DOCSLIB.ORG

Xray AXA Lifetime Distribution

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Xray AXA Lifetime Distribution MONTHLY X-RAY FRAMLINGTON EQUITIES AXA Lifetime Distribution Fund Key points SEPTEMBER 2019 . The Fund returned +1.56% in September. The FTSE All-Share Index rebounded strongly in September from the previous month’s weakness, rising 2.95%. This material is for professional . We increased our holdings of Serica Energy and Legal & General, while we reduced the investors only holdings of Aveva, HSBC, and Smith & Nephew. Market snapshot . The FTSE All-Share Index rebounded strongly in September from the previous month’s weakness, rising 2.95%, bolstered by strength across the large, mid and small cap segments of the market. The FTSE 100 Index was up 2.97%, marginally outperforming the FTSE SmallCap Index, which rose 2.88%, while the FTSE 250 (ex-Investment Companies) Index gained 3.12%. Year-to-date, returns for the FTSE All-Share Index were 14.4%. Markets were buoyed by dovish action from the US Federal Reserve (Fed) and the European Jamie Forbes-Wilson Central Bank (ECB). The Fed cut interest rates by a further 25 basis points (bps) and did little to curb anticipations of future additional cuts. The ECB cut the deposit rate by 10bps to -0.50% Fund Manager introduced a tiered reserve charging system, relaunched quantitative easing (QE) at a pace of Matthew Huddart €20 billion per month, extended the maturities of each TLTROs and made the rates/QE guidance open-ended. Elsewhere the perception that US-China trade negotiations improved Fund Manager slightly bolstered confidence. No progress was made on Brexit negotiations. Parliament passed a law that prevents government from leaving the EU with no deal and parliamentary prorogation was declared unlawful, with sessions resuming. The prime minister continued to push for an early election and indicated the UK will leave on 31 October. Oil temporarily spiked 20% following drone attacks on two oil facilities in Saudi Arabia, but reversed most of the move as production was restored quickly and as economic growth softened. Fund in focus . In corporate news: there were more profit warnings, including from Quixant, Alfa Financial, Fund Size Xaar, Pearson, GRC International, and OnTheMarket; Thomas Cook filed for insolvency, stranding 600,000 Britons overseas; US private equity group Lovell Minnick made a £261 £977m million bid for Charles Taylor; Hong Kong Stock Exchange launched a bid for London Stock Exchange; and Tullow Oil announced a second significant oil discovery off the coast of Guyana. Target underlying investments . A month of two halves for bonds in September. Rates markets initially sold off, reversing some of August’s strong performance with an improvement in sentiment around trade negotiations 50-60% UK equities between the US and China which was supportive for risk assets. This positive sentiment reversed as the oil price spiked following an attack on a Saudi oil facility as well some poor 40-50% UK index-linked gilts economic data, particularly from Germany. Central banks were very much in focus as both the ECB and FOMC met and delivered additional monetary stimulus. In the UK, political Typical number of holdings developments continued to be the markets’ obsession; 10-year gilts rallied early in the month to 40bps on a ‘no deal’ departure fears before trading back to 75bps as MPs passed the Benn Act 60-80 UK equities designed to prevent a ‘no deal’ Brexit. 10-year gilts closed almost unchanged on the month at 50bps and were the best-performing developed market in September. 18-22 UK index-linked gilts . Inflation markets tracked nominals posting modest negative returns over the month with 10-year breakevens largely unchanged. UK inflation markets received plenty of attention following the Share types announcement by the chancellor of some proposed measures to reform the retail price index (RPI). The long end of the index linked market underperformed on the announcement but Income shares following some very good pension fund buying flows quickly reversed the underperformance. Whilst some uncertainties will remain until the announcement of the results of a consultation in Accumulation shares Q1 2020, the market has returned to pre-announcement trading levels. The Debt Management Income payment frequency 1 Office (DMO) issued £500 million 30-year index-linked bonds in late September which was well received by investors. Monthly . The UK’s Consumer Price Index inflation rate fell unexpectedly sharply to 1.7%, while the Retail Price Index measure of inflation dipped to 2.6%. Pence per share unit income distribution 1 Fund performance £0.01 . The Fund posted a return of +1.56% in September (A Acc share class, net of fees, sterling). 