280 NFU Mutual UK Equity Income C -21.1 59 -15.6 43 5.3 29 QQQ 4.3 151 Santander UK Growth RA Acc -4.3 43 -1.1 55 17.2 76 QQQ 5.4 788 Premier Income C Inc -23.4 65 -25.6 73 -9.2 66 QQ 6.0 192 Sarasin Charity Thematic UK Eq GBP A Acc -14.9 124 -8.0 95 9.6 136 QQQ 4.1 11 Premier Monthly Income C -23.6 66 -25.9 74 -9.5 68 QQQ 6.0 129 Sarasin UK Equity P Acc -15.1 125 -10.6 125 6.7 159 QQQ 4.1 3 Premier Optimum Income C Inc -23.6 67 -26.4 75 -8.1 65 QQ 6.2 101 Schroder Core UK Equity Z Acc -16.3 148 -12.3 155 8.6 144 QQ 4.8 43 Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc -15.7 31 -9.6 20 9.7 23 QQQQ 4.2 339 Schroder MM UK Growth Z Acc -21.7 211 -19.0 195 -1.2 189 QQ 4.7 13 Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc -15.8 32 -7.2 14 13.8 13 QQQQ 4.2 17 Schroder Prime UK Equity I Acc -12.6 102 -4.5 76 22.0 58 QQQ 4.4 184 Quilter Investors UK Eq Inc U2 (GBP) Acc -21.2 60 ------70 Schroder Recovery Z Acc -27.6 235 -26.5 220 -2.5 191 5.2 738 O QQ ORathbone Income I Inc -17.8 39 -14.0 33 3.1 33 QQQQ 4.2 778 Schroder Responsible Value UK Eq I Acc -26.9 228 -21.3 207 3.5 170 QQQ 4.5 38 Schroder UK Alpha Plus Z Acc -9.3 71 -4.6 78 15.5 87 QQQQ 4.9 514 ORoyal London UK Equity Income M -19.4 51 -13.8 31 9.3 24 QQQQ 4.8 1787 Schroder UK Equity Z Acc -27.3 229 -26.5 219 -9.5 204 QQ 4.9 306 Santander Enhanced Income II -5.3 5 -0.1 4 17.6 6 QQQQ 4.5 48 Schroder UK Mid 250 Z Acc -13.1 108 -16.4 187 0.3 185 Q 7.4 779 Santander Equity Income R Inc -7.8 9 -3.4 8 13.3 14 QQQQ 5.1 114 Schroder UK Opportunities Z Acc -24.8 226 -25.6 216 -10.3 209 QQQ 4.7 85 OSchroder Income Fd Z Acc -28.0 82 -24.3 68 -1.3 43 QQQ 4.9 1319 Scottish Friendly UK Growth 6.3 13 6.0 33 26.6 44 QQQQ 5.9 5 Schroder Income Maximiser Z Acc -25.7 79 -22.9 65 -2.7 50 QQQ 4.5 780 Scottish Widows UK All Share Track I Acc -16.6 156 -10.1 116 17.4 75 QQQ 4.8 4709 Schroder UK Alpha Income Z Inc -13.6 24 -15.0 39 0.4 36 QQQQ 4.8 92 Scottish Widows UK Growth A -18.8 189 -15.1 178 8.0 149 QQ 4.8 1954 Scottish Widows UK Equity Income A Acc -20.5 56 -17.4 51 5.5 28 QQ 4.8 413 Scottish Widows UK Select Gr A -11.5 93 -1.2 58 25.0 53 QQ 5.3 25 Slater Income P Inc -19.7 53 -20.3 54 -12.9 70 QQ 5.2 82 Scottish Widows UK Tracker G Acc -18.2 184 -12.7 158 13.7 114 QQQ 4.6 321 SPW MM UK Equity Income A Acc -19.2 49 -18.4 52 -0.1 37 QQQ 4.5 654 Slater Growth P Acc 6.5 10 23.4 10 51.3 15 QQQQ 5.2 636 SVS Albion Olim UK Equity Acc -23.9 70 -23.2 66 -1.9 47 QQQ 4.8 18 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UK Equity Income C Acc Net -33.0 85 -36.0 80 -7.1 62 Q 5.6 83 SVS Church House UK Equity Growth A Acc -8.0 61 0.9 46 29.4 36 QQQ 4.1 68 Unicorn UK Ethical Income B Inc -15.3 28 -15.4 42 - - QQQ 5.4 53 TB Evenlode Income B Inc -9.2 70 14.8 18 56.4 11 QQQQQ 3.7 3686 Unicorn UK Income B Inc -13.5 22 -13.9 32 4.7 30 QQQQ 5.7 575 TB Saracen UK Alpha B Acc -17.1 169 -10.3 120 12.3 122 QQQ 7.0 11 Vanguard FTSE UK Eq Inc Idx £ Acc -20.1 54 -17.3 49 -1.0 40 QQQ 4.6 1058 Threadneedle UK Equity Opps Z Inc GBP -23.9 221 -22.6 212 1.6 179 QQ 5.3 65 VT Tyndall Real Income GBP A Acc -26.1 80 -24.1 67 - - - 5.7 2 Threadneedle UK Extnd Alpha Ins Acc GBP -20.7 208 -14.1 173 8.8 142 QQQQ 4.9 130 Sector average/count -17.4 85 -15.5 81 2.9 73 4.8 495 Threadneedle UK Growth & Inc Z Inc -16.8 164 -11.6 145 13.3 116 QQQQ 4.8 262 Threadneedle UK Institutional Ins Acc -18.8 188 -15.7 182 7.7 152 QQQ 4.9 943 UK Equity And Bond Income Threadneedle UK Mid 250 Z Acc GBP -4.9 44 -5.5 83 13.6 115 QQQ 6.2 55 Threadneedle UK Select Z Inc GBP -16.1 141 -15.9 184 1.4 180 QQQ 4.2 279 HSBC Monthly Income C Acc -17.3 6 -13.9 6 1.0 6 Q 3.7 101 Threadneedle UK Sustainable Eq Z Acc -5.3 48 -0.4 51 - - QQQQ 4.6 23 LF Canlife UK Equity and Bond Inc C Acc -9.3 3 -4.8 3 12.9 3 QQ 3.3 21 OThreadneedle UK Z Inc GBP -18.9 192 -16.0 185 7.3 154 QQQ 5.2 1600 M&G UK Income Distribution GBP I Acc -14.8 5 -8.9 4 11.3 4 QQ 3.8 466 TM CRUX UK Core Fund B Inc -15.4 126 -5.6 84 25.8 48 QQQQQ 4.0 71 Royal London UK Income with Growth -14.1 4 -10.1 5 2.4 5 Q 3.8 207 TM CRUX UK Special Situations I GBP Acc -14.6 122 ------36 Threadneedle Managed Eq Inc Z Inc -8.3 1 -3.1 2 18.3 2 QQ 3.7 76 TM Stonehg Flm Opps B Inc -12.7 103 -11.9 149 9.4 137 QQ 7.0 151 Threadneedle Mthly Etr Inc Z Inc GBP -8.7 2 -0.9 1 22.6 1 QQQ 3.7 231 TM UBS (UK) - UK Eq C Acc -19.3 196 -12.6 157 8.6 145 QQQQ 4.0 10 Sector average/count -12.1 6 -7.0 6 11.4 6 3.7 184 UBS UK Opportunities C Acc Net -31.3 240 -32.5 227 -4.8 195 Q 5.4 18 Unicorn 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5.6 60 ASI (SLI) Corporate Bond P1 Acc 4.1 41 15.6 22 29.9 34 QQQQ 1.9 225 VT Munro Smart Beta UK A Acc Retail -23.8 219 -21.9 208 -0.6 186 Q 4.4 4 ASI AAA Bond P1 Acc 2.9 72 9.3 75 16.3 75 QQ 0.9 229 VT Sorbus Vector A 7.7 7 17.9 14 - - QQQQ 4.7 36 ASI Corporate Bond I Acc 4.1 39 14.4 38 30.4 33 QQQQ 1.7 919 Wesleyan UK Growth X Acc -23.6 215 -19.7 197 - - QQ 4.8 50 ASI Ethical Corporate Bond P1 Acc 3.3 61 13.5 48 26.9 52 QQQ 1.9 437 Sector average/count -12.9 244 -7.9 235 15.4 220 5.1 645 ASI Investment Grade Corp Bnd P1 Acc 3.5 57 14.6 34 28.3 41 QQQ 1.9 390 ASI Short Dated Corp Bd P1 Acc 1.6 94 4.9 90 - - Q 0.8 192 UK Equity Income ASI Short Dated Stlg Corp Bd Trkr B Acc 2.2 86 ------51 Aegon UK Equity Income GBP B Inc -16.6 35 -14.2 34 6.7 27 QQQ 4.5 45 ASI Short Duration Credit P1 Acc 2.3 83 6.9 84 15.1 78 QQ 1.5 47 Allianz UK Equity Income C Inc -17.5 38 -10.5 24 10.1 21 QQQ 5.4 54 ASI Sterling Corp Bond Tracker B Acc 5.6 10 ------296 Ardevora UK Income C GBP Inc -18.0 40 -14.7 37 -1.9 46 QQQ 4.2 8 Aviva Investors Corporate Bd 2 GBP Inc 3.6 53 13.1 56 25.6 57 QQQ 1.6 2828 OArtemis Income I Inc -15.2 27 -8.2 17 13.9 12 QQQQ 4.3 4179 Aviva Investors Mthly Inc Pls 2 GBP Acc 4.2 36 15.0 27 28.4 40 QQQ 1.7 248 ASI UK High Income Equity P1 Acc -22.1 61 -24.4 69 -12.1 69 QQ 5.3 332 AXA Sterling Buy & Mntn Crdt Z GBP Acc 3.5 59 14.2 42 29.4 37 QQQ 1.9 350 ASI UK Income Equity I Acc -7.0 8 2.2 2 25.0 2 QQQQQ 4.1 154 AXA Sterling Corporate Bond Z Gross Acc 3.2 63 12.9 61 30.6 27 QQQ 1.5 57 OASI UK Income Unconstrained Eq P1 Acc -24.7 75 -30.2 79 -20.1 73 QQ 5.7 806 AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 1.5 95 4.4 92 8.8 83 Q 0.7 624 Aviva Investors UK Listed Eq Inc 2 £ Acc -15.5 30 -10.2 23 9.9 22 QQQQ 5.0 1003 Baillie Gifford Investment Grd Bd B Inc 2.9 70 14.6 36 28.1 43 QQQQ 1.8 172 AXA Framlington Monthly Income Z GBP Inc -18.1 42 -14.8 38 7.4 26 QQQQ 4.8 273 Baillie Gifford Invm Grd Lng Bd B Inc 5.0 19 24.5 4 43.0 7 QQQQQ 2.5 209 AXA Framlington UK Equity Income Z £ Acc -5.5 6 -1.6 6 18.2 4 QQQQ 4.3 72 Barclays Sterling Corporate Bd R Acc GBP 4.1 42 12.8 64 24.6 65 QQQ 1.6 139 Barclays UK Equity Income R Acc GBP -24.1 71 -21.7 61 -3.6 54 QQ 4.9 66 BlackRock Corporate Bond 1-10 Year D Acc 3.5 58 11.2 69 23.7 69 QQ 1.5 1220 Barclays UK Equity Income S2 R Acc GBP -23.7 68 -21.8 62 -3.8 55 QQ 4.9 95 OBlackRock Corporate Bond D Acc 4.2 37 14.6 35 31.2 23 QQQQ 1.9 1233 BlackRock UK Income D Acc -9.8 11 -4.2 10 16.0 11 QQQQ 4.0 327 BMO Corporate Bond C Inc 3.7 51 12.5 65 26.8 53 QQQ 1.7 22 BMO Responsible UK Income 2 Inc -12.8 20 -6.3 13 10.6 20 QQQQ 4.3 333 BMO Long Dated Sterling Corp Bd 3 Acc 6.6 8 26.6 3 53.3 2 QQQQQ 3.0 44 BMO UK Equity Income 2 Inc -14.5 25 -9.8 21 12.5 17 QQQ 5.4 41 BMO Responsible Sterling Corp Bd C Inc 4.1 38 14.1 45 27.8 46 QQQ 1.6 183 BNY Mellon Equity Income Bster Inst WAcc -24.9 77 -25.4 72 -6.0 60 QQ 4.5 71 BMO Sterling Corporate Bond 3 Acc 4.4 31 15.5 24 31.6 21 QQQQ 1.7 207 BNY Mellon Equity Income Inst W Acc -24.7 76 -21.0 58 -1.2 42 QQQ 4.7 127 BNY Mellon Corporate Bond Inst W Acc 5.5 12 14.8 31 33.9 14 QQQ 2.0 27 BNY Mellon UK Income Inst W Acc -16.0 34 -7.6 16 12.7 15 QQQQ 4.2 987 BNY Mellon Global Credit GBP W Acc H 8.2 2 16.7 15 26.6 54 QQQQ 1.9 484 Castlefield B.E.S.T. Sust Inc Instl -11.0 13 -14.2 35 -2.9 52 QQQ 3.8 19 BNY Mellon Long Corp Bd Exempt 1 Acc 5.4 13 21.9 7 43.0 8 QQQQQ 2.3 34 Courtiers UK Equity Income Retl R -23.1 63 -20.6 57 - - QQ 6.0 15 Close Bond Income Portfolio X Acc 3.2 66 10.6 72 25.4 60 QQQ 1.3 242 DMS Charteris Premium Income I Acc -2.7 4 -10.9 26 16.3 9 QQQ 4.7 7 EdenTree Amity Short Dated Bond B 1.8 93 4.5 91 - - - - 66 DMS Kleinwort Hambros Eq Inc A Acc -17.3 37 -16.9 47 -2.4 48 QQ 5.2 39 Fidelity Idx Sterling Corp Bd P GBP Acc ------20 ES Ardevora UK Income Instl Net Acc -18.3 43 -15.3 41 -2.8 51 QQQ 4.2 6 Fidelity Instl Lng Dtd Stlg Corp Bd Inc 4.7 25 22.8 6 47.6 4 QQQQQ 2.9 586 ES R&M UK Equity Income Fund B Inc -6.9 7 -4.1 9 16.4 8 QQQQQ 4.0 129 Fidelity Instl Sterling Corp Bond Inc 5.3 14 16.2 18 32.7 17 QQQQ 1.7 337 Fidelity Enhanced Income W Inc -12.6 18 -12.4 29 -1.4 44 QQQ 3.6 247 OFidelity MoneyBuilder Income W Inc 3.1 69 13.0 59 26.2 56 QQQ 1.7 3191 OFidelity MoneyBuilder Dividend W INC -11.9 15 -11.3 28 2.9 34 QQQQ 3.8 565 Fidelity Short Dated Crprate Bd W Acc 1.9 92 6.3 87 - - Q 0.8 161 FP Octopus UK Multi Cap Income S GBP Acc 5.5 1 ------19 Franklin Sterling Corporate Bd W GBP Acc 3.2 62 14.2 41 - - QQQ 1.8 46 OFranklin UK Equity Income W Acc -15.9 33 -9.9 22 17.3 7 QQQQQ 4.6 811 GlobalAccess Glbl Corp Bd M Dis GBP Hdg 4.1 40 12.2 67 22.3 72 QQQQ 1.8 401 GAM UK Equity Income Instl Acc -23.8 69 ------163 GS Sterling Credit R Acc GBP 4.7 24 16.9 14 32.0 20 QQQ 2.0 25 Halifax UK Equity Income C -20.3 55 -17.4 50 3.5 32 QQQ 4.4 1725 Halifax Corporate Bd C 3.5 55 13.1 54 25.5 59 QQ 1.9 1700 HL Multi-Manager Income & Growth A Acc -19.5 52 -20.6 56 -4.5 56 QQQ 4.9 2512 HSBC Corporate Bond C Acc 4.6 26 15.8 19 32.7 18 QQQQ 2.0 900 HL Select UK Income Shares A Acc -10.6 12 -6.1 12 - - QQQQ 3.6 145 HSBC Sterling Corp Bd Idx Acc C 4.5 27 15.2 25 - - QQQ 1.7 301 HSBC Income Accumulation C -24.1 72 -22.8 64 -9.5 67 QQ 4.7 116 OInvesco Corporate Bond UK Z Acc 5.1 17 12.8 63 24.6 66 QQQ 1.3 3335 Invesco Income & Growth UK Z Acc -15.3 29 -11.0 27 3.9 31 QQQ 4.4 401 OiShares Corporate Bond Index (UK) D Acc 3.8 48 14.7 32 29.8 36 QQQ 1.8 5654 Janus Henderson UK Eq Inc&Gr I Inc -24.2 73 -29.0 77 -16.6 72 QQ 5.2 175 Janus Henderson All Stocks Credit I Acc 4.8 22 15.6 23 30.5 30 QQQ 1.6 326 Janus Henderson UK Responsible Inc I Inc -12.7 19 -5.1 11 12.5 16 QQQQQ 4.5 220 Janus Henderson Instl Lg Datd Crdt I Inc 6.7 6 27.0 2 53.1 3 QQQQQ 3.3 214 OJOHCM UK Equity Income A GBP Acc -29.2 83 -29.3 78 -7.6 63 QQ 6.1 1544 Janus Henderson Sterling Bond UT I Acc 4.7 23 15.8 20 32.5 19 QQQQ 1.6 366 JPM UK Equity Income C Net Acc -11.9 16 -9.0 19 - - QQQQ 4.8 246 JPM Sterling Corporate Bond C Grs Acc 4.4 33 14.9 28 30.5 31 QQQ 1.7 302 OJupiter Income Trust I Acc -27.0 81 -24.5 70 -0.5 39 QQ 4.8 1217 Jupiter Corporate Bond I Acc 8.1 4 18.7 11 30.6 28 QQQQ 1.7 193 L&G Fixed Interest I Acc 4.5 29 16.2 17 32.8 16 QQQQ 2.0 1295 5 October 2020 investmentweek.co.uk 26 Unit Trusts/OEICS

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) L&G Managed Monthly Income I Acc 4.4 32 16.5 16 33.8 15 QQQQ 2.0 411 PIMCO GIS Income Instl GBPH Inc 1.6 68 5.6 71 19.5 52 QQQ 1.8 51556 L&G Short Dated £ Corporate Bd Idx I Acc 2.6 78 7.7 81 15.3 77 QQ 0.9 1641 PIMCO Sel UK Income Bond Instl GBP Acc 0.7 77 5.0 73 15.2 66 QQ 1.5 443 OL&G Sterling Corporate Bond Index I Acc 3.7 52 14.1 44 27.9 45 QQQ 1.5 1196 Premier Miton Strat Mn Inc Bd C GBP Acc ------L&G Sterling Income I Acc 2.1 90 8.1 79 21.4 74 QQQ 1.4 399 Quilter Inv Stlg Divers Bd U2 (GBP) Acc 7.4 10 14.7 16 24.5 28 QQQQ 1.3 224 LF Canlife Corporate Bond C Acc 3.5 54 13.9 47 29.0 39 QQQ 1.9 303 Quilter Investors Bond 1 A (GBP) Inc 4.7 17 9.8 41 20.6 47 QQQQ 1.5 53 LF Canlife Short Duration Corp Bd C Acc 1.0 97 3.3 93 - - Q 0.8 167 Quilter Investors Divers Bd U2 (GBP) Acc 9.2 5 ------116 Liontrust Monthly Income Bond B Grs Inc 2.8 73 8.6 78 25.1 63 QQ 2.0 479 Quilter Investors Strat Bd R GBP Inc 1.0 75 7.7 60 17.0 63 QQQ 2.4 40 Liontrust Sust Fut Corp Bd 2 Grs Inc 3.8 47 13.4 49 31.3 22 QQQQ 2.2 653 Rathbone Strategic Bond Instl Inc 4.0 25 9.6 44 24.4 29 QQQQ 1.4 176 OM&G Corporate Bond GBP I Acc 3.4 60 13.2 52 27.3 50 QQQ 1.9 3102 RBS Global Bond 1 Inc 0.7 76 ------M&G Short Dated Corp Bd GBP I Inc 2.6 77 6.0 89 12.4 81 Q 1.0 256 ORLBF II Royal London Ethical Bond M Acc 3.6 34 15.1 15 30.6 8 QQQQ 1.6 1205 OM&G Strategic Corporate Bond GBP I Acc 2.9 71 11.0 70 24.9 64 QQQ 2.1 2333 RLBF II Royal London Shrt Dur Crdt M Inc 2.4 53 9.1 53 19.3 55 QQ 1.0 1059 Marlborough Bond Income P Inc 2.8 74 10.2 73 23.8 68 QQQ 1.6 30 Royal London Global Bd Opps Z GBP 0.2 81 9.9 40 - - QQQ 2.9 217 Merian Corporate Bond R GBP Acc 8.1 5 20.4 9 35.4 11 QQQQ 1.8 446 Royal London GMAP Cnsrv M GBP Acc 1.7 66 10.9 32 - - QQQ 1.2 220 Morgan Stanley UK Sterling Corp Bd I Acc 3.5 56 13.0 58 27.9 44 QQQQ 1.9 283 Royal London Monthly Income Bd M GBP Inc -0.8 83 ------42 Neuberger Berman Corp Hyb Bd GBP I Acc 1.3 96 8.9 76 - - - 2.3 1207 Royal London Sterl Extra Yld Bd A -3.5 88 7.6 61 29.1 15 QQQQ 3.1 1901 OPIMCO GIS GlInGd Crdt Instl GBPH Acc 2.3 84 9.6 74 23.4 71 QQQQ 2.0 20534 Sanlam GBP Credit A GBP Acc 3.6 32 9.4 48 - - QQQQ 1.2 82 PIMCO GIS UK Corporate Bd Instl GBP Acc 2.1 88 13.3 51 30.8 25 QQQ 1.8 783 Sanlam GBP Hybrid Capital Bd A GBP Acc 3.5 39 13.2 19 - - - 2.6 161 PIMCO GIS UK L/T Corp Bd Instl GBP Acc 3.1 68 21.0 8 45.8 5 QQQQQ 2.6 332 Santander Strategic Bond IA 3.4 42 7.9 59 20.1 49 QQQ 2.0 18 Premier Corporate Bond Mn Inc C 2.2 87 7.0 83 14.4 79 QQ 1.1 46 Sarasin Sterling Bond I Acc 4.6 18 16.2 9 30.0 9 QQQQ 1.6 106 Quilter Inv Stlg Corp Bd U2 GBP Acc 4.3 35 13.1 55 27.3 51 QQQ 1.7 54 Schroder Strategic Bond Z Acc 4.4 20 10.5 36 22.7 38 QQQ 2.7 36 Quilter Investors Bond 2 A (GBP) Acc 2.3 85 10.6 71 24.3 67 QQ 1.8 85 Schroder Strategic Credit Z GBP Acc 1.5 69 6.7 66 17.9 61 QQQ 2.3 834 Quilter Investors Corp Bd U2 (GBP) Acc 8.5 1 ------205 Scottish Widows Strategic Income A Acc 1.8 64 9.0 54 22.6 40 QQQ 2.3 187 Quilter Investors IG Corp Bd U2 GBP Acc 5.8 9 13.2 53 25.3 61 QQQ 1.3 195 SLI Total Return Credit B Acc GBP 3.3 43 11.0 30 - - QQQQ 2.4 100 Rathbone Ethical Bond I Inc 5.1 18 15.7 21 34.1 13 QQQQQ 1.7 1749 TCW Fds MetWest Unconstrain Bd RGHG-QD 2.1 59 5.7 70 - - - 1.4 397 Rathbone High Quality Bond S Acc 2.5 80 ------266 TCW Funds Tcw Income IGHG YD Inc -0.4 82 3.8 78 10.6 69 - 1.8 163 ORoyal London Corporate Bond M Acc 3.2 64 14.4 39 31.2 24 QQQQ 1.7 1404 Threadneedle Strategic Bond Z Inc 4.1 23 10.7 34 22.8 36 QQQQ 1.9 226 Royal London Corporate Bond Monthly Inc 2.4 81 11.9 68 25.6 58 QQQ 1.5 237 UBS Global Strategic Bond C Acc 3.6 37 ------11 Royal London Inv Grade SD Credit Z Inc 2.4 82 7.2 82 - - QQ 0.7 1434 Virgin Money Bond & Gilt Fd GBP 2.9 50 11.2 28 19.3 54 QQ 1.1 558 Royal London Sterling Credit M Acc 2.8 75 14.4 40 30.4 32 QQQQ 1.8 2639 VT Garraway Divers Income R Acc -21.0 92 -22.8 84 -17.9 73 Q 4.3 8 Royal London Sustainable Mgd Inc C Acc 3.9 46 15.0 26 29.8 35 QQQ 1.5 148 Waverton Sterling Bond A GBP 8.4 7 18.4 5 31.1 6 QQQQ 1.1 317 Santander Corporate Bond IA 4.4 30 14.1 46 28.2 42 QQQ 1.8 447 Sector average/count 2.9 92 10.0 84 22.6 73 1.9 1284 Sarasin Responsible Corporate Bond P Acc 4.1 43 14.2 43 - - QQQ 1.8 302 Schroder All Maturities Corp Bd Z Acc 5.6 11 17.2 12 34.4 12 QQQQ 1.8 1264 £ High Yield Schroder Long Dated Corporate Bond I 6.7 7 29.6 1 59.7 1 QQQQQ 2.9 397 Schroder Sterling Corporate Bond Z Acc 8.2 3 23.4 5 44.6 6 QQQQQ 2.3 1052 Aegon High Yield Bond GBP B Acc -1.3 25 7.5 7 20.6 21 QQQ 3.8 365 Scottish Widows Corporate Bd G Acc 3.1 67 12.3 66 26.5 55 QQQ 1.9 3415 Aegon Short Dated HY Glbl Bd GBPH B Acc 0.5 8 4.6 19 - - QQQ 2.2 25 Smith & Williamson Fxd Interest B 3.2 65 13.0 57 23.6 70 QQQ 1.3 37 ASI European High Yield Bond I Acc 0.7 7 5.5 14 20.5 22 QQQ 3.2 51 SVS Church House Invmt Grd Fxd Intr Acc 3.8 49 7.7 80 15.6 76 QQ 1.1 363 ASI Global High Yield Bond I Acc -1.3 24 4.0 23 17.5 27 QQQ 3.0 520 Threadneedle SterlingCorpBd Ins Inc 4.4 34 14.7 33 30.6 29 QQQ 2.0 1079 ASI High Yield Bond P1 Acc 0.2 10 6.6 10 22.5 15 QQQQ 2.7 349 Threadneedle Stlg MLD Corp Bd InsGrsInc£ 5.2 15 19.7 10 39.5 9 QQQQ 2.3 289 Aviva Investors High Yield Bd 2 GBP Inc 0.8 6 5.5 13 18.9 24 QQQQ 2.7 76 Threadneedle Stlg SD Corp Bd Ins Inc £ 2.1 89 6.8 85 12.9 80 Q 1.5 1057 OAXA Global High Income Z Gross Acc 1.1 4 6.9 8 22.1 16 QQQQQ 2.7 114 Threadneedle UK Social Bd Z Acc£ 2.7 76 8.8 77 22.2 73 QQ 1.1 228 AXA Pan European High Yld Bond Z Grs Acc -4.1 43 2.0 32 17.2 28 - 3.0 26 TwentyFour Corporate Bond GBP Acc 3.7 50 13.0 60 27.7 47 QQQ 1.4 678 OBaillie Gifford High Yield Bond B Inc -0.6 15 8.3 4 27.5 2 QQQQQ 3.3 801 UBS Corporate Bond UK Plus K Acc Gross 5.1 16 16.9 13 35.5 10 QQQQ 2.3 617 Barings Dev and EM HY Bd I GBP H Inc -3.2 41 0.2 37 12.9 30 Q 3.5 339 UBS Sterling Corporate Bd Indexed K Acc 4.5 28 14.9 29 30.7 26 QQQ 1.9 370 Barings European High Yield Bd B GBP Acc -2.7 37 4.5 21 - - - 3.0 409 OVanguard UK Invm Grd Bd Idx £ Acc 4.0 44 14.5 37 29.2 38 QQQ 1.6 3623 Barings Global High Yield Bond I GBP Acc -2.9 39 1.8 34 - - QQ 2.9 1334 Vanguard UK S/T Invm Grd Bd Idx £ Acc 2.0 91 6.1 88 11.0 82 Q 0.6 2193 Barings US High Yield Bond A GBP Dis -2.2 33 ------89 Sector average/count 3.9 97 13.6 93 28.9 83 1.7 936 BMO Multi-Sector Higher Income Bd C Inc 1.3 3 9.4 2 26.6 4 QQQQQ 2.1 28 BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H -3.1 40 2.4 31 - - QQ 2.1 572 £ Strategic Bond BNY Mellon Global High Yield Bd Int WAcc 1.5 2 9.7 1 30.3 1 QQQQ 2.2 128 Aegon Strategic Bond GBP B Acc 9.6 2 19.7 2 29.8 10 QQQQ 2.3 221 Eaton Vance Intl(IRL) US HY Bd I Acc £ H -2.1 31 2.8 29 18.4 26 - 2.7 111 Allianz Strategic Bond C Inc 24.9 1 45.4 1 54.1 1 QQQQQ 2.1 2315 Federated Hermes Glb HY Crdt F GBP Acc H -1.9 30 5.8 12 23.5 12 QQQ 3.3 249 Architas MM Strategic Bond S Acc -2.2 87 2.8 80 15.0 67 QQ 2.1 28 Federated Hermes SDG Enggmt HYCrdtF£AccH ------368 OArtemis High Income I Inc -1.8 85 2.2 81 18.8 58 QQQQ 2.8 962 Fidelity Global High Yield W Acc -2.5 35 3.1 28 25.5 6 QQQ 3.4 286 OArtemis Strategic Bond I Quarterly Acc 3.6 38 10.2 37 26.9 21 QQQQ 1.5 1746 GlobalAccess Global Hi Yld Bd M Dis GBPH -0.8 18 2.5 30 18.8 25 - 2.8 465 ASI (SLI) Strategic Bond P1 Acc 3.2 45 9.7 43 20.3 48 QQQ 1.7 117 GS Europe High Yield Bd R Inc GBP Hdg -0.8 19 8.0 6 23.6 11 - 3.4 60 ASI Global Opprtunistic Bd I Acc 3.5 40 11.4 24 21.7 42 QQQ 2.1 122 Invesco High Yield UK Z Acc -2.8 38 3.8 24 19.9 23 QQQQ 3.5 225 ASI Sterling Opp Corp Bond I Acc 3.7 31 10.1 38 21.5 43 QQ 1.5 227 JPM Global High Yield Bond C Grs Acc -0.7 17 6.8 9 22.8 14 - 2.7 108 ASI Strategic Bond I Acc 4.5 19 11.2 27 23.7 33 QQQQ 1.8 86 L&G High Income I Acc 1.0 5 4.9 17 26.5 5 QQQ 3.5 1408 Aviva Investors Higher Inc Pls 2 GBP Inc 3.4 41 11.7 23 26.5 22 QQQQ 2.1 377 Liontrust GF High Yield Bond C5 Acc GBP 0.1 11 ------70 Aviva Investors Managed Hi Inc 2 GBP Inc 1.9 63 9.2 52 24.2 31 QQQQ 2.3 129 Lord Abbett Global Hi Yld Fd Cl GBP H Ac -2.3 34 ------198 Aviva Investors Strategic Bd 2 GBP Inc 4.9 16 8.4 56 19.0 57 QQQQ 1.4 316 Lord Abbett Global High Yield I USD Acc -2.2 32 ------21 AXA Framlington Managed Income Z Grs Acc -2.1 86 4.5 76 21.2 45 QQQQ 2.9 444 Lord Abbett High Yield I GBP Hdg Acc -0.4 14 ------1749 AXA Sterling Strategic Bond Z (G) Acc 3.8 28 17.2 6 29.2 13 QQQ 1.6 178 OM&G Global Fltng Rt Hi Yld GBP I-H Acc -5.7 44 -2.7 38 7.5 34 Q 3.1 276 Baillie Gifford Sterling Agg Bd B Acc 4.0 24 16.3 8 - - - - 1320 M&G Global Hi Yld ESG Bd GBP I-H Acc ------Baillie Gifford Stlg Agg Pls Bd B Acc 4.1 22 15.3 13 - - QQQ 1.7 64 OM&G Global High Yield Bond GBP I Acc -1.8 29 5.0 16 21.3 19 QQQQ 2.7 1438 Baillie Gifford Strategic Bond B Inc 2.2 56 14.1 18 31.0 7 QQQQQ 2.4 1282 Man GLG High Yield Opports Profl Acc C 6.4 1 ------33 Barclays Sterling Bond R Acc GBP 4.4 21 16.8 7 28.2 18 QQQQ 1.6 154 Marlborough High Yield Fixed Int P Inc -0.6 16 4.3 22 21.9 17 QQQ 2.9 57 BlackRock Sterling Strategic Bd D £ Acc 4.0 26 10.9 31 - - QQQQ 2.2 78 Neuberger Berman HY Bd GBP A Acc -2.5 36 1.1 36 15.0 29 - 2.8 2525 BMO Multi-Sector Bond C Inc 2.6 52 9.3 51 23.7 32 QQQQ 1.6 51 Neuberger Berman Shrt Dur HY Bd £InsAccH -1.6 28 2.0 33 10.0 32 - 2.0 676 BNY Mellon Global Dynamic Bd IncInstWInc 1.3 72 7.1 64 - - QQQ 1.5 100 Ninety One Monthly High Income I Acc £ -1.0 20 3.7 25 23.9 8 QQQQ 2.8 137 BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 1.8 65 7.4 63 22.9 35 QQ 1.5 60 OPIMCO GIS Glb Hi Yld Bd Instl GBP H Inc -1.2 23 5.2 15 20.8 20 QQQQQ 2.4 4063 BNY Mellon Sus Stlg Bd Inst W Acc 3.2 46 ------32 PIMCO GIS US Hi Yld Bd Instl GBPH Acc -1.0 22 4.7 18 23.8 10 - 2.6 2700 Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 3.0 48 11.3 26 24.4 30 QQQQ 1.8 773 Quilter Investors Hi Yld Bd U2 GBP Acc -1.0 21 8.6 3 23.8 9 QQQQ 3.0 13 Close Select Fixed Income X Inc 2.1 58 9.4 49 25.2 23 QQQ 1.9 197 Royal London Global High Yield Bd M£Inc -0.3 13 6.5 11 21.4 18 QQQQ 2.8 2252 DMS Kleinwort Hambros Fxd Inc A Acc 1.5 71 4.7 74 10.5 70 QQ 1.4 49 Royal London Shrt Dur Glbl HY Bd M£Inc -1.6 27 3.2 27 8.7 33 QQ 1.5 1497 EdenTree Amity Sterling Bond B 3.8 30 11.1 29 24.6 27 QQQQ 1.5 24 Schroder High Yield Opportunities Z Acc 0.3 9 4.6 20 27.2 3 QQQ 4.1 430 Federated Hermes MltStgy Crdt F GBP AccH 1.2 73 5.9 69 18.3 60 QQQ 2.8 470 Scottish Widows High Income Bd Acc -1.5 26 1.8 35 12.0 31 Q 3.3 151 Federated Hermes Uncons Crdt F GBP Acc H 7.7 9 ------480 T. Rowe Price Glb High Inc Bd Qdh GBP -4.0 42 3.4 26 23.9 7 QQQ 3.5 675 Fidelity Extra Income W Inc 0.6 79 9.4 50 24.7 26 QQQQ 2.3 564 OThreadneedle HY Bd Z Inc GBP -0.1 12 8.2 5 23.4 13 QQQQ 2.8 964 OFidelity Strategic Bond W Inc 5.5 14 11.8 22 21.5 44 QQQQ 1.5 1053 Sector average/count -1.1 44 4.6 38 20.6 34 2.9 632 GAM Star Credit Opps (GBP) Instl GBP Acc 1.9 62 7.4 62 31.7 4 - 2.9 717 HL Multi-Manager Strategic Bond A Acc 3.6 36 9.9 39 21.1 46 QQQ 1.5 579 Global Bonds IFSL CAF Fixed Interest A Acc 2.0 60 8.6 55 16.0 64 QQQ 1.7 56 AB Euro High Yield I2 GBP H Acc -2.3 174 3.0 145 21.8 97 - 3.6 329 OInvesco Monthly Inc Plus UK Z Acc 3.6 35 8.2 58 23.0 34 QQQQ 2.5 2299 AB Glbl Pls Fxd Inc I2 GBP H Acc 0.9 136 7.6 118 15.0 118 QQQ 1.3 776 Invesco Tactical Bond UK Z Acc 9.4 4 11.4 25 19.3 56 QQQ 1.2 619 AB Global Dynamic Bd I2 GBP Acc 0.7 142 3.2 144 9.7 132 QQ 1.3 845 OJanus Henderson Fxd Intr MthInc I Inc 3.8 29 15.1 14 32.2 3 - 2.1 897 AB Short Dur Hi Yld I2 GBP H Acc 0.4 148 5.3 128 15.1 117 QQQ 2.3 771 OJanus Henderson Preference & Bond I Acc 3.9 27 14.3 17 29.7 11 QQQQQ 2.1 813 ACUMEN Portfolio 3 Acc -2.7 180 -0.3 162 - - Q 1.5 20 OJanus Henderson Strategic Bond I Inc 5.3 15 15.4 12 27.3 20 QQQQQ 1.7 3143 Allianz Flexi Asia Bond PQ H2 GBP -1.5 169 -0.5 163 12.9 124 - 2.3 426 OJPM Global Bond Opportunities C Grs Acc 2.3 54 9.6 45 22.6 39 QQQQ 1.3 99 Allianz Global Multi Sect Crdt W GBP Acc -1.1 163 2.5 151 11.1 129 QQ 1.7 255 Jupiter Strategic Bond I Acc 3.3 44 12.8 21 24.9 24 1.3 4305 Allianz US High Yield AM USD -5.5 184 7.9 116 33.1 76 Q 2.8 894 O QQQQQ Allianz US Short Dur Hi Inc Bd P H2 GBP -1.4 167 2.6 150 - - - 2.3 845 L&G Dynamic Bond I Acc 6.4 12 9.5 47 8.2 71 QQQ 2.3 198 Legg Mason IF BW Glbl Inc Optr X Inc 8.7 6 15.6 11 34.6 2 QQQQQ 1.5 257 OAS SICAV I SelEuro HYBd X MInc GBP 3.9 62 7.0 119 44.9 48 QQQ 3.1 629 Legg Mason IF WA Glb Mlt Strat Bd X Inc 0.4 80 3.6 79 19.6 51 QQ 2.5 160 ASI Global Corporate Bond Tracker B Acc 4.5 48 12.3 82 - - QQQ 1.9 3977 Legg Mason IF WA Retirement Inc Bd X Inc 3.1 47 9.7 42 19.4 53 QQ 1.5 12 ASI Global Inflat-Link Bond Trkr B Acc 3.5 77 ------54 Legg Mason WA Mcr OppBd X GBPH Acc 5.7 13 6.4 67 28.9 16 - 3.0 5270 ASI Global Inflation-Link Bd P1 Acc 2.9 96 13.4 72 22.7 95 QQQ 1.6 1057 O ASI Short Dated Gbl Infl Lnk Trckr B Acc 3.0 89 ------158 LF IM Bond A Inc 2.2 55 13.1 20 17.2 62 QQ 1.5 105 Liontrust Strategic Bond B Gross Acc 3.6 33 ------341 ASI Short Dated Glbl Corp Bd Trkr B Acc 3.0 91 ------24 Loomis Sayles Strategic Inc H-N/DG GBP -1.0 84 3.9 77 24.9 25 - 2.3 22 ASI Short Dur Gbl Infl Lnk P1 Acc 1.9 120 6.8 120 11.3 127 QQ 0.8 384 M&G Charibond Charities Fxd Intst GBPAcc ------109 OAviva Investors Global HY Bd Amh GBP Inc -3.1 182 1.3 160 12.7 125 QQQ 3.0 4030 OM&G Optimal Income GBP I Acc 0.7 78 4.5 75 18.6 59 QQQQ 2.0 2511 AXA Global Short Duration Bond Z GBP Acc 1.5 125 4.5 134 - - QQQ 1.0 237 M&G UK Inflation Lnkd Corp Bd GBP I Acc 1.9 61 5.3 72 13.0 68 Q 0.7 650 AXA US Short Duration Hi Yld Z Gross Acc 0.5 147 4.9 132 10.9 130 Q 1.4 688 Man GLG Strategic Bond I GBP Cap -4.2 91 6.2 68 28.5 17 QQQ 2.5 421 AXAWF Asian Short Dur Bds F Cap USD 2.5 109 21.2 22 51.1 22 QQQ 2.5 150 Man GLG Strategic Bond Profl Acc C -4.1 90 -3.8 83 6.3 72 Q 2.6 93 AXAWF Euro Credit Short Dur F Cap EUR 2.8 98 3.5 141 26.2 86 QQQ 1.6 2952 Marks & Spencer High Income Acc 1.0 74 7.0 65 19.9 50 QQQ 2.1 249 AXAWF European High Yld Bds F Cap EUR -1.3 166 3.2 143 - - QQ 2.9 91 Merian Global Strategic Bond R GBP Acc 9.6 3 19.1 4 27.6 19 QQQQQ 1.2 96 AXAWF Global Buy & Mntn Crdt I Cap GBP H 5.7 28 13.7 69 24.7 91 QQQQ 1.7 210 Merian Monthly Income Bond R GBP Acc 8.1 8 15.7 10 29.4 12 QQQQQ 2.1 34 AXAWF Global Credit Bonds F Cap EUR H 8.0 4 12.5 81 - - QQQ 2.2 78 MI TwentyFour AM Dynamic Bond I Acc 2.9 49 9.5 46 22.8 37 QQQQ 2.2 1940 AXAWF Global Green Bds F Cap EUR 5.5 32 12.9 77 - - QQQQ 2.1 346 OMuzinich Global Tact Crdt HGBP Inc H 1.6 67 8.3 57 - - QQQ 1.7 2099 AXAWF Global Infl Bds F Cap EUR 6.5 17 13.8 67 45.5 46 QQQQ 2.5 1870 NFU Mutual Gilt & Corp Bond C 2.2 57 10.9 33 22.0 41 QQQ 1.4 211 AXAWF Global Infl Sh Dur Bds F Cap USD 0.8 140 14.6 59 - - QQ 2.4 531 Ninety One Global Total Ret Crdt I £ Acc 1.5 70 ------155 AXAWF Global Strategic Bds F Cap USD 2.3 115 22.7 16 51.6 21 QQQQ 2.5 664 Nomura Fds Global Dynamic Bond I GBP H 6.6 11 19.1 3 31.4 5 QQQQQ 2.1 1438 AXAWF US Dynamic HY Bds F Cap USD 5.1 36 25.1 7 - - QQQQQ 3.4 381 PIMCO GIS Divers Inc Dur H Ins GBP H Acc -3.9 89 -0.3 82 15.5 65 QQ 2.8 1148 AXAWF US High Yield Bonds F Cap USD 0.8 139 19.2 29 56.8 11 QQQQ 2.5 2618 PIMCO GIS Divers Inc Instl GBPH Inc 2.8 51 10.7 35 29.2 14 QQQQ 2.1 12584 Barings Global Bond I GBP Inc 4.3 54 22.7 14 43.9 55 QQQQ 2.4 63 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 27 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) Barings Global Invm Grd Strats S GBP Dis -1.4 168 ------84 Russell Inv Global Bond I Income 4.5 46 18.6 30 45.6 43 QQQQQ 2.3 1570 Barings Strategic Bond I GBP Inc -5.5 185 1.4 158 4.5 141 Q 3.4 32 OSchroder ISF EURO Corp Bd Z Acc EUR 4.7 42 13.2 73 51.7 20 QQQQQ 2.0 9813 BMO Global Total Ret Bd (GBP Hdg) C Inc 2.9 93 5.7 125 9.7 133 QQQ 1.1 71 OSchroder ISF Glb InflLnkdBd C Acc EUR 5.7 29 13.9 66 45.9 41 QQQQ 2.5 885 OBNY Mellon International Bond Inst W Acc 3.9 63 20.8 24 47.2 37 QQQQQ 2.3 442 Schroder ISF Glbl Corp Bd Z Acc USD 4.7 41 27.0 5 - - QQQQ 2.8 1947 Candriam Bds Crdt Opps C EUR Cap 3.6 75 3.8 140 31.6 78 - 1.5 1445 Schroder ISF Glbl Hi Yld C Acc USD -2.5 176 14.5 61 52.2 19 QQQ 3.2 1707 OCandriam Bds Euro High Yld C EUR Cap 4.3 53 10.4 99 50.8 23 QQQQQ 2.0 2577 Scottish Widows International Bd A Acc 2.8 104 17.2 42 36.6 71 QQQ 2.5 178 OCandriam Bds Global Hi Yld C EUR Cap 8.1 3 13.2 75 55.0 15 QQQQQ 1.9 194 SLI European Corporate Bd D Acc EUR 3.3 83 9.9 106 42.0 63 QQQQ 2.0 2709 Candriam Bds Total Ret C EUR Cap 4.9 39 2.0 154 24.1 92 QQQ 1.7 1024 SLI Global Bond A Acc GBP 1.0 135 15.4 51 34.1 75 QQ 2.3 222 Capital Group Euro Bond (LUX) Ch 3.4 79 ------772 SLI Global Corporate Bond D Acc USD 2.6 105 24.4 10 55.4 14 QQQ 2.8 1756 Capital Group Glb Corp Bd(LUX) Z 5.7 27 ------280 SLI Global High Yield Bond D Acc USD -2.7 179 