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Includes the CHINA SUPPLEMENT Long-term opportunities HOW TO RE-BUILD YOUR WEALTH The get-rich slowly investment funds Page 28 9 770263 PassiveTo boldly go ITs to Watch InvestingCould space be the next Infrastructure and UK 953115 Understandinginvestment frontier? the facts growth & income trusts for fromPage the 14 fiction the long-term investor Page 48
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Email format: firstname. Look to the future, not the past [email protected] Editorial Editor-in-chief Lawrence Gosling 020 7250 7027 When there is a significant All the benefits of the rise in Subscriptions decline in the levels of stock most markets during 2019 had [email protected] Alyssia Sutherland 020 7065 7563 markets, fund managers, been wiped out in those first 10 Advertising commentators and historians weeks of 2020. My investments Sales Manager: look for precedents to create are now back to 2017 or 2018 Andrew Dodds 020 7250 7033 some kind of context. levels, so I share the ‘investment Design and production If we can see that something pain’ many of you will be feeling. Phil Turton has happened before, or The one bit of advice which I Stock images: Shutterstock.com something very similar, we feel think many of you will already Bonhill Group Events we can get a better perspective know and will be practicing is not Head of Event Operations (on maternity leave) about what is happening to us to panic. You will hopefully have Nia Beer 020 7250 7064 now; and if we understand that we feel we not sold out as the markets pulled back, Bonhill Group Plc can see some path forward in the future. unless you urgently needed cash. Chief Executive Officer In the current episode I have seen Just as importantly, now is not to make Simon Stilwell 020 7250 7010 comparisons with economic events that switches into investments which might look Group Editorial Director go back to the early 1700s; and by some like they will help you claw back all those Lawrence Gosling 020 7250 7027 measures the impact is worse than the lost gains in a short space of time. What Investment is published by 1929 Wall Street stock market crash and the It is periods like this where some Bonhill plc following Great Depression. unscrupulous investment schemes are Fleet House, 1st Floor, The respected Money Week magazine drew promoting returns or levels of income 59-61 Clerkenwell Road, a convincing parallel to the 1957 US stock significantly above the average of the stock London EC1M 5LA Tel: 020 7250 7010. market crash which combined a recession, a market or cash deposits. deadly outbreak of flu and then large-scale Remember the old adage: “If it looks Average monthly circulation – unemployment. too good to be true…“ and if you see an January to December 2017: 7,240 But how much use is all of this analysis ‘investment’ offering 6,7, 8 or even up to as we look at the value of our investments? 10% income or interest annually be very Advice to Readers: Information carried in What Well, not to put too fine a point on it, I would careful. Investment is checked for accuracy, say it is fairly useless, because it is the future The other area to be wary of is the active but we recommend that you make not the past which is important to us. versus passive question. It is not a binary enquiries and, if necessary, take That is what we are trying to focus on one, the future is likely to see a blend legal advice before entering into any with this issue; but we have not tried to of both active funds and a bit of passive transactions. ISSN 0263 953X. answer a question that many of you have because both can work in different markets © Bonhill Group Plc. All rights reserved in respect of all asked: “When is the bottom of the markets in different ways based on your needs. articles, drawings, photographs, etc coming?” Mostly importantly do not take any risks published in What Investment anywhere in the world. Reproduction or imitations The bottom is only ever apparent well with your hard-earned wealth; or with your of these are expressly forbidden without permission of the publishers. Editorial after the event, and even then analysts health. contributions requiring an answer should tend to debate among themselves whether In the next issue of the magazine we be accompanied by a stamped self- addressed envelope. Conditions of sale something was the bottom or not. will be answering in detail some of the and supply: this periodical is sold subject From speaking to many of you over the questions you have been asking us recently, to the following conditions, namely that it shall not, without the prior written consent last three years, I know you tend to be fully so if you have any please email or write to of the publishers, be lent, resold, hired out invested in the stock markets and property me and we will address them directly. or otherwise disposed of in a mutilated condition or in any unauthorised cover by assets and have cash set aside as a ‘rainy day’ Some subscribers have faced delays in way of trade. backstop rather than using that cash to dive receiving their magazines since the covid-19 All advertising is subject to the terms of our current rate card. in and out of the markets when you think a lockdown started. Please accept our Printed in the UK by Stephens & George bottom has arrived. apologies and thank you for your patience Ltd. News agency distribution by Select I received the statement on my pension as we do our best to get your copies to you. Publisher Services Ltd, PO Box 6337, fund in the middle of March, just as the UK Bournemouth BH1 9EH, Tel: 01202 was beginning to being gripped by covid-19 Lawrence Gosling is editor-in-chief of 586848. and it made for sobering reading. What Investment.
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HOW TO RE-BUILD YOUR WEALTH
COVER STORY pages 28-35
14 Investment 48 Investment Is there really potential to Trusts make money in space and Investing in real estate, how do you go about this as infrastructure and an investor? transportation; plus why now is the time to focus on fundamentals and process Page 14 Page 48 SPECIAL SUPPLEMENT China The world’s second largest economy provides good long-term opportunities for the patient investor. Find out how to access them in our 8-page report compiled in conjunction with Fidelity International.
4 WhatInvestment May 2020 www.whatinvestment.co.uk >>| | Contents: Regulars May 2020
News and views 36 Investment Trusts A multi-asset portfolio; a 3 Editorial diversified private/public Look to the future, not the past portfolio; multi-asset value investing; and a fundamental and 6 News & comment ESG aware trust More choice for savers; a mobile SRI platform; Scottish Widows 47 Products and Lloyds complete asset Page 18 Troy Income & Growth transfer; Sanlam’s lockdown Investment Trust and Odyssean events; index-linked bond Investment Trust comeback mooted; Gold attracts record levels of investment; and 80 Analysis Charles Calkin on how to manage The performance and prospects retirement income in a crisis of fine wine as a non-traditional asset class 13 Financial Planning Stephen Jones kicks off our new 82 Last Word Page 24 series with a look at process Peter Elston is concerned that policymakers tackling 16 Wills the covid-19 pandemic are Difficult times require the same underestimating the risk of a preparation as calmer ones depression 18 Outlook The coronavirus lockdown is Performance data an economic calamity, but that 52 Savings & Taxes does not mean that investors cannot start planning for a more Page 80 2020/21 tax rates, mortgage prosperous future calculator and inflation data 20 Financials 53 Unit Trusts & Investment Trusts The unloved banking sector has never looked so cheap Morningstar data covering the performances of all unit trusts 21 Funds over six months, one year, three Fund analysis: Pantheon years and ten years, showing the value of your holdings and where Fund of the month: VT Gravis Page 82 Clean Energy Income your fund ranks across others in the same sector Our independent panel examines two recently launched funds and 75 Exchange Traded Funds what they have to offer investors (ETFs) 24 Stock Picks Morningstar analysis of the performance of a range of ETFs Growth stocks to watch covering the main investment Stocks to tackle the coronavirus markets around the world 26 Opinion 79 Cash Savings/Investment Jump on the algo bandwagon Moneyfacts analysis of the latest The Conscientious Investor savings, cash ISA and NS&I finds an ESG silver lining to the account and bond rates coronavirus cloud
www.whatinvestment.co.uk WhatInvestment May 2020 5 >| News
United Kingdom | Savings | Allica Bank, RCI Bank & Leeds Building Society New account launches boost choice for savers
Allica Bank (www.allica. deposit is an appealing making it into our best simply pay the same rate to bank), clients of which alternative to savers buy tables, it is in the top all customers. are small and medium- seeking reassurance during five three-month notice “If this account behaves sized businesses, has uniquely turbulent times.” accounts and RCI Bank has as the Freedom Savings launched a deposit account Mark Stephens, CEO been a pretty safe pair of account has and remains for retail savers, offering an of Allica Bank, said: hands since it launched in competitive, even if not interest rate of 1.49%, fixed “Our proposition uses the UK nearly five years ago. market leading, then many for 12 months. the latest technology to “RCI is probably best may feel assured that they Accounts can be opened provide a great customer known for its easy access do not need to be constantly online and managed experience but will always Freedom Savings Account, reviewing and switching.” through the bank’s internet be supported by human launched in June 2015. Leeds Building Society banking platform and relationships and expertise What made this account (www.leedsbuildingsociety. secure messaging service. where needed.” stand out, apart from its co.uk) has launched an easy Minimum investment RCI Bank UK has opened competitive rate, is that access savings account called is £1,000 and maximum a 95 Day Notice Account there was no bonus that Defined Access Saver (Issue £250,000. Interest is offering 1.4% AER gross would drop off after 12 2). Minimum investment calculated daily and variable, minimum deposit months, no restriction in the is £5,000, maximum £1m. paid monthly (to the £1,000 and maximum £1m. number of withdrawals that Interest is paid in tiers: date of opening) or upon Customers can choose to can be made each year and 0.5% AER gross variable on maturation of the product. have their interest paid all customers earn the same balances between £5,000 and Savers have up to 14 days monthly or annually (www. rate – existing and new. £24,999.99; 0.6% for between to deposit all their funds rcibank.co.uk). “This simplicity is £25,000 and £49,999.99 and before the fixed term begins. On its launch Anna something that RCI is 0.70% on £50,000 plus. Below Lawrence Holland, Bowes, co-founder of extending to its new 95-day £5,000 the interest rate is head of deposits at Allica savings advice platform notice account, as it has 0.05%. Interest is calculated Bank, said: “We believe Savings Champion wrote: pledged not to keep offering daily and paid annually on this 12-month fixed rate “Although not currently different issues – it will 30 September. SS
United Kingdom | ESG | Clim8 Invest Fintech firm offers mobile SRI platform
Clim8 Invest, a new mobile fintech (Monese) and Marcus Mosen (N26). longer-term climate crisis which will platform for sustainable investments, Clim8’s investors will be able to be a much bigger problem. Many has launched a Crowdcube campaign track their investments via a user- people want to help by investing their giving people a chance to invest in friendly app. The investments aim to savings into positive climate solutions; solutions that will fight climate change channel funding towards clean energy this is what the app is all about.” and protect the environment. and sustainable companies that are Luke Lang, co-founder and chief The fund raise is a second round, making a positive impact on climate marketing officer of Crowdcube, the platform having raised £650,000 change. Themes include clean energy, said: “We are honoured to partner in 2019. The new funds will support cleantech, smart mobility, sustainable with Clim8 Invest, a brilliant idea to the completion of the investment food and recycling. fulfil the rising tide of people’s desire platform, grow the company’s team of Investment is via fundraising to invest in companies with a big experienced professionals and further platford Crowdcube at www. mission. support business growth. crowdcube.com/clim8 where investors “We at Crowdcube believe it This is the first public opportunity can register their interest by joining a is this blend of engagement and to invest directly in the company, waiting list and download the app and purpose which will drive the shape the previous funding being a private access the platform. of businesses in the future, and as round with existing investors and Duncan Grierson, founder and a result combat the world’s climate some new investors. chief executive, said: “While the world crisis. We look forward to supporting Investors include board directors grapples with the covid-19 pandemic, them in their drive for true mission- of fintechs, such as Marcus Exall we must not lose our focus on the led growth.” SS 6 WhatInvestment May 2020 www.whatinvestment.co.uk Partner Content
Fidelity Special Values PLC portfolio manager Alex Wright reminds us that challenging markets present opportunity to patient long-term investors The darkest hour is before dawn
The stockmarket sell-off due underperformed significantly oil price slump and where the to the coronavirus pandemic this year. The underperformance outlook has worsened beyond has been widespread and of ‘value’ stocks – the area of the short term. Here I have sold indiscriminate. Understandably, the market where I tend to airlines and reduced exposure to this will have been very traumatic invest – has been particularly oil producers. for investors. However, at pronounced as investors turned I have taken advantage times like these, it is worth to companies or sectors they of the very low valuations remembering what legendary saw as low risk or high quality, to add to the trust’s market investor Anthony Bolton – and irrespective of valuations and exposure, increasing the gearing Alex Wright former Fidelity Special Values PLC long-term prospects. (borrowing) from 3% to 12%. I is portfolio manager – once said: “The darkest What makes me confident have added to those companies in manager a of hour is just before dawn.” about the prospects for the which I have a lot of conviction, the Fidelity This is not to downplay the trust going forward is that the particularly where I feel the sell- Special Values challenges ahead. The lockdown companies within the portfolio off has resulted in a disconnect PLC trust currently estimated to last are currently very cheap. between a stock’s price and between six weeks and six The trust is trading close to its underlying fundamentals. months is going to result in a historically low valuations. This includes a lot of defensive significant economic contraction businesses, which should be in both the UK and most Reacting to the market considerably less affected by the economies globally. This will environment current crisis but whose share have implications for companies’ I am very mindful of the current prices fell by 20% or more. earnings and dividend pay-outs. situation and how this could In the meantime, markets are affect the portfolio and have Conclusion likely to remain volatile. actively repositioned the trust I wanted to leave readers and However, as a bottom-up where required. I, along with our existing investors in the trust investor whose focus is on analysts, have been reaching out with the message that, while individual stocks, I am currently to companies. Our prime focus the coming months are likely to finding a lot of opportunities has been to consider the impact of prove very challenging, markets to buy very attractively valued a three- to six-month shutdown are currently presenting patient companies, whose share price on each company, and if they long-term investors with the does not reflect their underlying have sufficient access to cash to opportunity to buy companies fundamentals. The sell-off has survive. at exceptional prices, without been relatively indiscriminate and In terms of portfolio activity, having to take a big cyclical risk. creates opportunities for patient, I have sold or reduced the trust’s The trust remains diversified selective, long-term investors. most levered positions – those across stocks, sectors and market companies with sizeable debts – capitalisations. While it is A portfolio of although these were very small geared to the market given the undervalued stocks to start with. I have also sold cheapness of value stocks, the Turning to Fidelity Special or reduced those stocks most portfolio is well balanced with a Values PLC, the trust has impacted by the coronavirus/ defensive tilt.
Important information: The value of investments can go down as well as up and you may not get back the amount you invested. Past performance is not a reliable indicator of future returns. Investors should note that the views expressed may no longer be current and may have already been acted upon. Overseas investments are subject to currency fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This fund uses financial derivative instruments for investment purposes, which may expose the fund to a higher degree of risk and can cause investments to experience larger than average price fluctuations. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Fidelity Investment Trusts are managed by FIL Investments International. This article is issued by Financial Administration Services Limited, authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, The Fidelity International logo and F symbol are trademarks of FIL Limited. UKM0420/30085/ CSO9710/1020.
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United Kingdom | Investment Management | Schroders Scottish Widows and Lloyds Banking Group assets transferred to Schroders
Schroders plc has completed its on-boarding of £75 bn of Antonio Lorenzo, chief executive of Scottish Widows and Scottish Widows and Lloyds insurance and wealth-related group director of Insurance & Wealth, said: “I am delighted assets, following the announcement in October 2018 of that what we believe is the largest asset transfer in the UK a strategic partnership between Schroders and Lloyds has been successfully completed on schedule, particularly Banking Group. given the current environment. Our partnership with The migration of the assets to Schroders was completed Schroders will give our customers leading investment in seven tranches between September 2019 and March management expertise, a stable investment team and 2020. strong performance across multiple asset classes.” The mandates comprise more than 320 portfolios, Jason Hollands, managing director of Tilney Investment including Active Equity, Equity Alpha, Equity Low Risk Management Services said: “These assets were previously Active, Fixed Income, Multi Manager, Multi Asset, Portfolio managed, under contract, by Aberdeen Standard Solutions, Private Equity and Property funds. Investments, much of which represent insurance funds. Peter Harrison, group chief executive at Schroders’ The vast majority of Scottish Widows policyholders will Group said: “The completion of on- therefore be oblivious as to who has been boarding such a significant mandate or will now be managing the assets that is a monumental achievement for stand behind their life policies. Schroders and underlines our strategy and “There is however a bloc of assets within commitment to being the leading active this that represents pension funds and manager. retail investment funds, including those “We are incredibly proud of the work that were previously distributed through done to achieve this milestone, which is the Lloyds Banking network and which the culmination of a year-long project by now form part of assets transferred into the a dedicated team of Schroders colleagues, Lloyds/Schroders joint venture, Schroder alongside Lloyds Banking Group and Personal Wealth. other key stakeholders. It is all the more “The largest “As with any funds, investors should significant that this has been completed on asset transfer in periodically review whether the products time and on target, despite the challenging the UK has been they own are delivering on expectations, conditions of recent weeks due to the successfully represent value for money or whether they covid-19 situation. might do better elsewhere. Schroders has “This partnership demonstrates our completed on many strengths in its asset management ability to manage large and complex schedule” capabilities, but no group is universally the portfolios, providing consistent returns for Antonio Lorenzo, best choice across the board, and the new investors, which are as important as ever in Scottish Widows wealth joint venture is effectively a start-up today’s uncertain times.” despite the established brand attached.” SS Sanlam offers online events to help clients through coronavirus lockdown Sanlam UK has launched the Wealthsmiths Penny Lovell, chief executive officer of Sanlam some light relief as well as practical advice Wellbeing programme – a series of online events Private Wealth said: “It is so important to keep during this period of social distancing. We will designed to help keep clients, their families and communicating throughout this difficult time, be looking at other activities to build into the friends healthy, educated and entertained during and as we cannot physically meet with our programme, and hope our clients enjoy the the lockdown period. clients, we wanted to take something to them. experiences on offer.” Our programme is a mix of fun, healthy and Sanlam has called upon a series of experts to educational activities, catering for a variety of age The launch programme incorporates the following produce a programme of activities for the mind, groups. activities: body and pocket, from financial wellbeing to 14 April onwards – Future Leaders Webinar making cocktails. “Looking after our physical and mental health is series; just as important as our financial health. These 15 April onwards – Mobility and exercise class; Viewers will need to register to join at: classes offer a fantastic way for us to stay 16 April – Financial Planning clinic; www.sanlam.co.uk/knowledge-hub/insights/ connected with our clients and their families 23 April – Self-portrait masterclass; and wealthsmiths-wellbeing-schedule. while offering a holistic plan that we hope offers 24 April – Virtual mixology masterclass. SS
8 WhatInvestment May 2020 www.whatinvestment.co.uk >| News
United Kingdom | Fixed Income | M&G Investments Covid-19 prompts talk of index-linked bond comeback
Inflation is not something Ucits ETF – Dist aims to that challenges economies track the benchmark and markets so much these index FTSE Actuaries UK days, with deflation almost Conventional Gilts All more of a concern. Stocks Total Return. The If you wanted inflation- iShares ETF seeks to track linked bonds or savings you the performance of an index would be hard pressed to composed of UK inflation- find them at the moment, linked government bonds. which perhaps tells us The M&G UK Inflation something. However, Linked Corporate Bond whether the covid-19 (GBP) Acc fund returned pandemic could bring about 1.73% YTD (9/4/2020) with the return of inflation and three year annualised 0.31% what savers and investors “A long-term consequence of this and five year annualised can do to hedge their global pandemic may be that… 0.96%. prospects ahead of that is Invesco meanwhile has quietly being considered in both companies and governments launched a Invesco GBP a number of corners. will prioritise security and Corporate Bond UCITS ETF, Randeep Somel, accessibility over cost” with an ongoing charge of associate fund manager Randeep Somel, M&G Investments 0.10% pa. at M&G Investments has It aims to deliver commented on this. the performance of the “The pandemic has, with “The economic costs of going into the mix. Policy Bloomberg Barclays Sterling dramatic effect, shown the covid-19 are still unknown, choices have unintended Liquid Corporate Bond weaknesses in global supply but policymakers have consequences, especially Index (after fees), which chains, and for the first time thrown caution to the wind when they are made in comprises investment post World War II, led to and planned for the worst times of extreme pressure.” grade, fixed-rate securities governments all across the case scenario,” said Somel. A rush to inflation denominated in sterling. world closing their borders He added: “Let us now beating rates of return may Paul Syms, head of ETF and airspace,” he said. take one step forward. not be high on the agenda, fixed income product “A long-term Once we have returned to but there are savers and management at Invesco, consequence of this global some level of normality – investors who commonly said: “The current market pandemic may be that and should the slow, but look for certainty of return. volatility and widespread localisation of supply chains increasingly important Amidst the dearth of concerns around the becomes prominent again trend of trade barriers inflation linking bonds and coronavirus pandemic – both companies and begin to rise – we could products, investors could is driving a risk-off governments will prioritise find ourselves in a look to the smattering environment. security and accessibility world with an excess of of funds that can offer “Government bond over cost.” economic stimulus. Then, inflation linking. yields have tumbled to Somel cited the US we are likely to see some There is the iShares £ all-time lows while credit $2bn stimulus package longer-term economic Index Linked Gilts ETF (GBP yields have risen at a time announced in America, implications. Dist) and the Lyxor Core when the Bank of England’s the €750bn stimulus “The death of the treasury FTSE Actuaries UK Gilts policy response is designed package in Germany and 30+ year bull market has (DR) Ucits ETF. Performance to support both asset the EU suspension of debt been predicted many times. year-to-date (YTD) of classes, meaning credit and deficit requirements It will require sustained the latter is 1.73%, 0.31% could be looking more across the European bloc as inflation in the system to three year annualised and attractive. evidence of real change. force longer term interest 0.96% five year annualised “The wider spreads “While stimulus rates up. (to 9/4/2020). The former between government and measures are required in “While our minds return YTD was 6.11%, 3 investment grade credit is times of large unexpected could not be further away year annualised 2.75% and offering investors higher shocks, the scale and speed from that thought today, five years annualised 6.29%. yields without having to of the stimulus we have just the ingredients for this The Lyxor Core FTSE venture too far out the witnessed is unprecedented. eventuality are all just Actuaries UK Gilts (DR) credit quality spectrum.” SS
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Global | Commodities | RMAU, Invesco & Glint Gold attracts record levels of investment
Investors are placing their bets on gold continue to meet ESG goals while bid-offer spreads (typically between 2-3 as an investment, it seems – piling increasing downside protection to basis points) and said that in March, into gold products on the market as their portfolio.” when the gold market came under the covid-19 pandemic hits equity The RMAU ETC is priced at 0.22% pa. severe stress due to global supply chain markets and oil prices fall. Experts are However as Jason Hollands, fears, spreads on its ETC remained also optimistic on the commodity. managing director, business, tighter and more stable than its Gold has not been immune to price development and communications at competitors. fluctuations: at the end of February financial planners Tilney Investment The ETC is designed to provide the gold fell from £1,308.73 per ounce to Management has pointed out: “While performance of the gold price, less the £1,226.34 – a drop of 6.29%. However, you have the security of the Royal annual fee. Investments are used to on 7 April the price rose from £1,324 Mint behind this and the facility to purchase physical gold bars, which are to £1,367 an ounce, up 3%. exchange your ETC for physical gold is held in an allocated account and stored Three products investing in a differentiating – but largely cosmetic securely in the London vaults of J.P. gold have reported record levels of – feature, the annual costs of 0.22% are Morgan Chase Bank. investment and reached their funding Chris Mellor, head of ETF equity and targets ahead of time. Gold: a glittering year commodity product management at The Royal Mint Physical Gold 1,500 Invesco, said: “Investors are using ETCs Securities ETC (RMAU) from ETF to allocate to gold due to their liquidity specialist HANetf (https://www. and low costs – even at a time of 1,400 hanetf.com/product/7/fund/ abnormal market stress, record spreads, the-royal-mint-physical-gold-etc- and when traditional physical trading securities) has reached the $200m 1,300 routes and infrastructures are being
AUM milestone just weeks after Gold price per ounce (£) restricted or even shut. Indeed, ETCs launch, becoming one of the fastest have weathered the quarter extremely 1,200 growing gold-backed ETCs in Europe. well and delivered exceptional value RMAU has had a growth of 30.46% for investors at a time of profound since listing on London Stock 1,100 volatility and market disruption. Exchange in February 2020. “Gold has been shown to be a safer RMAU is the first financially- store of value during the recent market 1,000 listed product to be backed by The 20 May 2019 30 Sep 2019 10 Feb 2020 turmoil than most other assets, and Royal Mint and the first physical demand from investors has continued Source: WGC gold backed ETC to be launched to grow. We expect this demand to in partnership with a European quite a premium to the 0.19% ongoing continue in the foreseeable future sovereign mint. fees on the Invesco Physical Gold ETC. as investors seek to capitalise on the The physical gold associated with “The latter also has full replication, benefits of ETCs to rebalance portfolios RMAU is held in The Royal Mint’s with bullion stored in JP Morgan and reflect the market environment.” purpose-built vault. Most other Chase’s London vaults and therefore is Away from more mainstream gold ETCs custody their gold at a more competitive product for those investment options, fintech company commercial banks, so the provider wanting to allocate to gold as a pure Glint (https://glintpay.com), which said RMAU offers an attractive investment position.” enables physical gold and multiple alternative to investors looking to Invesco’s Physical Gold Exchange fiat currencies to be used as e-money diversify their custody arrangements. Traded Commodity (ETC) (https://etf. for spending via Glint’s pre-paid debit Hector McNeil, co-founder and invesco.com/gb/private/en/product/ Mastercard, has seen the average co-chief executive officer at HANetf invesco-physical-gold-etc/trading- individual purchase of gold via its app said: “Increased interest in gold is no information) hit US$10bn in assets double in the last few weeks, from surprise considering the multitude of for the first time in its 10-year history, £1,373 to £2,739. risks that have emerged so far in 2020. after record flows into the product in Jason Cozens, founder and chief RMAU is the only physical gold ETC the first quarter of 2020. The ETC has executive officer of Glint said: “During to be 100% backed by gold certified grown 40% in terms of the value of its these extraordinary days people are by the LBMA [the trade transparency assets, or 30% without factoring in the demonstrating that gold remains and reporting service for the precious increase in the gold price since the start powerfully attractive and very useful. metals market] responsible sourcing of the year. Glint provides customers with gold as a program, meaning investors can Historically, the fund claims low usable currency.” SS
10 WhatInvestment May 2020 www.whatinvestment.co.uk Partner Content
Harness the power of biotech for income and growth in uncertain times The International Biotechnology Trust’s focus on US-based drug makers offers compelling growth potential for long term investors
With a pandemic sweeping the globe well diversified across the market- of binary events that could send share and causing panic in stock markets, cap spectrum, and holds, directly prices up or down. What this means investors may be looking for ways to and indirectly, approximately 100 in practice is that they will reduce tap into scientific innovation, while also companies at different stages of their exposure before the results of a diversifying in the face of a punishing development working in a range of critical trial, for example. While they sell-off. Biotechnology ticks both boxes therapeutic areas. The portfolio is might lose out on some of the last bit of and owning the theme through an predominantly in large and mid-caps, outperformance from a stock by doing investment trust can bring even more although it also holds some small-cap this, it also means they won’t be so benefits. companies of less than $1bn in size. affected by a sharp share price fall if the International Biotechnology Trust Alongside the names in its listed trial ends unsuccessfully. (IBT) invests primarily in US-based company portfolio, IBT also has a drug-makers with a global reach that smaller portfolio of unquoted biotech A rare yield meet a medical need for consumers. stocks, most of which are held through The International Biotechnology Trust IBT is also the only biotech trust which an investment in a venture fund, SV is the only one of its peers to pay a caters to income-seeking investors, Fund VI. This unquoted portfolio yield. Following a dividend policy offering an attractive dividend of 4% of has proven itself to be an excellent introduced in 2016, the dividend of 4% NAV as well as the potential for rapid diversifier, making a significant of NAV per annum is paid from capital capital growth. contribution to performance last – effectively converting some of the year when biotech stocks as a whole underlying holdings’ capital growth into Intellectual property struggled. income each year – making the trust a Led by Carl Harald Janson, a medical compelling option for income-seekers doctor by background, IBT’s investment The M&A advantage as well as growth investors. Given that team seeks out those businesses which Roughly two-thirds of the development this dividend is paid from capital, it is can produce strong top-line growth. of new drugs happens within smaller not contingent on receipt of income For this they need intellectual property companies, while two-thirds of their from underlying portfolio companies. which gives them pricing power and a commercialisation happens in large Delivering an annualised return competitive edge or monopoly. More companies. This explains why merger of 15% a year over the last decade, than half the portfolio is invested in and acquisition activity is so frequent biotechnology has outperformed the companies working in the specialisms within the biotech space. For IBT, this annualised 8.75% return from the MSCI of oncology (the treatment of cancer) has been a happy side effect of choosing World over the long term*. and rare diseases, where barriers to the strongest companies with the best entry are high. For example, one of the valuations: 16 of the portfolio’s holdings *Source: SharePad and MSCI (annualised largest positions in the fund is in Vertex. have been M&A targets since 2017, with % change of the Nasdaq Biotechnology A growth story in the treatment of rare an average 58% premium paid on the Index versus the MSCI World 28/02/2010- diseases, it dominates the cystic fibrosis deals. 28/02/2020). space, treating around 90% of patients. Dampening volatility Portfolio breakdown Biotech is naturally volatile because At the geographical level, the fund is a company’s fortunes can pivot on heavily skewed towards the US, the the results of a single drug trial. IBT’s home of the biotech industry. It is managers attempt to reduce the impact
Disclaimer. International Biotechnology Trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed. Kepler Partners LLP is a limited liability partnership registered in England and Wales at 9/10 Savile Row, London W1S 3PF with registered number OC334771 Full terms and conditions can be found on www.trustintelligence.co.uk.
www.whatinvestment.co.uk WhatInvestment April 2020 11 >| Comment
Charles Calkin | James Hambro & Partners Managing retirement income in a crisis
It is a strange combination, rocket scientist turned bring forward the point within your portfolio then it I admit, but the grasping financial planner wrote when the pot runs dry quite makes sense to sell the most Roman ruler, Marcus Licinius an article in the Journal of dramatically. liquid first – think bonds and Crassus, and A. A. Milne’s Financial Planning calculating treasuries. lovable grump, Eeyore, a sensible number. William Taming the bear There is another option, can offer inspiration to P. Bengen studied returns That leaves the question of but it is quite drastic and pensioners reliant on from various asset classes what to do in a market crash. should only be taken with their investments in these over the previous seven This may sound like closing professional advice. Those troubled times. investors who have a lot of Let us start with Crassus. illiquid assets behind them A slave trader, he was the “When the world may consider borrowing. wealthiest man in Rome. reopens its doors it is It may only be for a couple His financial success came going to need some of years. Since the FTSE from his astute observation pensioners to be All-Share was launched in that Rome did not have a fire profligate. If you can 1962 there have been 10 bear service. So he created one afford it, consider it markets with an average with his own slaves. When duration just over a year. a building was ablaze, they a public duty!” But markets can take years would rush to the scene. And Charles Calkin, James to recover too, so there is the then stand doing nothing. Hambro & Partners risk of your loan extending Crassus would arrive and longer than you hope. offer to buy the building at a decades and concluded that the door when the stable If none of these options “fire sale” price. If the owner you could take 4% a year is suddenly eerily empty, is possible or appeals, there refused his parsimonious with an annual cost-of- but for younger readers is another more obvious offer, he would let the living increase. The strategy considering a drawdown step – draw less and cut your building burn until it was should see you through at strategy and nervous spending. But before you worthless. least 30 years (including bear about how to manage it do that, talk to your adviser. It is not a conventional markets). in conditions like today, We worry about pensioners way to build a property More recently it has been the answer is to build an living beyond their means portfolio, but it was effective. challenged. We live in an era emergency cash stash. and running out of cash, but Many of us have had our of low returns. Quantitative How much cash you need there are also many retirees fingers burned in this crisis. easing has skewed bond depends on your sources living needlessly frugal lives. Some will be forced sellers, returns. Starting out at 3.25% of retirement income. If A good adviser should be and forced sellers get fire net of fees is considered more you rely solely on non- able to put you at ease about sale prices. The conventional sustainable. Both strategies drawdown income – the just how much you can wisdom is to stay invested depend on you being state pension, a final salary afford to spend. until markets recover. appropriately invested. pension and/or annuity When the world reopens But one of the advantages income – you have less cause its doors it is going to need Drawdown of drawdown is that it can to worry about markets some pensioners to be That is not so easy for be flexible. This can work for and the equivalent of six profligate. If you can afford someone in retirement with and against you. Most of us months’ income should see it, consider it a public duty! a drawdown pension who probably want more in the you through issues like an And this crisis will end, relies on their investments early years of retirement. exploding central heating which is where Eeyore for income. You might think you could boiler. comes in. Winnie the Since pension freedoms take 6% in the first decade For those relying heavily Pooh’s dour friend could were announced in 2015, the and 3% thereafter, rather on drawdown, two years’ occasionally offer some majority of people entering than 4%. But when you first supply of cash is a more surprising words of comfort. retirement have opted for retire your pension pot is at prudent emergency pot. A He said: “The nicest thing drawdown over buying an its biggest. That is when the two-year cash buffer enables about rain is that it always annuity. There are lots of compounding benefits of you to switch strategies and stops. Eventually.” good reasons for this, but one dividend and capital growth draw on your emergency of the challenges is drawing are at their most powerful. pot, replenishing it when Charles Calkin is a financial the right income. If you erode capital too markets have revived. planner at wealth manager In 1994 a Californian quickly at this point you If you have to sell assets James Hambro & Partners.
12 WhatInvestment May 2020 www.whatinvestment.co.uk >| Financial Planning
ow is not the time for value in the situation presented. observation. Comments The builder may have a different N like “The impact of Eight steps skill set, but he or she will have a covid-19 has had a massive effect much greater belief in being able on many people” will not achieve to build the client’s ideal if they much. are given a detailed plan to follow. Now is the time for containing to financial This is the difference between a further loss, stopping the financial planner (architect) and a possibility of being caught wealth manager (builder). out again and acting on the fitness opportunities adversity always Test. Will the plan deliver under presents. all conditions, even a ‘black Now is time for the rational In the first of a new series of swan’ event such as the one mind, not the emotional. articles on financial planning, we’re living through now? Are Now is the time to follow a we using the right vehicles? Have strong financial planning process. Stephen Jones addresses we maximised all the tax reliefs? Not everyone is affected the issue of process Pensions and ISAs are obvious in the same way but all of us ones, but there are also EISs, VCTs use a system of some sort for and business reliefs to be utilised evaluation, decision making and if appropriate. management to get back on track. determined tested questions A professional planner in each phase. We call these a Communicate. This is something will have spent many years “playlist.” They are designed to get that is generally picked up too perfecting their system so that the you thinking beyond the obvious. late by most people. Education probability of success is greatly For a couple in their early 60s, and preparation is key to most enhanced. The system should the playlist is likely to be rather successful transitions. It really be followable with relative ease, different: “How will this affect our helps if beneficiaries know what help maintain the enthusiasm retirement plans, and the level of they are likely to receive and needed to keep going and deliver income that we will have to live to prepare for it, whether they a feeling of achievement on on?”; “Will it mean that we are members of your family or completion. can leave less money to our charities. children?”; “Can we travel How does this work as much as we had hoped?”; Implement. This is where the in practice? and “Will I be able to afford a financial planner and wealth Let us take the example care home if needed?” manager can be differentiated. of a couple in their mid- All of these carry worry Some financial planners stop 40s who are asking: “How and uncertainty. The first here, preferring to stay within will this affect our jobs?”; benefit of a good playlist their specialism, some have both “Will this impact on our is identifying the scale and roles in their firm and can work children’s education?”; “Will location of the issues you in harmony, others can offer it affect the family holidays face. both roles, it depends on the we can afford?”; “Can we complexity and scale involved. still give our children the “A Prioritise. This is where a start in life we had hoped?”; professional good financial planner can The final phase is Review. A plan and “How much can and planner will make a difference. They will and life are fluid and they need should the bank of mum take you through a decision to be kept aligned and up-to-date and dad help out?” have spent process to identify your true so that when some threat does The answers to these many years life goals, and how to achieve appear you are well prepared. questions may be sought in perfecting common consent within Use this enforced ‘free time’ eight distinct phases. their system your family. to go through your system or so that the make contact with a financial The first phase is Capture. probability Plan. Write it down so that planner on-line to get yourself Where do I go to get all the others can follow. A very financially fit. WI data I need to be able to of success simple analogy is comparing answer these questions? Use is greatly an architect with a builder. There will be a series of articles in a checklist to make sure you enhanced” Do you see a builder before What investment over the coming have not missed anything. Stephen Jones, an architect? The value of an months, to explore different uses of Clear Solutions architect is in the matching financial planning in more detail. The next phase is Categorise. of the clients dreams to the You are trying to organise available budget, by using Stephen Jones is managing director the data into relevant sections. their skills and experience to of Clear Solutions Wealth and Tax A structured system has pre- squeeze out every extra step of Planning.
www.whatinvestment.co.uk WhatInvestment May 2020 13 >| Investment
or many decades, space has been humanity’s F ultimate final frontier. Back in the 1960s space exploration was a key item on the agendas of the world’s most powerful governments. In fact, Space exploration is still a niche investment the US government used to spend up to 4% of its federal budget on sector, but a growing number of industry advances in rocketry. participants believe this could be the next Since then, however, governments have focused on big thing in investment. Is there really more immediate challenges here potential to make money in space and how on Earth. Yet the last 10 years do you go about this as an investor? have seen a resurgence in this area with a new and powerful Anna Fedorova investigates player coming on the scene: the successful entrepreneur. The key businessmen making a name for themselves in space exploration are: Jeff Bezos The final with Blue Origin; Elon Musk with his SpaceX venture; and Richard Branson with Virgin Galactic. However, according to Luke Ward, Baillie Gifford’s resident space enthusiast and frontier deputy manager of Edinburgh Worldwide Investment Trust: “At last count, there were over 100 companies designing rockets to put payloads into space.” It is that private money flowing into space exploration driven by a handful of private spaceports planned in the UK, the that could be a game-changer. companies in recent years, benefit to the economy could be discussions of a sixth branch up to £469m in the early 2020s. The ‘next big thing’ of the US military – the ‘Space At this stage, those wishing to Force’ – along with growing Private sector invest in space have limited interest from Russia and China, For private sector companies, options. However, many are means public-sector investment the short-term commercial predicting the final frontier for may also increase in the coming opportunity is primarily in the our civilisation will also be the years,” the firm said in a research telecommunications sector, next big thing in investing. report. according to BG’s Ward. Clem Chambers, CEO of In fact, in the UK, public “I think the ability to launch private investor information investments in space already satellite constellations is going to website ADVFN and author of bring in higher average returns be a really interesting source of 101 Ways to Pick Stock Market than typical innovation revenue,” he said. Winners, said: “It does not take investments. The spaceport being “Being able to disrupt the a genius to work out that space built in Cornwall is expected to existing telecommunication is going to be the next big thing. provide an £80m benefit to the infrastructure around the world, Earth is a small spot in a huge UK economy – four times the which has traditionally been universe. Unless you can get out original investment – according provided on a local basis, and of the gravity, well, that is your to research from local holiday provide that on a global basis is lot. But once you do, the whole cottages provider Stay in something quite unique.” universe is at your feet.” Cornwall. However, space tourism could Morgan Stanley predicts the If the spillover effect is taken become a big money-spinner in global space industry could into account, the benefit to the the future. Additionally, rockets generate revenue of more than UK economy could be to the tune also have a potential application $1trn as early as 2040, triple the of £240m, while the venture is for fast intercontinental travel, $350bn it brings in today. also expected to create 448 jobs according to Michael Ruderman, “While the most recent space and £200m of gross value added. professor of applied mathematics exploration efforts have been Together with the other two at the University of Sheffield.
14 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment
enable a deeper integration of New York Stock Exchange – the sustainability considerations into first space tourism company to go investment decisions.” public. However, it is worth being aware the stock price has already Issues soared some 60% since IPO. However, as with any nascent Meanwhile, investment trusts investment theme, investors must offer an opportunity to gain expect volatility and roadblocks exposure to its privately owned on the way to success. competitor, SpaceX – a holding For example, when it comes in the Edinburgh Worldwide to intergalactic space travel, it is Investment Trust and the Baillie difficult to predict how long it will Gifford US Growth Trust. take for this to become reality. Boeing is also trying to build As BG’s Ward pointed out: “If a space division to rival SpaceX, you asked people back in the and can be found in open-ended 1960s whether they thought [they US funds such as Artemis US would travel to Mars] there would Select, T. Rowe Price US Blue Chip be an emphatic yes. They thought, Equity and T. Rowe Price US Large that within their lifetime, they Cap Growth Equity. would have holidays on the Moon Another US stock that could and colonies on Mars. benefit is Lockheed Martin, whose “But the reality that played out space division brings in revenues over the subsequent 40 years was of $10.9bn. The stock is held in very different to that.” Jupiter Global Managed and Another concern, according to Jupiter North American Income. Kames Capital’s David Pringle, is Stuart Cox, manager on the lack of regulation in space. both funds, said: “According “Space debris and satellites to Lockheed’s results dated 28 straying off course are becoming January, the Space division a real issue and provide an grew sales 14% year-on-year, additional liability/risk that thus confirming it to be one of investors need to consider,” he the company’s fastest growing said. “It is, therefore, an area that businesses.” “Imagine, you embark on a insurers will inevitably play a In the UK, investors can play rocket in London, it takes off, bigger role in. Indeed, a recent the theme through businesses and in less than an hour you are Bloomberg article highlighted that stand to benefit from in Australia. Although the ticket that the risk of a collision for advances in space exploration, in price will be high, such flights satellites has increased from one areas such as telecoms, defence will definitely be in demand by in a million to one in 10,000 over and technology. business people,” he said. the last 20 years.” Kames Capital’s Pringle, Meanwhile, according to who runs the Kames UK Equity Morgan Stanley, satellites How to invest? Absolute Return fund, holds and space exploration could Another issue is that it is not Ultra Electronics, which provides be the key to addressing the that easy to invest directly in fixed and mobile satellite ground problems of climate change. New these businesses on the open stations and BAE Systems, technologies in areas such as market. For example, both Blue which supplies highly advanced Earth observation, energy and Origin and SpaceX are currently microprocessors for a number of communications could help solve privately owned. Elon Musk in space applications. the key issues. particular has been vocal about “Although a small part of “Satellite technology and space his plans to keep SpaceX private each company, there is a wider exploration offer a potential for the time being, saying the benefit derived from taking new frontier of opportunities to company’s long-term goal – technology developed for space assess and address climate change putting a man on Mars – are applications and applying it to and sustainability on a global misaligned with the quarterly core defence markets where scale,” said Audrey Choi, Morgan interests of shareholders. secure connectivity and durability Stanley’s chief sustainability Yet if, like Clem Chambers, you in harsh environments are key. officer. are convinced that space is the Exposure to space helps to drive “These technologies could next big thing, it would pay to growth in more obvious end enable us to have a more get in early. One option is to buy markets,” Pringle said. WI powerful global view of climate shares in Virgin Galactic, which data and environmental science. shook up the investment universe Anna Fedorova is an independent Those insights, in turn, can help last October with a listing on the financial journalist.
www.whatinvestment.co.uk WhatInvestment May 2020 15 >| Wills
Death in a time of coronavirus Writing a will or finding one in difficult times requires the same preparation as in calmer and easier ones. Individuals should make use of the help and advice available. Stephanie Spicer writes
t is not surprising there is ensuring clients can get their can help you get your affairs has been increased focus affairs in order by any means in order without the process I on will writing in light of necessary. becoming too chaotic at a time coronavirus. But a challenge in “Therefore, despite the already full of adversity,” advised this period of self-isolation and challenges, solutions are Woollard. social distancing is how still being found – some “With all that is going on, it people can get their wills reassuring news for is easy to become consumed witnessed – two witnesses individuals or families by feelings of stress and panic. are needed and ‘wet’ without wills in place who However, it is reassuring to see signatures. may be worried that it is too how firms are stepping up and The Ministry of Justice late.” making necessary adjustments is said to be looking into to cater for their clients’ needs. whether witnessing can be Prepare, or prepare “Although it may be some done remotely, ie via video to panic time before we see changes link. Woollard said it is to the law itself, wills can still Emma Woollard, important wills are about be written and signed in less partner in the Wills, Trusts preparation, rather than conventional ways, allowing and Estates team at law panic and lists the following those in need to rest assured firm Prettys, said where considerations to ensure that, no matter what the future individuals are well but “Although your will is prepared holds, their estates and affairs are self-isolating at home, it may be properly: are safe.” her firm has had to be • Who will you appoint as innovative in order to get some time an executor to administer The national register wills signed and validated. before we your estate? The National Will Register, The firm always offered see changes • If you have young the Law Society’s endorsed an at-home service whereby to the law children, who will national register, has reported they go to clients’ houses, itself, wills you appoint as their an increase in people searching if they are unable to come can still be guardian? And, what on the register for wills during to the office, and this has provisions will you make the covid-19 crisis. It reports become the new norm for written and for them and what is the that people are needing to current signings. signed in less age at which you want locate a will quickly in advance “Abiding by social conventional them to receive their of a funeral to understand if distancing rules and ways” inheritance? the deceased’s will contained ensuring staff and clients Emma Woollard, • If you are a cohabiting funeral wishes. are put at no risk, will Prettys couple, what provisions In such cases, they are using signings are taking place will you be making for the register because they are through house windows, one another? either self-isolating, do not want patio doors, either ends of a • Are any of the to enter the home of others who drive or corridors long enough beneficiaries disabled or may have or are suffering with to allow at least two metres do they lack capacity? If so, the virus, or enter the home of distance. should you consider creating a victim of the virus to look for “Although it is clear that a trust in your will? evidence of a will. there is no easy solution, this “This information will allow A spokesperson for The is an example of how the firm you to create a basic will that National Will Register said: “The
16 WhatInvestment May 2020 www.whatinvestment.co.uk >| Wills
majority of will searches are usually undertaken by executors prior to probate to ensure they How to contest a will are in possession of the very Contesting a will can be a delicate process and doing it in the right last will or to locate a will that way means following certain steps. Sangita Manek explains they were unaware of in order to distribute the estate safely and When someone is facing imminent death it is not unusual for them to make a last minute will – or a without risk to them. However, ‘deathbed will’. But what do you do if your loved one’s will seems out of character and it becomes clear they in the current crisis our response have left assets to someone you know they would not have under normal circumstances and especially if the times also remain high for those deathbed will contradicts an earlier will? Wills can be challenged but to take this route, it is important to do performing a will search for your homework and gather evidence to support your case. funeral purposes.” Lodge a caveat Inheritance tax If you believe your loved one could not possibly have been able to make the will that is being presented as planning tool their last will, it is important that you lodge a caveat at the probate registry. This prevents an executor of the It is of course useful to have will from obtaining a grant of probate, which proves the will and gives them the power to administer and a will as a tool in planning distribute the estate.To lodge a caveat, you can either do it yourself, or use a solicitor or another person the distribution of your estate licensed to provide probate services. In order to do this, you need the full name, date of death and last to minimise the payment of address of the person who has passed away, as well as your own home address in England or Wales. This inheritance tax. caveat will then be valid for six months. Kay Ingram, director of public policy at financial planners Check the legal formalities LEBC, said: “The assets of those You need to ensure from the outset the will complies with legal formalities, and this includes checking who have no will are distributed whether your loved one had the necessary capacity to make a will. They must have had a certain level of in accordance with the law of understanding, and this varies according to the complexity of the will itself, the extent of the assets and the intestacy which means the state claims upon the testator. The test for this understanding a person making a will must: decides for you, according to the • Understand the nature of making a will and its effects; relationship of the person to the • Understand the extent of the property of which they are disposing; deceased. • Be able to comprehend and appreciate the claims to which they ought to give effect; “Many people believe that • Have no disorder of the mind that perverts their sense of right or prevents the exercise of their natural a spouse or civil partner will faculties in disposing of his property by will, and automatically inherit everything. • Have not been susceptible to ‘undue’ influence. This is not true and there is no provision made for cohabitants Determine the facts to inherit anything from a Wills are often prepared by a solicitor and, if you ask for their file of papers, they should record the checks deceased partner.” the solicitor took to ensure your loved one had the mental capacity to make a will. It is good practice for Another key consideration, a solicitor to keep detailed notes of the information given to them by the person making the will, and the she added, concerns pensions reasons behind why they have made it, including gifts they may have under it. These notes will be telling and advises that nomination about your loved one’s mindset at the time the will was made. If earlier wills were made and the last is forms are updated. These can be dramatically different to these without good reason, it could indicate lack of capacity. This will be strong obtained from the individual’s evidence for you to contest the last will written. pension provider. “Your pensions are not part Seek back up of your taxable estate,” said In the case of elderly or infirm testators, it is worth checking with their GP or consultant to ensure they would Ingram. “The nomination form have had the right capacity to make a will. Alternatively, you may want to try and access your loved one’s tells the provider and trustees of medical records, as they could shed light on mental health issues or disclose medication they were on that the plan who you would wish may have impacted their capacity to understand the implications of making a will. If there are people who to inherit your pensions if you had regular contact with the deceased, including neighbours and carers, they may be able to give direct die leaving funds invested. The evidence of conversations they had. This may shed light on things they said and couldn’t do towards the end nominations are not binding of their life that may indicate their state of mind. When a person makes a will, it is vital they are of “sound on the trustees but are usually mind, memory and understanding”. Having clear information on the mental and physical health of the considered by them. individual can support your contest. When contesting a will on these grounds, it must be shown that at the “If you die before age 75, the time, they did not have the capacity to make a will. transfer of funds to someone else is usually tax free. On death When all else fails after age 75, the beneficiaries If it is clear there are no grounds for challenging the will but you have been left out of it unexpectedly, you may pay income tax on the funds as have the right to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Certain and when they draw down from categories of people, including family members and dependants, can apply to the court for provision to be them.” WI made for them if they have been left out of their loved one’s will, or because they died without making a will.
Stephanie Spicer is an independent Sangita Manek is a partner in the Dispute Resolution team at Blaser Mills Law. financial journalist.
www.whatinvestment.co.uk WhatInvestment May 2020 17 >| Outlook
hall we start speaking plainly? Let me begin. Andrew Merricks argues that the SWe are in the ****. There, scale of the damage caused by the I said it. Why on Earth we are still coronavirus lockdown is not fully hearing such guff as “we think appreciated, but that does not mean we may see a recession in Q2” that investors cannot start planning and “our view is that interest rates are going to remain lower for a more prosperous future for longer”? In the words of the late Sid James: “Get away!” Some of the commentators on certain financial TV channels seem afflicted by ‘corporatespeak’ and give the impression that they have zero confidence in any of the ideas of how to deal with what needs dealing with. So, let us leave such ‘corporatespeak’ to one side and speak openly and honestly.