2 Ongoing charges figure (OCF) Fund activity . We increased our holdings of Serica Energy and Legal & General. 0.31% . We reduced the holdings of Aveva, HSBC, and Smith & Nephew. 1Regular payments are not guaranteed and will Outlook fluctuate in value. The central asset mix of the Fund is 55% UK equities and 45% index-linked gilts. 2 . Within the equity portfolio, our approach remains to look for opportunities to buy into strong The ongoing charges for the A Acc share class companies at attractive valuations, particularly in situations where we perceive short-term are the charges you will pay over a year for as market sentiment to be overly pessimistic. long as you hold your investment. Past performance is not a guide to future performance. www.axa-im.co.uk FRAMLINGTON EQUITIES MONTHLY X-RAY AXA Lifetime Distribution Fund Fund aim/objective Fund asset allocation breakdown (%) FTSE 100 38.7% The AXA Lifetime Distribution Fund is a cautiously managed portfolio investing FTSE 250 13% in large capitalisation UK companies FTSE Small Cap 1.5% and UK government index-linked gilts FTSE Fledgling 0% with the aim of providing a monthly FTSE AIM 2.6% income and the opportunity for capital UK index-linked gilts 40.2% growth. Other 1.5% Cash 2.5% Equity portfolio breakdown by industry (%) Consumer Services 8.8% Technology 7% Industrials 17.5% Consumer Goods 8.4% Oil & Gas 13.7% Telecommunications 2.9% Financials 25.1% Utilities 3% Health Care 13% Basic Materials 0.7% Top Three industry overweights 4* Life Insurance +4.8% The AXA Lifetime Distribution Financial Services +2.9% Fund helps to combat retirement Construction & Materials +2.4% risks identified by our market 4* research; a diversified portfolio to Top Three industry underweights Equity Investment Instruments -5.2% help manage market volatility Banks -3.6% whilst providing a regular income Travel & Leisure -3.3% stream and potential for capital growth to help beat inflation. Top ten Holdings 4 Fund GlaxoSmithKline plc 3.8% Royal Dutch Shell Plc Class B 2.7% BP p.l.c. 2.6% Government Of United Kingdom 0.625% 22-mar-2040 2.2% Rio Tinto plc 2.2% Government Of United Kingdom 0.125% 22-mar-2046 2.2% Government Of United Kingdom 0.625% 22-nov-2042 2.1% Government Of United Kingdom 0.25% 22-mar-2052 2.1% Government Of United Kingdom 1.25% 22-nov-2032 2.1% Government Of United Kingdom 1.25% 22-nov-2027 2.1% Source 4: Factset TBR Methodology as at 30/09/2019. Total 24% * Relative to the FTSE All-Share Index. This communication is intended for professional investors use only and should not be relied upon by retail clients. Circulation must be restricted accordingly. This communication does not constitute an offer to buy or sell any AXA Investment Managers group of companies’ (‘the Group’) product or service and should not be regarded as a solicitation, invitation or recommendation to enter into any investment transaction or any other form of planning. It is provided to you for information purposes only. The views expressed do not constitute investment advice, do not necessarily represent the views of any company within the Group and may be subject to change without notice. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Past performance is not a guide to future performance. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Before making an investment, investors should read the relevant Prospectus and the Key Investor Information Document, which provide full product details including investment charges and risks. The information contained herein is not a substitute for those documents or for independent advice. Some of the investment vehicles mentioned may not be available in certain jurisdictions. Please check the countries in which they are registered with the asset manager. Issued by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 7 Newgate Street, London EC1A 7NX. Telephone calls may be recorded for quality assurance purposes. www.axa-im.co.uk AXA IM Sales Support +44 (0)20 7003 2345 (9am -5pm).
