DOCSLIB.ORG

Guinness Global Money Managers Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Guinness Global Money Managers Fund Guinness Global Money Managers Fund Guinness Global Money Managers Fund A high conviction equity fund managed by Will Riley and Tim Guinness investing in quoted companies in the asset management sector. INVESTMENT COMMENTARY – July 2017 Aim What do the last 5 years tell us The Fund aims to deliver long-term capital about the sector? growth by capturing the strong returns that successful asset management companies In this month’s brief, we look at the 35 largest listed can deliver to shareholders. “pure play” asset managers in the world, to see what we We expect asset managers to outperform the broad can learn from trends developing in the sector over the market over the long term, primarily due to the past five years, and a closer look at their activity so far ability of successful managers to grow their this year. earnings more rapidly than the broad market. We also discuss our Fund performance over the second quarter of 2017 (the fund rose by 10.7% in USD over this 30.06.17 Performance period), and consider the outlook. 110% Guinness Global Money Managers Trends in the sector over the last 5 years 90% IA Global sector The list of the world’s 35 largest listed “pure play” asset FE Offshore financials funds 70% managers companies ranges in AuM terms from the smallest, Manning & Napier, running $32bn of assets, to 50% Blackrock, running $5.7trn of assets. The list is skewed 30% towards the US, with 19 of the 35 being US based, 10 in Europe (including 6 in the UK) and 6 based elsewhere. In 10% reality, of course, the domicile of the business hides the Cumulative total return fact that many of these companies have global -10% from Fund launch (31.12.10), in GBP operations and client bases. -30% 2011 2012 2013 2014 2015 2016 2017 The majority of the list are long-only equity, fixed income and money market specialists, but it does include 6 private equity firms, all listed in the US. Of the firms Index MSCI World Index specialising in equities, 2 (Blackrock and Invesco) have made significant strides into the ETF market, whilst a Financials Index MSCI World Financials Index handful of others are looking to expand in that direction. Fund launch 31.12.10 Our main findings are: Past performance should not be taken as an indicator of future performance. The value of • Assets under management, for many firms, have this investment and any income arising from it can fall as well as rise as a result of market grown well. This has of course been well supported and currency fluctuations. by market appreciation. There is a tail of managers, Source: Financial Express, bid to bid, total return. however, who have seen their businesses decline. • Despite the penetration of passives/ETFs into the market, the majority of companies have achieved net inflows. The rotation from active investments to 2015: BEST FUND OVER 3 YEARS passives/ETFs is mainly affecting the traditional, EQUITY SECTOR BANKS & OTHER FINANCIALS underperforming, low-active share US asset managers, with non-US firms doing better. Tel: +44 (0) 20 7222 5703 Guinness Asset Management Ltd is authorised and regulated by Email: [email protected] the Financial Conduct Authority Web: guinnessfunds.com Guinness Global Money Managers Fund • 2017 has seen a much stronger net inflow picture than 2016. • Net revenue margins have declined, on average, by about 