15.3 52 50.4 24 QQQ 3.2 940 Capital Group Glb Hi IncOpps(LUX)Z 1.5 126 18.1 35 65.6 5 QQQQ 2.8 903 Smith & Williamson Glbl Inf-Lkd Bd X Inc 2.8 101 12.8 78 20.0 101 QQQ 1.4 176 Capital Group Global Bd (LUX) Z EUR 3.2 86 18.3 33 42.1 62 QQQQ 2.2 340 T. Rowe Price Dyn Glb Bd Qh GBP 6.3 18 1.8 155 5.9 138 QQ 1.0 701 Capital Group Global Intrmdt Bd (LUX) Z 1.0 134 17.7 39 - - QQQ 2.6 166 T. Rowe Price Dyn Glbl Bd CAccGBP 7.9 6 2.9 147 - - QQQ 1.1 69 Capital Group US Corp Bd (LUX) Z 8.8 1 30.4 3 66.9 3 QQQQQ 2.8 150 T. Rowe Price Euro Corp Bd Q EUR 3.8 67 10.9 97 44.1 52 QQQQ 2.0 235 Capital Group US High Yield (LUX) Z -0.9 161 ------42 OT. Rowe Price Eurp Hi Yld Bd Q EUR 2.8 100 5.9 124 46.0 38 QQQ 3.1 186 Carmignac Pf Uncons Euro FI F GBP Acc H 6.3 19 11.3 93 14.5 120 - 1.5 846 T. Rowe Price Glb Aggr Bd Q EUR 6.1 23 21.1 23 48.3 31 QQQQQ 2.4 369 Colchester Glb Bd-130/30 Ccy H USD Acc I 2.9 97 22.1 18 - - QQQQ 2.5 1 OT. Rowe Price Glb HY Bd Q USD -2.4 175 16.2 46 55.5 13 QQQQ 2.9 1101 Colchester Glbl Rl Ret Bd GBP H Acc I 3.5 78 12.8 79 24.8 90 QQQQ 1.4 348 T. Rowe Price US Aggr Bd Qh GBP 4.2 58 9.4 109 14.4 121 - 1.2 332 OColchester Global Bond GBP Hdg Acc I 3.3 81 10.0 105 19.1 104 QQQ 0.8 1106 TCW Fds MetWest Total Return Bd RGHG-QD 6.7 16 11.9 86 - - - 1.0 200 Courtiers Investment Grade Bd Retl R 0.3 150 5.1 130 - - QQ 1.0 11 OTempleton Global Bond W(Mdis)GBP-H1 -4.6 183 -7.5 167 1.8 142 Q 1.9 6872 Dimensional Global Short Dated Bd Acc 0.6 145 3.0 146 5.8 139 QQ 0.3 4900 Templeton Global Total Ret Bd W Acc H3 -8.3 186 -17.0 168 -6.0 144 Q 2.6 96 ODodge & Cox Worldwide Global Bd GBP Inc 4.3 55 22.0 21 59.4 9 QQQQQ 2.5 356 The Colchester Glb Agg Bd I USD UnH Acc 3.3 80 ------2 Eaton Vance Intl(IRL) GlbHYBd I Acc $ -2.2 173 17.8 38 - - QQQQ 2.8 13 The Colchester Glb Grn Bd I USD UnH Acc 3.5 76 ------2 Fidelity Global Infl-Link Bd Y-Dis-GBP H 2.6 106 6.5 121 11.3 128 QQ 0.7 1184 Threadneedle Dollar Bond Z Inc GBP 6.0 24 25.0 9 49.9 28 QQQQQ 2.6 75 FP Octopus Fixed Income B Acc 1.7 123 8.7 113 15.8 116 QQQ 1.7 23 Threadneedle European Bd Z Inc GBP 5.8 26 18.2 34 43.9 57 QQQQQ 1.9 137 FP SCDavies Global Fixed Inc A Acc GBP -2.5 178 -0.8 164 0.7 143 Q 1.5 2 Threadneedle Global Bd Z Inc GBP 4.2 57 22.3 17 43.8 58 QQQQ 2.5 541 GAM Multibond Total Return Bond EUR B 0.1 152 -2.6 165 18.1 108 QQ 1.9 94 TM UBS (UK) - Global Fixed Income E Acc 2.0 119 4.3 137 7.2 137 QQ 1.0 6 GAM Star Credit Opps (EUR) Instl EUR Acc 1.6 124 1.6 157 45.8 42 QQ 3.2 2050 Vanguard Ä Govt Bd Idx £ H Acc 1.5 128 14.4 62 19.6 103 - 1.1 5442 GAM Star Credit Opps (USD) Instl USD Acc 1.3 131 14.6 58 55.8 12 - 3.2 1513 Vanguard Ä Invm Grd Bd Idx £ H Acc 0.9 138 8.9 112 15.9 115 - 1.1 2839 GlobalAccess Glbl Shrt Dur Bd M Dis GBPH 0.5 146 2.3 153 9.1 134 QQQ 1.4 143 Vanguard Äz Infl-Lnkd Bd Idx Ä Acc 1.8 121 11.9 87 39.4 65 QQQQQ 2.3 2218 GlobalAccess Global Govt Bd M Dis GBP H 2.9 94 9.4 108 11.3 126 QQQ 0.8 108 OVanguard Glb Bd Idx £ H Acc 3.9 64 11.8 90 17.6 109 QQQQ 0.9 14905 GS Euro Short Dur Bd Plus R Acc EUR 3.3 82 4.2 138 28.0 81 QQQQ 1.6 258 Vanguard Glb Corp Bd Idx £ H Acc 4.6 45 ------1575 GS Glbl Crdt (Hdg) R Inc GBP Hdg 7.3 10 17.9 37 26.2 85 QQQQ 2.2 996 Vanguard Glb S/T Bd Idx £ H Acc 2.5 110 5.2 129 7.4 136 QQ 0.3 1931 GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 6.2 21 13.5 71 19.1 105 QQQQ 1.2 1371 Vanguard Glb S/T Corp Bd Idx £ H Acc 2.4 112 ------949 GS Glbl Hi Yld R Inc GBP Hdg -0.6 158 4.5 135 17.0 112 QQQ 3.2 2287 Vanguard Global Credit Bond Inv GBPH Acc 8.8 2 19.5 28 - - - - 137 GS Global Fixed Inc (Hdg) R Inc GBP Hdg 7.2 13 16.6 44 22.3 96 QQQQ 1.0 764 Vanguard Jpn Govt Bd Idx £ H Acc -1.6 170 4.4 136 10.4 131 - 0.7 506 GS Global Fixed Income R Acc USD 5.7 30 23.2 12 49.8 29 QQQQQ 2.3 123 Vanguard U.S. Govt Bd Idx £ H Acc 7.7 9 12.0 84 13.6 123 - 1.2 3276 GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 0.9 137 3.8 139 14.2 122 - 2.6 137 Vanguard U.S. Invm Grd Crdt Idx £ HAcc 5.9 25 12.9 76 21.5 99 - 1.7 1890 GS US Fixed Income R Acc USD 5.6 31 25.1 8 47.8 33 QQQQ 2.7 95 VT Redlands Fixed Income A GBP Acc 0.4 149 9.4 107 - - QQQ 1.8 55 OInvesco Global Bond UK Z Acc 3.6 74 10.3 102 25.9 87 QQQ 1.6 298 Waverton Global Strategic Bond A USD 7.2 11 19.6 26 45.6 44 QQQQ 2.0 108 OiShares Overseas Corp Bd Idx (UK) D Acc 4.5 47 22.1 20 53.0 17 QQQQ 2.5 2802 Wellington Global Bond N GBP Acc H 2.4 113 16.1 48 38.2 70 QQQQ 1.9 1359 OiShares Overseas Govt Bd Idx (UK) D Acc 3.3 84 19.5 27 45.4 47 QQQQ 2.5 1752 Wellington Global Crdt Pls N GBP Acc H 5.4 34 ------1170 Janus Henderson Flexible Inc I1m USD 6.3 20 23.9 11 45.5 45 QQQQQ 2.7 648 Wellington Global Impact Bond N GBP AccH 3.2 87 ------89 Janus Henderson High Yield I1m USD -1.8 171 16.7 43 49.3 30 QQQQ 2.8 356 Wellington Oppc Fxd Inc N GBP Acc H 5.5 33 ------416 Janus Henderson Hrzn Euro Corp Bd H2 EUR 4.4 52 11.9 85 44.3 50 1.9 1547 Wellington World Bond N GBP Acc Hdg -0.3 157 5.5 127 7.9 135 QQ 0.7 174 O QQQQQ Sector average/count 2.6 187 11.9 168 33.6 144 2.0 1095 Janus Henderson Instl Overseas Bd A Inc 3.2 85 18.0 36 39.8 64 QQQ 2.5 214 Janus Henderson US Sh-Trm Bd I1m USD 1.5 127 15.1 55 32.0 77 QQQQ 2.5 186 JPM Global (ex-UK) Bond C Grs Acc 3.8 68 13.6 70 19.8 102 QQQQ 0.9 181 Global Emerging Markets Bond JPM Global Corporate Bond C Acc ------354 ASI EM Local Ccy Bond Tracker B Acc -4.6 - - - - 597 L&G Global Inflation Linked Bd Idx I Acc 4.8 40 11.5 91 17.1 111 QQQ 1.0 1357 ASI Emerging Markets Bond I Acc -2.2 -0.3 23.8 Q 3.7 54 Lazard Global Fixed Income A Acc USD 3.7 72 16.5 45 39.1 66 QQQ 2.3 28 Aviva Investors EM Lcl Ccy Bd Ia GBP Inc -6.4 0.4 36.1 QQQQ 3.3 1242 OLegg Mason BW Glb FI X USD Dis(S) -1.0 162 4.9 133 35.6 73 QQ 2.4 442 AXAWF Em Mkts Sh Dur Bds F Cap USD -0.4 15.9 46.9 QQQ 3.0 617 OLegg Mason BW Glb Oppc FI A USD Dis(M) 0.8 141 5.6 126 38.9 68 QQQ 2.3 534 Baillie Gifford Emerging Mkts Bd B Inc -4.3 -0.8 38.9 QQQ 3.5 257 Barings EM Corp Bd A GBP Acc 8.7 14.8 - - 3.8 45 OLegg Mason WA Asian Opps X USD Dis(M) 2.3 114 18.4 32 53.9 16 QQQQ 2.4 412 Barings EM Debt Blnd Ttl Ret C GBP Acc 10.6 11.8 - - 4.0 349 Legg Mason WA Glb Hi Yld X USD Dis(D) 1.1 132 35.2 2 76.5 2 - - 70 Barings EM Debt Short Duration A USD Dis 6.4 24.6 - QQQQQ 3.4 88 LF Canlife Global High Yield Bond C Acc -2.5 177 2.3 152 17.5 110 QQ 3.3 16 Barings EM Local Debt C GBP Acc 1.2 - - - - 1569 LF Canlife Global Macro Bond C GBP Acc 5.4 35 18.6 31 47.5 35 QQQQ 1.9 195 Barings EM Sovereign Debt Tr A GBP Acc 4.8 - - - - 540 Loomis Sayles Global Opp Bd R/D GBP 4.4 50 15.8 50 42.4 60 QQQQ 2.2 156 BNY Mellon EM Dbt Lcl Ccy GBP C Inc -5.6 -4.8 32.9 QQ 3.7 195 Loomis Sayles Multisector Inc R/D GBP -1.1 164 11.8 88 44.2 51 QQQ 2.3 765 BNY Mellon Em Mkts Corp Dbt GBP W Acc H 2.0 8.0 28.8 - 3.9 256 Lord Abbett Glbl Mlt Sect Bd I USD Acc -0.1 153 ------55 Candriam Bds Em Dbt Lcl Ccis C USD Cap -2.1 2.0 42.4 QQQ 3.1 285 Lord Abbett Multi Sector Inc I USD Acc 2.5 108 22.7 15 66.2 4 QQQQQ 2.8 596 Lord Abbett Short Dur Inc I USD Acc -0.2 156 14.8 56 36.5 72 QQQQQ 2.5 3077 OCandriam Bds Em Mkts C USD Cap -6.0 6.4 49.7 QQQ 4.2 1551 Capital Group EM Lcl Ccy Dbt(LUX) Z -3.6 5.2 50.0 QQQQQ 3.3 589 OM&G European Corporate Bond GBP I Acc 3.9 65 9.3 110 42.2 61 QQQQ 1.7 71 Capital Group EmMkts Dbt (LUX) Z -0.1 12.0 54.5 QQQ 3.1 995 M&G Global Government Bond GBP I Acc 1.4 130 14.1 65 50.4 26 QQQQQ 2.0 220 Colchester Lcl Mkts Bd £ Hdg IncI 1.4 - - - - 1954 OM&G Global Macro Bond GBP I Acc 8.0 5 22.1 19 48.3 32 QQQQ 2.0 1448 Colchester Lcl Mkts Rl Ret Bd $ UH Acc I -12.9 -4.3 44.3 - 4.2 2 Marlborough Global Bond P Inc 2.8 99 14.3 63 38.6 69 QQQQ 1.8 471 Eaton Vance Intl(IRL) EMLclInc I Acc $ -0.3 14.9 61.9 QQQQQ 3.5 200 MFS Meridian Global Credit WH1 GBP 7.0 15 10.7 98 23.5 93 QQQ 2.3 23 Eaton Vance Intl(IRL)EmMktsDbtOpps SAcc$ 0.9 20.0 65.6 QQQQQ 3.3 23 MFS Meridian Global High Yield WH1 GBP -0.2 155 5.1 131 22.8 94 QQQQ 2.6 267 Fidelity Emerging Mkt Dbt A-Acc-EUR -1.8 13.2 51.5 QQQ 4.3 2004 MFS Meridian Global Oppc Bd WH1 GBP 2.3 116 12.0 83 - - QQQQ 1.4 508 First Sentier Emerg Mkts Bd B GBP H Acc -0.4 3.0 19.9 - 3.5 40 MFS Meridian Inflation Adjstd Bd W1 USD 6.1 22 23.0 13 45.9 40 QQQ 2.7 96 GAM Multibond Emerging Bond USD B -0.2 9.1 49.0 QQQ 3.1 93 MFS Meridian Limited Maturity W1 USD 1.4 129 16.2 47 34.4 74 QQQQQ 2.5 794 GAM Multibond Local Emerging Bond GBP R -5.6 -10.0 12.0 - 3.8 3377 MFS Meridian US Corporate Bond WH1 GBP 7.7 8 14.8 57 - - - 2.0 619 GlobalAccess Emerging Mkt Dbt M Dis GBPH -1.3 2.5 20.6 - 3.3 224 MFS Meridian US Government Bond W1 USD 3.7 71 20.2 25 38.9 67 QQQ 2.9 353 GS EM Corp Bd R Inc GBP Hdg 2.4 8.6 25.2 - 3.0 2295 MFS Meridian US Total Return Bd WH1 GBP 5.1 37 10.3 101 16.6 113 - 1.4 594 GS Em Mkts Dbt Blnd R Inc GBP -1.0 4.7 34.8 - 3.2 697 Mirabaud Global Hi Yld Bds DH GBP Acc -0.1 154 0.6 161 14.6 119 QQ 2.7 179 GS Em Mkts Dbt R Inc GBP Hdg -0.8 0.5 18.2 - 3.7 4806 OMS INVF Euro Corporate Bond I 3.9 61 10.0 104 46.0 39 QQQQQ 2.0 3737 GS Emerging Mkts Dbt Lcl R Inc GBP -5.0 0.0 39.8 QQQ 3.5 1198 Neuberger Berman Strat Inc A GBP MD 1.1 133 2.8 148 - - - - 860 HSBC GIF Global EM Local Dbt AD -5.4 -2.1 29.0 QQQ 2.7 1340 New Capital Glbl Val Crdt GBP Acc 3.8 69 8.2 115 18.7 106 QQQ 1.5 373 Invesco Emerging Markets Bond A USD SD -2.8 10.2 47.7 QQQ 4.0 116 New Capital Wlthy Ntn Bd GBP Inst Inc 4.4 51 12.7 80 25.6 88 - 2.1 1583 Invesco Global Emerg Mkts Bd UK Z Acc -4.5 6.5 - QQ 3.9 25 Nomura Fds Asia High Yield Bond I USD -2.8 181 11.0 95 50.4 25 QQQ 3.5 29 JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP -5.7 0.8 38.7 QQQ 3.1 1382 Nomura Fds Asia Investment Grd Bd I USD 4.2 59 25.8 6 59.8 7 QQQQQ 2.7 15 JPM Emerging Markets Debt A (dist) GBP -4.1 11.2 47.4 QQQ 3.6 2434 Nomura Fds Global High Yield Bd I USD 2.8 103 17.4 40 62.0 6 QQQQ 3.0 21 L&G EM Govt Bond Lcl Ccy Index I Acc -4.8 3.1 - QQQQ 3.0 983 Nomura Fds US High Yield Bond I USD -2.0 172 15.1 54 59.7 8 QQQQ 3.1 2241 OL&G EM Govt Bond US$ Index I Acc 1.1 11.8 50.3 QQQQ 3.1 866 Nordea 1 - Flexible Fixed Income BC EUR 4.1 60 9.1 111 - - QQQQ 1.6 3058 Lazard Em Mrkts Ttl Ret Dbt A Acc USD 4.8 12.4 42.5 QQQ 2.6 108 OPictet-Asian Local Ccy Debt I GBP 2.1 117 17.3 41 50.2 27 QQQQ 2.3 336 Lazard Emerg Mrkts Dbt Blnd A Acc USD -2.3 9.2 49.0 QQQ 3.1 35 Pictet-EUR Bonds HI USD 0.7 143 28.4 4 57.7 10 - 2.8 671 Lazard Emerging Markets Bond A Acc USD -2.0 13.2 53.1 QQQQ 3.5 7 Pictet-EUR High Yield I 0.6 144 6.3 123 44.3 49 QQQ 2.5 375 Lazard Emerging Mrkts Lcl Dbt A Acc USD -5.3 1.4 44.3 QQQ 3.2 936 Pictet-EUR Short Term High Yield I EUR 0.1 151 1.3 159 29.9 79 QQ 2.4 1260 Lazard EmMkts DbtUnrtrcd Blnd A Acc USD -2.8 7.2 - QQQ 3.2 535 Pictet-Latin Amer Lcl Ccy Dbt I GBP -11.9 187 -6.2 166 52.3 18 - 4.0 67 Legg Mason WA EM TR Bd A USD Dis(D) 2.1 13.1 49.2 QQQ 2.9 14 Pictet-US High Yield I dm GBP -0.6 159 14.6 60 44.0 54 QQQ 2.8 198 Lord Abbett EM Corp Dbt I USD Acc 0.0 - - - - 15 PIMCO European S/T Opports Ins Acc 3.0 92 3.3 142 26.3 84 QQQQ 1.6 270 M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc -2.2 16.1 - QQQQ 3.7 176 PIMCO GIS Credit Opps Bd Instl Acc -1.2 165 13.2 73 44.0 53 - 2.5 110 M&G Emerging Markets Bond GBP I Acc -1.3 15.3 61.4 QQQQ 3.4 827 PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 5.0 38 36.2 1 83.5 1 QQQQ 3.3 143 Merian Emerging Market Debt U1 GBP Inc -1.6 14.9 55.7 QQQQ 3.7 71 PIMCO GIS Euro Bond Instl EUR Acc 4.2 56 15.2 53 47.3 36 QQQQQ 2.0 2782 Merian Local Ccy EmMkt Dbt U1 GBP Inc -5.0 1.2 38.9 QQQ 3.5 115 OPIMCO GIS Euro Credit Instl EUR Acc 2.6 107 10.3 100 43.9 56 QQQQ 1.9 1039 MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP -4.4 -5.5 15.8 - 4.2 33 OPIMCO GIS Euro Income Bond Instl EUR Acc 2.9 95 8.3 114 47.7 34 QQQQQ 1.9 2928 MFS Meridian Emerging Mkts Dbt WH1 GBP 1.9 4.3 21.8 - 3.0 2278 PIMCO GIS Euro Short-Term Instl EUR Acc 2.5 111 1.8 156 21.3 100 QQQ 1.6 614 Mirabaud Global Emerg Mkt Bd DH GBP Acc -2.4 - - - - 157 PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 3.0 90 10.1 103 27.9 82 QQ 1.3 356 Neuberger Berman EM Corp Dbt GBP I Acc 1.6 5.8 23.6 - 2.9 118 PIMCO GIS Glb Bd Ex-US Instl GBP H Inc 1.8 122 ------727 Neuberger Berman EM Dbt Blnd GBP I Acc -2.5 1.5 - - 3.1 1197 OPIMCO GIS Glb Bd Instl GBPH Acc 4.6 43 11.2 94 21.6 98 QQQQQ 0.9 12251 Neuberger Berman EM Dbt LclCcy GBP I Acc -5.0 -10.6 - - - 2024 Neuberger Berman EM DbtHrdCcy GBP I C 0.3 3.9 - - 3.5 2413 OPIMCO GIS Glb Rl Ret Instl GBP H Acc 4.6 44 13.8 68 26.7 83 QQQQQ 1.6 1671 Neuberger Berman Shrt DurEM DbtGBP I Acc 1.9 5.3 - - 2.0 4383 PIMCO GIS Low Avrg Dur Instl GBPH Inc 2.1 118 2.7 149 4.8 140 - 0.5 909 Ninety One EM Blnded Dbt I Acc £ -0.4 6.6 46.8 3.3 108 PIMCO GIS Ttl Ret Bd Instl GBPH Inc 7.1 14 10.9 96 18.5 107 - 1.0 4696 QQQ ONinety One EmMkts Lcl Ccy Dbt I Acc £ -4.2 3.5 43.8 QQQ 3.3 168 ORobeco Global Credits FH GBP 7.8 7 16.0 49 - - QQQQQ 1.9 2297 Nomura Fds Emerging Market LC Debt I USD -3.6 4.1 48.5 3.0 47 Robeco Global Credits Short Matrty IH £ 3.2 88 ------567 QQQQ OPictet-Emerging Local Ccy Dbt I dy GBP -4.1 2.1 39.0 QQQ 3.1 2156 ORobeco High Yield Bonds FH £ -0.7 160 6.4 122 29.0 80 QQQQQ 2.6 10012 RobecoSAM Global SDG Credits FH £ 7.2 12 ------529 OPictet-Global Emerging Debt I GBP 0.5 17.0 53.8 QQQQ 3.3 2602 RobecoSAM SDG Credit Income CH GBP 4.5 49 ------575 Pictet-Shrt-Trm Em Lcl Ccy Dbt HI dy GBP -4.7 -11.0 -0.8 - 2.9 32 Royal London European Corporate Bd Z Inc 3.8 66 11.3 92 42.8 59 QQQQ 1.9 94 PIMCO GIS Em Mkts Bd Instl GBPH Acc 1.8 5.9 32.3 - 3.2 3211 Royal London Global Index Linked M Inc 3.6 73 14.3 64 25.2 89 QQQQ 1.4 311 OPIMCO GIS Emerg Lcl Bd Instl GBP UnH Acc -4.0 5.1 49.2 QQQQ 3.6 1610 Royal London International Govt Bd M Inc 3.7 70 11.8 89 16.1 114 QQ 0.9 466 Quilter Inv Em Mkts Bd U2 (GBP) Acc -4.3 - - - - 24 Royal London Shrt Dur Glb Idx Lnkd M Inc 2.8 102 7.7 117 - - QQQ 0.6 505 Russell Inv EMkt Dbt Lcl Ccy I GBP -3.8 0.3 41.2 QQQ 3.0 248 5 October 2020 investmentweek.co.uk 28 Unit Trusts/OEICs

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) T. Rowe Price EM Bd Ih GBP 10 -4.5 -3.3 22.4 - 4.0 227 LF Miton European Opportunities B Acc 29.9 3 61.2 1 - - QQQQQ 4.5 1795 T. Rowe Price Em Lcl Mkts Bd Q EUR -3.8 3.2 51.4 QQQQQ 3.2 75 LF Montanaro European Income A GBP Acc ------13 OTCW Fds Emerging Mkts Income RGHG-QD -1.7 - - - - 202 Liontrust European Growth I Inc 3.3 46 6.4 50 60.6 28 QQQ 4.3 117 Templeton Emerging Mkts Bd W(Qdis)GBP-H1 -6.4 -17.2 2.8 - 3.2 4626 Liontrust European Income Instl Acc -2.3 82 -1.9 79 30.3 81 QQ 4.0 87 Threadneedle EM Bd Z Inc GBP -0.1 13.1 56.3 QQQ 3.5 184 Liontrust European Opports C Acc GBP -7.0 103 -21.7 102 23.7 87 Q 5.7 82 Threadneedle EM Local Z Inc GBP -3.9 4.8 48.3 QQQQ 3.6 68 Liontrust Eurp Enh Inc Instl Hdg Acc -4.4 94 -2.7 80 7.3 94 - 4.3 28 Vanguard Emerging Mkts Bd Inv GBP H Acc - - - - - 116 Liontrust Sust Fut Eurp Gr 2 Net Acc 16.1 14 18.8 23 74.4 18 QQQQ 3.6 302 Wellington Blended Oppc Em Mkts Dbt N H -1.0 - - - - 978 M&G European Index Tracker GBP A Acc -0.2 73 5.3 59 52.3 51 QQQ 3.9 80 Sector average/count -1.7 72 5.4 63 39.4 52 3.4 896 M&G European Select GBP I Acc -2.4 83 -3.4 82 38.9 76 QQQ 4.1 131 Man GLG Continental Eurp Gr Prf Acc C 25.2 5 30.8 10 101.9 3 QQQQQ 4.1 2068 UK Gilts Man GLG Eurp Alpha Inc Profl Acc C -2.8 86 ------15 ASI (AAM) Sterling Govt Bond I Acc 3.9 10 17.9 13 26.8 14 QQQ 1.8 136 Marlborough European Multi-Cap P Inc 15.0 16 13.0 31 110.6 2 QQQQ 5.3 226 ASI Sterling Inflation-Linked Bond I Acc -0.3 28 21.2 6 46.7 5 QQQ 3.6 40 Merian European Equity ex UK R GBP Acc -0.2 72 -6.8 89 29.4 83 QQ 4.2 31 ASI Sterling Long Dated Govt Bond I Acc 5.6 3 32.1 3 53.6 2 QQQQQ 3.3 21 MFS Meridian Continen Eurp Eq WH1 GBP 5.1 39 23.9 17 54.9 47 - 3.8 18 ASI Sterling Short Term Govt Bond I Acc 1.5 26 3.8 27 4.4 24 Q 0.3 83 MGTS AFH DA European Equity I GBP Acc -3.0 87 ------145 ASI UK Government Bond P1 Acc 4.0 9 18.3 9 25.7 19 QQQ 1.9 40 MI Chelverton European Select B Acc 2.9 47 ------2 BNY Mellon Long Gilt Exempt 2 Acc 5.6 2 30.6 5 51.5 3 QQQQQ 3.1 54 Montanaro European Income £ Inc 7.1 29 17.4 25 - - QQQQ 4.3 341 Fidelity Index UK Gilt P GBP Acc ------5 Polar Cptl Eurp Ex UK Inc I GBP Acc -10.7 107 -4.0 83 42.4 71 QQ 3.8 201 Franklin UK Gilt W Acc 3.2 23 17.4 19 - - QQQ 1.7 77 Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 20.4 10 33.3 8 87.2 10 QQQQQ 3.9 97 HSBC Gilt & Fixed Interest C Acc 3.3 21 16.9 22 25.5 20 QQ 1.8 60 Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 5.7 35 12.3 32 55.9 44 QQQQ 3.9 238 HSBC UK Gilt Index C Acc 3.5 16 17.7 16 27.4 11 QQQ 1.8 193 Robeco QI Continental Eurp Cnsrv Eqs F £ -3.0 88 9.2 37 - - QQQ 3.3 3 iShares Over 15 Yrs Gilts Idx (UK) D Acc 5.3 5 33.7 1 - - QQQQQ 3.2 1708 Royal London Europe ex UK Tracker Z Acc 0.2 68 6.5 48 55.6 46 QQQ 4.0 699 OiShares UK Gilts All Stks Idx (UK) D Acc 3.6 13 18.2 10 28.4 7 QQQ 1.8 4851 Royal London European Growth 2.4 52 16.4 28 60.9 27 QQQQ 3.8 243 Janus Henderson Instl Lg Datd Gilt I Acc 5.4 4 30.8 4 49.6 4 QQQQQ 3.3 63 Royal London European Growth M Acc 3.5 43 5.9 53 53.8 48 QQQ 3.8 1689 Janus Henderson Instl UK Gilt I Acc 4.0 8 17.8 14 26.7 15 QQQ 1.9 68 Russell Inv Continental Eurp Eq I -2.6 85 -1.7 77 50.0 57 QQQ 4.2 380 JPM UK Government Bond C Acc ------228 RWC Continental European Eq R GBP Acc 12.8 20 ------44 OL&G All Stocks Gilt Index I Acc 3.4 17 17.4 18 27.3 12 QQQ 1.8 1458 Santander Europe (Excluding UK) Eqs A -2.1 80 0.2 75 44.6 69 QQ 4.1 72 LF Canlife UK Government Bond C Inc 3.6 15 15.6 23 23.3 22 QQ 1.7 118 Schroder European Alpha Income Z Acc -16.1 113 -22.5 103 17.9 90 QQ 5.4 133 M&G Gilt & Fixed Interest Inc GBP I Acc 3.4 20 15.3 24 25.2 21 QQ 1.7 573 Schroder European Alpha Plus Z Acc -9.5 105 -16.3 98 31.1 80 Q 5.3 123 Quilter Investors Gilt Index A GBP Acc 3.8 12 17.8 15 26.3 16 QQQ 1.9 383 OSchroder European Recovery Z Acc -20.6 114 -20.6 101 5.2 95 Q 5.5 176 Royal London Short Duration Gilts M Inc 1.1 27 2.7 28 4.0 25 Q 0.2 873 OSchroder European Z GBP Acc 2.9 48 1.1 72 57.2 39 QQQ 4.5 1214 ORoyal London UK Government Bond M Acc 4.2 7 18.1 11 27.5 10 QQQ 1.8 956 Scottish Widows European Gr A -2.0 78 3.5 68 51.8 53 QQQ 4.1 880 Santander Sterling Government Bond IA 3.8 11 18.6 8 28.3 8 QQQ 1.8 355 Scottish Widows Eurp Sel Gr A -1.8 77 22.4 20 76.8 16 QQQQ 4.7 235 Schroder Gilt & Fxd Int A Acc GBP 3.3 22 16.9 21 26.0 18 QQQ 1.8 281 SLI European Trust 7.4 27 7.6 43 59.1 32 QQQ 4.0 301 Scottish Widows Gilt G Acc 2.6 24 15.3 25 22.0 23 QQ 1.8 2438 Smith & Williamson European Equity B 6.5 31 5.9 54 45.9 65 QQQ 4.5 24 Scottish Widows UK Fix-Int Trkr I Acc 3.4 19 17.3 20 26.2 17 QQQ 1.8 283 State Street Europe ex UK Equity Tracker 0.8 60 8.6 40 57.7 37 QQQ 3.7 4996 Threadneedle Sterling Bond Z Inc 3.4 18 17.4 17 27.1 13 QQQ 1.9 502 SVM Continental Europe Instl 21.2 9 23.6 19 72.1 19 QQQ 4.6 21 Threadneedle UK Fixed Interest Z Acc 3.6 14 18.0 12 28.3 9 QQQ 1.9 328 T. Rowe Price Cont Eurp Eq CAccGBP 6.3 32 19.6 22 - - QQQQ 3.8 5 OVanguard UK Govt Bd Idx £ Acc 4.4 6 20.5 7 31.7 6 QQQQ 2.0 3730 OT. Rowe Price Cont Eurp Eq Q GBP 7.0 30 20.2 21 67.7 22 QQQQ 3.7 131 Vanguard UK Lg Dur Gilt Idx £ Acc 6.0 1 32.5 2 54.0 1 QQQQQ 3.1 539 OThreadneedle European Sel Z Acc GBP 13.9 18 26.7 14 78.3 13 QQQQQ 3.6 1746 Wesleyan Risk Averse A Acc 2.0 25 6.0 26 - - - 0.4 3 Threadneedle European Z Acc GBP 6.3 33 16.5 27 56.8 40 QQQQ 3.9 984 Sector average/count 3.6 28 18.8 28 29.7 25 2.0 682 TM CRUX European I GBP Acc 3.6 42 5.0 60 - - QQQ 4.2 225 OTM CRUX European Special Sit A Acc GBP -2.6 84 -4.2 84 49.3 58 QQQ 4.6 1260 Vanguard Äz Stk Idx Ä Acc -4.5 95 0.5 74 49.1 59 QQQQ 4.3 1557 MAJOR MARKETS OVanguard FTSE Dev Äpe ex-UK Eq Idx £ Acc 0.8 61 8.7 39 58.3 33 QQQ 3.8 2377 Waverton European Capital Gr R GBP Inc 1.5 55 5.9 55 59.6 30 QQQQ 3.8 174 Europe Excluding UK Waverton European Dividend Gr L GBP Inc -0.5 75 3.5 67 63.8 24 QQQ 4.0 46 AB Eurozone Eq Ptf I EUR Acc -10.7 106 -8.2 91 48.4 61 QQQ 4.9 766 Sector average/count 3.4 114 8.2 103 54.8 95 4.2 562 OAllianz Continental European C Acc 24.3 6 34.5 7 98.1 4 QQQQQ 4.5 217 Allianz European Equity Income C Inc -13.1 110 -11.9 95 24.2 86 QQ 4.1 22 Europe Including UK Artemis European Growth I Acc -14.3 111 -19.6 100 21.5 88 QQ 5.5 121 AB European Eq Ptf I Acc -9.9 44 -8.1 39 37.3 28 QQQQ 4.6 338 OArtemis European Opportunities I Acc 0.6 63 3.9 63 51.8 52 QQQ 4.2 152 OAllianz Europe Equity Gr Sel RT GBP 21.8 3 26.7 11 79.2 9 QQQQ 4.3 794 AS SICAV I Eurp Eq Ex UK X Acc GBP 8.9 24 34.5 6 93.1 9 QQQQQ 3.8 127 OAllianz Europe Equity Growth P GBP 21.1 4 28.7 10 84.5 5 QQQQ 4.5 5512 ASI Europe ex UK Equity I Acc 9.0 23 35.1 5 96.8 6 QQQQQ 3.7 414 OBGF European Value D2 -2.4 33 -10.3 41 20.7 41 QQQQ 4.2 505 ASI Europe ex UK Ethical Equity P1 Acc 13.7 19 17.8 24 76.1 17 QQQQ 4.4 230 Candriam Quant Equities Europe C Acc EUR -3.5 38 -2.0 34 40.3 27 QQQ 3.8 362 ASI Europe ex UK Growth Equity P1 Acc 7.6 26 8.7 38 62.2 26 QQQ 4.1 80 Capital Group Eurp Gr&Inc (LUX) Bh USD -10.6 45 2.3 30 35.7 29 - 4.2 188 ASI Europe ex UK Income Equity P1 Acc 3.5 44 6.1 52 52.3 50 QQQQ 4.0 632 OComgest Growth Europe EUR I Acc 11.8 9 36.2 6 96.0 4 QQQQQ 3.5 3525 ASI European Equity Enhanced Index B Acc -0.1 71 5.9 56 59.4 31 QQQ 4.0 236 Comgest Growth Europe Opps EUR I Acc 26.3 1 45.6 2 135.4 2 QQQQQ 4.9 1085 ASI European Equity Tracker B Acc 0.1 69 ------72 OComgest Growth Eurp Smlr Coms EUR I Acc 22.8 2 61.2 1 143.2 1 QQQQQ 4.8 628 Aviva Investors Contnn Eurp Eq 2 GBP Acc 2.1 53 -1.9 78 42.0 72 QQQ 4.4 148 Federated Hermes Eurp Alp Eq F GBP Acc 3.8 23 7.0 23 49.8 19 QQQ 4.3 121 AXA Framlington European Z GBP Acc 0.6 62 3.6 66 46.6 64 QQQQ 4.0 59 OFidelity European Dynamic Gr W-Acc-GBP 15.0 6 44.8 3 110.3 3 QQQQQ 3.8 5159 AXA Rosenberg European Z -4.9 98 -7.9 90 32.4 79 QQ 4.2 17 GAM Star (Lux) - European Momentum IÄAcc 1.3 26 6.5 24 48.6 21 QQQQ 4.5 14 AXAWF Fram Eurozone F Cap EUR -3.0 89 -1.1 76 44.9 68 QQQQ 4.6 928 GAM Star European Equity Instl EUR Acc 13.9 8 15.3 18 62.0 15 QQQQQ 4.2 257 Baillie Gifford European B Acc 46.7 1 51.1 2 148.5 1 QQQQQ 5.0 1707 GS Europe COREÆ Equity R Inc GBP -3.2 35 0.1 33 51.5 18 QQQQ 4.2 1741 Barclays Europe (ex-UK) Alpha R Acc GBP 23.1 7 27.4 13 64.9 23 QQQQ 4.0 38 IFSL Trade Union Unit Trust 9.7 10 30.9 8 78.1 10 QQQQQ 3.9 72 Barings European Growth I GBP Inc -6.9 102 -5.0 85 38.3 77 QQ 4.8 58 JOHCM European Concentrated Value B EUR -12.5 46 -13.0 43 - - QQ 4.1 92 BlackRock Continental Euro D Acc 23.0 8 37.7 4 94.9 8 QQQQQ 4.1 721 JOHCM European Select Val A GBP -9.1 43 -15.4 44 26.2 35 QQQQ 4.2 622 OBlackRock Continental Eurp Inc D Acc 5.3 38 13.8 30 58.1 34 QQQQ 3.7 1657 JPM Europe Equity Plus A perf (dist) GBP -7.3 41 -5.6 37 29.2 33 QQQQ 4.3 1279 OBlackRock European Dynamic D Acc 20.3 11 30.5 12 95.3 7 QQQQQ 4.4 4426 JPM Europe Strategic Growth A (dist) GBP 6.0 17 19.9 12 73.0 12 QQQQ 4.0 867 BlackRock Systm Continen Euro D GBP Acc 1.4 57 5.5 57 51.7 54 QQQ 4.0 10 JPM Europe Strategic Value A (dist) GBP -21.6 49 -26.5 48 7.3 45 QQ 5.2 1145 BMO Select European Equity 2 Acc 10.9 22 16.6 26 69.3 21 QQQQ 4.0 428 OJupiter European Growth D GBP Acc 7.2 14 31.8 7 80.2 7 QQQQQ 3.9 1240 BNY Mellon Continental European InstWAcc 2.0 54 12.0 34 57.9 36 QQQQ 3.5 136 OJupiter European Opps D EUR Acc 6.7 15 6.4 25 46.3 24 QQQQQ 3.8 59 Castlefield B.E.S.T Sust Eurp Gen Inc 18.8 12 ------15 Lazard European Alt C Acc EUR 5.4 20 4.4 27 - - - 1.7 317 Comeragh European Growth B EUR Acc -5.4 100 -12.4 96 44.0 70 Q 4.9 45 Legg Mason QS MV Eurp Eq G&I A EUR DisA -5.7 40 -3.8 35 23.9 40 QQQ 3.6 29 OComgest Growth Europe ex UK GBP SU Acc 14.5 17 40.5 3 - - QQQQQ 3.6 143 LO Funds Europe High Convc EUR NA 9.4 11 16.9 14 72.9 13 QQQQQ 3.6 829 EdenTree Amity European B -3.4 92 -5.7 88 41.6 73 QQQ 4.5 39 M&G Pan European Select GBP I Acc 0.5 27 4.9 26 52.4 17 QQQQ 4.0 130 ES AllianceBernstein Eurp Ex UKEqIGBPAcc -6.3 101 ------163 Merian European Equity U1 GBP Acc -3.5 37 -7.9 38 16.3 43 Q 4.2 35 Federated Hermes Eurp exUK Eq F GBP Acc 15.7 15 25.9 15 97.2 5 QQQQQ 4.6 58 MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP -7.8 42 2.3 31 27.7 34 - 4.4 5 Fidelity European Opportunities W Acc 3.4 45 4.2 62 47.2 62 QQQ 4.2 353 MFS Meridian European Core Eq W1 GBP -1.4 31 16.7 15 - - QQQ 3.7 117 OFidelity European W Acc 5.6 36 24.0 16 79.0 12 QQQQ 3.3 2799 MFS Meridian European Research WH1 GBP -1.2 29 17.1 13 33.1 31 - 3.9 2628 Fidelity Index Europe ex UK P Acc 0.1 70 7.3 45 56.2 42 QQQ 3.9 338 MFS Meridian European Value W1 GBP 5.6 19 28.7 9 80.0 8 QQQQQ 3.4 3909 FP Argonaut European Alpha R GBP Acc -4.8 96 -5.2 86 10.0 93 QQ 4.1 43 New Capital Dynamic Eurp Eq GBP Ord Inc -2.1 32 7.3 22 26.2 36 - 3.9 164 FP Argonaut European Income Opp R Acc 0.9 59 6.2 51 - - QQQ 3.8 2 Overstone UCITS EAFE Eq A USD -17.0 47 -16.7 45 25.0 39 - 4.3 14 FP Carmignac European Leaders A GBP Acc 25.6 4 ------89 OYSTER Europe Growth and Income R EUR 4.3 22 -12.2 42 33.6 30 QQ 4.4 7 GAM Star Continental Eurp Eq Instl £ Acc 11.6 21 10.1 36 62.3 25 QQQQ 4.3 398 OYSTER Europe R GBP D 8.3 13 -8.1 40 49.1 20 QQ 4.5 16 GlobalAccess Eurp ex-UK Alpha M Acc GBPH 1.2 58 8.3 41 26.6 85 - 4.5 112 Pictet-European Equity Sel I EUR -20.5 48 -19.8 46 18.5 42 Q 5.6 222 Guinness European Equity Income Y £ Inc -3.1 91 ------5 Pictet-Quest Europe Sust Eqs P dy EUR 0.0 28 8.7 20 47.9 22 QQQQ 3.4 559 Halifax European C -2.0 79 2.6 71 51.3 55 QQQ 4.0 328 Principal European Equity I Acc USD 6.3 16 16.5 16 67.2 14 QQQQQ 3.8 29 HL Multi-Manager European A Acc 7.2 28 15.7 29 70.9 20 QQQQ 4.6 117 RWC European Equity R GBP Acc 8.7 12 ------32 HSBC European Growth Accumulation C -8.8 104 -11.4 94 20.2 89 QQ 4.5 143 Schroder ISF Eurp Eq Yld Z Acc EUR -23.9 50 -20.3 47 8.8 44 QQQ 4.5 63 HSBC European Index Accumulation C 0.5 66 8.0 42 58.0 35 QQQQ 3.9 1941 Seilern Europa EUR U R (Founders) 16.6 5 43.9 4 80.9 6 QQQQQ 3.3 74 HSBC GIF Euroland Equity AD -14.6 112 -19.4 99 17.4 91 QQ 5.0 371 SLI European Equity Uncons D Acc EUR 2.1 24 2.0 32 25.2 38 QQQ 4.0 10 Invesco European Equity Inc UK Z Acc -5.0 99 -10.2 93 30.1 82 QQQ 4.4 391 SVM All Europe SRI B Acc -1.4 30 -4.9 36 26.1 37 QQQ 5.6 20 Invesco European Equity UK Z Acc -11.8 109 -16.1 97 26.9 84 QQ 5.1 1516 OT. Rowe Price Eurp Eq Q EUR 4.5 21 16.3 17 47.5 23 QQQQQ 3.6 93 Invesco European Opps UK Z Acc 2.4 50 -8.9 92 15.6 92 QQ 4.0 25 Threadneedle Pan Eurp Focus Z Acc GBP 14.0 7 41.6 5 74.5 11 QQQQ 3.8 84 Invesco Eurp ex UK Enh Idx UK Z Acc -0.4 74 2.8 70 - - QQQ 4.0 5 OVanguard Äpean Stk Idx Ä Acc -4.3 39 3.2 29 44.0 25 QQQQ 3.7 3290 OiShares Continen Eurp Eq Idx (UK) D Acc 0.5 64 7.3 44 57.5 38 QQQ 4.0 3713 OVanguard SRI European Stk £ Acc -2.8 34 3.6 28 42.8 26 QQQ 3.8 277 OJanus Henderson European Focus I Acc 5.6 37 12.0 33 56.1 43 QQQQQ 3.9 217 Virgin Climate Change 6.0 18 11.4 19 31.0 32 QQ 4.1 62 Janus Henderson European Gr I Acc 3.8 41 3.9 64 60.5 29 QQQQ 4.2 843 Wellington Focused European Eq N GBP Acc -3.2 36 ------2 OJanus Henderson European Sel Opps I Acc 4.3 40 10.5 35 52.6 49 QQQQ 3.7 1794 Wellington Strategic Eurp Eq N GBP Acc 1.5 25 7.6 21 61.1 16 QQQ 3.8 1008 Janus Henderson Instl Eurp Idx Opp I Acc 0.5 65 6.4 49 56.5 41 QQQ 4.0 39 Sector average/count 1.7 50 9.2 48 52.2 45 4.1 793 OJOHCM Continental European A GBP 1.5 56 3.1 69 45.6 66 QQQQ 4.2 579 JPM Europe (ex-UK) Rsh Enh Idx Eq E Acc ------46 Japan JPM Europe C Net Acc -0.8 76 3.7 65 50.9 56 QQQ 4.2 119 JPM Europe Dynamic (ex-UK) C Net Acc -3.1 90 -3.1 81 41.2 74 4.5 453 AB Japan Strategic Val I Acc -5.4 63 -3.4 65 45.9 57 Q 4.1 