Time to face the facts… Back in July 2018 I asked the question “Is The Bubble In Complacency Still Inflating?” We now know the answer. It has been not only popped, it has been well and truly trampled underfoot. We are now all taking part in a real live social, psychological and economic experiment, the like of which has never been experienced before. Just Facing facts, what we are seeing today is not an economic slowdown, it is a cessation of normal everyday life. So it is of little use looking at previous recessions and hoping that the how Fed, the Bank of England or any other Central Bank can ride to the rescue this time. They cannot. They can help for sure, but their armoury, depleted bad extensively since 2008, is not sufficient to bail us out this time. So it looks like governments need to step up. (Rumour has it that this sentence inspired Edvard Munch can it to paint The Scream.) The reality is that covid-19 is in control of what happens next. Until cases begin to drop, economies will continue to be get? decimated. Bear in mind, early forecasts were that
18 WhatInvestment May 2020 www.whatinvestment.co.uk >| Outlook
1.4 billion people could be Past trajectories: Dow Jones Industrial average 1929-1940 infected worldwide. With a 2% mortality rate, this would lead to 400 Economic collapse Gradual economic recovery 20 million deaths. At the time this was written, Great crash we were at 365,000 confirmed 300 cases and over 15,000 deaths. By the time you read this who knows what the numbers will FDR attempts to pack 200 US Supreme Court be? Dow Jones Industrial average Fall of France Those forecasting a “V” Deflation shaped recovery need to have a Churchill 100 lie down. Depression becomes Sadly, a lot of companies that Banks reopened UK prime exist today will not exist in a FDR inaugurated as US president minister few months’ time, and we are 0 not just talking about small to 1929 1932 1935 1938 medium-sized ones either. Source: Barton Biggs, Wealth, War and Wisdom Despite the UK government’s best efforts in supporting bad than what has already been even more important than it workers, large scale discounted in prices. was before we were all confined unemployment is virtually This is very important. to our homes? We think that assured. An army of self- Consider the 20 million figure it will be a major winner here employed and contractors will mentioned earlier. It is a and abroad, so we invest in an be looking for work as well. number that is impossible to emerging market e-commerce Apart from on toilet rolls comprehend in today’s context, ETF. and tins of tomatoes, personal but if numbers start rising Will people around the world spending is going to fall off a rapidly in the weeks to come simply sit staring at the walls cliff. it will not seem so far-fetched. whilst in isolation, particularly It is probably more accurate But if those figures start to slow, the younger age group? We to look at previous charts from the bad news becomes less bad think not, so we invest in a 1929 and the Second World War and an end comes into sight. At gaming and e-sports ETF. than anything more recent to try that point, the bottom may have Will artificial intelligence and to anticipate what this means been reached. automation be seen as being (see chart above). And when the bottom is more important or less after we If we follow this trajectory we reached, as with previous emerge from this? Again, we will have a false rally followed periods of wealth destruction, think the former, so we invest in by further decline. Is it all over a long prosperous period of an AI and automation fund. for investors then? We think not. recovery and growth ensues. And so on. We do not follow If we think of the traditional asset allocation What to invest in unprecedented stimulus that has models and we feel confident When we have seen periods of been added to the mix already, that our approach is the wealth destruction previously, this recovery could be strong correct one for the months cash has been a crucial asset to indeed. But what will do well? ahead. Old models are letting hold. It not only helps greatly The 8AM Focussed Fund has investors down. Risk assessment in capital preservation, it also always been a bit different from modelling will be rewritten. allows you the opportunity to most, being actively managed The last time that our fund take part in any subsequent across multiple asset classes. We was first quartile was in 2017 rally. And there will be a try to invest in what the world when thematic investment was subsequent rally. The question wants and needs. finding its feet. We strongly is when, and it is crucial not to When this is over, will the believe that this will be repeated get sucked back in too early (see world still need protection from as we emerge from the debris of chart above). cyber criminals? We think yes, the ‘Corona Crash’. It is worth bearing in mind so we invest in a cybersecurity We cannot say when this that the bottom of a bear market, ETF. will be, but when it comes we by definition, has to be the point Robots do not go sick and do think that you will need to look of maximum bearishness. I not need to work flexible hours. at things very differently from do not think we are there yet, Will this seen to be an advantage how they were viewed just three and possibly not even close. after the crisis or a hindrance? short months ago. WI However, from that point, the We think the former, so we news does not actually have to invest in a robotics ETF. Andrew Merricks is the co-fund be good, it just has to be less Will the internet be seen as manager of the 8AM Focussed fund.
www.whatinvestment.co.uk WhatInvestment May 2020 19 >| Financials
An overlooked opportunity? The unloved banking sector has never looked so cheap. Lawrence Gosling spoke to Polar Capital Financials Trust manager Nick Brind about its prospects
hile investor focus makes the trust more attractive is currently on what for investors. W governments and the The fixed life of seven years medical authorities are doing to will move to five yearly periods combat covid-19, the banking and will include a policy to buy- sector is also coming to the fore. back shares to keep the discount As an investment sector, at no wider than 5%. financials, which encompasses The annual management everything from banks to charge will move from 0.85% to insurers and credit card lenders, 0.70% on the trust’s NAV, and is diverse and global but has the performance fee will only be been largely out of favour since charged if the trust outperforms the Global Financial Crisis of the benchmark by at least 1.50%. 2008. The trust is also switching There is only one UK-based to a more sensible benchmark investment trust where investors which only has limited real can get exposure to the global estate investments in it but has financials sector and that is the a higher exposure to emerging Polar Capital Financials Trust, markets. which began in July 2013. “If you take the banks, many The trust has six broad The trust has very limited of them are much stronger investment themes which it exposure to UK financial believes will provide good companies, in particular high financially than they were in opportunities for the next street banks, so could easily the immediate aftermath of decade.These include banks compliment any individual the Global Financial Crisis, which have lagged the markets holdings investors might have in and yet their share prices ever since the Lehman’s crisis; the likes of Lloyds or RBS. do not reflect this” emerging markets where the The trust is jointly managed Nick Brind, Polar Capital growth in financial services by Nick Brind and John Yakas, matches the steady rise in as part of a team with over 100 personal wealth in these years’ experience. a very attractive opportunity nations; and non-life insurance Brind points to the size of the to make money out of many of and specialist underwriting financial sector as part of the these companies. companies. opportunity – it accounts for “If you take the banks, many For investors looking for a over 17% of the value of global of them are much stronger decent income the trust has a markets – and yet is under- financially than they were in dividend yield of 2.9% and is owned by investors in the UK. the immediate aftermath of the committed to a ‘progressive When he and I met a month Global Financial Crisis, and yet dividend policy.’ ago he pointed to the “deep their share prices do not reflect Since launch the trust has value” in the sector, which since this.” achieved a 10% pa total return our meeting has become greater – that is a combination of share because of the sell-off caused by Continuity price rise and dividends – which covid-19. When the trust launched it was is very good given the backdrop. “So why should investors initially for a fixed seven-year With the current sell-off in consider the sector?” I asked period which was due to end the markets the shares look Brind. this May, but key shareholders very cheap, particularly as “FOMO”, he said. “Fear of have indicated they would like measured by the value of the missing out. to continue. underlying portfolio, so now “The sector on a global basis So, subject to all shareholders could be a good chance to buy- has never been so unloved and having a vote, the trust will in before the trust adds in the so cheap, and we would argue officially continue for another discount mechanism when the that over time through the next five years, and a few changes continuation trust starts later in economic cycle there could be will be made which arguably the year. WI
20 WhatInvestment May 2020 www.whatinvestment.co.uk >| Funds
FUND ANALYSIS Pantheon International PLC
By Peter Walls, Unicorn are inaccessible to individual Financial Crisis (GFC). However investors. PIN predominantly since the market turmoil caused Much has been written, invests in funds managed by the onset of the coronavirus, especially post Woodford, about by these specialists. The prices have fallen substantially the suitability of open-ended investments can be primary. and discounts have widened funds for illiquid investments. where PIN invests on launch; or dramatically. It is generally accepted that secondary, where PIN acquires The price of PIN peaked at investment trusts, with their a stake in an existing fund from £25 on 19 February with the closed-end structure, allow another investor. discount showing 9.7%. The managers to take long-term PIN also makes co- recent price low on the 19 March positions in illiquid companies investments where it invests was £13.34 and the discount without the fear of fund directly alongside a private 54%. redemptions forcing sales of equity manager. At the This is not surprising as these investments at distressed end of February the asset during periods of financial prices. split between primaries, stress investors worry about Investment trusts that invest secondaries and co- “Listed the valuations of private in unlisted companies or investments was 30%, 36% equity companies given funds of unlisted companies, and 34%, respectively. private equity their use of leverage and commonly called listed private PIN aims to build a well vehicles… the potential for businesses equity (LPE) vehicles are a balanced portfolio and to give private to fail. However LPEs are classic example. They give maximise capital growth. individuals a generally in a much better private individuals a reasonably The maturity profile of the reasonably position than they were liquid way to access an asset assets is managed so the liquid way over the GFC in terms of class usually reserved for portfolio remains naturally leverage and uncovered institutions. cash generative on a to access commitments. sustainable basis. an asset At the end of February Performance As portfolio companies class usually PIN had no leverage at the Pantheon International (PIN) are sold by the underlying reserved for fund level and actually is one of the largest and oldest PE funds, PIN’s share of the institutions” held 9% of assets in cash. of the LPEs with net assets of cash generated is deployed Outstanding commitments approximately £1.5bn and is a into existing commitments were relatively low at 32% member of the FTSE 250 index. made to other funds or of assets or 23% net of cash. The manager, Pantheon, is into new investment If commitments are drawn one of the leading private equity opportunities. PIN’s policy is down faster than expected over houses with over $4bn of assets to adopt a global investment the next few months PIN can under management on behalf of approach. use a £179m loan facility it has 600 clients. The latest fact sheet shows in place for these eventualities. Since inception in 1987, PIN 54% of assets were US based, The portfolio of PIN will not has delivered an annualised 29% in Europe, 10% in Asia/ be immune from write downs growth in NAV of 11.7% Emerging Markets and 7% in to the NAV and these lag the compared to 7.8% for the MSCI Global funds with no specific share price as the underlying World Index (in £ terms) and geographic mandate. Investment investments are only valued 7.4% for the FTSE All Share risk is also mitigated through monthly or quarterly. However Index. Over 10 years the NAV diversification of the portfolio the portfolio has a high return increases to 13.2% per by sector, investment stage and weighting to technology and annum against 11.1% for the fund vintage. healthcare and investments MSCI World and 6.8% for the are generally valued on a FTSE All Share. Outlook conservative basis. The NAV After the UK general election may not suffer quite as much as Portfolio construction late last year, the discounts the share price suggests. WI The private equity market is of most LPEs to their NAVs now worth over $4trn globally narrowed considerably from Peter Walls is manager of the but many of the best managers their averages post the Global Unicorn Mastertrust fund.
www.whatinvestment.co.uk WhatInvestment May 2020 21 >| Funds
FUND OF THE MONTH VT Gravis Clean Energy Income (income and accumulation)
Huge inefficiencies in operational renewable energy delivering power to users and Reasons to buy assets. an overreliance on oil and • Provides exposure to companies engaged in the Around 84.5% of the fund gas means there is a large and provision, storage, supply and consumption of clean is invested in companies owning growing market for companies energy. operational renewable energy involved in making energy • Has one of the highest yields in the sector, yet has assets, primarily wind, solar and generation and supply cleaner also delivered very strong returns with relatively low hydro projects. and more efficient. This fund has levels of risk. As a result, these tend to be been benefitting from this trend • The fund has been awarded a 4 star rating by 3D medium to long-dated and either VT Gravis Clean Energy investing, meaning it is likely to have a high social subsidised or fixed price, meaning Income was launched in 2017 impact with low ethical concerns. that cash flow predictability and is run by William Argent, • The nature of the underlying investments means the is increased whilst volatility is who has been investing in the fund should provide good diversification benefits as reduced. listed infrastructure sector since well as some inflation protection for investors. Furthermore, around 25% of 2006. the portfolio exhibits inflation The aim of the fund is to Things to be wary of protection. deliver a regular income of • Investors should be aware that major renewable The fund was in the top 10% around 4.5% pa (after charges) as energy indices and similar active strategies suffered of funds for both 2018 and 2019, well as growing and preserving huge losses during and after the Global Financial Crisis. highlighting both the resilient, investors’ capital throughout • The fund may have some exposure to companies defensive qualities as well as the market cycles. involved in natural gas extraction or processing, which potential for growth the fund has. The manager endeavours to could go against some individual’s ESG considerations. Investors must of course do this by investing in a blend of • The fund does not have a long track record to make remember past performance global listed securities including: inferences from, although past performance should not is not an indication of future • yieldco equities; be used as a guide for future performance. performance. • investment companies; The relatively low levels of risk • normal equities. Risk rating: M5 used means the risk-adjusted The core belief when investing returns for the fund are very in this area is that electricity from strong. In addition, the fund clean sources is a significant those that are income generative has a reasonably low sensitivity contributor to the world’s and profitable. to market returns, making it a growing need for increased useful tool within a portfolio to power. Portfolio positioning improve diversification, helping Income streams generated in and performance to reduce overall portfolio risk. this area, in the form of subsidy The resulting portfolio is one This has all been achieved payments and revenue from concentrated in nature, with with one of the highest yields in power sales, tend to be reliable around 30 holdings, the sector, and at a reasonable and predictable. providing exposure to cost – an added bonus for Moreover, there is potential around 900 separate investors. for capital growth because demand in the sector is growing Tom Rosser – especially stemming from those Investment Research Analyst integrating ESG, sustainability Rosser holds a BSc Economics degree and an MSc Investment Management and climate change into their degree, and has passed both CFA Level l and CFA Level ll. He joined The investment considerations. Share Centre in September 2018 on the graduate scheme and is now Argent seeks to identify companies with mature an Investment Research Analyst on the fund research team. technologies and established As well as being a fund commentator, Rosser also comments track records, attractive long- across equities and other asset classes. term dependable cash flows and
22 WhatInvestment May 2020 www.whatinvestment.co.uk >| Funds
Funds to Watch Our independent panel examines the latest funds and what they have to offer investors. Each product has been analysed to assess its overall value for money based on cost, terms and conditions and investment potential
Morgan Stanley Pictet-Global Developing Environmental Opportunity fund Opportunities fund Darius McDermott, managing Independent financial journalist director, Chelsea Financial Services, Stephanie Spicer examines an ethical looks at a fund focused on fund utilising a scientific framework undervalued, high quality companies in order to fight the scourge of in developing markets ‘greenwashing’
Morgan Stanley Investment The Pictet-Global Environmental Opportunities fund Management has launched aims to address the problem investors have of assessing an emerging markets fund companies with a good environmental footprint and those under the management ‘greenwashing’. of Kristian Heugh and the It deploys a scientific, rule-based framework to measure global opportunity team. the environmental footprint of each of the 100-plus The Developing industries that make up the global economy. It looks at Opportunity fund is a something called the Planetary Boundaries framework, high conviction portfolio, developed by scientists at the Stockholm Resilience Centre. which specifically targets It quantifies a set of boundaries, which, if breached, would undervalued, high quality endanger the environmental conditions that have been companies located or instrumental to human prosperity over thousands of years. operating in developing The fund managers use this framework to pinpoint market countries. industries with the smallest environmental footprint. The stock selection process focuses on companies with These industries include renewable energy, energy sustainable competitive advantages and long-term growth efficiency, sustainable agriculture and forestry, waste that creates value. The fund has the freedom to invest in any management, water supply and pollution control. sector and companies of any size. The fund has returned 11.34% since inception in Q3 The global opportunity team has a proven track record of 2014 beating its benchmark MSCI ACWI index by 3.62%. running money, and also manages the successful Morgan Pictet estimates environmental solutions is a US Stanley Global Opportunity fund, which has comfortably $2.5trn industry which can grow at 6-7% pa. The fund is outperformed the Investment Association Global sector overweight North American and European large cap stocks peer group in the past five years, returning 127%*, compared but with a 20% proportion invested in mid-caps and 23% with 32%* for the average global equity fund. While this in emerging markets. fund sits in the emerging markets arena, the fact that it is Pictet Asset Management backed by the successful global opportunity team is a real has been investing in boon thematic equities for 25 The fund has an annual management charge of 0.8% with years – its belief is that no minimum investment. investing in environmental I give it four out of five stars. opportunities can boost returns over the long-term, * Source: FE Analytics, total returns in sterling from 27 March improve diversification and 2015 to 27 March 2020. also offer the benefit of some defensive characteristics Past performance is not a reliable guide to future returns. You during short-term market may not get back the amount originally invested, and tax rules volatility. can change over time. Darius McDermott’s views are his own I would rate it four out of and do not constitute financial advice. five.
www.whatinvestment.co.uk WhatInvestment May 2020 23 >| Stock Picks
is the unprecedented support for both sectors in the form Growth Stocks of the government’s emergency programmes. So investor panic has quickly given way to greed and the ‘fear of missing out’, as witnessed by the impressive rally from the March low. to Watch Stock markets seem to be betting on this tidal wave of cash saving the day, but we should also remember that big David Thornton urges investors counter-trend rallies are common features of bear markets. looking for value created by So we still need to tread very carefully – especially amongst our small-cap stocks. the covid-19 crisis to focus on Several companies have been quick out of the blocks balance sheet strength and the to raise fresh equity funds and give themselves more preservation of cash flows breathing room. This is a sensible strategy and at this stage our focus should be on balance sheet strength and the preservation of cash flows. The markets might have moved Smaller companies are always hit harder in bear markets very quickly, but it is too early to look for big winners and AIM fell 40% over the four week period to March 18th. amongst more challenged value stocks. Their time will The next three weeks up to Easter saw a 26% rebound, come. leaving a net fall of 24% from the February high. Looking at the stock market’s reaction to the covid-19 pandemic it is Diversified Gas & Oil very tempting to see 1987 as the best template: a dramatic Many companies are passing their dividend, but collapse over a matter of days, with the low point reached Diversified Gas and Oil (AIM: DGOC) is continuing with in short order. Back in 1987 we saw a steady recovery its quarterly payouts which add up to a yield of 12%. That which recaptured the all-time-high in under two years. is despite the collapse in the oil price and US natural gas But there was no economic fallout from the ’87 crash, prices falling a third from last autumn’s level. at least in the near term. Whereas today, we know there is Last year saw a 53% cash operating margin and a 24% a drastic drop in economic output as a result of covid-19, free cash flow yield, which supported a 24% dividend which will have inevitable consequences for consumers increase, debt reduction, and a buy-back programme. The and companies. However what is also different this time good news is that 90% of this year’s production is hedged at higher levels than last year’s average realised gas price, with 66% of 2021 production similarly hedged. The two following years are 27% and 24% covered. This focus on risk management and protecting cash flows means the dividend looks relatively secure. DGOC’s competitors in non-conventional (fracked) gas production tend to have higher operating costs and capex requirements, their distress should ultimately result in better gas prices. Kape Technologies Kape Technologies (AIM: KAPE) should be immune from covid-19: as a supplier of computer security and internet privacy software its apps will likely be regarded as a necessary utility by their 2.3 million users. Trading momentum is strong with a 42% increase in paying subscribers over the course of 2019, excluding the acquisition of Private Internet (PI) which came in at the end of the year. Cost savings of around $4m are expected from this deal and CEO Ido Erlichman told us the integration was on track. The PI deal has taken Kape into a $32m net debt position but this is supported by recurring subscription revenues. The debt facility has headroom to fund further acquisitions and Erlichman says he has a ‘significant pipeline of targets’ but that the priority is to focus on integrating PI. The current year p/e is 15x looks very reasonable.
David Thornton is editor of Growth Company Investor Diversified Gas and Oil: focus on risk management and (www.growthcompany.co.uk). protecting cash flows means dividend looks relatively secure
24 WhatInvestment May 2020 www.whatinvestment.co.uk >| Stock Picks
Four stocks to tackle the coronavirus
Lenin’s quote: “There are sanitiser to protect people decades where nothing happens; against the coronavirus and there are weeks when outbreak. decades happen,” seems very apt The firm said it would at the moment. manufacture the disinfectant At the time of writing (1 April gel using the production lines of 2020), I am working from home, its perfume and cosmetic gels, on lockdown, talking about given it already has the three the fastest ever fall in company main ingredients – purified shares prices in history. Quite a water, ethanol and glycerine - change from just six weeks ago, to hand. These are then being when I was talking about the made available to the French longest stock market bull run in health authorities free of charge. history – over a glass of wine in The firm is the top holding the pub, with my colleagues. in the BlackRock European We are living in Dynamic fund (5.8%)†. unprecedented times, with governments around the Pernod Ricard – world taking steps not seen Threadneedle European since World War II to meet Select fund the growing threat of the Alcoholic beverage company coronavirus. Fidelity to the production of health Pernod Ricard has also switched Businesses have also been Global Special materials. production to focus on hand playing their part, with a Situations sanitisers. The move was number retooling in a bid fund holding Airbus SE – Fidelity Global kicked off by its US business to help the response to the Airbus is part Special Situations fund arm, in response to the Trump outbreak. Amidst all the gloomy of a consortium A consortium of over 20 administration’s call to action headlines, there are companies with an order companies, from industrial, against the covid-19 outbreak. with positive stories to tell. Here for 10,000 technology and engineering The firm is producing sanitisers are four. ventilators sectors, named Ventilator at all manufacturing sites and from the UK Challenge UK, is also playing its distilleries in the US. Inditex – GAM Star government part in the pandemic. Its subsidiaries worldwide Continental European fund It has come together to are also contributing to local Inditex is a Spanish produce medical ventilators efforts to fight the pandemic. multinational clothing company. and has already received formal Pernod Ricard India Foundation, Having started out as a modest orders from the UK government for example, is supplying truck workshop making dresses and in excess of 10,000 units and is drivers with hand sanitisers and quilt dressing gowns in 1963, accelerating production. masks. Inditex is now tone of the The companies involved – The company is a top 10 biggest fashion groups in the including Airbus and Microsoft - holding in the Threadneedle world. It owns brands such as have taken many of their people European Select fund (4.2%)†. Zara and is a 3.1% holding in the from key company projects to GAM Star Continental European serve the national need. * Source: Figures from fund group fund*. Both companies are top ten at 27 March 2020. The firm has made its holdings in the Fidelity Global † Source: FE Analytics, and fund factories and logistics teams Special Situations fund†. fact sheets, as at 29 February 2020. available to the Spanish government to donate much- LVMH – BlackRock Juliet Schooling Latter is research needed masks for patients European Dynamic fund director at FundCalibre. Her views and medical workers. It is also Moët Hennessy – Louis Vuitton are her own and do not constitute trying to source medical grade (LVMH), known more for its financial advice. Past performance fabric for hospital gowns and champagnes and luxury goods, is not a reliable guide to future is investigating the possibility has also joined the effort by returns. You may not get back the of switching some textile using its perfume production amount originally invested, and tax manufacturing capacity over lines to start making hand rules can change over time.
The views expressed are those of the managers, are not statements of fact, and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment can fall as well as rise and investors may not get back the amount invested. www.whatinvestment.co.uk WhatInvestment May 2020 25 >| Opinion
Ritabrata Bhattacharyya | Vanguard Capital AG Time for the small investor to jump on the algo bandwagon
The first wave of investing was about for placing orders, booking profits or feeling’ and ‘hot tips’ can be safely the rise and growth of discretionary taking losses and exiting. Hence, human avoided when you know you have a funds. In the 1970s charismatic intervention is limited to defining trading system that can mechanically investors like Warren Buffett and the trading rules and is minimal with follow hard rules and still generate George Soros used their innate human respect to actual execution and tracking. returns over long periods of time. decision making and analytical abilities To arrive at the set of rules that work to find new opportunities and maintain for a particular strategy theme investors Speed. Trading with algorithms has the a competitive edge in the market. Over are generally expected to ‘back-test’ the advantage of scanning and executing time, the proliferation of information system, which involves simulating the on multiple indicators at a speed that technologies like the internet closed working of a particular trading system no human could do. Since trades can this gap. Opportunities and information (along with its associated rules) under be analysed and executed faster, more have become more readily available and historical market conditions. opportunities are available at better standardised. With everyone working prices. from a similar base set of information The mechanics and assumptions, there soon came the of algo trading Precision. Precision is essential in need for investors to develop a different Consider the extremely simple golden any form of trading – all traders and kind of competitive edge. cross system – buy a stock when the investors always want to enter a trade at This scenario developed into 50 day moving average of price crosses the ‘right’ price. This is better achieved the second wave of investing in the over the 200 day moving average, close in algo trading. Utilising computers in early 2000s. Funds like Renaissance positions of the reverse cross. A quick trading, you can diminish a few errors Technologies and WorldQuant brought back-test of the system on SPX from that may occur when you perform the a great degree of mathematical rigor 1970 onwards shows that golden cross same action manually. It encourages to investing and trading by hiring systems have been profitable 79% of you to expel any mistakes prior to ‘quants’. These quants, or quantitative the time and produce phenomenal trading in the live market. analysts, leveraged new statistical returns. So, by coding in the above two models and computer algorithms simple instructions, an investor can Flexibility and diversification. The to build systematic strategies that build a program that tracks share prices ability to trade markets via computers generate consistent alphas (ie, market including moving average indicators that happily crunch numbers round advantages) across several and place buy and sell the clock and never take a coffee markets and financial “Algorithmic orders whenever the rules break opens up a world of possibilities instruments. trading is no are met. There is no need for the investor. He or she can trade Flash forward to longer the for the investor to monitor instruments that were hereto difficult today, and algorithmic the live prices or graphs to trade or impossible to execute trading is no longer the sole turf of or even place orders – the manually. In fact he or she can also sole turf of institutional institutional system can perform the design an algo strategy to act as a hedge traders, brokers and big traders, investor’s work quietly and against their specific current-holding fund houses. Mid-size brokers and efficiently. portfolio and hence reduce overall risk. institutional investors big fund The possibilities are endless. and retail participants are The advantages of also warming up to the houses” algo trading Accessibility. Over the last five years, idea with many discount Systematic and robust. a host of platforms like tradingview. brokerages and start-ups offering The main advantage of algorithmic com have come into existence. These them algo trading platforms. So does trading is that it enables the user to platforms come with a bunch of algorithmic trading really offer any convert an ‘idea’ about a trading strategy preexisting features and radically major advantages to investors? Or is it to a robust set of un-ambiguous rules reduce the time and effort needed to best left to the high frequency traders that can be verified for effectiveness back-test, optimise and automate a with co-located servers and complex under a wide variety of instruments trading system. Such platforms have trading models? Let us take a closer and historical market conditions. The leveled the playing field significantly look. very exercise brings about a systematic and provide the opportunity to medium and structured approach to trading and smaller market participants to jump What is algo trading? by removing human emotion and on the algo bandwagon. It is nothing more than the process of irrationality from the trading exercise. using computers to continuously follow Algorithmic traders are less Ritabrata Bhattacharyya is chief a specific set of defined instructions susceptible to fear and greed – ‘gut technology officer at Vanguard Capital AG.
26 WhatInvestment May 2020 www.whatinvestment.co.uk >| Opinion
Patrick Thomas | Canaccord Genuity Wealth Management Finding an ESG silver lining to the coronavirus cloud
As if you needed any more proof that ESG is more than just For investors, there are different ways to access this theme a passing fad, it seems that in the chaos of the last few weeks – Allianz Technology Trust and Polar Technology Trust are where markets have back-flipped, tumbled, soared, dropped both now trading at discounts compared to their history and and bounced back again, ESG fund performance has been have exposure to the cloud theme and there is First Trust doing better than its non-ESG equivalents. Cloud Computing ETF too. In the Morningstar world, ESG funds are not in a category With increased home working comes increasing online of their own, ESG funds are placed in standard categories threats. Cyber criminals are looking for new opportunities to – for example, the US Large Cap Equity Index – so will be exploit our new norm and cybersecurity solutions are going ranked alongside conventional funds that invest in the same to be key in helping us protect ourselves. If investors are parts of the market. This makes it really easy to see how their interested in the issue of cybersecurity and the protection it performance compares alongside non-ESG funds. can give to society, they could take a Looking back over the last year – in the first quarter, the look at L&G’s Cyber Security ETF, returns of 70% of ESG equity funds iShares’ Cybersecurity and Tech ranked in the top halves of their ETF and Pictet, which has an active categories and 44% were ranked fund focused on cyber security. in their category’s best quartile. By The other big winner is education contrast, only 11% of ESG equity technology. From schools and funds finished in their category’s universities, to tuition companies worst quartile. In a nutshell, this tells us and night classes, educational that overall, the performance of ESG establishments of all shapes and sizes funds is considerably better than non- are scrambling to keep their students ESG funds. engaged and plugged into their The same is true in the world of The courses. And they are using online passive funds. We compared 26 ESG educational tools to allow them to index funds with 26 conventional index CONSCIENTIOUS do this. As an investor, if education funds – over the last month, 24 of the is something you are looking 26 ESG index funds outperformed the INVESTOR at, then CPR Invest Education conventional index funds, and all 26 is one fund to access this theme, ESG funds outperformed their non-ESG as is Baillie Gifford Positive equivalents for the year to date to March. Change. It goes without saying that Rising to the challenge all eyes are on the healthcare So why is this the case? And why sector. Vaccine development, might ESG be the phoenix from tests, ventilator production and the flames of this particular market crash? Well, the manufacturing of protective clothing for it is for a number of reasons. As you would expect, most ESG healthcare staff – healthcare is the sector which will provide funds are underweight in oil and ‘dirty’ cyclicals. And we the solution to the crisis we are all in. For investors interested all know what’s happened to the oil price in the last month in this theme, funds such as BB Healthcare and Candriam or two. ESG funds are also overweight in so-called ‘quality’ Oncology Impact are worth looking at. companies (defined as those that have strong cash flows, are consistently profitable and not over-leveraged). ESG funds Bringing out the best also tend to be overweight in healthcare and there is often a It is not just about investing of course. This whole crisis has focus on growth companies which have long-term durability. brought communities together; it has prompted legions of ESG also attracts some very talented fund managers, so we volunteers to help the cause. And the corporate sector has have to factor good stock picking capabilities into the mix. pulled together too – we have seen Formula One teams While ESG is proving its mettle in this crisis, our new norm producing ventilators, while Gap, Burberry and Carharrt is also shepherding in some different ways of living, many manufacture personal protective equipment. of which play to ESG themes. The most obvious one is home The worst of times brings out the best in people; and the working. Although people have been working from home best in companies, too. Long may that continue. for years, this pandemic containment exercise has rapidly accelerated companies’ facilitation of home working. The Patrick Thomas is head of ESG Investing at Canaccord Genuity biggest winner from this trend is technology. I mean, what Wealth Management. would we do without cloud computing? It is the reason why Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. This is not a recommendation to invest or disinvest massive organisations have been able to mobilise their staff to in any of the companies or funds mentioned. Names of companies and funds are included for illustrative work from home in a very short space of time. purposes only.
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WI
28 WhatInvestment May 2020 www.whatinvestment.co.uk >| Cover Story HOW TO RE-BUILD YOUR WEALTH THE IMPACT OF THE CORONAVIRUS LOCKDOWN HAS BEEN DEVASTATING FOR MOST INVESTORS, BUT A MARKET CRASH IS NOTHING NEW AND THERE ARE ALREADY STEPS TO BE TAKEN ON THE PATH TO RECOVERY. INTRODUCTION BY LAWRENCE GOSLING
ost investors will be is not as simple as some would looking at the value claim. Mof their hard-earned There is no doubt the increase wealth and savings being in unemployment and the severely depleted by the current collapse of businesses will be covid-19 market sell offs and severe, particularly for those the likely long-term economic involved, but this comes against challenges that are going to a backdrop of regular high result. numbers of people in work in the So how do we all try and UK and US, and unemployment rebuild the value of our lows not seen since the 1960s in investments, which if we went some cases. back to the beginning of 2020 Equally markets fell when it looked largely very healthy after was realised the virus was not a good year in 2019 for markets? going to be confined just to Asia, There are some very basic as SARS had been early in the things to remember: do century, and would severely not panic and do not think impact Europe and North predictions of dire economic America, but with the virus consequences necessarily reflect reaching peaks and beginning to what the stock markets will do. stabilise, those same markets are Readers will probably be showing signs of recovery. familiar with the view that stock Over the next few pages we markets fall on a wall of worry provide, we hope, a lot of advice and climb on a wall of hope; on how to rebuild the value of and equally the link between investments which I hope will economies and stock markets be of value and interest. WI
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As if this was not enough, a banking crisis developed which saw several secondary banks go to the wall. Maximum By the end of 1974 there were fears that even the mainstream high street banks may not survive. As if on cue, a major oil company collapsed at the very PESSIMISM beginning of 1975. It was the most unlikely The recent pandemic gripping the markets is nothing of triggers, but by the end of new to JM Finn’s consultant Brian Tora, who puts his the first quarter of that year, shares in London had more experience of more than 50 years working in wealth than doubled in value and the management to good use, turning the clock back to most savage bear market in my lifetime was consigned to highlight parallels with past crashes, and suggesting history. a recovery could come sooner and be quicker than The fact that inflation the bears would have you think shot up to 25%, with interest rates soaring also, forcing the government to go cap in hand to the IMF is another story he late Sir John The circumstances behind this altogether. Templeton, founder of particular bear market were also T the eponymous fund worrying, to say the least. Big bang, big crash management group, used a In 1973, the Yom Kippur war By 1987 I was working for the series of maxims he had coined between Israel and the Arab states leading stockbroker, James to determine the way in which resulted in a quadrupling of the Capel, which had just been his investment managers should price of oil. taken over by HSBC. The operate. One of these was: “‘This I was 10 years into my career previous year had seen the huge time is different’ are amongst the and, having spent time on the shake up of City practices which most costly four words in market floor of the Stock Exchange had become known as the “Big history.” and a brief period servicing Bang”. With markets reeling as a institutional clients, I was Shares had risen significantly consequence of the coronavirus settling into the role of looking following the measures pandemic – or more correctly, after private clients which introduced and many long- because of the measures taken became my main focus through established City firms had been to contain its spread – it is all much of my working life. taken over by foreign financial too easy to believe that this time Petrol rationing coupons were institutions. is truly different and without issued, though in the end they It was not to last, though. precedence. Such an attitude is were never used. In the early hours of Friday likely to prove very costly in the Unfortunately, this disruption 16 October, a hurricane swept longer term. coincided with the miners’ strike through south east England, and the three-day week when disrupting transport and power The end was nigh electricity supplies were severely supplies. As a direct result the In the half century plus that I curtailed. London Stock Exchange failed have worked in the investment Edward Heath, leader of to open that day as insufficient industry I have lived through the Conservative government, people had made it to their many bear markets. All were decided to go to the country in desks to allow an orderly market uncomfortable. Most were early 1974 on the platform of to function. unexpected and for some it felt “Who runs Britain?”. Unfortunately, shares on Wall as though the end of the world It turned out not to be him. Street opened sharply lower was nigh as we approached the A minority Labour government when trading commenced on bottom of the trough. came to power, supported by Friday afternoon, London time. Perhaps the most dramatic, the Liberal party, and a second On Monday a bloodbath ensued, certainly in terms of scale, was election was held later that year made all the worse by further the 1973/4 market crash which which gave prime minister Harold falls on US markets when saw shares on the London Stock Wilson a slim overall majority. trading commenced there. Exchange lose 70% of their value, It also ushered in a period of By the close of business, we peak to trough. rampant inflation. had suffered a fall in London
30 WhatInvestment May 2020 www.whatinvestment.co.uk >| Cover Story
that took the market into bear to minimise the consequences, of affairs will continue, nor territory. both in health and economic yet ascertain the extent of the Traders were shell shocked. terms. damage wrought. But we will The market in Hong Kong was Already there are signs that come out at the other side and forced to close as it became the peak has passed in China, markets will recover in due clear that part of the cause of Singapore and probably South course. this massive loss in value was a Korea too. It is difficult to take a growing disconnect between the In Italy, which has assumed positive stance when so much cash and derivatives markets, the unwelcome mantle of being uncertainty exists, but I take which had been assuming at the core of the pandemic, comfort from another of Sir increasing importance as ever there is some hope that the peak John Templeton’s maxims: “Bull more sophisticated instruments will be reached soon. And there markets are born on pessimism, were introduced. have even been some positive grow on scepticism, mature on But we survived, even if the side effects of the action taken, optimism and die on euphoria recovery took a little while. It with pollution levels falling in – the time of maximum did have some unfortunate a number of places. We will pessimism is the best time to consequences, though, with undoubtedly find some good buy”. chancellor of the exchequer, emerging from the disruption There is plenty of pessimism Nigel Lawson, easing monetary that has been caused. around right now. WI policy to head off a perceived As investors, we know most economic shock which in the of all that we cannot be certain Brian Tora is a consultant to wealth end did not materialise. how long this unfortunate state managers JM Finn.
The death of capitalism The falls we have seen “It is difficult to in markets recently have take a positive certainly been severe, but were nothing like as bad as stance when so those we experienced on Black much uncertainty Monday, as 19 October 1987 exists, but I take became known, and in the days comfort Sir John immediately following. Templeton’s maxim: There have, of course, been ‘Bull markets are other bear markets. In 2000 we had the bursting born on pessimism, of the so-called TMT bubble. grow on scepticism, Technology, media and mature on optimism telecommunications stocks had and die on euphoria – been ramped up massively as the time of maximum the old millennium drew to a close, with plenty of easy money pessimism is to finance purchases made the best time available by central banks in to buy’ ” an effort to head off financial Brian Tora, disruption caused by the JM Finn millennium bug. In 2008 the collapse of Lehman Brothers triggered a swift bear market as investors pondered whether the global banking system could remain intact. There were even doubts expressed as to whether capitalism could survive. That the economic disruption caused by this pandemic will be significant is not in doubt. But we have seen an unprecedented level of cooperation between governments and central banks around the world as they seek
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e have seen the Oliver Brown examines the best options for investors sharpest falls in looking to minimise losses in the current bear market W history in recent months as global stock markets and re-build their wealth as recovery takes shape moved into bear territory – a grisly fall from peak of more than 20%, in just three weeks. The covid-19 pandemic blindsided the investment Put your faith community as nearly half the world’s population has been in lockdown and large swathes of industries, notably in the leisure and tourist sectors, were forced to in quality close their doors. As long term investment managers, we have experience of market crashes. In situations such as this, the first thing we try to do is stay calm and have faith in the quality of the companies we hold, checking if there are any where we believe the picture might have changed so materially that they could even go out of business. Second, we look to sell those holdings where the price has held up but where we believe a further wave of selling could put pressure on the price, in effect playing a catch up of sorts. After this, we can then sit back with the relative comfort of holding some extra cash while we await opportunities to invest in companies raising money by selling new shares. In the main these will be businesses who are simply bolstering their balance sheets enough to see them through the crisis, and perhaps adding some further capital to take advantage of the recovery when it arrives, by taking market share from weaker competitors or even acquiring them at rock bottom prices. This is where we have seen the most attractive opportunities in the early stages of this current recession. Good examples are retailers such as WH Smith, ASOS, Hotel Chocolat and travel concessions operator SSP, who have all tapped investors by issuing new shares, cognizant that whilst they are all are strong, market leading businesses, the unknown length of the shutdown, could still potentially put their companies at risk.
32 WhatInvestment May 2020 www.whatinvestment.co.uk >| Cover Story
In all these cases, management downturn with a substantial become clearer, we expect to see have put themselves firmly on liquidity buffer and whilst it is a growing number of severely the front foot by raising money too early for them to determine impaired companies launch early in the downturn, providing the impact of covid-19, they have ‘rescue’ rights issues. investors with confidence the assumed a 70% fall in revenue in Obvious suspects are companies have the financial the next four months, followed by businesses such as airlines that resources to not only weather a a gradual recovery. will run out of money, or lengthy shutdown but to come To us, this is prudent, highly indebted companies out stronger on the other side. sensible, strong management “Look to whose banks may force them where they have taken sell where to raise equity in return Buying opportunities precautionary action to the price for advancing further debt As long term investors, we favour protect their business. These facilities. In our view these buying into high quality, market- are exactly the types of has held up opportunities should be leading companies, at attractive business we want to invest but where a treated with greater care than levels. However, one obvious in, ones where management further wave the stronger, market leading issue is that valuing companies is has a strong grip on all the of selling examples mentioned earlier. currently harder than normal as potential scenarios and a could put Before you invest in there is less visibility on earnings strategy in place for each. companies that are struggling and the asset value of any We predict that Hays will pressure on to stave off bankruptcy, it is business. ultimately be a beneficiary the price” important to have confidence To make matters worse, many of the downturn as, given the that the business will still companies have had to withdraw strength of its balance sheet, be in existence in years to ‘market guidance’ as they it should ultimately take market come. What may look like a genuinely do not know when share from weaker rivals. In the bargain entry price on the face their sales will start to recover. shorter term it should benefit of it, could well turn out to be Whilst we cannot profess to from aiding clients with their anything but the case! However, have a crystal ball to answer this, shifting recruitment needs. if you are able to identify those what we can do is look through Companies offering essential companies that have a long the current turmoil and make a services such as food and medical term future, then there is serious judgement as to whether we see supplies are, not surprisingly, potential to make many times sales and profits returning close seeing a spike in demand and your initial stake as you are to previous levels once ‘normality’ therefore are recruiting temporary buying in at such a distressed returns and hazard a guess as to workers. Hays can use its market level. how long this may take. presence to help fill these roles. If we are confident that a One small cap that we Sale prices particular company will recover, purchased at IPO last year “Investors Many investment then investing now at low levels is Essensys, which provides willing to opportunities have arisen whilst uncertainty is high, gives IT and software services and will continue to arise us a good opportunity to make to the flexible workspace take a as a result of the covid-19 attractive returns over the long sector. This is an area that longer term impact on the economy. We term. was already growing before view of do not anticipate a smooth In the shorter term, news flow the lockdown and we expect over three recovery and there will be may continue to be dire and increased demand for flexible years should unexpected bumps along shares may drift lower, but the workspace as more and the way but, with the sharp very fact that we have bought more businesses realise that be well falls experienced by equity into a company at the time it has they can function perfectly rewarded markets, on the plus side raised money gives us confidence well without the majority of for the initial there are now market leading that it is not suddenly about to employees being in an office. discomfort” companies available to buy at implode as we (along with other We anticipate companies sale prices. institutional investors) have increasingly wanting more Those investors willing just provided the company with flexibility with regard to how to take a longer term view of capital to keep it going! much office space they have, over three years should be One such company is Hays, with long term leases for offices well rewarded for the initial a FTSE 250 recruitment firm, perhaps becoming a thing of the discomfort they will inevitably which has recently raised £200m past. With this in mind, Essensys feel when investing in what are to strengthen its balance sheet. raised some £7m in April to fund unquestionably worrying and This was quite a surprise to the the roll out of its services with turbulent times. WI market, as it was viewed as a flexible working space providers strong company with significant such as Jones Lang Lasalle and Oliver Brown is lead manager of headroom on its debt facilities. Cushman & Wakefield. the MFM Primary Opportunities Nonetheless, its management Also, as the impacts of the fund and investment director of RC felt it sensible to go into the coronavirus on the economy Brown Investment Management.
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the trough of the market in early 2009. Crisis and retirement: Another response is to lose sight of the long term. In a crisis, fear is triggered and fear The importance shortens our time horizons. This is a fantastic evolutionary response. But, as tempting as moving to cash may be, knowing of focusing on what will come next for the market is impossible: if you sell now, are you really going to be willing and able to reinvest the long-term when shares are even cheaper? Holding cash is particularly It is easy to panic when all around you markets tempting when markets are crashing and your investment are losing their heads, but panic leads to poor portfolio is one of your main sources of income but, with decisions. Dan Brocklebank ponders the inflation rates comfortably impact of covid-19 on pension savers above any available interest rates, cash holdings simply guarantee a loss of spending power over time. he last three decades guidance for thinking about Stock markets have have seen the world investment generally. historically recovered over a T rocked by a number long enough horizon. The loss in of major crises. As with the Keep calm purchasing power from holding covid-19 pandemic, each Taking those in reverse order, cash today is permanent. crisis permeates the national we all recognise that it can be consciousness, and leaves easy to panic in a crisis when Generating and everyone feeling like it may be markets are falling sharply. MRI maintaining an income the end of life as we know it. scans have shown that financial Maintaining a long-term time My second son was born in loss triggers a similar response horizon and avoiding the February 2009, right into the pattern in the human brain as temptation of cash as a retiree teeth of the credit crisis. Like the experience of physical pain. can be difficult. Traditionally, any parent, I can remember the When the biggest income- when the majority of people joyous moment vividly. It was paying companies are opted for an annuity to fund also a welcome escape from scrapping dividends, well- “With their retirement, the thinking dealing with the chaos in the known companies are inflation was that a retirement portfolio markets. collapsing and your portfolio should replicate a 100% bond However, the extent to which has taken a big hit, it can be rates allocation. the crisis had come to dominate very scary to be an investor. comfortably As a result, a culture where the zeitgeist was demonstrated The fear is even more acute above any equity holdings are reduced when the midwife brought me if you are approaching, or available to zero ahead of retirement back to earth with a bump by already in, retirement when interest became prevalent. However, ushering my son into the world maintaining an income from rates, cash pension freedoms since 2014 with the now-immortal words: a steady portfolio is top of have given retirees the option “Welcome to the credit crisis!” your priorities. holdings to control their own portfolios Yet the experience of each A natural response is simply and income. Coupled with crisis has reinforced my belief therefore to react to the guarantee a the need to fund a lifestyle in three things. First, that this unfolding crisis by becoming loss” in retirement for far longer current crisis, like all others, will cautious and trying to than our predecessors did, eventually end. Secondly, that avoid any further losses, and the need for continued keeping a long-term perspective particularly if your hard-saved investment to ensure growth of is the only real way to take for retirement pot is at risk. At a a portfolio becomes all the more sensible decisions. Thirdly, that real extreme, reverting entirely important. panic generally leads to very to cash may seem very tempting Demographic trends suggest it poor decisions. to ‘stop the pain’. is time to rethink the traditional While a crisis is the quickest It sounds crazy with approach. The latest data from way to learn these lessons, hindsight, but there were plenty the Office of National Statistics they provide extremely helpful of people who did exactly this at finds that a man aged 65 today
34 WhatInvestment May 2020 www.whatinvestment.co.uk >| Cover Story
can expect to live for another stacked in our favour. It may crisis, but the trick is to remain 20 years, and a woman can look not feel like it but, compared to obsessively focused on the long- forward to an average of 22 more previous generations, we live term. years. For an increasing number in remarkably fortunate times. As difficult as that may seem to of people, life expectancy could Not only is life expectancy you or I, it is nothing compared to stretch even further in the future. post-retirement at a high, but the challenges being faced by all The ONS also found that a we also have access to health those in the NHS fighting today’s man aged 65 today has a 1 in technology that would have been crisis on the front lines. While we 4 chance of living to 92, and a unimaginable 20 years ago. wait for this crisis to pass, the rest 2.9% chance of living to 100. A When that NHS midwife of us must simply remember to woman reaching retirement age brought me back, with a bump, stay calm and be patient. WI has a 1 in 4 chance of living to 94, to the reality of the credit crisis, and nearly 5% chance of living I learned it takes a courage Dan Brocklebank is head of Orbis to 100. The length you spend in to remain invested through a Investments in the UK. retirement could – I would argue hopefully – stretch into decades. Generating and maintaining Approaching retirement? an income for 20 years after retirement clearly still requires a How to plan and protect your savings long-term investment outlook. Traditional financial planning for Retirement should be one of the most exciting times of your life, but planning for it can be a daunting, and often retirement can end up leading confusing experience, especially when a global pandemic has thrown markets into turmoil. With people living to an investment approach that longer than ever and pension pots needing to last for an average of 40 years, it has never been more important to have a strategy in place that allows you to live out your retirement safe in the knowledge that you can is overly conservative and one maintain your financial independence. that is effectively invested in too short-term a manner, like a mild Granville Turner, director at company formation specialists Turner Little, urged careful consideration of the version of the panicked investor quality of life you are expecting when you stop working, as well as your financial goals. moving to cash at the bottom of “Your state pension is unlikely to be enough to provide the income you need to maintain a comfortable the crisis. standard of living, to cover your retirement on its own. Are you planning on having enough money to pay for Recognition that retirement family holidays, buying property, contributing to family wedding costs? You will also need to factor in how your today is quite probably a 20+ year circumstances might change in the years ahead. Post-retirement risks include changes in your life or the life horizon gives the freedom to stay of a loved one, the need for professional caregivers or moving to a facility due to failing health. There are also invested, sensibly, in assets such financial risks that revolve around investments and stock market activities as well as governmental decisions as equities which will generate that could affect retirees,” he said. better long-term returns than government bonds, particularly “Getting an early start on your retirement plans ensures you are likely to have more money when you retire. That is not to say it is ever too late to plan. The first step you need to take is to check your pensions. Topping up at today’s rock bottom yields. your pension plan can improve your financial security. Making a larger contribution is the obvious way to boost Of course, this is not a signal your pension pot, but you might also want to consider diverting some of a bonus to your pension. The tax relief to simply rush in to high-risk makes a bonus worth more in your pension than in your bank account, so it is important to remember that you assets, but is rather a call to do not pay tax on the growth in your pension funds. It can also be combined with other savings vehicles such reconsider the approach to as ISAs and assets including property to maximise your funds for retirement. risk we take in retirement. A diversified approach to equities “In the current circumstances however, savers and pensioners alike may be looking at drops in their could very well reap rewards over investments. This turbulence will no doubt cause worry, but there are still ways to protect your retirement the 20 years you have to remain savings. In the first instance, do not panic. Keep in mind that with retirement savings, you are investing for invested, and that is plenty of the long-term, so the drop in value may not be permanent. If you are in a position where you are still building time to ride out market volatility. your retirement fund, use this time to review the investments you have made, and consider diversifying your investments across different assets and countries. Having a range of investments from gold to government Conclusion bonds and absolute return funds is good for capital preservation,” he added. Investing through past crises Concluding, Granville said: “Many retirees plan on supplementing their income by working during retirement, shows us that keeping a long- but choosing the point at which you retire is integral to retirement planning. Whilst you can carry on working term horizon and not panicking for as long as you like, it is important to understand that when you retire, you will still be liable for income tax are the keys to avoiding big on your pension income if it exceeds your personal allowance. Inheritance tax can also have an impact on your mistakes. With investing, that is estate, so it is important to put together a carefully considered plan to protect your liabilities. Retirement is no often more than half the battle. longer linear, some people continue to work into their 60s and 70s, whilst others retire at 45. Whatever you So, how can we be confident that decide, having a plan is essential, as you will likely be faced with a series of complex decisions that will shape the first lesson above, namely that your income for the rest of your life. this current crisis will eventually “Even the best laid plans can fail as a result of unexpected events. Although some risks can be minimised, end, is also true? there are a number of potential risks completely out of your control. However, understanding what the potential Well, the short answer is post-retirement risks are, and considering them in your retirement planning stages can help ensure they are that we cannot be perfectly mitigated and properly managed.” certain. But, the odds must be
www.whatinvestment.co.uk WhatInvestment May 2020 35 >| Investment Trust Reports
Aberdeen Diversified Income and Growth Trust Aberdeen Price 97.4p Market cap £311.6m NAV* 108.4p Diversified Income Discount to NAV 10.2% NAV† 111.9p Discount to NAV 13.0% and Growth Trust Prospective FY 2020 Yield 5.6% * Excluding income; † including income. A multi-asset portfolio with an absolute return focus As at 12 March 2020
berdeen Diversified Income and Growth A Trust (ADIG), founded in 1898 as British Assets Trust, was a global equity income investment trust managed by F&C Investments (now BMO Global Asset Management) until February 2015. The mandate then moved to BlackRock and the trust became BlackRock Income Strategies, a multi-asset strategy with an absolute return focus. The fund undertook a strategic review after a period been targeting a total portfolio the Diversified Growth and the of disappointing performance, return of Libor + 5.5% pa net of Diversified Income funds which resulting in Aberdeen Asset fees over rolling five-year periods. follow a similar approach to Management (now Aberdeen Libor is due to be phased out by ADIG but have a slightly lower Standard Investments) being 2021 and the manager is in the return target of Libor +4.5% appointed as manager in process of identifying a suitable pa net of fees. This is because February 2017. It was then alternative, following which the ADIG’s closed-ended structure enlarged by a merger with board will seek shareholders’ allows it to invest in less liquid Aberdeen UK Tracker Trust and approval for a change in the assets and it is also able to use renamed Aberdeen Diversified investment objective. ADIG is gearing of up to 20% of net assets. Income and Growth Trust. a member of the Association of ASI says the open-ended fund ADIG retains a multi-asset, Investment Companies’ Flexible range has grown its assets under absolute return approach, but Investment sector. management from £150m when now invests in a more diverse The trust’s portfolio is Brooks took it over in the first portfolio including longer-term, managed by Mike Brooks who quarter of 2015 to ca £1,535m at less liquid investment funds is head of Aberdeen Standard end- January 2020. that individual investors would Investments’ (ASI) diversified otherwise be unlikely or unable assets team and Tony Foster, an Performance to access. investment director within the ADIG’s NAV and share price Since 31 March 2017, ADIG has team. The team also manages total returns net of fees since the
The managers’ view Focus on long-term investments ADIG’s portfolio management team remains committed to offering its shareholders long-term investments in less accessible asset classes with different risk/ return drivers and low volatility. The managers’ preference is for ‘alternative assets’, which improve returns and diversification of investor portfolios. They note that ‘mainstream’ assets appear fully valued and do not currently offer attractive medium-term return prospects. This includes developed market government bonds, corporate credit and listed equities, which the managers forecast will deliver annual returns of 0.2%, 0.6% and 3.5%, respectively, over the next five years as at end-September 2019. The managers are thus advancing the process of recycling capital from listed to unlisted holdings as appropriate investments are identified by the investment team. The process has been a bit slower than anticipated but overall, they have been pleased with the recent pace of investment. The managers explained that they would prefer the managers of the companies to which ADIG has committed funds to take time to identify the appropriate investments.