10% since 2012. Operating margins are fairly steady over the period, though have come down a little since 2014. • Cashflow return on investment (CFROI) for the group remains elevated versus the broad market. • The dividend yield for the asset management sector versus the broader market was compressed in 2013, after very strong equity performance, but underperformance in 2015 and 2016 has result in the dividend yield expanding. Sector dividend yield now sits at a 40% premium to the broad market (vs 14% discount in 2013). How have assets under management grown over the last 5 years? Since the start of 2012, the MSCI World (which we use as a proxy for equity returns) has produced a price return of 43% and a total return of 61%, whilst the IBOXX Corporate Bond Index (which we use as a proxy for fixed income returns) has produced a total return of 17%. Unsurprisingly then, average growth in assets under management over this period has been strong, with assets rising on average by 47%. However, this statistic masks a very wide range of outcomes for the 35 participants, with some managers doubling their assets, others seeing declines of up to 30%. Growth in AuM: end-2012 to 2017 (%) 140% 120% 100% 80% 60% 40% 20% 0% -20% Anima Jupiter Artisan Invesco Amundi Ashmore KKR & Co Blackrock -40% Schroders Fiera Corp Blackstone CI FinancialCI Man Group Legg Mason Eaton Vance T Rowe Price Standard Life GAM Holding Carlyle Group Cohen & Steers Oaktree Capital Waddell & Reed Janus Henderson GAMCO Investors Manning & Napier Ares Management Franklin Resources Federated Investors Partners Group Holding Affiliated Managers Group Coronation Fund Managers Apollo Global Management BT Investment Management Aberdeen Asset Management Source: Bernstein; company reports; Guinness Funds How does this compare to net flows? Given that the level of assets being managed by each firm has enjoyed the tailwind of rising markets, analysis of the underlying flows of each business (being the net of subscriptions and redemptions) is perhaps more instructive. Past performance should not be taken as an indicator of future performance. The value of investments and any income arising from them can fall as well as rise. July 2017 guinnessfunds.com 2 Guinness Global Money Managers Fund Looking first at the group as a whole, we can see that in each of the four years from 2012 to 2015, around two- thirds to three-quarters of the top 35 firms experienced net inflows. 2016 was then an unusual year, with the number of firms enjoying net inflows falling to about half of the group. This worsening of flows for the sector clearly spooked the market, with asset management firms generally de-rating and underperforming the broader equity sector. However, 2017 has so far seen a return to 2012-2015 behaviour, with 71% of the top 35 enjoying net inflows. Asset managers: net inflows as % of closing AuM, 2012 to 2017 Net inflow as % of closing AuM Company 2012 2013 2014 2015 2016 2017 Average Partners Group Holding 17.4% 13.9% 12.5% 15.8% 14.3% 13.7% 14.6% Blackstone 19.3% 14.2% 9.2% 14.5% 10.6% 3.6% 11.9% KKR & Co 18.3% 25.2% 2.7% 1.4% 12.8% 3.0% 10.6% Anima -0.7% 8.3% 16.2% 15.1% 6.9% 2.3% 8.0% Ares Management 16.7% 9.4% 2.6% 9.4% 2.0% 6.6% 7.8% Apollo Global Management 2.1% 15.4% -2.6% 6.7% 8.5% 2.0% 5.3% Eaton Vance 0.1% 12.4% 1.0% 5.6% 6.2% 6.0% 5.2% Amundi 2.6% 1.5% 4.1% 9.1% 6.3% 3.0% 4.4% Schroders 5.0% 3.7% 9.4% 4.3% 0.4% 2.1% 4.2% BT Investment Management -1.8% 3.2% 4.3% 8.6% 