61 O QQQ OAS SICAV I Japanese Eq X Acc GBP 13.8 18 22.4 29 80.7 25 QQQQ 4.2 478 OJupiter European I Acc 7.7 25 32.8 9 84.9 11 QQQQQ 3.9 4510 ASI Japan Equity Enhanced Index B Acc -1.4 57 12.8 49 63.6 43 3.6 131 Jupiter European Income I Acc -3.9 93 -5.3 87 34.5 78 QQ 4.0 56 QQQ Jupiter European Special Sits I Acc 6.3 34 7.0 46 48.7 60 3.8 338 ASI Japan Equity Tracker B Acc 2.5 42 ------55 O QQQQ OASI Japanese Equity I Acc 14.4 17 23.8 28 81.7 22 QQQQ 4.2 58 L&G European Equity Income I Acc -4.9 97 ------252 ASI Japanese Growth Equity P1 Acc 13.1 19 27.2 24 80.9 24 4.3 242 L&G European I Acc 34.6 2 23.6 18 77.6 15 QQQQ 5.1 148 QQQQ L&G European Index I Acc 0.2 67 6.7 47 55.7 45 3.9 3040 Aviva Investors Japan Eq MoM 1 2 GBP Inc 1.3 51 9.1 52 57.2 48 QQQ 4.2 171 O QQQ AXA Framlington Japan Z Inc 10.1 27 24.5 26 101.3 11 QQQQ 4.9 158 Lazard European Alpha C Acc 2.4 51 4.6 61 45.5 67 QQQ 4.2 76 AXA Rosenberg Japan Z -2.1 58 8.0 53 56.4 49 4.0 62 Lazard European Equity C Acc GBP 2.5 49 5.3 58 46.6 63 QQQ 4.1 20 QQQ Legg Mason IF MC Eurp Uncons X Acc £ 17.5 13 30.6 11 78.2 14 3.9 46 Baillie Gifford Japanese B Acc 8.2 29 28.1 22 109.1 9 QQQQQ 4.6 3008 QQQQ OBaillie Gifford Japanese Inc Gr B £ Inc 4.5 32 29.0 20 - - 4.3 753 LF Canlife European C Acc -2.3 81 1.1 73 39.7 75 QQ 3.8 54 QQQQ LF Lightman European R Acc -11.2 108 ------222 Barings Japan Growth I GBP Acc 11.1 23 32.0 15 102.6 10 QQQQQ 4.1 23 OCapital Group Japan Equity (LUX) Z 14.6 16 29.4 19 92.4 16 QQQQ 4.0 92 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 29 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) Comgest Growth Japan GBP U Acc 23.6 6 62.5 3 162.7 3 QQQQQ 4.5 2454 iShares US Equity Index (UK) D Acc 9.4 54 45.0 48 116.3 42 QQQQ 4.5 1904 OFidelity Index Japan P Acc 2.4 43 18.8 35 66.8 36 QQQ 3.8 504 Janus Henderson Instl NA Idx Opps A Acc 9.2 58 42.7 63 111.8 49 QQQ 4.6 495 Fidelity Instl Japan Acc 16.1 14 30.1 18 92.0 17 QQQQ 4.5 66 Janus Henderson INTECH US Cor A2 USD 2.3 108 28.8 101 83.4 93 QQQ 4.5 22 Fidelity Japan Smaller Companies W Acc 15.1 15 21.2 32 95.8 14 QQQQ 4.4 94 Janus Henderson Oppc Alp A1 USD 8.4 68 48.2 38 83.7 92 QQQ 5.6 15 Fidelity Japan W Acc 11.7 21 34.2 12 79.2 27 QQQQ 4.3 50 Janus Henderson US Forty A2 USD 25.3 19 86.9 9 152.6 15 QQQ 4.6 447 FSSA Japan Focus B GBP Acc 24.1 5 59.5 6 168.8 2 QQQQQ 5.0 127 OJanus Henderson US Growth I Acc 17.0 24 70.6 19 116.6 41 QQQ 4.5 356 GAM Multistock Japan Equity JPY R 10.3 26 22.1 30 77.2 28 QQQQ 3.6 156 Janus Henderson US Research A2 USD 11.0 43 47.2 41 99.2 70 QQ 4.6 8 OGAM Star Japan Ldrs Instl GBP Acc 19.6 11 40.5 9 130.9 7 QQQQQ 4.1 402 Janus Henderson US Strat Val I USD Inc ------79 GlobalAccess Japan M Acc GBP Hdg 3.0 38 3.5 60 23.6 60 - 4.9 180 OJPM America Equity A (dist) USD 7.2 78 41.4 66 99.5 68 QQ 4.7 1903 GS Japan Equity Ptnrs R Inc GBP Hdg 19.7 10 33.1 14 - - - 4.8 1045 OJPM US Equity Income C Net Acc -6.9 123 22.7 106 81.5 95 QQQQQ 4.3 3066 GS Japan Equity R Inc GBP Snap 12.1 20 33.4 13 84.9 20 QQQQ 3.8 785 JPM US Research Enhanced Idx Eq E Acc ------171 Halifax Japanese C -3.6 61 7.6 54 51.2 53 QQ 3.7 68 OJPM US Select C Net Acc 15.7 25 51.6 33 124.1 27 QQQQ 4.7 666 OHSBC Japan Index C Acc 3.1 36 18.9 34 69.6 31 QQQQ 3.8 1342 OJPM US Select Equity Plus A (dist) GBP 14.7 28 44.5 50 107.0 56 QQQ 4.8 2084 HSBC Japan Multi-Factor Eq Instl A Acc 0.4 53 14.0 48 62.5 44 QQQ 3.7 14 Jupiter North American Income I Acc -7.1 124 15.9 114 77.8 99 QQ 4.5 149 Invesco Japan UK Z Acc -13.7 70 -8.0 68 26.9 59 Q 4.0 189 OL&G US Index I Acc 9.8 52 46.0 44 117.2 38 QQQQQ 4.7 4152 OiShares Japan Equity Index (UK) D Acc 3.0 37 18.3 37 67.1 35 QQQ 3.9 1867 Lazard US Equity Concntr C Acc USD 2.1 109 39.9 73 - - QQQ 4.6 394 Janus Henderson Instl Jpn Idx Opps A Acc 2.3 45 16.7 45 64.0 42 QQQ 3.8 140 OLegg Mason CB US Agrsv Gr X USD Dis(A) 3.7 104 20.2 108 62.3 107 QQ 5.0 668 Janus Henderson Japan Opps I Acc 11.4 22 28.0 23 92.9 15 QQQQQ 3.9 29 Legg Mason CB US Apprec X USD Dis(A) 6.5 86 44.4 52 108.8 53 QQQ 4.0 146 JOHCM Japan GBP A -7.5 68 -1.1 62 40.6 58 QQ 4.5 152 Legg Mason CB US Eq Sust Ldrs X GBP Acc 14.8 27 65.1 22 - - QQQ 4.2 157 OJPM Japan C Net Acc 27.9 2 66.6 2 146.9 4 QQQQQ 5.0 1545 Legg Mason CB US Lg Cp Gr X USD Acc 24.2 21 76.7 17 162.3 13 QQQQ 4.5 1706 JPM Japan Select Equity A (dist) JPY 1.3 52 17.4 43 64.3 41 QQQ 3.8 53 Legg Mason IF CB US Eq Inc X Inc -3.0 119 30.2 96 95.1 76 QQQ 4.2 26 Jupiter Japan Income I Acc 4.3 33 31.2 16 89.0 18 QQQQ 4.1 668 Legg Mason IF CB US Eq X Acc -9.4 127 4.4 127 51.6 115 Q 5.5 25 Jupiter Japan Select D USD Acc 3.8 35 30.7 17 86.4 19 QQQQ 4.0 113 Legg Mason IF MC US Uncons X Acc £ 17.6 23 68.6 20 137.2 19 QQQQQ 4.4 193 L&G Japan Index I Acc 2.6 41 17.8 40 65.8 39 QQQ 3.7 1287 LF Canlife North American C Acc 11.1 40 40.7 68 118.4 34 QQQ 4.4 159 Lazard Japanese Strategic Eq C Inc GBP H 2.6 39 -3.6 66 19.9 62 - 5.6 7 LF Miton US Opportunities B Acc 11.0 42 43.2 61 110.0 51 QQQQ 4.8 806 Legg Mason IF Japan Equity X Acc 32.5 1 69.9 1 221.8 1 QQQQQ 6.2 1067 Liontrust US Income C Acc GBP -1.0 116 26.8 105 90.6 80 QQ 4.3 25 OLF Morant Wright Japan B Acc -6.1 64 -1.0 61 51.0 54 QQQ 4.2 351 Liontrust US Opportunities C Acc GBP 11.1 41 53.6 31 101.9 65 QQ 5.1 245 LF Morant Wright Nippon Yield B Acc -6.9 67 -1.5 63 52.6 51 QQQ 4.3 342 Loomis Sayles US Equity Inc Fd R/A USD -1.1 117 18.9 111 70.3 105 QQ 4.4 12 OLindsell Train Japanese Eq B GBP QutdInc 8.4 28 35.2 11 118.9 8 QQQQ 4.6 602 Lord Abbett Innovation Growth I USD Acc 53.2 3 113.8 4 194.6 4 QQQQ 5.8 70 Liontrust Japan Equity C Acc GBP 4.1 34 11.4 50 70.1 30 QQ 4.8 199 M&G North American Dividend GBP I Acc 3.5 105 40.2 71 119.8 31 QQQ 4.7 663 Liontrust Japan Opportunities C Acc GBP -1.2 56 -7.2 67 13.4 63 Q 5.8 65 M&G North American Value GBP I Acc -10.7 131 3.1 130 55.8 111 QQQ 4.8 197 M&G Japan GBP I Acc -5.1 62 -2.5 64 47.7 56 QQ 4.7 152 Majedie Asset Mgmt US Equity Z GBP Acc 4.3 103 40.9 67 90.6 81 QQQ 4.4 197 OMan GLG Japan CoreAlpha Profl Acc C -19.9 71 -14.5 69 22.8 61 Q 4.9 1167 Marlborough US Multi-Cap Income P Inc 11.2 39 60.1 27 125.5 24 QQQQQ 4.0 81 Matthews Japan Fund I GBP Acc 18.1 12 28.7 21 97.5 12 QQQQ 4.3 146 OMerian North American Equity R GBP Acc 4.8 98 30.1 97 103.0 63 QQQQ 4.9 2074 MFS Meridian Japan Equity A1 USD 6.8 30 18.0 39 65.3 40 QQQ 3.6 3 Merian US Equity Income R GBP Acc 2.1 110 18.8 112 74.2 101 QQQQ 4.9 93 New Capital Japan Equity JPY Inst Acc 17.6 13 22.0 31 83.3 21 QQQQ 4.7 58 MFS Meridian US Concentrated Gr WH1 GBP 11.8 36 53.9 30 99.1 71 - 4.9 428 Nikko AM Japan Value D GBP 1.5 50 ------40 MFS Meridian US Value WH1 GBP -6.5 122 1.8 133 32.4 121 - 5.1 1185 Nomura Fds Japan High Conviction I GBP 26.8 4 61.5 4 - - QQQQQ 5.0 181 MGTS AFH DA North American Eq I GBP Acc 4.5 100 ------154 Nomura Fds Japan Strategic Value R JPY -6.1 65 6.0 57 - - QQ 4.4 275 OMorgan Stanley US Advantage I Acc GBP 41.4 5 107.4 5 - - QQQQQ 5.5 901 OYSTER Japan Opportunities R JPY -6.8 66 6.9 56 61.3 45 QQQ 3.7 291 OMS INVF US Advantage I 46.8 4 121.2 3 221.7 3 QQQQQ 5.7 9905 Pictet-Japan Index I GBP 2.2 47 18.4 36 66.7 37 QQQ 3.7 380 OMS INVF US Growth Z 87.0 2 167.3 2 310.1 2 QQQQQ 6.8 3607 Pictet-Japanese Equity Opps I GBP 1.5 49 16.4 46 76.8 29 QQQQ 4.1 887 ONatixis Loomis Sayles US Eq Ldrs N/A £ 22.0 22 67.5 21 173.1 10 QQQQ 4.7 1187 Pictet-Japanese Equity Sel I GBP -0.3 54 16.9 44 68.1 32 QQQ 4.3 88 New Capital US Future Leaders GBP UnHAcc 35.6 8 ------147 Polar Capital Japan Value S -9.1 69 4.9 59 55.8 50 Q 4.5 115 New Capital US Growth GBP Acc 32.4 9 52.2 32 81.7 94 - 5.8 184 Quilter Investors Jpn Eq U2 (GBP) Acc -1.0 55 9.3 51 58.1 47 QQ 3.7 248 Ninety One American Franchise I Acc £ 11.9 35 63.2 24 157.2 14 QQQQ 4.1 426 Royal London Japan Tracker Z Acc 1.9 48 17.5 42 67.6 33 QQQ 3.8 1099 OYSTER US Small&Mid Company Gr R GBP D 0.1 115 21.3 107 86.3 89 QQ 5.2 32 Russell Inv Japan Equity I 5.3 31 19.6 33 80.9 23 QQQQ 4.0 257 Pictet-USA Index I GBP 8.6 67 42.9 62 114.2 47 QQQQ 4.3 2069 RWC Nissay Japan Focus R GBP Acc Unhdg 27.2 3 60.3 5 146.0 5 QQQQQ 5.8 219 Polar Capital North American I -1.5 118 19.2 109 80.3 97 QQ 5.0 852 Santander Japan Equities A 2.4 44 14.8 47 60.1 46 QQQ 3.8 36 Quilter Inv Nrth Amer Eq U2 (GBP) Acc 5.0 95 ------188 Schroder Tokyo Z Acc £ -2.7 59 6.0 58 52.3 52 QQQ 3.7 1120 Quilter Inv US Eq Small/MC U2 GBP Acc -7.7 125 13.3 117 65.9 106 QQQ 5.5 87 Scottish Widows Japan Gr A -3.3 60 7.1 55 48.9 55 QQ 3.6 160 Quilter Investors US Eq Gr A (GBP) Acc 39.0 6 91.5 8 187.9 5 QQQQ 5.5 192 SLI Japanese Trust 10.7 25 24.1 27 79.6 26 QQQQ 4.2 213 Quilter Investors US Eq Inc U2 (GBP) Acc -16.0 140 ------135 SLMT Standard Life Japan Inst S Acc 11.1 24 24.7 25 - - QQQQ 4.1 165 Robeco BP US Large Cap Equities F £ -12.4 135 6.2 126 54.1 114 QQ 4.9 746 State Street Japan Equity Tracker 2.6 40 17.7 41 67.6 34 QQQQ 3.6 84 Robeco QI US Conservative Equities F £ -10.7 130 14.0 116 - - QQQ 4.0 107 OT. Rowe Price Jap Eq CAccGBP 21.8 7 43.7 7 - - QQQQQ 4.4 254 Royal London US Growth 8.7 63 31.1 93 88.9 86 QQQ 5.0 225 OT. Rowe Price Japanese Equity Q EUR 21.2 8 43.0 8 132.6 6 QQQQQ 4.4 1467 Royal London US Tracker Z Acc 9.2 57 44.3 54 116.9 39 QQQQ 4.6 6679 Threadneedle Japan Z Acc GBP 20.4 9 37.0 10 96.9 13 QQQQ 4.1 766 Russell Inv US Quant I 4.5 101 30.5 95 89.5 84 QQQ 4.5 156 OVanguard Jpn Stk Idx £ Acc 2.2 46 18.1 38 66.4 38 QQQ 3.6 2685 Sanlam US Dividend A GBP Acc -5.8 121 11.7 119 73.4 102 QQQQ 4.4 31 Sector average/count 6.5 71 21.6 69 78.3 63 4.3 476 Santander United States Equities A 10.7 46 39.7 76 105.5 59 QQQQ 4.8 83 Schroder QEP US Core I Acc 6.4 87 39.4 78 105.3 62 QQQQ 4.4 115 North America Schroder US Eq Inc Mxmsr Fund Z Acc £ 3.1 106 29.5 99 - - QQ 4.2 195 AB American Gr Ptf I Acc 26.4 13 85.8 11 176.9 8 QQQQ 4.1 4513 OSchroder US Mid Cap Z Acc -9.5 128 10.8 120 60.0 110 QQQ 5.5 1003 OAB Concntr US Eq I USD Acc 10.2 49 63.1 25 136.9 20 QQQ 4.9 742 Scottish Widows American Growth A 5.6 91 34.0 89 95.0 77 QQQ 4.2 493 OAB Select US Equity I USD Acc 7.8 74 43.2 60 106.0 57 QQQ 4.1 2551 Seilern America USD U I 15.6 26 76.5 18 181.4 6 QQQQ 4.2 303 Allianz Best Styles US Equity RT GBP 6.6 83 35.0 86 96.0 75 QQQ 4.4 2172 SLI North American Trust 12.1 34 40.6 69 99.3 69 QQ 4.2 358 Allianz US Equity C Acc 7.9 71 35.5 85 100.6 67 QQQ 4.7 29 Smith & Williamson North American Eq B 11.5 38 49.7 35 115.3 45 QQQ 4.5 85 Artemis US Extended Alpha I Acc GBP 8.0 70 45.9 45 126.1 23 QQQ 4.0 427 State Street North America Equity Trkr 10.0 50 46.2 43 118.8 32 QQQQ 4.4 265 OArtemis US Select I Acc GBP 7.9 73 55.6 29 124.1 28 QQQ 4.5 1853 OStocksPLUSô Instl USD Acc 9.7 53 47.3 40 124.8 25 QQQQ 4.6 2581 AS SICAV I American Focused Eq X Acc GBP 8.7 64 43.5 56 105.5 60 QQ 4.4 141 OT. Rowe Price US Blue Chip Eq Q GBP 26.1 16 82.7 13 168.3 11 QQQQ 5.2 884 ASI American Equity Enh Index B Acc 7.3 77 39.9 72 105.4 61 QQQ 4.4 74 T. Rowe Price US Eq CAccGBP 4.6 99 39.8 75 - - QQQ 4.3 12 ASI American Equity I Acc 8.8 61 44.7 49 109.9 52 QQQ 4.4 134 T. Rowe Price US Eq Q GBP 5.0 97 39.9 74 100.6 66 QQQQ 4.3 675 ASI American Equity Tracker B Acc 7.9 72 ------79 OT. Rowe Price US Lg Cap Gr Eq CAccGBP 26.1 15 ------70 ASI American Income Eq P1 Acc 6.6 85 37.7 80 - - QQQ 4.1 133 OT. Rowe Price US Lg Cap Gr Eq Q GBP 27.3 12 83.2 12 176.8 9 QQQQ 5.2 2412 ASI American Unconstrained Equity P1 Acc 5.4 93 27.3 104 81.4 96 QQ 4.4 73 T. Rowe Price US Lg Cap Val Eq CAccGBP -11.7 134 8.4 125 - - QQQ 4.5 4 OAviva Investors US Eq Inc 2 GBP Acc -10.6 129 10.1 122 62.3 108 QQQ 4.5 85 T. Rowe Price US Lg Cap Val Eq Q GBP -14.5 139 3.6 129 55.8 112 QQQ 4.7 478 Aviva Investors US Equity Inc II 2 £ Acc -11.1 133 8.9 123 60.2 109 QQQ 4.5 194 Threadneedle Amer Extnd Alpha Ins AccGBP 12.5 33 51.5 34 126.4 22 QQQ 4.9 65 AXA Framlington American Growth Z Acc 24.5 20 78.3 15 139.4 18 QQQ 5.4 731 Threadneedle American Sel Z Acc GBP 14.1 29 48.5 36 122.5 29 QQQ 5.0 1058 AXA Rosenberg American Z 1.2 113 29.3 100 89.9 83 QQQ 5.0 197 Threadneedle American Z Acc GBP 10.4 48 47.4 39 118.1 36 QQQ 4.8 2717 Baillie Gifford American B Acc 91.0 1 173.7 1 346.1 1 QQQQQ 7.5 5050 Threadneedle US Eq Inc Z Inc GBP 2.0 111 33.7 90 92.3 78 QQQQQ 4.0 84 BGF US Basic Value D2 -13.7 138 3.7 128 40.5 119 QQ 4.7 338 UBS S&P 500 Index C Acc 9.3 56 47.1 42 121.2 30 QQQQ 4.3 548 Blackrock ACS US Equity Tracker T1 9.4 55 45.7 47 118.5 33 QQQQ 4.5 756 UBS US Equity C Acc 4.4 102 28.8 102 87.2 87 QQ 5.9 187 BlackRock US Dynamic D Acc 6.6 84 36.7 83 105.7 58 QQQQ 4.7 127 UBS US Growth C Acc 25.3 18 81.4 14 162.7 12 QQQQ 5.3 384 BlackRock US Opportunities D Acc -13.2 137 8.7 124 44.0 117 QQ 5.5 57 OVanguard U.S. 500 Stk Idx $ Acc 9.0 60 45.7 46 118.2 35 QQQQ 4.3 6394 BMO North American Equity 2 Acc 1.8 112 31.6 92 96.3 73 QQQ 4.7 88 OVanguard U.S. Eq Idx £ Acc 8.8 62 44.3 53 115.8 44 QQQQ 4.6 8469 BNY Mellon US Equity Income GBP W Inc -17.7 142 2.4 132 - - QQ 5.5 165 Vanguard U.S. Fdml Val GBP Inv Dist Shrs -23.6 143 -15.4 135 30.5 122 Q 6.7 15 BNY Mellon US Equity Income Instl W Acc -17.5 141 ------78 Vanguard U.S. Opps GBP Inv Dist Shrs 5.5 92 34.1 88 116.7 40 QQQQ 5.6 1246 BNY Mellon US Opps Inst W Acc 25.7 17 37.1 81 91.8 79 QQQ 6.6 51 VT De Lisle America B GBP -3.4 120 -1.6 134 71.1 104 QQQ 6.5 31 Brown Advisory US Equity Growth $ B 26.2 14 102.7 6 180.4 7 QQQQ 4.5 1324 VT Tyndall North American A GBP Net Acc 10.7 47 40.5 70 - - QQQ 4.9 23 Brown Advisory US Flexible Eq B $ Acc 13.3 32 56.3 28 124.1 26 QQQ 4.8 372 Wellington US Research Eq N GBP UnH Inc 9.9 51 43.3 58 107.5 55 QQQ 4.6 2165 Brown Advisory US Mid-Cap Gr $ C Acc 11.7 37 64.6 23 - - QQQQ 5.6 276 Sector average/count 9.0 143 43.4 135 108.0 122 4.8 918 Brown Advisory US Sust Gr USD C Acc 27.9 11 102.7 7 - - QQQQ 4.5 1214 Candriam Quant Equities USA C Cap USD 7.1 81 29.8 98 89.0 85 QQQ 4.6 361 MANAGED Candriam Sust North America C USD Cap 10.7 45 31.8 91 83.8 91 QQQ 4.4 38 OCapital Group AMCAP (LUX) Z 13.6 31 48.2 37 116.0 43 QQQ 4.2 89 Flexible Investment Capital Group Inv Co of Amer(LUX) Z 7.2 79 30.8 94 96.1 74 QQQ 4.0 348 Comgest Growth America GBP U Acc 13.7 30 60.2 26 127.7 21 QQQ 3.7 182 7IM AAP Adventurous C Acc -2.5 104 4.7 88 34.2 80 QQQ 3.5 195 ODodge & Cox Worldwide US Stock A GBP -8.3 126 12.2 118 76.6 100 QQQQ 5.4 1735 7IM Adventurous C Acc -0.4 82 3.5 96 32.0 88 QQQ 3.9 144 OFidelity American Special Sits W Acc -12.6 136 2.6 131 40.6 118 QQQ 4.3 524 AB Em Mkts Mlt-Asst I GBP H Acc 2.3 53 -4.1 126 24.9 93 - 5.2 972 Fidelity American W Acc GBP 5.2 94 36.2 84 85.6 90 QQQ 3.6 940 ACUMEN Portfolio 6 Acc 1.1 62 10.2 60 - - QQQ 3.7 215 OFidelity Index US P Acc 7.8 75 43.3 59 114.2 46 QQQQ 4.4 2251 Allianz Global Fdmtl Strat RT2 H GBP 7.8 14 5.1 85 21.6 98 QQQ 2.3 59 Fidelity Instl America 1.1 114 28.1 103 78.6 98 QQQ 4.3 149 Architas MA Active Dynamic S Acc 0.7 65 12.2 51 56.1 26 QQQ 4.3 50 OFranklin US Opportunities W Acc 29.5 10 77.5 16 144.6 17 QQQQQ 5.3 108 Architas MA Active Growth S Acc -2.8 107 11.7 53 50.0 40 QQQ 4.3 104 GAM Multistock Health Innovt Eq USD B 6.8 82 14.6 115 35.3 120 Q 4.8 107 Artemis Strategic Assets I Acc -10.0 154 -20.6 137 -3.9 117 Q 4.6 300 GAM North American Growth Instl GBP Acc -11.1 132 10.3 121 54.2 113 QQQ 5.2 84 ASC Bridge Income 6.4 24 18.1 26 48.9 43 QQQQ 3.0 500 GAM Star Capital Apprec US Eq Instl £Acc 5.0 96 44.3 55 87.2 88 QQQ 4.8 69 ASC Merlin Income 7.0 21 18.8 25 47.4 47 QQQQ 3.1 12 GAM Star US All Cap Equity Instl GBP Acc 10.8 44 37.8 79 102.7 64 QQQQ 4.0 56 ASI Multi-Manager Equity Managed I Acc -5.7 133 4.8 87 39.7 65 QQ 4.1 107 GlobalAccess US Equity M Acc GBP Hdg 7.2 80 19.0 110 50.7 116 - 5.2 203 Aviva Investors Multi-Mgr Flexible 2£Acc -0.4 83 10.8 57 49.5 42 QQQQQ 4.0 73 GS US COREÆ Equity R Inc Snap GBP 9.1 59 39.4 77 108.6 54 QQQQ 4.6 1217 Aviva Investors Sustainable Inc &Gr2£Acc -4.4 125 ------5 GS US Equity R Inc GBP 8.3 69 41.5 65 90.5 82 QQQ 4.6 522 AXAWF Global Flexible Prpty F Cap USD -6.6 138 15.7 37 41.2 62 - 3.1 340 GS US Focused Growth Equity R Inc GBP 36.4 7 86.1 10 146.5 16 QQQ 5.6 26 Baillie Gifford Multi Asset Income B Inc 1.7 57 ------39 Halifax North American C 5.6 90 34.4 87 96.6 72 QQQ 4.3 460 Barclays Wealth Global Mkts 5 R Acc GBP 3.6 38 19.6 23 60.3 19 QQQQ 3.5 23 Harris Associates US Equity Fd R/A GBP 3.0 107 ------272 BMO Managed Growth 1 Acc -3.3 112 3.8 93 35.4 78 QQQ 3.2 73 OHSBC American Index C Acc 8.7 66 44.4 51 118.0 37 QQQQ 4.5 6154 OBMO MM Navigator Growth C Acc -2.9 111 1.5 110 36.0 76 QQ 3.6 109 HSBC US Multi-Factor Eq Instl A Acc 7.5 76 41.8 64 110.9 50 QQQQ 4.5 194 BMO Multi-Manager Investment Trust C Acc 8.4 13 19.7 19 57.8 23 QQQQ 4.1 14 Invesco US Enhanced Index UK Z Acc 6.1 88 36.9 82 - - QQQ 4.6 7 OBNY Mellon Mlt-Asst Growth Inst W Acc 2.2 54 17.3 29 51.3 35 QQQQ 4.1 1563 Invesco US Equity UK Z Acc 5.7 89 17.6 113 72.8 103 QQ 5.1 372 BNY Mellon Mlt-Asst Income Inst W Acc -3.9 120 2.0 105 36.6 75 QQQ 3.5 125 OiShares North American Eq Idx (UK) D Acc 8.7 65 43.5 57 113.7 48 QQQQ 4.6 6143 5 October 2020 investmentweek.co.uk 30 Unit Trusts/OEICs

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m)

Capital Group EM Ttl Opps (LUX) Z 2.5 52 11.4 55 54.9 30 QQQQ 3.3 830 Thesis Palm 7.6 17 20.9 15 64.8 12 QQQQ 4.2 0 OCapital Group Global Allc (LUX) Z 4.9 32 24.3 10 71.8 10 QQQQQ 2.2 712 Thesis Thameside Managed -2.4 103 14.8 42 38.6 71 QQQ 3.1 294 Close Growth Portfolio X Acc 1.2 60 19.7 20 44.7 53 QQQQ 3.3 386 OThreadneedle Managed Eq Z Acc 5.2 31 16.8 31 53.6 33 QQQQ 3.2 412 Close Managed Growth X Acc 6.5 23 19.5 24 51.3 34 QQQQ 3.8 65 TM Balanced Growth Fund -0.1 78 5.6 82 27.7 90 QQQ 3.6 70 Close Strategic Alpha X Acc 6.8 22 19.6 22 55.6 27 QQQQ 4.7 12 TM Cerno Select C Acc 11.2 7 13.6 46 33.1 83 QQQQ 2.5 106 Close Tactical Select Passive Gr X Acc -3.8 118 9.2 66 42.2 61 QQQ 3.6 58 TM Fulcrum Diversified Growth C GBP 2.9 48 8.1 72 13.1 108 - 2.5 32 Courtiers Total Return Growth -1.5 96 9.9 61 50.2 39 QQQQ 3.9 118 TM Stnhg Flm Intrnl B Inc 5.4 29 15.9 36 61.7 15 QQ 4.2 697 Credo Dynamic A Retail GBP Acc 0.5 68 9.4 65 - - QQQ 4.0 26 Trojan Ethical Fund O Acc 9.2 10 ------159 Discovery Managed Growth B GBP Acc 0.4 70 8.1 73 39.3 69 QQQ 3.7 8 OTrojan O Acc 7.1 20 16.5 33 38.8 70 QQQQQ 1.4 5133 DMS Kleinwort Hambros Growth A Acc 0.9 64 9.8 64 36.6 74 QQQ 3.4 69 Trojan Spectrum O Acc 1.1 61 16.7 32 57.1 24 QQQQ 3.3 136 DMS Sequel Growth Trgt Ret Strat B£Acc -9.6 153 -6.5 134 19.7 101 QQ 4.1 75 UBS Multi Asset Defensive Gr (GBP) C Acc -7.8 144 ------14 DMS Stirling House Dynamic Acc 7.4 19 20.0 18 59.1 21 QQQQQ 3.2 19 Unicorn Mastertrust B -4.2 124 2.4 103 45.4 52 QQQ 4.8 96 DMS Verbatim Multi-Index Portfolio 6 A -1.4 95 9.8 62 46.2 49 QQQ 3.3 33 VT AJ Bell Adventurous I Acc -0.4 84 13.5 47 - - QQQ 3.5 77 EF 8AM Focussed A Inc 3.5 42 7.9 75 39.4 68 QQQ 3.6 17 VT AJ Bell Global Growth I Acc 0.1 73 ------40 EF 8AM Tactical Growth A Inc -3.5 114 5.7 81 32.9 84 - 3.1 16 VT Esprit Careful Growth GBP Acc 0.0 77 ------56 EF Brompton Global Opps B GBP Acc 3.8 37 11.5 54 45.5 51 QQQ 3.5 14 VT Esprit Tactical Alpha Plus GBP Acc 3.6 39 ------20 EF Brunswick Growth Portfolio C Acc GBP -1.2 89 8.1 70 49.9 41 QQQ 4.3 16 VT Esprit Tactical Balanced GBP Acc -1.2 92 ------62 Embark Horizon Multi-Asset V Z Acc 3.5 40 22.1 13 74.5 9 QQQQQ 4.3 31 VT Esprit Tactical Growth GBP Acc -1.3 93 ------103 ES Share Centre Multi Manager Gr A Acc 4.3 35 16.0 35 55.0 29 QQQQ 3.9 32 VT Esprit Tactical Income GBP Inc -6.6 139 ------11 Family Investments Child Trust -8.5 147 -4.5 129 25.1 92 Q 4.1 717 VT Garraway Multi Asset Dyn I Acc 3.3 44 -9.3 136 11.6 110 Q 5.1 11 Fidelity MltAsst Open Adv W Acc -1.9 100 10.2 59 46.8 48 QQQ 3.2 264 VT Grosvenor Adventurous A GBP Acc 4.3 36 14.4 44 - - QQQQ 4.1 152 Fidelity Multi Asset Allctr Advtrs W Acc 1.5 59 17.6 28 54.0 31 QQQQ 3.5 105 VT PEF Global Multi-asset A GBP Acc -6.5 137 -6.2 132 - - - - 10 First Sentier Diversified Gr B GBP Acc 0.5 67 2.2 104 23.0 95 QQQ 2.2 23 VT Redlands Multi-Asset A GBP Acc -0.5 85 2.6 102 - - QQQ 2.2 91 FP Mattioli Woods Adventurous E GBP Inc 10.0 8 24.7 9 - - QQQQ 4.6 57 VT Thistledown Income Z GBP Net Acc -7.1 142 -4.3 128 32.5 86 QQQ 2.7 11 FP Mattioli Woods Cautious E GBP Inc -3.7 115 3.7 95 - - QQQ 2.2 230 VT Ursus Arctos 1 Net GBP Inc 5.8 27 19.6 21 65.9 11 QQQ 5.0 - FP Mattioli Woods Growth E GBP Inc 1.0 63 10.6 58 - - QQQ 3.6 315 WAY Flexible Global Growth Port Tr E Acc 2.7 50 11.2 56 43.4 57 QQQ 3.6 43 Galatea Opportunity Instl GBP Acc -9.1 150 -1.3 119 7.1 116 - 2.1 18 Wellington Multi-Asset Ttl Ret Inc N£Acc -5.6 132 ------14 HL Multi-Manager High Income A Acc -8.9 149 -5.7 130 - - Q 3.8 504 Sector average/count 0.4 156 9.9 138 43.2 117 3.5 228 HL Multi-Manager Strategic Assets A Acc -1.6 97 -0.3 118 - - QQ 2.3 175 IFSL Avellemy 8 B GBP Inc ------3 Mixed Investment 0-35% Shares IFSL Brooks Macdonald Strat Growth A GBP 2.6 51 15.1 40 44.3 54 QQQ 4.5 54 7IM AAP Income C Acc -5.3 53 -0.9 51 16.0 35 QQ 2.3 65 IFSL James Hambro Harrier AdventurousAcc ------11 7IM AAP Moderately Cautious C Acc 0.8 26 4.3 39 16.5 34 QQQ 1.7 481 IFSL James Hambro Master 0.4 69 14.8 41 42.4 59 QQQ 2.9 54 7IM Cautious C Acc 1.8 18 7.6 25 18.3 29 QQQ 1.4 43 IFSL Sanlam Growth A Inc -0.4 80 ------16 7IM Income Gross Inc -8.0 54 -2.7 53 13.8 40 QQ 2.0 22 Invesco Managed Growth UK Z Acc -7.4 143 -6.3 133 33.6 81 QQ 4.4 333 7IM Moderately Cautious C Acc 2.0 16 4.1 40 15.7 36 QQQ 2.1 202 Janus Henderson Mlt-Mgr Active I Acc -0.4 81 8.0 74 42.5 58 QQQ 3.1 194 7IM Personal Injury C Acc 1.5 19 7.3 28 19.2 26 QQQ 1.4 186 JPM Diversified Growth C Net Acc -2.8 108 6.3 80 42.3 60 - 2.9 65 Architas MA Active Moderate Income S Acc 1.2 21 9.1 11 25.5 10 QQQQ 1.9 100 JPM Multi-Asset Growth C ------57 Architas MM Monthly High Inc S Acc -3.6 50 0.5 50 14.1 38 QQQ 2.5 73 OJupiter Merlin Growth I Acc -0.8 87 17.6 27 50.7 38 QQQQ 3.4 1654 AXA Defensive Distribution Z Acc Gross -2.5 47 3.9 41 19.9 24 QQQ 2.0 233 L&G Multi Manager Growth I Acc -2.9 109 8.5 68 40.5 64 QQ 4.0 169 Barclays Wealth Global Mkts 1 R Acc GBP 2.9 9 7.7 24 18.7 28 QQQ 0.9 8 L&G Worldwide I Acc -1.9 99 4.7 89 33.6 81 QQQ 3.7 86 BlackRock Consensus 35 D Acc 1.0 24 11.9 6 36.2 2 QQQQQ 1.7 236 Lazard Diversified Return C Acc USD -3.3 113 8.1 71 - - - 2.0 18 DMS Stirling House Monthly Inc Ret Acc 0.0 34 7.5 26 17.8 31 QQQ 1.5 3 LF Aegon Risk-Managed 5 A Acc ------2 EF Brompton Global Cnsrv B GBP Acc 2.6 11 9.0 14 27.1 6 QQQQ 2.0 12 LF Aegon Risk-Managed 6 A Acc ------2 EF New Horizon Cautious C Acc 0.4 29 5.4 34 17.2 33 QQQ 2.1 17 LF Bentley Global Growth A Acc 0.2 72 8.3 69 32.0 87 QQQ 3.4 23 EF New Horizon Inc C Inc -2.7 48 2.2 46 13.8 39 QQ 2.3 32 LF Bentley Sterling Balanced Acc -2.3 102 1.0 114 9.1 114 QQ 1.7 187 Fidelity Mlt Asst Allctr Defesv W Acc 3.3 6 13.7 4 24.0 15 QQQQ 1.4 93 LF Canlife Portfolio VII C Acc -2.3 101 5.0 86 35.6 77 QQ 3.7 33 Fidelity MltAsst Income W Inc -1.0 41 8.3 19 25.8 8 QQQQ 2.3 947 LF Catalyst Trust Acc 10.0 9 32.4 7 77.8 7 QQQQQ 3.3 58 Fidelity MltAsst Open Def W Acc 0.6 27 8.2 21 24.5 11 QQQQ 1.8 64 LF Cautela Retail Acc -5.0 128 1.0 113 10.8 112 Q 2.9 18 FP Russell Invsmts Multi Asst Gr I C Acc -0.4 38 4.9 36 - - QQQ 1.9 57 LF Havelock Global Select A GBX Acc -4.9 126 ------19 GS Global MA Cnsv R Inc GBP PtH 3.8 3 10.1 9 25.7 9 QQQQ 2.0 349 LF IM Global Strategy A Acc 8.8 11 22.9 11 75.5 8 QQQQ 3.8 40 IFSL Avellemy 3 B GBP Inc -0.2 37 ------19 LF Miton Worldwide Opportunities B Acc -0.8 86 3.0 101 47.8 46 QQQQ 4.1 45 IFSL Brooks Macdonald Def Inc A Inc -1.1 42 5.4 35 18.1 30 QQQQ 2.0 36 LF Odey Continental European I Acc -14.5 155 -8.0 135 26.6 91 QQ 4.5 95 IFSL Sanlam Conservative A GBP Acc ------LF Odey Opus I Acc -7.9 145 -0.2 117 8.7 115 QQ 4.6 129 IFSL Sinfonia Income Portfolio A Acc 0.6 28 8.8 16 24.3 13 QQQQ 1.6 10 LF Purisima EAFE Total Return PCG B nc 5.4 30 7.5 77 55.1 28 QQ 4.2 4 Janus Henderson Mlt-Mgr Divers I Inc 0.2 32 6.0 31 17.3 32 QQQQ 2.0 43 LF Ruffer Equity & General C Acc -1.4 94 1.4 111 17.9 104 QQQ 2.4 130 JPM Multi-Asset Cautious C ------592 LF Ruffer Japanese C Acc 22.4 3 47.6 4 91.7 5 QQQQQ 3.9 452 OJupiter Distribution I Acc -1.8 43 1.4 47 14.4 37 QQQ 1.6 582 LF Stewart Ivory Investment Markets Acc -2.9 110 5.4 84 39.5 67 QQQQ 3.8 21 OJupiter Merlin Conservative I Acc 3.0 8 13.8 3 30.9 5 QQQQQ 1.7 171 LF Waverton Portfolio B Inc 5.9 26 22.3 12 63.9 13 QQQQ 3.1 312 L&G Mixed Investment 0-20% I Acc 1.4 20 8.2 20 - - QQQQ 1.5 13 Liontrust Global Alpha C Acc GBP 32.1 1 60.6 1 105.8 2 QQQQ 4.5 142 L&G Mixed Investment 0-35% I Acc 0.1 33 8.4 18 26.2 7 QQQQ 2.0 1203 Liontrust Sust Fut Managed Gr 2 Net Acc 25.4 2 59.6 2 122.9 1 QQQQQ 4.1 462 L&G Mixed Investment Income 0-35% I Acc -2.3 46 4.6 37 - - QQQ 2.2 90 LO Funds All Roads EUR NA 2.9 47 12.9 49 48.6 44 QQQQ 2.1 1097 LF Aegon Risk-Managed 1 A Acc ------2 M&G Emerging Markets Monthly Inc I £ Acc ------LF Canlife Managed 0%-35% C Acc -4.7 51 0.8 49 - - QQ 1.7 37 M&G Managed Growth GBP I Acc -6.0 134 0.9 115 54.0 32 QQ 4.3 759 LF Canlife Portfolio III C Acc 0.4 31 9.1 12 24.1 14 QQQQ 1.5 108 Man Stockmarket Managed Profl Acc C -5.6 131 1.7 108 24.6 94 QQQ 3.4 134 OLF Miton Defensive Multi Asset B Acc 3.6 4 8.9 15 22.9 16 QQQ 1.6 55 Margetts Opes Income R GBP Acc -6.7 140 -1.7 122 21.2 100 QQ 3.9 7 Libero Cautious B Acc -1.8 44 0.9 48 13.1 41 QQ 1.2 22 Margetts Venture Strategy R GBP Acc 0.7 66 9.8 63 62.7 14 QQQ 4.0 83 MI Charles Stanley Monthly Hi Inc Acc -2.1 45 3.1 44 12.3 42 QQQ 2.0 70 Mazarin Adventurous A GBP Acc ------ONinety One Diversified Income I Acc £ 2.2 14 7.7 23 20.5 23 QQQQ 1.5 1382 MFM Bowland 12.0 6 29.4 8 90.3 6 QQQQ 4.7 39 Optimal Multi Asset Defensive A GBP -0.6 40 -2.5 52 5.6 43 Q 1.3 4 MFS Meridian Diversified Income WH1 GBP -3.9 119 3.3 97 18.6 102 QQQ 2.7 100 Prima Cautious Acc ------2 OMFS Meridian Global Total Ret WH1 GBP 0.3 71 3.3 98 22.3 96 QQQ 3.0 1423 Quilter Investors Cirilium Cnsrv R 1.0 25 3.1 43 24.5 12 QQQ 2.6 69 OMFS Meridian Prudent Capital W1 GBP 7.7 15 32.8 6 - - QQQQQ 2.3 2704 Royal London Cautious Managed A Acc 0.4 30 8.8 17 22.8 17 QQQQ 1.3 259 MGTS Clarion Explorer Portfolio R Acc 0.1 74 12.7 50 60.4 18 QQQ 3.8 23 Royal London GMAP Defensv M GBP Acc -3.1 49 2.5 45 - - QQ 1.5 84 MGTS Wealth Solutions Adventurous GBPAcc ------0 ORoyal London Sustainable Mgd Gr C Acc 6.6 1 20.5 1 42.6 1 QQQQQ 1.7 644 MI Charles Stanley Multi Asst5 Adv A£Acc 3.5 41 13.3 48 - - QQQQ 3.6 5 Sarasin IE GlobalSar Income GBP P Acc 3.0 7 9.1 13 21.5 20 QQQQ 1.3 210 MI Diversified Strategy C Acc -1.1 88 6.5 79 40.7 63 - 3.3 - Schroder Fusion 3 F Acc 1.2 22 7.5 27 - - QQQQ 1.5 27 MI Hawksmoor Global Opps D GBP Acc 2.7 49 ------25 Schroder Portfolio 3 F ------1 MI Momentum Focus 3 A Acc -1.2 91 0.1 116 16.2 107 QQ 2.2 14 Scottish Widows Cautious A Acc 2.3 13 9.7 10 19.5 25 QQQ 1.3 130 MI Momentum Focus 4 A Acc -6.2 135 -2.7 124 18.0 103 QQ 2.9 11 SVS Brown Shipley Cautious I Acc 1.9 17 8.0 22 - - QQQ 1.9 16 MI Momentum Focus 5 A Acc -8.3 146 -3.6 125 21.2 99 QQ 3.5 19 Thesis Brunsdon Cautious Growth C -0.1 35 5.6 33 19.0 27 QQQ 1.9 62 MI Thameside Diversified Glb Mgrs A Acc -4.1 121 -2.4 123 21.9 97 QQQ 2.3 21 Thesis Optima Income B Acc 3.9 2 11.0 8 21.9 19 QQQQ 1.9 6 Neuberger Bm Uncrltd Strats GBP I Acc 1.9 55 5.5 83 - - - 1.3 1234 Threadneedle Managed Bond Fcs Z Acc 2.8 10 12.6 5 32.1 4 QQQQQ 1.6 284 New Capital Strat Port UCITS USD InstAcc 18.4 4 43.3 5 92.2 4 QQQQQ 3.6 205 TM UBS (UK) - Global Yield C Acc -0.2 36 5.8 32 21.3 22 QQQ 2.2 114 Newgate GBP Inc 3.1 46 15.3 39 43.9 55 QQQQ 3.4 6 