36 WhatInvestment May 2020 www.whatinvestment.co.uk We strive to discover more.
Aberdeen Standard's Asian Investment Trusts ISA and Share Plan
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Please remember, the value of shares and the income from them can go down as well as up and you may get back less than the amount invested. Asian funds invest in emerging markets which may carry more risk than developed markets. No recommendation is made, positive or otherwise, regarding the ISA and Share Plan.
The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. We recommend you seek financial advice prior to making an investment decision.
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change in strategy have lagged the target return of Libor + 5.5%. Investment strategy There are two principal reasons for this: first, the time A long-term focus inevitably taken for the trust’s ADIG aims to generate highly attractive long-term capital and income returns by pursuing a truly diversified multi- commitments to higher-return asset approach, using both quoted and unquoted investments, with no geographical or sector restrictions. The long-term investments to be trust’s focus is to provide investors with long-term investment opportunities in less accessible asset classes with drawn down and invested by different risk/return drivers. This is underpinned by robust risk management through maintaining an appropriate the managers of the underlying level of portfolio diversification and the use of detailed due diligence, specialist quantitative risk tools, ongoing strategies, and second, issues scenario analysis, liquidity stress tests and peer review of investment ideas within the investment team. with the allocations to insurance- linked securities. ASI’s global investment platform consists of over 1,000 investment professionals across teams specialising in The latter contributed negative quantitative and active equities, private equity, fixed income, property, infrastructure, real assets, hedge funds and other alternative asset classes. ADIG has access to these teams’ expertise either via pooled funds or direct 5.1% to NAV total return (TR) investment sub-portfolios. In addition, Tony Foster’s many years as a manager of investment trust portfolios helps to since the strategy change to end- inform third-party manager selection, particularly with regard to the listed funds. December 2019. At the same time, notable positive contributions The company follows a flexible approach to asset allocation, with a focus on alternative assets, including social, in this period came from listed renewable and economic infrastructure, farmland, property, private equity, healthcare royalties, asset-backed equity (+4.4%) and infrastructure securities and litigation finance. Liquid asset classes such as equity and emerging market bonds also feature. ADIG (+4.1%), followed by emerging is unlikely to invest in government and investment grade bonds given their low return expectations. market bonds (+2.6%) and asset- At end-September 2019, ca 61% of total assets were in ASI-managed funds or direct holdings, and ca 39% backed securities (+1.9%). comprised third-party managed funds, which is broadly in line with the targeted split of ca 60%/40% upon full Over the 12 months ended drawdown of commitments. Non-sterling currency exposure is typically hedged back to sterling unless currency December 2019, ADIG delivered exposure is part of the investment rationale, such as for local currency emerging market bonds. The local currency an NAV TR of 9.2%, which emerging market bonds position, rather than being funded entirely from sterling, is funded from a basket of six compares with 6.2% for its currencies (AUD, NZD, CAD, NOK, SEK, GBP). These have been carefully selected to reflect their sensitivities to benchmark. Performance in the economic conditions, commodity prices and debt vulnerabilities. According to the company, this has the effect of period was driven by emerging smoothing out returns and enhancing the diversification benefits of the asset class without materially impacting market bonds (EMBs), listed expected returns. Active currency positions may be taken in order to enhance the portfolio’s risk/return profile. equity and infrastructure, which contributed 3.2%, 2.6% and 2.1%, respectively, to NAV TR. Major from the disparity between the year by a shareholder who negative contributions came from growth and value styles, which was moving to a more overtly special opportunities (negative has been recently close to record defensive asset allocation, and 1.1%), insurance- linked levels in favour of growth stocks. partly as a result of weakening securities (-0.5%) and absolute This is illustrated by the gross sentiment towards the trust return (-0.3%). returns of the MSCI World Value caused by the disappointing In January 2020, ADIG’s Index at 11% vs ca 26% for the exposure to insurance-linked portfolio delivered NAV TR MSCI World Growth Index over securities. As a result, the of positive 0.8% as the weak the 12 months ended 31 January discount moved to double- digit performance of listed equities 2020. territory in May 2019, which was offset by solid returns of ADIG’s share price has triggered accelerated share EMBs and asset backed securities, performance lagged its NAV repurchases. Since end-May 2019 in particular ADIG’s largest progression over the year to end-January 2020, the trust exposure, TwentyFour Asset ended 31 January 2020, which bought back 10.2m shares, or Backed Opportunities Fund. we believe reflects investors’ 3.1% of the share count at the ADIG’s year-to-date NAV TR weakening sentiment towards start of the period. stands at a negative 5.3%. In this the trust due to a somewhat As well as acting as a marginal context, we note that around 75% disappointing performance buyer in the market, ADIG’s of its portfolio is priced daily. compared to its benchmark since board sees building greater Given that ADIG holds ca 18% the change in strategy in March awareness of the strategy and of the portfolio in the Aberdeen 2017. the managers’ long-term track Smart Beta Low Volatility Global Since the change in strategy record as key to bringing the Equity Income fund, we note that in March 2017, ADIG has been trust’s discount back into the the fund has generated a return of targeting a maximum discount of target range. However, at 12 5.2% over the 12 months ended 5% in ‘normal’ market conditions. March 2020, ADIG’s shares still January 2020 versus 16.4% for its In March 2019, ADIG traded at a traded at a 13.0% discount to NAV benchmark, and an annualised small premium but the shares de- including income, compared to return of 4.5% since its inception rated markedly over the summer. the average discount of 7.3% over in May 2017 versus 9.4% for its The managers highlighted it 12 months. WI benchmark. ADIG highlights that was partly attributable to a the underperformance results sale during a quiet period of Source: Edison
38 WhatInvestment May 2020 www.whatinvestment.co.uk Partner Content
Market turbulence can often lead to new winners and losers. With this in mind, Fidelity Japan Trust PLC’s Nicholas Price outlines how our locally-based team are navigating the recent market turmoil and focuses on the sectors and stocks that could rebound strongest Japan – lessons from history
Bear markets often create new out of the current downturn Ultimately, I believe that there turning points and changes in stronger than their competitors. is greater risk in trying to time the market leadership. A period of Key holdings such as Keyence, market than maintaining existing sustained fiscal stimulus may Yamaha and Misumi Group are positions in companies that can throw up new leadership and good examples. grow and even be stronger after new winners from discarded In line with this view, I am the crisis. losers, so I am working with our maintaining the technology bias On the flipside, I have been team of analysts to revisit the in the fund, focusing on names selectively reducing exposure to laggards as well as the long-term with strong balance sheets, some consistent growers, where winners in their coverage. For Nicholas Price reasonable valuations and a the relative valuations remain example, what would happen if is portfolio secular growth story. I think that elevated and there will be at least the US and/or China implement manager of the there is a strong cycle ahead, two quarters of tough earnings. another auto scrappage subsidy? Fidelity Japan supported by the shift to 5G and When aggregate demand goes After the 2011 earthquake in Trust PLC a new data-driven WFH cycle, close to zero, even the market Japan, tolls were cut to zero on and there is a good chance that share gainers cannot gain share the motorways to encourage these companies will lead us out of zero. I am also closely watching domestic tourism. So things can of this crisis as demand for their balance sheet leverage and and will change quickly when products and services is likely covenants for the few companies there is stimulus at the micro delayed rather than foregone. in the fund which are relatively level, as this will push the market At the same time, I am looking highly leveraged. Many of these to look through the current near- at domestic services stocks that stocks have been punished over term negativity in those areas. are well positioned to recover recent times but those that can Against this backdrop, it is our and grow their businesses once adapt will be well positioned to job to get active and find the new restrictions are lifted. reward investors willing to take a winners. If we keep on speaking A lot of these names have longer-term view. to company management teams been sold off sharply since and casting the net wider while the end of last year and offer the market is busy focusing on attractive upside potential. I Key points daily newsflow, we should be well feel much more confident that In the current environment, there is placed to find the new winners. the downturn is discounted • greater risk in trying to time the market when I see price-to-book ratios than maintaining existing positions where Recent portfolio activity getting close to Lehman levels, conviction in mid-term growth is high. Overall, I have not made any particularly among small-caps, significant changes to the which have moved very quickly. •Things can change quickly when positioning of the Trust and Companies in areas such as IT stimulus is effectively implemented and continue to focus on stocks where services, ecommerce and online the market starts to look through the I have a high level of conviction in learning that can benefit from near-term negativity. their mid-term growth prospects. changes in working practices and •Within Fidelity Japan Trust PLC, our Many of the companies held in the ways in which we shop and job is to get active and find the new the fund are market share gainers play once the pandemic abates winners when others are standing still. that are well positioned to come also look interesting. Important information: The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments are subject to currency fluctuations. The trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for illustration purposes only. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Investors should note that the views expressed may no longer be current and may have already been acted upon. This article is issued by Financial Administration Services Limited, authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, The Fidelity International logo and F symbol are trademarks of FIL limited. UKM0420/26588/CSO9727/1020.
www.whatinvestment.co.uk WhatInvestment May 2020 39 >| Investment Trust Reports
public equities, many of these companies, including six of the top 10 holdings, originated in the private segment. Its main aim is to achieve long-term capital growth for its investors, but the fund also offers a high distribution policy, paying out ca 3-5% of NAV each year. HBMN measures its performance with reference to the MSCI World Health Care Index in Swiss franc terms. However, given the significant proportion in unlisted holdings and the lack of exposure to ‘big pharma’, investors should be prepared for the fund’s HBM Healthcare performance to differ materially from that of the index. Investments In particular, its conservative approach to valuing private A diversified private/public portfolio investments should limit the volatility of returns, although it should be noted that some HBM Healthcare Switzerland-based healthcare of these companies may be Investments investment company that has earlier- stage and therefore at Price CHF171.00 been listed on the SIX Swiss higher risk of disappointing Market cap CHF1,190.2m Exchange since 2008. It has clinical outcomes. NAV per share* CHF202.21 evolved from a pure private The fund publishes Discount to NAV 15.4% equity investor focused on the fortnightly NAVs, monthly Yield 4.4% biopharmaceutical sector into summary factsheets, and *Including income. As at 24 March 2020 a globally diversified portfolio full portfolio valuations of listed and private healthcare are available quarterly. It eginning its life in 2001 companies and private equity is overseen by a six-strong as HBM BioVentures, funds. non-executive board mainly BHBM Healthcare While more than half of the made up of pharmaceutical Investments (HBMN) is a portfolio is now invested in industry specialists. The fund
The managers’ view Holding up well amid turbulence
On 13 March 2020, at the end of one of the worst weeks in global financial markets for many years as the coronavirus disease covid-19 spread further throughout the world, managers Andreas Wicki and Erwin Troxler said that notwithstanding the headline-grabbing race for a vaccine or cure for the disease, the immediate impact on the healthcare and biotech sector is likely to be twofold. First, ongoing clinical trials in a hospital setting are likely to be suspended, and recruitment for new trials will slow or stop, as hospitals will need their full capacity for accommodating the increased patient load. This could push out timelines for clinical readouts and drug approvals. Secondly, doctors with their hands full dealing with the disease outbreak will have less time or inclination to see drug company representatives, which could slow the pace of new product sales. While a pause of perhaps six months on a trial would have little impact on the clinical outcome, they point out that for companies short on development financing, the delay could mean they need to raise money, which is likely to be done based on lower valuations as a result of the market sell-off. However, the managers say that HBMN’s private portfolio is primarily positioned in mature companies, as part of strong syndicates or with existing partners that have cash to finance immediate needs, so the risk of having to seek third-party financing and incur a material write-down is relatively limited. While HBMN’s NAV fell by 12.6% between 15 February and 15 March, this was far less than the 24.2% decline in the MSCI World Health Care Index between these dates and all in Swiss franc terms, despite headwinds from the weakening US dollar. On the public side of the portfolio, performance was helped by the fund’s hedges of short positions in S&P Biotech Index ETFs, which the managers have reduced with each leg down in the market, generating cash “to grab opportunities in public markets when the time is right”, while effectively increasing market exposure at lower valuations. Chief financial officer Erwin Troxler said the high cash balance also means HBMN is very well positioned for paying its dividend, which will be declared with the fund’s final FY 2020 results to 31 March, due out in May.
40 WhatInvestment May 2020 www.whatinvestment.co.uk AS FOCUSED ON DIVIDENDS AS YOU ARE The Merchants Trust PLC
The Merchants Trust aims to provide a rising income by investing in large UK companies with the potential to pay attractive dividends. Although past performance is no guide to the future, we’ve paid a rising dividend to our shareholders for 37 consecutive years, earning us the Association of Investment Companies’ coveted Dividend Hero status. Beyond a focus on dividends, Merchants offers longevity too. Founded in 1889, we are one of the oldest investment trusts in the UK equity income sector. To see the current Merchants dividend yield or to find out more about us, please call or have a look at our website. A ranking, a rating or an award provides no indicator of future performance and is not constant over time. You should contact your financial adviser before making any investment decision.
0800 389 4696 www.merchantstrust.co.uk
INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.
This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). >| Investment Trust Reports
management team is led by between 29 February and 16 individual holdings are valued chief executive officer Andreas March, compared with a fall conservatively at book cost. Wicki and chief financial officer of 14.3% for the MSCI World The fund’s equity market Erwin Troxler. Health Care Index and 19.2% hedges (ca 18% of public equity for the NASDAQ Biotech Index exposure was hedged at end- Performance in Swiss franc terms. February) have also proved HBMN enjoyed a period of These index performances beneficial, and the managers particularly strong performance underline the somewhat have reduced them(to ca 10% over the 12 months to the end defensive nature of the of the portfolio at mid-March as of February 2020, with both the healthcare sector; by way of markets have fallen, generating share price and NAV reaching comparison, the MSCI World cash proceeds of ca CHF45m. all-time highs during the Index declined by 22.2% The deliberately high cash month. between these dates, and the balance of CHF220m at end- However, the severe global CBOE UK All Companies Index February, or 14% of total assets, market sell-off caused by the by 27.4%. has provided a further buffer in coronavirus pandemic and the In NAV terms, HBMN’s the recent sell-off. oil price war between former performance tends to be less While it is tempting in the OPEC allies has undoubtedly volatile in part because of its midst of a market panic to had a negative impact, and unlisted exposure, which is focus on the very short term, HBMN’s share price and NAV fell around 41% of the portfolio it is important to remember by 22.1% and 8.5%, respectively, at end-February, where most that investment is a long-term endeavour, particularly in areas such as healthcare and Investment strategy biotechnology, where new product development can take many years. Seeking listed and HBMN has substantially outperformed the MSCI World unlisted opportunities Health Care Index in Swiss franc While it has its roots in private equity investment, HBMN now invests across the spectrum of listed and unlisted terms to end-February in both companies in the healthcare and biotechnology sectors, as well as in private equity funds. HBM Partners has NAV and share price total return teams specialising in private and listed equity, and the teams meet with each other weekly to discuss clinical terms. It has also outperformed and market developments. Most of the investment team members have a life sciences background. the NASDAQ Biotechnology Index over three, six and 12 HBMN follows a bottom-up approach, selecting stocks from an investment universe of ca 1,000 companies months and three, five and 10 to build a diversified portfolio ofca 60-100 investments with solid long-term growth potential. In order to years; and is materially ahead of generate investment ideas, the teams track clinical trends, attend industry conferences, and communicate the broad UK equity market over with a network of industry experts and executives. They then analyse potential investments both quantitatively all periods under consideration. and qualitatively, assessing the companies’ intellectual property and stakeholder involvement, and write up a summary of the opportunity, which may include a recommendation to invest. HBMN’s managers are seeing opportunities as a result of On the private equity side, the team sources deals through its own networks, as well as via investment banks, falling share prices in stocks other venture capital investors and directly, aiming typically to make eight to 12 deals each year. HBMN seeks such as Y-mAbs Therapeutics to be an active lead or co-lead investor, sharing entrepreneurial responsibility with a firm’s management and XBiotech, a position sold in team, and securing board representation. A clear expectation of an exit, usually either through an initial public February after its sale of an asset offering (IPO) or trade sale, is inherent in all private investments. In recent times many of HBMN’s new private to Johnson & Johnson. positions have been taken specifically as pre-IPO investments, with the expectation of flotation in a matter of Wicki noted that Y-mAbs months, although some private holdings have been in the portfolio for a number of years. has fallen dramatically on the The private portfolio is characterised by a conservative approach to valuation, with most positions held at back of low trading volumes but acquisition cost. They may be revalued up or down when a financing round with a third-party lead investor without any negative newsflow: establishes a new ‘price’, and will be written down in steps of 25%, 50%, 75% or 100% in response to “It still has two products coming negative clinical or regulatory developments. Positive developments are reflected only at the point of a liquidity to market this year and is now event, such as a third-party financing round, IPO or trade sale. The exception is where a private company ridiculously undervalued.” has significant revenues and profits, in which case it will be valued based on appropriate sales or earnings In the case of XBiotech, he multiples. In the listed portfolio, valuations are based on market prices, and reflect positive or negative said that it may once again look sentiment and/or developments as they occur. attractive on a long-term basis, HBMN’s managers seek to build a portfolio that is diversified by geography, clinical focus and development having fallen by more than 50% stage. The private equity funds portfolio has a tilt towards emerging markets, where it may be harder for the compared with HBMN’s exit team to assess individual private opportunities. The overriding aim is to generate long-term capital growth, price, to the point where it is although there is also a focus on downside protection through the use of hedges in the public portfolio now trading below the value of currently covering ca 10%. Positions are continually reviewed, and risk management also includes ongoing its cash. WI monitoring of global markets and macroeconomic developments. Source: Edison
42 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trust Reports
Seneca Global Income & Growth Trust Price 128.0p Market cap £62.8m NAV* 124.3p Premium to NAV 3.0% NAV† 125.1p Premium to NAV 2.3% Dividend yield 5.3% * Excluding income; † including income. As at 16 March 2020
ounded as the Taverners Trust and initially Seneca Global F managed by Aberdeen Asset Management, the trust became the Midas Income & Income & Growth Trust in August 2005. In January 2012, the board made a number of changes with a view to Growth Trust improving the trust’s future total Multi-asset value investing returns, including rebasing the dividend to what was deemed a sustainable level and changing tactical asset allocation (TAA) (UK equities); Gary Moglione the benchmark from an absolute and investing in undervalued (developed markets overseas return of 8% per year to three- assets, while employing a modest equities/fixed income and month Libor +3%. level of gearing. The trust has specialist financial assets); In March 2014, the fund’s a progressive dividend policy, Tom Delic (emerging markets investment manager was targeting an annual increase at overseas equities/fixed income); purchased by Seneca Asset least in line with UK CPI inflation. and Richard Parfect (specialist Managers. The fund management The different asset classes assets, excluding specialist business was renamed Seneca within SIGT’s portfolio are financials). Moglione and Parfect Investment Managers (SIML) UK equities (primarily direct also have portfolio oversight and the trust itself was renamed investments), overseas equities responsibilities, which involve Seneca Global Income & Growth (funds), fixed income securities decision implementation and Trust (SIGT), highlighting its (direct or funds), specialist assets cash and cash flow management; diverse mandate. (funds – infrastructure, specialist however, they only have limited SIML is a value-based, multi- financial, property and private discretion to deviate from the asset specialist; it employs equity), and cash/managed target portfolio that is agreed by a transparent investment liquidity/physical gold/gold the whole team. process and SIGT’s holdings are miners. straightforward to understand. In order to mitigate risk, Performance The multi-asset strategy aims to SIGT has a series of investment In H1 2020 ending 31 October provide reasonable returns over guidelines in place: at the time 2019, SIGT’s NAV and share price the medium to long term, while of purchase, up to 7.5% of total returns of -1.6% and -0.8%, generating lower volatility of gross assets may be held in any respectively, were behind the returns versus an equity-only individual direct equity or fixed benchmark’s +3.7% total return. fund. income investment, and up to The largest positive contributors Since July 2017, SIGT’s 10% in any collective vehicle; a to absolute NAV performance in performance is benchmarked maximum 7.5% of gross assets H120 were Arrow Global Group against CPI +6% pa, which it aims may be invested in unquoted (+0.45pp) and Investec Global to outperform over the course of securities; and up to 25% of gross Gold Fund (+0.45pp), while the a typical investment cycle. This assets may be held in cash and largest detractors were Kier Group is defined as a five- to 10-year equivalents. Gearing of up to 25% (-1.21pp) and Woodford Patient period, in which returns from of NAV is permitted at the time Capital Trust (-0.94pp). Over various asset classes are generally of drawdown; at end-February the period, SIGT’s annualised in line with their very long-term 2020, SIGT had a 0.6% net liquid volatility was 6.2% compared with averages. position. 11.4% for the broad UK market. SIML believes that SIGT’s SIML’s investment team Over the longer term, data investment objective can be has four fund managers, all of from SIML show that since the achieved using a combination of whom have individual research change in mandate in January strategic asset allocation (SAA), responsibilities: Mark Wright 2012 to end-February 2020, the
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The managers’ view ‘Keep calm and carry on’
Fund manager Gary Moglione said that while it is difficult to comment on the macro backdrop when markets are being heavily influenced by the coronavirus outbreak, he believes that there will be a significant negative impact on global supply chains, and multiple profit warnings from companies across a range of sectors. However, the manager reiterates that SIGT focuses on the long term, and the short-term market sell-off may be providing interesting investment opportunities. He said he will not panic and sell positions at depressed valuations into a falling market; instead he has been incrementally adding holdings that the team considers have become oversold. While, historically, disease epidemics have led to sharp shocks in the market, Moglione said in 11 of the last 12 incidences, stocks had rallied within the subsequent six months. However, he does acknowledge the impact of increased globalisation in the spread of covid-19, which may mean this disease has more serious implications for economic growth than prior outbreaks. Despite this, the manager believes that markets will eventually recover. Moglione highlighted that SIGT’s UK equity exposure is domestically focused and should respond positively to any good news surrounding Brexit. In the two days following the Conservative victory at the December 2019 general election, the broad UK market rallied by 5.4%, while SIGT’s UK portfolio rose by 11.0% on hopes of progress towards leaving the European Union. However, the manager said following an initial period of euphoria, UK stocks fell the following week as a hard end-2020 Brexit transition deadline was announced. Moglione expects Brexit-induced volatility in the UK market until the end of the year, commenting that if a deal is done, domestic stocks should perform relatively well; he noted that until the situation is resolved and valuations normalise, he is happy to collect a steady stream of dividends from SIGT’s UK equity holdings. The manager explained that value stocks are more cyclical than growth stocks and have been hurt more in the recent stock market sell-off. Central banks are reducing interest rates, which is beneficial for the performance of long-duration assets, suggesting high-quality growth stocks may continue to outperform. Moglione said there was a promising sign of a return to value-led stock market leadership in Q4 2019, but he believes the coronavirus will exacerbate the divergence in performance between quality and value stocks. However, when there is an environment of rising bond yields, the manager suggests that “value stocks could move up quickly”. trust’s volatility of returns is 8.4% track record. The trust retains its ahead over all periods shown, pa, versus an average 11.8% pa significant outperformance versus particularly over the last three for the AIC Flexible Investment the blended benchmark in both and five years and since the sector and 13.2% pa for the broad NAV and share price terms since change in mandate. From the UK market. the change in mandate in 2012. end of February to 16 March While not unexpected given However, its NAV is now modestly 2020, while the trust has its inflation-linked benchmark, behind over five years, and is underperformed its benchmark SIGT’s relative returns have lagging over the last one and by 15.6pp, it has outperformed suffered in recent months in three years. the broad UK market by 9.6pp. WI a falling market, which has SIGT continues to outperform negatively affected its longer-term the broad UK market; it is Source: Edison
Investment strategy Seeking undervalued assets SIGT’s investment team seeks undervalued opportunities across a range of asset classes, aiming to generate aggregate total returns in excess of CPI +6% pa over the course of a typical investment cycle. As the trust’s income is derived from a wide range of sources, there is a good degree of certainty regarding the ability to generate a robust and growing revenue stream. The team employs a long-term strategic asset allocation (SAA) between UK equities, overseas equities, fixed income and specialist assets (including property), on the assumption that future long-term returns of individual asset classes will be comparable to their historical long-term returns. There is also a shorter-term TAA; this differs from the SAA according to which assets offer the best value and future return prospects given the stage of the investment cycle (expansion, peak, recession or recovery). In order to determine the stage of the cycle, the managers assess economic indicators such as yield curves, inflation and unemployment. UK equities held are primarily direct investments, with a focus on mid-cap companies. The manager seeks businesses with growing cash flows and dividends. Smaller companies have superior growth potential and have outperformed large-cap firms in recent decades; they can be under-researched and therefore mispriced in the market. In terms of overseas equities held, these are funds run by benchmark-agnostic, niche managers, whose portfolios have a high active share. Fixed income investments are currently all in funds, with a focus on capital preservation as well as yield. SIML seeks active managers who avoid defaults. For specialist assets, SIGT invests in funds in this heterogeneous asset class providing exposure to real assets. There is a focus on security of income, and asset and terminal values. These securities offer the potential to reduce portfolio volatility while enhancing returns. SIML employs a team-based investment approach and all portfolio changes are agreed before implementation, which acts as an effective risk control. Any variances between actual portfolio exposures and their target weightings are closely monitored.
44 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trust Reports
VietNam Holding Price 132.5p Market cap £67.4m VietNam Holding NAV* 172.4p Discount to NAV 23.1% A fundamental and ESG aware trust Yield 0.0% * As at 13 March 2020.
ietNam Holding (VNH) was launched in April V 2006 as a closed-ended fund, incorporated in the Cayman Islands and listed on AIM. It changed its legal domicile to Guernsey in February 2019, de- listed from AIM and was admitted to the Main Market of the London Stock Exchange in March 2019. The fund has been managed by Dynam Capital since July 2018, replacing the previous manager VNH Asset Management, which had been in place since VNH’s inception. The fund’s objective is to generate long-term capital appreciation through investing in a relatively concentrated, yet diversified portfolio of around 20 to 25 companies that have high growth potential at attractive valuations. The disciplined investment approach is both bottom up and top down, with environmental, social and governance considerations a part of the process. The company has been a signatory of the Principles of Responsible Investment for over a decade, and adopts its guidelines to exclude certain investments, such as companies with significant exposure to alcohol and tobacco, and those that do not commit to reducing, in a measurable way, pollution and environmental problems arising from their business activities. Gearing is permitted up to 25% of NAV; however, VNH has historically not used this capability. The fund is also able to invest up to 20% of NAV in private companies; it currently has one unlisted holding accounting for less than 5% of the portfolio.
Performance As the current manager, Dynam Capital, was appointed in
www.whatinvestment.co.uk WhatInvestment May 2020 45 >| Investment Trust Reports
The managers’ view Outstanding long-term prospects
The manager believes the coronavirus outbreak will have a meaningful and negative impact on Vietnam’s GDP growth in 2020. The team’s prior expectations for 7% growth this year will be cut, but there remains much uncertainty on the duration and impact of the virus. However, in Dynam’s view, when normality returns, there is likely to be a rapid rebound in domestic confidence, which should be reflected favourably in the domestic stock markets. The manager notes that Vietnam’s economy was robust prior to the outbreak, with record levels of foreign currency reserves, and this should help provide a buffer to some of the short-term impacts. The team is focused on the longer term, and believes Vietnam has outstanding economic prospects. The economy is one of the fastest growing in the world, and Dynam expects it to be one of the largest 20 in the world by 2050. The manager identifies three key secular growth trends – rising incomes, urbanisation and industrialisation – and believes these underpin excellent long-term opportunities for investing in Vietnam. The team noted that the country’s GDP per capita, at approximately $3,000, is typically the inflexion point for acceleration. Following a correction in Vietnamese equities, the manager believes that the market is attractively valued at a forward p/e multiple of ca 11x (excluding outliers). Dynam also believes there is considerable hidden value in the NAV of the fund because nearly half of the portfolio is held in stocks that have reached their foreign ownership limit (FOL). When this limit is reached, foreign buyers often offer a premium to the listed share price; however, NAVs must use the quoted price. Premiums for FOL companies currently range between around 7% and 30%.
July 2018, the most relevant with the previous board and shortcomings and broaden its performance numbers to consider management company. It also appeal to shareholders; these are for one year and less, and reflects investors’ lowered risk include the appointment of the since change (SC). VNH’s NAV appetite in the current uncertain current manager, a reduction in total return over one year has environment, which has resulted the management fee, the change been flat relative to the VN All- in wider discounts across the peer of the fund’s domicile, and re- Share Index. group since the outbreak of the listing on the Main Market of the Since the change of manager, coronavirus. London Stock Exchange. the fund has underperformed, A new board was appointed These changes, combined partly reflecting some transition- in September 2017 and is with increased market efforts related issues. Shortly after the committed to narrowing VNH’s and improved sentiment towards appointment of Dynam Capital, discount and promoting the Vietnam equities, may help VNH’s the board conducted a tender interests of shareholders. It discount to narrow. WI offer for up to 15% of issued has made significant changes equity, requiring the manager to to address the fund’s previous Source: Edison provide liquidity to accommodate repurchases. This represented a distraction Investment strategy from the day-to-day investing activities for the team. Furthermore, the new manager Rigorous analysis, inherited two illiquid holdings it did not wish to keep: Yeah1 and company engagement VietCapital Securities. The Dynam Capital team follows a rigorous fundamental investment process, unconstrained by any index, to invest These disposals were the in a relatively concentrated portfolio of 20 to 25 of its highest-conviction stocks. Dynam employs both bottom-up largest detractors to relative and top-down analysis in its investment approach. The team is looking for companies that are well-managed performance since the change. industry leaders with a strong competitive position and healthy balance sheets, yet which are attractively valued. Performance for periods less than ESG assessments are integrated into the company analysis and the manager believes firms that score highly on one year have also lagged the this front tend to outperform over the long term. Engagement with management is important and Dynam seeks to index; however, the manager has add value to a company by advising it in areas such as improving corporate governance, board restructuring and a long-term investment horizon training, and raising awareness of environmental and social initiatives. Dynam believes its active approach to ESG and is not influenced by short- differentiates VNH from many Vietnamese equity products and that it is a thought-leader within the country. CIO Vu term numbers. Quang Thinh leads Dynam’s company engagement process. Also a member of the Vietnam Institute of Directors, he VNH trades at a 23.1% discount is held in high regard in business circles on ESG matters in Vietnam. to its total return NAV, which The manager is typically biased in favour of small- and mid-cap companies, as these are often less well researched is considerably wider than its and more open to engagement. VNH’s relatively small size gives it the flexibility to invest in companies further down three-year average of 16.0%, the market capitalisation spectrum, and around half of the portfolio is held in sub-$1bn companies. As a signatory partly reflecting the relatively of the PRI, the fund follows its guidelines which exclude certain investments, including companies with significant short tenure of the new manager, revenues from alcohol, tobacco, armaments and gambling. The fund will also not invest in companies that do not and the company’s historic commit to reducing pollution and environmental problems caused by their business activities. governance issues associated
46 WhatInvestment May 2020 www.whatinvestment.co.uk >| Products
dyssean may be a In times as had an excellent track record ‘newer’ name to many unprecedented at his previous group, O investors, inspired by where he also invested Odysseus who was a legendary as these, one in these parts of the hero in Greek mythology and the place to turn to for market. main protagonist of Homer’s epic some investment Odyssean came into Odyssey. 2020 in good shape Troy Asset Management enlightenment with a cheap portfolio by (TAM), on the other hand, is and opportunities most measures including well-known to many investors a forward p/e of 15x with a deserved reputation for is Ancient Greece. with a dividend yield of its sensible long term investment In this case it is two 2.9% and low net debt strategies and Troy Income investment trusts of 0.8 times across the & Growth Investment Trust’s companies. (TIGiT) share price and net asset which take their Notably, the top 10 value (NAV) has demonstrated names from a previous holdings account for around this during the early stages of the millennium – namely the 75% of the trust’s NAV and coronavirus crisis. this includes companies like TAM released performance Troy Income & Growth Wilmington, Chemring and figures for the period leading up Investment Trust and Equiniti, but the trust also held a to 31 March 2020 just after Easter, Odyssean Investment Trust. decent chunk of cash, which has commenting: “March saw the given it some cushion against the equity market downturn of the Lawrence Gosling reports market sell-off. previous month accelerate into The manager does not aim for bear market territory, with a total higher yielding stocks, and there return of -15.1% for the FTSE All- are higher yields out there but Share Index. Classical as the manager points out with “The trust demonstrated more interest rates even lower since the resilience than the market but the turn of the year 2.9% is even more NAV total return of -10.4% and attractive than cash. price total return of -7.3% for the He has created a portfolio month shows that the severity offerings whose underlying companies, of the fall could only be partially although all UK-listed, generate resisted. revenue on a global basis, “Many business models so when looked at from that are being tested to their limits we are pressing on with our perspective around 40% comes and the need for balance sheet previously communicated from the UK, 25% from the US, strength and liquidity has rarely strategy of driving up the quality 20% from Europe and 15% from been at more of a premium.” and resilience of the portfolio.” the rest of the world. TAM added: “With businesses The trust’s managers, Francis The trust described the strategy prioritising the preservation of Brooke and Hugo Ure, believe as being more akin to a private cash, the outlook for the market the trust is in good shape longer equity style of investing rather dividend is now more uncertain term, and the evidence of their than the traditional, typical than at any time since 2008. The historical performance makes long-only fund. It aims for a number of deferred or cancelled the trust’s shares worth looking maximum of 25 holdings in the dividends, including those at, even if they are at a slight UK small and mid-cap sectors, already declared, is extensive and premium to the underlying assets. where a long-only fund would climbs every day. We expect more History shows it can be have up to 100, while private companies will take this route worth paying a premium for equity would have 10-15. It aims and in particular those that have quality during an economic or to stay invested in the underlying received government support. stockmarket crisis and a look companies for three-to-five years “While market falls have had at TIGiT’s underlying holdings as a minimum, owning up to 20% a degree of discrimination, good shows a portfolio of strong, high of a company and playing the role and great businesses have still quality businesses. of an active investor. fallen along with mediocre and There are a number of poor ones. For some companies, UK focus investment trusts in the small current events may permanently The Odyssean Investment Trust and mid-cap sector but this one impair their business model invests predominantly in UK- is well-worth a look because of its and dividend paying ability, but listed companies in the market more focused approach, proven for others this will be a passing cap range of £150-750m and track record of the fund manager setback from which the strong is managed by a talented fund and the current discount on the will emerge stronger. Therefore, manager, Stuart Widdowson, who shares. WI
www.whatinvestment.co.uk WhatInvestment May 2020 47 >| Investment Trusts
o what are real assets and what do we mean by S core? Real assets for J.P. Morgan’s JARA Trust correspond to the income-producing part of three categories: real estate; infrastructure and transportation. If we think about these real assets on a spectrum, core is at the high-quality end of the spectrum; so real assets that are in excellent locations, facing off against high-calibre counterparties. The majority of the return for these types of assets should be derived from income. Indeed, about two- thirds plus of the return profile should be income. It is not just the level of income that is important; it is also the predictability of that income. So it has to be high quality income, often coming from contracted sources. In the context of real estate, this would be a New York office building which has got Amazon as a tenant. You are not going to buy that building and expect it to double in value, but you have a pretty good tenant you expect to pay you on time. At the other end of the spectrum, you have opportunistic real assets. An example of that within real estate would be buying land, Keeping it real whereby you build a second-tier city on it and hope to sell it at a Phil Waller explains the thinking behind core real profit. assets and what it means for investing in This approach focuses much more on capital appreciation, real estate, infrastructure and transportation which is a much higher risk. There is no right or wrong way to play real assets. At different times in the cycle, different ones regulatory framework; and Asia Pacific side complement will be more appropriate for protection of ownership. For each other. The US is very investors’ portfolios. J.P. Morgan Asset Management developed real estate market; that narrows the Asia Pacific Asia, a much newer market. Real estate region down to eight countries While Asia Pacific is now the opportunities – including Japan, Australia, largest real estate market In terms of real estate, the focus New Zealand, Singapore, Taiwan globally; larger than Europe and is on core key markets. In the US, and South Korea – and 15 the US, it has the largest investor these include gateway cities such cities where we see that core underweight. This points to as New York, San Francisco and return profile. However, with a rising tide of opportunities Chicago, whereas the definition a developing region, more and ahead. is more complex in Asia. more markets are more likely to Scale is also relevant. In real Qualification as a core market open up to investors over time. estate, larger properties tend to requires: liquidity; the right In addition, the US and the outperform, particularly on a
48 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trusts
operators to help them grow long-term leases. And because of either organically or through the need for capital, it can offer acquisition, it allows them to a yield north of 8% net. In the write smaller cheque sizes and medium term, it is an attractive therefore avoid a lot of the complement to the slightly competitive processes. lower-yielding infrastructure and This approach helps deploy real estate side of the market at capital more predictably, present. because if you are chasing these trophy assets and you lose out The outlook for returns on your bidding process that We are obviously in a period is a lot of capital that you have of considerable uncertainty. not been able to deploy in that but, looking ahead, while period. But also, smaller ticket infrastructure is very much the sizes hopefully allow more golden child at the moment, we efficient spending over time would expect all our core real to maintain that all-important assets to produce, whether it is yield. real estate or transportation. Over the last 10 years income Transport behind of 4.5% to 5% yield, has been the curve pretty much consistent quarter on Right now we are probably quarter. seeing the best market dynamics Having a predictable income on the transportation side. While stream is essential, particularly a lot of capital has gone into looking back to 2009/2010. real estate and infrastructure, During this period of negative transport is still five years capital values, there was still the behind in terms of its curve, ability to derive a positive return particularly from a capital flow from that asset class because of perspective. the consistent income stream There is a real need for capital coming through. in transport right now, which Often we think about the is driven by the fact that firstly key risk for real assets as being the main capital providers in something of a local risk: the space have always been the that can be political; it can be banks, particularly European jurisdictional; it can be a range of volatility basis, as they attract banks. Now it is much more different things. more significant, higher quality expensive for these banks to be While taking a global counterparties that tend to pay equity owners of these assets, investment approach can on time. Also, larger tenants find mainly driven by the fact that help diversify such risks, the it more difficult to move, and capital adequacy is much more predictability of income coming therefore your releasing risk punitive for them, so they have through is also a critical risk is quite significantly reduced slowly withdrawn from the factor in our opinion, and of vital by playing in this part of the space. importance when we consider spectrum. If the traditional capital investing in real assets. providers are not there, that That said, all sectors, real Infrastructure focus on space needs to be filled, assets included, are now facing mid-market particularly as a lot of the fleet enormous challenges as covid-19 There has been a lot of capital of the world is ageing. Currently, spreads globally. While it may flow into the infrastructure 42% of the world’s fleet is now be some time before we see the space over the last 10 years or over 20 years old, which with equity markets recover with so, and long-term projections the average useful life cycle of any level of consistency, by of infrastructure look very transport assets 25 to 35 years, sticking to the core principles good. Yet while there is a lot it means they soon need to be of investing in real core assets – of spending that needs to replaced. focusing on income; high-quality happen, care needs to be taken In many ways, the outlook is locations and counterparties – on chasing trophy assets. A a very similar business model we can hopefully enjoy a more more mid-market approach, to real estate. In real estate, you predictable return to normality with a preference for bolt-on own a building, and you put it when it eventually arrives. WI acquisitions, is preferred. on a lease, This can also happen For example, by working in the transport space – you Phil Waller is a product specialist at with existing solar farm own a ship, and you put it on J.P. Morgan Asset Management.
www.whatinvestment.co.uk WhatInvestment May 2020 49 >| Investment Trusts
he world, or the decade so far, has certainly As uncertainty prevails, Sue Noffke T had to cope with a lot. explains why investors should now We have seen political unrest between the US and Iran, focus on fundamentals and process continuing Brexit disruption in Europe, devastating fires in Australia, floods in the UK and now the global coronavirus Keep calm pandemic. So what is an investor to do? Based on my 30 years as a fund manager and having faith in a long-established investment and carry on process, I believe it is a case of keeping calm and carry on. While there is continued uncertainty over both the short- and long-term impact of coronavirus on the global economy and business, for investors who can still take a long term view of the situation, assessing the fundamentals can help give perspective to the situation. In this respect, the investment trust structure has several advantages. Alongside gearing and revenue reserves, there is the fixed capital structure that is very much an aligned long-term view. There is no distraction from money in, money out; there is the ability to overwrite stocks within the portfolio; write covered calls to generate extra income; or gain overseas exposure when, in each case, the environment is right.
Inefficiency provides opportunities Underpinning all of this is the belief that markets are inefficient and that inefficiency provides opportunities. So taking advantage of any adverse sentiment to buy out-of-favour stocks by focusing on the long- term fundamentals. Idea generation is all about trying to spot opportunities when they present themselves; it is understanding the universe you are looking at; and it is trying to see why a stock might be out of favour – asking whether that is an opportunity or is it reflecting the fundamentals?
50 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trusts
Focus on key Can fundamentals back the on trade, and to what extent the investment drivers valuation or has it just been market is going to look through In terms of key drivers, caught up in a wave of some that? How will the impact of accounting is vital. Accounting flavour of the month? If so, is liquidity support from central helps avoid the blow-ups by that something you want to run banks play out? paying attention with? It is also essential to take to cash flow Other red flags into account that the UK equity and the balance include signs of market is not all about the UK sheet; ensuring deterioration. economy, so it does matter what diversification “It is essential Sometimes international markets are doing. across the value to take into frequent or All of these things are issues to and growth expensive think about and to explore. spectrum; and account that acquisitions, As we move forward, having a valuation the UK equity especially when it diversification by style certainly discipline. It is market is not is not part of the gives opportunities to perform about assessing all about the stated business in several different market peers, looking at UK economy” model, can be opportunities. So holding history and asking hiding some level the right balance of value lots of questions of decline. Other and growth stocks gives the about whether it is signs include a flexibility to pick up on different different this time. deterioration in market environments and Strategic positioning is ESG performance; failure to opportunities. probably one of the critical respond to disruption; and Revenue reserves is a further differentiators for stock questions on the sustainability tool for investment trusts, performance; so looking at the of the dividend. particularly those that have sustainability of the profits of a For an income fund, the an income focus. In terms of business, looking at the threats dividend is key. There is no Schroder Income Growth, the from the disruption to stress point in just selling when it fund has been able to maintain test holdings and new ideas. is already discounted in the dividend growth at times when Management and governance price as you have suffered the dividend growth has been very are also vital to assure the capital deterioration. It is much hard to come by within the delivery on strategy and to make more about stress testing how market. sure that shareholders benefit sustainable that dividend is While we have not been from that. going forward; not just this afraid to dip into revenue There are also year or this half-year, but in reserves to ensure continued macroeconomic the next couple of dividend growth to investors, we driver “Sometimes a years. have also repaired and rebuilt. considerations. Weaker and So a “fix the roof while the sun These change in the deteriorating is shining” approach to prepare considerations investment balance sheets are for whatever the market throws help understand thesis is also a sign at you in the future. Hopefully, and inform the beyond your because the these preparations will now help cyclicality, as well ability to combination of sustain and support as we move as the upsides and operational and forward. downsides in an control, in financial leverage Despite the uncertain absolute sense, which case can be toxic, investment environment ahead, to changes in the you have to particularly in a investment trusts must continue macro drivers. sell and move downturn. And to provide investors with capital on” that’s the critical growth and grow income in real When to sell reminder that terms. Sometimes a long investment By using a combination change in the investment experience in markets tends to of experience and focusing thesis is beyond your ability leave you with. on investment process and to change or control, in which fundamentals, we hope to case you have to sell and move Looking ahead continue to do that, regardless on. Sometimes it is much more Clearly, the coronavirus of whatever environment we about a judgement on the pandemic is going to have an happen to be operating in the valuation. impact on stock markets and world. WI It might be high because investment performance going it is anticipating a significant forward. Sue Noffke, is a manager of the upswing, in which case can Questions we now need to ask Schroder Income Growth fund and you test and verify that? are to what level it will impact head of UK Equities at Schroders.