5.6% 4.0% 4.0% Jupiter 4.2% 4.6% 2.8% 5.9% 2.8% 3.2% 3.9% Affiliated Managers Group 9.2% 9.4% 4.0% -0.5% 1.2% -0.2% 3.9% Coronation Fund Managers 16.8% 15.9% 6.5% -2.6% -12.3% -5.0% 3.2% Blackrock -0.1% 3.2% 4.5% 3.2% 4.3% 3.3% 3.1% Cohen & Steers -6.3% -4.3% -0.2% 5.1% 12.6% 3.7% 1.8% Artisan 10.2% 9.7% 0.8% -5.4% -4.8% -0.3% 1.7% Standard Life 2.7% 6.4% 0.5% 2.1% -0.8% -0.7% 1.7% Invesco 1.8% 5.2% -1.1% 0.3% 3.0% 0.6% 1.6% CI Financial 1.4% 4.9% 4.3% 3.3% -5.3% -0.3% 1.4% Federated Investors 1.2% -0.8% 1.4% 0.5% 1.1% -0.5% 0.5% T Rowe Price 3.5% -2.1% 0.5% 0.2% -0.4% 0.6% 0.4% Fiera Corp 0.0% 0.9% -0.5% 0.3% -2.1% 1.1% 0.0% GAM Holding 1.6% -3.2% 1.1% 2.4% -5.4% 2.3% -0.2% Franklin Resources 2.4% 6.1% 2.0% -2.3% -8.2% -1.5% -0.2% Carlyle Group -4.8% 9.8% -1.8% -0.4% -7.9% 2.6% -0.4% Man Group -12.5% -6.3% 6.1% 0.4% 2.4% 3.7% -1.0% Oaktree Capital -10.3% -5.7% 3.3% 10.4% -4.8% 0.0% -1.2% Ashmore 2.0% 20.9% -9.7% -12.7% -12.7% 4.9% -1.2% Legg Mason -1.8% 1.2% -0.8% -3.7% -3.6% 0.5% -1.4% Janus Henderson -7.1% -7.7% 0.9% 2.2% -2.5% 1.7% -2.1% GAMCO Investors -5.0% 3.1% -4.1% -12.2% -8.7% 0.3% -4.4% Virtus n/a n/a -2.1% -11.1% -10.0% 2.2% -5.2% Waddell & Reed 2.8% 8.9% -2.8% -11.1% -24.3% -7.7% -5.7% Aberdeen Asset Management 0.0% -1.3% -8.0% -10.5% -11.5% -4.3% -5.9% Manning & Napier -1.9% -5.6% -6.5% -22.9% -23.1% -6.3% -11.0% Source: company reports; Guinness Funds Past performance should not be taken as an indicator of future performance.
Load more

Recommended publications
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Jupiter Green Investment Trust PLC Report & Accounts for the Year Ended 31 March 2012
    Jupiter Green Investment Trust PLC Report & Accounts for the year ended 31 March 2012 JUPITER GREEN INVESTMENT TRUST PLC Annual Report and Accounts 2012 ■ Contents Investment Objective, Investment Policy, Investment Approach and Benchmark Index 2 Dividend Policy, Planned Life of the Company and Discount Control 4 Company Information 5 Directors 6 Financial Highlights 7 Chairman’s Statement 8 Manager’s Review 9 Portfolio Investments 10 Company Profiles for Top Twenty Investments 12 Sector and Geographical Analysis of Investments 13 Report of the Directors 14 Directors’ Remuneration Report 21 Directors’ Responsibilities for the Financial Statements 23 Independent Auditors’ Report 24 Statement of Comprehensive Income 25 Statement of Financial Position 26 Statement of Changes in Equity 27 Cash Flow Statement 28 Notes to the Accounts 29 Notice of Annual General Meeting 40 Important Risk Warnings 43 Investor Information 44 Form of Proxy Form of Direction 1 JUPITER GREEN INVESTMENT TRUST PLC Annual Report and Accounts 2012 ■ Investment Objective, Investment Policy, Investment Approach and Benchmark Index Investment Objective The Company’s investment objective is to generate long-term capital growth through a diverse portfolio of companies providing environmental solutions. Investment Policy The Company invests globally in companies which have a significant focus on environmental solutions. Specifically, the Company looks to invest across three key areas: infrastructure, resource efficiency and demographics. The Company’s portfolio has a bias towards small and medium capitalisation companies. It invests primarily in securities which are quoted, listed or traded on a recognised exchange. However, up to 5 per cent. of the Company’s Total Assets (at the time of such investment) may be invested in unlisted securities.