OVanguard LifeStrategy 20% Eq A Grs Acc 3.4 5 15.8 2 32.4 3 QQQQQ 1.4 1886 Newton SRI for Charities GBP Inc 1.8 56 16.3 34 51.1 36 QQQQ 3.4 102 VT AJ Bell Cautious I Acc 1.1 23 11.0 7 - - QQQQ 1.5 30 NFU Mutual Mixed Portfolio Max100% C -8.8 148 ------77 VT Garraway Multi Asset Divs I Acc -14.1 55 -14.6 54 -8.8 44 Q 3.6 6 Ninety One Glbl Macro Allc Fd I GBP Acc 1.6 58 3.8 92 39.6 66 QQQQQ 3.1 86 VT Greystone Conservative Managed R Acc 2.1 15 7.0 30 21.3 21 QQQQ 2.0 22 Nomura Fds Diversified Growth I GBP 3.5 43 15.6 38 - - QQQQ 2.5 12 VT Grosvenor Cautious A GBP Acc -0.6 39 4.5 38 - - QQQ 2.0 122 Osprey Sterling Inc 5.5 28 14.4 43 60.9 17 QQQQ 3.7 14 WAY Global Cautious Portfolio E Acc 2.4 12 7.1 29 22.0 18 QQQ 1.8 50 PIMCO GIS Strategic Inc Inst USD Acc -3.7 116 ------754 Wesleyan Low Risk/Rwd Gr X Acc -4.8 52 3.4 42 - - QQ 2.0 27 Premier Diversified Dynamic Growth D Inc 8.5 12 ------17 Sector average/count 0.1 55 6.4 54 20.7 44 1.8 199 Premier Liberation No. VII Class C Acc -9.5 152 -4.3 127 32.7 85 QQ 4.3 32 Premier Multi Asset Global Gr C Inc -4.9 127 1.3 112 43.7 56 QQQ 4.1 195 Mixed Investment 40-85% Shares OPyrford Glbl Tot Ret(Sterling)B GBP Acc 0.1 75 3.1 100 - - 1.2 2249 QQ 7IM AAP Moderately Adventurous C Acc -2.1 108 4.5 101 30.5 91 QQQ 2.9 512 Quilter Investors Cirilium Adventurous R -2.6 105 3.1 99 - - Q 4.8 90 7IM Moderately Adventurous C Acc 0.1 79 4.1 104 29.8 92 3.5 313 Quilter Investors Cirilium Dynamic R -1.7 98 2.0 106 38.4 72 QQ 4.6 516 QQQ RBS Managed Equity Growth 1 Acc -3.7 117 ------ACUMEN Portfolio 5 Acc 0.6 74 9.1 73 34.6 69 QQQ 3.2 169 S&W ILEX Trust Acc -7.0 141 -5.8 131 10.2 113 - 2.3 19 Architas MA Active Prog S Acc -2.1 106 11.5 56 42.7 38 QQQ 3.6 183 S&W Starhunter Managed Acc -0.2 79 7.8 76 30.9 89 - 3.3 20 ASC Balanced Bridge Income 3.8 29 15.7 40 42.8 37 QQQQQ 2.4 793 Sanlam AI Global Managed Risk I GBP Acc -9.5 151 -1.5 120 12.2 109 QQ 2.5 48 ASI Global Balanced Growth P1 Acc 1.2 65 10.6 63 44.3 31 QQQQ 3.3 553 Sarasin FoF Global Equity P Acc 4.9 33 13.8 45 50.8 37 QQ 4.6 35 ASI Multi-Asset I Acc 1.1 69 15.3 42 46.3 26 QQQQ 3.4 144 Schroder Dynamic Multi Asset Z Acc -1.2 90 3.8 94 16.8 106 QQQ 2.4 982 ASI Multi-Manager Balanced Managed I Acc -4.7 132 4.9 98 31.8 84 QQQ 3.4 25 Schroder MM Diversity Tactical Z Acc -5.3 130 -1.6 121 17.8 105 QQ 3.1 102 Aviva Investors Multi-Mgr 40-85% 2 £Acc -0.7 88 9.2 72 40.7 45 QQQQ 3.5 163 Schroder Portfolio 8 F ------2 AXA Framlington Managed Balanced Z Acc 4.1 26 18.3 19 48.6 21 QQQQ 3.1 1082 Scottish Widows Opportunity A -6.2 136 4.0 91 37.8 73 QQQ 4.4 85 Baillie Gifford Managed B Acc 26.5 1 47.5 2 102.4 2 QQQQQ 3.8 5897 Sentinel Enterprise B Acc 15.7 5 56.5 3 102.0 3 QQQQQ 4.1 115 Barclays Dividend and Growth I Acc GBP -5.7 142 -1.3 134 20.0 110 Q 3.8 19 Smith & Williamson MM Global Invmt B -4.1 122 1.5 109 35.1 79 QQQQ 4.1 13 Barclays Multi-Impact Growth R Acc GBP 8.3 8 22.1 10 - - QQQQQ 2.5 9 SVS Brown Shipley Dynamic I Acc 6.0 25 17.2 30 48.2 45 QQQ 3.9 33 Barclays Wealth Global Mkts 4 R Acc GBP 3.7 32 18.3 19 54.2 14 QQQQ 3.2 48 SVS Heritage Balanced A Acc -5.2 129 4.0 90 - - QQQ 2.9 24 BlackRock Balanced Growth D Acc 6.0 20 20.4 13 48.4 23 QQQQ 3.2 205 TB Elite Strategic A Accumulation -4.2 123 1.8 107 - - Q 4.6 19 BlackRock Balanced Managed A Acc 5.1 23 17.1 31 44.2 32 QQQQ 3.3 557 TB Enigma Dynamic Growth B Acc GBP -2.6 106 7.5 78 - - QQQQ 3.3 10 BlackRock Consensus 70 D Acc -1.7 97 9.0 74 37.7 56 QQQQ 2.5 193 TB Wise Multi-Asset Growth B Acc 0.0 76 8.7 67 56.8 25 QQQQ 4.2 56 BlackRock Consensus 85 D Acc -1.9 101 9.9 66 44.8 29 QQQQ 2.9 2386 TB Wise Multi-Asset Income B Inc -19.1 156 -21.6 138 10.9 111 QQ 5.8 84 OBMO MM Navigator Balanced C Acc -5.4 141 -1.0 133 27.5 97 QQ 3.7 94 The Norfolk Trust 7.6 16 20.6 16 59.3 20 QQQQQ 3.1 24 BNY Mellon Dynamic Total Ret USD A Acc -1.8 98 9.3 71 32.8 79 - 2.5 14 The Notts Trust 7.4 18 20.2 17 58.0 22 QQQQQ 3.1 13 BNY Mellon Global Balanced Expt 1 Acc 0.5 75 17.8 25 51.8 15 QQQQ 2.9 527 Thesis Brunsdon Adventurous Growth C 3.2 45 12.1 52 45.6 50 QQ 5.1 56 OBNY Mellon Mlt-Asst Balanced Inst W Acc 0.8 72 16.5 35 43.4 35 QQQQ 2.9 2035 Thesis Elfynn Trust Acc 4.9 34 21.2 14 61.4 16 QQQQ 3.6 15 Castlefield B.E.S.T Port Founder Inc 1.5 59 ------43 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 31 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m)

Climate Assets B GBP Acc 4.5 24 22.0 11 63.0 7 QQQQQ 2.8 32 TB Doherty Balanced Managed B GBP Acc -3.2 122 -0.9 132 23.1 106 QQ 3.9 11 Close Balanced Portfolio X Acc -1.5 96 13.4 49 34.2 72 QQQ 2.8 1143 TB New Sarum Real Return Fund B Net Inc 2.3 44 10.8 59 42.8 36 - 4.1 27 Close Managed Balanced X Acc 3.5 33 14.3 45 41.3 44 QQQQ 3.2 310 TB Opie Street Balanced R GBP Inc -5.8 144 ------34 Close Tactical Select Passive Bal X Acc -4.0 129 6.9 86 37.3 59 QQQ 3.0 250 TB Opie Street Growth R GBP Acc 2.4 42 ------22 Courtiers Total Return Balanced Risk -0.4 83 8.8 75 37.9 54 QQQQ 3.0 290 Thesis Optima Growth B Acc -5.3 140 3.0 115 25.5 103 QQ 4.0 22 DMS Kleinwort Hambros Multi AstBal A Acc 0.8 73 9.8 68 32.2 82 QQQQ 2.6 53 OThreadneedle Managed Eq Focused Z Acc 2.5 41 12.1 54 40.5 47 QQQQ 3.1 753 DMS Sequel Bal Trgt Ret Strat B£Acc -5.9 145 -4.1 142 16.6 116 QQ 3.5 81 TM UBS (UK) - Global Growth C Acc -3.4 125 6.0 92 35.2 66 QQQ 3.6 744 DMS Sequel Glbl Trgt Inc Strat A£Acc -6.2 151 2.2 120 33.5 74 QQQ 4.2 2 TM UBS (UK) - UK Growth C Acc -6.5 153 2.2 119 27.4 98 QQQ 3.1 14 DMS Stirling House Growth Acc 6.5 16 16.9 33 46.8 25 QQQQQ 2.5 72 TM UBS (UK) - UK Income Focus C Acc -11.0 167 -5.8 144 13.2 119 QQ 3.0 12 DMS Verbatim Multi-Index Portfolio 5 A -0.6 87 10.6 64 40.3 48 QQQQ 3.0 54 Vanguard Global Balanced A GBP Acc -1.3 93 16.9 32 - - QQQQ 2.7 144 EdenTree Higher Income B -11.2 168 -6.6 145 18.0 113 QQ 3.4 96 OVanguard LifeStrategy 60% Equity A Acc 2.0 52 17.8 27 51.4 17 QQQQQ 2.5 8889 EF Brompton Global Growth B GBP Acc 2.8 38 10.7 60 39.6 50 QQQ 3.5 13 OVanguard LifeStrategy 80% Equity A Acc 1.1 68 18.6 14 61.2 9 QQQQQ 3.2 4231 Elite Balanced Trust B Acc 3.2 35 12.6 51 36.4 64 QQQ 3.2 18 Vanguard Target Retirement 2020 Acc 2.1 45 16.4 36 - - QQQQQ 2.1 22 Embark Horizon Multi-Asset III Z Acc 0.9 71 16.5 34 48.3 24 QQQQQ 3.1 235 Vanguard Target Retirement 2025 Acc 2.1 51 17.6 28 - - QQQQQ 2.5 58 Embark Horizon Multi-Asset IV Z Acc 0.3 77 15.4 41 55.7 12 QQQQ 3.8 96 Vanguard Target Retirement 2030 Acc 1.9 54 17.9 24 - - QQQQQ 2.7 61 ES Share Centre Multi Mgr Gr&Inc A Inc 1.5 58 11.3 57 36.8 61 QQQ 3.4 74 Vanguard Target Retirement 2035 Acc 1.7 56 18.2 22 - - QQQQQ 2.8 61 Family Balanced International B -6.2 150 -0.2 129 25.0 104 - 3.5 115 Vanguard Target Retirement 2040 Acc 1.4 60 18.3 21 - - QQQQQ 3.0 52 Fidelity MltAsst Inc & Gr W Inc -2.7 115 5.9 93 27.4 99 QQQ 2.6 72 Vanguard Target Retirement 2045 Acc 1.2 64 18.4 17 - - QQQQ 3.2 41 Fidelity MltAsst Open Gr W Acc -1.8 99 8.8 76 39.5 51 QQQ 3.1 513 Vanguard Target Retirement 2050 Acc 1.3 62 18.5 15 - - QQQQ 3.2 27 Fidelity MoneyBuilder Balanced W Inc -6.1 149 -2.1 135 10.4 121 QQ 2.5 316 Vanguard Target Retirement 2055 Acc 1.2 66 18.5 16 - - QQQQ 3.2 17 Fidelity Multi Asset Allctr Growth W Acc 2.1 49 16.0 38 40.6 46 QQQQ 2.7 305 Vanguard Target Retirement 2060 Acc 1.2 63 ------3 FP Mattioli Woods Balanced E GBP Inc -1.9 104 8.2 82 - - QQQ 2.9 753 Vanguard Target Retirement 2065 Acc 1.3 61 ------3 FP Russell Invsmts Mlt Asst Gr IV C Acc -2.8 117 4.2 103 - - QQ 3.6 30 Verus Sustainable Balanced Fd A GBP Acc 2.1 46 10.9 58 31.3 87 QQQQ 2.8 9 FP Russell Invsmts Multi Asst Gr V C Acc -3.8 128 3.5 109 - - QQ 4.2 11 Virgin Bond, Gilt, UK and Overseas Share -7.1 155 1.4 122 28.3 95 QQ 3.1 84 GS Global MA Gr R Inc GBP PtH 1.0 70 8.6 78 40.0 49 QQQ 3.5 161 Volare Balanced A GBP Acc 1.8 55 10.6 62 - - QQQQ 2.9 83 HL Multi-Manager Balanced Managed A Acc -4.7 133 -0.4 130 28.7 94 QQQ 3.6 853 Volare Growth A GBP Acc -0.5 84 10.6 61 - - QQQ 3.6 43 HSBC Balanced Acc C -5.9 146 1.7 121 25.9 102 QQQ 3.3 327 Volare Strategic Income A GBP Inc -3.1 120 3.9 106 - - QQQ 2.8 4 IFSL AMR Diversified A GBP Acc -5.0 138 1.2 125 - - QQ 3.6 18 VT AJ Bell Balanced I Acc 1.2 67 15.0 43 - - QQQQ 2.6 158 IFSL Avellemy 6 B GBP Inc -0.5 86 ------347 VT AJ Bell Moderately Adv I Acc -0.3 81 13.7 47 - - QQQQ 3.1 97 IFSL Avellemy 7 B GBP Inc -1.4 94 ------66 VT Cantab Balanced A GBP Acc 2.6 40 ------34 IFSL Beaufort Multi Asset Blend Gr A Acc 2.1 50 ------32 VT Cantab Moderate A GBP Acc 2.0 53 ------64 IFSL Brooks Macdonald Balanced A Acc 2.1 47 12.2 52 37.5 57 QQQ 3.8 135 VT Garraway Multi Asset Growth I Acc -8.8 164 -13.9 149 0.3 123 Q 4.6 15 IFSL James Hambro Barnham Broom 4.3 25 17.8 26 48.5 22 QQQQ 2.7 43 VT Greystone Balanced Managed R Acc -2.1 105 6.1 91 37.2 60 QQQ 4.2 101 IFSL James Hambro Harrier Bal Inc 3.1 36 16.2 37 41.9 42 QQQQ 2.4 56 VT KMGIM Medium High Risk A Acc ------3 IFSL James Hambro Harrier Cap Gr Inc 4.1 27 18.0 23 49.2 20 QQQQ 2.9 67 VT Seneca Diversified Growth B Acc -8.0 160 4.5 100 34.5 70 QQ 4.0 135 IFSL James Hambro Penrhos GBP Inc 3.4 34 15.8 39 44.5 30 QQQQ 2.8 9 VT Tatton Blended Active A Acc -3.0 118 ------35 IFSL James Hambro Rires -0.9 90 12.1 53 42.0 41 QQQ 2.7 13 VT Tatton Oak Capital Growth B Acc -2.6 114 5.5 96 31.7 86 QQQ 3.8 41 IFSL Sanlam Balanced A Inc -0.3 82 ------51 VT Vanneck Defensive GBP Acc -7.7 159 ------31 IFSL Sinfonia Adventurous Growth A Acc -5.1 139 3.1 112 37.3 58 QQ 4.1 17 WAY Global Growth Portfolio E Acc 2.1 48 7.9 83 42.2 40 QQQ 3.6 11 IFSL Sinfonia Balanced Managed A Acc -4.3 131 4.3 102 34.5 71 QQQ 3.8 30 Wesleyan Moderate High Rk/Rwd Inc X Acc -9.5 165 -3.6 141 - - Q 3.6 17 Invesco Global Balanced Idx UK (NoTr)Acc -10.6 166 -7.5 146 18.3 112 QQ 3.5 52 Sector average/count -0.4 171 9.4 150 37.6 124 3.2 333 Invesco Managed Income UK Z Acc -8.3 163 -9.2 148 17.1 115 QQ 3.9 195 Janus Henderson Instl Gl Rpnsb Mgd I Acc 9.3 6 30.6 5 62.0 8 QQQQQ 3.2 305 Mixed Investment 20-60% Shares Janus Henderson Mlt-Mgr Managed I Acc -1.4 95 6.2 90 33.2 77 QQQ 2.9 334 7IM AAP Balanced C Acc -0.7 65 4.2 77 24.0 71 QQQ 2.3 1106 JPM Multi-Asset Moderate C ------1257 7IM Balanced C Acc 1.8 35 5.3 65 24.4 66 QQQ 2.7 544 Jupiter Distribution and Growth I Inc -17.7 171 -23.2 150 -8.6 124 Q 4.0 254 7IM Sustainable Balance C Acc 2.9 22 13.2 18 34.7 16 QQQQQ 2.1 131 OJupiter Merlin Balanced Port I Acc -1.9 102 13.7 48 44.9 28 QQQQ 2.7 1827 ACUMEN Income Portfolio Acc -9.9 161 -6.4 139 - - Q 2.8 22 L&G Mixed Investment 40-85% I Acc -3.1 121 7.2 85 39.5 52 QQQ 3.3 564 ACUMEN Portfolio 4 Acc -1.0 73 4.7 72 26.2 61 QQQQ 2.5 116 L&G Multi Manager Balanced I Acc -1.9 103 8.2 81 35.1 67 QQ 3.7 20 Aegon Diversified Monthly Inc GBP B Inc -6.7 139 2.4 92 25.3 65 QQQ 3.4 842 L&G Real Capital Builder I Acc 7.9 10 ------177 OAegon Ethical Cautious Managed GBP B Acc 0.8 44 2.4 91 13.6 113 QQQQ 2.9 383 L&G Real Income Builder I Acc -4.8 134 4.0 105 - - QQ 3.3 75 Architas Diversified Global Income S£Acc -6.5 136 -3.5 129 12.4 115 QQ 3.0 9 Lazard Managed Balanced A Acc -2.2 109 12.9 50 44.2 33 QQQQ 3.2 33 Architas MA Active Interm Income S Acc -0.3 61 10.2 31 34.1 18 QQQQ 2.8 265 LF Aegon Risk-Managed 4 A Acc ------2 Architas Positive Future S 9.0 3 ------0 LF Canlife Balanced C Acc -2.4 111 5.6 95 31.9 83 QQQ 3.2 182 LF Canlife Portfolio V C Acc 0.4 76 9.5 70 33.2 75 QQQQ 2.6 173 OArtemis Monthly Distribution I Inc -5.1 127 0.6 106 29.1 40 QQQ 3.2 756 LF Canlife Portfolio VI C Acc 0.2 78 8.4 80 36.5 63 QQQ 3.1 86 ASC Phoenix B Income 4.0 14 14.5 15 33.0 22 QQQQQ 1.9 158 LF Miton Balanced Multi Asset B Acc 6.0 19 ------2 ASI Diversified Income I Acc -2.4 103 -2.0 125 19.5 91 QQQ 2.4 176 LF Odey Portfolio Sterling Instl Acc -7.4 157 -0.8 131 4.2 122 QQ 2.7 119 ASI Dynamic Distribution P1 Acc -5.8 133 -1.8 123 10.2 121 QQQ 3.0 181 LF Resilient MM Balanced Managed X Acc -2.8 116 6.4 88 32.5 81 QQQ 3.2 35 ASI Multi-Manager Cautious Managed I Acc -2.0 96 6.9 48 28.4 43 QQQ 2.6 125 LF Waverton Charity Growth & Inc Acc 5.6 22 ------11 ASI Multi-Manager Diversity D Acc -0.4 62 8.6 38 22.0 79 QQQ 2.1 44 Libero Balanced B Acc -1.0 91 9.5 69 35.0 68 QQQ 3.2 22 ASI Multi-Manager Multi-Asset Dist I Acc -6.7 141 0.1 110 20.4 84 QQQ 3.4 29 Libero Strategic B Acc -2.5 112 5.2 97 25.0 105 QQQ 3.0 9 Aviva Investors Distribution 2 GBP Inc -4.7 126 3.9 80 19.9 87 QQQQ 2.8 237 Liontrust Balanced C Acc GBP 15.3 3 36.8 4 72.8 5 QQQQQ 3.3 475 Aviva Investors Multi-Mgr 20-60% 2 £Acc 0.3 51 8.4 40 30.0 36 QQQQ 2.5 140 Liontrust Sust Fut Cau Mgd 2 Net Inc 8.4 7 25.5 9 56.7 11 QQQQQ 2.8 387 AXA Distribution Z Acc -7.8 147 -0.2 113 18.5 94 QQQ 2.6 641 Liontrust Sust Fut Mgd 2 Net Inc 14.7 4 41.3 3 85.0 3 QQQQQ 3.7 1746 AXA Ethical Distribution Z Acc -3.8 116 0.3 108 17.9 96 QQQ 3.1 196 M&G Charity Multi Asset GBP Acc ------165 AXA Global Distribution Z Acc 1.3 40 15.6 9 52.6 3 QQQQQ 2.6 318 OM&G Episode Growth GBP I Acc 3.9 28 3.6 108 32.8 80 QQQ 4.1 819 AXA IM Lifetime Distribution A GBP Inc -7.9 149 3.2 83 30.5 32 QQQQ 2.8 830 Man Balanced Managed Profl Acc C -7.2 156 -2.4 136 17.8 114 QQQ 3.2 617 Barclays Multi-Asset Bal Inc R Dis GBP -4.6 122 -1.2 119 16.2 101 QQ 3.3 49 Margetts Select Strategy R GBP Acc -4.9 137 1.4 123 27.0 101 QQQ 3.4 130 Barclays Multi-Asset Cau Inc R Acc GBP -2.3 102 0.7 105 15.8 106 QQ 2.6 66 Marks & Spencer Worldwide Mgd Acc -6.0 148 3.4 110 37.7 55 QQQ 3.7 575 Barclays Wealth Global Mkts 2 R Acc GBP 3.3 18 12.2 20 32.4 24 QQQQ 1.9 33 Marlborough Balanced P Acc -0.1 80 10.0 65 42.2 39 QQQ 3.4 64 Barclays Wealth Global Mkts 3 R Acc GBP 3.7 15 16.0 7 44.6 6 QQQQQ 2.6 79 Marlborough Extra Income P Inc -3.3 123 6.4 89 27.2 100 QQQQ 3.4 39 BlackRock Consensus 60 D Acc -1.7 89 8.2 42 33.9 19 QQQQ 2.3 255 Mazarin Balanced A GBP Acc 2.4 43 ------92 OBMO MM Navigator Cautious C Acc -5.2 130 -1.2 120 19.9 86 QQ 3.4 333 McInroy & Wood Balance Pers Inc 6.1 18 21.0 12 54.7 13 QQQQQ 2.6 834 OBMO MM Navigator Distribution C Inc -11.3 162 -7.2 141 9.6 122 QQ 3.5 761 McInroy & Wood Income Pers Inc -1.8 100 7.7 84 28.2 96 QQQ 2.2 214 BNY Mellon Global Multi-StrategyInstWAcc -9.0 157 -1.1 118 16.0 105 - 2.7 87 MFM Hathaway Inc -0.7 89 9.8 67 51.1 18 QQQQQ 4.3 35 OCarmignac Pf Patrimoine F GBP Acc Hdg 8.1 4 6.2 58 14.9 111 QQQ 2.0 1241 MGTS Clarion Meridian Portfolio R Acc -0.5 85 6.5 87 31.3 88 QQQ 3.3 50 CFP Castlefield B.E.S.T SustPortIncG£Inc ------9 MGTS Clarion Navigator Portfolio X Acc ------2 Close Conservative Portfolio X Acc -0.2 58 10.5 29 26.7 57 QQQQ 2.1 862 MGTS Future Money Dynamic Growth R Acc -2.6 113 5.8 94 33.7 73 QQQ 3.3 37 Close Diversified Income Port X Acc 0.2 52 5.0 68 20.5 83 QQQ 2.1 584 MGTS Wealth Solutions Balanced GBP Acc ------0 Close Managed Conservative X Acc -0.2 59 6.9 49 26.1 62 QQQ 2.5 208 MI Charles Stanley Multi Asst 4 Gr B Acc 3.0 37 12.0 55 31.8 85 QQQ 3.0 36 Close Managed Income X Acc -3.8 115 1.7 98 19.8 88 2.8 129 MI Charles Stanley Multi Asst3 Mod A£Acc 2.8 39 8.7 77 - - 2.3 34 QQQ QQQQ Close Tactical Select Passv Cnsrv X Acc -2.9 109 6.5 54 30.4 33 QQQQ 2.3 206 MI Hawksmoor Distribution C Acc -3.3 124 2.8 116 33.2 76 QQQ 3.3 212 Courtiers Total Return Cautious Risk -0.2 60 4.8 71 23.0 75 2.1 270 New Capital Global Balanced GBP Acc 9.3 5 ------158 QQQ NFU Mutual Mixed Portfolio 40-85% C -8.2 162 ------350 Discovery Balanced B GBP Inc -2.1 99 2.6 89 24.2 69 QQQ 3.3 58 DMS Sequel Cau Trgt Ret Strat B£Acc -4.7 125 -3.9 132 12.2 116 QQ 3.0 98 Optimal Multi Asset Opportunities A GBP -3.4 126 -2.7 137 18.4 111 QQQ 3.0 3 DMS Sequel Cautious Inc Strat Retl£Inc -4.6 123 -6.7 140 7.7 126 3.0 3 Orbis OEIC Global Balanced Standard -2.1 107 0.0 128 51.5 16 QQQ 3.2 42 Q Premier Diversified Balanced Gr D Inc 3.8 30 ------15 DMS Stirling House Balanced Acc 5.0 13 15.2 11 38.4 11 QQQQQ 1.8 32 DMS Verbatim Multi-Index Portfolio 3 A 0.6 46 10.0 33 26.5 59 1.9 31 Premier Diversified Growth D Inc 7.0 13 17.3 29 59.2 10 QQQQQ 3.3 184 QQQQ Premier Liberation No. VI Class C Acc -8.1 161 -3.0 139 29.7 93 QQ 3.8 98 DMS Verbatim Multi-Index Portfolio 4 A 0.4 48 11.1 26 34.4 17 QQQQ 2.4 49 OPremier Multi-Asset Growth&Inc C Inc -5.8 143 0.3 127 31.0 89 QQQ 3.7 843 EF Brompton Global Balanced B GBP Acc 3.3 19 11.0 27 36.4 12 QQQQ 2.8 23 Prima Balanced Acc ------20 EF Brompton Global Inc B GBP Inc -1.5 84 3.8 81 27.4 53 QQQ 3.0 9 Quilter Investors Cirilium Moderate R -1.0 92 3.0 114 36.6 62 QQQ 4.0 536 EF Brunswick Diversified Port B Acc GBP -0.6 63 10.5 30 29.4 39 QQQQ 2.4 23 RBS Managed Growth 1 Acc -2.3 110 ------EF New Horizon Balanced Inc & Gr C Acc -0.8 69 4.0 79 28.1 45 QQQ 3.0 30 Royal London GMAP Adventurous M GBP Acc -7.4 158 3.0 113 - - QQ 3.2 193 EF Tellsons Endeavour A GBP Acc 3.5 17 13.7 16 31.3 27 QQQQ 2.2 46 Royal London GMAP Gr M GBP Acc -6.3 152 3.2 111 - - QQQ 2.8 230 Elite Income Trust B Acc -2.7 107 4.4 74 19.6 89 QQQ 2.7 17 ORoyal London Sustainable World C Acc 18.0 2 53.4 1 110.2 1 QQQQQ 3.5 1632 Embark Horizon Multi-Asset I Z Acc 1.5 37 14.6 13 33.5 20 QQQQQ 2.0 31 Sarasin FoF Global Diversified Gr P Acc 5.8 21 14.8 44 41.9 43 QQQQQ 2.9 21 Embark Horizon Multi-Asset II Z Acc 0.9 43 15.7 8 40.4 9 QQQQQ 2.5 163 Sarasin Global Equity Real Return P Acc 8.0 9 26.4 7 66.2 6 QQQQ 2.9 128 ES R&M Dynamic Asset Allocation Cl B Acc 0.3 50 7.2 45 28.6 42 QQQ 2.6 218 Sarasin IE GlobalSar Dynamic GBP P Acc 6.8 15 18.4 18 50.1 19 QQQQ 2.5 474 ES Share Centre Multi Manager Inc A Inc 1.0 42 6.6 50 21.3 80 QQQ 2.9 30 Sarasin IE GlobalSar Dynamic USD P Acc 7.4 11 26.8 6 74.7 4 QQQQQ 2.5 147 Fidelity Mlt Asst Allctr Strat W Acc 2.7 25 14.9 12 33.1 21 QQQQ 2.0 194 Schroder Fusion 6 F Acc -3.1 119 2.7 117 - - QQ 2.9 37 Fidelity MltAsst Bal Inc W Inc -2.1 98 6.3 56 25.5 64 QQQ 2.4 76 Schroder Fusion 7 F Acc -4.1 130 0.4 126 - - QQ 3.4 29 Fidelity MltAsst Open Str W Acc -1.1 77 8.5 39 31.9 26 QQQQ 2.5 675 Schroder Managed Balanced Z Acc 1.6 57 8.6 79 38.6 53 QQQ 3.5 1643 FP Carmignac Emerging Patrim A GBP Acc H 13.4 1 ------24 Schroder MM Diversity Balanced Z Acc -6.9 154 -3.4 140 16.6 117 QQ 3.1 103 FP Carmignac Patrimoine A GBP Acc H 7.0 7 ------23 Schroder Portfolio 6 F ------4 FP Russell Invsmts Mlt Asst Gr II C Acc -0.8 68 5.4 64 - - QQQ 2.4 39 Schroder Portfolio 7 F ------9 FP Russell Invsmts Mlt Asst Gr III C Acc -1.9 91 5.1 66 22.7 77 QQ 3.1 96 Scottish Friendly Managed Growth 6.9 14 2.3 118 22.2 107 QQ 4.4 40 FP Russell Invsmts Multi Asset Inc C Inc -8.6 154 -5.4 138 9.0 123 Q 3.5 14 Scottish Widows High Reserve A Acc -13.3 170 -9.0 147 12.7 120 Q 3.9 220 GS Global MA Bal R Inc GBP PtH 3.0 21 10.1 32 35.4 14 QQQQ 2.7 79 Scottish Widows Progressive A -4.9 136 4.5 99 33.2 78 QQQ 3.7 192 GS Global MA Inc R Inc GBP-Prtly Hdg -1.5 85 6.5 51 30.7 31 QQQQ 3.0 67 Sentinel Growth B Acc 7.3 12 25.7 8 45.8 27 QQQQ 2.9 88 Halifax Cautious Managed C -7.3 146 -1.9 124 16.5 99 QQ 2.7 2569 Sentinel Universal B Acc -3.7 127 3.8 107 31.0 90 QQQQ 3.3 120 HL Multi-Manager Equity & Bond A Acc -8.3 152 -8.4 142 7.6 127 QQ 3.1 152 Smith & Williamson MM Endurance Bal B -6.0 147 1.3 124 20.4 109 - 3.5 29 HSBC World Selection Div Dis Port C Acc -2.2 100 6.2 59 31.3 28 QQQ 3.0 424 SVS Brown Shipley Balanced I Acc 3.8 31 14.0 46 35.4 65 QQQ 3.2 165 IFSL Avellemy 4 B GBP Inc 0.3 49 ------124 SVS Brown Shipley Growth I Acc 6.2 17 17.2 30 43.4 34 QQQQ 3.6 69 IFSL Avellemy 5 B GBP Inc 0.1 54 ------392 SVS Church House Balanced Eq Inc A Inc -12.2 169 -5.0 143 14.1 118 QQQ 3.2 52 IFSL Beaufort Multi Asset Blend Bal AAcc 2.0 34 ------48 TB Doherty Active Managed B GBP Acc -4.9 135 -2.9 138 21.3 108 QQ 4.4 15 IFSL Brooks Macdonald Cautious Growth A -0.8 70 7.7 43 28.3 44 QQQQ 2.9 97 5 October 2020 investmentweek.co.uk 32 Unit Trusts/OEICs

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) IFSL James Hambro Harrier Cautious Acc ------1 AMP Capital Glb Listed Infras I USD Acc -13.7 323 9.2 245 45.3 235 QQQ 5.0 5 IFSL Ravenscroft Huntress Balanced B Inc 2.8 23 16.4 6 - - QQQQQ 2.3 16 AMP Capital Global Companies I USD Acc 23.2 32 86.6 6 - - QQQQQ 4.2 150 IFSL Sanlam Cautious A Inc 1.5 38 ------96 Ardevora Global Equity C GBP Acc 11.3 89 43.6 61 115.9 35 QQQQQ 3.9 887 IFSL Sanlam Defensive A Acc ------24 OArdevora Global Long Only Eq C GBP Acc 10.9 94 37.8 82 113.6 40 QQQQQ 4.4 503 IFSL Sinfonia Cautious Managed A Acc -1.4 82 7.4 44 30.0 35 QQQQ 2.4 31 Artemis Global Growth I Acc -5.4 283 5.6 257 49.8 222 QQQ 4.3 572 IFSL Sinfonia Income and Growth A Acc -3.9 117 4.6 73 29.6 38 QQQ 3.2 29 OArtemis Global Select I Acc 9.1 119 38.4 76 96.9 65 QQQ 3.7 224 OInvesco Distribution UK Z Acc -1.4 80 4.2 76 17.8 98 QQQ 2.8 1962 Artemis Instl Global Capital IN Acc -5.4 281 5.8 256 50.0 221 QQQ 4.3 44 Invesco European High Inc UK Z Acc -2.6 105 1.1 102 32.3 25 QQQQ 2.8 32 AS SICAV I Glbl Mid-Cap Eq X Acc H GBP ------15 Invesco Global Income Fund UK Z Acc -2.0 97 2.8 86 23.3 74 QQQ 3.6 50 OAS SICAV I World Equity X Acc GBP 3.5 204 17.0 205 69.1 167 QQQ 3.8 252 Janus Henderson Cautious Mgd I Acc -7.9 148 -3.8 131 8.9 124 QQ 2.9 1136 ASC Falcon GBP Accumulation 7.6 142 20.6 181 53.3 214 QQ 3.7 176 Janus Henderson Mlt-Mgr Distr I Inc -1.9 92 4.9 70 22.7 78 QQQ 2.8 64 OASI Global Equity I Acc 4.9 186 18.9 192 72.7 151 QQQ 3.8 217 Janus Henderson Mlt-Mgr Inc & Gr I Inc -2.0 95 4.9 69 24.4 68 QQQ 2.7 220 OASI Global Ethical Equity I Acc 8.7 127 26.2 143 82.2 113 QQQ 4.1 150 JPM Multi-Asset Income C Net Acc -5.1 128 1.4 101 16.1 103 QQQ 2.9 312 OASI Global Smaller Companies P1 Acc 15.2 59 33.0 101 117.1 30 QQQQQ 5.8 1229 OJupiter Merlin Income I Acc -1.1 74 9.6 34 26.8 56 QQQQ 2.2 2088 ASI Global Uncons Eq P1 Acc 4.9 185 20.3 183 61.2 197 QQ 4.4 129 L&G Distribution Trust I Acc -6.6 138 -4.0 133 7.8 125 QQ 2.6 40 ASI World Equity Enhanced Index B Acc 3.9 200 24.0 153 82.1 114 QQQQ 4.2 164 L&G Diversified I Acc ------3 Aviva Investors Climate Trnstn Glb Eq 2 ------104 L&G Mixed Investment 20-60% I Acc -1.7 90 6.5 52 29.8 37 QQQQ 2.6 1151 Aviva Investors Glb Eq Uncons 2 GBP Acc 2.6 219 ------121 L&G Mixed Investment Income 20-60% I Acc -5.8 132 1.5 100 - - QQ 2.9 100 Aviva Investors Global Eq Endur 2 £ Acc 9.9 109 ------272 L&G Multi Manager Income I Acc -3.4 110 3.1 84 23.9 72 QQ 3.2 122 Aviva Investors Intl Idx Tr 2 £ Acc 5.0 184 28.2 127 90.5 83 QQQQ 4.2 555 LF Aegon Risk-Managed 2 A Acc ------2 AXA Framlington Global Thematics Z Inc 25.0 24 55.7 27 126.9 20 QQQQ 4.6 73 LF Aegon Risk-Managed 3 A Acc ------2 AXA Rosenberg Global Z -0.6 257 16.7 209 70.3 159 QQQ 4.4 296 LF Canlife Diversified Monthly Inc C Inc -1.9 94 ------30 OAXAWF Global Factors-Sust Eq F Cap EUR 2.9 213 ------711 LF Canlife Managed 20%-60% C Acc -1.3 79 ------34 Axiom Concntr Glb Gr Eq A USD Acc 29.7 16 66.3 17 - - QQQQQ 4.9 40 LF Canlife Portfolio IV C Acc 0.1 53 9.0 37 27.9 48 QQQQ 2.1 245 Axiom Global Equity A 22.2 37 ------136 OLF Miton Cautious Multi Asset B Acc 2.5 28 6.3 57 28.7 41 QQQ 2.8 444 OBaillie Gifford Global Alpha Gr B Acc 23.1 33 50.9 39 138.3 12 QQQQQ 4.7 4630 OLF Ruffer Total Return C Acc 7.4 5 11.8 23 25.7 63 QQQ 1.8 3328 OBaillie Gifford Global Discovery B Acc 51.5 4 103.0 2 195.5 3 QQQQQ 6.8 1406 Liontrust Sust Fut Defesv Mgd 2 Net Inc 7.0 6 22.7 3 48.7 5 QQQQQ 2.3 510 Baillie Gifford Global Stewardship B Acc 56.4 3 88.3 5 - - QQQQQ 5.9 485 M&G Episode Allocation GBP I Acc -7.0 143 -4.6 134 19.5 90 QQQ 3.3 471 OBaillie Gifford International B Acc 24.1 30 54.5 30 147.1 8 QQQQQ 4.7 1549 OM&G Episode Income GBP I Acc -7.1 144 2.3 93 28.0 46 QQQ 2.8 802 Baillie Gifford L/T Glb Gr Invm B Inc 87.7 1 ------4436 M&G Sustainable Mlt Asst Stlg I GBP Acc -1.7 87 ------14 Baillie Gifford Positive Change B Acc 67.8 2 115.7 1 - - QQQQQ 5.0 1047 Margetts Providence Strategy R GBP Acc -9.2 160 -5.2 137 11.2 118 QQ 2.8 142 Barclays Global Core R Acc GBP 9.2 117 34.6 96 95.6 69 QQQ 4.1 51 Marlborough Cautious P Inc -4.2 120 -0.3 115 17.8 97 QQ 2.9 7 Barings Global Div Champions I GBP Acc 2.9 214 31.7 105 - - QQQQQ 3.4 44 Mazarin Cautious A GBP Acc 2.1 33 ------50 Barings Global Leaders A GBP Inc 8.6 128 24.0 154 73.3 147 QQ 4.1 42 MGTS Clarion Prudence Portfolio R Acc -2.2 101 2.1 96 16.4 100 QQQ 2.6 35 BlackRock Consensus 100 D Acc 2.1 223 20.4 182 73.2 148 QQQQQ 3.9 112 MGTS Future Money Income R Acc -5.9 134 0.8 104 18.8 93 QQQ 3.0 28 BlackRock Global Equity D Acc -1.5 261 11.8 234 56.1 208 QQQ 3.5 99 MGTS Future Money Real Growth R Acc -4.4 121 2.8 87 21.1 81 QQQ 2.6 57 BlackRock Global Equity D GBP Acc -5.6 287 8.6 247 50.1 220 QQ 4.1 458 MGTS Future Money Real Value R Acc -2.6 106 2.6 90 15.4 108 QQQ 1.9 32 BlackRock Overseas Equity I Acc GBP 6.3 164 31.2 108 95.1 72 QQQQQ 4.2 2491 MGTS Wealth Solutions Defensive GBP Acc ------0 BMO Global Equity 4 Inc -4.1 275 15.5 220 70.4 158 QQQQ 4.1 119 MI Charles Stanley Multi Asst2 Cau A£Acc 1.7 36 5.9 61 - - QQQ 1.7 4 BMO MM Navigator Boutiques C Acc 0.1 246 12.2 232 56.1 207 QQQQ 4.4 54 MI Hawksmoor Vanbrugh C Acc -1.1 75 5.1 67 30.9 29 QQQQ 2.4 187 BMO Responsible Global Equity 2 Acc 16.1 54 46.9 54 116.3 33 QQQQ 4.3 828 NFU Mutual Mixed Portfolio 20-60% C -5.6 131 ------483 BMO Sustainable Opports Glb Eq 1 Acc 13.9 69 45.3 57 100.9 54 QQQ 4.2 63 Ninety One Cautious Managed I Acc -8.4 153 -9.5 143 11.2 119 QQ 3.2 1129 BNY Mellon Global Equity Inst W Acc 7.1 151 31.5 107 79.8 122 QQQQ 3.6 1667 Optimal Multi Asset Balanced A GBP -1.7 88 -2.0 126 16.2 102 QQ 2.0 44 BNY Mellon Global Infras Inc Instl WAcc -20.8 328 ------13 PIMCO GIS Glb Cr Ast Allc Instl GBPH Inc 5.6 11 12.0 21 27.9 49 QQQ 3.1 454 BNY Mellon Global Leaders GBP W Acc 13.2 73 43.3 63 - - QQQ 3.7 50 Premier Diversified Cautious Gr D Inc 3.1 20 ------16 BNY Mellon Global Opps Inst W Acc 3.4 206 28.5 125 77.9 127 QQQQ 4.0 141 Premier Diversified Income D GBP INC -0.6 64 6.3 55 - - QQQ 3.1 34 OBNY Mellon Long-Term Global Eq Int W Acc 7.8 138 44.1 60 110.8 44 QQQQ 3.8 1357 Premier Liberation No. IV Class C Acc -3.4 111 1.0 103 23.6 73 QQQ 2.7 148 BNY Mellon Sus Global Eq Instl W Acc 13.2 74 ------67 Premier Liberation No. V Class C Acc -5.2 129 -0.3 114 27.7 50 QQQ 3.3 175 Brown Advisory Global Leaders C USD Acc 9.0 125 54.9 28 122.3 25 QQQQ 4.1 851 Premier Managed Index Balanced C Acc ------1 Candriam Quant Equities MF Glb C Acc EUR -4.7 277 3.5 263 53.5 213 QQ 4.3 38 Premier Miton Cau Mthly Inc A Acc units -2.6 104 0.4 107 19.1 92 QQQ 3.3 208 Capital Group New Economy (LUX) Z USD 18.2 47 52.6 36 131.8 17 QQQQQ 4.3 118 Premier Multi Asset Cnsrv Gr C -0.8 71 3.6 82 14.2 112 - 1.8 127 Capital Group New Pers (LUX) Z 18.9 43 50.9 38 121.8 26 QQQQ 4.2 6696 OPremier Multi-Asset Distribution C Inc -6.9 142 -0.3 116 18.0 95 QQQQ 3.6 1494 OCapital Group World Gr & Inc (LUX) Z 4.5 192 23.9 155 81.0 115 QQQQ 3.6 265 OPremier Multi-Asset Monthly Inc C Inc -7.1 145 -1.6 121 15.1 109 QQQ 3.4 722 Carmignac Investissement A EUR Acc 24.7 27 27.1 136 68.0 168 Q 4.1 3141 Quilter Investors Cirilium Balanced R -0.7 67 2.7 88 30.4 34 QQQ 3.3 526 Carmignac Pf Invmt F GBP Acc Hdg 21.7 40 27.3 130 43.6 239 - 4.5 202 Quilter Investors Divers R (GBP) Acc -4.7 124 -1.6 122 13.0 114 Q 2.8 460 CCM Intelligent Wealth R Inc -5.2 279 ------10 RBS Collective Stakeholder Invest -7.9 150 0.1 111 16.1 104 QQ 2.3 937 Comgest Growth Global Flex I EUR Acc 2.2 222 29.9 118 - - QQQQQ 2.4 70 RBS Managed Defensive 1 Acc -1.1 76 ------Comgest Growth World GBP U Acc 10.1 105 56.2 26 128.7 19 QQQQ 3.2 793 RBS Managed Income 1 Inc -9.1 159 ------CQS New City Global Equity I GBP UnH 16.0 55 ------144 Royal London GMAP Bal M GBP Acc -4.2 118 3.0 85 - - QQQ 1.9 176 Credo Global Equity A Retail GBP Acc 0.0 248 18.2 196 - - QQQ 