www.whatinvestment.co.uk WhatInvestment May 2020 51 >| Savings & Taxes
Tax Rates for 2020/21 Mortgage Income tax Inheritance tax Calculator Basic rate (£12,501-£37,500 of taxable income) 20% Rates Monthly cost per £1,000 of mortgage – Higher rate (£37,501-£150,000 of taxable income) 40% Nil £1-£325,000 remember to add the monthly cost of any Additional rate (over £150,000 of taxable income) 45% 40% £325,000+ repayment vehicle (endowment, ISA, etc) to the Dividend ordinary rate 7.5% Lifetime transfers total on an interest-only loan. Repayment figures Dividend upper rate 32.5% Inheritance tax is not chargeable on most lifetime transfers. assume a mortgage term of 25 years. Dividend additional rate 38.1% Gifts on or within seven years of death will be first set against Scotland the nil-rate band and any excess charged at the death rate Rate Interest-only Repayment subject to reductions as follows: mortgage mortgage Starter rate (£12,501-£14,549 of taxable income) 19% 2.0% £1.67 £4.27 Basic rate (£14,550-£24,944 of taxable income) 20% Years between % tax rate 2.5% £2.09 £4.52 Intermediate rate (£24,945-£43,430 of taxable income) 21% gift and death chargeable 3.0% £2.50 £4.79 Higher rate (£43,431-£150,000 of taxable income) 41% 0-3 40 3.5% £2.92 £5.06 Top rate (over £150,000 of taxable income) 46% 3-4 32 4-5 24 4.0% £3.34 £5.33 Allowances 5-6 16 4.5% £3.75 £5.62 Personal allowance £12,500* 6-7 8 5.0% £4.17 £5.91 Personal savings allowance (basic rate taxpayers) £1,000 Over 7 years Nil 5.5% £4.59 £6.21 6.0% £5.00 £6.52 Personal savings allowance (higher rate taxpayers) £500 Exemptions 6.5% £5.42 £6.83 Dividend allowance £2,000 Annual £3,000 Marriage allowance £1,250† Gifts between husbands, wives and civil partners 7.0% £5.84 £7.15 Blind person’s allowance £2,500 (and to charities, museums, universities or community amateur 7.5% £6.25 £7.48 * Allowance is reduced by £1 for every £2 of income over £100,000. sports clubs) are totally exempt, as are gifts in contemplation of 8.0% £6.67 £7.81 † A spouse or civil partner who is not liable to income tax (or not liable at marriage, within certain limits. 8.5% £7.09 £8.14 the higher or additional rate) can transfer this amount of their personal ISAs 9.0% £7.50 £8.48 allowance to their spouse or civil partner. The recipient must not be liable 9.5% £7.92 £8.83 to income tax at the higher or additional rate. Annual investment limits The relief for this allowance is given at 20%. ISA £20,000 10.0% £8.34 £9.18 10.5% £8.72 £9.43 Capital gains tax (CGT) Junior ISA £9,000 Child Trust Fund £9,000 11.0% £8.14 £9.78 Gains are taxed at 10% and 20% depending on taxable income. 11.5% £8.56 £10.13 Annual exemption From 1 July 2014, the cash limit was abolished – funds can 12.0% £8.98 £10.48 Individuals £12,300 therefore be invested in any desired combination of cash and Trustees generally £6,150 stocks and shares. Source: Halifax Personal pension contributions Inflation You can save as much as you like into any number of pensions and get tax relief on up to 100 per cent of your earnings each year, subject to an upper annual allowance. For the tax year 2019/20, this is £40,000. Savings above the annual allowance will be Indicator subject to tax charges. The allowance is tapered for those with an ‘adjusted income’ of over £150,000. Individuals also have a lifetime allowance against which the total value of the benefits built up in pension funds (including The rate at which prices rise and money loses its investment growth) will be tested. For the 2019/20 tax year, the lifetime allowance is £1,073,100. purchasing power. CPI RPI National Insurance contributions (NICs) from 6/4/20 Class 1 (Employed) Contracted in rates Class 1A and 1B (employers only) 13.8% Current rate 1.7% 2.5% Earnings per week Employer % Employee % Class 2 (self-employed) £3.05 per week 1 month ago 1.7% 2.7% £0.01-£183.00 – – (small earnings exemption) £6,475 1 year ago 1.7% 2.5% £183.01-£962.00 13.8 12.0 Class 3 (voluntary) £15.30 per week 3 years ago 2.3% 3.2% Over £962.00 13.8 2.0 Class 4 (self-employed) 0% on profits up to £9,500 5 years ago -0.1% 1.0% 9% on profits from £9,501 to £50,000 10 years ago 1.2% 3.7% 2% on profits above £50,000 pa Data as at 25 March 2020. Source: ONS
Income/Capital Growth Calculator
Annual growth
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52 WhatInvestment May 2020 www.whatinvestment.co.uk >| What the stats tell you
Understanding the statistics INVESTMENT FUND PERFORMANCE INFORMATION, SUCH AS THAT LISTED IN WHAT INVESTMENT, CAN BE VERY USEFUL. HOWEVER, THE CHALLENGE IS TO MAKE SURE THAT YOU UNDERSTAND THIS INFORMATION AND USE IT TO MAKE INFORMED INVESTMENT DECISIONS. ALL>| DATAUnit ASTrusts AT 31 MARCH1 2020
The information shows how much a hypothetical £100 would Unit Trusts be worth if it was invested in the fund over the specified time period. While investors are unlikely to hold just £100 in a fund, Fund 6 months 1Year 3 Years 5Years 10 Years TER Yieldthis Fund approach can help to bring the6 months performance 1Year 3 Years to life5Years more 10 Years than TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELDshowingFUND a percentage return. 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £ £ £ £ £ % % The performance is shown assuming£ £that all£ income£ generated,£ % % FTSE 100 102 - 109 - 121 - 141 - 180 - - - Old Mutual Asia Pacific R GBP Acc 101 31 121 9 156 7 189 5 279 9 1.01 1.33 FTSE All Share 102 - 108 - 123 - 146 - 191 - - -suchOld Mutual as Asiandividends Equity Inc Rand GBP Accinterest,98 is 86reinvested.106 85 125 This82 135 puts68 income-- - 0.94 - Investment(IA) ASIA PACIFIC performance EXCLUDING is JAPAN generatingOld Mutual Invesco and Perpt growth Asian U2 GBPAccfunds on101 an38 equal117 25 footing160 4 and- makes- - -total- 1.30 shown after charges have Old Mutual Pacific Equity R GBP Acc 96 95 106 87 123 86 145 48 - - 1.02 - Aberdeen Asia Pac Eq Enh Idx B GBP Acc 101 47 113 44 ------2.52returnPictet-Asian comparisons Equities Ex Japan muchI USD easier99 than80 117 by22 assuming145 20 183 income10 207 41is 1.08 - beenAberdeen deducted. 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I GBP Inc Some 100 67 123Dual3 153priced10 189 funds4 228have25 1.02 0.55 Schroder Asian Income Z Acc 100 52 111 62 140 34 152 39 328 2 0.95 3.67 Barings ASEAN Frontiers I GBP Acc 105 2 115 31 137 40 125 76 - - 1.25 - Schroder Instl Pacific I Acc 102 12 107 84 132 60 133 69 238 17 0.51 2.77 fundsBGF Asianhave Dragon hefty D2 charges, 100 68two114 prices;42 142 27 the185 price9 237 at 18 1.09 - Scottish Widows Pacific Growth A 100 69 111 65 133 57 144 50 190 50 1.65 1.39 whichBlackRock act Asiaas Da Acc drag GBP on 101 42which114 37 the141 fund31 units- - are- - - 0.78 SLI Asian Pacific Growth Plat 1 Acc 98 89 112 52 132 63 159 29 228 24 - 1.15 BlackRock Asia Special Situations D Acc 102 19 113 47 146 19 - - - - - 0.95 SLI Pacific Basin Trust 99 72 114 41 132 59 156 35 220 30 0.86 1.19 theirEmerise overall Pacific performance, Rim Equity R/A USD 103 8bought,108 79 123 called85 119 the77 offer148 58 1.80 - Smith & Williamson Oriental Growth B 100 54 121 10 157 6 173 18 - - - 1.26 andF&C this Pacific is Growthreflected 2 in the 101 44 109 77 137 39 157 33 169 56 1.10 1.83 SSgA Asia Pacific ex-Japan Eq Tracker 101 35 109 74 135 51 140 61 213 38 0.90 - Fidelity As Pacific Opps W GBP Acc price, and the price at 100 61 114 38 160 2 - - - - - 1.11 Stewart Investors Asia Pacific B Acc GBP 101 30 109 75 134 54 168 20 310 3 1.04 1.02 Fidelity Asia Focus W-Acc-GBP 104 4 121 12 145 21 163 26 237 19 1.19 - performance data. which they are sold, called T. Rowe Price Asian ex-Japan Eq Q GBP 99 81 113 48 137 37 158 32 239 16 1.17 - Fidelity Asia W Acc 103 7 122 4 154 9 187 6 284 7 - 0.73 The performance data T. Rowe Price Asian Opps Eq Q GBP 100 59 115 28 147 16 - - - - 1.17 - Fidelity Asian Dividend W Acc 103 6the111 bid58 139price.35 The- offer- - - - 2.31 Templeton Asian Growth W(acc)GBP 96 97 107 82 123 87 127 74 199 48 1.34 - in WhatFidelity AsianInvestment Special Sits A-Dis-GBPis 101 49 115 35 144 23 183 12 269 12 1.93 - price is higher than the bid Threadneedle Asia Z Acc GBP 102 18 119 16 141 30 168 19 214 35 0.91 1.02 Fidelity Emerging Asia W Acc 102 9 118 20 145 22 187 7 - - - 0.52 produced by Morningstar, Vanguard Pac ex-Jpn Stk Idx GBP Acc 101 33 104 93 127 76 128 72 - - 0.30 4.23 Fidelity Emerging Asia W-Acc-GBP 102 14price,118 19 with147 17the177 difference16 - - 1.21 - Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55 whichFidelity is Index a global Pacific ex Japan P Acc 101 43 105 90 128 73 - - - - - 3.43 effectively being an Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55 Fidelity Instl Pacific ex Japan Acc 101 23 104 96 129 69 143 55 219 32 0.90 1.42 investment research firm. Waverton Asia Pacific A USD 99 82 108 80 135 50 147 44 221 28 1.51 0.81 Fidelity Instl South East Asia Acc 102 10initial115 33 charge141 32 163which27 283new 8 0.94 1.51 Average/Total 100 100 113 100 137 94 156 80 230 59 1.14 1.82 ThisFirst data State Asiashows All-Cap how B Acc GBPfunds 99 74investors112 53 -pay.------0.57 haveFirst performed State Asia Focus overB Acc GBPsix 102 17 115By29 showing- - performance- - - - - 0.82 (IA) ASIA PACIFIC INCLUDING JAPAN GAM Multistock Asia Focus Equity USD B 101 27 119 17 147 15 180 14 - - 1.90 - Aberdeen Asia Pacific and Japan Eq I Acc 101 6 110 7 130 7 139 7 228 5 - 0.75 months,GAM Star one Asian yearEquity Instland GBP Acc 97 92data111 56on120 a bid-to-bid90 146 46 166basis,57 1.32 - Baillie Gifford Developed As Pac B Acc 108 1 118 1 152 2 181 2 240 3 0.73 0.89 threeGlobalAccess years. PacificIt is Rimsensible exJpn M Acc GBP 101 45it119 is assumed15 132 62 that- there- - is- - 0.81 GAM Star Asia-Pacific Eq Instl EUR Acc 101 4 112 6 134 6 153 6 171 6 1.76 - GS Asia Equity R Acc USD 101 39 121 13 147 14 183 11 203 46 1.15 - IP Pacific Z Acc 102 2 117 3 150 4 185 1 296 1 - 1.06 to lookGuinness at Asian performance Equity Income Y GBP Acc 98 85no110 initial68 136 charge46 - and,- while- - - - JPM Pacific Equity A (dist) GBP 99 7 114 4 151 3 172 3 228 4 1.80 0.04 overHalifax different Far Eastern time C periods 100 58this112 may49 135 not49 be148 realistic41 206 43 1.57 1.86 Matthews Asia Funds Asia Dividend I GBP 101 5 113 5 144 5 160 5 - - 1.22 - Hermes Asia Ex Japan Equity F GBP Acc 98 87 116 27 149 13 234 1 - - 0.85 - Smith & Williamson Far Eastern Inc&Gr B 102 3 118 2 158 1 170 4 278 2 - 1.98 andHSBC by Asianusing Growth these Retail figuresAcc 102 22for115 new36 136 investors,43 152 38 it 184does52 1.79 0.36 Average/Total 102 7 114 7 146 7 166 7 240 6 1.38 0.94 HSBC Pacific Index Accumulation C 101 50 110 70 136 47 143 56 209 39 0.31 2.44 investors may be able to provide a fair comparison (IA) CHINA/GREATER CHINA Invesco Asia Consumer Demand A USD SD 101 37 119 14 141 29 159 30 253 14 2.02 0.06 spotInvestec any Asiashort-term ex Japan I Acc trends, Net 101 24between122 6 144 single24 179 and15 271dual11 1.00 1.20 Aberdeen Global Chinese Eq X Acc GBP 104 7 113 36 129 24 139 34 211 11 1.24 - whichIP Asian could Equity Incomeact as Z Acca buying 97 93priced106 88 funds.126 80 142 59 - - - 3.77 Allianz China Equity RT GBP 102 18 120 29 121 31 184 21 - - - - IP Asian Z Acc 101 36 117 23 161 1 192 3 292 6 - 1.22 Baillie Gifford Greater China B Acc 98 36 126 9 164 1 227 3 - - 1.13 0.73 opportunity,iShares Pacific anex Jpn indication Eq Idx (UK) D Accto 101 46 110 So,71 by137 showing41 144 49 - - 0.19 2.77 Barings China Select I GBP Inc 97 37 111 37 121 30 169 30 198 16 1.44 0.01 sellJanus or aHenderson time to Asian rebalance Div Inc UT I Acc 101 25performance111 61 132 64 over141 60 different213 37 1.11 5.28ABarings single Hong priced Kong China fund I GBP is Acc usually bought101 23 121 and25 sold126 at27 the183 same22 200 price,14 1.23 - Janus Henderson AsiaPac Cptl Gr I Acc 99 76 112 54 144 25 164 25 233 21 1.08 0.82whichFidelity China reflects Consumer the W Acc mid-point of102 the20 buying123 18 141and 13selling220 5price- of- the - 0.45 a portfolio.Janus Henderson Rebalancing Instl APexJpn IdOpp IAcc 99 73timescales,108 78 135 53 with143 charges57 209 40 0.83 2.47 Fidelity China Focus Y-Dis-GBP 104 9 123 19 135 18 219 6 - - 1.06 1.10 is whereJOHCM Asia profits ex-Japan areA GBP Inc 93 98included100 98 127 and77 income142 58 - - 1.01 0.97fund’sFirst State assets. All China B Acc USD 106 3 125 11 ------0.49 JOHCM Asia ex-Japan Sm & Md-Cp A £ I 92 99 96 99 116 92 140 62 - - 1.21 0.49 First State Greater China Gr B Acc GBP 102 16 120 27 141 14 182 24 318 1 1.06 1.07 takenJPM fromAsia Growth funds C Net which Acc 101 29reinvested,122 5 160 using3 182 13bid-to-243 15 0.93 - GAM Multistock China Evolution Eq USD B 99 30 120 28 142 12 - - - - 1.92 - haveJupiter performed Asia Pac Inc Lwell GBP Q andInc 98 90bid104 pricing,95 120 89 investors140 63 will- - 1.94 3.85 GAM Star China Equity Instl GBP Acc 102 19 118 31 117 33 183 23 - - 1.04 - Jupiter Asian I Acc 97 94 104 91 129 70 155 36 205 44 - 0.68 GS China Opportunity Equity R Inc GBP 101 24 125 10 130 22 197 13 - - 1.15 0.65 reinvestedJupiter Asian in Income those I GBP which Acc 99 79have106 86 information- - - on- a - - - 3.72 Guinness Best of China X GBP Acc 100 26 117 33 ------1.24 - haveL&G under-performed. Asian Income Trust I Acc 100 64like-for-like107 81 131 65 basis136 65 on234 which20 - 3.95 HSBC Chinese Equity Retail Acc 100 29 123 17 121 29 176 25 182 19 1.78 0.20 L&G Pacific Index Trust I Acc 101 48 110 72 136 44 144 52 219 31 0.38 2.83 HSBC GIF Chinese Equity AD 99 35 123 15 123 28 186 19 195 17 1.91 0.34 Legg Mason IF MC Asia Pac X Acc £ 100 70to113 compare43 142 28 all154 investment37 207 42 - 1.47 Invesco PRC Equity A USD AD 100 28 126 7 136 16 185 20 220 9 2.22 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 100 55funds110 69 133 58 146 47 - - 1.20 1.16 IP HK & China Z Acc 101 22 123 20 139 15 200 11 272 4 - 0.92 Legg Mason MC Asia Pacific X USD Dis(A) 99 75 113 45 136 42 146 45 185 51 1.25 1.25 Janus Henderson China Opps I Acc 103 12 127 6 151 4 228 2 268 5 1.09 0.85 LF Canlife Asia Pacific C Acc 101 51 115 30 118 91 130 70 197 49 0.89 1.20 Janus Henderson Hrzn China A2 USD 101 21 124 13 143 11 219 7 308 2 1.95 - Liontrust Asia Income I Inc 100 66 111 63 130 68 148 43 - - 1.25 4.53 JPM Greater China A (dist) USD 99 33 122 22 136 17 187 18 252 7 1.78 0.13 M&G Asian GBP I Acc 98 84 106 89 125 83 144 51 214 36 0.99 1.45 JPM Hong Kong A (dist) USD 102 17 119 30 127 26 169 29 210 12 1.80 0.94 Marlborough Far East Growth P Inc 101 34 115 34 146 18 165 21 202 47 - 1.94 Jupiter China I Acc 99 32 118 32 117 32 171 27 194 18 1.02 1.07 Matthews As Fds As Ex Jp Div I GBP Acc 105 3 124 1 ------1.50 - Legg Mason IF MC China X Acc £ 104 4 126 8 147 7 192 15 - - - 0.24 www.whatinvestment.co.ukMatthews Asia Funds Asia Small Co I GBP 105 1 113 46 124 84 151 40 - - 1.72 - Legg Mason MC Greater China A USD Dis(A)WhatInvestment101 25 121 24 146 9May191 16 2020215 10 531.60 - Matthews Asia Funds Pacific Tiger I GBP 101 32 111 60 135 52 164 24 - - 1.34 - Matthews As Funds China Sm Coms I Acc 106 2 131 3 152 2 219 8 - - 1.71 - MFS® Meridian Asia Pacific ex-Jpn W1 USD 99 77 111 55 142 26 159 31 222 27 0.94 - Matthews Asia Funds China Div I USD Acc 103 15 120 26 144 10 199 12 - - 1.50 - Mirabaud Equities Asia ex Japan A USD 97 91 116 26 133 56 162 28 170 55 2.21 - Matthews Asia Funds China I GBP 107 1 134 2 146 8 188 17 - - 1.50 - Mirae Asset Asia Great Consumer Eq R GBP 103 5 121 8 128 72 - - - - 0.96 - Neptune China C Acc GBP 104 5 124 12 130 21 170 28 204 13 - 0.84 Mirae Asset Asia Sector Leader Eq R GBP 101 26 118 21 138 36 - - - - 0.97 - Neuberger Berman China Eq USD A Acc 104 10 135 1 151 3 237 1 - - 2.11 - New Capital As Pac Eq Inc GBP Ord Inc 102 21 112 51 107 93 107 79 - - 1.38 3.91 New Capital China Equity GBP Ord Acc 99 31 116 34 89 35 151 33 - - 1.30 - Newton Asian Income Instl W Acc 98 88 102 97 126 81 125 75 271 10 0.83 4.42 Nomura Fds China I USD 100 27 116 35 115 34 165 31 179 20 1.59 - Newton Oriental Inst W Acc 96 96 107 83 133 55 127 73 180 53 0.89 0.73 Old Mutual Henderson China Opps U2 £ Acc 104 8 127 5 148 6 222 4 - - - 0.70 Nomura Fds Asia ex Japan High Cnv I USD 100 56 122 7 152 11 - - - - 1.40 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Nomura Fds Asia High Dividend I USD 100 60 111 67 126 79 - - - - 1.10 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 13 111 57 131 67 - - - - - 1.26 guarantee of future results.
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Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £££££%% £££££%% FTSE 100Test 78 - 82 - 88 - 103 - 147 ---Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 87 46 94 19 107 24 129 34 - - - 1.47 FTSE All ShareTest 78 - 82 - 88 - 103 - 154 ---Quilter Investors Asia Pac U2 (GBP) Acc 87 42 88 48 ------1.98 (IA) ASIA PACIFIC EXCLUDING JAPAN Robeco Asian Stars Equities F £ 85 60 85 74 90 78 - - - - 0.96 - Royal London Asia Pac ex Jpn Tracker Z 81 81 86 68 91 73 117 60 151 48 1.05 3.62 AB Asia Ex-Japan Eq I GBP Acc 88 34 85 72 92 66 - - - - 1.22 - Santander Pacific Basin (Ex Jpn) Eqs A 88 32 89 46 97 48 124 43 171 31 1.05 2.34 Allianz Total Return Asian Equity C Inc 95 4 99 7 110 17 125 41 196 14 1.24 1.71 Schroder Asian Alpha Plus Z Acc 90 20 90 42 108 23 141 15 226 4 0.96 1.44 Alquity Asia USD Y 77 97 74 102 79 98 ------Schroder Asian Income Maximiser Z Acc 81 77 84 78 91 76 116 62 - - 0.96 8.73 AS SICAV I Asia Pac Eq X Acc GBP 87 39 92 30 101 36 119 53 162 37 1.27 - Schroder Asian Income Z Acc 81 76 85 75 94 57 122 46 200 11 0.95 4.89 AS SICAV I Asn Smllr Coms X Acc GBP 79 94 83 83 85 90 100 89 165 35 1.41 - Schroder Institutional Pacific I Acc 79 90 86 69 95 55 120 50 171 33 0.51 3.74 ASI (SLI) Asian Pacific Grth Eq P1 Acc 88 37 93 28 102 34 127 37 184 24 - 1.74 Scottish Widows Pacific Growth A 86 53 87 59 94 58 117 61 144 55 1.65 1.80 ASI Asia Pacific Equity Enh Index B Acc 86 50 88 52 97 49 - - - - - 3.39 SLI Pacific Basin Trust 86 49 90 39 100 40 123 45 164 36 0.86 2.05 ASI Asia Pacific Equity I Acc 87 44 92 32 101 35 119 51 166 34 1.12 1.26 State Street Asia Pacific Ex-JPN Eq Trkr 79 92 82 89 87 83 112 68 145 53 0.90 - AXA Rosenberg Asia Pacific ex Japan Z 86 52 86 70 92 69 113 67 154 42 1.09 2.57 Stewart Investors Asia Pacific B Acc GBP 81 83 79 96 84 92 104 85 192 19 1.04 - Baillie Gifford Pacific B Acc 93 7 99 4 121 3 144 12 244 1 0.79 0.61 SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 93 8 96 13 113 13 152 5 207 10 - 1.49 Barings ASEAN Frontiers I GBP Acc 71 103 77 100 86 85 99 90 151 47 1.00 - T. Rowe Price Asian ex-Jap Eq Q GBP 92 13 96 10 111 16 136 19 188 22 0.92 - Barings Eastern I GBP Inc 90 21 96 11 110 18 140 17 195 15 1.02 2.16 T. Rowe Price Asian Opp Eq CAccGBP 91 17 95 17 ------BGF Asian Dragon D2 88 31 90 41 102 33 131 31 189 20 1.10 - T. Rowe Price Asian Opp Eq Q GBP 91 15 95 18 116 5 149 8 - - 0.92 - BlackRock Asia D Acc GBP 89 25 92 33 103 28 132 30 - - - 1.05 Templeton Asian Growth W(acc)GBP 87 41 90 40 93 62 107 81 138 57 1.25 - BlackRock Asia Special Situations D Acc 88 29 91 38 96 54 129 32 - - - 1.15 Threadneedle Asia Z Acc GBP 88 28 94 23 109 22 133 25 180 25 0.91 1.78 BMO Asia Pacific Equity 2 Acc 81 82 84 76 98 46 127 39 152 46 1.10 1.46 TT Asia-Pacific Equity H GBP 79 91 78 99 96 51 134 22 155 41 1.11 1.73 BNY Mellon Asian Income Instl W Acc 79 93 84 79 92 65 115 65 197 12 0.83 4.81 Vanguard Pac ex-Jpn Stk Idx GBP Acc 76 98 80 94 87 82 109 76 145 54 0.30 5.04 BNY Mellon Oriental Inst W Acc 97 2 102 2 106 25 124 42 147 51 - 0.60 Veritas Asian A GBP 91 14 100 3 119 4 163 3 222 5 1.16 0.59 Comgest Growth Asia Pac ex Jpn GBP U Acc 90 22 90 44 98 42 134 21 196 13 1.10 - Veritas Asian A GBP 91 14 100 3 119 4 163 3 222 5 1.16 0.59 Fidelity Asia Focus W-Acc-GBP 88 30 92 34 114 11 142 13 179 26 1.19 - Vontobel mtx Sust AsLdrs ExJpn I USD 95 5 94 25 114 8 152 4 232 3 1.18 - Fidelity Asia Pacific Opps W GBP Acc 86 48 94 22 116 6 166 2 - - - 1.61 VT Halo Global Asian Cnsmr B £ Net Acc 80 87 79 97 93 63 115 66 - - - 2.11 Fidelity Asia W Acc 90 23 94 21 114 9 148 10 208 9 - 1.22 Waverton Asia Pacific A USD 78 96 82 85 84 95 111 71 137 59 1.51 2.42 Fidelity Asian Dividend W Inc 79 89 84 77 101 37 133 27 - - - 4.98 Wellington Asian Opps N Uhdg GBP Acc 89 24 94 20 ------Fidelity Asian Special Sits A-Dis-GBP 86 55 88 50 102 32 133 23 192 17 1.93 0.12 Average/Total 86 104 89 103 99 99 125 92 175 63 1.11 2.54 Fidelity Emerging Asia W Acc 88 33 92 31 110 20 139 18 - - - 1.23 Fidelity Emerging Asia W-Acc-GBP 83 68 86 71 105 26 129 33 - - 1.21 - Fidelity Index Pacific ex Japan P Acc 76 101 80 92 86 86 110 74 - - - 4.15 (IA) ASIA PACIFIC INCLUDING JAPAN Fidelity Instl Pacific ex Japan Acc 78 95 82 87 85 91 108 80 148 50 0.90 2.63 Fidelity Instl South East Asia Acc 88 35 91 36 104 27 133 24 185 23 0.94 2.24 ASI Asia Pacific and Japan Eq I Acc 89 3 96 3 103 4 123 6 176 5 - 1.16 First State Asia All-Cap B Acc GBP 84 62 87 56 96 53 - - - - - 1.27 Baillie Gifford Developed As Pac B Acc 84 5 92 4 105 3 140 3 207 2 0.73 1.21 First State Asia Focus B Acc GBP 87 38 93 27 111 15 141 14 218 6 - 1.34 Invesco Pacific UK Z Acc 84 6 88 6 98 5 131 4 190 4 - 2.00 GAM Multistock Asia Focus Equity USD B 98 1 99 6 113 14 150 7 - - 2.02 - JPM Pacific Equity A (dist) GBP 90 2 98 2 115 1 155 1 205 3 1.80 0.04 GAM Star Asian Equity Instl GBP Acc 93 9 98 8 100 39 120 49 136 60 1.32 0.79 Matthews Asia-Asia Div I GBP Acc 86 4 89 5 96 6 126 5 - - 1.17 - GlobalAccess Asia Pac (exJpn) M Acc GBP 83 69 79 98 92 68 103 86 - - - 1.90 SVS BambuBlack Asia Inc&Gr B 94 1 99 1 108 2 148 2 210 1 - 2.45 GS Asia Equity R Acc USD 92 11 96 12 113 12 144 11 192 18 1.06 - Average/Total 88 6 94 6 104 6 137 6 198 5 1.23 1.37 Guinness Asian Equity Income Y GBP Inc 80 86 82 86 92 67 121 47 - - 0.99 5.19 Guinness Best of Asia Y GBP Acc 85 58 84 81 ------0.99 - Halifax Far Eastern C 85 57 87 57 95 56 119 52 154 44 1.57 1.95 (IA) CHINA/GREATER CHINA Hermes Asia ex-Japan Equity F GBP Acc 83 67 82 90 93 64 127 40 - - 0.85 - Allianz All China Equity WT GBP 107 2 113 2 ------0.93 - HSBC Pacific Index Accumulation C 81 78 86 62 91 70 117 59 155 40 0.31 3.50 Allianz China Equity RT GBP 101 8 99 18 113 23 134 26 171 15 1.38 - Invesco Asia Consumer Demand A USD SD 97 3 95 15 110 19 129 35 175 29 2.02 0.07 AS SICAV I Chinese Eq X Acc GBP 92 34 95 28 111 25 137 23 173 14 1.23 - Invesco Asian Equity Inc UK Z Acc 80 88 83 84 88 81 110 72 - - - 4.93 ASI China A Share Equity I 9430------Invesco Asian UK Z Acc 82 74 84 82 94 61 133 28 194 16 - 2.21 Investec As Pacific Franchise I AccGBP 94 6 103 1 122 2 150 6 239 2 1.00 1.23 Baillie Gifford China B Acc 102 7 106 5 130 7 175 2 237 5 1.13 0.81 Barings Hong Kong China I GBP Acc 101 10 103 9 122 12 145 17 168 18 1.00 - iShares Pacific ex Jpn Eq Idx (UK) D Acc 81 80 86 66 91 71 118 57 - - 0.19 3.88 Comgest Growth China GBP U Acc 94 28 92 30 109 29 148 15 213 9-- Janus Henderson Asian Div Inc UT I Acc 81 84 86 65 96 52 119 54 171 32 1.11 7.77 Fidelity China Consumer W Acc 95 27 98 19 123 10 154 12 - - - 0.58 Janus Henderson AsiaPac Cptl Gr I Acc 87 47 91 37 103 29 128 36 173 30 1.08 1.60 Fidelity China Focus Y-Dis-GBP 93 32 88 33 110 28 140 21 195 11 1.06 2.18 Janus Henderson Instl APexJpn IdOpp IAcc 82 71 87 58 91 72 118 56 154 43 0.83 3.35 First State All China B Acc USD 100 12 109 4 137 2 - - - - - 0.51 JOHCM Asia ex-Japan A GBP Inc 89 27 95 14 90 77 112 69 - - 1.01 1.00 First State Greater China Gr B Acc GBP 93 31 99 16 122 13 152 13 254 2 1.06 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 84 63 91 35 83 96 102 87 - - 1.21 1.79 JPM Asia Growth C Net Acc 93 10 99 5 126 1 166 1 213 7 0.93 0.97 GAM Multistock China Evolution Eq USD B 107 3 102 10 117 18 161 8 - - 1.90 - GAM Star China Equity Instl GBP Acc 99 15 99 14 110 27 127 28 - - 1.04 0.70 Jupiter Asia Pac Inc L GBP Q Inc 82 70 88 54 94 60 110 73 150 49 1.72 4.70 GS China Opportunity Equity R Inc GBP 96 25 97 21 122 15 141 19 183 13 1.15 0.75 Jupiter Asian I Acc 84 66 86 67 86 87 107 82 146 52 - 0.87 Guinness Best of China X GBP Acc 95 26 94 29 103 32 - - - - 1.24 - Jupiter Asian Income I GBP Acc 82 75 88 55 97 47 - - - - - 4.58 HSBC GIF Chinese Equity AD 99 16 99 15 116 20 134 25 169 17 1.90 0.33 L&G Asian Income I Acc 74 102 77 101 82 97 105 83 159 38 - 5.64 Invesco China Equity Fund UK Z Acc 99 14 103 7 131 6 166 4 241 3 - 1.03 L&G Pacific Index I Acc 81 79 86 63 91 74 118 58 157 39 0.38 3.98 Janus Henderson China Opps I Acc 96 21 97 24 119 16 154 11 214 8 1.09 1.02 Legg Mason IF MC Asia Pac X Acc £ 86 56 88 51 98 45 127 38 176 27 - 1.66 Janus Henderson Hrzn China A2 USD 96 23 96 27 111 26 141 20 171 16 1.93 - Legg Mason IF MC Asia Uncons A Acc £ 8651------JPM Greater China A (dist) USD 104 4 112 3 137 3 164 6 239 4 1.78 0.07 Legg Mason MC Asia L-T Uncons MGBPDis(A) 86 54 89 45 96 50 115 64 - - 1.20 1.58 Jupiter China I Acc 88 35 83 34 91 33 104 30 118 22 1.02 1.38 LF Canlife Asia Pacific C Acc 91 18 94 24 102 30 110 75 141 56 0.89 1.61 Liontrust China C Acc GBP 100 11 99 13 114 22 136 24 163 19 - 1.29 Liontrust Asia Income I Inc 82 73 85 73 91 75 116 63 - - 1.25 5.90 Matthews As-China Sm Com I USD Acc 121 1 132 1 161 1 219 1 - - 1.75 - M&G Asian GBP I Acc 80 85 81 91 84 93 105 84 153 45 0.97 2.57 Matthews Asia-China Div I USD Acc 92 33 91 32 116 21 159 9 - - 1.50 - Marlborough Far East Growth P Inc 84 65 87 61 89 80 124 44 130 61 - 2.19 Matthews Asia-China I GBP Acc 103 5 104 6 134 4 165 5 - - 1.25 - Matthews Asia-Asia EX JP Div I GBP Acc 89 26 95 16 115 7 - - - - 1.50 - Merian China Equity U1 GBP Acc 98 17 97 23 117 19 143 18 - - 1.13 - Matthews Asia-Asia Sm Com I GBP Acc 85 59 93 29 98 43 111 70 - - 1.75 - Neuberger Berman China Eq USD A Acc 98 18 100 12 131 5 163 7 258 1 2.03 - Matthews Asia-Pac Tiger I GBP Acc 85 61 86 64 98 44 120 48 - - 1.10 - New Capital China Equity GBP Ord Acc 102 6 97 25 105 31 94 31 - - 1.26 - Merian Asia Pacific R GBP Acc 87 43 88 49 101 38 135 20 211 8 1.11 1.62 Nomura Fds China I USD 96 22 98 20 109 30 123 29 152 21 1.59 - Merian Asian Equity Income R GBP Acc 87 45 87 60 86 88 109 78 - - 1.18 - Pictet-Greater China I GBP 100 13 103 8 129 8 154 10 212 10 1.04 - Merian Pacific Equity R GBP Acc 87 40 88 47 85 89 108 79 - - 1.20 - Quilter Investors China Eq U2 (GBP) Acc 96 24 97 22 118 17 150 14 - - - 1.02 MFS Meridian Asia Ex-Japan W1 USD 88 36 90 43 102 31 133 29 176 28 1.00 - Schroder ISF Greater China C Acc USD 97 20 99 17 125 9 166 3 229 6 1.31 - Mirabaud Equities Asia ex Japan A USD 92 12 88 53 99 41 118 55 138 58 0.97 - SLI China Equities A Acc GBP 94 29 92 31 112 24 128 27 184 12 2.06 - New Capital As Pac Eq Inc GBP Ord Inc 84 64 82 88 90 79 89 91 - - 1.91 5.24 Templeton China W(acc)GBP 98 19 97 26 122 14 146 16 162 20 1.40 - Nomura Fds Asia ex Japan High Cnv I USD 91 16 97 9 114 10 148 9 - - 1.40 - Ostrum Pacific Rim Equity R/A USD 76 100 80 93 84 94 100 88 103 62 1.80 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Pictet-Asian Equities Ex Japan I USD 91 19 93 26 109 21 140 16 188 21 1.06 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Pictet-Pacific Ex Japan Index I GBP 76 99 80 95 87 84 109 77 - - 0.29 - guarantee of future results. Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 82 72 84 80 94 59 133 26 - - - 2.35 SUBSCRIBE FOR £39.99* – GET 12 ISSUES FOR THE PRICE OF 10
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Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Threadneedle China Opps Z Acc GBP 101 9 102 11 123 11 139 22 220 7 1.46 1.02 Schroder European Z GBP Acc 83 57 93 44 92 76 117 44 186 22 0.77 1.72 Average/Total 98 35 100 34 120 33 147 31 197 22 1.38 0.91 Scottish Widows European Gr A 82 81 90 69 94 62 111 71 145 64 1.63 1.86 Scottish Widows Eurp Sel Gr A 79 102 89 78 105 22 121 26 159 51 1.63 - (IA) EUROPE EXCLUDING UK SLI European Trust 87 24 96 30 96 48 115 51 165 40 0.86 1.99 7IM European Equity Value C Inc 79 101 84 103 93 69 - - - - - 4.50 SLI European Trust II Ret Acc 86 36 95 36 95 57 111 73 162 45 1.77 1.67 AB Eurozone Eq Ptf I EUR Acc 73 113 79 113 86 92 116 48 - - 1.03 - Smith & Williamson European Equity B 88 22 98 17 100 30 115 54 182 25 0.87 1.21 Allianz Continental European C Acc 93 9 102 12 110 14 142 7 230 6 0.97 0.76 State Street Europe ex UK Equity Tracker 83 52 92 53 97 40 119 32 162 46 0.90 - Allianz European Equity Income C Inc 76 111 80 110 84 95 99 83 138 69 - 6.23 SVM Continental Europe Instl 84 46 91 60 97 43 121 27 196 13 1.23 1.45 Artemis European Growth I Acc 73 117 80 111 78 101 96 91 149 60 0.85 2.67 T. Rowe Price Cont Eurp Eq CAccGBP 86 37 96 23 105 20------Artemis European Opportunities I Acc 82 76 87 87 96 52 119 30 - - 1.63 2.16 T. Rowe Price Cont Eurp Eq Q GBP 85 40 95 31 104 23 126 19 - - 0.82 - AS SICAV I Eurp Eq Ex UK X Acc GBP 91 13 102 13 122 5 141 9 195 15 0.94 - Threadneedle European Sel Z Acc GBP 91 15 103 10 112 13 133 14 246 5 0.82 0.97 ASI Europe ex UK Equity I Acc 91 12 102 14 122 4 144 5 201 11 1.10 0.74 Threadneedle European Z Acc GBP 87 28 97 21 105 19 122 23 183 24 - 1.33 ASI Europe ex UK Ethical Equity P1 Acc 87 26 97 22 101 29 122 25 164 41 - 1.55 TM CRUX European I GBP Acc 83 65 91 59 93 67 - - - - - 1.98 ASI Europe ex UK Growth Equity P1 Acc 88 23 96 24 99 35 118 38 176 29 - 1.76 TM CRUX European Opportunities A Acc 84 50 90 68 92 77 109 77 - - - 2.87 ASI Europe ex UK Income Equity P1 Acc 84 47 93 46 94 60 113 65 184 23 - 3.10 TM CRUX European Special Sit A Acc GBP 79 97 87 90 89 88 113 62 190 19 - 1.16 ASI European Equity Enhanced Index B Acc 82 78 91 63 96 46 120 29 - - - 3.24 TM Stonehage European All Cap Eq B Inc 70 120 70 121 65 109 86 98 146 63 1.97 - ASI European Equity Tracker B Acc 83 64 92 50 ------3.15 TT Europe Ex-UK Equity H GBP Acc 83 59 88 81 54 110 62 99 - - 0.76 1.38 Aviva Investors Contnn Eurp Eq 2 GBP Acc 83 67 90 71 87 91 112 68 167 36 0.84 1.93 Vanguard Eurozone Stock Idx Ins EUR Acc 79 100 87 96 90 82 111 70 144 66 0.30 - AXA Framlington European Z GBP Acc 85 43 94 38 94 59 114 57 186 21 0.75 1.79 Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 83 54 92 55 98 39 119 31 165 39 0.25 3.28 AXA Rosenberg European Z 81 91 88 83 85 93 101 82 140 68 1.08 3.06 Waverton European Capital Gr R GBP Inc 83 66 87 97 96 47 120 28 - - - 0.72 AXAWF Fram Eurozone F Cap EUR 80 95 87 91 90 84 110 75 155 54 1.00 - Waverton European Dividend Gr L GBP Inc 81 89 84 102 94 63 122 24 168 33 - 3.67 Baillie Gifford European B Acc 98 2 108 1 115 9 155 3 263 3 0.75 0.78 Average/Total 83 122 91 121 96 110 116 99 175 74 0.97 2.36 Barclays Europe (ex-UK) Alpha R Acc GBP 93 7 103 9 104 24 117 40 - - - 0.71 Barings European Growth I GBP Inc 78 103 87 92 91 81 112 66 161 47 0.82 3.41 (IA) EUROPE INCLUDING UK BlackRock Continental Euro D Acc 93 10 104 6 118 7 142 6 229 7 0.92 0.65 AB European Eq Ptf I Acc 76 45 80 45 85 38 111 26 145 30 1.01 - BlackRock Continental Eurp Inc D Acc 85 42 96 29 102 27 124 20 - - 1.10 4.46 Allianz Europe Equity Gr Sel RT GBP 93 4 101 7 105 13 128 13 - - 1.05 - BlackRock European Dynamic D Acc 90 17 100 15 113 11 142 8 260 4 0.93 0.78 Allianz Europe Equity Growth P GBP 92 8 99 11 105 12 132 10 239 7 0.95 0.63 BlackRock Systm Continen Euro D GBP Acc 83 70 90 73 95 55 115 52 - - - 2.96 BGF European Value D2 81 36 85 38 79 43 97 39 159 24 1.06 - BMO Select European Equity 2 Acc 89 18 98 18 105 21 128 18 203 10 0.87 0.98 Candriam Quant Equities Europe C Acc EUR 81 37 86 36 89 33 108 28 139 32 1.91 - BNY Mellon Continental European InstWAcc 85 45 93 42 103 25 124 21 - - - 1.84 Capital Group Eurp Gr&Inc (LUX) Bh USD 80 39 88 31 89 34 - - - - 1.74 - Castlefield B.E.S.T Sust Eurp Gen Inc 89 19 98 19 ------0.45 Comgest Gr Europe Opps EUR I Acc 92 6 100 9 119 7 170 3 296 2 1.08 - Comeragh European Growth B EUR Acc 78 105 81 107 79 99 ------Comgest Growth Europe EUR I Acc 94 3 105 2 123 5 154 5 264 5 1.05 - Comgest Growth Europe ex UK GBP U Acc 96 3 105 4 125 3 - - - - 1.10 - Comgest Growth Eurp Smlr Coms EUR I Acc 92 7 99 10 134 1 189 1 346 1 1.09 - EdenTree Amity European B 78 104 85 100 85 94 108 78 161 48 0.92 3.50 Fidelity Eurpn Dynamic Gr W-Acc-GBP 93 5 103 5 129 2 172 2 265 4 1.16 - ES AllianceBernstein Eurp Ex UKEqIGBPAcc 76 110 82 106 ------2.41 GAM Star (Lux) - European Momentum IAcc 79 42 86 37 93 29 117 20 191 13 1.40 - Fidelity European Opportunities W Acc 84 48 90 67 92 72 112 67 152 56 - 1.37 GAM Star European Equity Instl EUR Acc 88 13 95 13 97 24 119 17 182 16 1.70 1.78 Fidelity European W Acc 89 20 99 16 116 8 138 10 204 9 - 1.92 GS Europe CORE® Equity R Inc GBP 80 41 84 40 90 32 120 16 162 23 0.64 3.30 Fidelity Index Europe ex UK P Acc 83 62 92 48 97 41 117 42 - - - 3.15 Hermes European Alpha Equity F GBP Acc 85 22 94 16 93 30 115 21 179 17 0.86 - FP Argonaut European Alpha R GBP Acc 86 32 94 39 93 70 98 85 160 49 - 1.34 IFSL Trade Union Unit Trust 90 9 100 8 114 8 127 14 163 22 1.10 0.73 FP Argonaut European Income Opp R Acc 87 25 93 43 102 26 - - - - - 6.97 JOHCM European Concentrated Value B EUR 75 47 76 46 79 44 - - - - - 1.36 FP Carmignac European Leaders A GBP Acc 954------JOHCM European Select Val A GBP 75 46 76 47 74 47 97 41 166 20 1.45 1.47 GAM Star Continental Eurp Eq Instl £ Acc 87 27 95 37 92 74 117 43 178 28 1.06 1.28 JPM Europe Equity Plus A perf (dist) GBP 77 44 81 44 84 39 102 35 190 14 1.80 1.73 GlobalAccess Eurp ex-UK Alpha M Acc GBP 83 51 88 80 94 64 94 92 - - - 2.68 JPM Europe Strategic Growth A (dist) GBP 84 25 93 20 104 14 134 8 238 8 1.80 0.32 Guinness European Equity Income Y £ Inc 78 106 87 95 ------0.99 4.19 JPM Europe Strategic Value A (dist) GBP 69 49 71 50 70 48 86 44 112 36 1.80 4.49 Halifax European C 82 83 90 72 94 61 114 59 159 52 1.53 2.33 Jupiter European Growth D GBP Acc 90 10 103 4 123 4 155 4 271 3 0.95 - Hermes Europe ex-UK Equity F GBP Acc 87 29 95 35 106 18 136 11 - - 0.89 - Jupiter European Opps D EUR Acc 86 15 94 17 95 25 113 23 171 19 0.95 - HL Multi-Manager European A Acc 83 53 93 45 100 31 123 22 - - - 0.85 Lazard European Alt C Acc EUR 99 1 101 6 103 16 - - - - 1.62 - HSBC European Growth Accumulation C 78 107 85 101 83 96 98 84 128 72 - 3.16 Legg Mason QS MV Eurp Eq G&I A EUR DisA 81 35 84 41 86 36 102 31 138 33 1.92 3.54 HSBC European Index Accumulation C 83 58 92 49 98 38 118 33 166 37 0.28 3.14 LO Funds Europe High Convc EUR NA 88 12 94 15 103 17 130 11 206 11 1.00 - HSBC GIF Euroland Equity AD 73 115 79 114 76 103 93 93 113 74 1.85 2.24 M&G Pan European Select GBP I Acc 82 29 87 33 97 23 118 18 156 26 0.92 2.09 Invesco European Equity Inc UK Z Acc 77 108 81 108 81 98 98 86 160 50 - 5.35 Merian European Equity U1 GBP Acc 81 38 86 35 82 41 90 43 - - 1.13 - Invesco European Equity UK Z Acc 73 114 77 116 77 102 97 88 149 61 - 4.33 MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP 82 33 87 32 95 26 103 30 - - 0.75 - Invesco European Opps UK Z Acc 82 77 83 104 78 100 98 87 168 34 - 2.50 MFS Meridian European Core Eq W1 GBP 82 30 92 23 106 10 - - - - 1.00 - Invesco Eurp ex UK Enh Idx UK Z Acc 82 72 91 65 93 66 - - - - - 3.18 MFS Meridian European Research WH1 GBP 86 16 93 18 106 11 110 27 - - 1.01 - iShares Continen Eurp Eq Idx (UK) D Acc 83 69 92 52 97 42 118 37 - - 0.17 3.26 MFS Meridian European Value W1 GBP 87 14 96 12 113 9 142 7 228 9 1.16 - Janus Henderson European Focus I Acc 85 44 95 32 98 36 118 36 218 8 - 1.50 New Capital Dynamic Eurp Eq GBP Ord Inc 85 19 90 28 98 21 102 33 - - 1.26 3.07 Janus Henderson European Gr I Acc 82 73 90 70 93 71 117 41 195 16 1.00 1.87 Overstone UCITS EAFE Eq A USD 80 40 82 43 84 40 102 34 132 34 - 2.43 Janus Henderson European Sel Opps I Acc 86 34 96 25 99 33 118 35 196 14 1.10 1.46 OYSTER European Selection R EUR 84 26 84 39 76 46 97 40 - - 1.50 - Janus Henderson Instl Eurp Idx Opp I Acc 82 74 91 62 95 54 116 50 163 42 0.79 2.84 Pictet-European Equity Sel I EUR 69 50 74 48 76 45 98 37 117 35 0.91 - JOHCM Continental European A GBP 81 85 88 82 91 78 111 72 179 27 0.84 2.49 Pictet-European Sustainable Eqs P dy EUR 84 24 92 22 99 19 118 19 165 21 1.18 2.21 JPM Europe C Net Acc 80 93 89 76 93 68 114 56 171 31 0.93 2.52 Principal European Equity I Acc USD 86 17 93 21 104 15 125 15 191 12 0.98 - JPM Europe Dynamic (ex-UK) C Net Acc 80 96 87 93 88 90 111 69 181 26 0.93 2.33 RWC European Equity R GBP Acc 83 27 90 27 ------Jupiter European I Acc 91 16 103 11 129 2 159 2 298 2 1.04 0.56 Schroder ISF Eurp Eq Yld Z Acc EUR 72 48 73 49 81 42 96 42 140 31 1.08 - Jupiter European Income I Acc 81 87 88 84 89 87 108 79 150 59 - 4.19 Seilern Europa EUR U R (Founders) 95 2 107 1 124 3 143 6 262 6-- Jupiter European Special Sits I Acc 86 30 96 26 94 58 115 53 174 30 1.05 