Load more

Recommended publications
  • Enhance Innovation and Agility with Digital Twins Executive Summary
    Enhance innovation and agility with Digital Twins Executive Summary There’s no denying we live in uncertain and rapidly changing times and companies are looking for every opportunity to become more agile. Digital twins is a rapidly emerging technology that delivers to this end. Not to be confused as a mere dashboard, a digital twin is a virtual replica of a physical object, machine part, system, process or entire lifecycle. Digital twin technology enables real-time monitoring and control, the ability to learn with AI and ML, to autonomously update, self-heal, and even improve systems and designs over time. This paper seeks to achieve four objectives. First, to help the reader understand Digital twin technology and its potential. Second, to provide a structured way of looking at the various use cases and applications of this technology. Third, to feature Microsoft partners who have differentiated capabilities that bring digital twin visions to life. Fourth, to discuss the Azure Digital Twin platform and other investments from Microsoft in this space. Digital twin technology is commonly applied to manufacturing across key applications that span manufacturing scenarios/use-cases. The priority scenarios, or use cases, as they relate in Manufacturing are 1) Product, 2) Factory, 3) Supply Chain, and 4) Spaces. The top applications include configuration management, asset management, process control, performance management and simulation modeling. Configuration management tracks bills of materials, around assets as designed, manufactured, configured, and maintained. E.g. For complex & expensive assets like aircrafts this information is typically maintained by tail number. Asset management deals with telemetry of an asset itself and gives insight in to how something is working.
    [Show full text]
  • 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]
  • Annex 1: Parker Review Survey Results As at 2 November 2020
    Annex 1: Parker Review survey results as at 2 November 2020 The data included in this table is a representation of the survey results as at 2 November 2020, which were self-declared by the FTSE 100 companies. As at March 2021, a further seven FTSE 100 companies have appointed directors from a minority ethnic group, effective in the early months of this year. These companies have been identified through an * in the table below. 3 3 4 4 2 2 Company Company 1 1 (source: BoardEx) Met Not Met Did Not Submit Data Respond Not Did Met Not Met Did Not Submit Data Respond Not Did 1 Admiral Group PLC a 27 Hargreaves Lansdown PLC a 2 Anglo American PLC a 28 Hikma Pharmaceuticals PLC a 3 Antofagasta PLC a 29 HSBC Holdings PLC a InterContinental Hotels 30 a 4 AstraZeneca PLC a Group PLC 5 Avast PLC a 31 Intermediate Capital Group PLC a 6 Aveva PLC a 32 Intertek Group PLC a 7 B&M European Value Retail S.A. a 33 J Sainsbury PLC a 8 Barclays PLC a 34 Johnson Matthey PLC a 9 Barratt Developments PLC a 35 Kingfisher PLC a 10 Berkeley Group Holdings PLC a 36 Legal & General Group PLC a 11 BHP Group PLC a 37 Lloyds Banking Group PLC a 12 BP PLC a 38 Melrose Industries PLC a 13 British American Tobacco PLC a 39 Mondi PLC a 14 British Land Company PLC a 40 National Grid PLC a 15 BT Group PLC a 41 NatWest Group PLC a 16 Bunzl PLC a 42 Ocado Group PLC a 17 Burberry Group PLC a 43 Pearson PLC a 18 Coca-Cola HBC AG a 44 Pennon Group PLC a 19 Compass Group PLC a 45 Phoenix Group Holdings PLC a 20 Diageo PLC a 46 Polymetal International PLC a 21 Experian PLC a 47