    [Show full text]
  • Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note
    finn-ancial Times finnCap Financials & Insurance quarterly sector note Q3 2020 | Issue 9 Highlights this quarter: Elevated uncertainty and volatility have been hallmarks of the last 18 months, with Brexit, the UK General Election and more recently COVID-19 all contributing to the challenges that face investors wishing to carve out solid and stable returns amid these ‘unprecedented’ times. With this is mind, and simulating finnCap’s proven Slide Rule methodology, we found the highest quality and lowest value stocks across the financials space, assessing how the make-up of these lists changed over the period January 2019 to July 2020, tracking indexed share price performance over the period as well as movements in P/E and EV/EBIT valuations. The top quartile list of Quality companies outperformed both the Value list and the FTSE All Share by rising +2.5% over the period versus -5.4% for the All Share and -14.3% for Value stocks. Furthermore, the Quality list had protection on the downside in the market crash between February and March 2020, and accelerated faster amid the market rally between late March and July 2020. From high to low (January to March), Quality moved -36.3% against the Value list at -45.5%, while a move off the lows to July was +37.4% for Quality and +34.0% for Value. There was some crossover between the Quality and Value lists, with 7 companies of the top quartile (16 companies in total) appearing in both the Quality and Value lists. This meant that a) investors could capture what we call ‘Quality at Value’ (i.e.
    [Show full text]
  • Chrysalis Investments Limited
    THIS PROSPECTUS IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from your stockbroker, bank, solicitor, accountant or other independent financial adviser who is authorised under the Financial Services and Markets Act 2000 (the “FSMA”) if you are in the United Kingdom, or from another appropriately authorised independent financial adviser if you are in a territory outside the United Kingdom. This Prospectus comprises a prospectus relating to Chrysalis Investments Limited (the “Company”) in connection with the issue of Shares, prepared in accordance with the Prospectus Regulation Rules of the Financial Conduct Authority made pursuant to section 73A of the FSMA. This Prospectus has been approved by the Financial Conduct Authority for the purposes of the UK version of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”). The Financial Conduct Authority only approves this Prospectus, as the competent authority under the Prospectus Regulation Rules, as meeting the standards of completeness, comprehensibility and consistency imposed by the UK Prospectus Regulation. Such approval should not be considered as an endorsement of the Company that is the subject of this Prospectus or of the quality of the Shares. This Prospectus has been drawn up and published in accordance with the UK Prospectus Regulation. Investors should make their own assessment as to the suitability of investing in the Shares. The Shares are only suitable for investors: (i) who understand and are willing to assume the potential risks of capital loss and that there may be limited liquidity in the underlying investments of the Company; (ii) for whom an investment in the Shares is part of a diversified investment programme; and (iii) who fully understand and are willing to assume the risks involved in such an investment.
    [Show full text]
  • Jupiter Green Investment Trust PLC Report & Accounts for the Year Ended 31 March 2011
    Jupiter Green Investment Trust PLC Report & Accounts for the year ended 31 March 2011 Job No.: 7471 Proof: 10 Proof Event: 10 Park Communications Ltd Alpine Way London E6 6LA Customer: Jupiter Project Title: Jupiter Green Investment Trust Annual Report T: 020 7055 6500 F: 020 7055 6600 Job No.: 7471 Proof: 10 Proof Event: 10 Park Communications Ltd Alpine Way London E6 6LA Customer: Jupiter Project Title: Jupiter Green Investment Trust Annual Report T: 020 7055 6500 F: 020 7055 6600 JUPITER GREEN INVESTMENT TRUST PLC Annual Report and Accounts 2011 ■ Contents Investment Objective, Investment Policy, Investment Approach and Benchmark Index 2 Dividend Policy, Warrants, Planned Life of the Company and Discount Control 4 Company Information 5 Directors 6 Financial Highlights 7 Chairman’s Statement 8 Manager’s Review 10 Portfolio Investments 11 Company Profiles for Top Ten Investments 13 Sector and Geographical Analysis of Investments 14 Report of the Directors 15 Directors’ Remuneration Report 22 Directors’ Responsibilities for the Financial Statements 24 Independent Auditors’ Report 25 Statement of Comprehensive Income 26 Statement of Financial Position 27 Statement of Changes in Equity 28 Cash Flow Statement 29 Notes to the Accounts 30 Notice of Annual General Meeting 42 Important Risk Warnings 45 Investor Information 46 Form of Proxy Form of Direction Job No.: 7471 Proof: 10 Proof Event: 10 Park Communications Ltd Alpine Way London E6 6LA Customer: Jupiter Project Title: Jupiter Green Investment Trust Annual Report T: 020 7055 6500 F: 020 7055 6600 JUPITER GREEN INVESTMENT TRUST PLC Annual Report and Accounts 2011 ■ Investment Objective, Investment Policy, Investment Approach and Benchmark Index Investment Objective The Company’s investment objective is to generate long-term capital growth through a diverse portfolio of companies providing environmental solutions.