1.04 SLI European Equity Uncons D Acc EUR 85 23 92 25 88 35 100 36 146 29 0.99 - L&G European Equity Income I Acc 77 109 81 109 ------4.92 SLI Pan-European Trust 83 28 90 26 92 31 107 29 155 27 0.78 2.35 L&G European I Acc 92 11 97 20 95 56 114 58 167 35 - 0.65 SVM All Europe SRI B Acc 78 43 82 42 86 37 102 32 178 18 1.23 2.31 L&G European Index I Acc 83 71 92 56 97 44 117 45 163 44 0.31 3.21 T. Rowe Price Eurp Eq Q EUR 85 20 94 14 101 18 114 22 184 15 0.81 - Lazard European Alpha C Acc 83 55 91 61 95 53 113 63 - - - 2.33 Threadneedle Pan Eurp Focus Z Acc GBP 89 11 104 3 122 6 133 9 228 10 0.92 0.64 Lazard European Equity C Acc GBP 84 49 92 47 96 49 116 49 - - 1.03 - Vanguard European Stock Idx Ins EUR Acc 82 32 89 30 94 27 113 24 157 25 0.30 - Legg Mason IF MC Eurp Uncons X Acc £ 93 6 103 7 113 10 132 16 186 20 - 0.56 Vanguard SRI European Stock GBP Acc 82 31 89 29 93 28 111 25 - - 0.35 3.84 LF Canlife European C Acc 83 60 91 64 94 65 114 60 152 58 - 1.45 Virgin Climate Change 86 18 87 34 98 22 97 38 153 28 1.96 - LF Lightman European R Acc 71 119 73 119 ------3.00 Wellington Focused European Eq N GBP Acc 81 34 92 24 ------LF Miton European Opportunities B Acc 94 5 107 3 137 1 - - - - - 0.57 Wellington Strategic Eurp Eq N GBP Acc 85 21 93 19 98 20 129 12 - - 1.10 - Liontrust European Growth I Inc 86 35 92 57 92 73 130 17 193 18 1.02 1.88 Average/Total 84 50 90 50 97 48 119 44 189 36 1.16 2.13 Liontrust European Income Instl Acc 81 88 89 77 90 86 104 81 144 65 - 3.39 Liontrust European Opports C Acc GBP 73 116 77 115 69 108 92 94 120 73 - 1.95 (IA) EUROPEAN SMALLER COMPANIES Liontrust Eurp Enh Inc Instl Hdg Acc 82 75 87 88 90 83 91 95 - - - 3.33 ASI Europe ex UK Smaller Comp P1 Acc 84 7 88 8 99 6 142 5 263 4 - 1.47 Liontrust Sust Fut Eurp Gr 2 Net Acc 93 8 104 5 106 17 134 12 197 12 0.79 1.36 ASI European Smaller Cos I Acc 87 1 93 2 114 1 144 3 212 9 - 0.94 M&G European Index Tracker GBP A Acc 83 61 92 58 96 50 115 55 158 53 0.71 2.72 Barings Europe Select I GBP Inc 82 10 90 5 99 5 140 6 247 5 0.81 1.77 M&G European Select GBP I Acc 82 79 87 86 92 75 109 76 149 62 0.93 1.90 BMO European Smaller Coms R Acc EUR 80 16 81 20 84 19 98 17 212 10 1.20 - Man GLG Continental Eurp Gr Prf Acc C 99 1 107 2 119 6 171 1 304 1 1.06 0.49 BNY Mellon Small Cap Euroland GBP W Acc 78 18 85 14 90 14 - - - - 0.93 2.32 Man GLG Eurp Alpha Inc Profl Acc C 79 98 87 89 ------3.38 Carmignac Pf Euro-Entrprs W GBP Acc 75 23 82 19 91 12 - - - - 2.71 - Marlborough European Multi-Cap P Inc 81 84 89 75 90 85 151 4 194 17 - 2.46 Invesco European Smlr Coms UK Z Acc 74 25 75 25 73 23 96 18 156 16 - 1.38 Merian European Equity ex UK R GBP Acc 82 80 89 74 83 97 96 89 142 67 0.93 1.98 Janus Henderson European Smr Coms I Acc 79 17 85 16 95 7 143 4 233 7 1.08 1.69 MFS Meridian Continen Eurp Eq WH1 GBP 88 21 94 40 110 16 117 39 - - 1.01 - JPM Europe Dynamic Sm Cp A perf(dist)EUR 78 19 84 17 89 16 123 10 234 6 2.28 0.85 MGTS AFH DA European Equity I GBP Acc 80 94 83 105 ------3.19 JPM Europe Small Cap A (dist) GBP 74 24 80 23 82 20 111 14 191 14 1.80 1.38 MI Chelverton European Select B Acc 80 92 90 66 ------2.86 JPM Europe Smaller Companies C Acc 81 15 86 11 92 11 135 9 198 13 0.93 1.73 Montanaro European Income £ Inc 82 82 87 85 100 32 - - - - 0.85 3.41 Lazard European Smaller Coms C Acc 81 14 85 13 91 13 122 12 - - - 1.94 OYSTER Continental Eurp Inc R GBP D 76 112 80 112 ------3.52 Lazard Pan-European Small Cap C Acc EUR 81 13 85 15 84 18 - - - - 0.95 - OYSTER Continental Eurp Sel R GBP D 83 56 86 98 75 105 104 80 - - 1.28 2.08 M&G Pan Eurp Sel Smllr Coms GBP I Acc 77 20 79 24 74 22 106 16 159 15 0.93 1.77 Polar Cptl Eurp Ex UK Inc I GBP Acc 79 99 85 99 91 79 - - - - 0.78 - Merian Europe ExUK Smlr Coms R GBP Acc 76 22 80 22 74 21 110 15 - - 0.92 - Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 91 14 103 8 112 12 133 13 - - - 1.13 MFS Meridian European Smlr Coms W1 EUR 84 8 90 6 104 4 139 7 279 3 1.21 - Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 85 39 96 27 99 34 118 34 - - - 1.94 Mirabaud - Discovery Europe D GBP Acc 83 9 87 10 89 15 - - - - 1.05 - Robeco QI Continental Eurp Cnsrv Eqs F £ 83 63 92 51 102 28 - - - - 0.67 - Mirabaud-Discovery Eur ex UK D GBP Acc 85 4 92 4 92 9 - - - - 1.05 - Royal London Europe ex UK Tracker Z Acc 83 68 92 54 97 45 117 46 - - - 3.01 Pictet-Small Cap Europe I GBP 82 12 86 12 92 10 123 11 211 11 1.11 - Royal London European Growth 85 41 96 28 110 15 132 15 168 32 1.57 0.26 Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc 76 21 80 21 ------2.13 Royal London European Growth M Acc 86 38 95 34 98 37 116 47 163 43 0.70 1.97 Schroder European Sm Cos Z Acc 82 11 82 18 88 17 118 13 201 12 0.94 2.06 Royal London European Opps M Acc 86 33 94 40 96 51 113 64 152 57 - 1.13 SLI European Smaller Coms D Acc EUR 86 3 89 7 108 2 150 1 294 1 0.97 - Russell Inv Continental Eurp Eq I 81 90 87 94 88 89 114 61 166 38 0.93 2.67 T. Rowe Price Eurp Smlr Cm Eq Q GBP 85 5 87 9 95 8 136 8 232 8 1.12 - RWC Continental European Eq R GBP Acc 86 31 95 33 ------Threadneedle Eurp Smlr Coms Z Acc GBP 85 6 92 3 105 3 150 2 281 2 1.05 0.91 Santander Europe (Excluding UK) Eqs A 81 86 89 79 91 80 110 74 155 55 1.04 2.53 Wellington Pan Eurp Sm Cp Eq N GBP AccUh 862941------Schroder European Alpha Income Z Acc 69 121 71 120 70 107 90 96 - - 0.92 4.67 Average/Total 81 25 85 25 91 23 127 18 225 16 1.21 1.60 Schroder European Alpha Plus Z Acc 72 118 74 118 75 104 96 90 132 70 0.92 3.31 (IA) FLEXIBLE INVESTMENT Schroder European Recovery Z Acc 68 122 74 117 74 106 87 97 128 71 0.85 5.01 7IM AAP Adventurous C Acc 84 114 89 118 95 77 105 88 153 47 0.61 2.02 www.whatinvestment.co.uk WhatInvestment May 2020 55 >| Unit Trusts 3
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 ValMONTHS Rnk Val 1 YEAR Rnk 3Val YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk TERVal YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEAR Rnk 3Val YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk TER YIELD £££££%% £££££%% 7IM Adventurous C Acc 84 123 87 129 90 108 100 102 152 51 1.58 1.05 PIMCO GIS Strategic Inc Inst USD Acc 89 48 96 37 ------AB Em Mkts Mlt-Asst I GBP H Acc 83 131 81 150 82 127 93 114 - - 1.05 - Premier Diversified Dynamic Growth D Inc 91 33 96 38 ------1.73 ACUMEN Portfolio 6 Acc 86 88 90 98 96 71 - - - - - 0.04 Premier Liberation No. VII Class C Acc 79 152 82 148 87 122 105 86 151 53 1.86 2.08 AHFM Defined Returns B GBP Acc 85 102 88 125 100 42 117 43 - - - - Premier Multi Asset Global Gr C Inc 81 141 86 137 89 111 114 62 - - 1.98 1.17 Allianz Global Fdmtl Strat RT2 H GBP 97 10 101 18 96 70 105 87 - - 0.83 - Pyrford Glbl Tot Ret(Sterling)B GBP Acc 96 12 97 27 98 53 ------Architas MA Active Dynamic A Acc 84 120 91 84 94 81 116 48 168 31 1.71 0.92 Quilter Investors Cirilium Adventurous R 78 158 80 153 ------0.77 Architas MA Active Growth A Acc 82 135 89 115 94 79 115 52 170 24 - 0.94 Quilter Investors Cirilium Dynamic R 80 150 83 146 86 124 103 92 168 30 1.24 1.45 Artemis Strategic Assets I Acc 84 124 83 147 77 128 84 117 111 73 0.82 0.81 RBS Managed Equity Growth 1 Acc 83 132 ------ASC Acer Sterling Income 92 28 101 21 105 15 120 28 171 23 1.15 1.77 S&W ILEX Trust Acc 87 66 89 117 89 113 99 106 99 74 1.60 3.70 ASC Bridge Income 92 26 101 20 104 16 121 24 179 19 0.83 1.66 S&W Starhunter Managed Acc 87 75 91 79 94 82 104 90 139 62 1.73 0.38 ASC Merlin Income 92 27 101 19 103 23 119 33 173 21 1.21 1.62 Sanlam AI Global Managed Risk I GBP Acc 89 46 92 69 101 33 102 95 130 69 0.92 - ASI Multi-Manager Equity Managed I Acc 81 139 89 123 93 95 110 71 157 43 - 1.38 Sarasin FoF Global Equity P Acc 85 94 91 90 96 68 110 75 - - 1.60 0.87 Aviva Investors Multi-Mgr Flexible 2£Acc 84 111 91 82 96 67 114 60 175 20 1.64 0.93 Sarasin Global Equity Real Return P Acc 93 17 103 11 116 7 132 11 159 41 1.24 1.36 Aviva Investors Sustainable Inc &Gr2£Acc 80 149 ------Schroder Dynamic Multi Asset Z Acc 90 39 93 55 96 69 99 105 135 66 0.50 1.12 AXAWF Global Flexible Prpty F Cap USD 86 92 95 40 103 30 125 18 - - 0.93 - Schroder MM Diversity Tactical Z Acc 84 122 87 130 87 120 98 110 - - 1.42 1.41 Baillie Gifford Multi Asset Income B Inc 89 43 96 35 ------4.49 Scottish Widows Opportunity A 81 145 87 128 91 105 109 78 168 28 2.00 0.76 Barclays Wealth Global Mkts 5 R Acc GBP 86 80 93 63 103 26 120 30 - - 1.08 2.28 Sentinel Enterprise B Acc 92 25 105 5 130 1 140 3 172 22 - 0.49 BMO Managed Growth 1 Acc 85 107 89 113 92 97 110 76 151 52 1.89 0.78 Smith & Williamson MM Global Invmt B 78 153 80 154 87 121 103 94 151 55 - 2.76 BMO MM Navigator Growth C Acc 84 115 89 121 92 100 110 74 151 54 - 0.64 SVS Brown Shipley Dynamic I Acc 87 70 92 66 100 41 114 57 152 49 2.08 1.97 BMO Multi-Manager Investment Trust C Acc 87 71 89 112 104 21 122 23 189 11 - 0.91 SVS Heritage Balanced A Acc 87 58 91 83 101 38------BNY Mellon Mlt-Asst Growth Inst W Acc 85 98 92 70 101 37 121 25 192 9 - 1.75 TB Elite Strategic A Accumulation 80 148 84 143 88 116 - - - - - 4.73 BNY Mellon Mlt-Asst Income Inst W Acc 83 125 88 126 92 98 113 65 - - - 4.92 TB Enigma Dynamic Growth B Acc GBP 88 51 94 48 ------0.26 Capital Group EM Ttl Opps (LUX) Z 87 63 93 57 94 90 116 49 131 68 1.03 - TB Wise Multi-Asset Growth B Acc 81 142 83 145 95 73 120 29 185 16 1.53 1.18 Capital Group Global Allc (LUX) Z 93 18 102 13 111 9 143 2 - - 0.75 - TB Wise Multi-Asset Income B Inc 73 159 73 158 75 129 96 112 168 29 1.46 7.50 Carmignac Patrimoine A EUR Acc 97 9 102 12 94 87 105 89 119 72 1.78 - The Norfolk Trust 92 21 101 15 104 20 127 13 188 13 0.93 1.75 Cavendish International B Inc 87 68 93 56 97 56 118 37 170 25 0.88 1.15 The Notts Trust 92 22 101 16 104 22 126 14 187 15 0.88 1.73 Close Growth Portfolio X Acc 86 77 96 33 106 14 114 55 - - 0.95 1.22 Thesis Elfynn Trust Acc 89 47 97 28 103 25 124 19 - - - 0.91 Close Managed Growth X Acc 87 55 94 52 102 32 117 41 - - 1.12 0.96 Thesis Palm 85 97 92 67 98 54 119 35 - - 1.33 0.73 Close Strategic Alpha X Acc 84 112 91 80 98 48 113 66 169 27 1.82 0.48 Thesis Thameside Managed 86 90 91 85 103 27 116 44 165 32 2.01 0.78 Close Tactical Select Passive Gr X Acc 83 126 90 103 96 66 114 63 - - 0.66 2.20 Threadneedle Managed Eq Z Acc 90 36 97 30 104 18 124 20 185 17 - 1.33 Courtiers Total Return Growth 86 89 90 105 98 51 120 32 188 14 2.01 0.27 TM Balanced Growth Fund 86 87 90 106 92 103 103 93 138 65 2.07 1.55 Credo Dynamic A Retail GBP Acc 83 128 88 124 ------TM Cerno Select C Acc 96 13 98 26 99 45 108 80 - - - 0.94 Discovery Managed Growth B GBP Acc 85 106 91 92 95 74 111 68 155 45 - - TM Fulcrum Diversified Growth C GBP 94 16 94 44 101 39 97 111 - - 1.48 - DMS Kleinwort Hambros Growth A Acc 87 65 94 54 96 65 111 67 143 61 1.83 0.19 Trojan Ethical Fund O Acc 100 4 107 2 ------0.16 DMS Sequel Growth Trgt Ret Strat B£Acc 78 157 79 155 83 125 93 115 - - - 4.13 Trojan O Inc 98 5 105 6 106 13 125 17 163 33 1.03 0.59 DMS Verbatim Multi-Index Portfolio 6 A 86 76 93 61 98 47 116 45 - - 0.80 2.66 Trojan Spectrum O Acc 86 81 94 47 101 36 126 15 169 26 1.49 0.68 EF 8AM Focussed A Inc 89 44 92 75 94 80 110 73 - - 2.50 - UBS Multi Asset Defensive Gr (GBP) C Acc 93 19 99 25 ------0.16 EF 8AM Tactical Growth A Inc 89 45 93 58 101 34 117 42 128 70 1.97 1.89 Unicorn Mastertrust B 78 155 80 151 91 107 116 47 199 6 1.75 1.31 EF Brompton Global Opps B GBP Acc 86 78 92 68 94 83 114 61 - - 1.90 0.23 VT AJ Bell Adventurous I Acc 86 84 93 64 ------1.99 EF Brunswick Growth Portfolio C Acc GBP 81 140 86 132 94 84 115 53 - - 2.47 - VT AJ Bell Global Growth I Acc 84 117 90 107 ------1.70 ES Share Centre Multi Manager Gr A Acc 84 113 90 94 98 55 119 36 153 48 3.00 0.59 VT Esprit Careful Growth GBP Acc 91 31 96 34 ------0.68 Family Investments Child Trust 81 144 85 141 87 119 100 100 138 64 1.47 2.26 VT Esprit Tactical Alpha Plus GBP Acc 86 82 90 102 ------0.60 Fidelity MltAsst Open Adv W Acc 85 95 92 76 98 52 115 51 - - - - VT Esprit Tactical Balanced GBP Acc 87 64 93 59 ------1.24 Fidelity Multi Asset Allctr Advtrs W Acc 87 74 94 45 100 40 119 34 - - - 1.54 VT Esprit Tactical Growth GBP Acc 85 93 90 109 ------0.68 First State Diversified Gr B Acc GBP 94 15 100 22 97 60 - - - - - 1.55 VT Esprit Tactical Income GBP Inc 83 127 86 138 ------5.84 FP Mattioli Woods Adventurous E GBP Inc 84 116 89 116 ------0.34 VT Garraway Multi Asset Dyn I Acc 78 156 79 156 73 130 76 118 - - - 0.32 FP Mattioli Woods Cautious E GBP Inc 91 35 95 39 ------1.58 VT Grosvenor Adventurous A GBP Acc 85 96 90 96 96 64 - - - - - 1.17 FP Mattioli Woods Growth E GBP Inc 86 86 91 87 ------0.97 VT PEF Global Multi-asset A GBP Acc 91 32 97 29 ------0.71 Galatea Opportunity Instl GBP Acc 90 37 95 43 98 49 101 99 - - - 0.60 VT Redlands Multi-Asset A GBP Acc 89 41 93 62 ------1.13 HL Multi-Manager High Income A Acc 82 133 85 140 88 118 - - - - - 5.35 VT Thistledown Income Z GBP Net Acc 87 69 90 97 92 101 118 38 - - - 2.12 HL Multi-Manager Strategic Assets A Acc 91 34 93 60 92 99 - - - - - 1.00 VT Ursus Arctos 1 Net GBP Inc 84 121 89 110 101 35 123 21 - - - 1.51 IFML Vitality Dynamic Multi-Asset D 87 56 89 119 93 94 113 64 - - - 0.25 WAY Flexible Global Growth Port Tr E Acc 85 99 91 88 93 92 111 69 155 46 - - IFML Vitality Multi-Asset Growth D 87 72 94 50 ------0.59 Wellington Multi-Asset Ttl Ret Inc N£Acc 88 50 91 93 ------IFSL Brooks Macdonald Strat Growth A GBP 83 129 88 127 97 59 111 70 - - 1.21 1.31 Zurich Horizon Multi-Asset V Z Acc 86 91 94 51 104 17 132 10 - - - 1.30 IFSL Brunsdon Adventurous Gr C Acc 81 143 86 135 91 104 106 83 - - - 0.78 Average/Total 87 160 92 158 97 130 113 118 164 74 1.39 1.46 IFSL Sanlam Growth A Inc 87 59 94 53 ------1.55 Invesco Managed Growth UK Z Acc 78 154 81 149 82 126 104 91 161 37 - 1.95 (IA) GLOBAL Investec Glb MA Ttl Ret I GBP Acc 88 54 90 108 94 89 114 58 188 12 0.85 0.67 AB Global Core Eq I USD Acc 85 204 94 185 111 96 146 60 - - 0.97 - Janus Henderson Mlt-Mgr Active I Acc 87 62 92 72 97 57 116 50 157 44 - 0.99 AB SICAV I Low Volatility Eq I GBP H Acc 84 228 88 255 103 153 - - - - 0.94 - JPM Diversified Growth C Net Acc 88 53 91 78 98 46 120 27 192 8 0.93 1.69 AB Sustainable Glb Tmtc I USD 91 77 100 74 119 53 153 44 211 72 1.22 - Jupiter Merlin Growth I Acc 86 79 94 49 103 24 123 22 190 10 1.81 0.49 ACUMEN Portfolio 7 Acc 84 233 88 263 ------0.13 L&G Multi Manager Growth I Acc 83 130 89 122 95 78 108 79 127 71 1.73 1.43 Allianz Best Styles Global AC Eq C Acc 83 244 91 227 96 219 - - - - - 2.36 L&G Worldwide I Acc 85 109 90 100 93 91 110 72 159 39 0.82 2.10 Allianz Best Styles Global Eq RT GBP 85 201 92 208 100 180 126 149 - - 0.80 - Lazard Diversified Return C Acc USD 95 14 103 10 103 29 - - - - 1.00 - Allianz Global AC Eq Inigts W Acc GBP 89 100 100 79 107 118 142 72 - - - 1.01 LF Bentley Global Growth A Acc 85 104 91 91 90 109 101 98 - - 3.02 - Allianz Global Small Cap Equity RT GBP 82 265 86 277 93 234 111 221 - - 1.18 - LF Bentley Sterling Balanced Acc 92 23 96 31 95 76 98 107 131 67 2.30 0.32 Ardevora Global Equity C GBP Acc 90 84 100 73 121 47 165 19 - - - - LF Canlife Portfolio VII C Acc 84 119 89 120 94 85 107 81 - - - 2.52 Ardevora Global Long Only Eq C GBP Acc 87 152 95 160 112 85 155 40 - - - - LF Catalyst Trust Acc 92 30 102 14 116 6 139 4 214 5 0.94 1.27 Artemis Global Growth I Acc 82 259 88 261 96 218 123 163 246 34 1.00 2.52 LF Cautela Retail Acc 86 85 91 89 90 110 92 116 - - - 0.74 Artemis Global Select I Acc 92 57 102 45 120 50 155 39 - - 1.17 0.76 LF Havelock Global Select A GBX Acc 82 134 86 136 ------2.99 Artemis Instl Global Capital IN Acc 82 257 88 262 97 217 124 161 247 32 0.82 3.04 LF IM Global Strategy A Acc 89 42 96 36 103 28 132 9 161 35 1.49 0.62 AS SICAV I World Equity X Acc GBP 86 162 94 179 99 193 119 185 169 132 1.19 - LF Miton Worldwide Opportunities B Acc 79 151 80 152 89 114 114 56 161 36 1.58 1.12 ASC Falcon GBP Accumulation 90 88 100 70 103 155 120 178 191 100 1.55 0.79 LF Odey Continental European I Acc 72 160 76 157 89 112 101 96 147 58 1.08 1.07 ASI Global Equity I Acc 87 138 95 148 101 175 122 170 174 127 1.13 0.94 LF Odey Opus I Acc 87 60 89 111 93 93 94 113 147 57 1.08 0.97 ASI Global Ethical Equity I Acc 86 178 93 195 101 172 120 181 157 146 1.12 0.91 LF Purisima EAFE Total Return PCG B nc 85 105 92 71 94 88 109 77 150 56 1.80 0.61 ASI Global Smaller Companies P1 Acc 82 268 88 266 107 117 150 48 - - - - LF Ruffer Equity & General C Acc 92 20 95 41 99 44 107 82 152 50 - 0.55 ASI Global Uncons Eq P1 Acc 84 237 95 143 99 196 119 186 213 68 - 0.65 LF Ruffer Japanese C Acc 97 8 106 4 124 5 135 7 239 2 1.23 0.34 ASI World Equity Enhanced Index B Acc 86 171 94 163 105 140 135 109 - - - 2.36 LF Stewart Ivory Investment Markets Acc 85 103 90 104 97 58 116 46 183 18 1.16 3.16 Aviva Investors Glb Eq Uncons 2 GBP Acc 87 143 ------LF Waverton Portfolio B Inc 92 24 99 23 110 12 129 12 193 7 1.85 1.28 Aviva Investors Global Eq Endur 2 £ Acc 92 54 105 20 ------0.87 Liontrust Global Alpha C Acc GBP 98 6 101 17 129 3 134 8 232 3 0.72 - Aviva Investors Intl Idx Tr 2 £ Acc 86 160 96 127 107 119 140 79 223 58 0.50 1.98 LionTst Sust Fut Mgd Gr 2 Net Acc 96 11 104 9 129 2 156 1 254 1 0.85 0.26 AXA Framlington Global Thematics Z Inc 95 20 106 13 123 39 153 43 245 36 - 0.21 LO Funds All Roads EUR NA 97 7 104 8 113 8 137 5 - - 0.71 - AXA Rosenberg Global Z 84 226 91 219 100 185 129 137 201 85 1.06 1.86 M&G Managed Growth GBP I Acc 82 136 86 133 92 102 118 39 139 63 1.04 1.31 AXAWF Global Factors-Sust Eq F Cap EUR 85 197 97 122 ------0.40 - Man Stockmarket Managed Profl Acc C 85 100 89 114 96 72 106 84 158 42 0.93 2.13 Baillie Gifford Gbl Discovery B Acc 99 5 99 86 149 2 182 9 - - 0.88 - Margetts Opes Income R GBP Acc 82 138 86 134 88 117 99 104 144 60 0.90 3.84 Baillie Gifford Global Alpha Gr B Acc 93 47 100 71 122 43 161 29 287 14 0.68 0.76 Margetts Venture Strategy R GBP Acc 84 110 90 101 95 75 117 40 163 34 0.93 1.19 Baillie Gifford Global Stewardship B Acc 98 8 102 47 130 15 - - - - - 0.30 MFS Meridian Diversified Income WH1 GBP 87 67 91 81 97 62 98 109 - - 1.03 - Baillie Gifford International B Acc 93 42 101 57 124 34 166 17 289 13 0.69 0.64 MFS Meridian Global Total Ret WH1 GBP 88 49 92 74 97 63 98 108 - - 1.19 - Baillie Gifford L/T Glb Gr Invm B Inc 117 1------MFS Meridian Prudent Capital W1 GBP 102 2 111 1 125 4 - - - - 1.00 - Baillie Gifford Positive Change B Acc 109 2 116 1 166 1 - - - - - 0.51 MGTS Clarion Explorer Portfolio R Acc 85 101 91 86 98 50 120 31 160 38 1.33 0.47 Barclays Global Core R Acc GBP 86 168 94 177 106 132 138 93 - - - 0.52 MGTS Frontier Adventurous R Acc 85 108 90 99 94 86 114 59 - - 1.60 0.59 Barings Global Div Champions I GBP Acc 88 115 100 75 115 66 - - - - 0.85 - MI Charles Stanley Multi Asst5 Adv A£Acc 87 73 92 65 ------1.66 Barings Global Leaders A GBP Inc 89 110 96 126 105 135 128 143 182 113 1.95 - MI Diversified Strategy C Acc 86 83 90 95 97 61 - - - - - 0.84 BlackRock Consensus 100 D Acc 85 191 94 178 103 150 132 121 - - 0.27 2.41 MI Hawksmoor Global Opps D GBP Acc 82 137 85 139 ------1.58 BlackRock Global Equity D Acc 86 176 93 199 98 205 124 157 171 130 0.92 2.68 MI Momentum Focus 3 A Acc 90 38 92 77 91 106 101 97 - - 3.22 - BlackRock Global Equity D GBP Acc 82 269 89 252 97 210 121 176 - - 0.24 3.46 MI Momentum Focus 4 A Acc 84 118 87 131 88 115 100 101 - - - 2.11 BlackRock Overseas Equity I Acc GBP 87 148 97 115 109 105 145 63 241 38 0.24 1.86 MI Momentum Focus 5 A Acc 81 146 84 144 86 123 100 103 - - - 2.62 BMO Global Equity 4 Inc 83 256 91 221 101 170 132 122 236 44 0.03 2.68 MI Thameside Diversified Glb Mgrs A Acc 89 40 92 73 93 96 106 85 146 59 1.75 0.18 BMO MM Navigator Boutiques C Acc 82 262 89 246 95 225 118 191 179 120 - 0.32 Neuberger Bm Uncrltd Strats GBP I Acc 102 1 105 7 ------1.06 - BMO Responsible Global Equity 2 Acc 91 80 102 50 121 46 156 36 255 24 0.80 0.73 New Capital Strat Port UCITS USD InstAcc 92 29 99 24 111 11 135 6 - - 1.24 - BMO Sustainable Opports Glb Eq 1 Acc 90 85 101 62 121 48 141 74 208 75 2.43 - Newgate GBP Inc 87 57 94 46 99 43 115 54 159 40 1.34 0.15 BNY Mellon Global Equity Inst W Acc 89 104 99 92 111 91 140 81 225 56 - 1.27 Newton SRI for Charities GBP Inc 87 61 95 42 104 19 121 26 - - 0.83 2.96 BNY Mellon Global Infras Inc Instl WAcc 69 326 78 309 ------8.14 NFU Mutual Mixed Portfolio Max100% C 80 147 84 142 ------2.80 BNY Mellon Global Leaders GBP W Acc 92 60 101 64 120 51 - - - - 0.89 0.55 Nomura Fds Diversified Growth I GBP 101 3 107 3 111 10 - - - - 1.00 - BNY Mellon Global Opps Inst W Acc 86 161 97 118 108 108 141 76 233 46 - 1.45 Osprey Sterling Inc 88 52 96 32 102 31 125 16 222 4 1.14 1.05 BNY Mellon Long-Term Global Eq Int W Acc 90 90 99 84 123 40 163 25 249 31 - 0.74 56 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 4
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% BNY Mellon Sus Global Eq Instl W Acc 91 62 106 12 ------1.68 Jupiter Ecology I Acc 85 196 95 158 98 201 121 175 183 111 0.79 1.02 Brown Advisory Global Leaders C USD Acc 87 139 100 77 131 13 - - - - 0.75 - Jupiter Fund of Investment Trusts I Acc 83 243 86 278 99 190 118 192 182 115 - 0.95 Candriam Quant Equities MF Glb C Acc EUR 79 295 84 290 88 253 115 206 175 125 2.03 - Jupiter Global Elgy Gr D EUR A Inc Dist 85 189 94 164 99 194 121 177 169 133 0.70 1.07 Capital Group New Pers (LUX) Z 89 96 98 99 118 59 155 38 265 20 0.87 - Jupiter Global Managed I Acc 90 93 102 52 113 76 141 77 219 62 0.99 0.95 Carmignac Investissement A EUR Acc 93 40 98 101 98 202 107 230 140 154 2.02 - Jupiter Global Sustainable Eqs P Inc 92 53 104 30 ------0.65 Carmignac Pf Invmt F GBP Acc Hdg 93 35 96 128 99 197 92 243 - - 1.16 - Jupiter Global Value Equity Instl Acc 78 300 82 297 ------3.59 CCM Intelligent Wealth R Inc 89 107 90 237 ------Jupiter Global Value L GBP A Inc 76 311 79 305 86 261 111 219 157 147 1.72 2.83 Comgest Growth Global Flex I EUR Acc 93 43 101 66 ------1.08 - Jupiter Merlin Worldwide Portfolio I Acc 86 179 93 190 104 146 124 158 185 108 1.81 0.27 Comgest Growth World GBP U Acc 92 58 101 59 136 9 169 15 269 18 0.95 - Kames Global Equity GBP B Acc 86 174 93 200 103 149 130 133 191 99 1.30 0.26 CQS New City Global Equity I GBP UnH 9164------Kames Global Sustainable Eq GBP B Acc 98 7 109 4 128 24 - - - - 0.93 - Credo Global Equity A Retail GBP Acc 83 241 93 193 ------Kempen (Lux) Global Small-Cap I GBP 73 321 75 315 87 258 129 136 -- - - Davy Discovery Equity M GBP Acc 80 290 84 287 97 216 ------Kennox Strategic Value Institutional Acc 82 270 83 292 85 264 102 235 - - - 3.26 Davy ESG Equity U GBP Acc 87 136 99 89 114 70------L&G Future Wld Clmt Chg Eq Fct Idx I Acc 83 255 90 230 ------2.64 Davy Global Brands Equity M Acc 84 229 94 169 105 139 ------L&G Future World ESG Dev Idx I GBP Acc 87 133 ------Denker Global Equity A GBP Acc 83 245 87 272 93 239 113 215 114 160 1.59 2.31 L&G Glbl Dev Four Fac Idx J Acc 81 278 91 226 ------2.37 Denker Global Financial A GBP 62 329 65 319 69 284 96 238 133 158 1.51 2.04 L&G Global 100 Index I Acc 91 78 101 60 118 58 157 33 236 42 0.32 2.37 Dimensional International Core Eq Acc 82 273 90 235 99 194 132 127 212 70 0.46 2.05 L&G Global Equity Index I Acc 85 200 93 186 105 138 137 100 - - 0.87 2.11 Dimensional International Val Acc 73 319 80 303 82 274 108 227 162 144 0.57 3.02 L&G Global Health & Pharma Index I Acc 99 6 105 16 124 35 146 58 337 3 0.32 1.45 DMS Charteris Global Macro A Acc 77 303 84 288 83 272 98 237 - - - 3.28 L&G Global Infrastructure Index I Acc 84 212 95 156 ------2.85 Dodge & Cox Worldwide Global Stk GBP Acc 75 312 81 300 84 267 113 213 189 104 0.65 - L&G International Index I Acc 85 184 94 166 107 122 141 75 227 52 0.39 2.22 Dominion Global Trends - Managed GBP I 88 121 94 161 107 115 128 139 -- - -Lazard Global Eq Franchise A Acc USD 71 325 80 304 87 260 - - - - 1.02 - Dominion Global Trends Lxy Cnsmr GBP I 87 146 104 26 109 102 114 211 177 122 --Lazard Global Lstd Infras Eq A Acc GBP 85 202 91 217 102 164 124 159 - - 1.02 - EdenTree Amity International B 84 213 93 194 96 220 116 204 162 143 0.83 1.88 Lazard Global Managed Vol A Acc USD 83 253 90 231 101 174 134 113 - - 0.93 - EF Brompton Global Equity B GBP Acc 86 180 94 175 100 182 128 140 - - 1.71 0.20 Lazard Global Strategic Eq A Acc USD 89 109 98 106 113 78 137 99 - - - - EF WM Global Corp Autonomies I GBP Acc 83 248 92 211 102 162 136 105 - - - 1.67 Lazard Global Sust Eq Sel A Acc USD 86 173 95 149 113 81 144 66 - - 1.61 - Electric & General Net Income A 93 48 103 38 118 56 161 28 - - - 1.36 Lazard Global Thematic A Acc USD 85 182 96 130 114 73 139 85 - - - - Equitile Resilience Feeder A GBP Acc 90 89 94 167 120 52------Lazard Managed Equity A Acc 82 277 88 260 98 203 118 188 192 98 1.05 2.42 ES R&M Global High Alpha Fund B Acc 76 310 79 306 83 271 - - - - - 1.86 Legg Mason MC Glb L-T Uncons X GBP Acc 95 19 104 22 129 19 - - - - 1.25 - ES R&M Global Recovery Fund B Inc 74 317 77 312 79 279 104 233 - - 1.25 1.59 LF Adam Worldwide Acc 82 272 88 254 95 224 118 193 185 105 1.37 - Fidelity Allocator World W Acc 83 239 92 212 103 157 132 125 - - - 1.73 LF Blue Whale Growth R Sterling Acc 93 38 104 28------Fidelity Global Cnsmr Inds W-Acc-GBP 91 67 101 61 122 44 159 30 281 15 1.17 - LF Canlife Global Equity C Acc 88 128 96 123 102 167 132 123 203 84 0.81 1.48 Fidelity Global Financial Svcs W-Acc-GBP 79 298 87 267 92 245 121 174 177 123 1.16 - LF Heartwood Adventurous B Acc 86 164 ------Fidelity Global Focus W Acc 86 177 99 94 114 72 152 47 252 29 - 0.29 LF Macquarie Global Infras Secs B Acc 80 289 89 248 96 222 118 197 184 110 1.13 3.08 Fidelity Global Health Care W-Acc-GBP 96 12 104 24 127 25 143 69 296 11 1.17 - LF Majedie Global Equity X GBP Acc 88 127 96 129 111 89 142 71 - - - 0.82 Fidelity Global Industrials W-Acc-GBP 75 316 77 311 83 273 111 220 128 159 1.19 - LF Majedie Global Focus X GBP Acc 85 207 92 202 108 111 133 118 - - - 1.02 Fidelity Global Special Sits W Acc 87 150 96 137 106 126 146 59 231 49 - 0.93 Lindsell Train Global Equity B GBP Inc 85 185 96 134 139 6 189 5 - - - 0.97 Fidelity Index World P Acc 86 167 96 133 108 112 142 70 - - - 2.25 Liontrust Global Equity C Acc GBP 97 11 105 19 124 33 137 96 185 107 - 0.24 Fidelity Instl Global Focus Acc 88 118 98 104 113 82 150 49 254 26 0.90 0.71 Liontrust Global Smaller Coms C Acc GBP 93 37 94 176 129 20 134 114 172 129 1.30 - Fidelity Open World W Acc 83 242 91 229 100 186 129 138 -- - -Liontrust Sust Fut Glbl Gr 2 Net Acc 95 23 103 34 131 12 162 26 252 30 0.85 0.31 Fidelity Sust Water & Waste A Acc USD 80 291 90 236 ------LO Funds Emerging Hi Convc USD NA 87 137 88 264 93 235 117 200 - - 1.13 - First State Glbl Lstd Infras B Acc GBP 82 263 95 159 104 143 143 67 247 33 0.95 3.45 LO Funds Golden Age USD NA 87 135 94 171 114 74 130 131 229 51 1.00 - FP Foresight Global Rl Infras A GBP Inc 9163------M&G Global Dividend GBP I Acc 80 294 83 293 92 242 122 172 197 91 0.91 2.90 FP Octopus Global Growth B 84 234 90 238 97 211 122 168 - - 1.49 0.67 M&G Global Listed Infras GBP I Acc 82 271 97 116 ------2.56 FP Octopus International Equity B Acc 85 187 95 151 105 137 135 111 212 71 0.93 0.91 M&G Global Select GBP I Acc 89 102 99 91 111 88 143 68 207 76 0.91 0.96 FP Russell Invsmts Intl Gr Assts C Acc 84 222 90 234 103 151 125 156 217 65 1.07 0.92 M&G Global Strategic Value GBP I Acc 77 302 82 296 81 276 108 228 - - 0.93 1.61 FP SCDavies Global Equity A Acc GBP 80 292 87 269 92 244 118 190 - - 1.81 - M&G Global Themes GBP I Acc 84 219 98 107 106 131 136 102 157 145 0.92 1.24 FP WHEB Sustainability C 88 116 95 152 106 130 132 126 164 139 1.05 0.18 M&G Positive Impact Sterling I GBP Acc 90 94 101 68 ------0.06 Fundsmith Equity T Acc 92 55 101 65 133 10 202 2 - - 1.17 0.66 Margetts Intl Strategy R GBP Acc 85 198 92 201 100 187 123 164 180 118 0.74 1.14 Fundsmith Sustainable Equity I Inc 92 56 101 69 ------0.46 Margetts Opes Growth R GBP Acc 84 223 92 215 97 208 123 167 184 109 0.88 0.45 GAM Global Diversified Instl GBP Acc 84 216 91 218 84 268 106 232 163 142 1.09 1.42 Marlborough Global P Acc 84 214 92 206 97 215 117 198 166 137 - 0.35 GAM Multistock Luxury Brands Eq GBP Ra 84 236 90 242 115 68 135 108 - - 1.23 0.72 McInroy & Wood Smaller Comps Pers Inc 84 211 94 184 111 97 139 83 254 26 - 1.18 GAM Star Comps Glbl Eq Ord GBP Acc 88 124 96 139 103 154 127 145 - - 1.90 0.28 Merian Global Equity R GBP Acc 84 220 91 225 101 173 140 80 292 12 1.14 0.92 GAM Star Disruptive Gr Instl GBP Acc 97 10 108 5 147 4 198 3 - - 1.71 - Merian World Equity U1 GBP Acc 84 227 90 241 99 189 136 104 - - 0.91 - GAM Star Worldwide Equity Ord GBP Acc 84 215 91 228 91 248 106 231 145 153 1.62 0.53 MFS Meridian Global Concntr W1 GBP 84 217 95 145 110 101 - - - - 1.28 - GS Glb Sm Cp CORE® Eq R Inc GBP Snap 73 320 79 307 88 255 117 201 225 55 0.85 1.13 MFS Meridian Global Energy WH1 GBP 64 327 58 320 52 285 49 248 - - 1.01 - GS Glbl Eq Ptnrs ESG R Inc USD 86 157 97 114 113 77 136 107 197 89 1.00 0.33 MFS Meridian Global Equity Inc WH1 GBP 83 252 84 289 91 250 - - - - 0.88 - GS Global CORE® Eq R Acc USD Snap 82 266 88 259 99 191 138 90 241 39 0.63 - MFS Meridian Global Equity W1 GBP 83 254 93 191 105 134 136 103 233 47 1.16 - GS Global Equity Income R Inc GBP 82 274 92 205 102 165 124 162 170 131 1.05 2.25 MFS Meridian Global Rsrch Focus W1 USD 87 132 99 93 114 75 146 61 227 53 1.00 - GS Global Equity Ptnrs R Inc GBP 86 172 96 124 112 84 137 98 210 74 0.93 0.26 MI Charles Stanley UK & Intl Gr A Acc 81 282 86 273 90 251 109 225 164 141 1.49 2.20 GS Global Millennials Eq R Inc USD 96 15 107 10 129 21 164 23 - - 1.15 - MI Metropolis Value A Acc 89 103 94 173 99 200 142 73 - - 1.83 0.80 Guinness Global Energy X 54 331 52 321 49 286 51 247 52 163 1.24 - MI Thornbridge Global Opps C Acc 77 304 85 286 95 227 119 182 - - 0.91 1.40 Guinness Global Equity GBP X 81 283 90 244 92 247 - - - - 1.24 - Mirabaud Equities Global Focus D GBP Acc 85 186 95 155 129 18 - - - - 1.05 - Guinness Global Innovators Y GBP ACC 93 50 102 48 117 61 155 37 322 5 0.99 - Montanaro Better World GBP 94 31 102 43 ------0.66 0.48 Guinness Global Money Managers X 78 299 86 275 84 266 90 244 - - 1.24 - Morgan Stanley UK Global Brands I GBP 94 33 105 18 128 22 185 7 323 4 1.00 0.97 Guinness Sustainable Energy X GBP Acc 88 123 95 153 100 178 92 242 65 162 0.74 - Morgan Stanley UK Global Sustain I Acc 9434------Halifax Ethical C 84 238 90 240 98 204 116 202 176 124 1.52 0.63 MS INVF Emerging Leaders Equity Z 89 111 99 90 103 160 127 146 - - 0.95 - Halifax Fund of Invmt Trusts C 81 287 86 282 93 232 116 203 182 117 1.51 1.09 MS INVF Global Brands I 92 52 103 35 128 23 185 6 320 7 0.94 - Halifax Intl Gr C 84 221 91 222 99 198 125 155 199 86 1.51 1.14 MS INVF Global Opportunity Z 98 9 107 9 148 3 227 1 - - 0.90 - Harris Associates Global Eq R/A USD 71 323 78 308 78 280 95 240 145 152 2.15 - MS INVF Global Quality I 92 61 103 37 123 37 173 13 - - 0.94 - Heriot Global A Acc 93 44 107 7 125 32 152 45 - - - 1.40 MT Total Return 88 129 94 183 104 147 124 160 203 83 0.65 1.56 Hermes Global Equity ESG F GBP Acc 88 130 95 142 104 148 133 117 - - 0.73 - New Capital Glbl Eq Convict USD Ord Acc 94 29 102 53 125 31 - - - - 1.54 - Hermes Global Equity F GBP Acc 88 120 97 117 106 125 138 88 245 35 0.66 - NFU Mutual Global Growth C 75 315 81 302 81 277 114 207 135 156 - 2.16 Hermes Global Small Cap Equity F GBP Acc 78 301 86 279 95 229 - - - - 1.15 - Nomura Fds Global High Conviction I USD 90 95 100 72 123 42 - - - - 1.25 - Hermes Impact Opportunities Eq F GBP Acc 91 65 98 97 ------Nordea 1 - Global Climate & Envir BC GBP 87 155 97 111 ------1.25 - Hermes SDG Engagement Eq F GBP Acc 76 307 85 284 ------Orbis OEIC Global Equity Standard 85 205 91 223 93 233 136 106 218 64 - - HL Multi-Manager Special Sits A Acc 81 281 86 280 91 249 114 210 183 112 1.50 1.17 Overstone UCITS Smaller Coms A USD 72 322 75 316 82 275 90 245 164 138 -- HL Select Global Growth Shares A GBP Acc 9432------Pictet - Global Envir Opps I dy GBP 91 79 102 51 117 62 154 41 - - 1.22 0.01 HSBC FTSE All-World Index C Acc 86 159 95 146 106 128 138 91 - - - 2.17 Pictet - Global Thematic Opps-I GBP 88 119 98 103 114 71 - - - - 1.23 - IFML Vitality Global Equity D 94 26 103 32 121 45 172 14 - - - 0.79 Pictet SmartCity I dm GBP 86 158 95 144 104 142 132 120 - - 0.98 1.06 IFML Vitality Global Equity Income D 93 46 101 55 110 100 - - - - - 1.82 Pictet-Clean Energy I dy GBP 91 74 102 54 104 144 118 195 137 155 1.20 0.12 IFSL Ravenscroft Huntress GlbBlueChpBInc 93 39 105 15 ------1.11 Pictet-Global Megatrend Sel I dy GBP 87 144 96 140 111 98 139 86 238 41 1.21 0.16 Invesco Global Equity UK Z Acc 80 288 86 281 88 254 109 226 - - - 2.57 Pictet-Premium Brands I dy GBP 84 231 94 162 112 86 122 171 213 67 1.20 - Invesco Global ex UK CorEqIdxUK(NoTr)Acc 84 230 89 249 93 236 123 166 207 77 0.72 1.70 Pictet-Security I dy GBP 88 112 99 95 119 54 153 42 299 9 1.20 - Invesco Global ex UK Enh Idx UK(NoTr)Acc 85 195 93 187 101 168 135 112 232 48 0.37 1.41 Pictet-Water I dy GBP 86 165 97 119 108 106 149 51 242 37 1.20 0.64 Invesco Global Focus UK Z (Acc) 91 70 99 87 100 179 133 115 235 45 - 1.78 PIMCO GIS RAE Glbl Dev Instl GBP UnH Acc 76 308 82 295 87 256 - - - - 0.50 - Invesco Global Smaller Coms UK Z Acc 75 313 82 298 85 263 113 214 196 92 - 1.20 Polar Cptl Atmtn & Artfcl Intllgnc I Acc 95 17 105 14 ------0.73 - Investec Glb Dynamic I Acc GBP 83 250 89 251 99 199 122 173 204 82 0.87 1.03 Premier Global Alpha Growth C Acc 91 82 93 192 99 192 127 147 204 81 1.27 1.25 Investec Glb Equity I Acc GBP 85 199 93 198 102 163 125 153 206 79 0.88 1.31 Principal Global Equity I Acc USD 86 163 90 245 97 207 118 189 194 96 1.34 - Investec Glb Quality Eq Inc I Inc-2 93 45 102 49 111 90 - - - - - 2.40 Purisima Global Total Return A 91 66 100 82 112 83 152 46 218 63 1.32 0.72 Investec Glb Special Sits I Acc 63 328 65 318 69 283 94 241 147 151 0.91 2.97 Quilter Inv Glbl Dyn Eq R (GBP) Acc 85 210 92 209 100 183 114 208 155 148 1.06 1.27 Investec Glb Strat Eq I Acc GBP 82 267 88 256 101 176 126 151 222 59 0.86 1.52 Quilter Inv Glbl Eq Idx U2 (GBP) Acc 87 140 97 108 109 103 145 62 - - - 1.51 Investec Global Environment I 87 145 98 98 ------0.18 Quilter Investors Ethical Eq R (GBP) Acc 85 193 95 154 97 212 127 144 189 103 - 0.94 Investec Global Franchise I Acc 95 24 104 23 123 36 176 11 - - 0.85 1.72 Quilter Investors Glbl Eq Gr U2 GBP Acc 88 122 98 105 111 93 148 53 - - - 0.87 Janus Henderson Glb Research A USD Acc 86 181 93 189 104 141 122 169 196 94 2.50 - Quilter Investors Glbl Uncons EqR £ Acc 62 330 66 317 71 282 84 246 135 157 - 0.56 Janus Henderson Global Equity I Acc 93 41 101 63 117 63 159 31 - - - 0.39 Rathbone Global Opportunities I Acc 95 18 103 33 132 11 174 12 320 6-- Janus Henderson Global Sust Eq I Acc 94 25 107 8 127 28 157 34 259 23 - 0.62 Rathbone Global Sustainability I Acc 94 30 102 46 ------1.72 Janus Henderson Instl Gl 50/50IdOpp 3Acc 82 275 88 258 95 226 117 199 182 114 0.39 3.55 Robeco BP Global Premium Eq F GBP 76 309 82 294 85 265 - - - - 0.80 - Janus Henderson Mlt-Mgr Global Sel I Acc 85 208 90 239 97 213 118 194 168 135 - 0.86 Royal London Global Equity Divers M Acc 87 153 96 131 ------1.99 JOHCM Global Opportunities A GBP Acc 87 151 ------Royal London Global Equity Select M Acc 89 101 97 112 ------1.64 JOHCM Global Opps Offshore A GBP Inc 87 154 94 181 107 120 147 56 - - 0.83 2.75 Royal London GMAP Dyn M GBP Acc 81 279 87 271 95 228 - - - - - 2.24 JOHCM Global Select A GBP 89 99 98 102 115 65 129 135 267 19 0.79 0.94 Russell Inv Global List Infras I GBP 76 305 86 276 93 240 119 184 - - 1.76 4.79 JPM Global Equity A (dist) GBP 82 276 86 274 93 241 115 205 173 128 1.80 0.58 Russell Inv World Equity I 84 232 92 207 104 145 138 87 224 57 1.01 1.35 JPM Global Focus A (dist) USD 86 169 94 182 98 206 127 148 182 116 1.80 0.10 RWC Global Horizon R GBP Cap 81 285 88 257 93 238 130 134 - - 1.16 - JPM Global Unconstrained Eq C Net Acc 95 21 104 27 113 80 146 57 221 60 0.93 0.44 S&W Aubrey Global Conviction 96 14 104 25 138 7 167 16 272 17 1.75 - JPM Multi-Manager Growth C Net Acc 87 147 92 213 107 113 131 130 195 95 0.83 1.69 Sanlam Global High Quality C GBP Acc 88 114 96 125 111 87 162 27 - - 0.64 - www.whatinvestment.co.uk WhatInvestment May 2020 57 >| Unit Trusts 5