    [Show full text]
  • Constituents & Weights
    2 FTSE Russell Publications 19 August 2021 FTSE 100 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Group 0.59 UNITED GlaxoSmithKline 3.7 UNITED RELX 1.88 UNITED KINGDOM KINGDOM KINGDOM Admiral Group 0.35 UNITED Glencore 1.97 UNITED Rentokil Initial 0.49 UNITED KINGDOM KINGDOM KINGDOM Anglo American 1.86 UNITED Halma 0.54 UNITED Rightmove 0.29 UNITED KINGDOM KINGDOM KINGDOM Antofagasta 0.26 UNITED Hargreaves Lansdown 0.32 UNITED Rio Tinto 3.41 UNITED KINGDOM KINGDOM KINGDOM Ashtead Group 1.26 UNITED Hikma Pharmaceuticals 0.22 UNITED Rolls-Royce Holdings 0.39 UNITED KINGDOM KINGDOM KINGDOM Associated British Foods 0.41 UNITED HSBC Hldgs 4.5 UNITED Royal Dutch Shell A 3.13 UNITED KINGDOM KINGDOM KINGDOM AstraZeneca 6.02 UNITED Imperial Brands 0.77 UNITED Royal Dutch Shell B 2.74 UNITED KINGDOM KINGDOM KINGDOM Auto Trader Group 0.32 UNITED Informa 0.4 UNITED Royal Mail 0.28 UNITED KINGDOM KINGDOM KINGDOM Avast 0.14 UNITED InterContinental Hotels Group 0.46 UNITED Sage Group 0.39 UNITED KINGDOM KINGDOM KINGDOM Aveva Group 0.23 UNITED Intermediate Capital Group 0.31 UNITED Sainsbury (J) 0.24 UNITED KINGDOM KINGDOM KINGDOM Aviva 0.84 UNITED International Consolidated Airlines 0.34 UNITED Schroders 0.21 UNITED KINGDOM Group KINGDOM KINGDOM B&M European Value Retail 0.27 UNITED Intertek Group 0.47 UNITED Scottish Mortgage Inv Tst 1 UNITED KINGDOM KINGDOM KINGDOM BAE Systems 0.89 UNITED ITV 0.25 UNITED Segro 0.69 UNITED KINGDOM
    [Show full text]
  • UK Equity Alpha July 2021 Fact Sheet
    Border to Coast UK Listed Equity Alpha Fund 31 July 2021 Investment Objective Cumulative Performance (%) - Since Launch The fund aims to provide a total return (income and 15.00 capital) which outperforms the total return of the FTSE All 10.00 Share Index by at least 2% per annum over rolling 3 year 5.00 periods (net of management fees). 0.00 -5.00 Investment Policy -10.00 The fund invests primarily in listed equities of UK 17-Dec-18 29-Feb-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 companies which are included in the Index. Fund Fund Benchmark management may be delegated to between two and five external investment managers. The fund is not currently using derivatives for either investment or efficient Performance to Date (%) portfolio management purposes. In the event that Border to Coast intends to use derivatives for either of 40.0 those purposes within the fund it will give Unitholders 30 30.0 days’ notice, and may make use of stock lending. Due to the global nature of the companies which make up the 20.0 index there may be an exposure to countries other than 10.0 the UK through those companies’ operations. 0.0 1 Month 3 Months 6 Months 1 Year Since Launch Key Facts p.a Fund Benchmark Performance Start Date 17 December 2018 Performance to Date (%) Fund Type Authorised Contractual Scheme (ACS) 1 Month 3 Months 6 Months 1 Year Since Launch Benchmark p.a FTSE All Share Index Fund 1.37 1.24 13.62 37.02 10.31 Base Currency Benchmark 0.53 1.80 12.59 26.64 6.59 GBP Sterling Relative 0.84 -0.56 1.03 10.39 3.73 Fund Codes Calendar