    [Show full text]
  • Schroder UK Mid Cap Fund
    Schroder UK Mid Ca p Fund plc Half Year Report and Accounts For the six months ended 31 March 2020 Key messages – Portfolio of “high conviction” stocks aiming to provide a total return in excess of the FTSE 250 (ex-Investment Companies) Index and an attractive level of yield. – Dividend has tripled since 2007 as portfolio investments have captured the cash generative nature of investee companies, in a market where income has become an increasingly important part of our investors’ anticipated returns. – Provides exposure to dynamic mid cap companies that have the potential to grow to be included in the FTSE 100 index, which are at an interesting point in their life cycle, and/or which could ultimately prove to be attractive takeover targets. – Proven research driven investment approach based on the Manager’s investment process allied with a strong selling discipline. – Managed by Andy Brough and Jean Roche with a combined 50 years’ investment experience 1, the fund has a consistent, robust and repeatable investment proces s. 1Andy Brough became Lead Manager on 1 April 2016 . Investment objective Schroder UK Mid Cap Fund plc’s (the “Company”) investment objective is to invest in mid cap equities with the aim of providing a total return in excess of the FTSE 250 (ex -Investment Companies) Index. Investment policy The strategy is to invest principally in the investment universe associated with the benchmark index, but with an element of leeway in investment remit to allow for a conviction-driven approach and an emphasis on specific companies and targeted themes. The Company may also invest in other collective investment vehicles where desirable, for example to provide exposure to specialist areas within the universe.
    [Show full text]
  • Full Instruments List
    Full Instruments List FOREX INDICES COMMODITIES CRYPTOCURRENCIES CASH INDICES SHARES & ETF's xopenhub.pro X Open Hub Sp. z o.o., a Polish limited liability company, organized and existing under the law of Poland whose registered office is at ul. Ogrodowa 58, 00- 876 Warsaw, entered into the register of entrepreneurs conducted by the District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under registration number KRS: 0000454027, REGON: 146583356, Tax Identification Number (NIP) 5272691601, with a fully paid up share capital in the amount of PLN 5.000,00. Instrument Full Instruments List for XOH Trader Below you will find a full list of instruments offered by X Open Hub Ltd. Please note that the figures below are purely for information purposes. If you have any questions, please contact us at [email protected] or phone: +44 (0) 20 3695 3088. Contents: 1. Forex 2. Indices 3. Commodities 4. Cryptocurrencies (on demand) 5. Cash Indices (on demand) 6. Others: XAUTRY, GAUTRY, USDSGD (on demand) 7. Equity CFDs: Belgium Czech Republic Denmark Finland France Germany Italy Netherlands Norway Poland Portugal Spain Sweden Switzerland UK UK Int US 8. ETF CFDs: EU US Instrument List (Basic, Standard, Pro) FOREX Minimum Instrument Nominal value of Size of one quotation Trading hours Instrument name Reference source symbol the lot pip step (in (CET) points) 24h from Sunday Australian Dollar to Interbank market price AUD 100 000 0,0001 0,00001 11:00pm to Friday AUDCAD Canadian Dollar from top-tier banks 10:00