4.7 70 ORoyal London Sustainable Div C Inc 10.4 2 33.2 1 67.1 1 QQQQQ 2.6 1777 Davy Discovery Equity M GBP Acc 7.2 150 22.5 166 - - QQQQ 5.5 13 Sarasin Globalsar Strategic P Acc 5.7 10 16.5 5 41.7 7 QQQQQ 1.8 249 Davy ESG Equity U GBP Acc 8.1 135 39.7 72 - - QQQQQ 3.7 40 Sarasin IE GlobalSar Strategic EUR A Acc 5.1 12 11.6 25 50.2 4 QQQQ 2.1 67 Davy Global Brands Equity M Acc 4.4 194 29.6 120 - - QQ 4.1 8 Sarasin IE GlobalSar Strategic USD P Acc 6.6 8 25.1 2 64.5 2 QQQQQ 2.2 60 Denker Global Equity A GBP Acc -6.7 297 1.7 269 40.8 245 Q 3.9 46 Sarasin IE Multi Asset Target Ret P Acc 6.0 9 15.4 10 40.3 10 QQQQQ 1.9 76 Denker Global Financial A GBP -28.2 331 -24.0 295 28.3 253 QQQ 6.8 54 Schroder Fusion 4 F Acc -0.8 72 5.4 63 - - QQQ 2.0 52 ODimensional International Core Eq Acc -0.1 249 19.4 188 76.9 133 QQQQ 4.5 1052 Schroder Fusion 5 F Acc -1.9 93 4.2 75 - - QQQ 2.5 81 ODimensional International Val Acc -15.0 326 -4.9 283 41.0 243 QQQ 5.3 395 Schroder MM Diversity Income Z Acc -8.8 155 -4.9 135 6.4 128 Q 2.4 51 DMS Charteris Global Macro A Acc 3.8 202 19.6 186 60.0 202 - 5.6 5 Schroder MM Diversity Z Acc -1.4 83 1.5 99 10.3 120 QQQ 2.0 390 ODodge & Cox Worldwide Global Stk GBP Acc -10.4 314 -1.0 277 57.0 205 QQ 5.1 2752 Schroder Monthly Income Z Acc -9.0 158 -3.6 130 20.0 85 QQ 3.3 91 Dominion Global Trends - Managed GBP I 6.9 156 23.2 160 73.4 146 QQQQ 3.9 - Schroder Portfolio 4 F ------4 Dominion Global Trends Lxy Cnsmr GBP I 3.8 203 23.9 156 45.9 233 QQ 3.9 71 Schroder Portfolio 5 F ------7 EdenTree Amity International B 3.2 211 12.5 229 63.3 188 QQQ 4.2 118 Scottish Widows Balanced A -1.4 81 6.9 47 27.5 52 QQQQ 2.6 339 EF Brompton Global Equity B GBP Acc 5.7 172 21.5 175 70.5 157 QQQ 4.0 14 Sentinel Income B Acc -3.6 114 2.3 94 20.8 82 QQQ 2.9 77 EF WM Global Corp Autonomies I GBP Acc -2.9 267 18.1 197 76.9 132 QQQ 4.0 9 SVS Brown Shipley Income I Acc 3.7 16 11.7 24 27.5 51 QQQQ 2.6 87 Electric & General Net Income A 7.5 145 38.3 78 93.8 77 QQQQQ 3.6 106 T. Bailey Dynamic A Inc 1.5 39 6.0 60 26.3 60 QQQQ 3.2 136 Equitile Resilience Feeder A GBP Acc 15.9 56 37.2 88 - - QQQ 5.4 - TB Doherty Cautious Managed B GBP Acc -4.2 119 -2.7 127 15.0 110 QQ 3.3 31 ES AllncBernst Lw Vlt Glb Eq I GBP Inc ------2 TB Doherty Distribution B Acc -6.6 137 -4.9 136 - - QQ 2.9 6 ES R&M Global High Alpha Fund B Acc -7.7 304 -2.8 281 - - QQ 5.5 120 Thesis Optima Balanced B Acc 2.5 27 10.9 28 27.2 54 QQQQ 2.6 36 ES R&M Global Recovery Fund B Inc -9.0 309 -9.1 290 43.3 240 QQ 5.5 331 Threadneedle Glbl Mlt Ast Inc Z Inc 0.4 47 9.1 36 32.6 23 QQQQ 2.2 80 Federated Hermes Glb Eq ESG F GBP Acc 7.8 140 23.5 157 82.8 110 QQQQ 4.1 924 OThreadneedle Managed Eq and Bond Z Acc 2.5 29 11.8 22 35.1 15 QQQQ 2.2 1401 Federated Hermes Glb Eq F GBP Acc 6.5 162 25.6 145 87.8 92 QQQQQ 4.1 21 TM UBS (UK) - Global Balanced C Acc -1.5 86 5.9 62 28.0 47 QQQQ 2.8 1329 Federated Hermes Glb Sm Cp Eq F GBP Acc -6.7 296 13.3 225 65.0 179 QQQ 5.0 73 TM UBS (UK) - UK Balanced C Acc -3.4 113 4.1 78 24.4 67 QQQ 2.6 29 Federated Hermes Imp Opps Eq F GBP Acc 16.8 51 ------270 UBS Global Diversified Income C GBP Acc -6.3 135 ------11 Federated Hermes SDG Enggmt Eq F GBP Acc -6.4 291 ------671 UBS Multi-Asset Income L Gross Inc -2.8 108 2.1 95 11.7 117 QQ 2.6 37 Fidelity Allocator World W Acc 0.5 239 21.3 177 73.8 143 QQQ 4.2 59 OVanguard LifeStrategy 40% Equity A Acc 2.7 26 16.6 4 41.5 8 QQQQQ 1.8 6024 Fidelity Global Cnsmr Inds W-Acc-GBP 17.7 49 53.0 35 116.6 32 QQQQQ 3.6 915 Vanguard Target Retirement 2015 Acc 2.3 32 14.5 14 - - QQQQQ 1.7 5 OFidelity Global Financial Svcs W-Acc-GBP -10.6 316 1.0 272 45.9 232 QQQQ 4.6 472 Virgin Bond, Gilt and UK Share -6.7 140 0.1 109 15.6 107 QQ 2.2 37 Fidelity Global Focus W Acc 12.8 79 47.5 49 112.9 43 QQQQQ 4.5 480 Volare Cautious A GBP Acc 0.7 45 9.2 35 - - QQQQ 1.9 49 Fidelity Global Health Care W-Acc-GBP 10.6 98 47.2 53 77.6 129 QQQQ 3.6 1054 VT AJ Bell Moderately Cau I Acc 1.1 41 13.0 19 - - QQQQQ 2.0 45 Fidelity Global Industrials W-Acc-GBP -5.6 288 8.2 248 64.9 180 QQ 5.1 58 VT Garraway Multi Asset Bal I Acc -11.9 163 -13.8 144 -5.8 130 Q 4.0 15 OFidelity Global Special Sits W Acc 6.7 159 27.2 134 94.2 75 QQQQQ 4.4 2812 VT Greystone Cautious Managed R Acc -3.4 112 2.0 97 24.2 70 QQQ 3.5 103 OFidelity Index World P Acc 4.5 191 29.1 122 88.2 90 QQQQ 4.2 1797 VT Seneca Diversified Income B Inc -8.0 151 -0.4 117 22.9 76 QQ 3.9 145 Fidelity Instl Global Focus Acc 10.5 100 37.4 86 100.8 55 QQQQQ 4.1 85 VT SmartFund Balanced Strategy Z GBP Acc 0.0 55 0.0 112 0.0 129 Q 0.0 64 Fidelity Open World W Acc -1.4 259 16.2 213 69.8 161 QQQ 4.0 1282 VT Tatton Blended Balanced A Acc -1.2 78 ------80 Fidelity Sust Water & Waste A Acc USD -1.4 260 ------1470 VT Tatton Blended Cautious A Acc 0.0 56 ------42 Fidelity Sustainable Water & Waste W Acc ------46 VT Tatton Oak Cautious Growth B Acc -0.7 66 7.0 46 26.7 58 QQQ 2.4 37 OFirst Sentier Glb Lstd Infra B GBP Acc -12.5 322 9.1 246 67.2 171 QQQQ 3.8 1697 Waverton Multi-Asset Income P GBP Inc 2.8 24 13.4 17 35.6 13 QQQQ 2.1 92 FP Foresight Global Rl Infras A GBP Inc 14.2 66 ------253 WAY Global Balanced Portfolio E Acc 2.4 31 8.3 41 30.8 30 QQQ 2.7 45 FP Octopus Global Growth B 2.8 216 16.4 212 66.0 175 QQQ 4.4 22 WAY MA Cautious Portfolio E Acc 2.5 30 6.5 53 26.8 55 QQQ 2.7 24 FP Octopus International Equity B Acc 4.2 195 27.0 137 82.2 112 QQQQ 4.5 19 Wellington Dynamic Divers N GBP Inc Hdg 0.0 57 ------10 FP Russell Invsmts Intl Gr Assts C Acc 1.3 233 17.2 202 63.7 184 QQQQQ 4.4 164 Wesleyan Moderate Risk/Rwd Gr X Acc -8.8 156 -2.8 128 - - QQ 2.9 42 FP SCDavies Global Equity A Acc GBP -7.0 299 6.3 255 52.9 215 QQ 4.6 8 Sector average/count -1.5 163 4.9 144 24.8 130 2.6 309 FP WHEB Sustainability C 12.6 81 28.5 124 87.8 91 QQQ 4.8 453 OFundsmith Equity T Acc 11.9 85 53.3 33 149.4 7 QQQQQ 3.9 18834 Global Fundsmith Sustainable Equity I Inc 10.1 107 ------385 AB Concntr Glbl Eq I USD Acc 12.7 80 54.6 29 125.9 22 4.4 580 GAM Global Diversified Instl GBP Acc 5.3 179 1.1 271 40.9 244 QQ 4.2 95 QQQQ GAM Multistock Luxury Brands Eq GBP Ra 8.2 132 36.3 90 93.0 80 4.1 215 AB Global Core Eq I USD Acc 0.9 238 30.5 114 92.5 82 QQQQ 3.9 933 O QQQQ AB SICAV I Low Volatility Eq I GBP H Acc 0.5 240 16.0 214 - - - 4.0 2927 GAM Star Comps Glbl Eq Ord GBP Acc 8.2 134 26.3 142 72.7 150 QQQ 3.8 111 AB Sustainable Glb Tmtc I USD 25.9 19 58.0 23 135.6 14 4.4 794 GAM Star Disruptive Gr Instl GBP Acc 34.6 9 95.0 3 219.2 2 - 5.0 245 QQQQ GAM Star Worldwide Equity Ord GBP Acc 5.6 173 6.4 254 48.8 223 4.1 46 ACUMEN Portfolio 7 Acc 0.2 243 11.1 238 - - QQQ 4.2 76 QQ Aegon Global Equity GBP B Acc 11.6 86 24.3 149 85.5 100 5.4 91 GS Glb Sm Cp COREÆ Eq R Inc GBP Snap -7.3 300 9.6 242 63.4 187 QQQQ 5.8 337 QQQQ GS Glbl Eq Ptnrs ESG R Inc USD 9.0 123 38.2 79 86.6 95 3.9 26 Aegon Global Sustainable Eq GBP B Acc 39.0 7 66.5 16 - - QQQQQ 5.6 184 QQ Allianz Best Styles Global AC Eq C Acc -0.3 254 12.3 231 - - 4.3 105 GS Global COREÆ Eq R Acc USD Snap 5.1 181 22.6 165 86.1 96 QQQQ 4.6 2901 QQ GS Global Equity Income R Inc GBP -6.4 292 12.6 227 55.2 210 3.8 11 Allianz Best Styles Global Eq RT GBP 0.1 247 17.1 203 62.8 191 QQQ 4.1 517 QQQ Allianz Global Small Cap Equity RT GBP 6.2 167 17.0 206 56.4 206 5.2 314 GS Global Equity Ptnrs R Inc GBP 9.6 113 37.5 84 85.5 99 QQQ 4.0 655 QQQ GS Global Millennials Eq R Inc USD 34.5 10 76.4 10 146.3 9 4.4 639 American Century Concntr Glb Gr Eq I GBP 16.4 52 68.4 13 135.3 15 QQQQ 4.6 136 QQQQQ American Century Glbl Sm Cap Eq I GBP ------283 Guinness Global Energy X -49.2 334 -49.0 297 -33.2 260 QQ 8.1 107 Guinness Global Innovators Y GBP ACC 25.5 23 47.7 48 141.6 11 QQQQ 4.8 266 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 33 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m)

Guinness Global Money Managers X -6.5 294 -6.9 288 27.0 254 QQQ 6.1 4 Pictet - Global Thematic Opps-I GBP 10.7 96 34.7 95 - - QQ 4.2 825 Guinness Sustainable Energy X GBP Acc 34.3 11 47.2 52 85.0 103 QQ 6.1 32 Pictet SmartCity I dm GBP 7.2 149 30.3 116 75.6 139 QQQQ 4.0 1292 Halifax Ethical C 1.9 227 17.8 200 69.8 162 QQQ 4.0 176 Pictet-Clean Energy I dy GBP 22.7 35 38.3 77 97.3 64 QQQQ 4.9 1034 Halifax Fund of Invmt Trusts C -1.5 262 6.9 250 47.9 226 QQQ 4.9 359 Pictet-Global Megatrend Sel I dy GBP 12.9 77 37.1 89 99.6 58 QQQQQ 4.3 8314 Halifax Intl Gr C -0.3 253 14.5 224 66.4 173 QQQQ 4.0 1793 Pictet-Premium Brands I dy GBP 9.0 122 37.6 83 71.6 153 QQQ 4.4 519 OHarris Associates Global Eq R/A USD -12.5 321 -7.6 289 35.0 249 Q 5.9 947 Pictet-Security I dy GBP 11.5 87 44.7 59 102.9 50 QQQQQ 4.5 4966 Heriot Global A Acc 12.9 78 47.8 47 114.9 39 QQQQ 3.7 136 Pictet-Water I dy GBP 9.2 118 33.2 99 101.6 53 QQQQQ 4.0 5334 HL Multi-Manager Special Sits A Acc -2.3 264 5.1 261 44.3 237 QQQ 4.4 1090 PIMCO GIS RAE Glbl Dev Instl GBP UnH Acc -11.7 318 0.3 275 48.7 224 QQQ 4.4 35 HL Select Global Growth Shares A GBP Acc 20.3 41 ------469 Polar Cptl Atmtn & Artfcl Intllgnc I Acc 28.7 17 ------457 OHSBC FTSE All-World Index C Acc 5.1 180 27.3 133 87.7 93 QQQQ 4.1 2476 Premier Global Alpha Growth C Acc 14.6 62 21.3 178 70.1 160 QQQQ 4.5 99 IFSL CAF International Equity A Acc 3.2 210 22.4 167 77.4 131 QQQ 4.4 24 Prima Adventurous Acc ------2 IFSL Equilibrium Global Equity A Acc ------Principal Global Equity I Acc USD 8.8 126 18.6 193 61.6 195 QQQQ 4.2 12 IFSL Ravenscroft Huntress GlbBlueChpBInc 6.2 166 32.8 102 - - QQQQQ 3.2 11 Purisima Global Total Return A 18.8 44 42.1 68 115.1 37 QQQQQ 4.7 4954 Invesco Global Equity UK Z Acc -3.0 269 -1.3 279 45.1 236 Q 4.6 1172 Quilter Inv Glbl Dyn Eq R (GBP) Acc 1.7 229 17.6 201 62.9 190 QQ 4.2 403 Invesco Global ex UK CorEqIdxUK(NoTr)Acc -0.1 250 10.3 240 61.6 196 QQQ 4.4 43 Quilter Inv Glbl Eq Idx U2 (GBP) Acc 6.4 163 31.0 110 94.6 74 QQQQQ 4.1 285 Invesco Global ex UK Enh Idx UK Z Acc 3.0 212 21.8 170 78.8 125 QQQQ 4.3 65 Quilter Investors Ethical Eq R (GBP) Acc 6.5 161 17.0 204 77.4 130 QQQQ 4.7 120 Invesco Global Focus UK Z (Acc) 34.8 8 37.4 85 116.8 31 QQQQQ 5.5 215 Quilter Investors Glbl Eq Gr U2 GBP Acc 11.2 90 37.3 87 102.7 52 QQQQQ 4.2 65 Invesco Global Smaller Coms UK Z Acc -0.6 256 6.6 252 62.6 192 QQQQ 5.4 590 Quilter Investors Glbl Uncons EqR £ Acc -30.7 333 -20.8 294 0.7 259 Q 6.6 101 Janus Henderson Glb Research A2 USD 7.5 144 30.6 113 75.0 142 QQ 4.2 46 ORathbone Global Opportunities I Acc 24.8 25 60.2 21 130.5 18 QQQQQ 4.4 2769 Janus Henderson Global Equity I Acc 16.4 53 40.2 71 113.3 41 QQQQ 4.3 712 Rathbone Global Sustainability I Acc 22.1 38 ------19 Janus Henderson Global Sust Eq I Acc 22.5 36 56.3 25 125.1 23 QQQQQ 4.4 1152 ORobeco BP Global Premium Eq F GBP -12.3 319 -1.7 280 - - Q 4.5 940 Janus Henderson Instl Gl 50/50IdOpp 3Acc -6.2 290 5.3 259 46.7 231 QQQ 4.0 38 Royal London Global Equity Divers M Acc 4.6 187 ------2641 Janus Henderson Mlt-Mgr Global Sel I Acc 3.3 209 14.9 223 58.1 203 QQQ 3.9 57 Royal London Global Equity Select M Acc 8.3 131 ------236 JOHCM Global Opportunities A GBP Acc -5.2 280 ------405 Royal London GMAP Dyn M GBP Acc -5.7 289 6.6 253 - - QQ 4.1 58 JOHCM Global Opps Offshore A GBP Inc -5.5 285 15.5 219 65.6 176 QQQ 2.9 397 Russell Inv Global List Infras I GBP -14.9 324 3.2 264 48.2 225 QQQ 4.5 281 JOHCM Global Select A GBP 13.9 68 46.2 56 96.2 67 QQQ 4.0 1365 Russell Inv World Equity I 1.9 226 21.7 172 84.7 104 QQQQ 4.0 1345 JPM Global Equity A (dist) GBP -0.7 258 11.2 237 53.5 212 QQQ 4.5 143 RWC Global Horizon R GBP Cap -3.2 271 11.3 236 65.5 177 QQQ 4.8 253 JPM Global Focus A (dist) USD 6.3 165 21.8 171 75.2 140 QQQ 4.2 1310 S&W Aubrey Global Conviction 42.0 6 71.8 11 168.2 5 QQQQQ 5.9 74 JPM Global Research Enh Idx Eq E Acc ------326 Sanlam Global High Quality C GBP Acc 1.6 232 23.0 162 96.2 68 QQQ 3.4 409 JPM Global Unconstrained Eq C Net Acc 23.0 34 47.8 46 106.7 48 QQQ 4.1 452 Sanlam Global Value A GBP -7.4 302 0.3 273 37.2 247 QQ 4.7 44 JPM Multi-Manager Growth C Net Acc 7.2 148 22.8 164 69.6 164 QQQQ 4.0 360 Sarasin IE Global Eq Opps GBP P Acc 3.4 208 23.5 158 76.8 134 QQQ 4.1 172 Jupiter Ecology I Acc 7.4 146 16.7 208 69.5 165 QQQ 4.6 553 Sarasin IE Global Eq Opps USD P$ Acc 2.8 215 23.3 159 77.9 126 QQQ 4.1 78 Jupiter Fund of Investment Trusts I Acc 10.7 97 21.1 179 63.0 189 QQQQ 4.8 114 Sarasin Responsible Glb Eq Stg Hdg P Acc 10.2 104 27.2 135 57.7 204 - 4.4 55 Jupiter Global Elgy Gr D EUR A Inc Dist 7.0 155 16.8 207 69.4 166 QQQ 4.5 11 Sarasin Responsible Global Equity P Acc 11.3 88 39.6 73 96.8 66 QQQ 3.8 147 Jupiter Global Managed I Acc 4.0 199 29.8 119 82.3 111 QQQQ 3.7 319 Sarasin Thematic Global Eq Stg Hdg P Acc 5.5 175 19.3 189 47.3 228 - 4.9 124 Jupiter Global Sustainable Eqs P Acc 13.4 72 ------44 Sarasin Thematic Global Equity P Acc 5.8 169 28.0 128 80.4 119 QQQ 4.2 221 Jupiter Global Value Equity Instl Acc -10.9 317 ------154 Schroder Global Equity I Acc 14.0 67 42.1 69 103.7 49 QQQ 3.9 578 Jupiter Global Value L GBP A Inc -12.4 320 -5.0 284 41.9 242 QQQ 4.5 203 Schroder Global Healthcare Z Acc 23.7 31 53.0 34 93.6 78 QQQQQ 3.9 398 Jupiter Merlin Worldwide Portfolio I Acc 1.0 236 20.9 180 62.1 194 QQQ 3.5 470 OSchroder Global Recovery Z Acc GBP -21.0 329 -14.5 293 - - QQ 5.1 253 OKempen (Lux) Global Small-Cap I GBP -6.8 298 9.3 244 84.0 107 QQQQ 6.6 594 Schroder ISF Global Energy Z Acc EUR -51.5 335 -59.4 298 -54.8 261 Q 13.0 279 Kennox Strategic Value Institutional Acc -15.2 327 -11.3 291 23.9 255 QQ 3.1 106 Schroder ISF Global Eq Alp Z Acc EUR 13.0 76 33.2 100 89.3 89 QQ 4.1 1295 L&G Future Wld Clmt Chg Eq Fct Idx I Acc -0.2 252 ------86 Schroder ISF Global Eq Yld Z Acc EUR -21.7 330 -11.9 292 28.5 252 QQ 4.3 182 L&G Future World ESG Dev Idx I GBP Acc 8.5 129 ------182 OSchroder ISF Global Smlr Coms C Acc USD -5.4 282 4.3 262 50.5 219 QQQ 5.6 133 L&G Glbl Dev Four Fac Idx J Acc -2.3 265 ------Schroder MM International Z Acc 0.9 237 15.7 218 64.3 182 QQQQ 3.9 174 L&G Global 100 Index I Acc 10.5 101 41.1 70 110.5 45 QQQQQ 4.1 306 Schroder QEP Glbl Active Val Z Acc -8.6 307 -0.3 276 44.0 238 QQQ 4.2 872 L&G Global Equity Index I Acc 4.5 189 27.3 131 85.9 97 QQQQ 4.2 162 OSchroder QEP Global Core Eq A Acc 1.1 235 22.1 169 76.3 137 QQQQ 4.0 717 L&G Global Health & Pharma Index I Acc 13.9 70 39.3 75 80.6 118 QQQQ 3.7 626 Scottish Widows Global Growth G Acc 0.4 241 16.4 211 69.7 163 QQQ 4.1 813 L&G Global Infrastructure Index I Acc -8.0 305 ------463 Scottish Widows Global Sel Gr A 10.9 93 25.4 147 80.3 120 QQQ 3.9 14 L&G Global Robotics&Atmtn Idx I GBP Acc ------Scottish Widows Intl Eq Tracker I Acc 5.0 182 26.8 139 87.3 94 QQQQ 4.0 111 OL&G International Index I Acc 5.7 171 30.4 115 93.3 79 QQQQQ 4.2 2394 Seilern World Growth USD U I 15.0 61 68.4 14 152.9 6 QQQQQ 4.0 1289 Lazard Global Eq Franchise A Acc USD -14.9 325 2.1 267 63.6 186 QQ 5.4 211 SKAGEN Global A 4.2 197 31.8 104 90.4 84 QQQQ 3.8 2638 Lazard Global Lstd Infras Eq A Acc GBP -6.4 293 1.8 268 39.4 246 QQQ 3.8 1416 SKAGEN Kon-Tiki A -0.1 251 -4.2 282 51.0 218 QQ 4.6 1164 Lazard Global Managed Vol A Acc USD -8.7 308 11.6 235 60.2 201 QQQ 3.4 110 SLI International Trust 7.9 137 29.1 123 85.6 98 QQQQ 4.1 1590 Lazard Global Strategic Eq A Acc USD 9.2 115 34.9 94 83.4 108 QQ 3.8 9 SPW MM International Equity A Acc 4.2 196 19.7 185 75.0 141 QQQ 4.2 2997 Lazard Global Sustainable Eq A Acc USD 10.0 108 38.1 80 100.3 57 QQQ 3.8 16 Stewart Inv Wldwd Ldrs Sstby B GBP Acc 7.1 154 23.0 161 80.0 121 QQQQ 2.6 33 Lazard Global Thematic A Acc USD 7.3 147 38.0 81 98.2 62 QQQQQ 3.9 19 OStewart Inv Wldwd Sustnby B GBP Acc 10.1 106 28.4 126 95.4 70 QQQ 3.0 504 Lazard Managed Equity A Acc -5.5 284 9.4 243 45.6 234 QQQ 4.0 74 Stewart Inv Worldwide Equity B GBP Acc 8.2 133 18.6 194 77.7 128 QQQ 2.8 25 Legg Mason MC Glb L-T Uncons X GBP Acc 18.4 45 53.3 32 - - QQQQ 3.6 50 Stonehage Flmg GlbBest IdeasEq C GBP Inc 15.0 60 53.4 31 116.1 34 QQQQ 3.8 1266 LF Adam Worldwide Acc -8.0 306 2.2 266 43.3 241 QQ 4.0 15 SVM World Equity Instl 9.7 112 17.9 199 65.3 178 QQ 5.1 13 LF Blue Whale Growth R Sterling Acc 22.0 39 70.1 12 - - - - 521 SVS Church House Esk Global Equity A Acc 11.0 92 29.5 121 84.3 106 QQQQ 3.6 51 LF Canlife Global Equity C Acc 5.8 168 24.1 151 76.4 136 QQQQ 4.0 740 T. Bailey Growth A Acc 10.4 102 21.5 176 66.6 172 QQQQ 4.6 232 LF Heartwood Adventurous I Acc 10.8 95 ------16 T. Rowe Price Glb Foc Gr Eq CAccGBP 32.2 15 78.8 9 - - QQQQQ 4.8 198 LF Macquarie Global Infras Secs B Acc -10.5 315 5.3 260 47.6 227 QQQ 4.2 39 T. Rowe Price Glb Foc Gr Eq Q GBP 33.5 12 79.8 8 180.3 4 QQQQQ 4.8 2172 LF Majedie Global Equity X GBP Acc 10.2 103 34.9 93 98.3 61 QQQ 4.2 40 OT. Rowe Price Glb Growth Eq Q GBP 25.6 21 61.5 19 144.4 10 QQQQ 4.8 360 LF Majedie Global Focus X GBP Acc 2.6 218 25.4 146 75.6 138 QQQ 4.0 194 Templeton Growth W Acc 5.3 178 10.4 239 55.5 209 QQQQ 3.9 33 LF Montanaro Better World A GBP Acc ------24 Threadneedle Glb Extnd Alp Ins Acc GBP 15.5 58 47.4 50 113.0 42 QQQQ 4.4 219 LF Montanaro Global Select A GBP Acc ------7 Threadneedle Global Focus Z Grs Acc GBP 18.3 46 ------137 OLindsell Train Global Equity B GBP Inc -0.5 255 48.6 45 126.0 21 QQQQ 3.7 7650 Threadneedle Global Select Z Acc 12.2 84 45.0 58 115.8 36 QQQQ 4.2 1118 Liontrust Global Equity C Acc GBP 28.1 18 50.4 42 102.7 51 QQQ 4.3 210 TM Stonehage Fleming Global Eqs B Inc 0.4 242 10.0 241 46.7 230 QQ 4.5 113 Liontrust Global Smaller Coms C Acc GBP 25.6 22 66.6 15 97.5 63 QQQQQ 5.9 15 TM Stonehage Fleming Global Eqs II B Inc -6.6 295 0.3 274 32.8 251 QQ 4.3 335 Liontrust Sust Fut Glbl Gr 2 Net Acc 24.6 28 61.9 18 134.6 16 QQQQ 4.3 868 TM UBS (UK) - Global Equity C Acc -4.6 276 6.8 251 47.3 229 QQ 4.4 168 LO Funds Emerging Hi Convc USD NA 9.1 120 7.5 249 67.2 169 QQQQ 4.1 308 Trojan Global Equity O Acc 8.1 136 43.2 65 100.6 56 QQQQ 3.8 358 LO Funds Golden Age USD NA 6.7 160 34.0 97 76.7 135 QQ 3.8 632 UBS (Lux) ES Gl Opp Uncons$ Q-acc 16.9 50 57.9 24 - - QQQQQ 4.0 77 OM&G Global Dividend GBP I Acc -2.7 266 12.4 230 70.6 156 QQQQ 5.1 2011 UBS Global Optimal C 0.1 245 19.4 187 72.5 152 QQQ 4.8 20 M&G Global Enhanced Equity Pre I GBP Acc ------60 UBS MSCI World Minimum Vol Idx C Acc -5.6 286 ------216 M&G Global Listed Infras GBP I Acc -3.7 273 ------290 OVanguard ESG Dev Wld All Cp Eq Idx £ Acc 6.8 157 31.2 109 89.6 87 QQQQ 4.0 826 M&G Global Select GBP I Acc 3.9 201 30.3 117 79.1 123 QQQQ 4.5 555 Vanguard ESG Dev Wld All Cp Eq IdxUK£Acc ------26 M&G Global Strategic Value GBP I Acc -10.0 312 -6.9 287 36.4 248 QQ 4.8 252 OVanguard FTSE Dev Wld ex-UK Eq Idx £ Acc 7.1 153 33.7 98 99.2 59 QQQQQ 4.0 8084 M&G Global Themes GBP I Acc 1.6 230 24.2 150 92.7 81 QQQ 4.3 2168 Vanguard FTSE Glb All Cp Idx £ Acc 4.5 190 26.6 141 - - QQQQ 4.1 504 M&G Positive Impact Sterling I GBP Acc 10.5 99 ------104 OVanguard Glb Small-Cp Idx £ Acc -3.0 270 12.1 233 67.2 170 QQQQ 5.3 1676 Margetts Intl Strategy R GBP Acc 1.8 228 15.1 222 64.6 181 QQQ 4.1 110 Vanguard Global Equity A GBP Acc 12.5 83 32.5 103 - - QQQQ 4.3 111 Margetts Opes Growth R GBP Acc 2.1 225 16.5 210 60.5 200 QQQQ 4.2 17 Vanguard Global Stock Index Inv EUR Acc 5.5 176 30.6 112 90.0 85 QQQQ 4.0 8329 Marlborough Global P Acc 3.4 205 15.4 221 60.9 198 QQ 4.5 21 Vanguard LifeStrategy 100% Equity A Acc 0.1 244 19.2 190 71.2 154 QQQ 3.9 2088 McInroy & Wood Smaller Comps Pers Inc 5.3 177 27.3 132 85.3 102 QQQQQ 4.5 146 OVeritas Global Focus A GBP 3.4 207 27.8 129 89.8 86 QQQQQ 4.0 2632 Merian Global Equity R GBP Acc 2.5 220 20.1 184 84.5 105 QQQQQ 4.5 872 OVeritas Global Focus A GBP 3.4 207 27.8 129 89.8 86 QQQQQ 4.0 2632 Merian World Equity U1 GBP Acc 2.7 217 19.2 191 80.9 117 QQQQ 4.6 159 Virgin Global Share -3.0 268 5.5 258 51.8 216 QQ 3.9 113 MFS Meridian Global Concntr W1 GBP 4.4 193 31.6 106 - - QQ 4.0 754 VT Cantab Sustainable Glbl Eq A GBP Acc ------5 MFS Meridian Global Equity Inc WH1 GBP -4.8 278 -5.2 286 18.8 257 - 4.5 2 VT Gravis Clean Energy Income C GBP Acc 13.7 71 ------127 OMFS Meridian Global Equity W1 GBP 1.2 234 25.9 144 85.3 101 QQQ 4.1 2991 VT Greystone Global Growth R Acc 7.6 143 26.9 138 82.9 109 QQQQ 4.5 89 MFS Meridian Global Rsrch Focus W1 USD 6.7 158 35.7 92 94.6 73 QQQQ 3.9 117 VT Price Value A GBP Acc 14.3 65 26.7 140 79.0 124 - 4.8 51 MI Charles Stanley UK & Intl Gr A Acc -7.6 303 1.7 270 34.4 250 QQ 4.2 111 VT Redlands Equity A GBP Acc 2.1 224 18.3 195 - - QQQ 4.2 318 MI Metropolis Value A Acc 7.7 141 13.3 226 70.7 155 QQQ 3.9 136 VT Tyndall Global Select A GBP Acc 9.7 111 43.1 66 93.9 76 QQQQ 3.7 34 MI Thornbridge Global Opps C Acc -10.2 313 2.6 265 53.8 211 QQQ 4.7 60 Waverton Global Equity A GBP 5.6 174 21.7 173 73.7 144 QQQ 4.0 111 Mirabaud Sustainable Glbl Fcs D GBP Acc 5.0 183 50.7 41 98.9 60 QQQ 3.7 371 Waverton Tactical Equity A GBP 12.6 82 15.7 217 51.5 217 QQQ 3.6 142 Montanaro Better World GBP 24.8 26 ------272 Wellington Durable Entrprs N GBP Acc UnH -3.8 274 ------189 Morgan Stanley UK Global Brands I GBP 9.4 114 49.8 43 121.3 27 QQQQQ 3.6 1437 Wellington Durb Coms N GBP Inc UnH -3.6 272 24.1 152 - - QQQQ 3.7 341 Morgan Stanley UK Global Sustain I Acc 11.2 91 ------33 Wellington Enduring Assts GBP N Acc UnH -7.4 301 16.0 215 62.6 193 QQQQ 3.0 222 MS INVF Emerging Leaders Equity Z 32.9 13 48.7 44 114.9 38 QQQQQ 5.1 306 Wellington Glbl Quality Gr N GBP H Acc 14.4 64 60.7 20 136.5 13 QQQQQ 4.0 6133 MS INVF Global Brands I 9.0 124 50.8 40 120.3 29 QQQQQ 3.6 14279 Wellington Global HlthC Eq N GBP Acc Unh 25.7 20 46.5 55 95.1 71 QQQQ 4.7 2718 MS INVF Global Opportunity Z 44.7 5 94.8 4 240.0 1 QQQQQ 4.8 12268 Wellington Global Impact N GBP Acc Unhdg 9.8 110 39.6 74 - - QQQQ 4.4 322 MS INVF Global Quality I 9.2 116 47.4 51 110.3 46 QQQQ 3.6 1684 Wellington Global Innovation N GBP UnH 32.7 14 86.1 7 - - QQQQQ 5.2 137 MT Total Return 13.2 75 22.9 163 63.6 185 QQQQ 3.6 425 Wellington Global Stewards N UnH USD Acc 7.1 152 ------1 New Capital Glbl Eq Convict USD Ord Acc 24.5 29 58.0 22 123.5 24 QQQQ 4.1 252 Wesleyan International Growth X Acc 2.4 221 22.3 168 - - QQQ 4.2 33 NFU Mutual Global Growth C -9.4 311 -5.1 285 64.0 183 Q 5.2 24 Winton Global Equity I GBP Acc -2.2 263 15.9 216 60.9 199 QQ 4.2 23 Nikko AM Global Equity D GBP Acc 14.4 63 52.3 37 - - QQQQ 4.0 118 Sector average/count 6.5 336 27.2 299 80.6 262 4.4 809 Ninety One Global Dynamic I Acc £ 4.5 188 21.6 174 66.1 174 QQQQ 4.9 235 Ninety One Global Environment I 17.8 48 ------97 Global Equity Income Ninety One Global Equity I Acc £ 5.7 170 25.4 148 73.7 145 QQQQ 4.5 129 Aegon Global Equity Income GBP C Inc 0.9 14 22.3 13 76.1 4 QQQQQ 3.8 507 Ninety One Global Franchise I Acc 9.0 121 42.2 67 108.0 47 QQQQ 3.7 130 Aptus Global Financials B Acc -12.1 47 -23.7 49 4.2 39 QQ 8.1 45 Ninety One Global Quality Eq Inc I Inc-2 7.8 139 31.0 111 81.0 116 QQQQQ 3.4 23 Architas Global Equity Income A Acc -1.9 27 14.2 23 - - QQQ 4.3 3 Ninety One Global Special Sits I Acc -29.0 332 -26.3 296 15.8 258 QQ 7.4 136 Artemis Global Income I Inc -9.8 43 -5.5 39 27.4 33 QQQ 4.9 1314 ONinety One Global StrategicEq I Acc £ 1.6 231 17.9 198 72.8 149 QQQQ 4.7 426 ASI Global Income Equity P1 Acc -1.8 26 12.6 24 49.4 20 QQQQ 3.7 123 Nomura Fds Global High Conviction I USD 8.5 130 43.6 62 - - QQQ 4.0 24 ASI World Income Equity I Acc -15.0 49 -9.9 45 32.5 31 QQ 3.9 36 Nordea 1 - Global Climate & Envir BC GBP 15.5 57 35.7 91 - - QQQQ 4.5 3179 Aviva Investors Global Eq Inc 2 GBP Acc 0.3 17 22.6 11 71.2 8 QQQQ 3.8 205 OOrbis OEIC Global Equity Standard 4.1 198 12.6 228 89.5 88 QQQQ 4.6 83 Baillie Gifford Global Inc Growth B Inc 11.0 3 34.5 3 96.0 1 QQQQQ 3.5 651 Overstone UCITS Smaller Coms A USD -9.4 310 -1.1 278 23.3 256 QQ 7.0 22 Baillie Gifford Rspnb Glb Eq Inc B Inc 11.8 1 ------136 OPictet - Global Envir Opps I dy GBP 19.1 42 43.2 64 120.9 28 QQQQQ 4.3 3302 BlackRock Global Income D Acc -1.4 24 11.9 25 60.1 16 QQQQ 3.5 144 5 October 2020 investmentweek.co.uk 34 Unit Trusts/OEICs