    [Show full text]
  • Fidelity® International Index Fund
    Quarterly Holdings Report for Fidelity® International Index Fund November 30, 2020 SPI-QTLY-0121 1.810719.116 Schedule of Investments November 30, 2020 (Unaudited) Showing Percentage of Net Assets Common Stocks – 97.1% Shares Value Shares Value Australia – 6.6% Washington H. Soul Pattinson & Co. Ltd. 203,862 $ 4,345,688 Afterpay Ltd. (a) 409,961 $ 28,591,537 Wesfarmers Ltd. 2,182,329 79,215,864 AGL Energy Ltd. 1,210,067 11,991,371 Westpac Banking Corp. 6,949,073 101,905,324 AMP Ltd. 6,559,158 8,233,222 WiseTech Global Ltd. 279,599 6,341,905 Ampol Ltd. 474,005 10,664,464 Woodside Petroleum Ltd. 1,845,417 30,303,036 APA Group unit 2,255,752 17,137,890 Woolworths Group Ltd. 2,432,680 66,035,510 Aristocrat Leisure Ltd. 1,100,616 25,901,504 ASX Ltd. 370,987 20,998,827 TOTAL AUSTRALIA 1,959,645,611 Aurizon Holdings Ltd. 3,707,573 11,566,562 Australia & New Zealand Banking Group Ltd. 5,458,203 90,709,286 Austria – 0.2% BHP Billiton Ltd. 5,669,746 158,108,139 Erste Group Bank AG 533,942 15,320,260 BlueScope Steel Ltd. 965,128 12,114,533 OMV AG 280,917 9,406,520 Brambles Ltd. 2,908,146 23,396,581 Raiffeisen International Bank‑Holding AG 278,553 5,314,896 Cimic Group Ltd. (a) 184,902 3,470,547 Verbund AG 130,252 9,154,254 Coca‑Cola Amatil Ltd. 972,096 9,026,623 Voestalpine AG 221,319 7,089,483 Cochlear Ltd.
    [Show full text]
  • Board of Directors Biographies
    62 AVEVA Group plc Annual Report and Accounts 2020 Board of Directors Biographies Strong and Effective Leadership Philip Aiken Craig Hayman James Kidd Christopher Humphrey Jennifer Allerton Ron Mobed Paula Dowdy Peter Herweck Olivier Blum Chairman Chief Executive Officer Deputy CEO and CFO Senior Independent Independent Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director and Vice Chairman Tenure: 8 years and 1 month Tenure: 2 years and 3 months Tenure: 9 years 5 months Tenure: 3 years 11 months Tenure: 6 years 11 months Tenure: 3 years 3 months Tenure: 1 year 4 months Tenure: 2 years 3 months Tenure: 1 month Appointed: 1 May 2012 Appointed: 19 Feb 2018 Appointed: 1 Jan 2011 Appointed: 1 Jul 2016 Appointed: 9 Jul 2013 Appointed: 1 Mar 2017 Appointed: 1 Feb 2019 Appointed: 1 Mar 2018 Appointed: 30 Apr 2020 Nationality: Australian Nationality: British Nationality: British Nationality: British Nationality: British Nationality: British Nationality: American Nationality: German Nationality: French and American and Swiss and British Skills and Experience Skills and Experience Skills and Experience Skills and Experience Skills and Experience Skills and Experience Skills and Experience Skills and Experience Skills and Experience Phil has just under 50 years Craig joined AVEVA as CEO in James is a Chartered Accountant Chris is a qualified accountant Jennifer has more than Ron has a broad range Paula is the Senior Vice Peter has been a member Olivier began his career of experience in industry and February 2018, bringing more and joined AVEVA in 2004.