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £££££%% £££££%% Sanlam Global Value A GBP 79 296 85 283 85 262 102 236 - - 0.99 - AXAWF Global Infl Sh Dur Bds F Cap USD 99 34 108 29 105 68 - - - - 0.52 - Sanlam Stable Global A GBP Acc 91 81 100 81 103 159 133 116 - - 0.97 - AXAWF Global Strategic Bds F Cap USD 98 46 109 22 112 20 140 7 - - 0.77 - Sarasin IE Global Eq Opps GBP P Acc 85 192 94 170 107 123 131 128 - - - 2.29 AXAWF US Dynamic HY Bds F Cap USD 89 154 96 142 102 99 - - - - 0.79 - Sarasin IE Global Eq Opps USD P$ Acc 85 203 93 188 106 124 132 124 - - - 2.41 AXAWF US High Yield Bonds F Cap USD 92 139 100 105 104 81 135 19 206 3 0.79 - Sarasin Responsible Glb Eq Stg Hdg P Acc 90 87 98 96 115 69 120 179 - - 0.98 1.09 Barings Global Bond I GBP Inc 98 48 111 15 113 13 131 39 143 41 0.75 1.30 Sarasin Responsible Global Equity P Acc 91 72 105 21 120 49 147 55 - - 1.00 1.15 Barings Global Invm Grd Strats S GBP Dis 87 164 88 174 ------2.72 Sarasin Thematic Global Eq Stg Hdg P Acc 87 156 92 216 107 121 110 223 164 140 0.98 1.24 Barings Strategic Bond I GBP Inc 85 178 91 163 92 149 92 137 105 76 0.78 4.23 Sarasin Thematic Global Equity P Acc 87 141 97 110 111 93 133 119 194 97 0.97 1.27 BMO Global Total Ret Bd (GBP Hdg) C Inc 96 82 100 107 99 119 101 126 130 65 - 1.62 Schroder Global Equity I Acc 89 106 97 109 115 67 148 54 236 43 0.53 1.32 BNY Mellon International Bond Inst W Acc 100 21 113 8 114 9 135 18 151 28 - 1.49 Schroder Global Healthcare Z Acc 104 3 110 2 129 17 149 50 342 2 0.93 0.41 Candriam Bds Crdt Opps C EUR Cap 97 71 101 93 102 101 126 61 143 42 2.01 - Schroder Global Recovery Z Acc GBP 71 324 75 314 80 278 - - - - - 4.12 Candriam Bds Euro High Yld C EUR Cap 92 133 98 126 105 78 135 22 173 12 1.26 - Schroder ISF Global Energy Z Acc EUR 39 332 33 322 28 287 28 249 17 164 1.06 - Candriam Bds Global Hi Yld C EUR Cap 95 99 101 85 107 52 137 10 167 16 1.23 - Schroder ISF Global Eq Alp Z Acc EUR 89 105 95 150 109 104 136 101 196 93 1.05 - Candriam Bds Total Ret C EUR Cap 98 56 101 90 99 116 114 84 114 71 0.95 - Schroder ISF Global Eq Yld Z Acc EUR 73 318 77 313 84 269 107 229 189 102 1.06 - Capital Group Euro Bond (LUX) Ch 97 61 109 21 ------0.10 - Schroder ISF Global Smlr Coms C Acc USD 75 314 81 301 84 270 113 216 197 90 1.32 - Capital Group Glb Hi IncOpps(LUX)Z 90 148 97 139 102 102 135 21 178 9 0.90 - Schroder MM International Z Acc 83 247 90 233 96 223 123 165 213 69 1.36 1.44 Capital Group Global Bd (LUX) Z EUR 98 50 108 26 109 35 131 38 146 37 0.60 - Schroder QEP Glbl Active Val Z Acc 81 286 85 285 87 259 112 217 166 136 0.77 2.71 Capital Group US Corp Bd (LUX) Z 100 25 113 5 117 3 149 1 - - 0.60 - Schroder QEP Global Core Eq A Acc 86 170 95 157 103 156 137 94 - - 0.37 2.41 Courtiers Investment Grade Bd Retl R 100 30 103 59 100 114 - - - - - 5.36 Scot Wid MM International Eq A 85 188 94 180 99 188 128 142 198 88 1.83 0.49 Dimensional Global Short Dated Bd Acc 100 27 101 88 103 96 105 116 123 69 0.33 0.52 Scottish Widows Global Growth G Acc 85 209 91 220 100 181 126 150 - - - 1.70 Dodge & Cox Worldwide Global Bd GBP Inc 93 121 103 60 107 55 133 25 - - 0.45 4.35 Scottish Widows Global Sel Gr A 88 117 96 135 101 171 120 180 175 126 1.62 0.21 Eaton Vance Intl (IRL) GlbHYBd I USD Acc 88 159 98 134 ------0.65 - Scottish Widows Intl Eq Tracker I Acc 87 149 96 136 106 129 138 89 206 78 0.61 0.15 Fidelity Global Infl-Link Bd Y-Dis-GBP H 99 32 102 75 104 84 104 118 115 70 0.51 0.32 Seilern World Growth USD U I 90 86 103 39 138 8 193 4 378 1--FP Octopus Fixed Income B Acc 94 113 99 114 101 110 106 115 125 68 1.08 1.96 SKAGEN Global A 87 131 101 56 113 79 141 78 199 87 1.00 - FP SCDavies Global Fixed Inc A Acc GBP 92 135 96 145 93 143 92 136 - - 1.50 2.26 SKAGEN Kon-Tiki A 79 297 78 310 77 281 96 239 106 161 1.79 - GAM Multibond Total Return Bond EUR B 93 122 97 140 95 138 112 99 104 77 1.09 - SLI International Trust 88 113 99 88 107 116 137 97 260 22 0.14 1.90 GAM Star Credit Opps (EUR) Instl EUR Acc 86 168 92 158 96 136 125 65 - - 1.13 3.94 Stewart Investors Wldwd Select B Acc GBP 90 91 97 120 105 136 140 82 220 61 0.92 - GAM Star Credit Opps (USD) Instl USD Acc 89 150 99 117 101 106 135 20 - - 1.13 4.79 Stewart Investors Wldwd Sustbl B Acc GBP 92 59 99 85 111 92 148 52 - - - - GlobalAccess Glbl Shrt Dur Bd M Dis GBP 93 123 95 151 96 134 100 129 - - - 2.75 Stewart Investors Worldwide Eq B Acc GBP 89 98 94 165 100 184 135 110 - - 2.41 - GlobalAccess Global Govt Bd M Dis GBP 100 29 104 54 106 59 106 112 133 63 - 0.54 Stonehage Flmg GlbBest IdeasEq C GBP Inc 91 76 103 36 127 26 164 24 - - - - GS Euro Short Dur Bd Plus R Acc EUR 97 67 100 99 101 104 122 72 - - 0.39 - SVM World Equity Instl 91 73 96 138 103 161 128 141 216 66 1.98 0.64 GS Glbl Crdt (Hdg) R Inc GBP Hdg 95 107 101 87 106 57 109 105 133 61 0.59 2.94 SVS Church House Esk Global Equity A Acc 91 75 99 83 111 99 138 92 - - - - GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 98 45 103 62 106 60 110 103 - - 0.67 2.14 T. Bailey Growth A Acc 84 225 88 253 97 214 119 183 185 106 1.74 - GS Glbl Hi Yld R Inc GBP Hdg 86 171 89 173 93 147 97 133 - - 0.74 6.75 T. Rowe Price Glb Foc Gr Eq CAccGBP 94 27 102 44------GS Global Fixed Inc (Hdg) R Inc GBP Hdg 100 24 105 43 110 29 113 89 - - 0.59 1.75 T. Rowe Price Glb Foc Gr Eq Q GBP 94 28 101 58 130 14 183 8 297 10 0.92 - GS Global Fixed Income R Acc USD 98 49 108 25 111 25 136 16 151 27 0.60 - T. Rowe Price Glb Growth Eq Q GBP 90 83 97 113 123 38 158 32 255 25 0.92 - GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 90 149 92 161 94 140 100 128 - - 0.95 4.74 Templeton Growth W Acc 87 134 92 203 94 231 113 212 180 119 0.85 3.09 GS US Fixed Income R Acc USD 101 16 113 7 114 8 138 9 175 11 0.60 - Threadneedle Glb Extnd Alp Ins Acc GBP 95 16 108 6 127 27 165 20 308 8 1.43 - Invesco Global Bond UK Z Acc 94 112 100 100 100 113 112 100 132 64 - 2.68 Threadneedle Global Focus Z Grs Acc GBP 96 13 110 3 ------0.03 iShares Overseas Corp Bd Idx (UK) D Acc 94 109 106 36 108 40 133 26 - - 0.17 2.83 Threadneedle Global Select Z Acc 93 49 105 17 126 29 165 21 260 21 0.89 0.31 iShares Overseas Govt Bd Idx (UK) D Acc 102 9 114 4 115 7 139 8 - - 0.18 1.23 TM Stonehage Fleming Global Eqs B Inc 82 258 87 270 92 246 110 224 155 149 1.87 1.52 Janus Henderson Flexible Inc I USD Inc 100 23 112 11 112 18 134 23 169 15 0.74 2.70 TM Stonehage Fleming Global Eqs II B Inc 80 293 84 291 87 257 103 234 147 150 1.70 2.77 Janus Henderson High Yield I USD Inc 88 158 97 137 101 108 129 49 179 8 0.87 5.46 TM UBS (UK) - Global Equity C Acc 81 280 88 265 94 230 114 209 - - - 1.39 Janus Henderson Hrzn Euro Corp Bd H2 EUR 93 115 100 110 105 72 126 60 149 33 0.80 - Trojan Global Equity O Acc 91 69 102 41 123 41 166 18 277 16 1.11 0.57 Janus Henderson Instl Overseas Bd A Inc 101 19 113 6 111 21 132 32 134 59 1.20 0.68 UBS (Lux) ES Gl Opp Uncons$ Q-acc 91 71 102 42 125 30 - - - - 1.07 - Janus Henderson US Sh-Trm Bd I USD Inc 98 44 106 33 105 77 126 62 138 52 0.75 2.07 UBS Global Optimal C 82 260 90 232 101 177 125 154 178 121 - 1.18 JPM Global (ex-UK) Bond C Grs Acc 102 11 107 30 113 16 115 83 143 40 0.58 0.79 UBS MSCI World Minimum Vol Idx C Acc 85 183 98 100 ------2.39 L&G Global Inflation Linked Bd Idx I Acc 100 26 104 50 107 49 108 107 - - - 0.95 Vanguard FTSE Dev Wld ex UK Eq Idx Acc 86 175 95 147 108 110 145 65 239 40 0.30 2.14 Lazard Global Fixed Income A Acc USD 99 36 108 24 109 36 129 50 - - 1.14 - Vanguard FTSE Glb All Cap Idx Inv A £Acc 84 218 92 210 103 152 - - - - - 2.24 Legg Mason BW Glb FI X USD Dis(S) 91 144 97 135 96 133 113 90 138 51 0.88 3.17 Vanguard Glbl Small-Cap Idx GBP Acc 76 306 81 299 89 252 119 187 211 73 0.40 2.07 Legg Mason BW Glb Oppc FI A USD Dis(M) 92 143 98 130 96 131 113 87 - - 1.42 2.81 Vanguard Global Equity A GBP Acc 89 108 97 121 108 107 - - - - - 1.37 Legg Mason WA Asian Opps X USD Dis(M) 96 87 105 48 109 38 130 41 152 26 0.86 3.89 Vanguard Global Stock Index Inv EUR Acc 85 194 94 174 106 127 139 84 225 54 0.30 - Legg Mason WA Glb Hi Yld X USD Dis(D) 90 147 98 129 116 4 146 3 188 6 0.95 6.07 Vanguard LifeStrategy 100% Equity A Acc 84 235 91 224 101 169 130 132 - - 0.33 2.16 LF Canlife Global High Yield Bond C Acc 85 174 88 176 91 153 98 132 140 48 - 5.46 Vanguard SRI Global Stock GBP Acc 85 190 94 168 106 133 137 95 - - 0.40 2.11 LF Canlife Global Macro Bond C GBP Acc 95 95 105 40 107 42 127 56 - - - 2.44 Veritas Global Focus A GBP 90 92 101 67 116 64 157 35 253 28 1.12 0.49 Loomis Sayles Global Opp Bd R/D GBP 97 74 105 41 105 71 127 59 139 49 1.50 1.02 Veritas Global Focus A GBP 90 92 101 67 116 64 157 35 253 28 1.12 0.49 Loomis Sayles Multisector Inc R/D GBP 92 141 101 94 101 109 124 67 166 17 1.40 3.21 Virgin Global Share 82 261 87 268 92 243 112 218 - - - 2.56 Lord Abbett Glbl Mlt Sect Bd I USD Acc 92 140 ------Vontobel Global Equity I GBP 88 125 100 76 117 60 164 22 - - 1.17 - Lord Abbett Multi Sector Inc I USD Acc 91 145 101 96 106 61 140 6 194 5 0.70 - VT Gravis Clean Energy Income C GBP Acc 93 36 106 11 ------3.82 Lord Abbett Short Dur Inc I USD Acc 95 103 103 64 104 88 128 52 150 30 0.60 - VT Greystone Global Growth R Acc 85 206 93 196 103 158 131 129 205 80 - - M&G European Corporate Bond GBP I Acc 94 111 100 98 104 82 125 64 135 57 0.66 1.29 VT Price Value A GBP Acc 83 249 89 247 93 237 - - - - - 2.09 M&G Global Government Bond GBP I Acc 95 94 106 39 106 64 133 28 159 21 0.71 2.91 VT Redlands Equity A GBP Acc 83 246 90 243 ------1.65 M&G Global Macro Bond GBP I Acc 103 5 111 14 111 24 136 15 177 10 0.81 2.05 VT Tyndall Global Select A GBP Acc 91 68 103 40 118 57 145 64 229 50 - - Marlborough Global Bond P Inc 94 108 103 67 106 63 122 73 170 14 - 2.91 Waverton Global Equity A GBP 86 166 93 197 102 166 126 152 190 101 1.53 0.37 MFS Meridian Global Credit WH1 GBP 94 114 98 127 102 98 101 124 - - 0.70 - Waverton Tactical Equity A GBP 92 51 96 132 97 209 110 222 168 134 1.34 - MFS Meridian Global High Yield WH1 GBP 89 155 92 162 96 132 104 119 - - 0.90 - Wellington Durable Entrprs N GBP Acc UnH 83 251 95 141 ------MFS Meridian Global Oppc Bd WH1 GBP 96 89 102 80 107 53 - - - - 0.70 - Wellington Durb Coms N GBP Inc UnH 83 240 94 172 111 95 - - - - 1.00 0.70 MFS Meridian Inflation Adjstd Bd W1 USD 101 12 112 12 110 28 133 27 161 19 0.70 - Wellington Enduring Assts GBP N Acc UnH 88 126 ------MFS Meridian Limited Maturity W1 USD 98 59 106 38 105 69 127 57 141 45 0.70 - Wellington Glbl Quality Gr N GBP H Acc 89 97 100 78 130 16 180 10 - - - - MFS Meridian US Corporate Bond WH1 GBP 96 77 103 66 107 51 - - - - 0.75 - Wellington Global HlthC Eq N GBP Acc Unh 104 4 104 29 118 55 - - - - 1.50 - MFS Meridian US Government Bond W1 USD 104 2 115 2 115 6 137 13 163 18 0.73 - Wellington Global Impact N GBP Acc Unhdg 82 264 92 204 108 109 ------MFS Meridian US Total Return Bd WH1 GBP 98 57 103 69 105 74 107 109 - - 0.73 - Wellington Global Innovation N GBP UnH 95 22 104 31 142 5------Mirabaud Global Hi Yld Bds DH GBP Acc 88 161 89 172 91 154 98 131 - - 0.85 - Wellington Global Stewards N UnH USD Acc 87 142 100 80------MS INVF Euro Corporate Bond I 93 129 99 119 103 89 128 55 141 44 0.64 - Wesleyan International Growth X Acc 84 224 92 214 107 114 - - - - - 0.66 Neuberger Berman Strat Inc A GBP MD 91 146 93 156 ------1.17 4.53 Winton Global Equity I GBP Acc 81 284 89 250 96 221 118 196 -- - -New Capital Glbl Val Crdt GBP Acc 95 102 99 123 101 103 106 111 136 54 0.78 - Average/Total 86 333 94 323 105 288 133 250 208 165 1.08 1.45 New Capital Wlthy Ntn Bd GBP Inst Inc 93 116 100 101 104 85 111 101 150 29 1.16 4.35 Nomura Fds Asia High Yield Bond I USD 85 177 90 170 93 146 130 45 - - 1.25 - (IA) GLOBAL BONDS Nomura Fds Asia Investment Grd Bd I USD 98 47 111 18 114 10 146 4 - - 0.90 - AB Euro High Yield I2 GBP H Acc 83 179 87 178 92 151 - - - - 0.87 - Nomura Fds Global High Yield Bd I USD 87 166 94 154 97 129 130 43 - - 0.98 - AB Glbl Pls Fxd Inc I2 GBP H Acc 96 92 100 108 103 90 107 110 - - 0.82 - Nomura Fds US High Yield Bond I USD 86 169 94 153 97 130 132 33 217 2 0.62 - AB Global Dynamic Bd I2 GBP Acc 95 105 97 141 98 126 102 122 - - 0.90 - Nordea 1 - Flexible Fixed Income BC EUR 99 33 104 56 107 45 - - - - 0.75 - AB Short Dur Hi Yld I2 GBP H Acc 89 152 91 164 95 139 101 125 - - 0.76 - Pictet-Asian Local Ccy Debt I GBP 95 104 104 53 105 66 129 46 155 24 0.93 - ACUMEN Portfolio 3 Acc 92 138 95 147 ------1.37 Pictet-EUR Bonds HI USD 96 85 110 19 117 2 142 5 - - 0.64 - Allianz Flexi Asia Bond PQ H2 GBP 89 151 90 171 92 148 100 130 - - 0.82 5.87 Pictet-EUR High Yield I 87 165 92 157 99 121 124 68 149 31 0.83 - Allianz Global Multi Sect Crdt W GBP Acc 92 137 95 150 97 128 103 120 - - - 0.58 Pictet-EUR Short Term High Yield I EUR 87 163 91 168 93 144 116 80 - - 0.73 - Allianz US High Yield AM USD 88 160 96 143 96 135 114 85 - - 1.39 7.82 Pictet-Latin Amer Lcl Ccy Dbt I GBP 83 180 91 166 88 155 115 82 109 75 0.94 - Allianz US Short Dur Hi Inc Bd P H2 GBP 89 153 91 167 94 141 - - - - 0.70 5.22 Pictet-US High Yield I dm GBP 88 156 97 136 98 125 122 74 - - 0.83 6.60 AS SICAV I SelEuro HYBd X MInc GBP 85 176 91 165 94 142 121 75 128 67 0.89 4.38 PIMCO European S/T Opports Ins Acc 97 72 100 103 100 111 119 77 - - 0.46 - ASI Euro Corporate Bond I Acc 92 132 99 116 103 93 123 70 134 60 - 0.83 PIMCO GIS Credit Opps Bd Instl Acc 92 142 99 113 102 100 128 53 - - 0.93 - ASI Global Corporate Bond Tracker B Acc 95 93 101 91 ------2.50 PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 95 97 112 10 131 1 146 2 241 1 0.46 - ASI Global Inflat-Link Bond Trkr B Acc 99 41 104 49 ------1.65 PIMCO GIS Euro Bond Instl EUR Acc 96 86 104 55 111 22 133 29 158 22 0.46 - ASI Global Inflation-Link Bd P1 Acc 98 52 104 57 107 44 113 88 145 38 - 1.36 PIMCO GIS Euro Credit Instl EUR Acc 93 120 100 112 105 76 129 48 140 47 0.46 - ASI Short Dated Gbl Infl Lnk Trckr B Acc 99 35 102 78 ------1.94 PIMCO GIS Euro Income Bond Instl EUR Acc 93 131 97 138 103 92 131 34 - - 0.49 - ASI Short Dated Glbl Corp Bd Trkr B Acc 98 60 100 111 ------1.81 PIMCO GIS Euro Short-Term Instl EUR Acc 98 53 101 92 100 115 117 78 103 78 0.40 - ASI Short Dur Gbl Infl Lnk P1 Acc 98 51 101 81 103 97 106 113 - - - 1.30 PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 95 100 100 106 103 94 112 93 - - 0.70 - Aviva Investors Global HY Bd Amh GBP Inc 85 172 88 175 92 152 96 134 133 62 1.48 6.93 PIMCO GIS Glb Bd Ex-US Instl GBP H Inc 96 83 100 104 ------2.45 AXA Global Short Duration Bond Z GBP Acc 96 84 98 131 ------2.02 PIMCO GIS Glb Bd Instl GBPH Acc 99 40 103 65 107 43 113 91 160 20 0.48 - AXA US Short Duration Hi Yld Z Gross Acc 93 117 95 148 99 118 102 121 - - 0.79 4.30 PIMCO GIS Glb Rl Ret Instl GBP H Acc 96 79 102 79 105 75 112 94 149 34 0.49 - AXAWF Asian Short Dur Bds F Cap USD 97 66 106 37 109 33 - - - - 0.83 - PIMCO GIS Low Avrg Dur Instl GBPH Inc 99 31 101 86 101 105 102 123 113 72 0.45 2.83 AXAWF Euro Credit Short Dur F Cap EUR 96 76 100 109 100 112 119 76 112 74 0.57 - PIMCO GIS Ttl Ret Bd Instl GBPH Inc 101 15 106 34 108 41 110 102 134 58 0.50 2.87 AXAWF European High Yld Bds F Cap EUR 85 175 90 169 ------0.83 - Robeco Global Credits FH GBP 96 90 101 83 107 54 - - - - 0.56 - AXAWF Global Buy & Mntn Crdt I Cap GBP H 96 75 102 76 107 56 112 97 - - 0.23 - Robeco Global Credits Short Matrty IH £ 96 81 99 125 ------0.40 - AXAWF Global Credit Bonds F Cap EUR H 95 106 102 74 ------0.85 - Robeco High Yield Bonds FH £ 88 157 92 159 98 124 - - - - 0.68 - AXAWF Global Green Bds F Cap EUR 96 80 104 52 107 48 - - - - 0.68 - RobecoSAM Global SDG Credits FH £ 96 78 102 71 ------0.98 - AXAWF Global Infl Bds F Cap EUR 97 65 105 44 106 62 131 37 - - 0.57 - RobecoSAM SDG Credit Income CH GBP 93 119 98 133 ------
58 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 6
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARSRnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Royal London European Corporate Bd Z Inc 93 118 101 95 105 80 125 63 - - - 2.29 BNY Mellon EM Dbt Lcl Ccy GBP C Inc 86 22 92 21 88 19 104 18 96 10 1.19 7.58 Royal London Global Index Linked M Inc 99 38 105 47 109 39 117 79 148 35 - 1.00 Candriam Bds Em Dbt Lcl Ccis C USD Cap 89 3 97 5 93 13 111 11 - - 1.36 - Royal London International Govt Bd M Inc 102 6 107 31 111 26 113 86 - - - 1.45 Capital Group EM Lcl Ccy Dbt(LUX) Z 89 7 98 4 96 3 121 1 - - 0.90 - Royal London Shrt Dur Glb Idx Lnkd M Inc 99 39 102 77 104 87 - - - - - 0.99 Eaton Vance Intl (IRL) EMLclInc I $ Acc 89 5 104 1 104 1 121 2 113 2-- Russell Inv Global Bond I Income 98 58 108 28 110 32 133 30 156 23 0.79 2.69 GAM Multibond Local Emerging Bond GBP R 86 20 88 26 87 20 90 19 92 11 1.29 - Schroder ISF EURO Corp Bd Z Acc EUR 93 126 100 102 106 58 133 24 140 46 0.57 - GS Emerging Mkts Dbt Lcl R Inc GBP 86 18 95 18 92 15 110 13 110 3 0.88 6.19 Schroder ISF Glb Crdt Dur H C Acc EUR H 92 136 96 144 95 137 115 81 97 79 0.74 - HSBC GIF Global EM Local Dbt AD 89 2 95 16 91 17 108 16 106 6 1.60 2.74 Schroder ISF Glb InflLnkdBd C Acc EUR 97 68 105 45 106 65 130 40 136 53 0.65 - Investec EmMkts Lcl Ccy Dbt I Acc GBP 87 16 97 6 95 6 112 9 107 5 0.95 5.72 Schroder ISF Glbl Corp Bd Z Acc USD 95 96 108 27 111 23 - - - - 0.58 - JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 88 13 97 10 94 9 109 15 - - 1.30 4.92 Schroder ISF Glbl Hi Yld C Acc USD 86 170 94 152 97 127 129 47 187 7 0.80 - L&G EM Govt Bond Lcl Ccy Index I Acc 88 9 98 2 96 2 - - - - - 6.01 Scottish Widows International Bd A Acc 102 7 112 9 112 19 131 35 142 43 1.36 0.40 Lazard Emerging Mrkts Lcl Dbt A Acc USD 87 14 97 9 94 7 114 6 - - 1.00 - SLI European Corporate Bd D Acc EUR 93 130 99 124 103 95 125 66 135 55 0.54 - Merian Local Ccy EmMkt Dbt U1 GBP Inc 86 21 96 14 92 16 111 12 - - 1.42 9.38 SLI Global Bond A Acc GBP 101 18 112 13 111 27 129 51 - - - - MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP 85 26 89 24 89 18 88 21 - - 1.09 - SLI Global Corporate Bond D Acc USD 94 110 106 35 110 30 137 14 - - - - Neuberger Berman EM Dbt LclCcy GBP I Acc 86 19 89 23 ------1.01 - SLI Global High Yield Bond D Acc USD 86 167 95 146 99 122 128 54 - - 0.73 - Nomura Fds Emerging Market LC Debt I USD 88 8 97 8 96 4 118 4 - - 1.29 - Smith & Williamson Glbl Inf-Lkd Bd X Inc 97 63 103 63 105 73 108 106 - - - 0.63 Pictet-Emerging Local Ccy Dbt I dy GBP 88 10 96 13 94 10 111 10 105 7 0.94 6.46 T. Rowe Price Dyn Glb Bd Qh GBP 103 4 101 82 99 123 - - - - 0.67 - Pictet-Shrt-Trm Em Lcl Ccy Dbt HI dy GBP 90 1 90 22 86 22 89 20 - - 0.84 5.05 T. Rowe Price Dyn Glbl Bd CAccGBP 104 3 102 72 99 120 ------PIMCO GIS Emerg Lcl Bd Instl GBP UnH Acc 86 23 95 17 94 11 114 5 117 1 0.89 - T. Rowe Price Euro Corp Bd Q EUR 93 127 99 118 104 83 127 58 135 56 0.57 - Quilter Inv Em Mkts Bd U2 (GBP) Acc 87 17 97 7 ------8.98 T. Rowe Price Eurp Hi Yld Bd Q EUR 85 173 92 160 93 145 123 69 - - 0.77 - Russell Inv EMkt Dbt Lcl Ccy I GBP 89 4 96 12 93 14 112 8 - - - 4.67 T. Rowe Price Glb Aggr Bd Q EUR 101 13 111 17 113 14 137 11 154 25 0.62 - T. Rowe Price Em Lcl Mkts Bd Q EUR 88 11 97 11 96 5 121 3 - - 0.82 - T. Rowe Price Glb HY Bd Q USD 88 162 98 132 101 107 132 31 195 4 0.71 - Threadneedle EM Local Z Inc GBP 85 24 95 19 94 12 113 7 100 9 0.90 8.23 T. Rowe Price US Aggr Bd Qh GBP 99 42 103 61 105 70 - - - - 0.57 - Average/Total 87 26 95 26 93 22 109 21 105 11 1.05 6.20 TCW Fds MetWest Total Return Bd RGHG-QD 102 8 106 32 109 37 - - - - 0.55 2.66 Templeton Global Bond W(Mdis)GBP-H1 95 98 93 155 92 150 94 135 112 73 0.91 6.78 (IA) GLOBAL EMERGING MARKETS Templeton Global Total Ret Bd W Acc H3 92 134 87 177 84 156 90 138 - - 0.80 8.42 AB Emerging Markets Gr I Acc 83 44 86 43 89 62 109 60 128 25 1.21 - Threadneedle Dollar Bond Z Inc GBP 101 14 114 3 114 11 137 12 171 13 - 2.58 Allianz Emerging Markets Equity C Acc 86 15 88 31 93 42 114 50 109 41 1.19 2.36 Threadneedle European Bd Z Inc GBP 99 43 108 23 113 15 131 36 149 32 0.64 0.49 Alquity Future World USD Y 73 106 71 103 ------1.90 - Threadneedle Global Bd Z Inc GBP 102 10 115 1 116 5 135 17 144 39 - 1.86 Artemis Global Emerging Mkts I Acc GBP 80 66 83 72 93 46 - - - - 0.98 4.35 TM UBS (UK) - Global Fixed Income E Acc 97 73 99 121 99 117 101 127 - - - 1.48 AS SICAV I Em Mkts Eq X Acc GBP 81 62 85 50 86 75 107 67 134 19 1.30 - Vanguard Euro Govt Bd Idx GBPH Acc 98 55 105 42 112 17 112 96 - - - 0.82 AS SICAV I EM Smlr Coms X Acc GBP 77 87 80 87 78 93 95 84 136 16 1.47 - Vanguard Euro IG Bd Idx GBPH Acc 96 91 99 115 105 79 107 108 - - - 1.00 ASI (SLI) Emerging Markets Equity P1 Acc 84 26 88 26 98 20 123 21 - - - 2.44 Vanguard Euroz InfLnk Bd Idx Ins EUR Acc 93 125 102 70 107 46 123 71 128 66 0.20 - ASI Emerging Markets Eq Enh Index B Acc 84 31 87 37 95 34 118 27 124 30 0.84 2.99 Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 100 20 102 73 104 86 106 114 - - - 1.40 ASI Emerging Markets Equity I Acc 80 75 84 59 85 78 105 69 137 14 1.20 1.01 Vanguard Glbl ST Corp BdIdx Inv GBPH Acc 97 68 99 120 ------2.03 ASI Emerging Markets Income Eq P1 Acc 83 43 88 25 101 13 128 16 - - - 3.26 Vanguard Global Bond Index GBPH Acc 100 22 105 46 110 31 112 95 139 50 0.20 1.86 Aviva Investors Glb EM Eq Uncons 2GBPAcc 8524------Vanguard Global Corp Bd Idx Inv GBPH Acc 95 101 100 97 ------2.70 AXA Framlington EmerG Markets Z GBP Acc 82 57 88 24 94 40 117 34 128 26 0.90 0.95 Vanguard Global Credit Bond Inv GBPH Acc 97 62 103 58 ------2.42 Baillie Gifford Em Mkts Lead Coms B Acc 87 9 92 8 112 2 145 2 163 2 0.87 1.22 Vanguard Japan Govt Bd Idx GBPH Acc 99 37 101 89 105 67 112 98 - - - 0.11 Baillie Gifford Emerging Mkts Gr B Acc 84 40 88 30 107 6 137 6 160 3 0.83 1.31 Vanguard US Govt Bd Idx GBPH Acc 107 1 111 16 113 12 112 92 - - - 1.99 Barings Global Emerging Mkts I GBP Acc 84 27 89 22 104 11 133 12 132 20 1.00 - Vanguard US IG Crdt Idx GBPH Acc 97 64 103 68 107 47 110 104 - - - 3.45 BlackRock Emerging Markets D Acc 87 8 93 5 110 4 134 10 152 4 0.92 1.68 VT Redlands Fixed Income A GBP Acc 93 128 98 128 ------3.16 BMO Emerging Markets Equity 2 Acc 78 86 81 82 86 74 108 62 112 40 0.84 2.12 Waverton Global Strategic Bond A USD 101 17 110 20 109 34 130 44 146 36 1.28 4.92 BMO LGM Glbl EmMkts Gr and Inc B USD Acc 77 88 80 86 87 68 109 61 136 15 1.05 - Wellington Global Bond N GBP Acc H 100 28 104 51 107 50 130 42 - - - - BNY Mellon Emerging Income Inst W Acc 80 69 85 52 82 86 99 81 - - - 4.94 Wellington Global Crdt Pls N GBP Acc H 96 88 101 84------BNY Mellon Global Emerging Mkts Int WAcc 92 2 96 2 100 15 125 20 - - - 0.45 Wellington Global Impact Bond N GBP AccH 9854------Candriam Eqs L Em Mkts C EUR Cap 87 12 90 16 95 35 117 33 130 23 2.06 - Wellington Oppc Fxd Inc N GBP Acc H 93 124 95 149 ------Carmignac Pf Emerg Discv W GBP Acc 76 97 75 101 87 71 112 53 - - 1.49 - Wellington World Bond N GBP Acc Hdg 97 70 99 122 103 91 104 117 - - 0.70 - Carmignac Pf Emergents W GBP Acc 92 1 97 1 97 21 116 40 - - 1.15 - Average/Total 95 180 101 178 104 156 120 138 147 79 0.77 2.77 Comgest Growth Emerging Mkts Flx I Acc 85 23 88 29 89 58 105 72 - - 1.26 - Comgest Growth Emerging Mkts GBP U Acc 82 56 85 51 89 63 110 58 137 13 1.09 - (IA) GLOBAL EMERGING MARKET BOND - BLENDED Comgest Growth GEM Promis Coms USD I Acc 69 108 67 106 59 98 76 90 89 46 1.40 - ASI Emerging Markets Bond I Acc 84 15 87 14 89 12 100 9 - - - 6.94 Dimensional Emerging Mkts Core Eq Acc 78 85 81 83 84 80 107 66 120 31 0.78 2.49 Barings EM Debt Blnd Ttl Ret C GBP Acc 89 6 93 9 96 7 - - - - 0.89 - Eaton Vance Intl (IRL) Pr EM I GBP Acc 75 102 76 99 78 94 94 85 - - 0.76 - Capital Group EmMkts Dbt (LUX) Z 90 4 99 3 99 2 125 3 150 2 0.90 - Edinburgh Partners Emerging Opps I £ Inc 80 72 80 84 81 88 105 71 - - 1.00 2.48 Eaton Vance Intl(IRL)EmMktsDbtOpps S$Acc 89 5 101 2 106 1 136 1 - - - 3.65 Fidelity Index Emerging Markets P Acc 84 30 87 35 94 37 116 39 - - - 2.79 GS Em Mkts Dbt Blnd R Inc GBP 87 11 93 8 95 9 110 8 - - 0.89 5.65 Fidelity Instl Emerg Mkts W Acc 83 42 90 14 100 17 118 31 - - - 1.72 Invesco Global Emerg Mkts Bd UK Z Acc 81 17 89 12 89 13 - - - - - 7.27 First State Glb Emerg Mkts Foc B Acc GBP 74 103 79 89 ------1.02 Investec EM Blnded Dbt I Acc GBP 86 12 93 10 92 11 115 7 - - - 5.31 FP Carmignac Emerging Discv A GBP Acc 8434------Lazard Em Mrkts Ttl Ret Dbt A Acc USD 95 1 104 1 98 4 119 5 - - 0.99 - FP Carmignac Emerging Markets A GBP Acc 923------Lazard Emerg Mrkts Dbt Blnd A Acc USD 88 7 98 4 98 5 119 6 - - 1.00 - FP Henderson Rowe FTSE RAFI Em Mkt B 79 84 82 74 90 56 122 23 - - - 3.88 Lazard EmMkts DbtUnrtrcd Blnd A Acc USD 87 9 96 6 96 8 ------GAM Multistock EM Equity GBP C 82 58 84 58 91 51 118 32 - - 1.10 - Legg Mason WA EM TR Bd A USD Dis(D) 90 3 98 5 97 6 123 4 149 3 1.79 4.57 GAM Star Emerging Equity Instl GBP Acc 83 50 84 55 89 59 121 24 - - 1.38 1.03 M&G Emerging Markets Bond GBP I Acc 85 13 95 7 99 3 133 2 174 1 0.81 6.16 GlobalAccess Emerging Mkt Eq M Acc GBP 81 64 78 93 85 79 88 88 - - - 2.11 Mirabaud Global Emerg Mkt Bd DH GBP Acc 84 14 87 15 ------0.85 - GS EM CORE Eq R Inc GBP Close 84 33 85 48 92 47 120 25 147 9 0.85 2.41 Neuberger Berman EM Dbt Blnd GBP I Acc 87 10 92 11 93 10 - - - - 0.89 - GS Emerging Markets Eq R Inc GBP 86 16 91 10 102 12 133 11 149 6 1.04 1.01 TCW Fds Emerging Mkts Income RGHG-QD 82 16 84 16 ------0.95 6.68 Guinness Emerging Mkts Eq Inc Y GBP Dist 81 59 84 54 95 31 - - - - 0.99 4.42 Templeton Emerging Mkts Bd W(Qdis)GBP-H1 92 2 88 13 84 14 96 10 - - 0.98 11.94 Hermes Global EM SMID Eq F GBP Acc 79 79 84 53 ------Wellington Blended Oppc Em Mkts Dbt N H 888------Hermes Global Emerging Mkts F GBP Acc 85 25 90 13 104 9 136 7 170 1 1.13 - Average/Total 87 17 94 16 95 14 118 10 158 3 0.99 6.46 HSBC GIF Global Emerging Mkts Eq AD 88 6 89 21 95 32 116 41 104 43 1.90 1.11 Invesco Global Emerg Mkts UK Z Acc 80 70 82 76 87 69 113 52 135 18 - 1.94 (IA) GLOBAL EMERGING MARKET BOND - HARD CURRENCY Investec Emerg Markets Equity I Acc 84 32 86 38 96 25 115 43 - - 0.97 2.19 AXAWF Em Mkts Sh Dur Bds F Cap USD 89 5 97 4 99 4 128 4 - - 0.86 - iShares Emerging Mkts Eq Idx (UK) D Acc 84 36 87 32 94 39 116 36 - - 0.27 3.05 Barings EM Corp Bd A GBP Acc 86 19 89 22 94 16 - - - - 0.70 - Janus Henderson Emerg Mkts Opps I Acc 83 46 84 56 82 85 107 64 115 37 - 1.80 Barings EM Debt Short Duration A USD Dis 89 6 96 6 99 3 - - - - 0.63 6.45 JOHCM Global Emerging Mkts Opps GBP A 81 63 83 66 93 45 114 49 - - 1.04 3.06 Barings EM Sovereign Debt Tr A GBP Acc 91 3 99 2 ------0.69 - JPM Em Mkts Small Cap A (dist) perf GBP 77 91 80 88 87 66 117 35 148 8 1.85 1.11 BNY Mellon Em Mkts Corp Dbt GBP W Acc H 84 22 89 23 93 20 105 14 - - 0.82 5.45 JPM Emerging Markets B Net Acc 86 17 93 4 109 5 137 5 151 5 1.18 0.84 Candriam Bds Em Mkts C USD Cap 81 27 89 24 91 22 122 9 177 1 1.28 - JPM Emerging Markets Income C Net Acc 83 48 88 27 97 22 118 28 - - 0.87 4.46 Fidelity Emerging Mkt Dbt A-Acc-EUR 80 28 89 25 91 23 118 11 156 4 1.66 - Jupiter Global Emerging Markets I Acc 75 99 78 92 75 96 97 83 - - 1.11 2.10 First State Emerg Mkts Bd B Hdg Acc GBP 86 18 90 20 92 21 101 18 - - - 5.98 L&G Global Emerging Markets Index I Acc 84 37 87 33 94 41 115 44 - - 0.49 2.79 GAM Multibond Emerging Bond USD B 90 4 97 5 96 10 127 5 169 2 1.95 - Lazard Developing Markets C Acc 79 80 83 67 90 57 125 19 - - - 1.03 GlobalAccess Emerging Mkt Dbt M Dis GBP 87 15 90 19 94 18 102 17 138 7 - 5.15 Lazard Developing Markets Eq C Inc USD 84 39 87 36 95 33 133 13 - - 0.94 0.89 GS EM Corp Bd R Inc GBP Hdg 88 8 93 13 97 6 107 13 - - 0.87 5.51 Lazard Emerging Markets A Acc 77 89 81 79 79 89 103 76 113 38 1.06 2.89 GS Em Mkts Dbt R Inc GBP Hdg 85 21 87 26 89 24 100 19 - - 0.87 6.85 Lazard Emerging Markets Eq A Inc USD 77 93 80 85 78 91 100 80 107 42 1.19 2.83 Invesco Emerging Markets Bond A USD SD 84 24 94 11 93 19 122 8 164 3 - 5.52 Lazard Emerging Mrkts Core Eq A Acc USD 81 61 83 68 91 52 107 65 - - 1.26 - JPM Emerging Markets Debt A (dist) GBP 83 25 92 14 94 17 121 10 - - 1.45 5.87 Lazard Emerging World C Acc GBP 83 49 86 41 95 36 111 55 - - - - L&G EM Govt Bond US$ Index I Acc 93 1 102 1 100 1 133 1 - - - 4.92 Lazard MENA A Acc USD 68 110 70 104 87 70 111 54 - - 1.77 - Lazard Em Markets Bond A Acc USD 87 14 95 8 99 5 130 3 - - 0.96 - Legg Mason IF MC Emerg Mkts X Acc £ 87 10 92 9 106 7 136 8 145 10 - 1.29 Lord Abbett EM Corp Dbt I USD Acc 889------Legg Mason QS Em Mkts Eq A USD Acc 76 98 77 94 78 92 90 87 81 47 1.97 - M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 84 23 95 10 ------0.81 - Liontrust Emerging Markets C Acc GBP 82 54 84 61 91 53 119 26 116 34 0.90 3.20 Merian Emerging Market Debt U1 GBP Inc 85 20 96 7 97 7 127 7 - - 0.96 7.63 M&G Global Emerging Markets GBP I Acc 73 107 77 95 82 87 104 74 115 36 0.99 3.19 MFS Meridian Emerging Mkts Dbt WH1 GBP 89 7 92 16 94 15 99 20 - - 1.10 - Magna Emerging Markets B EUR Acc 77 96 78 91 ------Neuberger Berman EM Corp Dbt GBP I Acc 88 12 91 18 95 14 104 15 - - 1.00 - Magna Emerging Markets Div B GBP Inc 75 100 77 96 87 73 104 75 - - 1.40 5.24 Neuberger Berman EM DbtHrdCcy GBP I C 87 16 90 21 95 13 - - - - 0.17 - Marlborough Emerging Markets Trust P Inc 80 71 83 71 83 84 113 51 113 39 - 2.45 Neuberger Berman Shrt DurEM DbtGBP I Acc 92 2 93 12 96 8 - - - - 0.64 - Merian Global Emerging Mkts R GBP Acc 79 78 84 62 89 61 105 68 - - 1.13 - Pictet-Global Emerging Debt I GBP 88 11 98 3 100 2 131 2 - - 0.83 - MFS Meridian Emerging Mkts Eq WH1 GBP 80 68 76 98 87 67 87 89 90 44 1.28 - PIMCO GIS Em Mkts Bd Instl GBPH Acc 88 10 92 15 96 9 109 12 145 6 0.77 - MI Somerset Emerg Mkts Div Gr A Acc 75 101 81 77 83 83 98 82 138 12 1.30 3.64 PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 88 13 91 17 96 11 104 16 - - 0.95 5.00 MI Somerset Emerg Mkts Sm Cp B Acc 74 104 77 97 78 90 101 79 - - 1.72 2.01 T. Rowe Price EM Bd Ih GBP 10 83 26 85 27 88 25 - - - - 0.40 - MI Somerset Glbl Em Mkts Screened A Acc£ 80 67 85 46 89 60 - - - - - 2.72 Threadneedle EM Bd Z Inc GBP 86 17 95 9 96 12 127 6 153 5 - 6.66 MI Somerset Global Emerg Mkts B Acc 81 60 85 47 90 54 115 46 136 17 1.35 1.15 Average/Total 87 28 93 27 95 25 116 20 157 7 0.93 5.92 Mirabaud Equities Glbl Em Mkts D GBP Acc 90 5 90 12 99 19 118 30 - - 1.05 - Neuberger Berman Em Mkts Eq USD A Acc 83 47 85 49 90 55 115 47 - - 2.32 - (IA) GLOBAL EMERGING MARKET BOND - LOCAL CURRENCY NFU Mutual Global Emerging Markets C 77 90 83 69 88 65 118 29 116 35 - 2.47 ASI EM Local Ccy Bond Tracker B Acc 89 6 98 3 ------4.24 Pictet-Emerg Mkt Sustainable Eq I GBP 79 81 82 75 87 72 102 77 - - 1.16 - Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 87 15 96 15 94 8 110 14 110 4 0.84 5.78 Pictet-Emerging Markets I USD 84 28 89 23 93 44 116 37 117 32 1.06 - Baillie Gifford Emerging Mkts Bd B Inc 85 25 94 20 87 21 108 17 103 8 0.76 7.08 Pictet-Emerging Markets Index I GBP 85 21 86 39 95 28 116 42 - - 0.37 - Barings EM Local Debt C GBP Acc 88 12 89 25 ------0.85 - www.whatinvestment.co.uk WhatInvestment May 2020 59 >| Unit Trusts 7
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TERVal YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARS Rnk TER YIELD £££££%% £££££%% Pictet-Emerging Mkts High Div I dm GBP 83 45 89 19 95 29 114 48 - - 1.08 5.06 Comgest Growth Japan GBP I Acc 93 3 104 8 129 2 179 4 - - 0.89 - PIMCO GIS RAE Em Mkts Instl GBP UnH Acc 74 105 76 100 78 95 - - - - 0.75 - Fidelity Index Japan P Acc 87 40 97 36 102 29 129 37 - - - 2.37 Polar Capital Emerging Markets Inc I Acc 77 92 79 90 85 77 101 78 - - 1.15 - Fidelity Instl Japan Acc 90 15 100 19 110 16 133 21 195 16 0.88 0.50 Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 87 11 95 3 112 1 142 3 - - - 1.09 Fidelity Japan Smaller Companies W Acc 90 21 99 22 106 18 141 14 217 6 - 0.48 Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc 82 52 86 45 ------2.97 Fidelity Japan W Acc 92 12 104 9 111 15 134 20 157 38 - 0.74 Quilter Inv Em Mkts Eq U2 (GBP) Acc 79 83 84 65 ------1.46 First State Japan Focus B Acc GBP 92 10 110 1 135 1 185 2-- - - Robeco Emerging Markets Equities I $ 84 35 86 42 95 26 123 22 131 21 0.96 - GAM Multistock Japan Equity JPY R 90 17 98 32 100 37 130 28 183 20 1.14 - Robeco Emerging Stars Equities F £ 81 65 84 60 91 49 - - - - 1.01 - GAM Star Japan Ldrs Instl GBP Acc 93 8 104 5 114 11 168 6 196 15 1.67 0.57 Robeco QI Emerging Cnsrv Eqs F £ 80 73 84 64 91 48 107 63 - - 0.87 - GlobalAccess Japan M Acc GBP 87 48 87 70 95 54 94 61 - - - 1.37 Royal London EM ESG Ldrs Eq Trkr Z £ Acc 86 13 89 18 ------1.98 GS Japan Equity Ptnrs R Inc GBP Hdg 94 2 101 18 121 7 - - - - 0.95 0.29 Russell Inv Emerging Markets I 82 53 84 63 88 64 111 56 125 29 1.40 1.39 GS Japan Equity R Inc GBP Snap 90 20 101 17 109 17 137 19 187 19 0.89 0.79 RWC Global Emerging Markets R GBP Acc 79 77 81 80 86 76 ------Halifax Japanese C 85 56 93 56 95 55 119 52 155 41 1.53 1.49 Sarasin IE Systematic EM Div GBP A Acc 86 14 90 11 91 50 109 59 - - - 2.77 HSBC Japan Index C Acc 88 29 98 31 103 28 130 26 176 26 0.23 2.12 Schroder Global Emerg Mkt Z Acc 84 29 89 17 100 14 127 18 142 11 0.95 1.83 HSBC Japan Multi-Factor Eq Instl A Acc 87 44 96 42 99 39 126 41 163 35 0.56 2.03 Schroder ISF QEP Glbl EM Z Acc GBP 80 76 81 81 84 82 104 73 - - 1.09 - Invesco Japan UK Z Acc 78 72 81 72 81 68 106 60 127 46 - 2.42 Schroder QEP Glbl EMM Z GBP Acc 80 74 82 73 84 81 105 70 - - - 3.63 iShares Japan Equity Index (UK) D Acc 88 28 98 30 103 27 131 25 - - 0.17 2.30 Scottish Widows Emerg Markets A 85 22 86 40 93 43 115 45 116 33 1.73 1.60 Janus Henderson Instl Jpn Idx Opps A Acc 88 34 97 39 100 35 125 42 - - 1.70 1.67 T. Rowe Price EM Discv Eq CAccGBP 7794------Janus Henderson Japan Opps I Acc 90 18 101 15 102 33 141 13 211 8 0.87 1.00 T. Rowe Price EM Discv Eq Qdn GBP 9 77 95 71 102 ------0.92 3.20 JOHCM Japan Dividend Growth A GBP Inc 85 57 94 53 89 63 109 59 - - 0.77 2.68 T. Rowe Price EM Eq Q GBP 85 19 90 15 104 10 132 15 148 7 1.17 - JOHCM Japan GBP A 81 71 89 69 89 64 110 58 156 39 0.84 1.60 Templeton Em Mkts Smlr Coms W(acc)GBP 69 109 67 105 71 97 92 86 129 24 1.49 - JPM Japan C Net Acc 93 6 105 3 126 4 164 8 257 3 0.93 0.35 Templeton Global Emerging Markets W Acc 84 38 88 28 99 18 127 17 90 45 1.20 1.32 JPM Japan Select Equity A (dist) JPY 87 45 95 48 101 34 125 42 148 43 1.80 0.35 Threadneedle Global EM Eq Z Acc GBP 86 18 93 6 96 24 110 57 126 27 0.93 0.77 Jupiter Japan Income I Acc 88 38 102 13 114 9 148 10 203 12 - 2.65 TT Emerging Markets Equity H GBP Acc 82 51 83 70 95 30 135 9 - - 1.13 - Jupiter Japan Select D USD Acc 87 41 101 16 114 12 142 11 188 17 0.95 - UBS Global Emerging Markets Equity C Acc 83 41 86 44 100 16 133 14 131 22 - 2.25 L&G Japan Index I Acc 88 30 97 33 102 30 129 33 175 27 0.27 2.27 UBS Global Emerging Mkts Opp Q GBP 87 7 89 20 104 8 139 4 - - 0.98 - Lazard Japanese Strategic Eq C Inc GBP H 86 52 90 66 90 62 93 62 - - 1.28 0.51 Vanguard Emerg Mkts Stk Idx GBP Acc 85 20 87 34 95 27 116 38 126 28 0.40 2.92 Legg Mason IF Japan Equity X Acc 87 47 98 26 126 5 219 1 651 1-- Vanguard Global Emerging Markets A Acc 79 82 81 78 94 38 - - - - - 2.28 LF Morant Wright Japan B Acc 86 51 92 58 93 58 127 38 179 23 1.17 1.54 Vontobel mtx Sust EmMkts Ldrs N GBP 90 4 93 7 111 3 153 1 - - 1.00 - LF Morant Wright Nippon Yield B Acc 85 55 92 60 94 56 130 30 - - 1.41 3.61 Wellington Em Mkts Rsrch Eq N GBP UH Acc 82 55 84 57 97 23 ------Lindsell Train Japese Eq B GBP QutdInc 97 1 105 4 127 3 183 3 268 2 - 1.59 Average/Total 81 110 84 106 91 98 115 90 128 47 1.14 2.31 Liontrust Japan Equity C Acc GBP 84 62 95 52 91 61 - - - - 0.90 1.74 Liontrust Japan Opportunities C Acc GBP 82 69 85 71 85 66 82 63 117 47 - 1.92 (IA) GLOBAL EQUITY INCOME M&G Japan GBP I Acc 82 66 89 67 84 67 116 55 177 25 0.92 2.17 Aptus Global Financials B Acc 66 55 66 53 64 48 73 38 - - - 8.31 Man GLG Japan CoreAlpha Profl Acc C 77 73 81 73 81 69 110 57 155 40 0.91 2.70 Architas Global Equity Income A Inc 82 36 90 32 ------4.62 Matthews Asia-Japan I GBP Acc 91 14 99 21 105 19 - - - - 1.50 - Artemis Global Equity Income I Inc GBP 77 47 82 45 80 46 - - - - 0.95 4.03 MFS Meridian Japan Equity A1 USD 90 16 97 35 100 36 124 46 167 34 2.03 - Artemis Global Income I Inc 77 46 82 44 80 45 101 32 - - 0.99 4.30 New Capital Japan Equity JPY Inst Acc 88 33 98 23 98 45 120 51 170 33 1.05 - ASI Global Income Equity P1 Acc 84 26 95 18 97 27 121 20 200 7 - 2.20 Nikko AM Japan Value D GBP 87 49 95 51 ------0.90 - ASI World Income Equity I Acc 77 45 83 42 85 38 102 31 - - - 4.98 Nomura Fds Japan High Conviction I GBP 89 24 100 20------Aviva Investors Global Eq Inc 2 GBP Acc 86 17 95 16 106 12 132 11 213 4 1.14 3.18 Nomura Fds Japan Strategic Value R JPY 81 70 89 68 93 59 - - - - 0.85 - Baillie Gifford Gbl Inc Gr B Inc 88 10 98 10 110 6 147 3 234 2 0.70 3.03 OYSTER Japan Opportunities R JPY 85 58 96 41 97 49 140 16 - - 1.30 - Baillie Gifford Rspnb Glb Eq Inc B Inc 89 8 100 5 ------2.85 Pictet-Japan Index I GBP 89 26 98 25 103 25 129 36 - - 0.29 - BlackRock Global Income D Acc 86 15 93 26 98 24 133 10 - - - 3.53 Pictet-Japanese Equity Opps I GBP 84 59 95 50 98 44 131 24 202 13 0.98 - BNY Mellon Global Income Inst W Acc 84 29 95 17 105 14 148 2 241 1 - 3.56 Pictet-Japanese Equity Sel I GBP 83 63 95 49 96 50 124 47 - - 0.91 - BNY Mellon Sust Glbl Eq Inc Inst W Acc 8428------Polar Capital Japan Value S 83 64 90 65 96 51 129 35 - - 0.48 - Courtiers Glbl (ex UK) Eq Inc Retl R 80 42 83 41 85 37 - - - - - 5.61 Quilter Investors Jpn Eq