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) OBNY Mellon Global Income Inst W Acc -6.9 38 15.8 19 70.9 10 QQQQQ 3.4 3922 JPM Europe Small Cap A (dist) GBP 1.9 22 -2.4 19 47.0 15 QQQ 5.9 443 BNY Mellon Sust Glbl Eq Inc Inst W Acc -5.2 33 ------46 JPM Europe Smaller Companies C Acc 14.4 7 13.1 8 85.3 7 QQQQ 5.2 186 Courtiers Glbl (ex UK) Eq Inc Retl R -4.3 31 -0.9 36 - - QQ 4.3 23 Jupiter European Smaller Coms I GBP Acc ------17 Davy Defensive Equity Income H GBP Acc 0.8 15 14.6 22 - - QQQQ 2.3 100 Lazard European Smaller Coms C Acc 3.1 18 -2.1 18 49.9 14 QQ 5.3 224 Davy Global Equity Income U GBP Acc -2.9 29 15.0 20 - - QQQQ 3.3 12 Lazard Pan-European Small Cap C Acc EUR 2.9 20 ------68 OFidelity Global Dividend W Inc 0.4 16 25.6 9 74.9 6 QQQQQ 2.8 1772 M&G Pan Eurp Sel Smllr Coms GBP I Acc 3.0 19 -11.6 22 37.9 16 QQQ 5.2 141 Fidelity Global Enhanced Income W Inc -1.1 21 20.3 14 66.9 12 QQQQQ 2.7 414 OMerian Europe ExUK Smlr Coms R GBP Acc 2.9 21 -11.6 21 51.5 13 QQ 5.8 16 Fidelity Global Infras W-Acc-GBP -18.1 53 -8.4 44 12.5 38 - 4.2 67 MFS Meridian European Smlr Coms W1 EUR 3.9 16 17.9 4 65.6 10 QQQQQ 4.2 458 GlobalAccess Global Eq Inc M Acc GBP Hdg -2.5 28 -6.1 40 14.8 37 - 5.1 96 Mirabaud - Discovery Europe D GBP Acc 7.7 13 1.3 16 - - QQQ 5.4 59 Guinness Global Equity Income Y GBP Acc 3.9 7 30.5 4 86.8 2 QQQQQ 3.3 1001 Mirabaud-Discovery Eur ex UK D GBP Acc 7.8 12 1.5 14 - - QQQ 5.0 26 HSBC Global Equity Income C Inc 3.8 8 23.7 10 - - QQQQ 3.8 55 Pictet-Family I GBP 9.1 11 8.4 11 60.4 12 QQQQ 5.0 167 Invesco Global Equity Inc UK Z Acc -8.0 40 0.1 35 41.3 26 QQQ 4.6 578 Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc 1.2 24 ------22 Janus Henderson Global Eq Inc I Inc -5.5 34 4.1 31 47.7 22 QQQ 3.6 671 Schroder European Sm Cos Z Acc 10.2 10 0.5 17 64.9 11 QQQ 5.5 141 JPM Global Equity Income C Net Acc 1.1 12 26.0 8 75.5 5 QQQQQ 3.9 88 OSLI European Smaller Coms D Acc EUR 18.1 2 26.3 2 88.9 5 QQQQQ 5.2 863 Jupiter Global Equity Income I Acc -3.3 30 9.7 28 57.2 17 QQQ 3.4 15 T. Rowe Price Eurp Smlr Cm Eq Q GBP 23.9 1 16.1 6 94.4 4 QQQQ 5.3 141 OKempen (Lux) Global High Dividend I GBP -16.8 52 -7.5 42 42.4 24 QQ 5.0 272 Threadneedle Eurp Smlr Coms Z Acc GBP 16.2 4 25.8 3 100.4 3 QQQQQ 4.8 431 Lazard Global Equity Income C Acc -7.1 39 2.9 32 42.1 25 QQ 4.3 80 Wellington Pan Eurp Sm Cp Eq N GBP AccUh 14.0 8 ------26 Legg Mason IF CB Glb Infras Inc X Inc 1.1 13 22.3 12 - - QQQQQ 3.8 631 Sector average/count 8.6 25 7.8 22 70.0 18 5.2 221 Legg Mason IF CB Glbl Eq Inc X Inc -16.8 51 -17.5 48 18.1 35 QQ 4.3 14 Legg Mason IF MC Glb Eq Inc X Acc £ -1.8 25 18.3 16 61.5 15 QQQQ 3.9 64 North American Smaller Companies LF Canlife Global Equity Income C Acc -4.9 32 8.3 29 50.5 19 QQQ 3.3 29 LF Miton Global Infrastructure Inc B Acc -5.6 35 14.8 21 - - QQQQ 3.9 42 Allianz US Micro Cap Equity C GBP Acc 18.6 4 ------4 Liontrust Global Dividend C Acc GBP 7.5 5 40.3 2 65.9 14 QQQQ 4.3 44 Artemis US Smaller Companies I Acc GBP 5.0 9 47.1 6 119.9 3 QQQQQ 6.1 503 Liontrust Global Income I Inc -14.7 48 -7.1 41 26.1 34 Q 4.6 110 BMO US Smaller Companies C Inc -14.4 19 3.7 15 46.6 14 QQQ 6.4 45 Merian Global Eq Inc (IRL) R GBP Inc -0.5 18 11.3 26 74.4 7 QQQQ 4.5 62 Brown Advisory US Small Cap Blend B $ -8.0 12 17.5 10 74.4 7 QQQ 5.9 167 Mirabaud Sust Glbl Hi Div D GBP Acc -0.9 19 26.9 7 67.4 11 QQQQ 3.5 65 Brown Advisory US SmlrComs Dollar B Acc 9.5 5 50.2 3 128.8 2 QQQQQ 6.1 357 Morgan Stanley Glb Brands Eq Inc I Inc 7.3 6 40.4 1 - - QQQ 3.5 52 Federated Hermes US Smid Equity F GBPAcc -9.9 16 13.0 11 62.7 10 QQ 5.7 517 Overstone Global Eq Inc Fd I Acc -15.7 50 -3.9 37 39.4 27 QQ 4.7 96 GlobalAccess US Sm & Md Cp Eq M Acc GBPH -8.5 14 1.4 16 27.5 15 - 6.6 77 Premier Global Infrastructure Inc C Inc -11.1 45 -5.5 38 33.2 30 QQ 4.3 45 GS US Sm Cp COREÆ Eq R Inc GBP Snap -11.7 17 7.9 13 57.7 12 QQQ 6.1 146 Premier Global Optimum Income C GBP Inc 10.4 4 ------21 Janus Henderson US Venture A2 USD 5.0 8 34.5 8 86.6 6 QQQQ 5.8 146 Quilter Inv Glbl Eq Val U2 (GBP) Acc -5.9 36 16.6 18 71.2 9 QQQQQ 3.4 273 JPM US Small Cap Growth C Acc 24.1 2 71.4 1 161.6 1 QQQQQ 6.9 279 Royal London Global Equity Income M Inc ------20 OLegg Mason IF Royce US Smlr Coms X Acc -8.6 15 7.6 14 56.4 13 QQ 6.6 148 Sarasin Global Dividend P Acc 2.3 10 27.7 6 80.3 3 QQQQQ 3.8 151 OLegg Mason RY US SmCp Opp X USD Acc -8.0 13 0.9 17 68.3 9 QQ 7.6 327 Sarasin Global Dividend Stg Hdg P Acc 1.3 11 18.4 15 46.9 23 - 4.3 119 LF Miton US Smaller Companies B Acc 30.1 1 ------208 Sarasin Global Higher Div P Acc -1.0 20 17.5 17 66.8 13 QQQQ 3.4 375 ONeuberger Berman US Sm Cap USD A Acc 2.4 10 35.6 7 90.2 5 QQQQ 5.1 336 Sarasin Global Higher Div Stg Hdg P Acc -1.2 23 10.2 27 35.6 28 - 3.8 92 New Capital US Small Cp Gr GBP UnHInsAcc 20.3 3 51.6 2 - - QQQQ 6.2 77 Schroder Global Equity Income Z Acc -21.0 54 -11.5 47 30.9 32 QQ 4.4 194 OSchroder US Smaller Comp Z Acc -12.2 18 8.8 12 57.9 11 QQQ 6.1 662 TB Chawton Global Equity Inc B GBP Inc 11.2 2 ------10 T. Rowe Price US Smlr Cm Eq CAccGBP 5.1 7 48.7 5 - - QQQQ 5.1 84 TB Evenlode Global Income B GBP Inc -1.1 22 ------690 T. Rowe Price US Smlr Cm Eq Q GBP 6.0 6 49.7 4 118.5 4 QQQQQ 5.1 1123 TB Saracen Global Income and Growth BAcc -12.0 46 -10.8 46 33.7 29 QQ 4.8 82 Threadneedle AmerSmlrComs(US) Z Acc GBP 0.2 11 23.0 9 71.1 8 QQQ 5.9 334 Threadneedle Glbl Eq Inc Z Inc GBP -6.3 37 5.8 30 49.1 21 QQQ 3.9 226 Sector average/count 2.4 19 27.8 17 81.9 15 6.1 292 Trojan Global Income O Acc 2.6 9 28.5 5 - - QQQQQ 3.1 388 UBS Global Enhanced Equity Income C Acc -11.1 44 -7.6 43 15.9 36 Q 3.8 40 Japanese Smaller Companies Vanguard Global Equity Income A GBP Acc -8.2 41 2.7 33 - - QQQ 3.8 38 AS SICAV I Jpn SmlrComs X Acc GBP 8.2 4 34.8 2 108.1 4 4.6 333 OVeritas Global Equity Income A GBP -9.2 42 2.4 34 55.8 18 QQQ 3.6 330 QQQQ Baillie Gifford Japan Small Co B Acc 22.1 1 56.0 1 173.3 1 QQQQQ 6.3 821 OVeritas Global Equity Income A GBP -9.2 42 2.4 34 55.8 18 QQQ 3.6 330 BGF Japan Small & MidCap Opps D2 6.2 5 16.3 5 84.6 6 QQQ 4.8 200 Sector average/count -3.7 55 9.9 50 50.7 40 4.0 304 BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 13.7 2 33.7 3 115.8 3 QQQ 5.8 90 Invesco Japanese Smlr Coms UK Z Acc 13.1 3 24.8 4 139.4 2 QQQ 6.1 49 SMALLER COMPANIES Janus Henderson Hrzn Jpn Smr Coms H2 USD 5.9 6 14.8 6 92.2 5 QQQQ 4.6 196 M&G Japan Smaller Companies GBP I Acc 0.7 7 -4.1 7 63.4 7 QQQ 5.4 65 UK Smaller Companies Sector average/count 10.0 7 25.2 7 111.0 7 5.4 251 OAberforth UK Small Companies Acc -29.2 51 -29.3 48 -12.5 45 Q 7.2 100 Aegon UK Smaller Companies GBP B Acc -0.2 27 3.0 22 27.7 30 QQQ 5.9 252 SATELLITE OArtemis UK Smaller Companies I Acc -23.1 50 -18.7 47 14.9 39 QQ 6.5 329 ASI (AAM) UK Smaller Companies I Acc 14.2 5 15.8 10 52.3 13 QQQQ 5.9 88 Asia Pacific Excluding Japan OASI UK Smaller Companies P1 Acc 12.2 7 31.6 3 79.1 6 QQQQQ 5.7 1795 AB Asia Ex-Japan Eq I GBP Acc -2.2 88 -2.7 96 - - Q 4.6 224 Aviva Investors UK Smaller Coms 2 £ Acc 4.4 17 10.7 15 33.7 28 QQQ 5.7 34 Allianz Total Return Asian Equity C Inc 40.6 3 45.1 4 124.5 11 QQQQQ 4.9 61 AXA Framlington UK Smlr Coms Z GBP Acc 0.1 26 2.6 25 38.1 23 QQQQ 6.3 185 Alquity Asia USD Y -3.4 91 1.2 93 - - Q 5.2 53 Baillie Gifford British Smlr Coms B Acc 17.7 3 2.7 24 21.6 35 QQQ 6.4 186 OAS SICAV I Asia Pac Eq X Acc GBP 10.7 43 24.1 27 86.1 46 QQQ 4.2 1711 BlackRock UK Smaller Companies D Acc -5.0 34 2.3 26 44.4 16 QQQ 6.2 442 AS SICAV I Asn Smllr Coms X Acc GBP -0.7 81 8.0 76 49.4 85 QQQ 4.5 591 BMO UK Smaller Companies 2 Acc -8.3 40 -4.4 36 25.5 32 QQQ 6.2 24 ASI (SLI) Asian Pacific Grth Eq P1 Acc 10.9 42 18.5 36 94.2 34 QQQQ 4.3 31 Castlefield B.E.S.T Sust UK SmComs Instl 2.4 22 2.3 27 43.8 18 QQQ 5.5 13 ASI Asia Pacific Equity Enh Index B Acc 9.0 47 16.0 42 - - QQQ 4.2 189 Dimensional UK Smlr Coms Acc -16.1 49 -11.8 44 6.0 42 QQ 6.2 357 OASI Asia Pacific Equity I Acc 9.9 45 23.5 30 86.5 45 QQQ 4.1 1006 ES R&M UK Equity Smaller Coms Fd B Acc 11.3 8 10.6 16 44.2 17 QQQQQ 5.1 306 AXA Rosenberg Asia Pacific ex Japan Z 5.8 64 6.7 79 72.0 65 QQQ 4.2 179 Fidelity UK Smaller Companies W Acc -15.3 48 -11.1 41 17.3 37 QQ 6.2 275 Baillie Gifford Pacific B Acc 42.5 1 58.6 1 171.5 1 QQQQQ 4.9 1269 FP Octopus UK Micro Cap Growth P Acc 16.8 4 32.2 2 86.2 4 QQQQQ 5.4 44 Barings ASEAN Frontiers I GBP Acc -2.1 87 15.5 45 75.4 60 QQQQQ 5.6 244 OFranklin UK Smaller Companies W Acc -4.0 30 2.1 28 26.3 31 QQQ 5.6 256 Barings Eastern I GBP Inc 30.2 6 38.9 9 140.7 5 QQQQQ 5.0 134 Halifax Smaller Coms C -10.4 45 -13.5 46 12.1 40 QQ 6.8 121 OBGF Asian Dragon D2 6.7 56 16.6 40 93.5 36 QQQ 4.6 1538 Invesco UK Smaller Coms Eq UK Z Acc -9.4 43 1.6 29 43.4 19 QQQ 5.6 613 OBlackRock Asia D Acc GBP 7.1 52 17.1 38 93.6 35 QQQ 4.6 142 Janus Henderson UK Smaller Coms I Acc -4.6 32 0.8 30 31.9 29 QQQQ 6.3 216 OBlackRock Asia Special Situations D Acc 10.2 44 12.7 59 87.8 43 QQQ 4.6 101 Janus Henderson UK&Irish Smr Coms I Acc -6.4 36 -11.5 43 2.7 44 QQ 6.2 110 BMO Asia Pacific Equity 2 Acc 1.5 78 19.5 35 96.6 31 QQQ 4.7 57 JPM UK Smaller Companies C Acc 6.5 12 17.0 8 36.3 24 QQQ 6.2 170 BNY Mellon Asian Income Instl W Acc -7.4 97 9.4 72 60.8 78 QQQQ 4.0 998 Jupiter UK Smaller Companies Fd I -6.7 37 5.8 20 67.7 8 QQQ 6.8 235 BNY Mellon Oriental Inst W Acc 42.0 2 42.8 7 124.9 10 QQQQ 5.1 111 L&G UK Smaller Companies I Acc -7.6 38 -8.7 40 4.0 43 QQ 5.5 254 Comgest Growth Asia ex Japan EUR I Acc 13.0 30 14.6 49 - - QQQ 4.0 53 Lazard UK Smaller Companies C Inc -9.1 42 -11.2 42 10.3 41 QQ 6.2 9 Comgest Growth Asia Pac ex Jpn GBP U Acc 11.2 39 14.8 48 89.7 38 QQQQ 4.1 384 LF Gresham House UK Micro Cap C Acc 4.6 16 15.8 9 54.1 11 QQQQQ 5.2 255 Federated Hermes Asia exJpn Eq F GBP Acc -2.4 90 0.2 94 79.5 55 QQQ 4.5 1697 LF Gresham House UK Smaller Coms C Acc 2.9 21 ------4 OFidelity Asia Focus W-Acc-GBP 12.8 31 33.5 14 117.2 16 QQQQ 4.3 2053 LF Miton UK Smaller Companies B Acc 37.0 1 15.1 11 38.2 22 QQQ 6.6 66 OFidelity Asia Pacific Opps W GBP Acc 9.8 46 43.6 5 139.7 6 QQQQQ 5.0 879 LF Tellworth UK Smaller Companies R Acc -7.7 39 ------294 OFidelity Asia W Acc 16.1 23 31.9 18 126.5 8 QQQQ 4.6 3508 Liontrust UK Micro Cap I Acc 10.7 9 32.9 1 - - QQQQQ 5.6 96 Fidelity Asian Dividend W Inc -8.2 98 16.7 39 79.1 57 QQQQQ 4.6 77 OLiontrust UK Smaller Companies I Inc 12.6 6 28.3 4 86.6 3 QQQQQ 5.4 1149 OFidelity Asian Special Sits A-Dis-GBP 6.1 62 17.1 37 96.3 32 QQQQ 4.3 2544 M&G Smaller Companies GBP I Acc -8.8 41 -4.4 37 21.1 36 QQQ 5.9 377 OFidelity Emerging Asia W Acc 14.1 28 30.7 19 115.3 17 QQQQ 4.5 88 Marlborough Nano Cap Growth P Acc 3.3 20 22.5 6 74.4 7 QQQQ 6.8 194 OFidelity Emerging Asia W-Acc-GBP 4.5 68 21.8 33 97.4 30 QQQ 4.4 670 Marlborough Special Situations P Acc 6.9 11 8.0 17 49.9 15 QQQQ 5.8 1230 Fidelity Index Pacific ex Japan P Acc -8.8 100 5.4 83 62.1 75 QQ 5.0 436 Marlborough UK Micro Cap Growth P Acc 8.8 10 13.5 13 65.3 9 6.2 1110 Fidelity Instl Pacific ex Japan Acc -6.8 96 3.1 90 54.2 83 QQQ 4.8 14 QQQQQ Fidelity Instl South East Asia Acc 8.6 50 22.0 32 95.8 33 QQQQ 4.1 167 OMerian UK Smaller Companies R GBP Acc 5.3 15 2.7 23 57.9 10 QQQQ 6.3 1155 FSSA Asia All-Cap B GBP Acc 4.1 69 13.6 54 - - 4.0 187 Merian UK Smaller Coms Foc R GBP Inc 3.8 19 -0.2 31 93.0 2 6.9 321 QQQ O QQQQ OFSSA Asia Focus B GBP Acc 6.7 55 28.1 23 101.5 28 QQQQQ 3.8 918 MFM Techinvest Special Situations A Acc 27.5 2 4.3 21 52.2 14 QQQ 7.3 7 GAM Multistock Asia Focus Equity USD B 20.4 15 26.5 24 122.0 13 QQQQ 4.2 102 MGTS AFH DA UK Smaller Coms I GBP Acc -6.2 35 -1.7 33 - - - - 126 GAM Star Asian Equity Instl GBP Acc 21.9 13 21.2 34 88.3 41 QQQ 5.2 25 MI Downing UK Micro-Cap Growth B -11.8 47 -33.5 49 -19.9 46 Q 4.9 18 GlobalAccess Asia Pac (ex-Jpn)M Acc GBPH 2.8 71 -1.2 95 49.1 86 - 5.5 63 MI Sterling Select Companies Inc -9.7 44 -7.6 38 39.5 20 QQQ 6.7 37 GS Asia Equity R Acc USD 22.1 12 34.5 13 115.1 18 QQQQ 4.3 117 Ninety One UK Smaller Companies I Inc 3.8 18 11.9 14 36.3 25 QQQQ 5.8 225 Guinness Asian Equity Income Y GBP Inc -3.4 92 5.1 84 65.3 73 QQQ 4.3 134 Royal London UK Smaller Companies M 0.8 23 7.8 18 35.0 26 QQQQ 5.5 296 Guinness Best of Asia Y GBP Acc 11.2 37 ------0 Schroder Instl UK Smaller Cos I Acc -1.9 28 -0.3 32 38.5 21 QQQQ 5.8 534 Halifax Far Eastern C 6.9 53 12.5 61 83.7 49 QQQ 4.2 192 Schroder UK Dynamic Smaller Coms Z Acc -4.0 31 -8.6 39 23.1 34 QQQ 6.3 202 HSBC Pacific Index Accumulation C 1.7 76 12.8 58 81.4 54 QQQ 4.4 478 Schroder UK Smaller Companies Z Acc 0.7 24 -2.3 34 34.5 27 QQQ 6.5 420 Invesco Asia Consumer Demand A USD SD 23.6 10 26.5 25 98.6 29 QQQ 4.5 415 Scottish Widows UK Smlr Coms A -10.4 46 -12.5 45 15.1 38 QQ 6.7 47 Invesco Asian Equity Inc UK Z Acc -0.8 82 9.8 71 69.0 70 QQQQ 4.3 38 OTB Amati UK Smaller Companies B 5.3 14 18.5 7 84.2 5 QQQQQ 6.4 460 OInvesco Asian UK Z Acc 4.5 67 9.9 68 111.3 21 QQQQ 4.7 1469 Threadneedle UK Smaller Coms Z Inc 5.9 13 6.5 19 52.8 12 QQQQ 6.3 214 OiShares Pacific ex Jpn Eq Idx (UK) D Acc 2.0 73 13.1 57 83.1 50 QQQ 4.4 1298 TM Stnhg Flm AIM B 0.3 25 22.9 5 103.7 1 QQQQ 6.9 68 Janus Henderson Asian Div Inc UT I Acc -9.5 101 3.5 88 58.8 79 QQQQ 3.8 111 Unicorn UK Smaller Companies A -2.7 29 -3.2 35 23.9 33 QQ 6.7 40 Janus Henderson AsiaPac Cptl Gr I Acc 11.4 36 23.9 28 105.4 25 QQQQ 4.5 207 VT Teviot UK Smaller Companies Net Acc -4.9 33 13.8 12 - - QQQ 6.8 71 Janus Henderson Instl APexJpn IdOpp IAcc 3.1 70 13.7 53 84.0 48 QQQ 4.4 114 Sector average/count 0.0 51 3.5 49 39.5 46 6.1 303 JOHCM Asia ex-Japan A GBP Inc 18.6 19 16.1 41 70.1 69 QQQ 4.3 92 JOHCM Asia ex-Japan Sm & Md-Cp A £ I 12.6 32 9.9 69 41.2 88 QQQ 5.3 16 European Smaller Companies OJPM Asia Growth C Net Acc 22.3 11 42.9 6 159.1 2 QQQQQ 4.6 1802 JPM Asia Pacific Equity C Acc ------40 OASI Europe ex UK Smaller Comp P1 Acc 15.7 5 14.5 7 86.5 6 QQQQ 5.0 37 Jupiter Asia Pac Inc L GBP Q Inc -1.9 86 9.0 74 55.1 82 QQQ 4.2 9 ASI European Smaller Companies I Acc 15.6 6 36.8 1 103.3 2 QQQQQ 5.1 64 Jupiter Asian I Acc 6.7 54 7.0 78 61.3 77 QQQ 4.5 43 OBarings Europe Select I GBP Inc 5.4 15 13.0 9 80.6 8 QQQQ 4.4 1376 Jupiter Asian Income I GBP Acc -2.3 89 12.4 62 - - QQQQ 4.3 705 BMO European Smaller Coms R Acc EUR 6.2 14 3.7 12 34.4 17 QQQ 5.0 12 L&G Asian Income I Acc -14.2 103 -5.4 97 48.9 87 QQQ 4.5 310 BNY Mellon Small Cap Euroland GBP W Acc 1.7 23 1.3 15 - - QQQ 5.5 45 OL&G Pacific Index I Acc 1.8 75 12.6 60 81.7 53 QQQ 4.3 952 Carmignac Pf Euro-Entrprs W GBP Acc -3.0 25 1.8 13 - - QQ 5.9 20 Legg Mason IF MC Asia Pac X Acc £ 6.0 63 15.1 47 89.1 39 QQQQ 4.2 37 Invesco European Smlr Coms UK Z Acc 3.6 17 -9.0 20 26.8 18 QQ 5.1 121 Legg Mason IF MC Asia Uncons A Acc £ ------38 Janus Henderson European Smr Coms I Acc 16.4 3 16.3 5 111.2 1 QQQQ 5.7 194 Legg Mason MC Asia L-T Uncons MGBPDis(A) 6.5 58 14.3 51 72.6 63 QQQ 3.6 47 JPM Europe Dynamic Sm Cp A perf(dist)EUR 12.2 9 10.9 10 70.9 9 QQQQ 5.9 455 LF Canlife Asia Pacific C Acc 17.0 21 23.8 29 77.6 59 QQQ 4.3 118 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 35 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) Liontrust Asia Income I Inc 1.6 77 9.9 70 73.0 62 QQQQ 4.2 81 OLazard Emerging Markets Eq A Inc USD -13.4 109 -13.8 97 41.4 82 Q 4.6 300 M&G Asian GBP I Acc -1.4 84 3.4 89 53.9 84 QQ 4.7 146 Lazard Emerging Mrkts Core Eq A Acc USD 1.1 69 0.6 76 59.4 66 QQ 4.6 63 Marlborough Far East Growth P Inc 2.0 74 2.8 91 70.8 68 QQ 4.6 39 Lazard Emerging World C Acc GBP 4.2 48 11.4 30 77.8 44 QQQQ 4.5 14 Matthews Asia Ex Japan Div I GBP Acc 24.6 9 55.1 2 - - QQQQQ 4.2 177 Legg Mason IF MC Emerg Mkts X Acc £ 11.4 16 18.9 13 117.5 8 QQQQQ 4.7 21 Matthews Asia Small Coms I GBP Acc 15.5 25 32.7 16 82.6 51 QQQQ 4.8 12 Legg Mason QS Em Mkts Eq A USD Acc -9.2 99 -9.2 92 32.1 88 Q 4.6 9 OMatthews Pacific Tiger Fund I GBP Acc 9.0 48 22.1 31 88.4 40 QQQQ 4.2 371 Liontrust Emerging Markets C Acc GBP 3.0 60 4.3 61 77.9 43 QQQ 5.1 24 Merian Asia Pacific R GBP Acc 11.1 40 14.3 52 112.9 20 QQQQQ 4.3 329 OM&G Global Emerging Markets GBP I Acc -16.4 112 -9.1 90 47.5 76 QQ 5.3 496 Merian Asian Equity Income R GBP Acc 6.2 61 7.6 77 66.2 72 QQQQ 4.5 16 Magna Emerging Markets B EUR Acc -2.2 80 -1.5 78 - - QQ 5.1 93 Merian Pacific Equity R GBP Acc 11.8 35 12.3 63 73.2 61 QQQ 4.7 52 Magna Emerging Markets Div B GBP Inc -8.4 97 0.9 72 55.9 69 QQQ 4.9 203 MFS Meridian Asia Ex-Japan W1 USD 14.4 26 25.2 26 105.3 26 - 4.3 40 Marlborough Emerging Markets Trust P Inc -3.1 83 -2.7 82 57.3 68 QQ 4.7 7 Mirabaud Equities Asia ex Japan A USD 6.4 60 4.3 86 68.6 71 QQ 4.5 121 Merian Global Emerging Mkts R GBP Acc 3.1 58 3.6 62 74.3 51 QQQ 5.0 129 New Capital Asia Future Ldrs USD InstAcc 34.7 4 ------220 MFS Meridian Emerging Mkts Eq WH1 GBP 1.3 66 -4.8 85 36.2 86 - 5.7 73 New Capital Global Eq Inc GBP UnH Inc 5.3 65 1.9 92 30.9 89 - 4.9 25 MI Somerset Emerg Mkts Div Gr A Acc -17.0 113 -17.2 99 26.3 91 QQQ 4.5 475 Ninety One Asia Pacific Franchise I Acc£ 19.4 16 37.1 10 131.9 7 QQQQQ 4.4 243 MI Somerset Emerg Mkts Sm Cp B Acc -13.1 108 -10.7 94 40.1 83 QQQ 5.2 14 Nomura Fds Asia ex Japan High Cnv I USD 27.5 8 39.5 8 150.7 4 QQQQQ 5.1 25 MI Somerset Emerging Mkts Disc A GBP Acc ------8 Ostrum Pacific Rim Equity R/A USD -5.3 95 5.4 82 55.2 81 Q 5.1 118 MI Somerset Glbl Em Mkts Screened A Acc£ 3.2 56 7.0 48 - - QQQ 4.7 49 Pictet-Asian Equities Ex Japan I USD 18.7 18 29.3 21 125.5 9 QQQQ 4.8 978 OMI Somerset Global Emerg Mkts B Acc 1.8 63 6.8 50 70.5 56 QQQQ 4.7 301 Pictet-Pacific Ex Japan Index I GBP -10.0 102 4.3 87 62.0 76 QQQ 4.8 192 Mirabaud Equities Glbl Em Mkts D GBP Acc 6.5 34 5.5 55 74.6 50 QQQQ 4.4 52 Polar Capital Asian Stars I Acc 31.3 5 ------1 Neuberger Berman Em Mkts Eq USD A Acc 0.8 71 1.5 70 71.3 54 QQQ 4.2 321 Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 5.1 66 10.1 67 108.3 24 QQQ 4.7 249 NFU Mutual Global Emerging Markets C -7.4 92 0.6 75 78.8 41 QQQ 5.0 22 Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 12.0 34 35.0 12 104.3 27 QQQQ 4.8 267 Ninety One Emerg Markets Equity I Acc 4.3 46 6.6 52 75.8 47 QQQ 4.4 198 Quilter Investors Asia Pac U2 (GBP) Acc 11.2 38 ------48 Pictet-Emerging Markets I USD 9.5 24 14.1 24 86.9 27 QQQQ 4.8 223 Robeco Asian Stars Equities F £ 6.5 59 9.2 73 - - QQ 4.5 16 Pictet-Emerging Markets Index I GBP 4.8 42 8.9 41 78.9 39 QQQ 4.4 672 Royal London Asia Pac ex Jpn Tracker Z 2.2 72 13.1 56 81.8 52 QQQ 4.4 994 Pictet-Emerging Mkts High Div I dm GBP -1.0 74 11.1 33 68.7 58 QQQ 4.5 57 Santander Pacific Basin (Ex Jpn) Eqs A 8.9 49 15.7 43 85.7 47 QQQQ 4.0 27 Pictet-Quest Emerg Sust Eq I GBP -7.4 93 -2.0 81 46.2 78 QQ 4.0 44 OSchroder Asian Alpha Plus Z Acc 18.9 17 28.3 22 118.5 15 QQQQQ 4.7 1267 PIMCO GIS RAE Em Mkts Instl GBP UnH Acc -16.2 111 -11.6 96 52.7 72 QQ 5.0 19 Schroder Asian Income Maximiser Z Acc -4.3 93 4.8 85 57.6 80 QQQQ 3.7 265 Polar Capital Em Mkts Stars I USD Acc 27.9 7 ------134 OSchroder Asian Income Z Acc -0.9 83 11.3 64 71.7 66 QQQQQ 3.9 1208 Polar Capital Emerging Markets Inc I Acc -12.5 106 -4.4 84 41.9 81 QQ 4.2 72 Schroder Institutional Pacific I Acc -4.8 94 14.5 50 78.2 58 QQQQQ 4.4 388 Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 18.4 9 37.0 3 138.3 2 QQQQQ 4.8 191 Scottish Widows Pacific Growth A 6.6 57 11.0 65 79.1 56 QQQ 4.2 114 Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc -1.7 78 ------119 SLI Pacific Basin Trust 7.8 51 15.6 44 87.8 42 QQQ 4.5 2032 Quilter Inv Em Mkts Eq U2 (GBP) Acc 2.8 61 ------113 State Street Asia Pacific Ex-JPN Eq Trkr -1.9 85 6.7 80 72.0 64 QQ 4.6 1141 ORobeco Emerging Markets Equities I $ 5.5 38 12.6 28 92.3 22 QQQ 4.7 818 SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 21.9 14 32.6 17 123.1 12 QQQQQ 4.5 31 ORobeco Emerging Stars Equities F £ -3.0 81 5.1 56 - - QQ 4.8 1236 OT. Rowe Price Asian ex-Jap Eq Q GBP 16.5 22 32.8 15 109.7 23 QQQQ 4.3 582 ORobeco QI Emerging Cnsrv Eqs F £ -11.4 105 -0.8 77 44.6 79 QQ 3.9 2729 T. Rowe Price Asian Opp Eq CAccGBP 14.0 29 ------4 Royal London EM ESG Ldrs Eq Trkr Z £ Acc 12.1 14 ------1396 T. Rowe Price Asian Opp Eq Q GBP 14.2 27 35.5 11 119.6 14 QQQQ 4.4 165 Russell Inv Emerging Markets I 1.1 68 0.8 73 69.2 57 QQQ 4.5 1416 Templeton Asian Growth W(acc)GBP 10.9 41 13.3 55 91.7 37 QQ 4.6 2238 RWC Global Emerging Markets R GBP Acc 5.2 40 2.5 66 - - QQ 5.8 854 Threadneedle Asia Z Acc GBP 16.1 24 30.3 20 113.8 19 QQQQ 4.6 743 Schroder Global Emerg Mkt Z Acc 7.4 32 16.0 20 96.0 20 QQQQQ 4.5 812 TT Asia-Pacific Equity H GBP 1.4 79 11.0 66 110.8 22 QQQ 5.5 130 Schroder ISF QEP Glbl EM Z Acc GBP -6.3 89 -1.6 79 52.1 73 QQ 4.2 222 OVanguard Pac exJpn Stk Idx £ Acc -8.3 99 6.5 81 63.2 74 QQQ 4.8 2515 Schroder QEP Glbl EMM Z GBP Acc -5.9 87 -1.8 80 52.7 71 QQ 4.1 73 OVeritas Asian A GBP 27.8 7 52.5 3 152.8 3 QQQQQ 4.5 3948 Scottish Widows Emerg Markets A 4.4 45 7.3 47 75.0 48 QQQ 4.5 1174 OVeritas Asian A GBP 27.8 7 52.5 3 152.8 3 QQQQQ 4.5 3948 T. Rowe Price EM Discv Eq CAccGBP -10.3 102 ------1 VT Halo Global Asian Cnsmr B £ Net Acc -0.4 80 9.0 75 71.0 67 QQ 5.0 51 T. Rowe Price EM Discv Eq Qdn GBP 9 -10.2 101 ------86 Waverton Asia Pacific A USD 12.1 33 15.3 46 87.3 44 QQQ 5.3 73 OT. Rowe Price EM Eq Q GBP 5.4 39 16.1 19 99.6 19 QQQQ 4.4 1965 Wellington Asian Opps N Uhdg GBP Acc 17.2 20 ------456 OTempleton Em Mkts Smlr Coms W(acc)GBP -7.7 94 -5.2 86 37.6 84 QQQ 5.5 342 Sector average/count 9.1 104 18.5 98 90.8 90 4.5 541 Templeton Global Emerging Markets W Acc 7.5 30 15.8 21 106.9 12 QQQ 4.8 39 Threadneedle Global EM Eq Z Acc GBP 20.7 8 25.2 9 89.3 24 QQQQ 5.2 440 Asia Pacific Including Japan TT Emerging Markets Equity H GBP Acc 3.1 57 8.8 42 106.3 14 QQQQ 5.2 560 OASI Asia Pacific and Japan Eq I Acc 13.8 6 29.4 5 92.1 4 QQQQ 3.9 124 UBS Global Emerging Markets Equity C Acc 7.5 31 16.5 18 104.9 16 QQQQ 4.9 788 Baillie Gifford Developed Asia Pac B Acc 14.5 5 42.9 2 114.4 3 QQQQQ 4.6 187 UBS Global Emerging Mkts Opp Q GBP 9.3 25 15.3 22 107.1 11 QQQQQ 4.6 2039 OVanguard Em Mkts Stk Idx £ Acc 4.8 43 10.4 37 78.0 42 QQQ 4.2 7802 Invesco Pacific UK Z Acc 2.9 8 13.5 7 90.5 5 QQQQ 3.9 247 Vanguard ESG Em Mkts All Cp Eq Idx £ Acc ------16 OJPM Pacific Equity A (dist) GBP 17.9 3 38.7 4 131.8 1 QQQQQ 4.1 952 Vanguard Global Emerging Markets A Acc -0.7 72 10.4 36 - - QQQ 4.8 176 OMatthews Asia Dividend Fund I GBP Acc 14.7 4 24.7 6 84.6 6 QQQQQ 3.6 147 Vontobel mtx Sust EmMkts Ldrs N GBP 8.1 27 17.3 16 121.0 7 QQQQQ 4.0 5457 Stewart Inv APAC and Jpn Sstby B GBP Acc 5.0 7 11.7 8 58.0 7 QQQ 4.0 533 Wellington Em Mkts Rsrch Eq N GBP UH Acc 0.9 70 8.3 44 - - QQQ 4.6 1028 SVS BambuBlack Asia Inc&Gr B 28.5 2 38.8 3 124.3 2 QQQQQ 4.2 46 Sector average/count 3.0 113 6.9 101 75.4 92 4.7 648 TM Cerno Pacific B Acc 43.9 1 55.6 1 - - QQQQQ 4.1 32 Sector average/count 17.6 8 31.9 8 99.4 7 4.0 284 China/Greater China Allianz All China Equity WT GBP 47.4 2 ------605 Global Emerging Markets Allianz China A-Shares Equity C 44.7 3 93.4 1 223.5 1 - 5.6 6 AB Emerging Markets Gr I Acc 11.0 17 9.7 38 84.1 32 QQQQ 5.1 585 AS SICAV I All China Equity X Acc GBP 20.6 27 43.8 12 109.2 22 QQQQ 4.6 480 Allianz Emerging Markets Equity C Acc 9.7 22 10.9 34 80.1 37 QQQQ 4.6 150 ASI China A Share Equity I 27.2 15 ------10 Alquity Future World USD Y -10.6 104 -7.9 87 - - Q 5.3 30 Baillie Gifford China B Acc 43.5 4 54.6 5 211.5 3 - 5.5 297 Artemis Global Emerging Mkts I Acc GBP -9.4 100 -3.3 83 61.2 64 QQQ 4.2 294 Barings Hong Kong China I GBP Acc 37.0 8 46.6 10 139.1 11 QQQQ 5.3 1434 OAS SICAV I Em Mkts Eq X Acc GBP 4.1 51 6.7 51 68.5 59 QQQQ 4.8 1500 OComgest Growth China GBP U Acc 16.7 30 20.8 26 113.4 20 QQQ 4.6 259 AS SICAV I EM Smlr Coms X Acc GBP 3.1 59 0.8 74 46.6 77 QQQ 5.2 209 Fidelity China Consumer W Acc 24.2 20 43.0 14 141.5 7 QQQQ 5.0 254 ASI (SLI) Emerging Markets Equity P1 Acc 3.6 54 7.7 45 84.7 30 QQQ 4.8 156 OFidelity China Focus Y-Dis-GBP -3.7 37 4.0 33 72.0 30 QQQ 4.4 2122 ASI Emerging Markets Eq Enh Index B Acc 4.2 49 8.8 43 80.1 36 QQQ 4.4 106 FSSA All China B USD Acc 37.5 7 80.9 3 - - QQQQQ 4.9 23 OASI Emerging Markets Equity I Acc 4.1 50 6.3 53 68.0 60 QQQQ 4.9 1053 OFSSA Greater China Growth B GBP Acc 21.2 25 48.1 9 137.4 12 QQQQQ 4.5 568 ASI Emerging Markets Income Eq P1 Acc 1.4 65 8.9 40 84.5 31 QQQ 4.7 788 GAM Multistock China Evolution Eq USD B 25.8 19 21.8 25 123.0 17 QQQQ 4.8 66 Aubrey Global Emerging Markets Opps IC2$ 31.5 4 41.1 1 135.9 3 QQQQQ 5.4 127 GAM Star China Equity Instl GBP Acc 21.0 26 20.2 28 84.1 28 QQ 6.0 199 Aubrey Global Emerging Markets Opps RC1£ 31.3 5 40.5 2 - - QQQQQ 5.4 127 GS China Opportunity Equity R Inc GBP 26.5 17 43.4 13 129.9 15 QQQQ 5.2 53 Aviva Investors Glb EM Eq Uncons 2GBPAcc 7.9 29 ------18 Guinness Best of China X GBP Acc 14.9 33 13.5 32 - - QQ 4.8 3 AXA Framlington Emerging Mkts Z GBP Acc 8.3 26 16.9 17 82.4 33 QQQQ 4.7 92 HSBC GIF Chinese Equity AD 26.5 18 27.7 22 106.2 24 QQQ 4.8 914 Baillie Gifford Em Mkts Lead Coms B Acc 17.7 10 31.7 6 141.5 1 QQQQQ 5.0 823 Invesco China Equity Fund UK Z Acc 27.3 14 44.4 11 135.6 13 QQQQQ 4.6 435 Baillie Gifford Emerging Mkts Gr B Acc 11.8 15 24.2 11 124.4 5 QQQQQ 5.0 1303 Invesco PRC Equity A USD AD 16.4 32 19.1 30 101.5 25 QQQ 5.0 386 Barings Global Emerging Mkts I GBP Acc 6.0 35 14.3 23 102.0 17 QQQQ 4.9 528 OJanus Henderson China Opps I Acc 22.9 21 32.4 17 139.9 10 QQQQ 5.3 858 OBlackRock Emerging Markets D Acc 8.0 28 24.7 10 109.6 10 QQQQQ 4.5 497 Janus Henderson Hrzn Opps CHN A2 USD 21.5 24 25.0 23 117.3 18 QQ 5.3 115 BMO Emerging Markets Equity 2 Acc -3.0 82 2.6 65 61.2 65 QQQ 4.5 15 OJPM Greater China A (dist) USD 40.8 5 61.7 4 163.4 5 QQQQQ 5.3 995 BMO LGM Glbl EmMkts Gr and Inc B USD Acc -3.2 84 3.5 63 63.6 62 QQQQ 4.3 276 Jupiter China I Acc -3.5 36 -9.2 34 36.5 32 Q 4.8 88 BNY Mellon Emerging Income Inst W Acc -8.8 98 -8.9 89 33.9 87 Q 4.1 72 Liontrust China C Acc GBP 22.4 23 24.7 24 100.0 26 QQQ 4.6 23 BNY Mellon Global Emerging Mkts Int WAcc 33.0 3 30.7 7 122.9 6 QQQQQ 5.1 230 Matthews China Dividend Fund I USD Acc 11.3 35 31.4 18 111.9 21 QQQQ 4.2 13 Candriam Eqs L Em Mkts C EUR Cap 14.1 12 11.2 32 85.1 28 QQQQ 4.5 1247 Matthews China Fund I GBP Acc 33.4 9 49.7 6 154.5 6 QQQQ 5.7 86 Carmignac Emergents A EUR Acc 30.3 6 26.4 8 87.6 25 QQQQQ 4.4 682 Matthews China Small Coms Fd I USD Acc 60.3 1 88.5 2 222.7 2 QQQQQ 5.9 231 Carmignac Pf Emerg Discv W GBP Acc -4.7 85 2.1 69 53.7 70 QQQQ 4.5 163 Merian China Equity U1 GBP Acc 19.9 28 31.3 19 107.7 23 QQQ 4.7 37 Carmignac Pf Emergents W GBP Acc 38.2 2 36.6 4 100.5 18 QQQQ 4.6 150 Neuberger Berman China Eq USD A Acc 16.6 31 30.8 21 129.6 16 QQQQ 5.4 535 Comgest Growth Emerging Mkts Flx Ä I Acc -6.4 90 -8.5 88 27.4 90 Q 3.3 26 New Capital China Equity GBP Ord Acc 39.8 6 19.3 29 50.9 31 - 5.6 48 OComgest Growth Emerging Mkts GBP U Acc 1.2 67 2.2 68 64.5 61 QQQ 4.4 3449 Nomura Fds China I USD 17.3 29 20.3 27 81.8 29 QQ 4.9 14 OComgest Growth GEM Promis Coms USD I Acc -14.4 110 -31.2 101 9.8 92 Q 5.4 27 Pictet-Greater China I GBP 33.3 10 49.0 7 141.1 8 QQQQ 5.1 225 ODimensional Emerging Mkts Core Eq Acc -1.9 79 1.2 71 62.4 63 QQQ 4.7 1311 Polar Capital China stars I USD Acc 32.9 11 ------25 Eaton Vance Intl(IRL) Pr EM I Acc GBP U -10.3 103 -9.1 91 36.6 85 Q 4.5 208 Quilter Investors China Eq U2 (GBP) Acc 22.5 22 31.3 20 134.3 14 QQQQ 5.4 162 Edinburgh Partners Emerging Opps I £ Inc -5.9 88 -11.0 95 48.8 75 QQ 4.1 9 OSchroder ISF Greater China C Acc USD 29.8 12 48.8 8 163.8 4 QQQQQ 4.7 1579 Federated Hermes GEMs SMID Eq F GBP Acc 4.8 44 ------163 SLI China Equities A Acc GBP 13.4 34 18.0 31 90.2 27 QQQ 4.7 136 Federated Hermes Glb Em Mkts F GBP Acc 9.8 21 18.2 14 112.6 9 QQQQQ 4.6 4155 Templeton China W(acc)GBP 27.7 13 42.8 15 140.1 9 - 4.6 339 Fidelity Emerging Mkts Foc W-Inc-GBP 9.6 23 ------308 Threadneedle China Opps Z Acc GBP 26.9 16 33.2 16 116.8 19 QQQQ 4.9 59 OFidelity Index Emerging Markets P Acc 5.2 41 9.3 39 76.8 45 QQQQ 4.5 475 Sector average/count 26.1 37 36.9 34 126.0 32 5.0 370 OFidelity Instl Emerg Mkts W Acc 10.5 18 17.9 15 87.1 26 QQQQQ 4.9 2591 FP Carmignac Emerging Discv A GBP Acc -1.1 75 ------20 Property Other FP Carmignac Emerging Markets A GBP Acc 39.1 1 ------15 ARC TIME Freehold Inc Authrd A Grs Acc 4.6 1 21.7 3 47.2 6 - 0.3 309 FP Henderson Rowe FTSE RAFI Em Mkt B -7.8 95 2.6 64 80.5 35 QQQ 4.7 31 ARC TIME Freehold Inc Authrd Fdr INetAcc 3.8 2 18.9 6 41.2 11 - 0.2 31 FSSA Global Emerging Mkts Foc B GBP Acc -8.3 96 ------64 ASI European Real Estate Share I Acc 1.1 3 21.2 4 44.7 7 QQQQQ 4.2 112 GAM Multistock EM Equity GBP C 3.3 55 4.5 59 82.2 34 QQQ 4.7 661 ASI Global Real Estate P1 Acc -1.5 6 12.2 11 37.4 14 - 1.1 538 GAM Star Emerging Equity Instl GBP Acc 1.8 62 2.4 67 90.8 23 QQQ 4.7 11 ASI Global Real Estate Share P1 Acc -20.2 27 -3.7 26 -0.1 29 Q 4.9 55 GlobalAccess Emerging Mkt Eq M Acc GBP H -0.8 73 -9.4 93 29.8 89 - 5.6 434 ASI Global REIT Tracker B -20.1 26 ------46 GS EM CORE Eq R Inc GBP Close 6.0 36 4.3 60 79.3 38 QQQQ 4.3 1841 ASI UK Real Estate Share I Acc -4.1 7 14.2 8 23.2 20 - 4.4 329 GS Emerging Markets Eq R Inc GBP 13.7 13 21.4 12 105.8 15 QQQQQ 4.5 2478 OAXAWF Fram Global Rl Est Secs F Cap EUR -13.7 17 9.9 13 41.3 10 QQQQ 4.4 217 Guinness Emerging Mkts Eq Inc Y GBP Dist -5.7 86 5.7 54 - - QQQ 4.0 2 BMO European Real Estate Scs B Acc GBP -4.3 8 13.5 10 42.6 8 - 4.2 45 HSBC GIF Global Emerging Mkts Eq AD 10.4 19 13.2 26 85.0 29 QQQ 4.5 190 BMO Global Real Estate Securities 3 Acc -17.4 22 7.5 16 38.6 13 QQQQ 4.4 34 Invesco Global Emerg Mkts UK Z Acc 5.7 37 6.9 49 78.9 40 QQQQ 5.0 196 BMO Property Growth & Income I Acc -8.6 10 1.0 22 16.2 22 QQQ 3.2 442 iShares Emerging Mkts Eq Idx (UK) D Acc 4.3 47 11.4 31 76.6 46 QQQQ 4.4 2625 Fidelity Global Property W Acc -14.4 18 9.0 14 38.9 12 QQQQQ 3.9 229 Janus Henderson Emerg Mkts Opps I Acc 7.3 33 4.7 58 59.3 67 QQQ 4.7 111 First Sentier Asian Prpty Secs B GBP Acc -17.5 23 2.4 20 33.8 16 QQQ 4.7 9 OJOHCM Global Emerging Mkts Opps GBP A -1.7 77 4.9 57 70.6 55 QQQ 4.5 321 OFirst Sentier Glbl Prpty Secs B GBP Acc -11.4 15 14.1 9 36.9 15 QQQQQ 4.3 262 JPM Em Mkts Small Cap A (dist) perf GBP 1.5 64 12.1 29 74.2 52 QQQQQ 4.7 1088 GlobalAccess Glbl Prpty Secs M Acc GBP H -17.8 25 -4.5 27 6.9 28 - 5.2 147 OJPM Emerging Markets B Net Acc 15.8 11 32.0 5 129.6 4 QQQQQ 4.8 2347 HSBC Global Property C Acc -16.9 20 -4.7 30 12.5 23 QQ 4.0 278 OJPM Emerging Markets Income C Net Acc -1.2 76 13.3 25 72.6 53 QQQ 4.1 424 OiShares Glb Prpty Secs Eq Idx (UK) D Acc -21.8 30 -0.7 24 29.4 17 QQQ 4.9 3087 Jupiter Global Emerging Markets I Acc -7.2 91 -17.3 100 49.5 74 QQ 5.1 48 Janus Henderson Hrzn AsPac Pty IncH2USD -9.8 12 20.3 5 53.1 4 QQQQ 3.8 29 OL&G Global Emerging Markets Index I Acc 3.6 53 10.6 35 74.6 49 QQQ 4.4 1049 Janus Henderson Hrzn GlblPtyEqsH2USD -8.3 9 25.3 1 66.4 1 QQQQQ 4.3 789 Lazard Developing Markets C Acc 4.0 52 7.5 46 94.0 21 QQQQ 5.3 41 Janus Henderson Hrzn PanEurpPtyEqs H2EUR -0.2 5 24.2 2 59.3 3 QQQQQ 4.6 383 Lazard Developing Markets Eq C Inc USD 10.0 20 12.9 27 106.9 13 QQQQ 5.1 22 Kempen (Lux) Global Property J -20.7 29 3.2 18 - - QQQ 4.9 182 OLazard Emerging Markets A Acc -12.7 107 -14.0 98 43.6 80 QQ 4.7 522 5 October 2020 investmentweek.co.uk 36 Unit Trusts/OEICs