    [Show full text]
  • Future Digital Twin
    26-27 MAY 2021 POST-EVENT REPORT FUTURE DIGITAL TWIN The inaugural Future Digital Twin 2021 conference, organised by Cavendish Group International, 2021 EVENT gathered more than 1,000 oil, gas and energy professionals from over 600 organisations in 75 countries around the globe on 26–27 May 2021. HIGHLIGHTS During the two-day conference, an incredible line-up of operators – including Shell, Equinor, Petrobras, Aramco Overseas, bp, Chevron, Eni, and Repsol – suppliers, technology companies, and digital experts offered insight and guidance on incorporating a digital twin and ensuring best practice throughout the product lifecycle. "I believe digital "In the end, the twin will be the game "We aim to fully question is not whether we "Digital twin is no longer changer that it has a promise decarbonise the Humber region will build a digital twin, use IoT, a tool for incremental to be. But that can't happen in a by 2040, which is a huge step as it or use a neural network. The point improvement but a transformative technological bubble. It has to be is the UK's largest emitter of carbon is that the development of these technology with powerful potential. linked to how it will change the way dioxide solutions is always connected to people work varying degrees Shane McArdle, Steinar Eikaas, VP Low Carbon SVP Digital Energy, Lee Hodder, VP Upstream Digital Solutions, Equinor Robert Da Silva Bressan, Kongsberg Digital Transformation, Shell Subsea Automation & Digital Solutions, Petrobras FUTURE DIGITAL TWIN 2021 THANK YOU VIRTUAL CONFERENCE I feel very honoured on behalf of Cavendish Group to have welcomed the My research has highlighted the problems board leaderships have in oil & energy industries to the first ever Future Digital Twin conference and understanding the full value and integration of a digital twin coupled with the first ever virtual version to take place as part of our continued growth the transition of agile adoption to manage this process.
    [Show full text]
  • Global Leader in Engineering & Industrial Software
    www.aveva.com GLOBAL LEADER IN ENGINEERING & INDUSTRIAL SOFTWARE AVEVA Group plc Annual Report and Accounts 2018 AVEVA Group plc Annual Report and Accounts 2018 AVEVA IS A GLOBAL LEADER IN ENGINEERING & INDUSTRIAL SOFTWARE FOR PROCESS AND HYBRID INDUSTRIES We give customers the power to create, visualise and manage their assets digitally, which significantly lowers their total cost of ownership throughout the asset life cycle. AVEVA Group plc Annual Report and Accounts 2018 Strategic Report Governance Report Financial Statements 08 09 Our Expanded Product Offerings Strategic Report A GLOBAL LEADER IN ENGINEERING & INDUSTRIAL SOFTWARE 01 Highlights The enlarged Group has a comprehensive product portfolio offering an unmatched set of solutions, covering all aspects of the asset life cycle, from conceptual modelling and 3D design, to process simulation, optimisation and manufacturing operations management. We generate revenue by selling software licences and from maintenance, support and services associated with the software that we sell. 02 Financial Results and Summary results Technology Customers Our people R&D investments Our broad product range serves customers in over a Our 16,000+ customers rely on our service teams and Our 4,400 employees and extensive partner network Our annual R&D investment of around £100m means dozen industries and markets, from submarines and oil rigs, highly specialised software all over the world every day. around the world support our customers with our highly our products are always ready to serve our customers’ to power stations and airports. skilled sales and support staff. latest needs. Our software 03 Explanation of reported, pro forma and Our core strengths within heritage AVEVA lie in providing software to support customers in the capital expenditure phase of the asset Our enlarged portfolio helps our customers to reduce downtime, increase safety and improve returns through efficiency optimisations, life cycle, from conception, schematics, detailed design and build through to asset decommissioning.
    [Show full text]
  • Tocqueville International Value Fund June 30, 2018
    TIVFX TOCQUEVILLE InternatIONAL VaLUE FUND June 30, 2018 FUND STRATEGY FUND OBJECTIVE The Fund uses a bottom-up selection process based on fundamental security analysis, and does not try to The Tocqueville International Value Fund’s replicate a benchmark. The approach is contrarian and value oriented. The Fund seeks securities that are investment objective is long-term capital depressed in price, out of favor with investors, and trading at a substantial discount to intrinsic value. The appreciation consistent with preservation of capital. portfolio manager emphasizes free cash flow generation, balance sheet quality, and the fundamental strength of a business franchise as attributes to identify the most attractive risk/reward proposition across all market capitalizations. The portfolio typically contains 40-60 positions. FUND facTS PERFORMANCE Symbol: TIVFX Cusip: 888894300 Average Annual Returns as of 06/30/18 Dividend Policy: Annual Minimum Investment: $1,000 ($250 IRA) 3 Month YTD 1YR 3YR 5YR 10YR Total Fund Assets: $1.3 billion Fund -4.14% -4.79% 3.47% 5.58% 8.33% 5.89% Gross Annual Fund Operating Expenses: 1.54% Morgan Stanley EAFE Net Index -1.24% -2.75% 6.84% 4.90% 6.44% 2.84% Fee Waiver/Expense Reimbursement:^ -0.28% Annual Fund Operating Expenses after 1.26% Performance data quoted represents past performance and does not guarantee future results. The investment return Fee Waiver/Expense Reimbursement: and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or Sales Charge: None less than their original cost. The performance assumes reinvestment of capital gains and dividends.