U2 (GBP) Acc 87 42 96 46 97 48 127 39 - - - 1.92 Davy Defensive Equity Income H GBP Acc 91 3 100 6 103 18------Royal London Japan Tracker Z Acc 88 36 97 38 102 31 129 31 174 29 1.03 2.18 Davy Global Equity Income U GBP Acc 84 23 93 23 100 21------Russell Inv Japan Equity I 88 39 94 54 103 24 138 18 183 21 0.99 0.87 Fidelity Global Dividend W Inc 89 7 102 4 112 4 147 4 - - - 3.23 RWC Nissay Japan Focus R GBP Acc Unhdg 92 9 106 2 125 6 169 5 - - 3.73 - Fidelity Global Enhanced Income W Inc 89 9 99 7 108 10 142 6 - - - 5.43 Santander Japan Equities A 88 35 96 44 99 40 122 50 158 37 1.03 1.36 Fidelity Global Infras W-Acc-GBP 76 49 82 43 84 41 100 34 155 14 1.18 - Schroder Tokyo Z Acc £ 86 54 93 57 94 57 123 49 187 18 0.92 1.82 GlobalAccess Global Equity Inc M Acc GBP 80 41 81 46 82 43 88 37 - - - 3.87 Scottish Widows Japan Gr A 86 53 94 55 95 53 119 53 146 44 1.65 1.22 Guinness Global Equity Income Y GBP Acc 88 11 96 13 112 5 143 5 - - 0.98 - SLI Japanese Trust 87 50 96 47 99 42 124 48 172 32 0.86 0.88 HSBC Global Equity Income C Inc 87 13 94 22 ------3.12 SLMT Standard Life Japan Inst S Acc 87 46 96 45 ------1.27 Invesco Global Equity Inc UK Z Acc 78 44 84 39 89 34 111 25 201 6 - 3.12 State Street Japan Equity Tracker 89 22 97 34 103 26 131 23 175 28 0.90 - Janus Henderson Global Eq Inc I Inc 84 27 91 29 96 28 123 18 221 3 1.05 4.50 T. Rowe Price Jap Eq CAccGBP 93 5 102 11 115 8 - - - - - 0.87 JPM Global Equity Income C Net Acc 86 14 97 12 109 9 140 7 - - 0.93 2.66 T. Rowe Price Jap Eq Q EUR 93 7 102 14 114 10 165 7 230 5 0.87 - Jupiter Global Equity Income I Acc 86 16 93 24 98 25 127 17 - - - 3.71 Threadneedle Japan Z Acc GBP 93 4 104 7 112 13 139 17 174 30 - 0.81 Kames Global Equity Income GBP C Inc 84 22 95 19 105 15 137 8 - - 0.60 3.59 Vanguard Japan Stock Index GBP Acc 89 23 98 29 103 23 130 29 173 31 0.30 2.07 Kempen (Lux) Global High Dividend I GBP 73 54 78 51 85 40 111 26 - - 0.91 - Average/Total 88 73 97 73 102 69 133 63 192 47 1.05 1.52 Lazard Global Equity Income C Acc 80 43 86 37 90 33 105 29 - - - 5.68 Legg Mason IF CB Glbl Eq Inc X Inc 76 50 80 47 78 47 99 36 159 13 - 4.97 (IA) JAPANESE SMALLER COMPANIES Legg Mason IF MC Glb Eq Inc X Acc £ 83 33 94 20 101 19 123 19 - - - 2.80 AS SICAV I Jpn SmlrComs X Acc GBP 87 3 100 2 110 2 136 6 287 2 0.93 - Legg Mason IF RARE Gbl Infras Inc X Inc 87 12 98 9 109 8 - - - - - 6.02 Baillie Gifford Japan Small Co B Acc 82 5 85 5 115 1 170 1 377 1 0.61 0.30 LF Canlife Global Equity Income C Acc 85 19 90 31 98 22 129 12 - - - 4.18 BGF Japan Small & MidCap Opps D2 88 2 99 3 105 4 142 5 216 6 1.06 - LF Miton Global Infrastructure Inc B Acc 85 18 99 8 104 17 - - - - - 4.65 BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 84 4 91 4 108 3 150 3 - - 0.92 0.86 Liontrust Global Dividend C Acc GBP 91 4 105 1 120 2 128 15 - - - 2.99 Invesco Japanese Smlr Coms UK Z Acc 80 7 84 7 98 5 150 4 217 5-- Liontrust Global Income I Inc 74 52 78 52 83 42 100 33 164 12 0.91 7.60 Janus Henderson Hrzn Jpn Smr Coms H2 USD 89 1 104 1 97 6 159 2 283 3 1.07 - Merian Global Eq Inc (IRL) R GBP Inc 81 40 86 38 94 29 - - - - 1.02 3.65 M&G Japan Smaller Companies GBP I Acc 81 6 84 6 79 7 120 7 229 4 0.93 1.86 Mirabaud Global Equity Hi Inc D GBP Acc 85 21 94 21 109 7 129 13 - - 1.05 - Average/Total 84 7 92 7 101 7 147 7 268 6 0.92 1.01 Morgan Stanley Glb Brands Eq Inc I Inc 92 2 102 3 120 1 - - - - - 4.25 Overstone Global Eq Inc Fd I Acc 75 51 80 48 91 32 114 24 - - - 4.53 (IA) MIXED INVESTMENT 0-35% SHARES Premier Global Infrastructure Inc C Inc 81 37 88 35 87 36 115 22 128 15 1.25 6.47 7IM AAP Income C Acc 87 54 91 51 92 50 99 37 129 16 1.25 3.49 Premier Global Optimum Income C GBP Inc 89 6 91 27 ------7.46 7IM AAP Moderately Cautious C Acc 93 27 97 28 97 41 101 35 130 14 0.65 1.71 Quilter Inv Glbl Eq Val U2 (GBP) Acc 84 24 96 15 106 13 148 1 - - - 3.63 7IM Cautious C Acc 95 9 99 15 100 18 - - - - - 1.49 Sarasin Global Dividend P Acc 85 20 96 14 107 11 137 9 - - - 2.19 7IM Income Gross Inc 89 50 92 49 95 45 105 29 - - - 3.29 Sarasin Global Dividend Stg Hdg P Acc 84 25 91 28 104 16 114 23 - - - 1.97 7IM Moderately Cautious C Acc 91 38 95 37 94 46 97 40 127 17 1.36 2.47 Sarasin Global Higher Div P Acc 84 32 93 25 101 20 128 14 207 5 - 2.78 7IM Personal Injury C Acc 95 11 98 17 100 19 105 31 139 12 0.72 1.74 Sarasin Global Higher Div Stg Hdg P Acc 84 31 89 34 98 23 106 28 172 11 - 2.78 Architas MA Active Moderate Income A Acc 92 32 98 18 99 27 109 13 139 11 1.57 1.50 Schroder Global Equity Income Z Acc 74 53 78 50 85 39 108 27 190 9 0.90 5.96 Architas MM Monthly High Inc A Acc 88 52 91 52 93 47 100 36 130 15 0.94 4.25 TB Chawton Global Equity Inc B GBP Inc 905------AXA Defensive Distribution Z Acc Gross 91 43 95 36 98 36 109 14 141 10 1.02 2.24 TB Evenlode Global Income B GBP Inc 84 30 97 11 ------2.73 Barclays Wealth Global Mkts 1 R Acc GBP 97 2 100 11 103 9 108 17 - - 0.93 2.04 TB Saracen Global Income and Growth BAcc 77 48 79 49 80 44 103 30 - - 1.02 5.31 BlackRock Consensus 35 D Acc 94 16 100 10 104 7 122 2 - - 0.29 1.95 Threadneedle Glbl Eq Inc Z Inc GBP 81 38 89 33 92 31 119 21 198 8 0.88 3.85 EF Brompton Global Cnsrv B GBP Acc 92 33 97 24 99 25 111 9 - - 1.84 0.58 Trojan Global Income Fund O Acc 92 1 102 2 116 3 - - - - - 3.07 EF New Horizon Cautious B Inc 90 47 94 48 92 49 98 39 115 21 1.69 0.01 UBS Global Enhanced Equity Income C Acc 82 35 84 40 89 35 99 35 - - - 10.92 EF New Horizon Inc B Inc 88 51 92 50 91 52 95 41 119 20 1.75 3.87 Vanguard Global Equity Income A GBP Acc 81 39 87 36 93 30 - - - - - 4.33 Fidelity Mlt Asst Allctr Defesv W Acc 96 3 102 3 105 5 111 8 - - - 1.30 Veritas Global Equity Income A GBP 83 34 90 30 97 26 127 16 174 10 1.13 4.29 Fidelity MltAsst Income W Inc 89 49 94 40 99 29 111 10 153 3 - 4.73 Veritas Global Equity Income A GBP 83 34 90 30 97 26 127 16 174 10 1.13 4.29 Fidelity MltAsst Open Def W Acc 92 30 97 25 100 22 109 12 - - - - Average/Total 83 56 90 54 97 49 120 39 189 16 0.99 4.31 FP Russell Invsmts Multi Asst Gr I C Acc 92 37 95 35 97 40 - - - - - 1.87 GS Global MA Cnsv R Inc GBP PtH 93 29 97 23 100 20 109 15 - - 0.85 2.15 (IA) JAPAN IFML Vitality Multi-Asset Income D 93 23 94 43 99 23 105 28 - - - 3.67 AB Japan Strategic Val I Acc 84 60 91 64 86 65 113 56 144 45 1.18 - IFSL Avellemy 3 B GBP Inc 9321------Allianz Japan Equity RT GBP 89 25 98 27 96 52 130 27 179 24 1.05 - IFSL Brooks Macdonald Def Inc A Inc 91 39 96 33 99 30 106 25 145 6 1.06 2.65 AS SICAV I Japanese Eq X Acc GBP 91 13 104 10 98 43 124 45 203 11 0.92 - IFSL Brunsdon Cautious Gr C Acc 92 36 96 29 98 32 105 30 - - - 1.52 ASI Japan Equity Enhanced Index B Acc 88 37 97 40 100 38 129 34 - - - 2.42 IFSL Sinfonia Income Portfolio A Acc 94 15 100 7 102 12 112 6 145 5 1.85 1.26 ASI Japan Equity Tracker B Acc 88 31 98 28 ------2.28 Investec Diversified Income I Acc GBP 94 17 95 38 100 17 107 22 143 8 0.86 3.39 ASI Japanese Equity I Acc 92 11 104 6 99 41 125 44 212 7 1.11 0.86 Janus Henderson Mlt-Mgr Divers I Inc 92 35 96 30 98 35 104 34 149 4 - 3.11 ASI Japanese Growth Equity P1 Acc 89 27 98 24 102 32 127 40 180 22 - 0.68 Jupiter Distribution I Acc 94 20 98 21 98 31 108 19 157 1 0.90 3.21 Aviva Investors Japan Eq MoM 1 2 GBP Inc 84 61 92 59 92 60 116 54 153 42 1.32 1.18 Jupiter Merlin Conservative I Acc 93 24 100 13 105 3 115 5 - - 0.95 2.70 AXA Framlington Japan Z Inc 83 65 92 61 98 46 141 12 209 9 - 0.98 L&G Mixed Investment 0-20% I Acc 94 18 98 19 101 13 - - - - - 2.13 AXA Rosenberg Japan Z 87 43 96 43 98 47 129 32 160 36 1.08 2.03 L&G Mixed Investment 0-35% I Acc 91 40 96 32 101 16 110 11 - - - 2.62 Baillie Gifford Japanese B Acc 82 67 91 62 104 21 141 15 246 4 0.68 1.29 L&G Mixed Investment Income 0-35% I Acc 89 48 94 47 98 37 - - - - - 4.30 Baillie Gifford Japanese Inc Gr B £ Inc 82 68 91 63 104 20 - - - - - 2.81 LF Canlife Managed 0%-35% C Acc 91 41 94 41 98 34 - - - - - 2.29 Barings Japan Growth I GBP Acc 90 19 102 12 111 14 149 9 209 10 - 0.53 LF Canlife Portfolio III C Acc 93 25 99 16 102 11 112 7 - - - 1.88 Capital Group Japan Equity (LUX) Z 88 32 97 37 103 22 132 22 198 14 0.90 - LF Miton Defensive Multi Asset B Acc 95 10 100 6 101 14 108 20 127 18 1.38 2.05 60 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 8
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Libero Cautious B Acc 94 13 97 22 98 38 106 23 - - - 0.56 Jupiter Enhanced Distribution I Acc 92 22 96 33 96 70 - - - - - 4.01 MI Charles Stanley Monthly Hi Inc Acc 92 34 95 34 98 33 104 33 142 9 1.10 4.69 Jupiter Merlin Income I Acc 90 49 96 36 101 23 111 28 155 17 1.46 3.03 Optimal Multi Asset Defensive A GBP 94 19 94 46 92 48 98 38 - - - - Kames Diversified Monthly Inc GBP B Inc 85 144 88 130 97 48 109 46 - - - 5.78 Quilter Investors Cirilium Cnsrv R 88 53 90 53 91 51 104 32 - - 1.09 2.58 Kames Ethical Cautious Managed GBP B Acc 91 30 96 34 97 58 104 78 176 3 - 1.93 Royal London Cautious Managed A Acc 95 8 99 14 104 8 - - - - - 2.34 L&G Distribution Trust I Acc 87 99 90 119 91 113 99 112 135 61 0.67 4.17 Royal London GMAP Defensv M GBP Acc 91 42 94 39 97 39 - - - - - 1.74 L&G Mixed Investment 20-60% I Acc 88 94 93 74 97 56 109 48 - - - 2.56 Royal London Sustainable Mgd Gr C Acc 96 6 102 2 111 1 124 1 - - - 2.67 L&G Mixed Investment Income 20-60% I Acc 85 137 90 116 93 93 - - - - - 4.43 Sarasin IE GlobalSar Income GBP P Acc 96 7 100 12 103 10 109 16 - - - 2.31 L&G Multi Manager Income I Acc 86 128 90 110 94 91 103 86 126 70 1.75 2.64 Scottish Widows Cautious A Acc 96 5 101 4 104 6 108 18 144 7 1.50 1.08 LF Canlife Diversified Monthly Inc C Inc 87 112 ------SVS Brown Shipley Cautious I Acc 93 22 98 20 99 26 - - - - - 1.69 LF Canlife Managed 20%-60% C Acc 89 64 94 54 ------1.58 Thesis Optima Income B Acc 93 26 97 26 101 15 107 21 139 13 - 2.42 LF Canlife Portfolio IV C Acc 91 39 96 32 100 28 112 24 - - - 1.93 Threadneedle Managed Bond Fcs Z Acc 94 14 101 5 105 4 117 4 155 2 - 1.52 LF Miton Cautious Multi Asset B Acc 89 77 94 50 95 75 107 59 130 69 0.99 3.44 TM UBS (UK) - Global Yield C Acc 90 46 94 42 97 42 105 27 - - - 2.66 LF Ruffer Total Return C Acc 100 2 104 3 102 20 110 36 149 31 - 1.51 Vanguard LifeStrategy 20% Eq A Grs Acc 96 4 102 1 109 2 119 3 - - 0.29 1.54 LionTst Sust Fut Defesv Mgd 2 Net Inc 94 15 100 7 112 2 126 3 - - - 2.14 VT AJ Bell Cautious I Acc 95 12 100 9 ------2.18 M&G Episode Allocation GBP I Acc 84 152 86 143 90 122 101 105 137 58 0.84 2.44 VT Garraway Multi Asset Divs I Acc 80 55 84 54 80 53 80 42 107 22 - 12.32 M&G Episode Income GBP I Acc 86 123 93 70 98 42 108 58 - - 0.74 3.05 VT Greystone Conservative Managed R Acc 92 31 96 31 99 28 106 26 - - - - M&G Sustainable Mlt Asst Stlg I GBP Acc 89 63 95 42 ------2.37 VT Grosvenor Cautious A GBP Acc 90 44 94 44 97 44 - - - - - 1.64 Margetts Providence Strategy R GBP Acc 86 118 89 126 91 112 100 107 139 51 0.62 3.70 VT SmartFund Cautious Strategy Z GBP Acc 100 1 100 7 100 21------Marlborough Cautious P Inc 87 101 92 96 93 101 101 97 133 65 - 2.74 WAY Global Cautious Portfolio E Acc 93 28 97 27 97 43 106 24 120 19 1.69 - Mazarin Cautious A GBP Acc 87 110 ------Wesleyan Low Risk/Rwd Gr X Acc 90 45 94 45 99 24 - - - - - 1.73 MGTS Clarion Prudence Portfolio R Acc 89 66 92 86 94 83 102 93 141 47 2.32 2.05 Average/Total 92 55 96 54 99 53 107 42 136 22 1.15 2.51 MGTS Frontier Cautious R Acc 85 129 89 127 90 119 96 119 133 66 1.36 3.42 MGTS Future Money Income R Acc 85 130 89 122 93 99 103 88 147 37 0.90 4.06 (IA) MIXED INVESTMENT 20-60% SHARES MGTS Future Money Real Growth R Acc 88 91 92 83 96 72 105 71 144 42 0.87 2.00 7IM AAP Balanced C Acc 90 55 94 62 96 66 103 89 140 50 0.60 1.69 MGTS Future Money Real Value R Acc 91 33 95 49 97 54 104 75 137 57 0.91 1.75 7IM Balanced C Acc 89 72 92 79 93 92 99 111 137 56 1.47 2.14 MI Charles Stanley Multi Asst2 Cau A£Acc 94 14 97 26 ------1.50 7IM Sustainable Balance C Acc 92 24 98 17 104 12 114 20 155 14 1.57 2.10 MI Hawksmoor Vanbrugh C Acc 89 76 92 95 97 51 114 19 158 10 - 2.19 ACUMEN Income Portfolio Acc 84 155 87 140 88 133 - - - - - 4.09 MI Miton Cautious Mthly Inc A Acc units 84 149 89 124 89 130 98 114 - - - 5.17 ACUMEN Portfolio 4 Acc 88 82 92 78 95 82 107 61 - - - 0.80 NFU Mutual Mixed Portfolio 20-60% C 86 113 90 111 ------2.14 Architas Diversified Global Income A£Acc 85 136 88 131 89 126 97 117 - - - 4.98 Optimal Multi Asset Balanced A GBP 90 53 92 97 90 120 101 95 - - - - Architas MA Active Interm Inc A Acc 88 83 95 46 97 55 111 30 - - - 1.91 PIMCO GIS Glb Cr Ast Allc Instl GBPH Inc 89 68 90 108 98 40 101 101 - - 0.95 4.48 Architas Positive Future S 958------Premier Diversified Cautious Gr D Inc 91 42 94 57 ------2.45 Artemis Monthly Distribution I Inc 85 141 90 117 91 115 112 26 - - - 4.88 Premier Diversified Income D GBP INC 89 71 93 72 ------5.33 ASC Phoenix B Income 94 13 99 14 106 6 117 14 155 16 0.89 2.32 Premier Liberation No. IV Class C Acc 86 116 89 128 92 106 106 68 152 26 1.41 2.29 ASI Diversified Income I Acc 89 67 91 100 93 102 103 87 151 30 - 5.78 Premier Liberation No. V Class C Acc 84 151 87 141 90 117 106 66 159 9 1.34 1.88 ASI Dynamic Distribution P1 Acc 85 138 87 133 91 110 98 115 157 12 - 4.34 Premier Multi Asset Cnsrv Gr C 91 31 94 60 98 46 105 73 132 67 1.03 1.37 ASI Multi-Manager Cautious Managed I Acc 88 87 94 55 97 49 109 44 148 34 - 2.27 Premier Multi-Asset Distribution C Inc 82 160 85 146 90 116 102 92 163 6 1.43 5.49 ASI Multi-Manager Diversity D Acc 91 38 96 35 99 31 108 55 133 64 1.87 1.40 Premier Multi-Asset Monthly Inc C Inc 83 157 85 147 90 118 101 103 161 8 - 6.05 ASI Multi-Manager Multi-Asset Dist I Acc 84 153 89 121 91 114 103 90 142 45 - 4.00 Quilter Investors Cirilium Balanced R 85 142 87 135 90 121 105 72 153 24 1.24 2.45 Aviva Investors Distribution 2 GBP Inc 87 104 92 84 97 57 107 62 165 4 0.83 3.95 Quilter Investors Divers R (GBP) Acc 87 108 91 104 91 111 94 125 119 73 - 2.00 Aviva Investors Multi-Mgr 20-60% 2 £Acc 91 41 96 29 99 32 110 39 155 15 1.39 1.15 RBS Collective Stakeholder Invest 88 88 93 69 96 68 105 70 144 41 1.50 1.66 AXA Distribution Z Acc 87 109 92 90 96 63 108 53 151 29 1.03 3.13 RBS Managed Defensive 1 Acc 9228------AXA Ethical Distribution Z Acc 87 107 92 80 94 90 106 64 164 5 1.05 3.25 RBS Managed Income 1 Inc 84 145 ------AXA Global Distribution Z Acc 90 52 97 21 104 15 126 4 178 2 1.02 1.83 Royal London GMAP Bal M GBP Acc 90 60 93 65 98 47 - - - - - 1.61 AXA IM Lifetime Distribution A GBP Inc 86 117 93 68 99 34 118 11 - - - 2.92 Royal London Sustainable Div C Inc 95 10 105 2 118 1 139 2 220 1 - 1.52 Barclays Multi-Asset High Inc R Dis GBP 85 143 89 125 92 107 100 109 - - 1.45 3.76 Sarasin Globalsar Strategic P Acc 95 6 102 5 108 4 121 8 162 7 - 1.49 Barclays Multi-Asset Income R Acc GBP 88 92 92 91 94 87 101 99 - - - 3.67 Sarasin IE GblSar Strategic USD P Acc 97 5 108 1 112 3 140 1 - - - 1.96 Barclays Wealth Global Mkts 2 R Acc GBP 93 19 97 23 103 16 112 23 - - 1.00 1.98 Sarasin IE GlobalSar Strategic EUR A Acc 92 21 99 13 104 13 125 5 - - - 1.48 Barclays Wealth Global Mkts 3 R Acc GBP 90 54 96 38 104 14 116 15 - - 1.11 2.33 Sarasin IE GlobalSar Strategic GBP P Acc 94 11 100 9 106 9 118 10 - - - 1.87 BlackRock Consensus 60 D Acc 90 56 95 41 100 30 116 16 - - 0.27 2.26 Schroder MM Diversity Income Z Acc 86 120 87 134 89 127 96 121 - - 1.40 3.94 BlackRock Global Multi Asset Inc D Acc 84 150 87 139 92 109 99 110 134 63 - 5.37 Schroder MM Diversity Z Acc 91 40 92 81 92 104 97 116 - - 1.21 0.97 BMO MM Navigator Cautious C Acc 83 156 87 137 89 129 101 96 137 55 - 3.53 Schroder Monthly Income Z Acc 82 161 84 150 89 132 101 104 - - 1.17 6.61 BMO MM Navigator Distribution C Inc 81 163 83 153 85 138 95 122 149 33 - 5.93 Scottish Widows Balanced A 89 69 95 43 98 45 109 49 154 21 2.00 0.67 BNY Mellon Global Multi-StrategyInstWAcc 85 139 91 105 94 84 101 98 - - - 1.05 Sentinel Income B Acc 88 93 93 75 94 86 - - - - - 2.74 Carmignac Pf Patrimoine F GBP Acc Hdg 97 4 101 6 95 79 91 129 - - 1.15 - SVS Brown Shipley Income I Acc 90 47 95 45 98 38 107 63 151 28 1.93 2.63 Close Conservative Portfolio X Acc 91 44 97 28 103 18 109 43 - - 0.94 1.12 T. Bailey Dynamic A Inc 86 124 88 132 93 96 104 77 141 48 1.79 1.84 Close Diversified Income Port X Acc 91 32 94 51 98 41 108 51 - - 0.83 4.34 TB Doherty Cautious Managed B GBP Acc 84 147 87 138 86 134 94 124 121 72 - 1.15 Close Managed Conservative X Acc 90 59 94 56 97 50 108 50 - - 1.13 2.11 TB Doherty Distribution B Acc 86 119 89 123 90 124 - - - - - 4.47 Close Managed Income X Acc 86 114 90 109 93 100 104 76 - - 1.18 4.71 Thesis Optima Balanced B Acc 91 35 96 39 101 26 109 47 153 25 - 2.71 Close Tactical Select Passv Cnsrv X Acc 88 80 94 58 98 44 111 29 - - 0.68 1.97 Threadneedle Glbl Mlt Ast Inc Z Inc 90 46 96 37 100 27 117 13 - - - 3.22 Courtiers Total Return Cautious Risk 92 25 94 52 98 39 109 42 147 35 1.88 0.20 Threadneedle Managed Eq and Bond Z Acc 91 34 98 19 102 22 115 17 158 11 - 1.44 Discovery Balanced B GBP Inc 85 131 90 118 93 98 104 82 152 27 - 3.23 TM UBS (UK) - Global Balanced C Acc 87 103 92 89 96 69 107 60 - - - 1.54 DMS Sequel Cau Trgt Ret Strat B£Acc 84 146 85 148 86 135 94 123 - - - 3.10 TM UBS (UK) - UK Balanced C Acc 87 102 92 93 96 64 108 57 - - - 1.89 DMS Sequel Cautious Inc Strat Retl£Inc 84 148 85 149 83 139 89 130 - - - 5.67 UBS Global Diversified Income C GBP Acc 88 90 93 63 ------5.13 DMS Verbatim Multi-Index Portfolio 3 A 92 23 97 22 102 21 112 25 - - 0.80 1.62 UBS Multi-Asset Income L Gross Inc 88 84 91 98 95 80 96 118 - - - 5.40 DMS Verbatim Multi-Index Portfolio 4 A 91 45 96 31 101 25 115 18 - - 1.68 1.74 Vanguard LifeStrategy 40% Equity A Acc 93 18 99 12 107 5 122 7 - - 0.30 1.48 EF Brompton Global Balanced B GBP Acc 88 81 94 59 96 61 112 22 - - 1.90 0.69 Vanguard Target Retirement 2015 Acc 94 16 99 16 106 7 - - - - - 1.18 EF Brompton Global Inc B GBP Inc 86 126 90 113 92 108 106 65 - - 1.89 3.78 Virgin Bond, Gilt and UK Share 89 70 93 71 96 67 105 69 - - - 1.88 EF Brunswick Diversified Port B Acc GBP 89 73 95 47 99 33 110 35 135 62 1.79 0.62 Volare Cautious A GBP Acc 92 29 96 30 101 24 - - - - - 0.90 EF FACET Balanced Discretionary C Acc 85 135 84 152 90 125 94 126 - - 2.00 2.08 VT AJ Bell Moderately Cau I Acc 92 27 98 20 ------2.72 EF New Horizon Balanced Inc & Gr B Inc 85 134 90 114 89 128 101 102 155 19 0.98 1.07 VT Garraway Multi Asset Bal I Acc 80 164 83 154 79 141 78 131 112 74 - 6.74 EF Tellsons Endeavour RF GBP Acc 95 7 100 10 105 11 111 33 - - - 1.83 VT Greystone Cautious Managed R Acc 83 158 86 145 89 131 101 100 142 46 - 4.27 Elite Income Trust B Acc 87 100 91 99 95 73 104 74 144 43 2.10 2.97 VT Seneca Diversified Income B Inc 79 165 81 155 90 123 104 80 137 59 - 6.98 ES R&M Dynamic Asset Allocation Cl B Acc 90 50 92 82 98 43 110 41 - - - 0.79 VT SmartFund Balanced Strategy Z GBP Acc 100 1 100 8 100 29 100 108 -- - - ES Share Centre Multi Manager Inc A Inc 87 105 91 101 92 105 103 83 136 60 2.00 3.11 VT Tatton Blended Balanced A Acc 87 111 92 85 ------1.36 Fidelity Mlt Asst Allctr Strat W Acc 93 20 99 11 103 17 113 21 - - - 1.24 VT Tatton Blended Cautious A Acc 89 61 95 48 ------0.96 Fidelity MltAsst Bal Inc W Inc 88 85 93 73 97 53 110 38 - - - 4.29 VT Tatton Oak Cautious Growth B Acc 90 57 95 44 97 52 109 44 147 36 1.39 0.81 Fidelity MltAsst Open Str W Acc 89 79 94 61 99 35 112 27 149 32 - - Waverton Multi-Asset Income P GBP Inc 93 17 99 15 103 19 117 12 - - - 3.84 FP Carmignac Emerging Patrim A GBP Acc H 959------WAY Global Balanced Portfolio E Acc 89 75 93 64 95 78 108 54 138 52 - - FP Carmignac Patrimoine A GBP Acc H 983------WAY MA Cautious Portfolio E Acc 89 78 93 66 93 94 104 79 131 68 1.88 - FP Russell Invsmts Mlt Asst Gr II C Acc 89 62 93 67 97 59 - - - - - 1.76 Wellington Dynamic Divers N GBP Inc Hdg 89 74 91 102 ------3.88 FP Russell Invsmts Mlt Asst Gr III C Acc 86 115 90 106 95 74 103 84 - - - 1.75 Wesleyan Moderate Risk/Rwd Gr X Acc 85 132 89 120 94 85 - - - - - 2.01 FP Russell Invsmts Multi Asset Inc C Inc 82 162 86 142 86 136 93 127 - - - 5.14 Zurich Horizon Multi-Asset I Z Acc 94 12 102 4 106 8 120 9 - - - 0.89 GS Global MA Bal R Inc GBP PtH 90 58 94 53 98 37 111 32 - - 0.90 1.42 Zurich Horizon Multi-Asset II Z Acc 91 37 98 18 105 10 123 6 - - - 1.47 GS Global MA Inc R Inc GBP-Prtly Hdg 87 106 92 92 96 60 110 37 - - 0.90 4.04 Average/Total 88 165 93 155 96 141 106 131 147 74 1.28 2.80 Halifax Cautious Managed C 86 121 90 112 93 95 103 85 138 54 1.50 2.48 HL Multi-Manager Equity & Bond A Acc 85 140 86 144 86 137 96 120 146 38 1.38 3.66 (IA) MIXED INVESTMENT 40-85% SHARES HSBC World Selection Div Dis Port C Acc 86 122 91 103 95 81 110 40 156 13 1.43 4.30 7IM AAP Moderately Adventurous C Acc 87 82 91 98 96 84 105 97 150 61 0.63 1.61 IFML Vitality Multi-Asset Moderate D 90 51 97 25 ------0.96 7IM Moderately Adventurous C Acc 85 115 89 123 91 123 100 108 144 64 1.50 1.51 IFSL Avellemy 4 B GBP Inc 9136------ACUMEN Portfolio 5 Acc 87 68 91 95 97 69 109 76 - - - 0.24 IFSL Avellemy 5 B GBP Inc 8889------Architas MA Active Prog A Acc 85 119 92 91 97 70 115 38 162 31 1.63 1.70 IFSL Beaufort Multi Asset Blend Bal AAcc 9048------ASC Balanced Bridge Income 93 11 100 7 106 14 122 18 172 18 0.83 3.05 IFSL Brooks Macdonald Cautious Growth A 87 98 92 87 96 71 108 56 146 39 2.17 2.02 ASI Global Balanced Growth P1 Acc 87 70 94 58 99 56 115 40 176 16 - 1.73 IFSL Ravenscroft Huntress Balanced B Inc 92 26 97 24 ------0.61 ASI Multi-Asset I Acc 88 60 94 50 103 40 116 33 168 24 1.49 1.12 IFSL Sanlam Cautious A Inc 91 43 97 27 ------2.10 ASI Multi-Manager Balanced Managed I Acc 84 130 91 100 95 86 109 78 152 53 - 1.76 IFSL Sinfonia Cautious Managed A Acc 89 65 95 40 98 36 111 31 154 22 1.84 1.76 Aviva Investors Multi-Mgr 40-85% 2 £Acc 86 93 92 83 97 72 112 52 167 25 1.52 1.17 IFSL Sinfonia Income and Growth A Acc 86 125 92 94 95 77 108 52 154 23 1.93 3.24 AXA Framlington Managed Balanced Z Acc 90 38 98 16 104 26 121 20 187 9 - 1.33 Invesco Distribution UK Z Acc 88 95 92 88 96 62 102 91 155 20 - 5.17 Baillie Gifford Managed B Acc 94 5 100 6 115 4 142 3 224 2 0.47 1.45 Invesco European High Inc UK Z Acc 86 127 90 115 94 88 111 34 155 18 0.91 4.29 Barclays Dividend and Growth I Acc GBP 82 153 88 135 91 120 98 110 - - 1.65 3.43 Invesco Global Income Fund UK Z Acc 84 154 87 136 92 103 102 94 - - - 4.85 Barclays Multi-Impact Growth R Acc GBP 93 9 99 13 ------0.54 Investec Cautious Managed I Acc 82 159 84 151 81 140 93 128 124 71 0.84 1.27 Barclays Wealth Global Mkts 4 R Acc GBP 88 66 93 72 103 39 118 30 - - 1.05 2.22 Janus Henderson Cautious Mgd I Acc 87 97 90 107 93 97 100 106 144 40 - 3.99 BlackRock Balanced Growth D Acc 90 24 98 18 105 18 120 27 161 35 - 2.10 Janus Henderson Mlt-Mgr Distr I Inc 88 96 92 77 95 76 104 81 138 53 - 3.68 BlackRock Balanced Managed A Acc 89 40 95 44 103 42 115 36 155 42 1.59 0.34 Janus Henderson Mlt-Mgr Inc & Gr I Inc 88 86 93 76 96 65 106 67 141 49 - 2.92 BlackRock Consensus 70 D Acc 89 48 95 48 100 52 117 31 - - 0.26 2.36 JPM Multi-Asset Income C Net Acc 85 133 89 129 94 89 99 113 143 44 0.83 4.16 BlackRock Consensus 85 D Acc 87 73 94 68 100 50 120 24 - - 0.23 2.59
www.whatinvestment.co.uk WhatInvestment May 2020 61 >| Unit Trusts 9
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% BMO MM Navigator Balanced C Acc 83 148 88 134 90 127 105 95 147 63 - 2.69 Sentinel Universal B Acc 85 125 88 132 94 99 111 53 154 46 - 3.28 BNY Mellon Dynamic Total Ret USD A Acc 91 20 99 14 97 66 - - - - 2.21 - Smith & Williamson MM Endurance Bal B 82 155 87 142 91 122 100 107 139 70 - 1.92 BNY Mellon Global Balanced Expt 1 Acc 89 45 97 22 108 10 126 12 180 14 0.55 1.96 SVS Brown Shipley Balanced I Acc 89 49 94 70 100 53 111 57 - - - 1.99 BNY Mellon Mlt-Asst Balanced Inst W Acc 89 46 98 20 104 29 118 29 157 38 - 2.41 SVS Brown Shipley Growth I Acc 88 63 93 79 100 48 113 44 162 32 1.97 1.96 Castlefield B.E.S.T Port Founder Inc 89 47 95 49 ------2.65 SVS Church House Balanced Eq Inc A Inc 83 144 85 150 94 101 105 96 161 34 1.57 3.84 Climate Assets B GBP Acc 91 22 100 10 110 9 130 7 203 5 1.36 2.22 TB Doherty Active Managed B GBP Acc 81 164 83 155 83 140 94 117 124 77 - 0.36 Close Balanced Portfolio X Acc 87 75 94 51 104 34 111 54 - - 0.86 1.29 TB Doherty Balanced Managed B GBP Acc 83 149 86 148 86 136 97 112 124 76 - 0.85 Close Managed Balanced X Acc 88 55 94 59 100 47 114 41 - - 1.37 1.40 TB New Sarum Real Return Fund A Inc 83 146 87 137 94 100 109 74 - - - 1.58 Close Tactical Select Passive Bal X Acc 85 114 91 93 97 76 113 43 - - 0.65 2.11 TB Opie Street Balanced R GBP Inc 8771------Consistent Practical Investment A Acc 78 170 80 162 86 135 100 109 174 17 1.11 4.56 TB Opie Street Growth R GBP Acc 8691------Courtiers Total Return Balanced Risk 89 43 92 85 99 57 115 39 171 20 1.90 0.22 Thesis Optima Growth B Acc 83 147 88 130 92 114 104 101 150 57 - 1.53 DMS Kleinwort Hambros Multi AstBal A Acc 90 31 95 39 99 59 111 56 135 72 1.72 - Threadneedle Managed Eq Focused Z Acc 89 51 95 45 100 46 116 35 169 22 - 1.45 DMS Sequel Bal Trgt Ret Strat B£Acc 82 160 83 156 85 139 93 118 - - - 3.90 TM UBS (UK) - Global Growth C Acc 84 136 89 118 94 90 109 73 - - - 1.82 DMS Sequel Glbl Trgt Inc Strat A£Acc 77 171 78 163 80 142 91 119 137 71 1.92 6.86 TM UBS (UK) - UK Growth C Acc 84 132 89 120 95 88 110 69 - - - 2.26 DMS Verbatim Multi-Index Portfolio 5 A 88 59 94 60 99 58 115 37 - - 0.80 2.19 TM UBS (UK) - UK Income Focus C Acc 83 143 87 140 91 125 102 105 - - - 4.26 EdenTree Higher Income B 82 156 86 149 91 124 103 103 157 36 0.83 5.74 Vanguard Global Balanced A GBP Acc 88 64 97 30 105 20 - - - - - 1.99 EF Brompton Global Growth B GBP Acc 86 107 91 94 94 97 110 66 - - 1.92 0.40 Vanguard LifeStrategy 60% Equity A Acc 90 35 96 32 105 23 125 13 - - 0.31 1.68 Elite Balanced Trust B Acc 88 61 92 87 98 63 109 70 150 58 2.05 0.35 Vanguard LifeStrategy 80% Equity A Acc 87 84 93 73 103 36 128 10 - - 0.29 1.93 ES Share Centre Multi Mgr Gr&Inc A Inc 85 112 91 102 96 78 111 55 140 69 2.50 2.51 Vanguard Target Retirement 2020 Acc 91 19 98 21 106 17 - - - - - 1.51 Family Balanced International B 84 140 88 133 91 119 103 102 141 65 1.15 2.24 Vanguard Target Retirement 2025 Acc 90 29 97 31 105 19 - - - - - 1.64 Fidelity MltAsst Inc & Gr W Inc 87 74 92 90 96 82 111 62 - - - 4.37 Vanguard Target Retirement 2030 Acc 89 41 96 38 105 24 - - - - - 1.55 Fidelity MltAsst Open Gr W Acc 86 98 92 92 97 68 112 48 150 59 - - Vanguard Target Retirement 2035 Acc 88 53 95 42 104 27 - - - - - 1.67 Fidelity MoneyBuilder Balanced W Inc 89 39 93 74 93 108 105 98 168 23 - 4.77 Vanguard Target Retirement 2040 Acc 88 65 94 53 104 33 - - - - - 1.60 Fidelity Multi Asset Allctr Growth W Acc 90 37 97 27 101 43 113 42 - - - 1.37 Vanguard Target Retirement 2045 Acc 87 78 94 66 103 38 - - - - - 1.67 FP Mattioli Woods Balanced E GBP Inc 88 56 94 56 ------1.24 Vanguard Target Retirement 2050 Acc 87 77 94 65 103 37 - - - - - 1.68 FP Russell Invsmts Mlt Asst Gr IV C Acc 84 131 89 125 93 109 - - - - - 1.60 Vanguard Target Retirement 2055 Acc 87 80 94 67 103 35 - - - - - 1.68 FP Russell Invsmts Multi Asst Gr V C Acc 82 159 86 143 91 121 - - - - - 1.66 Vanguard Target Retirement 2060 Acc 87 81 94 69 ------1.28 GS Global MA Gr R Inc GBP PtH 86 105 90 111 96 81 111 60 - - 1.00 1.10 Vanguard Target Retirement 2065 Acc 87 75 94 64 ------1.44 HL Multi-Manager Balanced Managed A Acc 83 142 87 139 89 128 106 91 154 47 1.46 1.78 Verus Sustainable Balanced Fd A GBP Acc 90 36 95 40 100 51 110 68 - - - 1.99 HSBC Balanced Acc C 85 124 89 122 93 105 107 85 151 56 - 2.84 Virgin Bond, Gilt, UK and Overseas Share 85 122 90 113 94 95 108 80 - - - 2.36 IFML Vitality Multi-Asset Balanced D 88 57 95 41 ------0.77 Volare Balanced A GBP Acc 89 50 94 71 98 62 - - - - - 1.08 IFSL AMR Diversified A GBP Acc 84 129 89 124 94 98 - - - - - 4.65 Volare Growth A GBP Acc 85 127 90 105 97 73 - - - - - 0.92 IFSL Avellemy 6 B GBP Inc 86 101 ------Volare Strategic Income A GBP Inc 87 86 91 96 94 93 - - - - - 3.95 IFSL Avellemy 7 B GBP Inc 84 139 ------VT AJ Bell Balanced I Acc 90 26 97 28 ------2.33 IFSL Beaufort Multi Asset Blend Gr A Acc 85 111 ------VT AJ Bell Moderately Adv I Acc 87 72 94 62 ------2.31 IFSL Brooks Macdonald Balanced A Acc 86 103 91 101 97 67 109 72 153 48 1.12 1.30 VT Cantab Balanced A GBP Acc 86 102 93 78 ------0.64 IFSL James Hambro Barnham Broom 91 21 97 24 106 16 121 23 - - - 0.66 VT Cantab Moderate A GBP Acc 87 88 94 52 ------1.37 IFSL James Hambro Harrier Bal Inc 92 16 98 15 106 13 - - - - - 0.33 VT Garraway Multi Asset Growth I Acc 80 166 83 157 77 144 78 121 - - - 5.18 IFSL James Hambro Harrier Cap Gr Inc 91 23 98 19 107 12 120 26 - - - 0.87 VT Greystone Balanced Managed R Acc 81 162 86 145 92 116 108 81 - - - 1.52 IFSL James Hambro Master 90 33 97 29 105 22 119 28 171 21 0.86 1.77 VT Seneca Diversified Growth B Acc 79 169 82 160 94 89 108 79 155 41 - 5.82 IFSL James Hambro Penrhos GBP Inc 90 27 96 35 104 28 116 34 181 13 1.61 1.92 VT SmartFund Growth Strategy Z GBP Acc 100 1 100 9 100 49------IFSL James Hambro Rires 90 34 96 36 106 15 121 22 171 19 1.42 0.45 VT Tatton Blended Active A Acc 84 138 89 117 ------1.53 IFSL Sanlam Balanced A Inc 88 54 95 47 ------1.78 VT Tatton Oak Capital Growth B Acc 84 134 90 112 92 117 107 86 153 49 1.45 1.74 IFSL Sinfonia Adventurous Growth A Acc 82 154 88 129 92 115 107 84 152 54 2.12 2.45 VT Vanneck Defensive GBP Acc 86 94 90 109 ------2.48 IFSL Sinfonia Balanced Managed A Acc 83 141 89 116 93 107 107 83 155 43 1.96 2.10 WAY Global Growth Portfolio E Acc 85 110 90 104 94 96 110 64 154 45 2.14 - Invesco Global Balanced Idx UK (NoTr)Acc 82 158 85 151 88 132 104 99 165 27 0.70 2.75 Wesleyan Moderate High Rk/Rwd Inc X Acc 82 152 87 136 93 110 - - - - - 2.93 Invesco Managed Income UK Z Acc 80 167 82 161 81 141 96 114 148 62 - 2.97 Zurich Horizon Multi-Asset III Z Acc 88 52 96 37 104 30 125 15 - - - 1.70 Janus Henderson Instl Gl Rpnsb Mgd I Acc 92 14 103 5 114 5 129 9 214 4 0.85 1.60 Zurich Horizon Multi-Asset IV Z Acc 86 109 93 81 101 45 125 14 - - - 1.71 Janus Henderson Mlt-Mgr Managed I Acc 87 67 92 84 97 75 111 59 152 52 - 1.50 Average/Total 87 171 92 163 98 144 112 121 163 77 1.31 2.06 Jupiter Distribution and Growth I Inc 80 165 82 159 78 143 88 120 140 68 1.06 5.51 Jupiter Merlin Balanced I Acc 88 62 94 54 104 31 123 17 182 12 1.66 2.39 (IA) NORTH AMERICA L&G Mixed Investment 40-85% I Acc 85 123 90 108 96 77 113 45 - - - 3.02 AB American Gr Ptf I Acc 97 5 108 5 146 4 203 4 417 7 0.97 - L&G Multi Manager Balanced I Acc 84 133 89 115 95 85 106 93 127 75 1.77 1.65 AB Select US Equity I USD Acc 87 76 97 65 115 49 154 55 - - 1.20 - L&G Real Capital Builder I Acc 92 17 97 26 ------1.11 Allianz Best Styles US Equity RT GBP 90 44 98 59 113 63 150 66 - - 0.80 - L&G Real Income Builder I Acc 86 104 91 97 96 80 - - - - - 2.99 Allianz US Equity C Acc 88 68 98 63 109 85 149 68 250 67 0.87 0.48 Lazard Managed Balanced A Acc 86 92 93 80 103 41 120 25 185 11 0.86 2.35 Artemis US Extended Alpha I Acc GBP 92 28 105 18 126 27 191 11 - - 0.81 - LF Canlife Balanced C Acc 86 106 91 99 94 91 110 67 156 40 - 2.08 Artemis US Select I Acc GBP 91 37 104 22 134 18 184 15 - - 0.82 0.22 LF Canlife Portfolio V C Acc 89 44 94 57 99 60 112 50 - - - 1.77 AS SICAV I North Amer Eq X Acc GBP 91 34 103 30 120 36 152 62 243 76 0.98 - LF Canlife Portfolio VI C Acc 87 79 92 89 97 71 110 65 - - - 2.23 ASI American Equity Enh Index B Acc 89 53 99 52 115 55 154 56 - - - 1.58 LF Miton Balanced Multi Asset B Acc 88 58 95 43 ------2.56 ASI American Equity I Acc 92 32 103 25 122 32 156 50 260 60 1.12 0.50 LF Odey Portfolio Sterling Instl Acc 87 69 93 77 93 111 94 116 - - - 0.80 ASI American Equity Tracker B Acc 88 58 100 46 ------5.88 LF Resilient MM Balanced Managed X Acc 85 116 90 114 94 102 110 63 152 55 2.64 2.19 ASI American Income Eq P1 Acc 90 39 103 31 113 62 - - - - - 1.03 LF Waverton Charity Growth & Inc Acc 938------ASI American Unconstrained Equity P1 Acc 89 47 102 35 107 89 144 80 274 52 - 0.40 Libero Balanced B Acc 86 90 93 76 97 65 112 51 - - - 2.33 Aviva Investors US Eq Inc 2 GBP Acc 77 131 87 124 91 121 125 106 - - 0.88 3.77 Libero Strategic B Acc 87 85 93 82 95 87 106 88 - - - 0.47 Aviva Investors US Equity Inc II 2 £ Acc 76 135 86 125 90 127 123 108 - - - 3.55 Liontrust Balanced C Acc GBP 95 2 104 3 118 3 131 5 187 10 - 0.06 AXA Framlington American Growth Z Acc 96 10 105 21 137 15 172 23 355 14 0.72 - Liontrust Sust Fut Cau Mgd 2 Net Inc 93 12 99 12 113 6 130 8 - - - 2.22 AXA Rosenberg American Z 85 104 95 91 107 88 145 77 284 45 1.05 1.13 Liontrust Sust Fut Mgd 2 Net Inc 92 13 100 8 121 2 142 2 221 3 0.85 1.18 Baillie Gifford American B Acc 108 1 111 2 168 1 240 1 461 2 0.67 - M&G Episode Growth GBP I Acc 87 87 89 119 92 113 106 87 141 67 0.94 2.25 BGF US Basic Value D2 77 133 84 133 87 129 111 118 199 85 1.06 - Man Balanced Managed Profl Acc C 84 128 88 128 93 106 103 104 153 50 0.92 1.76 Blackrock ACS US Equity Tracker T1 89 50 100 41 118 39 166 27 - - - - Margetts Select Strategy R GBP Acc 85 121 89 121 92 118 105 94 154 44 0.68 1.86 BlackRock US Dynamic D Acc 87 79 97 75 112 67 157 48 281 46 0.94 0.92 Marks & Spencer Worldwide Mgd Acc 83 151 88 126 93 112 111 61 165 28 1.66 2.02 BlackRock US Opportunities D Acc 75 140 87 122 90 122 115 116 221 83 - 1.70 Marlborough Balanced P Acc 87 83 94 61 97 64 117 32 153 51 - 1.34 BMO North American Equity 2 Acc 85 100 95 90 110 77 147 74 288 43 0.81 1.29 Marlborough Extra Income P Inc 85 118 92 86 99 61 111 58 189 7 - 4.78 BNY Mellon US Equity Income GBP W Inc 70 145 81 143 86 130 - - - - - 3.13 Mazarin Balanced A GBP Acc 85 120 ------BNY Mellon US Equity Income Instl W Acc 73 144 84 134 ------3.37 McInroy & Wood Balance Pers Inc 90 25 96 34 104 32 123 16 189 8 1.00 1.08 BNY Mellon US Opps Inst W Acc 90 41 87 121 98 109 124 107 224 80 - 0.65 McInroy & Wood Income Pers Inc 90 28 97 25 99 55 112 46 165 26 - 3.25 Brown Advisory US Equity Growth $ B 94 20 108 8 154 3 198 7 383 10 0.91 - MFM Hathaway Inc 86 95 93 75 105 21 131 6 200 6 1.59 1.34 Brown Advisory US Flexible Eq B $ Acc 87 75 98 58 120 35 157 49 - - 0.93 - MGTS Clarion Meridian Portfolio R Acc 86 99 90 110 93 103 106 90 157 39 2.32 1.02 Brown Advisory US Mid-Cap Gr $ C Acc 82 113 94 105 ------MGTS Future Money Dynamic Growth R Acc 87 89 92 88 96 79 109 75 157 37 0.87 1.22 Brown Advisory US Sust Gr USD C Acc 96 12 108 4------MI Charles Stanley Multi Asst 4 Gr B Acc 89 42 95 46 99 54 106 89 132 73 0.98 2.07 Candriam Quant Equities USA C Cap USD 85 102 94 102 101 100 136 92 249 68 1.80 - MI Charles Stanley Multi Asst3 Mod A£Acc 92 15 96 33 ------1.61 Candriam Sust North America C USD Cap 87 77 95 92 98 107 126 105 227 79 2.16 - MI Hawksmoor Distribution C Acc 85 117 86 144 94 94 112 49 - - - 5.15 Capital Group AMCAP (LUX) Z 91 35 97 72 118 40 158 44 314 26 - - New Capital Global Balanced GBP Acc 94 7 98 17 ------1.17 - Capital Group Inv Co of Amer(LUX) Z 88 69 94 97 105 97 146 76 267 58 0.80 - NFU Mutual Mixed Portfolio 40-85% C 83 150 87 141 ------2.67 Comgest Growth America USD I Acc 93 24 106 16 133 20 178 18 334 18 0.85 - Optimal Multi Asset Opportunities A GBP 86 100 87 138 88 131 102 106 -- - -Dodge & Cox Worldwide US Stock A GBP 77 134 83 137 91 120 133 94 247 72 0.66 - Orbis OEIC Global Balanced Standard 86 97 88 131 89 129 121 21 - - - - Fidelity American Special Sits W Acc 79 127 83 135 87 128 120 110 248 71 - 0.96 Premier Diversified Balanced Gr D Inc 90 30 94 63 ------2.43 Fidelity American W Acc GBP 89 45 101 38 116 47 144 81 255 63 0.92 0.39 Premier Diversified Growth D Inc 90 32 94 55 105 25 127 11 - - 1.43 2.45 Fidelity Index US P Acc 89 51 100 45 117 41 165 28 - - - 1.77 Premier Liberation No. VI Class C Acc 81 163 84 154 88 130 106 92 163 29 1.66 2.25 Fidelity Instl America 86 96 95 88 105 94 142 84 273 54 0.88 2.87 Premier Multi-Asset Growth&Inc C Inc 82 157 86 146 91 126 109 71 179 15 - 3.61 Franklin US Opportunities W Acc 96 8 106 15 133 21 169 25 351 15 0.83 - Quilter Investors Cirilium Moderate R 82 161 85 152 87 133 104 100 161 33 1.24 1.99 GAM Multistock Health Innovt Eq USD B 96 9 94 95 103 98 111 117 391 8 1.80 - RBS Managed Growth 1 Acc 85 113 ------GAM North American Growth Instl GBP Acc 73 143 80 144 90 125 117 114 236 78 0.98 0.28 Royal London GMAP Adventurous M GBP Acc 84 137 88 127 96 83 - - - - - 2.38 GAM Star Capital Apprec US Eq Instl £Acc 81 123 92 111 110 79 128 101 245 73 2.16 - Royal London GMAP Gr M GBP Acc 86 108 90 107 97 74 - - - - - 2.17 GAM Star US All Cap Equity Instl GBP Acc 89 46 97 68 113 65 147 72 - - 1.14 - Royal London Sustainable World C Acc 94 3 108 1 128 1 162 1 288 1 - 0.91 GlobalAccess US Equity M Acc GBP 86 92 91 114 100 101 110 119 - - - 0.62 Sarasin FoF Global Diversified Gr P Acc 92 18 97 23 101 44 112 47 - - 1.29 0.54 GS US CORE® Equity R Inc Snap GBP 86 88 94 98 111 75 152 60 300 37 0.70 0.73 Sarasin IE GlobalSar Dynamic GBP P Acc 93 10 99 11 107 11 121 19 - - - 1.56 GS US Equity R Inc GBP 87 82 97 70 110 83 140 88 249 69 0.95 0.38 Sarasin IE GlobalSar Dynamic USD P Acc 94 4 104 2 111 7 140 4 - - - 1.77 GS US Focused Growth Equity R Inc GBP 96 11 102 36 129 26 164 29 293 39 1.15 - Schroder Managed Balanced Z Acc 86 96 90 103 94 92 108 82 150 60 - 1.88 Guinness US Equity GBP X 88 65 96 82 110 82 - - - - 1.24 - Schroder MM Diversity Balanced Z Acc 83 145 86 147 86 134 98 111 - - 1.36 1.54 Halifax North American C 88 63 98 62 110 80 149 69 287 44 1.51 0.67 Scottish Friendly Managed Growth 85 126 85 153 85 138 97 113 141 66 1.46 - Harris Associates US Equity Fd R/A GBP 81 122 ------212 84 1.95 - Scottish Widows High Reserve A Acc 80 168 82 158 85 137 95 115 130 74 1.36 5.64 HSBC American Index C Acc 89 52 100 43 117 43 163 31 321 22 0.18 1.64 Scottish Widows Progressive A 84 135 90 106 93 104 109 77 163 30 2.00 0.73 HSBC US Multi-Factor Eq Instl A Acc 88 57 99 50 115 51 158 46 309 29 0.54 1.48 Sentinel Growth B Acc 94 6 103 4 111 8 - - - - - 0.92 Invesco US Enhanced Index UK Z Acc 88 73 97 67 112 70 - - - - - 0.83 62 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 10