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) OL&G Global Real Estate Div Index I Acc -21.8 31 -0.1 23 - - QQQ 5.0 619 HSBC GIF GEM Debt Total Return M1D -0.9 108 4.1 124 26.4 137 QQ 2.7 438 MS INVF Global Property IX -25.2 33 -12.8 32 7.7 27 QQ 4.8 451 HSBC GIF Indian Equity AD -11.5 190 -8.2 180 30.6 131 QQ 7.4 789 Neuberger Berman Glb RE Secs EUR M Acc -10.2 13 -1.1 25 - - - 4.0 14 HSBC GIF Russia Equity AD -9.8 179 17.4 66 113.8 15 QQQ 6.1 132 Premier Pan Europe Prop Share C Acc -9.7 11 3.1 19 10.7 25 QQQ 5.0 279 Invesco Emerging European UK Z Acc -18.2 211 -2.4 158 65.3 52 QQQQQ 6.0 14 Principal Glb Propty Secs I Acc USD -15.2 19 10.6 12 42.5 9 QQQQ 4.5 289 Invesco Global Fincl Cptl UK Z Acc -7.0 163 -8.7 183 9.4 177 - 4.5 20 Quilter Inv Glbl Prpty Scs R GBP HPt Inc -20.7 28 -8.2 31 8.4 26 - 4.8 34 Invesco Global Hlth Care Innovt A USD AD 11.4 37 30.5 34 45.7 96 QQ 4.4 273 Sarasin IE Sust Glb Rl Est Eq GBP P Acc -17.7 24 -4.6 29 20.4 21 QQQ 4.5 72 Invesco India Equity A USD AD -10.8 185 -7.9 178 39.8 108 QQQ 7.2 173 Schroder Glbl Cities Real Estt Inc Z Acc -22.7 32 -4.5 28 29.2 18 QQ 5.8 63 Invesco Latin American UK Z Acc -31.5 242 -33.0 228 12.5 168 QQ 8.3 70 Schroder Global Cities Real Estt Z Acc -11.2 14 17.3 7 47.8 5 QQQQ 4.4 983 Janus Henderson Diversified Alts Y Acc 0.9 90 9.3 95 30.5 132 - 2.4 74 SKAGEN m2 A -11.8 16 8.3 15 64.7 2 QQQQ 4.4 150 Janus Henderson Global Fncls I Acc -3.2 127 17.8 64 63.9 55 QQQQ 4.3 58 SPW MM Global Real Estate Sec A Inc -17.1 21 2.0 21 29.1 19 QQQ 4.3 321 Janus Henderson Latin American HÄ Acc -26.0 234 -23.5 216 44.7 98 QQQQ 8.3 24 TM Home Investor D Unbnd Net 0.6 4 5.4 17 12.5 24 - 0.3 61 Janus Henderson Secured Lns Y Acc GBP -0.6 105 5.1 117 14.1 162 - 2.7 170 VT Gravis UK Listed Prpty Fdr F £ UnHAcc ------20 JPM Africa Equity A perf (dist) GBP -9.1 175 -9.4 187 10.0 175 QQQQ 5.6 108 VT Gravis UK Listed Prpty PAIF A GBP Acc ------28 JPM Brazil Equity A (dist) USD -24.4 230 -15.7 200 76.6 38 QQQQ 9.8 129 Sector average/count -12.2 33 6.9 32 32.5 29 4.0 312 OJPM Emerging Europe Equity C Net Acc -10.8 186 1.1 140 66.6 48 QQQQQ 5.4 60 JPM Emerging Middle East Eq A (dist) USD -2.0 118 18.8 55 47.4 91 QQQQ 4.3 62 Specialist JPM Global Convert (EUR) A (dist) GBP H 18.8 21 18.3 62 26.9 136 QQQQ 3.3 1034 AB International HC I GBP Acc ------1064 OJPM India A (dist) USD -18.4 213 -15.5 199 11.8 169 QQ 7.3 368 AB RMB Income Plus I2 Acc 3.9 72 14.3 74 37.1 118 - 2.1 169 JPM Korea Equity A (dist) USD 12.1 35 19.9 52 79.3 36 QQQ 5.0 251 OAB Select Abs Alpha I GBP H Acc 4.3 68 12.2 81 23.8 142 - 2.4 549 OJPM Latin America Equity A (dist) USD -23.0 227 -20.4 209 40.1 107 QQQQ 8.0 353 ACUMEN Portfolio 8 Acc 0.0 100 9.0 96 - - QQQQ 4.4 34 OJPM Natural Resources C Net Acc -13.8 196 -4.6 168 69.3 45 QQQ 6.4 511 Aegon Diversified Growth GBP B Acc 4.1 69 5.5 115 22.2 146 QQQ 2.5 480 OJPM Russia A (dist) USD -8.2 170 18.6 57 103.8 19 QQQ 5.7 366 AHFM Defined Returns B GBP Acc -5.2 146 7.4 100 37.0 119 - 3.1 1237 Junior Gold P Acc 47.5 2 42.5 13 153.9 6 Q 11.7 18 Allianz Global Agricultural Trds RT GBP -8.4 171 -7.0 175 16.8 155 QQ 4.5 57 Jupiter Emerging European Opps I Acc -22.8 226 -6.0 174 59.3 65 QQQQ 6.0 77 OAllianz Income and Growth RM H2 GBP 12.0 36 22.0 44 44.1 100 QQQQQ 3.9 21146 Jupiter Financial Innovt D GBP Acc 12.1 34 31.3 33 88.8 27 QQQQQ 5.8 61 Allianz Oriental Income AT USD 35.3 8 58.0 10 128.7 11 QQQQQ 5.4 377 Jupiter Financial Opportunities I Acc 6.6 57 35.2 19 82.6 32 QQQQQ 4.9 563 Alquity Africa GBP Y -9.9 180 -14.0 196 -3.1 202 QQQ 4.7 13 OJupiter India I Acc -13.0 193 -25.2 218 13.1 166 QQ 7.0 482 Alquity Indian Subcontinent USD Y -14.5 200 -21.3 211 - - Q 8.4 49 Jupiter India Select D USD Acc -13.8 195 -25.4 220 14.5 160 QQ 7.1 93 Alquity Latin America USD Y -29.3 238 -36.5 230 - - QQ 8.1 15 Jupiter International Fincls I Acc 13.0 30 32.8 27 86.3 28 QQQQQ 5.8 50 Architas Diversified Real Assets A Acc -3.1 126 2.3 134 14.7 159 QQQ 2.0 310 Jupiter Monthly Alternative Income I Acc -3.7 136 4.5 121 33.3 125 QQQ 3.1 210 OAS SICAV I Indian Equity X Acc GBP -9.3 176 3.5 129 49.4 87 QQQQQ 5.8 838 L&G Future World Sustainable Opps I £Acc 8.5 49 ------59 ASI Diversified Growth R Acc -3.1 125 -1.8 154 13.1 165 QQ 2.6 695 LF Bentley Sterling Income Inc 0.1 98 2.2 135 2.3 196 QQ 0.4 14 ASI Dynamic MA Gr P1 Acc -0.5 101 6.7 105 15.0 158 - 3.0 309 LF Bentley USD Balanced Acc 0.4 94 14.4 73 36.2 120 QQQ 2.1 83 ASI Eastern European Equity I Acc -6.9 161 3.6 127 59.9 63 QQQQQ 5.8 16 LF Canlife Global Infrastructure C Acc -16.1 204 -2.5 159 39.0 111 QQQ 4.3 21 ASI Financial Equity I Inc -7.0 164 11.3 86 74.2 41 QQQQ 4.2 46 LF Ruffer Gold C Acc 68.0 1 129.1 1 343.9 1 QQQQQ 9.0 1281 OASI Latin American Equity I Acc -29.3 237 -28.6 224 44.3 99 QQQ 8.5 84 LF Ruffer Pacific & Emerging Mkts C Acc -1.8 115 -1.9 155 26.4 138 QQ 3.8 288 ASI Multi-Manager Ethical I Acc 5.2 62 18.8 56 70.1 44 QQQQ 4.6 64 LF Waverton Alternatives II B Inc 0.8 91 -3.1 161 -4.1 204 - 0.5 34 Aviva Investors Glbl Convert Ia GBP Inc 19.4 20 35.1 20 67.6 47 QQQQ 3.1 280 Liontrust India C Acc GBP -3.8 138 -15.5 198 27.2 135 QQ 7.5 34 AXA Framlington Biotech GBP Z Acc 36.7 6 33.1 25 46.6 93 QQQQ 6.1 463 Liontrust Latin America C Acc GBP -27.9 236 -20.8 210 48.3 90 QQQQ 8.9 26 AXA Framlington FinTech Z GBP Acc 12.3 32 34.7 23 96.9 23 QQQQQ 5.1 78 Liontrust Russia C Acc GBP -0.5 102 32.6 28 152.6 7 QQQQQ 5.8 233 AXA Framlington Health Z Inc 16.0 23 36.3 18 60.1 62 QQQ 4.7 536 LO Funds Cmdty Risk Premia USD NA -9.4 177 -2.2 156 18.4 152 - 3.6 161 AXAWF Fram Global Conv F Cap EUR pf 12.2 33 16.3 69 49.8 85 QQQQ 2.3 724 Loomis Sayles Strat Alpha Bd H-N/D GBP 2.4 82 2.0 136 7.3 183 - 1.4 23 AXAWF Fram Robotech F Cap USD 29.8 15 58.8 9 - - QQQ 5.5 969 M&G Global Convertibles GBP I Acc 7.3 54 14.3 75 45.5 97 QQQ 2.5 274 Barings Australia I GBP Acc -5.5 149 12.8 77 59.6 64 QQQ 5.6 46 Magna MENA G EUR Acc -10.2 181 19.6 53 79.5 35 QQQQQ 5.2 39 Barings Eastern Europe I GBP Acc -17.6 209 -6.0 173 64.8 53 QQQQ 6.2 514 Marlborough Commodity Class P Acc -10.3 182 -8.6 182 5.4 191 - 3.5 10 Barings German Growth I GBP Acc -5.3 148 -13.9 195 40.3 105 QQQ 5.6 322 Matthews India Fund I GBP Acc -6.3 156 1.5 138 38.2 115 QQQ 6.8 26 Barings Global Agriculture I GBP -6.1 155 10.6 89 58.3 71 QQQ 4.8 37 McInroy & Wood Emerging Mkts Pers Inc -6.8 160 4.5 120 50.4 83 QQQ 4.5 80 Barings Global Resources I GBP Acc -17.0 206 -16.4 203 22.7 145 QQQ 6.1 214 Merian Financial Cntgnt Cptl R GBP H Acc 2.9 78 12.5 79 - - - 4.0 92 Barings Korea I GBP Acc 19.6 19 7.4 101 38.2 116 QQQ 5.2 82 Merian Gold & Silver R GBP Acc 34.2 10 60.4 7 - - QQQ 9.2 738 Barings Latin America I GBP Acc -25.9 233 -23.5 217 23.5 143 QQQQ 7.5 138 MFS Meridian Latin American Eq WH1 GBP -20.3 217 -29.9 226 6.4 185 - 9.0 4 BGF Emerging Europe D2 -22.0 224 -12.2 188 50.2 84 QQQQ 6.2 467 MFS Meridian Managed Wealth WH1 GBP -3.4 132 -4.4 165 -0.1 201 - 1.1 9 BGF India D2 -10.4 183 0.8 142 49.5 86 QQQ 7.1 285 OMFS Meridian Prudent Wealth W1 GBP 11.1 39 37.6 16 - - QQQQQ 2.3 3523 OBGF Latin American D2 -30.5 240 -27.3 223 29.0 134 QQQ 8.3 569 MI Asset Backed Opps I Gross GBP Inc -1.0 110 6.2 108 - - - 3.2 115 BGF Sustainable Energy D2 26.8 17 43.1 12 121.3 13 QQQQ 4.3 1508 MI TwentyFour AM Monument Bond I Acc 0.3 97 3.7 126 12.6 167 - 1.2 1098 OBGF World Energy D2 -41.6 246 -42.0 232 -26.5 209 QQQ 7.4 1558 Mirabaud Convertible Bds Eurp A EUR Acc 3.2 75 -0.5 148 24.2 141 QQ 2.0 80 BGF World Mining D2 15.2 27 26.2 39 137.6 9 QQQ 6.9 3604 MS INVF Global Balanced Income IR -2.3 120 0.7 143 30.8 129 QQQ 1.8 289 BlackRock Dynamic Allocation D GBP Acc 4.8 65 11.4 85 19.3 150 QQQQ 1.9 444 OMS INVF Global Fixed Income Opps I 0.0 99 20.3 49 50.5 81 QQQQ 2.6 3721 BlackRock Dynamic Diversified Gr D Acc 5.2 61 11.6 84 18.4 153 QQQ 2.1 2074 Neuberger Berman Divers Ccy USD A Acc -3.5 133 7.2 102 21.4 147 - 2.5 6 OBlackRock Gold and General D Acc 30.5 12 63.9 5 189.5 3 QQQQ 9.5 1771 Neuberger Berman Glb Bd AbsRt GBP I4 Acc -1.8 116 -5.1 169 0.3 199 - 2.6 24 BlackRock Managed Volatility I C -1.2 111 9.3 94 29.4 133 QQQQ 1.6 1034 Neuberger Berman Glb Eq Idx PW GBP I Acc -0.9 109 -2.3 157 - - - 3.1 29 BlackRock Managed Volatility II C -2.3 121 8.3 98 32.0 127 QQQQ 1.9 240 Ninety One Diversified Gr I Acc -3.1 124 -5.4 170 7.4 182 QQQ 2.7 1541 BlackRock Managed Volatility III C -3.3 131 7.7 99 34.6 122 QQQQ 2.3 73 Ninety One Enhanced Natural Res I Acc -7.6 166 2.6 131 51.0 78 - 5.1 43 BlackRock Market Advantage D GBP Acc -4.1 140 2.9 130 13.7 164 QQ 2.1 582 Ninety One Global Energy I Acc £ -29.9 239 -25.8 222 -9.6 206 QQQ 6.0 41 BlackRock Ntrl Resources Gr & Inc D Acc -13.9 198 -9.3 185 43.6 102 QQQ 5.8 33 Ninety One Global Gold I Acc £ 33.6 11 91.2 3 251.6 2 QQQQQ 9.5 371 BlackRock Strategic Growth D GBP Acc 2.5 79 ------17 Ninety One MA Protector 2 I Acc -6.9 162 -1.0 152 16.5 156 - 1.7 88 Blackrock UK Managed Volatility I C £Acc -2.8 123 6.6 106 17.2 154 QQQ 1.3 61 Ninety One MA Protector A Acc -7.9 168 -3.2 163 11.5 171 - 1.8 131 Blackrock UK Managed Volatility II C£Acc -7.3 165 -0.7 151 11.6 170 QQ 1.7 127 Ninety One UK Total Return I Acc -31.4 241 -31.2 227 -20.3 208 - 6.3 25 Blackrock UK Managed Volatility IIIC£Acc -11.5 191 -5.8 172 9.6 176 QQ 2.2 37 Nomura Fds India Equity I USD -9.8 178 1.1 139 74.3 40 QQQQ 6.8 93 BMO Diversified Monthly Income 1 Inc -4.3 142 -4.3 164 1.4 198 QQ 2.0 49 Pictet - Emerging Europe P dy GBP -11.4 189 -4.6 167 70.1 43 QQQ 6.5 77 BMO Overseas Equity-Linked UK Gilt 3 Acc 1.9 85 32.2 31 83.5 30 - 4.2 66 Pictet Absolute Ret Fxd Inc HI GBP 1.7 87 6.4 107 11.4 172 - 0.9 1485 BMO Overseas Equity-Linked UK Infl 3 Acc -3.7 135 22.7 43 78.8 37 - 4.6 338 Pictet TR - Atlas I GBP 14.8 28 24.4 41 - - - - 646 BMO UK Equity-Linked Gilt 3 Acc -15.1 201 6.9 104 50.7 79 - 4.5 46 Pictet-Biotech I dy GBP 35.6 7 34.8 21 59.1 67 QQQ 6.2 1471 BMO UK Equity-Linked Inflation 3 Acc -19.4 215 -0.5 149 47.2 92 - 4.9 140 Pictet-Health I dy GBP 10.5 40 32.9 26 58.7 70 QQ 4.5 607 BNY Mellon 50/50 Global Eq Expt 1 Acc -4.2 141 10.4 92 42.8 103 QQ 4.4 99 Pictet-India Index I GBP -5.3 147 5.6 114 50.7 80 QQQQ 6.5 32 BNY Mellon Brazil Equity GBP W Acc -21.4 220 -7.5 177 116.7 14 QQQQQ 9.5 46 Pictet-Indian Equities I GBP -6.7 159 5.8 112 60.2 61 QQQ 6.5 206 BR Global Funds - Nutrition D2 USD 7.4 52 14.9 71 59.2 66 QQQ 3.9 57 Pictet-Nutrition I dy GBP 8.7 47 28.8 36 81.3 33 QQQQQ 3.6 593 Brown Advisory Latin American B USD Inc -32.0 243 -44.0 233 4.4 193 QQ 8.2 88 Pictet-Russia Index I GBP -18.6 214 21.4 46 104.3 18 QQQ 6.4 35 Candriam Eqs L Australia C AUD Cap -5.8 152 10.5 91 65.4 51 QQ 6.5 96 Pictet-Russian Equities I GBP -5.6 151 18.6 58 145.0 8 QQQ 6.3 431 OCandriam Eqs L Biotech C USD Cap 30.1 13 31.8 32 69.2 46 QQQQ 5.8 1474 Pictet-Timber I dy GBP 9.8 41 10.9 88 65.7 49 QQQQQ 6.0 366 OCapital Group Cptl Inc Bldr(LUX) Z -4.5 144 8.8 97 48.3 89 QQQ 2.5 159 OPIMCO GIS Asia Strat Intst Bd E USD Inc 2.3 83 21.9 45 53.2 76 QQQ 2.6 31 OCapital Group New World (LUX) Z 8.4 50 28.2 37 93.1 25 QQQQQ 4.1 271 PIMCO GIS Capital Scs E USD Acc -0.5 103 17.5 65 50.5 82 - 3.2 5522 Carmignac Pf Green Gold W GBP Acc -6.1 153 -7.1 176 33.3 124 - 6.7 276 PIMCO GIS Cmdty Real Ret Instl GBP H Acc -9.0 174 -16.0 201 - - - 4.7 254 Carmignac Pf L-S Eurp Eqs F GBP Acc 15.4 26 21.0 48 - - - 2.5 339 PIMCO GIS Dynamic Bd Instl GBP H Acc 3.9 71 5.0 118 14.3 161 QQQ 1.1 2214 OComgest Growth India EUR I Acc -11.0 188 -12.3 189 33.5 123 QQQ 6.7 90 PIMCO GIS Glb Lw Dur Rl Rt Ins GBP H Inc 3.1 77 4.3 122 7.6 181 Q 0.8 538 Comgest Growth Latin America USD I Acc -20.3 218 -25.3 219 39.3 109 QQQQ 7.7 17 PIMCO GIS Infl Strat Ins GBP Prtly H Acc -8.0 169 -1.6 153 6.6 184 Q 3.4 52 CQS Global Convertible UCITS A GBP Acc 7.4 53 10.5 90 30.7 130 QQQQ 2.2 163 PIMCO Sel Dynamic Bd Ret GBP Acc 1.8 86 0.2 145 5.5 190 Q 1.0 200 DMS Charteris Gold and Prec Mtls B Acc 34.3 9 66.9 4 - - QQQ 10.7 31 Polar Capital Biotech I Inc 45.0 3 63.8 6 124.9 12 QQQQQ 6.0 600 Eaton Vance Intl(IRL) PrGl DefEq I Acc£H -3.2 128 ------499 Polar Capital Financial Opports R Inc -19.8 216 -17.7 206 11.3 173 QQQ 5.4 6 EF WM Global Trend B Acc GBP -3.5 134 -8.3 181 15.8 157 QQ 1.9 15 Polar Capital Glbl Convert I Acc 8.7 48 26.3 38 54.1 74 QQQ 2.9 899 ES Gold and Precious Metals A Acc 41.7 4 11.0 87 99.9 22 Q 9.1 4 OPolar Capital Global Ins R Acc -16.3 205 12.3 80 63.0 56 QQQQQ 4.2 1277 Fidelity China High Yield Y-Dis-USD 2.5 80 18.5 61 - - - 3.1 1059 Polar Capital Healthcare Opports I Inc 9.7 42 39.0 15 62.5 57 QQQQ 5.1 1380 Fidelity Emerg Eur Mid East&Africa W Acc -13.4 194 -5.8 171 31.2 128 - 6.9 83 Polar Capital Hlthcare Blue Chip I Acc 8.9 44 32.6 29 65.5 50 QQQ 4.3 56 OFidelity India Focus Y-GBP -5.6 150 11.7 83 60.2 60 QQQQ 6.6 1246 Premier Miton Financials Cptl Scs C £Acc ------Fidelity Latin America W-Acc-GBP -24.9 232 -22.3 213 40.3 106 QQQQ 8.0 437 Principal Preferred Secs I Acc USD 2.1 84 21.1 47 58.8 68 - 3.1 3534 FP Foresight UK Infras Inc A GBP Acc -1.9 117 ------499 Quilter Inv Natrl Res Eq U2 (GBP) Acc -3.2 129 3.5 128 85.9 29 QQQQ 5.7 67 FP Octopus Dynamic Mixed Asset B Acc -1.6 113 9.6 93 34.6 121 QQQ 2.5 33 Quilter Investors PM Eq U2 (GBP) Acc 29.9 14 59.7 8 179.2 4 QQQ 9.0 332 FP Russell Invsmts Real Assets C GBP Acc -14.2 199 -7.9 179 4.9 192 Q 3.7 45 Robeco FinTech F GBP 8.8 45 ------951 FP SCDavies Global Alts A Acc GBP -4.1 139 -3.2 162 -3.3 203 - 1.5 3 RWC Enhanced Income Fund R GBP Acc -21.5 221 -16.0 202 -4.7 205 QQ 3.3 110 OFranklin India W(acc)GBP -7.7 167 -3.0 160 41.5 104 QQQQ 6.8 856 RWC Global Convertibles Fund R GBP Acc 12.5 31 12.6 78 21.2 148 QQQ 2.6 545 FSSA Indian Subcontnn All-Cap B GBP Acc -8.4 172 0.3 144 49.1 88 QQQQQ 6.4 3 RWC Income Opportunities Fund R GBP Acc -18.4 212 -9.3 186 9.2 178 Q 3.8 5 GAM Multibond ABS EUR B 3.1 76 2.6 132 25.8 139 - 2.0 9 RWC Sustainable Convertibles B EUR Acc 9.2 43 11.9 82 39.2 110 - 2.1 17 GAM Star Alpha Technology USD Inc 6.7 56 41.4 14 100.4 21 - 2.7 31 Sanlam Real Assets A GBP Inc 3.4 74 ------277 GAM Star Cat Bond Institutional GBP Acc 5.8 59 14.8 72 13.9 163 - 0.9 1435 Sarasin Food & Agriculture Opps P Acc -3.8 137 17.2 68 79.7 34 QQQQQ 4.4 351 GAM Star MBS Total Return Instl GBP Acc -0.7 107 2.5 133 10.0 174 - 3.2 668 Schroder Diversified Growth I Acc 1.4 88 5.2 116 18.5 151 QQQ 2.3 4897 GAM Systematic Alt Rsk Pre GBP Acc -6.6 157 -4.4 166 0.0 200 - 1.3 44 Schroder GAIA Egerton Equity A Dis GBP 11.2 38 18.9 54 58.8 69 - 3.1 926 GS BRICs Eq R Inc GBP 14.2 29 37.2 17 134.5 10 QQQQQ 4.7 70 Schroder India Equity Z -4.4 143 ------24 GS Glbl Strat Inc Bd R Inc GBP Hdg 5.9 58 4.8 119 5.7 188 QQ 2.0 1020 OSchroder ISF Asian Ttl Ret C Acc USD 15.8 24 24.1 42 101.9 20 QQQQQ 4.1 3537 GS Glbl Strat Macro Bd R Inc GBP Hdg 4.6 66 -0.1 146 5.5 189 - 1.3 390 Schroder ISF Emerging Europe C Acc EUR -17.7 210 1.6 137 82.6 31 QQQQQ 6.2 607 OGS India Equity R Inc GBP 0.4 96 7.1 103 60.6 59 QQQQ 7.1 1061 Schroder ISF Eurp Div Mxmsr Z Acc EUR -24.3 229 -21.8 212 3.9 195 QQ 4.5 369 GS N-11Æ Equity R Inc GBP -15.2 202 -18.9 208 8.2 180 Q 5.1 28 Schroder ISF Glb Div Mxmsr Z Dis GBP Q -21.6 222 -14.6 197 20.5 149 QQ 4.3 1107 GS NA Engy & Engy Infras Eq R Acc USD -39.3 245 -35.8 229 -29.8 210 QQ 8.4 28 Schroder ISF Glb Em Mkt Opps C Acc USD 4.9 63 17.3 67 96.5 24 QQQQ 4.7 1064 GS Strat Abs Ret Bd I R Inc GBP Hdg 3.7 73 4.1 123 6.1 186 - 0.7 544 Schroder ISF Indian Equity C Acc USD -6.7 158 6.1 111 55.7 72 QQQQ 6.1 293 GS Strat Abs Ret Bd II R Inc GBP Hdg 4.8 64 4.1 125 6.0 187 - 1.3 127 Schroder ISF Inflation Plus C Acc EUR 5.5 60 6.1 109 44.0 101 QQQQ 2.0 16 GS US Mortgg Bckd Secs R Acc USD 2.4 81 18.5 60 38.9 112 QQQQ 2.7 281 Schroder ISF Latin American C Acc USD -22.0 223 -17.9 207 46.4 94 QQQQQ 7.9 117 GS US RlEstt Bal R Acc USD 0.4 95 26.2 40 64.6 54 - 3.4 168 Schroder Small Cap Discovery Z Acc 4.4 67 0.9 141 38.3 113 QQ 5.3 170 GSF II GS Balanced Allc R USD Inc 1.3 89 20.2 50 - - QQQQ 2.4 94 Scottish Widows Latin Amer A Acc -22.4 225 -23.0 215 53.3 75 QQQQ 8.2 5 HL Multi-Mgr Asia and Emerging Mkt A Acc 0.7 92 5.8 113 62.0 58 QQQ 4.9 196 SKAGEN Vekst A -4.6 145 -0.7 150 52.0 77 QQ 4.7 565 HSBC GIF Brazil Equity AD -35.0 244 -29.7 225 46.4 95 QQ 10.0 189 Smith & Williamson Artfcl Intllgnc Z GBP 40.1 5 112.3 2 - - QQQQQ 5.5 489 HSBC GIF BRIC Markets Equity AD -9.0 173 6.1 110 106.7 17 QQQ 5.6 89 Smith & Williamson Global Gold & Res B 28.9 16 51.3 11 158.1 5 QQQQ 9.2 67 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 37 O ‰ Oˆ OÁ

3 1 3 5 3 Fund 3 1 3 5 3 Fund Month year year year Mstar yr size Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) % Rnk % Rnk % Rnk % Rnk Rating Vol (£m) OStewart Inv Asia Pac Sustnby B GBP Acc 8.0 51 34.7 22 89.3 26 QQQQQ 3.6 347 GAM Star (Lux) - European Alpha I GBP -0.2 65 4.4 38 -2.4 61 - 1.8 129 OStewart Inv Asia Pacific Ldrs B GBP Acc 8.8 46 29.5 35 74.9 39 QQQQ 3.3 6215 GAM Star Emerging Market Rts Instl £ Inc 7.6 11 9.9 15 18.6 18 - 1.7 62 OStewart Inv Glbl Em Mkts Ldrs B GBP Acc -13.9 197 -13.5 192 23.0 144 QQQ 4.1 839 GAM Star Global Rates GBP Acc 1.5 47 -4.4 80 -5.2 69 - 4.7 110 OStewart Inv Glbl EM Sustnby B GBP Acc 4.1 70 18.6 59 73.1 42 QQQQQ 3.2 353 GS Global Absolute Ret R Inc GBP Hdg -6.1 95 -7.8 85 -5.2 69 - 1.5 149 Stewart Inv Global Emerg Mkts B GBP Acc -15.5 203 -12.9 190 25.8 140 QQQ 4.3 157 H2O Multireturns N/D GBP -21.5 108 -4.1 76 8.8 35 - 6.0 340 OStewart Inv Indian Sbctnt Sustnby B GBP 0.6 93 16.0 70 55.6 73 QQQQQ 5.3 230 IFSL Brooks Macdonald Def Cap A Acc -2.5 85 3.7 43 19.9 16 - 3.0 558 Stewart Inv Latin America B GBP Acc -27.6 235 -25.7 221 38.2 114 QQQQQ 6.2 113 Insight Absolute Insight Ccy B3p GBP -0.8 71 -6.4 84 -13.5 77 - 0.5 47 OT. Rowe Price Frontier Mkts Eq Q GBP -11.0 187 -8.8 184 37.4 117 QQQQ 5.4 87 Invesco Global Targeted Inc UK Z Acc -1.0 73 -2.3 69 - - - 1.0 73 T. Rowe Price Glb Nat Res Eq CAccGBP -17.4 207 -13.0 191 - - QQQ 6.2 2 OInvesco Global Tgtd Rets UK Z Acc -1.9 77 -3.9 74 2.0 53 - 0.8 7384 T. Rowe Price Glb Nat Res Eq Q GBP -17.5 208 -13.8 194 - - QQQ 5.9 66 Janus Henderson Abs Ret Fxd Inc I GBPAcc 2.6 39 ------189 TB Guinness Global Energy I Acc -49.6 247 -39.6 231 -18.4 207 QQQ 8.3 17 Janus Henderson Eurp Abs Ret I Acc 11.4 5 10.9 11 15.2 23 - 1.6 22 Templeton BRIC A(acc)USD 7.0 55 20.0 51 113.5 16 QQQQ 4.8 436 Janus Henderson Mlt-Ast AbsRet I Acc 0.7 54 2.5 47 9.3 33 - 1.6 106 Threadneedle Latin America Z Acc GBP -24.6 231 -22.9 214 33.0 126 QQQ 7.9 261 OJanus Henderson UK Absolute Return I Acc 3.7 25 4.4 37 11.9 28 - 0.7 1401 TIME UK Infrastructure Income Acc -3.2 130 ------45 JPM Global Macro C Net Acc 2.1 43 0.1 61 7.1 42 - 1.1 75 TM Fulcrum Diversified Liqd Alts CGBPAcc -2.1 119 ------38 OJPM Global Macro Opportunities C Net Acc 3.7 26 11.0 10 15.7 22 - 1.7 1443 TM Stonehage UK Equity Income B Inc -24.1 228 -17.3 205 1.5 197 QQQ 4.7 91 JPM Unconstrained Bond C Grs Acc 2.6 41 4.6 36 11.8 29 QQQ 1.0 443 UTI India Dynamic Equity USD RDR -0.5 104 18.3 63 - - QQQQQ 6.7 277 Jupiter Absolute Return I Acc -22.1 109 -27.1 93 -21.3 78 - 2.2 292 Vontobel Clean Technology N GBP 18.8 22 33.6 24 - - QQQQ 4.5 570 Jupiter Merlin Real Return I GBP Acc 3.0 32 ------8 VT Gravis UK Infras Inc C GBP Acc -1.5 112 13.3 76 - - 2.4 647 L&G Multi-Asset Target Return I Acc 1.8 44 6.6 27 - - - 2.3 610 QQQQQ LF Odey Absolute Return Sterling I Acc 10.1 8 3.7 44 -3.8 65 - 5.3 466 VT icf Absolute Return Portfolio F GBP -0.7 106 -0.5 147 4.3 194 - 1.7 4 Liontrust GF Absolute Ret Bd C5 Acc GBP 3.0 34 ------74 VT Protean Capital Elder I Net Acc ------74 Liontrust GF EurpStratEq C3 H Instl Acc£ -14.8 105 -7.9 86 -0.4 57 - 4.0 43 Vt Protean Capital Procsi Core A GBP Acc -1.6 114 ------48 M&G Absolute Return Bond GBP I Acc 1.4 48 7.6 22 - - - 1.6 48 VT RM Alternative Income Retail GBP Acc -2.4 122 ------86 M&G Global Target Return GBP I Acc 4.5 19 1.8 51 - - - 1.5 81 VT SG UK Defined Return Assets A Acc -10.6 184 ------36 Man Dyn Allc Professional C Acc -7.3 100 ------Waverton Absolute Return A GBP ------51 Man GLG Absolute Value Profl CX £ Acc -1.5 76 12.9 7 - - - 1.1 368 WAY Global Momentum E Acc -12.3 192 -13.7 193 8.6 179 QQ 2.2 15 Man GLG Alpha Select Alt IL GBP Acc 5.6 15 22.1 3 36.7 3 - 0.9 1089 Wellington EmergingMarket Devpmt N £ UnH 15.7 25 32.4 30 - - QQQQQ 4.5 118 Merian Global Equity Abs Ret R GBP H Acc -6.2 96 -17.5 91 -8.1 72 - 1.4 1105 Wellington FinTech N GBP Unhedged Acc 19.8 18 ------269 Merian Strategic Abs Ret Bd F2 GBP H Acc 8.8 10 10.8 13 16.8 21 - 0.9 53 OWinton Diversified UCITS I GBP Inc -21.1 219 -16.8 204 - - - 2.5 296 Merian UK Opportunities R GBP Acc 5.1 18 -1.3 66 -9.6 74 - 0.9 10 Winton Trend UCITS I GBP Acc -6.1 154 ------25 Merian UK Specialist Equity R GBP Acc 16.9 3 14.4 6 - - - 1.9 416 Sector average/count -2.1 247 7.2 233 48.0 210 4.7 538 MI Activus Investment Z GBP Acc 9.4 9 8.2 17 - - - 2.4 - New Capital Global Alpha GBP Inst Acc 4.4 20 7.7 21 - - QQQQ 2.1 86 Targeted Absolute Return Newton Managed Targeted Ret Inst W Acc 0.8 52 7.9 19 23.3 10 - 1.7 103 7IM Real Return C Acc -1.0 72 0.9 57 19.2 17 QQQ 1.9 92 Nordea 1 - GBP Diversified Return BC GBP -0.8 69 5.1 32 - - QQQ 1.4 2501 Absolute Insight Credit B2p2 GBP 0.2 61 0.9 56 1.8 54 - 1.4 165 Orbis OEIC Global Cautious Std GBP -4.3 90 ------15 Absolute Insight Emerg Mkt Debt B3p GBP -1.4 75 -5.7 82 -1.4 59 - 2.2 169 OYSTER Absolute Return GBP R GBP D 3.9 23 7.4 23 14.1 25 QQQ 1.0 36 OAbsolute Insight Eq Mkt Netrl B3p GBP 0.8 51 -1.8 68 -1.5 60 - 0.4 13 Polar Capital Global Abs Rt I USD Acc 10.8 7 ------34 Absolute Insight W -2.5 84 -4.4 79 -3.8 66 - 1.2 228 Premier Defensive Growth C Inc -4.5 91 -7.9 87 -4.8 67 - 1.0 109 Aegon Absolute Return Bond GBP B Acc 2.3 42 3.3 45 6.2 44 - 0.7 397 Premier Multi Asset Absolute Ret C Acc -2.0 79 0.0 62 6.1 45 - 1.4 186 Aegon Global Eq Mkts Netrl GBP B Acc 18.8 2 12.9 8 - - - 1.5 69 Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc -6.0 94 ------270 Aegon UK Equity Absolute Ret GBP B Acc 5.4 17 4.7 34 -0.8 58 - 0.9 35 Quilter Investors Abs Rt Bd U2 GBP Acc 2.6 38 ------593 Allianz Fixed Income Macro E GBP Acc 6.4 13 ------61 Royal London Abs Ret Govt Bd M GBP Acc 2.9 35 1.8 50 2.3 52 - 0.6 1235 Artemis Target Return Bond I GBP Acc ------25 Royal London Duration Hedged Crdt Z Acc 0.6 55 3.8 41 13.5 26 Q 1.2 209 Artemis US Absolute Return I Hdg Acc GBP -3.0 86 0.9 55 7.2 41 - 0.6 273 RWC Pensato Europa Absolute Ret R GBPAcc 10.9 6 ------15 OASI Global Absolute Ret Strat P1 Acc 4.2 22 6.1 28 5.4 48 - 1.3 3906 Sanlam High Income Real Ret A GBP Inc -3.6 87 -1.0 64 4.7 50 - 3.2 37 ASI Target Return Bond I Acc 3.0 33 7.0 26 8.6 38 - 1.1 36 Sanlam Multi Strat A GBP Acc 2.6 40 10.8 12 23.6 9 - 1.5 404 Aviva Investors Mlt-Strat Trgt Inc 2£Inc -6.7 99 -5.5 81 -3.4 64 - 2.1 1017 Schroder Absolute Return Bond Z GBPAcc -0.7 68 1.1 53 5.8 46 Q 1.7 70 Aviva Investors Mlt-Strat Trgt Ret 2£Acc -0.7 67 0.3 60 1.3 55 - 1.6 3671 Schroder ISF Asn Bd TR Z Acc USD 3.1 31 22.1 2 - - QQQQ 2.3 140 Baillie Gifford Diversified Gr B1 Acc -2.2 82 2.8 46 17.1 20 QQQ 2.3 6355 Schroder ISF EM Dbt Abs Rt Z Acc EUR H 2.8 36 -4.3 78 28.4 6 QQ 2.5 2087 Baillie Gifford Multi Asset Gr B1 Acc -0.8 70 4.6 35 - - QQQ 2.5 2128 Schroder Multi-Asset Total Return Z Acc -3.9 88 -4.0 75 - - - 2.2 128 Barings Multi Asset I GBP Acc -5.1 92 -0.2 63 17.4 19 QQQ 3.3 112 Schroder UK Dynamic Abs Ret P2 GBP Acc -5.8 93 -4.2 77 7.7 40 - 2.2 214 BlackRock Absolute Return Bond D Acc 3.4 29 3.8 42 8.6 37 - 1.1 2768 SLI Abs Ret Glb Bd Strats A Acc GBP 1.8 45 1.6 52 2.4 51 - 1.0 1307 OBlackRock European Absolute Alpha D Acc 11.9 4 20.9 5 22.6 12 - 0.9 435 Smith & Williamson Defensive Growth B -3.9 89 5.3 30 20.2 15 QQQ 2.7 70 BlackRock Systematic Glbl L/S Eq D Acc 2.8 37 7.4 24 - - - 1.4 8 Smith & Williamson Enterprise C -2.0 78 1.1 54 8.1 39 - 1.4 88 OBlackRock UK Absolute Alpha D -1.1 74 1.9 49 6.6 43 - 1.1 255 SVS Church House Tenax AbsRt Strts A Acc 0.8 53 2.0 48 12.8 27 - 1.0 488 BNY Mellon Absolute Ret Bd EUR X Acc 5.7 14 0.3 59 22.6 11 - 1.8 281 Threadneedle Dynamic Rl Ret Z Acc 3.9 24 7.9 20 24.1 8 QQQ 2.1 2234 OBNY Mellon Absolute Ret Eq GBP U Acc 0.5 58 -3.8 73 -2.5 63 - 0.7 258 Threadneedle UK Abs Alpha Z Acc GBP -10.1 102 -11.0 89 -9.4 73 - 1.5 90 OBNY Mellon Global Absolute Ret Inst WAcc -6.6 98 -1.0 65 9.0 34 - 2.2 405 OTM Fulcrum Divers Cor Abs Ret C GBP Acc 3.6 27 4.1 40 5.6 47 - 1.5 181 BNY Mellon Global Dynamic Bd Inst Inc 0.5 57 5.1 33 10.4 31 QQ 0.9 2278 TM Fulcrum Diversified Abs Ret C GBP Acc 3.4 28 4.3 39 5.2 49 - 1.5 970 BNY Mellon Mlt-Asst Divers Ret Inst WAcc 1.3 49 8.2 18 31.3 4 QQQQQ 2.8 335 TM Fulcrum Income C GBP Inc 0.6 56 ------18 OBNY Mellon Real Return Inst W Acc 1.1 50 12.1 9 20.4 14 - 2.0 5653 TM Neuberger Berman Absolute Alpha F Acc 0.1 63 ------27 BNY Mellon Sus Real Return Ins W Acc 3.1 30 ------362 TM TELLWRT UK SEL A ACC 7.4 12 5.5 29 -2.4 62 - 2.2 8 Castlefield Real Return Instl -6.6 97 -1.5 67 8.7 36 - 3.4 38 TMI Diversified Assets GBP Acc Hdg 0.0 64 7.0 25 21.5 13 - 2.7 67 Colchester Alpha USD Acc I 0.1 62 9.5 16 29.8 5 - 2.0 8 Uni-Global Cross Asset Navigator RA-USD -8.4 101 10.2 14 37.5 2 QQQ 2.3 193 Eaton Vance Intl(IRL) Glb Mac I Acc GBPH 5.6 16 ------76 OVeritas Global Real Return A Inc GBP 4.4 21 22.1 4 67.6 1 - 2.7 288 Federated Hermes Abs Ret Crdt F GBP AccH 1.6 46 5.3 31 9.3 32 - 1.7 231 VT Clear Peak Cptl UK L/S Eq A GBP Acc ------3 FP Argonaut Absolute Return R GBP Acc 35.9 1 45.4 1 11.6 30 - 4.5 32 VT iFunds Absolute Return Green A Acc -11.5 104 -16.9 90 -7.5 71 Q 2.4 16 FP Octopus Global Strategies B -2.2 81 -3.1 70 0.1 56 - 1.1 37 VT iFunds Absolute Return Orange A Acc -18.8 107 -23.8 92 -10.8 76 Q 3.2 27 FP Pictet Multi Asset Portfolio A Acc -2.5 83 0.3 58 14.5 24 QQ 2.3 211 VT Woodhill UK Equity Strat Net Inc GBP -11.3 103 -5.9 83 -10.6 75 - 2.4 23 Franklin Absolute Return Bd W(acc) -2.0 80 ------25 Wellington Glbl Ttl Ret GBP N Acc H 0.4 60 ------45 GAM Multistock Abs Ret Eurp Eq GBP Rh 0.4 59 -3.5 71 -5.1 68 - 1.2 92 Winton Absolute Return Futures I GBP Acc -16.6 106 -10.8 88 - - - 1.7 30 GAM Star (Lux) - Convert Alpha I EUR Acc -0.5 66 -3.5 72 28.4 7 Q 2.1 37 Sector average/count 0.4 109 2.5 93 8.9 78 1.8 591 Investment Trusts 1 3 5 3 Fund 1 3 5 3 Fund year year year year Size Ltst Grng Ltst year year year year Size Ltst Grng Ltst % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV Asia Pacific Debt - Direct Lending BioPharma Credit Ord 3.7 3 16.9 2 - - 2.8 1374 0.8 0 100 OAberdeen New Dawn Ord 8.7 5 25.0 5 98.1 5 4.5 332 -13.0 9 302 GCP Asset Backed Income -11.7 6 1.6 5 - - 1.0 438 -11.4 -2 99 OAsia Dragon Ord 4.9 7 25.6 4 94.8 6 4.6 611 -13.1 4 478 Pollen Street Secured Lending Ord 12.2 2 23.5 1 4.9 1 1.0 692 -8.5 47 937 OInvesco Asia Ord 7.0 6 12.8 7 94.3 7 4.7 222 -13.1 4 328 RDL Realisation Ord 16.1 1 6.3 4 0.3 2 5.5 15 -34.4 170 103 OPacific Assets Ord -7.8 8 12.0 8 53.5 8 3.9 367 -12.3 -3 301 RM Secured Direct Lending -14.9 7 -3.3 6 - - 2.1 108 -10.0 4 92 Pacific Horizon Ord 80.3 1 93.9 1 256.3 1 6.0 362 6.7 5 537 RM Secured Direct Lending ZDP 2021 1.4 4 - - - - - 12 -1.3 -6 109 Secured Income Fund Ord -21.6 8 -13.6 7 -7.3 4 0.8 45 -22.0 -7 86 OSchroder Asian Total Return Inv. Company 19.5 3 35.2 3 157.9 2 4.9 411 0.2 8 414 SME Credit Realisation Fund -30.3 9 -38.6 8 - - 2.2 169 -33.4 16 79 OSchroder AsiaPacific Ord 17.0 4 22.2 6 118.5 3 4.7 941 -10.8 -1 556 VPC Specialty Lending Investments Ord -11.4 5 11.1 3 -0.7 3 2.2 253 -28.9 -10 97 OWitan Pacific Ord 24.2 2 40.6 2 111.7 4 3.6 239 4.4 -4 388 Sector average/count -6.3 9 0.5 8 -0.7 4 2.2 Sector average/count 19.2 8 33.4 8 123.1 8 4.6 Debt - Loans & Bonds Asia Pacific Income Alcentra Eur Floating Rate Inc Ord -12.3 10 -5.0 8 2.5 8 3.7 4 -3.5 0 90 OAberdeen Asian Income Ord -7.3 3 1.1 4 52.0 4 4.3 379 -9.3 9 214 Axiom European Financial Debt Fund 1.0 2 -2.0 6 - - 4.4 83 -12.2 0 93 City Merchants High Yield Ord -5.6 7 2.5 4 23.7 5 3.3 188 -5.6 2 183 Henderson Far East Income Ord -8.8 4 2.6 3 56.1 3 4.0 427 3.0 -1 294 CQS New City High Yield Ord -13.4 11 -2.3 7 20.8 6 3.9 202 2.8 15 45 JPMorgan Asia Growth & Income plc 21.4 1 37.2 1 150.7 1 4.8 395 -0.1 0 420 CVC Credit Partners Euro Opps EUR 1.0 1 -1.7 5 39.3 1 4.0 116 -3.2 -8 93 OSchroder Oriental Income Ord -6.7 2 3.4 2 59.4 2 4.4 656 -4.7 4 238 CVC Credit Partners Euro Opps GBP -3.6 5 -5.9 9 11.3 7 4.1 203 -7.7 -8 98 Sector average/count -0.4 4 11.1 4 79.6 4 4.4 Henderson Diversified Income Ord 0.7 3 9.7 1 27.1 3 2.6 171 -3.4 15 88 Invesco Enhanced Income Ord -3.7 6 2.9 3 35.3 2 3.8 126 -8.9 17 71 Asia Pacific Smaller Companies M&G Credit Income Investment Ord -10.2 9 - - - - - 142 -4.9 -3 98 NB Distressed Debt Inv Extended Life -43.8 14 -44.6 13 -43.0 12 3.0 58 -38.4 -6 72 Aberdeen Standard Asia Focus Ord -4.9 1 2.0 1 52.6 2 5.3 387 -15.5 1 1173 NB Distressed Debt New Glb -36.4 13 -36.2 12 -27.0 10 3.4 25 -19.0 -14 60 OFidelity Asian Values Ord -17.0 3 -2.1 2 71.1 1 5.0 282 -9.0 2 384 NB Distressed Debt Ord -29.0 12 -33.3 11 -27.2 11 3.7 11 -5.7 -21 68 Scottish Oriental Smaller Cos Ord -12.9 2 -13.3 3 30.4 3 5.1 297 -15.6 -7 1010 NB Global Monthly Income Fund Ltd GBP -8.9 8 -6.1 10 1.4 9 3.6 225 -15.2 0 91 Sector average/count -11.6 3 -4.5 3 51.4 3 5.1 TwentyFour Select Monthly Income Ord -1.8 4 3.1 2 24.1 4 4.6 192 -0.8 -2 89 Sector average/count -11.9 14 -9.1 13 7.4 12 3.7 5 October 2020 investmentweek.co.uk 38 Investment Trusts