    [Show full text]
  • Women in Finance Charter List of 273 Signatories
    Women in Finance Charter List of 273 signatories 68 new Charter signatories announced on 11 July 2018 Links to gender diversity targets to be published here in September Admiral Group AE3 Media Armstrong Wolfe Australia and New Zealand Banking Group Limited Barrington Hibbert Associates BNP Paribas Personal Finance BondMason Bovill Ltd Bower Recruitment Brooks Macdonald plc Canada Life Coventry Building Society Daiwa Capital Markets Europe Ltd EIS Association Ellis Davies Financial Planning Ltd Engage Financial Services Ltd Equifax Ltd Evolution Financial Planning Fintech Strategic Advisors Ltd Fintellect Recruitment First Wealth LLP Flood Re Ltd Foresight Franklin Templeton Investments GAM Global Processing Services Goji Investments Grant Thornton Hinckley and Rugby Building Society HUBX ICAEW Intermediate Capital Group Investec Asset Management Limited 11 July 2018 11 July 2018 J. P. Morgan Kames Capital plc Lazard & Co Limited Lazard Asset Management Limited LifeSearch Magenta Financial Planning Marsh Ltd Medianett Ltd Mortgages for Businesses Ltd MT Finance Ltd Mustard Seed Impact Ltd National Association of Commercial Finance Brokers Nomura International PIMCO Prytania Solutions Limited Pukka Insure Ltd Rathbone Brothers plc Scottish Equity Partners SDB Bookkeeping Services Semper Capital Management Shepherd Compello Ltd St. James’s Place plc Stonehaven International Sussex Independent Financial Advisers Ltd Tesco Underwriting The British United Provident Association (BUPA) The Meyer Partnership The Mortgage & Insurance Bureau TP
    [Show full text]
  • Diversified International All Cap Fund Portfolio Holdings
    PORTFOLIO HOLDINGS Harbor Diversified International All Cap Fund As of 06/30/2021 Subadviser: Marathon Asset Management LLP - Since 11/02/2015 Portfolio Managers: Neil M. Ostrer, Charles Carter, Nick Longhurst, William J. Arah, Simon Somerville, Michael Nickson, CFA, Robert Anstey, CFA, Justin Hill, Alex Duffy Shares/Par/ Current Base Base Market Value % of Total Net SEDOL Asset Description Contracts Price $ $ Assets Taiwan Semiconductor Manufacturing Co., Ltd. 1,151,000 21.35 24,579,453 2.06 Samsung Electronics Co., Ltd. 274,384 71.66 19,662,379 1.65 Roche Holding Ltd 34,928 377.08 13,170,501 1.11 Hitachi,Ltd. 218,200 57.31 12,505,364 1.05 BP p.l.c. 2,805,151 4.35 12,206,804 1.03 Eurobank Ergasias Services & Holdings SA 11,388,327 1.01 11,479,607 0.96 Brookfield Asset Management Inc. Class A 215,169 51.07 10,988,685 0.92 Vestas Wind Systems A/S 273,185 39.04 10,665,045 0.90 Baidu Inc Sponsored ADR Class A 50,779 203.90 10,353,838 0.87 Novo Nordisk A/S Class B 119,403 83.79 10,004,599 0.84 HelloFresh SE 95,973 97.22 9,330,504 0.78 Porto Seguro S.A. 875,941 10.66 9,333,991 0.78 Barclays PLC 3,565,858 2.36 8,429,465 0.71 Fairfax Financial Holdings Limited 19,049 438.99 8,362,300 0.70 Grupo Financiero Inbursa SAB de CV Class O 8,463,619 0.99 8,382,641 0.70 Toyota Motor Corp.