    [Show full text]
  • AVEVA Worldwide
    AVEVA Group plc Annual report 2008 AVEVA Worldwide 24/7 WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 AVEVA is the world’s leading engineering IT software provider to the Plant, Power and Marine industries. *ADJUSTED PROFIT BEFORE TAX REVENUE (£m) + (£m) + 47.9 70 127.6 34 94.9 28.1 65.9 % 57.2 % 13.8 38.1 10.0 6.7 04 05 06 07 08 04 05 06 07 08 NET CASH + *ADJUSTED BASIC EARNINGS PER SHARE (£m) (PENCE) + 100 74 82.8 55.22 31.71 41.3 % % 23.5 16.15 8.73 9.29 8.7 11.2 04 05 06 07 08 04 05 06 07 08 * Adjusted profit before tax and adjusted basic earnings per share are calculated before amortisation of intangible assets, share-based payments, goodwill adjustments, restructuring costs and past service credit on the defined benefit pension scheme in the relevant year. WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 1 Highlights 2008 Another year of record levels of revenue and profit Revenue up by 34% to £127.6 million (2007 – £94.9 million) Recurring revenue up 25% to £66.1 million (2007 – £52.7 million) Adjusted profit before tax, amortisation, share-based payments and goodwill adjustment up 70% to £47.9 million (2007 – £28.1 million) Adjusted earnings per share up 74% to 55.22p (2007 – 31.71p) Profit before tax up 83% to £45.0 million (2007 – £24.6 million) Basic earnings per share up 91% to 50.80p (2007 – 26.59p) Investment in Research and Development up 21% to £21.3 million (2007 – £17.6 million) Net cash at the year end of £82.8 million (2007 – £41.3 million) Increased final dividend of 5.0p (2007 – 2.94p) bringing the full
    [Show full text]
  • Sustainable Investment Report Q3 2017 Contents 1 2 Introduction Insight
    Sustainable Investment Report Q3 2017 Contents 1 2 Introduction INsight Climate Progress Dashboard: forecasts global warming of more than 4°C 6 9 INterpret INfluence Stakeholder analysis: smoking or obesity- which UK AGM review: more work to do on pay poses the greatest investment risk? Case study: GAM Culture: the intangibles 12 Third quarter 2017 Total company engagement Shareholder voting Engagement progress The majority of fund managers spend most of their time talking about their buying discipline rather than discussing the ownership process, and how they exercised their stewardship responsibilities. However, we believe that actions speak louder than words so rather than just talking about it, we show exactly how we exercise our stewardship responsibilities by sharing actual insights from our engagement and voting activity. These demonstrate how sustainability is embedded in the lifecycle of our investments. Jessica Ground Global Head of Stewardship, Schroders An obvious manifestation is how we vote at annual Moving onto research, our work on antimicrobial general meetings (AGMs). Our Swiss equity team has resistance in the food chain shows the implications for written up a case study based on the engagement and a number of sectors while our analysis of the tobacco voting that they conducted at the AGM of one of their industry yielded some surprising results. Because holdings, GAM. This activity was spearheaded by fund many of our clients exclude the sector on the basis of managers, and involved collaboration with competitors ethical, religious or individual preferences, the sector aimed at getting the best outcome for clients. is often overlooked when it comes to engagement and risk assessment.
    [Show full text]