1 3 5 3 Fund 1 3 5 3 Fund year year year year Size Ltst Grng Ltst year year year year Size Ltst Grng Ltst % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV Debt - Structured Finance Fidelity Japan Trust Ord 25.8 2 58.4 2 158.1 1 6.3 287 -7.8 24 219 Blackstone/GSO Loan Financing -12.9 4 -14.6 3 21.4 2 3.4 395 -27.9 -1 82 OJPMorgan Japanese Ord 37.2 1 67.7 1 143.8 2 5.6 1067 -9.4 16 668 Chenavari Toro Income Fund Limited -12.7 3 2.8 2 24.5 1 4.9 215 -28.0 -8 71 OSchroder Japan Growth Ord -6.7 5 -3.4 6 36.4 5 4.2 267 -17.3 13 210 Fair Oaks Income 2017 Ord -30.9 6 -27.7 5 4.5 4 9.2 239 -7.0 0 51 Sector average/count 9.2 6 27.4 6 100.0 5 5.1 Marble Point Loan Financing Ord -30.7 5 - - - - - 116 -9.6 0 58 TwentyFour Income Ord -0.2 2 5.3 1 11.8 3 3.4 547 -4.6 0 112 Japanese Smaller Companies UK Mortgages 2.8 1 -16.1 4 -18.1 5 1.1 186 -18.3 685 81 Atlantis Japan Growth Ord 12.1 3 33.8 3 99.5 3 6.3 121 -16.7 1 292 Sector average/count -14.1 6 -10.1 5 8.8 5 4.4 AVI Japan Opportunity Ord 4.1 4 - - - - - 129 -4.8 10 109 Baillie Gifford Shin Nippon Ord 31.9 1 63.5 1 219.0 1 7.0 632 5.3 7 226 Europe JPMorgan Japan Smaller Cos Ord 29.2 2 51.6 2 137.1 2 5.3 302 -9.3 7 576 Baillie Gifford European Growth Trust 50.2 1 41.0 2 99.5 2 5.0 447 -3.1 2 1229 Sector average/count 19.3 4 49.6 3 151.9 3 6.2 BlackRock Greater Europe Ord 19.6 2 43.1 1 108.6 1 4.4 396 -2.6 6 465 European Opportunities Trust -19.4 7 0.5 5 28.5 7 4.6 861 -13.0 0 761 Leasing OFidelity European Values Ord 7.9 4 28.0 3 77.4 3 3.7 1153 -7.8 8 278 Amedeo Air Four Plus -52.9 3 -56.1 2 -47.8 1 8.3 632 -62.4 210 98 OHenderson European Focus Trust Ord 2.7 5 -2.1 6 39.4 5 4.1 303 -12.3 0 1404 DP Aircraft I Ord -90.0 5 -90.3 4 -86.5 3 6.7 136 -87.7 142 65 OHenderson EuroTrust Ord 13.1 3 18.5 4 68.6 4 3.8 302 -11.8 4 1412 KKV Secured Loan Fund C -48.9 2 -50.8 1 - - 1.9 128 -54.5 -9 92 JPMorgan European Growth Pool Ord -4.8 6 -7.6 7 28.9 6 4.2 235 -17.4 6 324 KKV Secured Loan Fund Ord -75.3 4 -77.0 3 -75.4 2 4.3 220 -70.4 2 62 JPMorgan European Income Pool Ord -20.7 8 -20.8 8 11.2 8 5.3 120 -15.1 7 140 Tufton Oceanic Assets -14.3 1 - - - - - 233 -9.1 0 91 Sector average/count 6.1 8 12.6 8 57.8 8 4.4 Sector average/count -56.3 5 -68.6 4 -69.9 3 5.3 Financials Property - Debt EJF Investments Ord -23.6 3 -3.8 1 - - 3.3 101 -27.3 6 165 ICG-Longbow Senior Sec. UK Prop Debt Inv -18.1 3 -12.8 4 -4.2 3 0.8 119 -23.4 -11 98 EJF Investments ZDP 2022 -0.9 1 - - - - - 18 -1.0 -14 117 Real Estate Credit Investments Ord -19.2 4 -9.8 3 7.2 2 2.4 334 -15.6 0 146 Polar Capital Global Financials Ord -23.1 2 -15.5 2 16.4 1 5.7 142 -10.0 9 114 Starwood European Real Estate Finance -10.3 1 -6.6 2 9.0 1 1.3 424 -17.5 -1 103 Sector average/count -15.9 3 -9.6 2 16.4 1 4.5 TOC Property Backed Lending Ord -14.5 2 -3.1 1 - - 2.3 22 3.7 10 82 Sector average/count -15.5 4 -8.1 4 4 3 1.7 Flexible Investment Property - Europe Aberdeen Diversified Income & Growth Ord -12.5 16 -12.8 17 -12.4 16 2.2 349 -19.3 20 117 BMO Managed Portfolio Growth Ord 4.7 5 16.1 3 50.2 3 4.0 81 -3.0 -8 225 Aberdeen Standard European Logistics Inc 20.4 1 - - - - - 249 3.2 -3 102 BMO Managed Portfolio Income Ord -8.8 13 -3.6 11 24.5 10 4.4 55 -3.5 -4 117 Phoenix Spree Deutschland Ord 14.7 2 13.8 1 142.4 1 4.6 439 -27.7 46 452 Caledonia Investments Ord -16.9 19 -3.9 12 29.9 8 2.5 1816 -26.2 -3 3312 Schroder European Real Estate Inv Trust -38.5 4 -28.6 2 - - 1.9 163 -46.5 -7 122 Capital Gearing Ord 5.6 4 20.4 1 44.7 4 1.5 542 2.6 -6 4386 Tritax EuroBox Euro Ord -0.3 3 - - - - - 494 -14.9 -13 118 CIP Merchant Capital Ord -0.4 7 - - - - - 42 -34.4 -3 76 Sector average/count -0.9 4 -7.4 2 142.4 1 3.2 Hansa Investment Company Ltd 'A' Class A -6.6 10 -4.8 13 18.5 13 4.2 315 -34.7 -2 263 Hansa Investment Company Ltd Ord -9.6 14 -7.2 15 12.6 15 4.2 315 -36.4 -2 263 Property - Rest of World Henderson Alternative Strategies Trust 6.3 3 2.1 9 41.5 6 2.8 121 -9.1 -53 312 Invesco Perp Select Balanced Risk Alloc -2.5 8 4.5 8 19.9 12 2.3 8 -2.6 -14 142 Macau Property Opportunities Ord -45.8 1 -56.6 1 -56.1 1 2.7 111 -60.8 89 179 JPMorgan Multi-Asset Ord -8.6 12 - - - - - 80 -10.2 -10 91 Sector average/count -45.8 1 -56.6 1 -56.1 1 2.7 JZ Capital Partners Ord -79.3 23 -80.5 19 -74.1 17 4.7 372 -79.7 7 480 JZ Capital Partners ZDP 2022 -30.7 21 -27.3 18 - - 0.1 52 -30.8 -7 441 Property - UK Commercial Miton Global Opportunities Ord -6.7 11 -6.1 14 54.6 2 4.5 71 -4.4 -1 256 AEW UK REIT Ord -14.8 6 -5.6 6 9.9 3 1.7 145 -18.6 23 91 OPersonal Assets Ord 8.2 1 17.4 2 43.7 5 1.4 1308 2.3 -8 44557 BMO Commercial Property Trust -45.6 14 -52.9 14 -45.1 9 1.1 961 -47.8 30 121 RIT Capital Partners Ord -12.4 15 0.4 10 32.9 7 2.0 3135 -7.0 13 1999 BMO Real Estate Investments Ord -32.3 10 -42.0 11 -33.2 6 1.1 231 -44.6 39 96 Ruffer Investment Company Ord 8.0 2 6.6 6 17.3 14 1.9 446 -2.7 -11 247 Custodian REIT Ord -18.4 7 -6.9 7 11.3 2 1.3 398 -4.2 30 96 Seneca Global Income & Growth Trust Ord -17.3 20 -10.2 16 20.6 11 5.0 60 -1.4 11 142 Ediston Property Investment Company -33.5 11 -44.7 12 -36.0 7 1.7 189 -41.5 43 91 UIL Ord -35.3 22 13.7 4 85.6 1 6.3 254 -45.9 94 290 LXI REIT Ord -11.8 5 21.1 5 - - 1.9 634 -8.7 15 123 UIL ZDP 2020 1.0 6 8.0 5 29.2 9 0.0 60 -0.9 31 154 Regional REIT Ord -32.2 9 -21.7 9 - - 2.3 423 -35.4 64 98 UIL ZDP 2022 -5.3 9 4.6 7 - - 0.0 65 -2.7 12 129 Schroder Real Estate Invest Ord -40.7 12 -45.0 13 -36.5 8 1.7 304 -48.1 42 60 UIL ZDP 2024 -14.3 17 - - - - - 34 -13.5 56 114 Standard Life Inv. Prop. Inc. Ord -42.5 13 -39.9 10 -28.6 5 1.5 325 -38.7 36 80 UIL ZDP 2026 -16.4 18 - - - - - 28 -19.4 75 113 Supermarket Income REIT Ord 9.0 3 27.7 2 - - 1.4 465 9.1 20 100 Sector average/count -10.9 23 -3.3 19 25.8 17 2.8 Tritax Big Box 7.7 4 22.0 4 51.6 1 2.4 2617 1.6 42 152 UK Commercial Property REIT -20.6 8 -19.1 8 -6.5 4 1.2 1084 -21.0 12 84 Global Urban Logistics REIT plc 19.9 1 36.7 1 - - 2.5 253 6.0 19 134 Warehouse REIT Ord 12.4 2 25.9 3 - - - 403 4.0 30 108 OAlliance Trust Ord 2.8 6 19.9 7 90.4 6 4.7 2774 -5.8 4 869 Sector average/count -17.4 14 -10.3 14 -12.6 9 1.7 OAVI Global Trust Ord 2.3 7 15.3 9 79.8 8 5.0 863 -10.3 10 831 OBankers Ord 7.6 5 31.1 6 86.6 7 3.9 1296 0.5 0 1003 Property - UK Healthcare OBrunner Ord -9.5 10 10.7 11 63.4 10 4.5 380 -16.9 7 898 EP Global Opportunities Ord -13.8 13 -7.9 14 31.1 14 3.1 113 -7.9 -16 284 Impact Healthcare REIT -2.1 2 17.6 1 - - 0.7 337 -4.8 -14 106 OF&C Investment Trust Ord -3.6 8 17.2 8 72.6 9 4.2 4089 -10.8 9 764 Target Healthcare REIT 2.1 1 6.3 2 25.1 1 0.7 487 1.3 4 106 JPMorgan Elect Managed Growth Ord -5.5 9 10.7 10 43.6 12 4.7 244 -6.2 -3 828 Sector average/count - - 12.0 2 25.1 1 0.7 Lindsell Train Ord -14.4 14 46.8 4 154.3 3 3.3 221 4.7 1 107073 Majedie Investments Ord -20.5 15 -22.3 15 -10.1 15 4.4 127 -20.4 14 242 Property - UK Residential Martin Currie Global Portfolio Ord 19.1 3 50.5 3 119.4 4 3.8 274 1.0 1 335 Mid Wynd International Inv Tr PLC O Inc 12.1 4 44.5 5 112.9 5 3.8 337 2.5 -1 634 Civitas Social Housing Ord 30.0 1 10.8 2 - - 2.6 662 0.4 10 107 Monks Ord 23.6 2 60.2 2 187.9 2 5.0 2478 1.9 5 1101 GCP Student Living Ord -26.2 5 -6.7 4 7.7 1 1.8 775 -28.6 -64 170 Scottish Investment Trust Ord -11.0 11 -3.6 13 44.1 11 3.7 583 -11.8 0 826 PRS REIT Ord -4.0 4 -6.9 5 - - 0.8 455 -13.0 -17 94 OScottish Mortgage Ord 96.7 1 141.1 1 307.5 1 6.0 14157 2.1 3 975 Residential Secure Income 4.4 3 2.2 3 - - 0.8 180 -14.4 26 108 OWitan Ord -11.6 12 -3.5 12 38.1 13 4.6 1644 -8.6 11 205 Triple Point Social Housing REIT Ord 24.4 2 23.8 1 - - 1.0 362 7.2 -20 106 Sector average/count 5.0 15 27.4 15 94.8 15 4.3 Sector average/count 5.7 5 4.6 5 7.7 1 1.4 Global Emerging Markets Property Securities Aberdeen Emerging Markets Ord 2.3 4 5.3 5 70.4 4 4.7 316 -16.4 1 686 TR Property Ord -15.2 1 4.0 1 35.1 1 4.8 1259 -11.5 17 389 Ashmore Global Opp USD Ord -66.2 13 -60.0 12 -57.6 10 6.8 12 -50.3 -3 277 Sector average/count -15.2 1 4 1 35.1 1 4.8 BlackRock Frontiers Ord -25.7 12 -29.5 10 13.4 9 5.8 240 -4.5 13 98 Fundsmith Emerging Equities Trust -2.9 7 -1.2 7 18.8 8 4.0 348 -15.1 -1 1305 Renewable Energy Infrastructure Genesis Emerging Markets Fund 1.5 5 18.2 3 78.2 3 4.3 1043 -12.5 -1 858 Gulf Investment Fund Ord 0.5 6 61.4 1 42.4 6 4.8 129 -10.9 -2 138 Bluefield Solar Income Fund 10.7 4 41.2 1 81.3 1 1.5 426 17.9 0 115 OJPMorgan Emerging Markets Ord 10.4 2 35.2 2 117.5 2 4.7 1412 -9.7 0 1178 Foresight Solar Ord -12.5 9 10.4 6 34.3 5 1.9 572 10.6 -15 94 OJPMorgan Global Emerg Mkts Inc Ord -10.3 8 3.5 6 62.2 5 4.5 372 -8.2 8 126 Gore Street Energy Storage Fund Ord 20.0 1 - - - - - 72 11.8 -28 94 Jupiter Emerging & Frontier Income Ord -11.5 9 -14.3 9 - - 5.7 76 -3.8 13 88 Greencoat Renewables 12.5 2 33.4 3 - - 2.5 635 18.7 57 101 Mobius Investment Trust Ord 11.5 1 - - - - - 112 -11.0 -5 106 Greencoat UK Wind -1.7 7 22.6 5 53.4 3 1.5 1796 11.7 26 118 ScotGems -22.8 10 -38.5 11 - - 4.0 41 -20.4 -4 76 Gresham House Energy Storage Ord 12.2 3 - - - - - 226 16.1 0 96 JLEN Environmental Assets Group Ord 4.0 6 27.8 4 47.7 4 1.6 505 25.7 -1 94 OTempleton Emerging Mkts Invmt Tr TEMIT 8.7 3 17.4 4 129.2 1 5.1 2215 -11.4 -1 917 NextEnergy Solar Ord -11.7 8 5.6 7 31.9 6 2.3 576 3.0 -9 98 Utilico Emerging Markets Ord -23.2 11 -9.3 8 28.6 7 5.1 459 -14.2 4 202 Renewables Infrastructure Grp 6.2 5 39.7 2 72.2 2 1.3 1935 19.6 -7 111 Sector average/count -9.8 13 -1.0 12 50.3 10 5.0 Sector average/count 4.4 9 25.8 7 53.5 6 1.8 Global Equity Income Royalties Henderson International Income Ord -9.0 5 0.3 5 46.7 4 3.8 295 -3.9 14 152 Hipgnosis Songs Ord 12.0 1 - - - - - 703 1.3 0 115 Invesco Perp Select Glo Eq Inc Ord -7.5 4 2.9 4 42.8 5 4.8 49 -0.6 11 185 Sector average/count 12 1 - - - - - OJPMorgan Global Growth & Income Ord 5.5 2 25.5 2 106.2 2 4.4 477 4.0 3 342 OMurray International Ord -15.7 6 -14.6 6 42.3 6 4.2 1283 -4.5 13 973 Technology & Media Scottish American Ord 9.4 1 34.6 1 108.3 1 3.4 659 5.3 13 421 Securities Trust of Scotland Ord -1.4 3 25.1 3 80.3 3 4.4 203 -2.4 10 191 Allianz Technology Trust Ord 50.6 1 130.1 1 320.2 1 6.1 1019 -1.2 -4 2519 Augmentum Fintech Ord 7.5 3 - - - - - 136 0.8 -11 116 Sector average/count -3.1 6 12.3 6 71.1 6 4.2 Polar Capital Technology Ord 45.3 2 101.8 2 267.9 2 5.1 2978 -4.6 -3 2172 Growth Capital Sector average/count 34.5 3 116.0 2 294.0 2 5.6 Schroder UK Public Private Trust plc -40.0 1 -71.7 1 -75.0 1 6.7 419 -40.3 25 46 UK All Companies Sector average/count -40 1 -71.7 1 -75 1 6.7 Artemis Alpha Trust Ord -2.7 3 -3.8 3 9.8 4 6.5 132 -19.7 -3 333 Aurora Ord -17.3 9 -18.8 9 8.0 6 7.5 119 -0.7 -5 158 Infrastructure Securities Baillie Gifford UK Growth 1.7 1 11.8 1 33.6 1 5.3 287 -7.8 0 190 Ecofin Global Utilities & Infra Ord 9.0 1 38.5 1 - - 4.8 155 -0.3 14 163 Fidelity Special Values Ord -30.8 11 -23.3 10 -2.7 10 6.1 565 -11.3 14 184 Premier Global Infrastructure Ord 1.5 2 -4.7 3 18.5 1 8.3 25 -11.5 112 133 Henderson Opportunities Ord -1.2 2 -1.3 2 0.1 9 7.3 82 -18.0 15 1033 Premier Global Infrastructure ZDP 2020 0.4 3 5.2 2 - - 0.0 30 -2.5 -5 125 Independent Ord -15.3 7 -25.4 11 32.9 2 7.1 265 -14.8 -16 488 Invesco Perp Select UK Equity Ord -14.4 6 -12.5 6 2.9 7 5.8 43 -3.4 13 145 Sector average/count 3.6 3 13 3 18.5 1 4.4 JPMorgan Mid Cap Ord -19.0 10 -13.0 7 0.8 8 7.2 248 -16.5 8 1038 Jupiter UK Growth Ord -34.1 12 -41.4 12 -32.8 12 6.5 29 -9.8 0 192 Japan Keystone Ord -15.3 8 -18.0 8 -16.1 11 6.2 188 -18.0 9 301 OAberdeen Japan Ord 7.9 4 17.1 4 48.9 4 4.4 106 -18.4 12 778 OMercantile Ord -13.4 4 -5.2 4 17.5 3 6.6 1601 -14.2 16 211 OBaillie Gifford Japan Ord 7.9 3 27.1 3 112.9 3 5.7 844 -3.3 5 913 Schroder UK Mid Cap Ord -14.3 5 -6.9 5 9.3 5 7.0 197 -20.0 5 556 CC Japan Income & Growth Ord -16.7 6 -2.6 5 - - 4.6 191 -10.2 19 140 Sector average/count -14.7 12 -13.2 12 5.3 12 6.6 investmentweek.co.uk 5 October 2020 Key to Symbols: Morningstar Analyst Ratings O Œ O„ O´ 39 O ‰ Oˆ OÁ

1 3 5 3 Fund 1 3 5 3 Fund year year year year Size Ltst Grng Ltst year year year year Size Ltst Grng Ltst % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV UK Equity & Bond Income Octopus Titan VCT Ord -4.4 22 2.2 20 15.5 24 1.5 895 -10.8 -30 89 Pembroke VCT B 1.9 14 17.4 11 4.8 28 2.4 107 -4.5 -2 107 Acorn Income Fund (Split) ZDP 2022 -1.6 1 4.8 1 16.6 1 1.6 34 -3.5 -4 158 ProVen Growth and Income VCT Ord -11.7 37 -9.6 33 2.5 29 2.4 122 -6.7 -37 54 Acorn Income Fund Ord -20.5 2 -31.9 3 -12.5 3 7.1 48 -16.3 64 301 ProVen VCT Ord -9.7 35 -0.2 25 19.9 19 4.1 113 -4.5 -37 68 Henderson High Income Ord -22.0 3 -21.6 2 -6.4 2 5.0 182 -11.6 27 145 Puma VCT 11 -4.7 24 -7.7 32 -4.8 31 1.0 29 -2.4 -12 77 Sector average/count -14.7 3 -16.2 3 -0.8 3 4.6 Puma VCT 12 17.3 2 1.9 22 - - 2.3 32 15.6 -8 82 The Income & Growth VCT Ord 5.8 6 27.0 7 47.2 6 4.2 76 -10.1 -50 77 UK Equity Income Triple Point Income VCT C 8.4 3 - - - - 5.8 11 -9.8 -6 83 OAberdeen Standard Equity Inc Trust Ord -27.8 25 -36.0 24 -29.0 25 6.3 139 -11.1 12 288 Triple Point Income VCT D 2.5 12 - - - - 5.4 8 -9.5 -47 58 BlackRock Income and Growth Ord -6.8 4 -1.2 5 18.0 6 4.4 38 5.8 4 167 Triple Point VCT 2011 A 8.3 4 - - - - 2.3 4 8.5 -12 45 BMO Capital & Income Ord -19.8 18 -12.8 15 14.3 11 5.7 262 -2.4 6 245 Triple Point VCT 2011 B 2.1 13 - - - - 1.8 6 0.0 -1 97 BMO UK High Income B Share Ord -10.9 11 -9.4 12 15.5 8 5.8 26 -8.5 8 85 Sector average/count -4.5 45 1.7 41 15.0 38 4.5 BMO UK High Income Ord -9.9 7 -9.3 11 15.1 10 5.7 73 -8.2 8 85 BMO UK High Income Units -10.4 8 -10.4 14 12.3 12 5.8 110 -8.1 8 341 VCT Generalist Pre Qualifying British & American Ord -45.4 28 -65.2 27 -65.3 27 30.9 7 -37.9 35 29 Downing Four Generalist Shs -25.9 3 -40.0 1 - - 3.7 28 -6.7 -33 62 British&American 2025 3.5% ------0.0 - 100 Seneca Growth Capital VCT B -8.0 2 - - - - - 7 -5.9 0 89 Chelverton UK Dividend Trust Ord -27.4 24 -45.8 26 -21.2 22 10.5 25 -5.4 65 118 Triple Point Income VCT E 10.7 1 - - - - 1.7 28 -9.9 -17 96 Chelverton UK Dividend Trust ZDP 2025 -2.3 1 - - - - - 16 -4.9 0 111 Sector average/count -7.7 3 -40 1 - - 2.7 OCity of London Ord -20.8 19 -14.6 16 3.4 16 4.6 1325 -1.4 12 320 Diverse Income Trust Ord -6.0 3 -7.4 8 10.5 14 3.8 320 -7.4 -1 88 VCT Specialist: Healthcare & Biotechnology Dunedin Income Growth Ord -5.3 2 10.4 2 38.3 2 4.3 400 -9.4 11 269 Seneca Growth Capital VCT 79.5 1 93.3 1 43.4 1 10.8 3 -21.8 -15 36 OEdinburgh Investment Ord -21.7 20 -28.1 20 -23.3 23 4.8 875 -14.0 11 503 Sector average/count 79.5 1 93.3 1 43.4 1 10.8 OFinsbury Growth & Income Ord -9.2 6 20.0 1 61.3 1 3.6 1821 -1.3 1 828 Invesco Income Growth Ord -14.4 14 -15.1 17 -2.8 18 4.7 152 -15.2 5 255 VCT Specialist: Healthcare & Biotechnology Pre Qualifying Investment Company Ord -10.6 9 -9.2 10 -7.5 19 4.1 15 -19.1 -3 309 Downing Four Healthcare Shs -16.9 1 -33.5 1 - - 2.6 13 -4.9 -55 67 JPMorgan Claverhouse Ord -17.9 16 -10.0 13 15.3 9 5.6 337 -4.5 17 586 JPMorgan Elect Managed Inc Ord -18.2 17 -16.2 18 1.2 17 4.7 67 -6.2 6 85 Sector average/count -16.9 1 -33.5 1 - - 2.6 OLaw Debenture Corporation Ord -11.2 12 -7.5 9 15.8 7 4.4 619 -5.0 26 553 Specialist OLowland Ord -25.5 21 -31.1 22 -16.3 21 6.2 270 -9.8 17 1016 Merchants Trust Ord -26.5 23 -16.3 19 4.4 15 6.8 413 -2.7 24 359 3i Infrastructure Ord 2.0 29 53.9 7 96.8 12 3.8 2228 15.6 -19 255 OMurray Income Trust Ord -10.9 10 5.5 3 35.4 3 4.3 520 -8.2 8 778 Aberdeen Latin American Income Ord -28.5 52 -26.9 47 36.4 33 7.3 33 -14.6 15 58 Perpetual Income & Growth Ord -26.2 22 -33.7 23 -33.4 26 5.5 522 -11.7 14 249 Aberdeen New India Ord -13.8 44 -6.0 38 38.4 32 6.4 301 -17.6 8 513 OSchroder Income Growth Ord -14.5 15 -5.5 6 11.9 13 5.0 175 -7.2 9 249 Aberdeen New Thai Ord -29.7 53 -13.1 43 32.9 37 6.6 77 -10.7 12 459 Shires Income Ord -14.1 13 -7.4 7 20.9 5 5.0 70 -9.0 20 222 Ashoka India Equity Investment Ord 6.5 27 - - - - - 77 -0.3 -1 114 OTemple Bar Ord -44.6 27 -42.4 25 -23.7 24 7.8 501 -13.5 4 765 Baillie Gifford US Growth Ord 95.1 1 - - - - - 667 8.2 1 244 Baring Emerging Europe Ord -24.2 48 -10.7 41 61.1 22 6.6 86 -10.6 -1 696 OTroy Income & Growth Ord -9.0 5 4.4 4 25.3 4 3.4 251 0.0 -3 73 Value And Income Ord -30.6 26 -28.9 21 -12.2 20 4.2 106 -29.0 50 250 BB Healthcare Ord 30.0 10 58.0 5 - - 6.9 764 2.3 0 160 BBGI SICAV Ord 13.9 16 32.4 14 71.3 19 1.1 835 29.1 -5 132 Sector average/count -17.8 28 -15.7 27 3.1 27 6.0 OBiotech Growth Ord 84.5 2 62.2 4 88.1 13 8.1 541 -0.1 13 1363 UK Smaller Companies BlackRock Energy and Resources Income -8.3 36 2.8 32 38.7 31 6.4 78 -12.1 4 68 BlackRock Latin American Ord -27.3 51 -23.9 46 35.2 34 9.3 136 -6.6 8 338 Aberdeen Smaller Companies Inc Ord -2.6 9 8.2 6 37.7 7 5.6 68 -17.3 7 310 BlackRock North American Ord -16.8 46 13.0 24 74.5 18 4.2 130 -5.1 -6 161 OAberforth Smaller Companies Ord -31.1 19 -29.6 17 -15.3 14 7.5 839 -13.8 7 943 BlackRock World Mining Trust plc 21.3 14 30.6 15 159.2 6 6.9 792 -12.5 15 447 Aberforth Split Level Income Ord -41.7 20 -51.9 19 - - 9.6 90 -18.6 58 47 Blue Planet Investment Trust -30.4 54 -33.4 49 1.3 44 9.4 16 -23.8 -1 32 Aberforth Split Level Income ZDP 2024 -1.4 7 1.7 7 - - 0.0 53 -4.0 0 111 BMO Global Smaller Companies Ord -11.5 42 -6.6 39 33.3 36 5.2 794 -10.6 1 135 Athelney Trust Ord -16.7 16 -16.7 15 1.1 13 5.1 5 -17.0 -5 233 CATCo Reinsurance Opps C 66.9 4 - - - - - 143 -16.2 -12 51 BlackRock Smaller Companies Ord -14.5 14 -1.3 9 39.8 6 6.5 666 -16.2 6 1378 CATCo Reinsurance Opps Ord 27.5 11 -72.0 50 -67.6 48 10.2 61 -17.2 -2 27 OBlackRock Throgmorton Trust plc 5.4 5 40.8 1 97.5 1 6.4 499 -2.5 26 591 CQS Natural Resources G&I Ord 10.8 20 -0.5 35 50.5 26 8.2 74 -14.7 16 109 Crystal Amber Ord -58.5 21 -54.5 20 -46.9 17 9.1 107 -33.0 -1 118 Edinburgh Worldwide Ord 53.1 5 117.9 1 225.5 2 7.0 984 1.8 1 284 Downing Strategic Micro-Cap Inv. Trust -25.2 17 -48.4 18 - - 4.8 36 -28.0 -21 66 O Gresham House Strategic plc -5.8 11 23.0 3 34.9 8 6.6 43 -21.0 -9 1034 European Assets Ord 7.1 25 -3.9 37 34.6 35 5.1 416 -10.6 1 116 Fidelity China Special Ord 50.6 6 55.9 6 191.1 3 6.7 1789 -6.3 24 353 OHenderson Smaller Companies Ord -12.1 13 1.3 8 30.0 9 7.0 645 -13.6 13 861 Invesco Perpetual UK Smaller Ord -25.8 18 -15.8 13 20.3 11 5.7 158 -19.3 -1 467 Gabelli Value Plus+ Trust Ord -16.1 45 -10.0 40 22.4 40 6.0 122 -10.4 -7 125 JPMorgan Smaller Companies Ord 11.4 2 36.3 2 53.0 4 7.3 228 -15.1 9 287 GCP Infrastructure Investment Ord -2.8 33 7.8 27 29.5 39 2.6 931 9.4 16 112 Marwyn Value Investors Ord -11.1 12 -29.4 16 -40.6 16 4.4 93 -28.0 0 156 Geiger Counter Ord 12.6 18 0.4 34 39.6 30 13.8 15 17.3 13 17 Miton UK Microcap 19.2 1 -10.2 11 3.3 12 6.3 70 -9.1 -9 63 Herald Ord 25.7 12 45.7 10 136.7 8 4.7 1283 -15.7 -7 1939 Montanaro UK Smaller Companies Ord 5.8 4 11.7 5 24.3 10 5.4 218 -14.0 4 130 HICL Infrastructure PLC Ord 5.6 28 19.6 17 40.5 29 1.1 2870 12.8 0 150 Odyssean Investment Trust Ord -2.5 8 - - - - - 93 -5.6 -6 106 Impax Environmental Markets Ord 10.9 19 46.9 9 145.2 7 5.1 841 2.9 2 335 Rights & Issues Investment Trust Ord -4.6 10 -9.7 10 71.2 2 5.3 142 -4.4 -11 1878 India Capital Growth Ord -10.3 39 -31.2 48 16.4 41 8.4 95 -21.2 -4 84 River and Mercantile UK Micro Cap Ord 3.8 6 -14.2 12 50.9 5 6.0 95 -22.1 -4 204 International Biotechnology Ord 33.9 8 47.5 8 80.5 15 5.6 301 2.8 6 790 OStandard Life UK Smaller Co. Ord 9.9 3 18.6 4 65.7 3 6.1 570 -8.4 2 566 International Public Partnerships Ord 7.6 21 12.0 25 52.1 25 0.9 2350 9.4 -3 149 Strategic Equity Capital Ord -15.3 15 -16.1 14 -18.0 15 5.0 147 -19.6 -11 231 Invesco Perp Select Liquidity Ord 0.8 30 1.1 33 0.1 45 0.4 3 -3.6 3 105 Sector average/count -10.2 21 -7.8 20 24.1 17 6.0 JPMorgan American Ord 7.6 22 39.8 13 102.9 10 5.4 1081 -5.2 9 539 JPMorgan Brazil Ord -17.4 47 -13.9 44 76.4 17 9.6 23 -12.0 -2 68 VCT AIM Quoted OJPMorgan China Growth & Income plc 73.5 3 100.9 2 269.7 1 6.7 403 -3.9 11 552 Amati AIM VCT Ord 24.0 1 26.8 1 93.7 1 5.9 184 -8.0 -7 171 JPMorgan Elect Managed Cash Ord 0.4 31 2.9 31 4.4 43 0.3 6 -0.9 -86 103 Artemis VCT PLC O Inc -17.2 6 -17.8 6 51.7 2 11.1 11 -23.5 -49 37 JPMorgan European Smaller Comp Ord 13.7 17 6.5 28 80.0 16 5.8 736 -14.3 7 457 Hargreave Hale AIM VCT Ord 7.1 5 5.8 4 23.8 6 5.0 143 -8.0 -10 71 OJPMorgan Indian Ord -24.6 50 -20.6 45 12.3 42 7.6 535 -18.1 2 683 Octopus AIM VCT 2 13.7 2 8.4 3 31.3 4 4.5 92 -4.9 -24 76 OJPMorgan Russian Securities Ord -10.6 40 41.1 12 160.9 5 6.2 301 -11.7 1 664 Octopus AIM VCT Ord 13.6 3 5.7 5 27.5 5 4.6 134 -5.5 0 101 JPMorgan US Smaller Companies Ord -9.7 37 14.7 21 66.2 21 6.4 186 -6.9 6 316 Unicorn AIM VCT Ord 9.1 4 15.8 2 34.5 3 5.9 244 -14.7 -9 167 Jupiter Green Ord 7.1 26 15.6 19 58.5 23 4.3 40 -3.0 -3 213 Sector average/count 8.4 6 7.4 6 43.8 6 6.2 Jupiter US Smaller Companies -13.4 43 15.3 20 56.8 24 6.5 139 -14.4 0 1117 Menhaden Ord 7.2 23 30.4 16 -12.0 46 3.8 96 -26.8 -4 120 VCT Generalist Middlefield Canadian Income Ord -10.7 41 -3.4 36 48.0 27 5.7 101 -10.8 -149 95 Albion Development VCT Ord -1.5 17 27.2 6 44.0 8 2.0 71 -6.2 -21 77 OMontanaro European Smaller Ord 36.3 7 75.3 3 178.9 4 5.3 233 -0.6 2 1391 Albion Enterprise VCT Ord -0.7 16 24.4 9 48.4 5 2.4 74 -4.9 -23 108 North American Income Trust Ord -24.2 49 3.1 30 69.2 20 5.1 359 -10.7 2 244 Albion Technology & Gen VCT Ord -5.7 27 25.9 8 26.2 12 4.2 85 -1.3 -6 77 Polar Capital Glb Healthcare Ord 7.1 24 18.1 18 43.8 28 5.0 322 -11.3 4 266 Albion VCT Ord -2.5 18 14.5 12 42.6 9 2.5 69 -5.5 -32 71 Polar Capital Glb Healthcare ZDP 2024 -0.9 32 4.6 29 - - 0.0 35 -2.4 -6 110 Baronsmead Second Venture Trust Ord 3.4 9 3.2 19 19.8 20 3.6 181 -7.0 -18 73 Riverstone Energy Ord -50.2 55 -74.5 51 -66.4 47 8.9 295 -30.6 0 445 Baronsmead Venture Trust Ord 2.8 11 2.1 21 18.7 21 3.3 164 -6.3 -24 71 Sequoia Economic Infrastructure Inc Ord -4.3 35 8.6 26 31.4 38 2.4 1639 5.1 6 99 British Smaller Companies VCT Ord -5.4 26 8.5 15 26.3 11 3.0 91 -7.8 -8 66 Smithson Investment Trust Ord 23.1 13 - - - - - 1915 3.2 -2 1482 British Smaller Companies VCT2 Ord -3.6 20 7.7 17 22.4 13 3.0 61 -4.9 -40 47 TR European Growth Ord 14.7 15 -11.1 42 81.4 14 6.4 560 -14.4 7 1113 Calculus VCT Ord -9.7 36 -16.0 35 - - 3.3 19 -6.0 -5 67 Vietnam Enterprise Ord -9.9 38 14.4 23 - - 7.5 1137 -12.8 0 524 Chrysalis VCT Ord -20.0 40 -5.6 31 22.0 16 2.6 16 -24.9 -16 55 VinaCapital Vietnam Opp Fund Ord -4.0 34 14.6 22 120.8 9 5.0 728 -23.9 -5 422 Crown Place VCT Ord 4.0 8 34.0 3 56.2 2 2.4 65 -3.4 -37 30 OWorldwide Healthcare Ord 32.9 9 44.9 11 101.0 11 5.6 2073 1.6 -2 3497 Downing Four VCT DP67 -30.3 41 -2.1 27 -15.0 34 6.2 2 -6.9 -3 19 Sector average/count 7.1 55 13.7 51 67.7 48 5.8 Downing Four VCT DSO 1 D 87.1 1 44.6 1 50.2 3 2.5 1 -8.3 -29 12 Downing ONE VCT -20.0 39 -21.9 36 -12.8 33 4.2 89 -5.4 -20 59 Downing Three VCT 'F' Ord -6.3 29 19.3 10 -12.4 32 4.8 3 -38.8 -1 25 Data Source: © 2020 Morningstar, Inc. All Rights Reserved. The information Downing Three VCT 'H' Ord -34.4 43 -58.2 41 -58.6 38 4.3 4 -30.7 0 33 contained herein: (1) is proprietary to Morningstar and/or its content Downing Three VCT 'J' Ord -31.4 42 -57.6 40 -57.6 37 4.8 5 -22.6 -25 48 providers; (2) may not be copied or distributed; and (3) is not warranted Downing Two VCT 'F' Ord -3.1 19 -22.5 37 -31.5 35 4.9 2 -28.2 -9 22 to be accurate, complete or timely. Neither Morningstar nor its content Downing Two VCT 'G' Ord -37.1 44 -43.7 38 -43.7 36 48.5 9 -26.5 -4 34 providers are responsible for any damages or losses arising from any use of this information. Past performance is Downing Two VCT 'K' Ord -46.5 45 -52.9 39 - - 8.3 7 -6.5 -53 43 no guarantee of future results. Draper Esprit VCT -13.9 38 -9.8 34 -1.7 30 3.2 49 -4.8 -17 46 The overall Morningstar RatingTM published here is based on a weighted average of a fund’s 3-, 5-, and 10-year Foresight 4 VCT Ord -7.9 31 0.1 24 10.3 26 3.3 106 -7.2 -4 57 ratings. 3-year volatility can be used as a measurement of risk. It is the standard deviation of the fund’s monthly Foresight VCT Ord -8.2 33 0.9 23 6.8 27 3.4 137 -10.3 -9 66 returns over the past 36 months. Fund size is the latest fund size available to Morningstar at the time of calculation. Kings Arms Yard VCT Ord -5.9 28 9.5 13 36.3 10 2.6 76 -4.9 -13 20 Morningstar Analyst Rating™ for funds: A summary expression of our forward-looking analysis of a fund. It is based on Morningstar research analysts’ investigation of five key pillars: people, process, parent, performance, and Maven Income & Growth VCT 3 Ord -4.7 25 -2.5 28 17.6 23 2.9 42 -9.0 -33 53 price. Maven Income & Growth VCT 5 Ord -4.5 23 9.0 14 21.8 17 2.4 43 -13.8 -31 34 Investment trust performance data is supplied by Morningstar. Data Source: © 2020 Morningstar, Inc. All Rights Maven Income & Growth VCT Ord -3.7 21 5.0 18 11.5 25 3.2 39 -6.3 -43 43 Reserved. Mobeus Income & Growth 2 VCT Ord 1.5 15 30.1 4 46.4 7 6.2 53 -5.7 -36 72 All data is calculated to (or is the most recent available at 25/09/20 on a mid-to-mid, net income re-invested, Mobeus Income & Growth 4 VCT Ord 5.5 7 29.0 5 49.0 4 4.6 55 -4.8 -5 65 sterling basis. Mobeus Income & Growth VCT Ord 6.1 5 39.5 2 59.1 1 4.3 75 -4.0 -27 59 Fund size, latest discount, latest gearing and latest NAV are provided by Morningstar as a guide only and are Northern 2 VCT Ord -7.9 32 -1.8 26 20.7 18 3.3 88 -4.6 -30 55 based on NAV estimates on a cum income basis with debt valued at fair. Fund size: the net assets of the fund, being Northern 3 VCT Ord -8.3 34 -5.1 30 22.1 15 3.4 88 -4.7 -10 81 the total value of all assets held, less all liabilities. Northern Venture Trust Ord -7.3 30 -3.2 29 22.2 14 2.9 95 -4.6 -15 59 Discount: the discount or premium at which the share trades relative to its net asset value. Gearing: the gross Octopus Apollo VCT Ord 3.2 10 8.3 16 18.2 22 2.3 138 -7.8 -12 45 gearing of the fund, being the ratio of total assets to net assets, rebased to 100. 5 October 2020 investmentweek.co.uk