    [Show full text]
  • FTSE UK 100 ESG Select
    2 FTSE Russell Publications 19 August 2021 FTSE UK 100 ESG Select Indicative Index Weight Data as at Closing on 30 June 2021 Constituent Index weight (%) Country Constituent Index weight (%) Country Constituent Index weight (%) Country 3i Group 0.83 UNITED KINGDOM Halfords Group 0.06 UNITED KINGDOM Prudential 2.67 UNITED KINGDOM 888 Holdings 0.08 UNITED KINGDOM Harbour Energy PLC 0.01 UNITED KINGDOM Rathbone Brothers 0.08 UNITED KINGDOM Anglo American 2.62 UNITED KINGDOM Helical 0.03 UNITED KINGDOM Reckitt Benckiser Group 3.01 UNITED KINGDOM Ashmore Group 0.13 UNITED KINGDOM Helios Towers 0.07 UNITED KINGDOM Rio Tinto 4.8 UNITED KINGDOM Associated British Foods 0.65 UNITED KINGDOM Hiscox 0.21 UNITED KINGDOM River and Mercantile Group 0.01 UNITED KINGDOM Aviva 1.18 UNITED KINGDOM HSBC Hldgs 6.33 UNITED KINGDOM Royal Dutch Shell A 4.41 UNITED KINGDOM Barclays 2.15 UNITED KINGDOM Imperial Brands 1.09 UNITED KINGDOM Royal Dutch Shell B 3.85 UNITED KINGDOM Barratt Developments 0.52 UNITED KINGDOM Informa 0.56 UNITED KINGDOM Royal Mail 0.39 UNITED KINGDOM BHP Group Plc 3.29 UNITED KINGDOM Intermediate Capital Group 0.44 UNITED KINGDOM Schroders 0.29 UNITED KINGDOM BP 4.66 UNITED KINGDOM International Personal Finance 0.02 UNITED KINGDOM Severn Trent 0.44 UNITED KINGDOM British American Tobacco 4.75 UNITED KINGDOM Intertek Group 0.66 UNITED KINGDOM Shaftesbury 0.12 UNITED KINGDOM Britvic 0.19 UNITED KINGDOM IP Group 0.09 UNITED KINGDOM Smith (DS) 0.4 UNITED KINGDOM BT Group 1.26 UNITED KINGDOM Johnson Matthey 0.43 UNITED KINGDOM Smurfit Kappa Group 0.76 UNITED KINGDOM Burberry Group 0.62 UNITED KINGDOM Jupiter Fund Management 0.09 UNITED KINGDOM Spirent Communications 0.11 UNITED KINGDOM Cairn Energy 0.05 UNITED KINGDOM Kingfisher 0.57 UNITED KINGDOM St.
    [Show full text]
  • Financial Reporting by Investment Managers
    Financial reporting by investment managers The need for clarity December 2015 kpmg.co.uk © 2015 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent Financial reporting by Investment Managers member firms affiliated with KPMG International (“KPMG International”), a Swiss entity. All rights reserved. 02 Executive summary Contents 04 Benchmarking 12 Survey 18 Narrative reporting 24 Corporate Governance 26 Remuneration 29 Accounting update 34 Conclusion © 2015 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International (“KPMG International”), a Swiss entity. All rights reserved. Financial reporting by Investment Managers 01 01Executive summary Welcome to the 2015 A complex task more information in reports – without fully considering how that information edition of Financial Factors such as increased regulation is selected, presented and structured Reporting by Investment and market volatility are impacting – preparers will deliver documents that upon performance. In this respect, are opaque rather than enlightening. Managers. there is a real challenge inherent in As new risks emerge, arguably one of The investment industry is working in preparing reports that take account of these factors, while also providing the greatest challenges is to quantify an ever-more complex environment. the threats in a way that is meaningful. Businesses in the sector are not only a true and accurate picture of the performance of individual businesses This year’s reports suggest that cyber faced with tighter regulation, at a time risk, in particular, has been under when investor pressure to deliver that can be compared to reports published by other firms in the sector.
    [Show full text]
  • FTSE Russell Publications
    2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore
    [Show full text]