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Invesco US Equity UK Z Acc 88 71 93 108 95 110 127 104 224 81 - 0.98 Legg Mason IF Royce US Smlr Coms X Acc 74 13 81 13 84 16 110 13 172 10 - 0.57 Investec American Franchise I Acc GBP 94 21 106 12 136 16 193 10 277 50 0.85 0.20 Legg Mason RY US SmCp Opp X USD Acc 68 19 73 18 74 17 102 14 187 9 1.21 - iShares North American Eq Idx (UK) D Acc 88 60 100 47 116 45 161 35 - - 0.17 1.83 LF Miton US Smaller Companies B Acc 921971------iShares US Equity Index (UK) D Acc 89 48 101 39 117 42 164 30 - - - 1.77 Neuberger Berman US Sm Cap USD A Acc 83 6 92 5 104 7 140 5 - - 1.92 - Janus Henderson Instl NA Idx Opps A Acc 88 55 100 48 115 53 155 51 279 47 1.76 1.27 New Capital US Small Cp Gr GBP UnHInsAcc 88 3 89 7 113 5 - - - - 1.12 - Janus Henderson INTECH US Cor A USD Acc 82 119 91 115 102 99 135 93 266 59 1.75 - Schroder US Smaller Comp Z Acc 73 15 83 12 88 12 122 10 236 7 - 0.15 Janus Henderson Oppc Alp A USD Inc 82 114 95 93 100 102 118 112 187 86 2.50 - T. Rowe Price US Smlr Cm Eq CAccGBP 85 4 97 2 118 2------Janus Henderson US Forty A USD Acc 93 23 106 13 138 14 177 20 324 21 2.20 - T. Rowe Price US Smlr Cm Eq Q GBP 84 5 96 3 117 3 156 3 348 1 1.07 - Janus Henderson US Growth I Acc 93 26 107 10 131 23 158 43 306 33 1.09 0.09 Threadneedle AmerSmlrComs(US) Z Acc GBP 80 10 88 9 95 9 126 6 262 5 - 0.39 Janus Henderson US Research A USD Acc 85 99 94 96 111 73 138 90 252 65 2.13 - Average/Total 79 19 86 18 99 17 129 15 259 10 1.23 0.26 JPM America Equity A (dist) USD 84 107 94 104 111 71 152 64 278 49 1.71 0.01 JPM US Equity Income C Net Acc 82 117 93 110 105 96 143 82 303 35 0.93 2.71 (IA) PROPERTY OTHER JPM US Select C Net Acc 93 27 103 26 119 37 161 34 319 23 0.93 0.95 ASI European Real Estate Share I Acc 87 4 97 4 118 3 127 5 223 3 - 3.17 JPM US Select Equity Plus A (dist) GBP 90 42 98 57 110 78 147 75 279 48 1.80 0.06 ASI Global Real Estate P1 Acc 97 2 104 1 112 5 130 3 162 15 - 2.19 Jupiter North American Income I Acc 82 115 94 99 100 103 140 86 251 66 1.04 2.59 ASI Global Real Estate Share P1 Acc 75 25 80 24 93 20 84 29 146 19 - 3.38 L&G US Index I Acc 88 70 98 61 116 48 160 36 315 25 0.25 1.70 ASI Global REIT Tracker B 7328------Lazard US Equity Concntr C Acc USD 84 106 97 76 111 76 - - - - 0.99 - ASI UK Real Estate Share I Acc 90 3 99 3 118 2 122 9 248 2 - 2.12 Legg Mason CB US Agrsv Gr X USD Dis(A) 86 90 91 116 93 114 117 113 256 62 1.11 - AXAWF Fram Global Rl Est Secs F Cap EUR 76 21 85 16 96 18 113 15 201 10 1.15 - Legg Mason CB US Apprec X USD Dis(A) 86 91 98 60 115 54 155 51 276 51 1.00 0.38 BMO European Real Estate Scs B Acc GBP 85 6 92 8 112 4 129 4 - - 1.81 - Legg Mason CB US Eq Sust Ldrs X GBP Acc 91 36 107 11 129 25 - - - - 1.10 - BMO Global Real Estate Securities 3 Acc 77 18 86 15 98 17 118 12 - - - 1.73 Legg Mason CB US Lg Cp Gr X USD Acc 92 30 102 37 131 22 187 14 364 12 1.09 - BMO Property Growth & Income I Acc 85 5 89 12 102 13 107 19 172 13 - 4.86 Legg Mason IF CB US Eq Inc X Inc 83 111 96 83 112 69 150 65 - - 1.05 2.11 Fidelity Global Property W Acc 81 12 90 11 102 12 119 11 205 7 - 2.27 Legg Mason IF CB US Eq X Acc 75 139 83 140 85 131 108 120 182 87 - 0.75 First State Asian Prpty Secs B Acc GBP 74 26 79 27 90 27 107 17 158 16 1.53 3.85 Legg Mason IF MC US Uncons X Acc £ 95 14 108 6 136 17 175 21 311 27 - - First State Glbl Prpty Secs B Acc GBP 82 8 94 5 103 11 118 13 215 4 1.11 2.51 LF Canlife North American C Acc 88 64 99 54 105 95 154 57 270 57 0.81 0.93 GlobalAccess Global Prpty Secs M Acc GBP 73 29 76 31 90 26 88 28 - - - 3.50 LF Miton US Opportunities B Acc 88 62 99 53 113 64 160 38 - - - 0.38 HSBC Global Property C Acc 78 17 82 21 91 24 101 24 155 18 1.59 2.90 Liontrust US Income C Acc GBP 85 105 94 100 107 87 148 71 - - - 2.32 iShares Glb Prpty Secs Eq Idx (UK) D Acc 73 30 81 23 91 25 109 16 - - - 3.43 Liontrust US Opportunities C Acc GBP 88 67 97 74 124 29 145 78 253 64 - - Janus Henderson Hrzn AsPac Pty Eqs H2USD 81 9 90 10 104 10 122 10 166 14 1.12 - Loomis Sayles US Equity Inc Fd R/A USD 83 112 89 117 99 105 131 97 244 74 1.70 - Janus Henderson Hrzn Glbl Pty Eqs H2 USD 79 14 91 9 109 6 132 2 210 6 1.47 - Lord Abbett US Gr Ldrs I USD Acc 100 3 106 17 145 5 182 16 - - 1.00 - Janus Henderson Hrzn PanEurpPtyEqs H2EUR 84 7 93 6 122 1 139 1 253 1 1.37 - M&G North American Dividend GBP I Acc 85 103 95 87 115 50 159 42 273 55 0.91 1.31 Kempen (Lux) Global Property J 74 27 81 22 96 19 - - - - 0.91 4.87 M&G North American Value GBP I Acc 81 121 86 126 92 116 130 99 237 77 0.91 1.71 L&G Global Real Estate Div Index I Acc 71 31 78 28 89 28 - - - - - 3.56 Majedie Asset Mgmt US Equity Z GBP Acc 84 109 97 77 111 74 142 83 - - - - MS INVF Global Property IX 71 32 74 32 82 31 94 26 155 17 1.04 3.26 Marlborough US Multi-Cap Income P Inc 94 19 114 1 134 19 174 22 301 36 - 1.50 Neuberger Berman Glb RE Secs EUR M Acc 79 16 84 20 93 21 - - - - 3.22 - Merian North American Equity R GBP Acc 86 93 94 103 107 91 152 63 347 16 0.90 0.54 Neuberger Bm US Rel Est Sec GBP I Inc 79 15 88 13 101 14 105 20 189 11 1.39 1.38 Merian US Equity Income R GBP Acc 84 108 91 112 95 111 128 102 - - 1.15 - Premier Pan Europe Prop Share C Acc 81 11 84 18 101 15 102 23 211 5 1.04 4.37 MFS Meridian US Concentrated Gr WH1 GBP 88 66 97 79 131 24 140 89 - - 1.20 - Principal Glb Propty Secs I Acc USD 75 23 84 19 99 16 115 14 203 8 0.91 - MFS Meridian US Equity Income WH1 GBP 82 116 83 138 91 119 - - - - 0.85 - Quilter Inv Glbl Prpty Scs R GBP HPt Inc 75 24 78 29 92 23 93 27 - - - 2.91 MFS Meridian US Value WH1 GBP 80 125 85 131 92 118 101 121 - - 1.00 - Sarasin IE Sust Glb Rl Est Eq GBP P Acc 76 22 80 25 87 29 102 21 - - - 3.67 MGTS AFH DA North American Eq I GBP Acc 86 97 93 107 ------0.91 Sarasin IE Sust Glb Rl Est Eq USD P Acc 76 19 79 26 86 30 101 25 - - - 3.70 Morgan Stanley US Advantage I Acc GBP 95 15 105 20 142 11------Schroder Glbl Cities Real Estt Inc Z Acc 68 33 76 30 81 32 102 22 - - 0.98 5.51 MS INVF US Advantage I 94 22 103 27 144 7 197 8 431 3 0.89 - Schroder Global Cities Real Estt Z Acc 81 10 93 7 106 9 122 8 202 9 1.18 1.25 MS INVF US Growth Z 105 2 106 14 159 2 225 2 482 1 0.85 - Scot Wid MM Global Rel Est Sec A Inc 76 20 85 17 92 22 107 18 175 12 1.90 3.19 Natixis Loomis Sayles US Eq Ldrs N/A £ 97 6 107 9 139 12 203 5 - - - 0.07 SKAGEN m2 A 80 13 87 14 108 7 125 6 - - 1.50 - Neuberger Berman US MltCp Opps GBP I Acc 79 128 83 139 ------0.99 - TM Home Investor D Unbnd Net 101 1 101 2 108 8 123 7 - - - 0.98 New Capital US Future Leaders GBP UnHAcc 90 38 93 109 ------Average/Total 79 33 86 32 99 32 112 29 192 19 1.40 3.11 New Capital US Growth GBP Acc 95 13 96 81 118 38 129 100 - - 0.84 - (IA) SHORT-TERM MONEY MARKET OYSTER US Selection R GBP D 78 129 82 141 95 113 133 95 - - 1.28 1.58 Pictet-USA Index I GBP 87 84 97 73 114 56 159 41 - - 0.29 - BlackRock Cash D Acc 100 4 101 4 101 4 101 4 103 2 0.31 0.49 Polar Capital North American I 80 124 87 120 100 104 137 91 - - 0.99 - Fidelity Cash W Acc 100 3 101 3 102 3 102 3 103 4 - 0.66 Quilter Inv Nrth Amer Eq U2 (GBP) Acc 86 94 94 101 ------0.25 ILF GBP Liquidity 1 100 5 100 5 101 6 101 6 102 6 0.20 0.41 Quilter Inv US Eq Small/MC U2 GBP Acc 77 132 87 123 92 117 131 98 - - - 0.37 JPM GBP Liquidity LVNAV Agcy (dist.) 100 6 100 6 101 5 101 5 103 3 0.25 0.40 Quilter Investors US Eq Gr A (GBP) Acc 99 4 109 3 138 13 190 12 - - - - L&G Cash Trust I Acc 100 2 101 2 102 2 102 2 103 1 0.21 0.65 Quilter Investors US Eq Inc U2 (GBP) Acc 74 141 85 130 ------3.24 Royal London Short Term Money Mkt Y Acc 100 1 101 1 102 1 102 1 103 4 - 0.72 Robeco BP US Large Cap Equities F £ 75 138 83 136 90 123 119 111 - - 0.80 - Scottish Widows Cash A Acc 100 7 100 7 100 7 100 7 100 7 0.61 0.21 Robeco QI US Conservative Equities F £ 78 130 88 119 99 106 - - - - 0.66 - Average/Total 100 7 101 7 101 7 101 7 102 7 0.32 0.51 Royal London US Growth 90 43 99 56 106 93 141 85 258 61 1.55 - (IA) SPECIALIST Royal London US Tracker Z Acc 89 49 100 44 117 44 161 33 317 24 0.23 1.48 Russell Inv US Quant I 85 101 94 94 106 92 144 79 290 41 1.83 0.42 AB RMB Income Plus I2 Acc 99 17 101 34 108 30 126 50 - - 0.85 - Sanlam US Dividend A GBP Acc 81 120 84 132 93 115 140 87 - - 0.97 - AB Select Abs Alpha I GBP H Acc 94 44 96 75 103 47 106 102 - - 1.22 - Santander United States Equities A 87 81 95 86 108 86 147 73 297 38 1.03 0.72 ACUMEN Portfolio 8 Acc 81 140 84 155 ------0.15 Schroder QEP US Core I Acc 88 56 99 55 113 61 158 45 304 34 0.32 1.64 Allianz China Strategic Bond P H2 GBP 86 117 86 147 88 133 85 187 - - 0.51 6.71 Schroder US Eq Inc Mxmsr Fund Z Acc £ 87 80 97 80 ------5.47 Allianz German Equity P GBP 82 135 90 123 86 142 108 93 - - 0.95 1.23 Schroder US Mid Cap Z Acc 76 136 85 129 90 124 127 103 248 70 - 0.31 Allianz Global Agricultural Trds RT GBP 79 152 84 153 83 155 89 176 125 68 1.18 - Scottish Widows American Growth A 88 59 97 69 110 81 148 70 273 53 1.62 0.32 Allianz Income and Growth RM H2 GBP 90 84 91 115 102 60 109 90 - - 0.90 7.35 Seilern America USD U I 92 31 105 19 144 6 214 3 418 6 1.31 - Allianz Oriental Income AT USD 95 35 103 17 114 14 141 15 188 20 1.80 - SLI North American Trust 92 29 104 23 114 60 154 58 289 42 0.84 0.52 Allianz Renminbi Fixed Income P H2 GBP 102 7 98 55 107 31 104 113 - - 0.55 3.28 Smith & Williamson North American Eq B 88 61 99 49 121 34 153 59 270 56 0.86 0.51 Alquity Africa GBP Y 74 181 76 193 71 192 64 206 - - 1.90 - State Street North America Equity Trkr 86 86 97 78 114 59 158 47 291 40 0.90 - Alquity Indian Subcontinent USD Y 66 227 60 245 ------StocksPLUS Instl USD Acc 86 95 96 84 114 57 160 39 334 19 0.55 - Alquity Latin America USD Y 61 237 65 236 61 215 ------T. Rowe Price US Blue Chip Eq Q GBP 94 18 102 33 142 10 195 9 423 4 0.82 - Architas Diversified Real Assets D Acc 91 79 94 90 96 93 105 109 - - - 3.41 T. Rowe Price US Eq CAccGBP 88 72 99 51 114 58------AS SICAV I Indian Equity X Acc GBP 76 176 82 165 87 134 109 88 179 25 1.09 - T. Rowe Price US Eq Q GBP 87 85 98 64 112 66 159 40 307 32 0.82 - ASI Diversified Growth R Acc 88 94 89 136 91 119 - - - - - 3.63 T. Rowe Price US Lg Cap Gr Eq CAccGBP 95 16 103 29------ASI Dynamic MA Gr P1 Acc 90 86 92 105 99 76 100 130 -- - - T. Rowe Price US Lg Cap Gr Eq Q GBP 95 17 102 34 143 9 200 6 423 5 0.80 - ASI Eastern European Equity I Acc 76 175 89 139 87 136 122 61 100 97 1.27 3.01 T. Rowe Price US Lg Cap Val Eq CAccGBP 79 126 89 118 95 112 - - - - - 1.95 ASI Financial Equity I Inc 80 146 88 141 102 59 129 40 167 30 - 1.45 T. Rowe Price US Lg Cap Val Eq Q GBP 76 137 85 128 90 126 122 109 224 82 0.82 - ASI Latin American Equity I Acc 58 246 64 238 66 207 96 148 - - 1.30 2.65 Threadneedle Amer Extnd Alpha Ins AccGBP 92 33 102 32 125 28 178 19 344 17 0.81 - ASI Multi-Manager Ethical I Acc 84 125 92 107 97 86 123 60 182 23 - 0.27 Threadneedle American Sel Z Acc GBP 93 25 104 24 122 31 171 24 310 28 0.82 0.03 Aviva Investors Glbl Convert Ia GBP Inc 95 39 103 22 104 45 128 45 163 33 0.79 0.15 Threadneedle American Z Acc GBP 90 40 103 28 122 33 166 26 331 20 0.81 0.56 AXA Framlington Biotech GBP Z Acc 113 1 103 18 114 13 109 87 414 2 0.80 - Threadneedle US Eq Inc Z Inc GBP 87 74 100 42 111 72 152 61 - - - 2.74 AXA Framlington FinTech Z GBP Acc 87 96 97 60 111 20 139 16 192 17 - 4.95 UBS S&P 500 Index C Acc 87 78 97 66 116 46 163 32 - - - 1.80 AXA Framlington Health Z Inc 97 24 102 24 109 23 124 56 295 7 - 0.24 UBS US Equity C Acc 82 118 91 113 98 108 132 96 243 75 - 0.48 AXAWF Fram Global Conv F Cap EUR pf 94 45 97 62 102 57 126 49 - - 0.86 - UBS US Growth C Acc 96 7 108 7 143 8 189 13 389 9--AXAWF Fram Robotech F Cap USD 92 64 101 33 121 6 - - - - 0.99 - Vanguard US 500 Stock Index Ins USD Acc 87 83 97 71 115 52 160 37 308 30 0.20 - Barings Australia I GBP Acc 72 192 79 177 81 160 98 138 110 83 1.00 - Vanguard US Equity Index Acc 86 98 95 89 112 68 155 53 308 31 0.20 1.70 Barings Eastern Europe I GBP Acc 71 202 82 163 87 137 126 47 79 111 1.00 - Vanguard US Fundamental Val Inv GBP Inc 65 146 71 145 71 133 99 122 175 88 0.95 1.51 Barings German Growth I GBP Acc 75 178 80 174 77 172 102 119 178 26 0.82 2.03 Vanguard US Opportunities Inv GBP Inc 84 110 85 127 107 90 154 54 359 13 0.95 - Barings Global Agriculture I GBP 77 161 86 146 91 123 108 96 134 54 1.15 1.14 Vontobel US Equity I USD 86 89 101 40 123 30 182 17 372 11 1.17 - Barings Global Resources I GBP Acc 69 213 72 210 70 195 82 190 59 123 1.00 - VT De Lisle America B GBP 74 142 81 142 77 132 115 115 - - 1.33 1.08 Barings Korea I GBP Acc 84 127 78 183 76 175 89 177 115 78 0.94 0.77 VT Tyndall North American A GBP Net Acc 89 54 93 106 ------Barings Latin America I GBP Acc 63 233 66 230 69 203 83 189 59 125 0.99 - Wellington US Research Eq N GBP UnH Inc 86 87 96 85 109 84 150 67 - - - 0.21 BGF Emerging Europe D2 67 221 79 176 83 153 113 79 88 103 1.45 - Average/Total 87 146 96 145 113 133 153 122 295 88 1.04 1.31 BGF India D2 69 215 71 213 77 171 104 114 139 48 1.21 - BGF Latin American D2 60 240 63 240 69 198 90 173 64 120 1.35 - (IA) NORTH AMERICAN SMALLER COMPANIES BGF Sustainable Energy D2 90 85 100 35 108 26 137 23 142 47 1.31 - Allianz US Micro Cap Equity C GBP Acc 827------BGF World Energy D2 60 241 59 247 55 222 58 208 54 129 1.31 - Artemis US Smaller Companies I Acc GBP 82 8 90 6 115 4 164 2 - - 0.92 0.02 BGF World Mining D2 79 153 78 186 88 130 109 91 53 130 1.32 - BMO US Smaller Companies C Inc 71 18 76 17 84 15 113 12 213 8 - 0.01 BlackRock Dynamic Allocation D GBP Acc 95 32 97 63 104 44 - - - - - 0.44 Brown Advisory US Small Cap Blend B $ 73 16 80 14 91 10 123 9 - - 1.25 - BlackRock Dynamic Diversified Gr D Acc 94 47 95 83 103 52 101 126 127 67 - 1.23 Brown Advisory US SmlrComs Dollar B Acc 81 9 88 8 111 6 153 4 310 3 0.93 - BlackRock Gold and General D Acc 85 121 109 9 94 108 145 13 79 112 1.16 0.23 GlobalAccess US Sm & Md Cp Eq M Acc GBP 74 14 76 16 85 14 96 15 - - - - BlackRock Managed Volatility I C 94 42 100 37 105 36 116 73 - - 0.24 1.56 GS US Sm Cp CORE® Eq R Inc GBP Snap 73 17 78 15 87 13 115 11 244 6 0.85 0.45 BlackRock Managed Volatility II C 93 55 99 41 105 39 118 70 - - 0.24 1.86 Hermes US Smid Equity F GBP Acc 76 12 87 10 91 11 126 7 - - 0.87 - BlackRock Managed Volatility III C 91 73 98 54 104 43 119 67 - - 0.26 1.78 Janus Henderson US Venture A USD Acc 80 11 83 11 102 8 125 8 287 4 2.47 - BlackRock Market Advantage D GBP Acc 90 82 93 101 99 73 102 122 - - - 0.69 JPM US Small Cap Growth C Acc 90 2 94 4 130 1 167 1 331 2 0.93 - BlackRock Ntrl Resources Gr & Inc D Acc 72 194 73 205 74 183 94 154 - - - 4.58 BlackRock Strategic Growth D GBP Acc 92 60 97 67 ------1.65 www.whatinvestment.co.uk WhatInvestment May 2020 63 >| Unit Trusts 11
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Blackrock UK Managed Volatility I C £Acc 96 29 101 25 105 38 111 85 - - - 0.84 Magna MENA G EUR Acc 72 195 80 175 102 54 145 12 - - 5.47 - Blackrock UK Managed Volatility II C£Acc 92 71 96 73 98 80 106 105 - - - 1.38 Marlborough Commodity Class P Acc 80 145 78 181 78 170 80 193 55 128 -- Blackrock UK Managed Volatility IIIC£Acc 88 90 92 106 95 100 103 117 - - - 2.01 Matthews Asia-India I GBP Acc 68 219 68 218 72 188 88 180 - - 1.25 - BMO Diversified Monthly Income 1 Inc 90 83 90 124 90 126 92 165 92 100 1.72 6.16 McInroy & Wood Emerging Mkts Pers Inc 76 169 81 170 87 139 102 123 137 52 1.50 2.27 BMO Overseas Equity-Linked UK Gilt 3 Acc 86 109 99 40 116 11 137 21 335 4 0.39 - Merian Financial Cntgnt Cptl R GBP H Acc 86 104 94 97 ------0.97 - BMO Overseas Equity-Linked UK Infl 3 Acc 79 150 90 122 106 34 132 33 318 5 0.39 - Merian Gold & Silver R GBP Acc 79 154 98 52 82 158 - - - - 0.99 - BMO UK Equity-Linked Gilt 3 Acc 79 151 91 119 100 64 128 46 262 8 0.37 - MFS Meridian Latin American Eq WH1 GBP 70 211 68 219 72 191 70 201 - - 1.35 - BMO UK Equity-Linked Inflation 3 Acc 73 183 83 161 92 117 123 59 249 10 0.43 - MFS Meridian Managed Wealth WH1 GBP 96 28 97 65 97 84 - - - - 1.01 - BNY Mellon 50/50 Global Eq Expt 1 Acc 80 142 89 138 96 91 111 84 165 31 0.55 2.40 MFS Meridian Prudent Wealth W1 GBP 105 6 114 2 133 1 - - - - 1.27 - BNY Mellon Brazil Equity GBP W Acc 63 235 68 220 78 168 123 58 80 110 1.02 2.95 MI TwentyFour AM Monument Bond I Acc 95 38 96 79 100 68 103 115 123 69 1.01 - BR Global Funds - Nutrition D2 USD 85 123 91 112 91 122 108 95 137 51 1.30 - Mirabaud Convertible Bds Eurp A EUR Acc 91 72 97 70 93 112 110 86 - - 1.67 - Brown Advisory Latin American B USD Inc 60 243 60 243 54 224 70 202 68 117 - 1.35 MS INVF Global Balanced Income IR 91 77 95 84 96 89 118 68 - - 1.01 4.50 Candriam Eqs L Australia C AUD Cap 68 220 75 196 76 177 96 147 112 82 1.85 - MS INVF Global Fixed Income Opps I 93 56 103 20 108 27 134 31 - - 0.64 - Candriam Eqs L Biotech C USD Cap 113 2 108 10 120 7 126 48 421 1 1.83 - Neuberger Berman AbsRetMltStrt GBP I Acc 95 33 98 50 98 81 93 160 - - 1.95 - Capital Group New World (LUX) Z 84 130 91 114 104 46 129 42 168 29 1.03 - Neuberger Berman Divers Ccy USD A Acc 98 21 104 16 103 48 124 52 127 66 1.91 - Carmignac Emergents A EUR Acc 92 70 95 82 94 103 112 81 133 57 2.04 - Neuberger Berman Glb Bd AbsRt GBP I4 Acc 87 97 86 148 86 143 89 179 - - 0.45 - Carmignac Pf Commodities W GBP Acc 67 223 65 234 65 210 75 200 - - 1.15 - Neuberger Berman Glb Eq Idx PW GBP I Acc 86 116 86 145 ------1.08 - Carmignac Pf L-S Eurp Eqs F GBP Acc 106 5 103 21 126 4 - - - - 1.81 - Neuberger Berman US Eq Idx PW GBP I Acc 87 101 89 140 ------0.81 - Comgest Growth Latin America USD I Acc 64 232 69 217 66 206 80 194 72 116 1.49 - Nomura Fds India Equity I USD 71 206 76 191 83 154 124 51 155 37 1.21 - Consistent Opportunities Unit Trust Inc 73 188 74 199 64 211 69 204 100 98 1.13 2.36 Pictet - Emerging Europe P dy GBP 75 179 90 125 90 124 122 62 77 113 1.87 4.80 CQS Global Convertible UCITS A GBP Acc 92 59 94 95 99 78 ------Pictet Absolute Ret Fxd Inc HI GBP 98 22 101 32 103 50 105 108 - - 0.67 - DMS Charteris Gold and Prec Mtls B Acc 82 136 105 15 82 159 - - - - - 0.97 Pictet TR - Atlas I GBP 102 9 105 13 ------1.85 - Eaton Vance Intl (IRL) PrGl DefEq I£Acc 86 110 90 128 ------0.60 - Pictet-Biotech I dy GBP 110 4 105 14 113 15 114 77 315 6 1.20 - EF WM Global Trend B Acc GBP 93 49 99 44 89 129 104 112 - - - 0.92 Pictet-Health I dy GBP 92 61 97 58 111 19 117 72 248 11 1.22 - ES Gold and Precious Metals B Acc 83 133 95 89 59 218 95 151 -- - -Pictet-India Index I GBP 73 189 74 202 82 157 99 135 - - 0.42 - Fidelity Emerg Eur Mid East&Africa W Acc 67 225 73 206 75 180 89 178 105 89 - 6.12 Pictet-Indian Equities I GBP 71 203 76 194 80 165 107 101 130 62 1.06 - Fidelity India Focus Y-GBP 72 190 74 201 85 146 108 98 156 36 1.22 - Pictet-Nutrition I dy GBP 84 124 93 104 105 35 124 54 155 38 1.21 0.25 Fidelity Latin America W-Acc-GBP 59 245 63 239 68 205 90 174 67 118 1.23 - Pictet-Russia Index I GBP 74 182 90 127 105 37 159 6 - - 0.45 - First State Indian SubcontnnAllCap B GBP 71 199 74 198 81 163 109 89 236 12 - - Pictet-Russian Equities I GBP 76 173 87 144 94 106 170 4 102 94 1.19 - FP Foresight UK Infras Inc A GBP Acc 92 68 99 42 ------2.81 Pictet-Timber I dy GBP 78 159 81 166 83 152 102 118 151 42 1.21 1.74 FP Octopus Dynamic Mixed Asset B Acc 89 88 95 86 100 70 115 76 135 53 0.82 1.32 PIMCO GIS Capital Scs E USD Acc 88 95 98 48 100 66 129 41 - - 1.69 - FP Russell Invsmts Real Assets C GBP Acc 80 147 84 158 86 144 90 171 110 85 1.24 1.80 PIMCO GIS Cmdty Real Ret Instl GBP H Acc 76 171 73 204 69 196 - - - - 0.72 - FP SCDavies Global Alts A Acc GBP 91 74 94 96 91 121 90 175 - - 2.06 - PIMCO GIS Dynamic Bd Instl GBP H Acc 96 27 96 74 99 77 103 116 117 74 0.90 - Franklin India W(acc)GBP 72 196 75 195 75 181 97 143 144 45 1.07 - PIMCO GIS Em Asia Bd E USD Inc 96 30 107 11 109 24 130 38 - - 1.50 4.17 GAM Multibond ABS EUR B 94 43 97 66 97 83 117 71 114 80 1.09 - PIMCO GIS Glb Lw Dur Rl Rt Ins GBP H Inc 98 23 99 46 99 75 101 128 - - 0.49 1.25 GAM Star Alpha Technology USD Inc 99 18 111 5 126 3 172 3 - - 4.03 - PIMCO GIS Infl Strat Ins GBP Prtly H Acc 81 139 84 154 85 147 86 185 - - 0.90 - GAM Star Cat Bond Institutional GBP Acc 101 11 103 19 105 40 112 82 - - 1.37 - PIMCO Sel Dynamic Bd Ret GBP Acc 96 26 96 81 95 97 96 146 -- - - GAM Star MBS Total Return Instl GBP Acc 84 132 85 150 88 131 95 153 - - 1.20 - Polar Capital Biotech I Inc 111 3 101 31 126 2 158 8 - - 2.20 - GAM Systematic Alt Rsk Pre GBP Acc 95 40 97 64 97 87 98 142 - - 0.99 1.57 Polar Capital Financial Opports R Inc 71 205 76 190 76 179 94 156 - - 1.17 1.23 GS BRICs Eq R Inc GBP 86 118 92 109 116 8 147 11 138 50 1.25 0.88 Polar Capital Glbl Convert I Acc 92 69 95 88 103 51 124 55 - - 1.14 - GS Glbl Strat Inc Bd R Inc GBP Hdg 94 48 93 99 92 116 94 157 - - 0.75 3.97 Polar Capital Global Ins R Acc 77 166 91 113 103 53 149 10 - - 0.96 - GS Glbl Strat Macro Bd R Inc GBP Hdg 99 16 97 57 94 104 104 111 - - 0.67 2.78 Polar Capital Healthcare Opports I Inc 93 53 91 117 116 9 132 34 398 3 1.24 - GS India Equity R Inc GBP 73 187 74 200 79 167 105 106 180 24 1.10 0.13 Polar Capital Hlthcare Blue Chip I Acc 95 36 98 49 113 16 134 29 - - 0.87 - GS N-11® Equity R Inc GBP 73 184 77 187 74 184 78 196 - - 1.21 1.44 Principal Preferred Secs I Acc USD 89 89 101 30 104 42 136 26 213 14 0.45 - GS NA Engy & Engy Infras Eq R Acc USD 55 250 54 248 50 225 45 209 - - 1.05 - Quilter Inv Natrl Res Eq U2 (GBP) Acc 76 168 78 182 82 156 106 103 - - - 3.24 GS Strat Abs Ret Bd I R Inc GBP Hdg 99 20 99 45 99 74 102 124 - - 0.45 1.91 Quilter Investors PM Eq U2 (GBP) Acc 86 107 109 8 93 109 143 14 - - - 0.55 GS Strat Abs Ret Bd II R Inc GBP Hdg 97 25 97 69 95 98 100 132 - - 0.75 2.43 Robeco Global FinTech Equities F £ 83 134 93 103 ------0.95 - GS US Mortgg Bckd Secs R Acc USD 102 8 112 4 112 17 137 22 168 28 0.52 - RWC Core Plus B EUR Acc 93 54 97 68 99 72 119 66 104 91 1.24 - GS US RlEstt Bal R Acc USD 84 131 96 76 102 55 135 27 - - 0.94 - RWC Enhanced Income Fund R GBP Acc 80 143 80 173 86 140 93 162 - - 1.17 - GSF II GS Balanced Allc R USD Inc 93 57 101 26 106 33 - - - - 0.74 1.26 RWC Global Convertibles Fund R GBP Acc 94 41 94 93 95 95 97 144 134 55 1.10 - HL Multi-Mgr Asia and Emerging Mkt A Acc 80 149 84 152 85 149 - - - - - 1.12 RWC Income Opportunities Fund R GBP Acc 77 163 79 179 86 145 97 145 - - 1.12 - HSBC GIF Brazil Equity AD 57 248 60 244 66 208 86 183 44 133 2.15 3.34 Sanlam Real Assets A GBP Inc 92 63 99 39 ------0.97 2.73 HSBC GIF BRIC Markets Equity AD 74 180 79 178 92 115 130 37 113 81 1.85 2.12 Sarasin Food & Agriculture Opps P Acc 76 167 81 168 99 71 128 44 158 35 0.99 1.36 HSBC GIF GEM Debt Total Return M1D 91 75 96 77 90 125 112 83 133 58 1.35 2.89 Schroder Diversified Growth I Acc 91 78 94 94 96 90 99 136 134 56 0.80 1.98 HSBC GIF Indian Equity AD 66 226 66 232 69 202 83 188 80 108 1.90 - Schroder GAIA Egerton Equity A Dis GBP 92 65 96 71 111 21 137 19 170 27 2.42 - HSBC GIF Russia Equity AD 76 174 90 129 95 96 159 7 91 101 2.15 4.42 Schroder India Equity Z 79 155 ------Invesco Emerging European UK Z Acc 72 193 82 164 91 120 137 20 110 84 - 6.00 Schroder ISF Asian Ttl Ret C Acc USD 87 100 89 133 102 56 134 30 233 13 1.34 - Invesco Global Fincl Cptl UK Z Acc 81 141 84 157 88 132 96 149 -- - -Schroder ISF Emerging Europe C Acc EUR 70 209 81 169 94 105 137 24 123 70 1.34 - Invesco India Equity A USD AD 69 214 72 207 76 178 101 127 147 44 2.12 - Schroder ISF Eurp Div Mxmsr Z Acc EUR 71 204 71 212 78 169 90 172 122 72 1.07 - Invesco Latin American UK Z Acc 59 244 62 242 62 213 77 198 57 127 - 3.36 Schroder ISF Glb Div Mxmsr Z DisGBP QF 73 186 76 192 79 166 99 133 154 39 1.06 9.42 Investec Diversified Gr I Acc 87 98 90 130 90 127 90 169 129 63 1.00 1.19 Schroder ISF Glb Em Mkt Opps C Acc USD 82 137 89 131 101 61 130 39 132 59 1.35 - Investec Enhanced Natural Res I Acc 77 164 83 159 81 162 101 125 89 102 0.00 3.02 Schroder ISF Indian Equity C Acc USD 72 198 74 203 83 151 108 97 151 43 1.37 - Investec Glb Energy I Acc GBP 66 228 67 226 63 212 65 205 59 124 0.89 3.81 Schroder ISF Latin American C Acc USD 63 234 67 225 72 190 93 159 64 122 1.34 - Investec Glb Gold I Acc GBP 87 99 114 3 115 12 170 5 97 99 0.87 0.14 Schroder ISF Wealth Presv C Acc EUR 95 34 101 29 97 85 124 57 103 93 1.01 - Investec MA Protector 2 I Acc 91 76 94 91 100 69 107 100 - - 1.46 0.67 Schroder Small Cap Discovery Z Acc 78 160 77 188 74 182 90 170 - - - 1.15 Investec Multi Asset Protector A Acc 90 80 93 98 98 82 102 120 128 65 2.08 - Scottish Widows Latin Amer A Acc 62 236 68 221 69 200 99 134 64 121 1.81 1.53 Investec UK Total Return I Acc 67 222 67 227 71 193 78 197 104 92 0.74 2.91 SKAGEN Vekst A 78 158 83 160 84 150 108 94 116 77 1.00 - Janus Henderson Diversified Alts Y Acc 90 81 92 111 102 58 115 75 - - - 2.66 Smith & Williamson Artfcl Intllgnc Z GBP 99 14 110 7------Janus Henderson Global Fncls I Acc 85 122 97 61 108 29 132 35 188 19 1.09 1.42 Smith & Williamson Global Gold & Res B 86 115 106 12 85 148 136 25 73 115 -- Janus Henderson Latin American H Acc 56 249 59 246 61 216 85 186 - - 0.99 3.85 Stewart Inv Indian Sbctnt Sustnby B GBP 75 177 79 180 87 138 109 92 - - - - Janus Henderson Secured Lns Y Acc GBP 88 93 90 126 94 107 102 121 131 60 1.04 4.18 Stewart Investors AsiaPac Ldrs B Acc GBP 86 108 91 118 100 67 121 63 210 15 0.89 - JPM Africa Equity A perf (dist) GBP 71 200 72 209 76 176 69 203 83 106 1.80 2.65 Stewart Investors AsiaPac Sust B Acc GBP 84 126 89 132 104 41 128 43 259 9 1.00 - JPM Brazil Equity A (dist) USD 58 247 65 235 72 189 95 150 51 132 1.80 1.87 Stewart Investors Glbl EM Ldrs B Acc GBP 73 185 74 197 73 187 93 161 142 46 0.91 - JPM Emerging Europe Equity C Net Acc 77 162 89 135 92 118 124 53 87 105 0.93 5.75 Stewart Investors Glbl EM Sust B Acc GBP 84 128 91 120 99 79 121 64 202 16 1.03 - JPM Emerging Middle East Eq A (dist) USD 80 144 82 162 100 65 105 107 122 71 1.80 2.70 Stewart Investors Global EM B Acc GBP 70 210 71 211 73 186 93 163 138 49 1.06 - JPM Global Convert (EUR) A (dist) GBP H 93 50 93 102 95 99 94 155 121 73 1.55 0.08 Stewart Investors Latin Amer B Acc GBP 65 231 67 223 71 194 106 104 116 76 1.14 - JPM India A (dist) USD 66 229 67 224 68 204 80 192 105 88 1.80 0.02 T. Rowe Price Frontier Mkts Eq Q GBP 72 191 78 185 77 174 98 137 - - 1.27 - JPM Korea Equity A (dist) USD 82 138 81 171 87 135 113 78 130 61 1.80 0.10 T. Rowe Price Glb Nat Res Eq CAccGBP 68 217 70 215 69 197 ------JPM Latin America Equity A (dist) USD 61 238 67 229 69 199 87 182 67 119 1.80 1.61 T. Rowe Price Glb Nat Res Eq Q GBP 69 216 70 216 69 201 - - - - 0.92 - JPM Natural Resources C Net Acc 70 212 70 214 77 173 98 140 51 131 0.93 4.15 TB Guinness Global Energy I Acc 51 251 52 249 55 221 63 207 - - 0.87 3.06 JPM Russia A (dist) USD 76 170 90 121 96 92 150 9 87 104 1.80 6.24 Templeton BRIC A(acc)USD 86 114 88 143 106 32 138 18 104 90 2.46 - Junior Gold P Acc 67 224 77 189 54 223 90 168 19 134 --Threadneedle Latin America Z Acc GBP 60 242 66 231 66 209 81 191 57 126 - 2.56 Junior Oils P Acc 43 252 37 250 32 226 30 210 14 135 - 0.64 TIME UK Infrastructure Income Acc 92 58 97 59 ------4.80 Jupiter Emerging European Opps I Acc 72 197 84 156 93 111 131 36 82 107 1.21 4.78 TM Fulcrum Diversified Liqd Alts CGBPAcc 89 87 92 108 ------0.25 Jupiter Financial Innovt D GBP Acc 86 113 96 80 109 25 134 28 187 22 0.95 - TM Stonehage UK Equity Income B Inc 71 201 72 208 80 164 91 166 129 64 1.65 8.79 Jupiter Financial Opportunities I Acc 85 120 96 72 116 10 139 17 164 32 1.00 0.37 UTI India Dynamic Equity USD RDR Acc 76 172 78 184 ------1.36 - Jupiter India I Acc 70 208 67 222 58 220 86 184 117 75 1.12 0.79 Vontobel Clean Technology N GBP 87 102 99 47 ------0.98 - Jupiter India Select D USD Acc 70 207 67 228 59 219 88 181 114 79 0.95 - VT Gravis UK Infras Inc C GBP Acc 92 66 98 51 108 28 - - - - - 5.00 Jupiter International Fincls I Acc 86 112 96 78 110 22 132 32 188 21 1.02 - VT icf Absolute Return Portfolio F GBP 92 62 94 92 93 114 95 152 - - 2.06 - Jupiter Monthly Alternative Income I Acc 86 119 89 134 97 88 116 74 190 18 0.97 5.10 VT Protean Capital Elder Net Acc 88 91 91 116 ------4.66 Kames Diversified Growth GBP B Acc 93 51 95 85 101 63 104 110 - - 0.56 2.95 Vt Protean Capital Procsi Core A GBP Acc 96 31 98 53 ------L&G Future World Sustainable Opps I £Acc 100 12 101 27 ------0.51 VT RM Alternative Income Retail GBP Acc 88 92 93 100 ------4.40 LF Bentley Sterling Income Inc 100 13 101 28 101 62 101 129 105 87 2.30 1.11 VT SG UK Defined Return Assets A Acc 78 157 81 172 ------LF Bentley USD Balanced Acc 94 46 102 23 103 49 120 65 159 34 2.39 0.13 Waverton Absolute Return A GBP 99 19 99 43 93 110 92 164 -- - - LF Canlife Global Infrastructure C Acc 77 165 85 149 93 113 113 80 - - - 3.75 WAY Global Momentum E Acc 86 103 92 110 86 141 100 131 - - 1.55 1.13 LF Canlife Global Resource C Acc 65 230 65 233 62 214 76 199 - - - 2.42 Wellington EmergingMarket Devpmt N £ UnH 86 106 ------LF Ruffer Gold C Acc 93 52 125 1 123 5 229 1 76 114 --Wellington FinTech N GBP Unhedged Acc 84 129 9856------LF Ruffer Pacific & Emerging Mkts C Acc 86 111 85 151 89 128 98 139 152 41 - 1.48 Winton Diversified UCITS I GBP Inc 86 105 88 142 ------LF Waverton Alternatives II B Inc 99 15 100 38 96 94 93 158 101 95 2.63 0.06 Winton Trend UCITS I GBP Acc 101 10 110 6------Liontrust India C Acc GBP 68 218 62 241 59 217 79 195 101 96 1.77 - Average/Total 82 252 87 250 90 226 109 210 136 135 1.23 2.50 Liontrust Latin America C Acc GBP 60 239 65 237 73 185 108 99 80 109 - 3.61 Liontrust Russia C Acc GBP 79 156 89 137 112 18 179 2 106 86 - 5.96 (IA) STANDARD MONEY MARKET LO Funds Cmdty Risk Premia USD NA 80 148 81 167 81 161 91 167 - - 1.00 - ASI Sterling Money Market I Acc 100 1 101 1 102 1 102 1 104 3 0.37 0.67 Loomis Sayles Strat Alpha Bd H-N/D GBP 95 37 95 87 95 102 98 141 - - 1.00 3.20 Invesco Money UK Z Acc 100 3 101 3 101 2 102 2 105 2 - 0.60 M&G Global Convertibles GBP I Acc 92 67 100 36 95 101 118 69 153 40 0.92 2.85 LF Canlife Sterling Liquidity I Acc 100 2 101 2 ------0.54 64 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 12
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Premier UK Money Market B Inc 100 4 101 4 101 3 102 3 105 1 - 0.61 TM Fulcrum Divers Cor Abs Ret C GBP Acc 104 6 102 22 104 17 101 37 - - - - Average/Total 100 4 101 4 101 3 102 3 104 3 0.37 0.60 TM Fulcrum Diversified Abs Ret C GBP Acc 102 10 101 33 103 20 99 46 - - - - TM Fulcrum Income C GBP Inc 100 25 99 41 ------5.40 (IA) TARGETED ABSOLUTE RETURN TM Neuberger Berman Absolute Alpha F Acc 91 87 88 99 ------7IM Real Return C Acc 92 83 94 80 94 70 101 38 - - - 1.13 TM TELLWRT UK SEL A ACC 102 9 105 7 93 75 94 63 - - - - Absolute Insight Credit B2p2 GBP 94 58 96 67 98 46 97 55 - - 2.84 - TMI Diversified Assets GBP Acc Hdg 92 81 97 61 100 36------Absolute Insight Emerg Mkt Debt B3p GBP 91 88 93 86 90 88 89 71 - - 1.22 - Uni-Global Cross Asset Navigator RA-USD 90 91 100 34 105 13 125 4 - - 0.75 - Absolute Insight Eq Mkt Netrl B3p GBP 99 27 99 43 97 51 98 49 110 30 1.10 - Veritas Global Real Return A Inc GBP 97 45 105 6 116 5 148 1 202 3 1.17 0.11 Absolute Insight W 94 59 96 69 94 69 93 64 112 29 - 1.26 Vontobel Ttfr Abs Ret Crdt G GBP 98 34 100 36 105 15 - - - - 0.37 - Allianz Fixed Income Macro E GBP Acc 104 7 105 8 ------2.79 VT iFunds Absolute Return Green A Acc 85 105 89 98 82 93 87 75 - - - - Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 91 90 87 101 84 92 99 45 - - 0.92 0.45 VT iFunds Absolute Return Orange A Acc 77 113 80 113 76 96 81 77 - - - 0.14 Artemis US Absolute Return I Hdg Acc GBP 100 24 101 32 106 11 115 8 - - 0.95 0.38 VT Woodhill UK Equity Strat Net Inc GBP 92 84 92 88 101 31 89 73 - - - - ASI Global Absolute Ret Strat P1 Acc 99 33 101 28 101 30 97 56 131 15 - 2.19 Wellington Glbl Ttl Ret GBP N Acc H 100 26 101 31------ASI Target Return Bond I Acc 97 42 100 37 100 34 102 35 110 31 - 1.38 Winton Absolute Return Futures I GBP Acc 91 89 95 76 ------1.00 - Aviva Investors Mlt-Strat Trgt Inc 2£Inc 91 85 94 78 92 81 93 66 - - - 4.56 Average/Total 95 115 97 115 98 97 103 78 132 38 1.34 1.67 Aviva Investors Mlt-Strat Trgt Ret 2£Acc 98 38 101 27 98 43 98 50 - - - 1.07 Baillie Gifford Diversified Gr B1 Acc 88 99 91 91 96 62 103 34 140 11 0.86 1.84 (IA) TECHNOLOGY AND TELECOMMUNICATIONS Baillie Gifford Multi Asset Gr B1 Acc 87 100 91 92 96 60 - - - - - 1.54 AS SICAV I Technology Eq X Acc GBP 101 4 114 2 138 10 186 8 307 8 0.95 - Barings Multi Asset I GBP Acc 83 112 86 107 90 86 97 54 127 20 0.79 4.83 AXA Framlington Gbl Technology Z Acc 97 10 107 11 155 4 231 3 449 2-- BlackRock Absolute Return Bond D Acc 96 54 96 66 98 45 100 40 - - - 2.05 Close FTSE TechMark X Acc 87 15 99 13 108 13 130 10 274 9 1.04 1.76 BlackRock Emerging Mkts Abs Alpha D Acc 86 102 85 110 86 91 92 68 - - - - Fidelity Global Technology W-Acc-GBP 96 11 111 4 150 6 247 2 441 3 1.16 - BlackRock European Absolute Alpha D Acc 104 5 106 5 118 4 120 6 152 8 0.97 - Herald Worldwide Technology B 100 5 109 7 158 3 230 5-- - - BlackRock Glbl Long/Short Eq D Acc 99 29 97 57 108 8------Janus Henderson Global Technology I Acc 99 9 110 6 148 7 223 6 398 5 1.03 - BlackRock UK Absolute Alpha D 99 32 102 25 102 28 111 17 122 22 0.93 0.12 L&G Global Technology Index I Acc 100 6 114 1 152 5 231 4 418 4 0.32 0.87 BMO Global Equity Market Netrl V10 C Acc 83 111 75 115 68 97 - - - - - 2.00 Liontrust Gbl Technology C GBP Acc 100 7 107 10 158 2 - - - - 0.93 - BNY Mellon Absolute Ret Bd EUR X Acc 97 48 99 48 94 71 114 12 - - 0.07 - Marlborough Technology Fund P 89 14 89 15 108 14 137 9 315 7-- BNY Mellon Absolute Ret Eq GBP U Acc 99 30 98 49 96 59 98 48 - - 0.96 - Pictet - RoboticsI GBP 91 13 101 12 128 11 - - - - 1.20 - BNY Mellon Global Absolute Ret Inst WAcc 89 97 93 85 97 53 97 52 - - - 1.30 Pictet-Digital I dy GBP 91 12 98 14 125 12 187 7 367 6 1.20 - BNY Mellon Global Dynamic Bd Inst Inc 96 51 100 38 102 29 104 29 127 19 0.81 2.88 Polar Capital Global Tech I Inc 104 1 113 3 169 1 268 1 505 1 1.75 - BNY Mellon Mlt-Asst Divers Ret Inst WAcc 87 101 92 89 97 55 108 19 144 9 - 2.94 T. Rowe Price Glb Tech Eq CAccGBP 102 2 109 8 141 8------BNY Mellon Real Return Inst W Acc 92 80 98 55 102 27 105 25 131 16 - 2.43 T. Rowe Price Glb Tech Eq Qd GBP 102 3 108 9 139 9 - - - - 0.97 - BNY Mellon Sus Real Return Ins W Acc 92 75 98 54 ------2.21 Wellington Asia Technology N UnH GBP Acc 99 8 110 5------Castlefield Real Return Instl 83 110 87 104 89 89 94 60 116 25 2.23 1.15 Average/Total 97 15 106 15 141 14 207 10 386 9 1.06 1.32 Eaton Vance Intl (IRL) Glb Mac I GBP Acc 94 60 99 46 ------1.15 - FP Argonaut Absolute Return R GBP Acc 126 1 140 1 148 1 114 11 216 1-- (IA) UK ALL COMPANIES FP Octopus Global Strategies B 94 65 95 75 93 72 95 58 - - 1.62 0.12 7IM UK Equity Value C Inc 78 87 78 169 85 128 - - - - - 6.74 FP Pictet Multi Asset Portfolio A Acc 90 92 94 83 93 77 - - - - - 0.34 Allianz UK Mid Cap C Acc 73 216 77 187 80 177 93 160 174 59 - 1.47 Franklin Absolute Return Bd W(acc) 89 94 90 97 ------3.14 Allianz UK Opportunities C Acc GBP 72 217 76 204 83 152 100 103 142 139 - 3.43 GAM Multistock Abs Ret Eurp Eq GBP Rh 96 52 98 53 93 74 93 67 - - 0.74 - Architas MM UK Equity A Acc 77 140 83 87 87 100 99 113 151 115 1.25 2.52 GAM Star (Lux) - Convert Alpha I EUR Acc 89 95 92 90 91 85 114 13 106 33 1.38 - Ardevora UK Equity B GBP Acc 102 1 107 1 118 3 141 5-- - - GAM Star (Lux) - European Alpha I GBP 94 63 96 65 100 33 98 51 - - 1.53 - Artemis Capital I Acc 74 196 76 207 81 171 94 152 169 67 0.94 5.26 GAM Star Emerging Market Rates Instl£Inc 102 14 104 15 104 16 111 16 - - 1.25 2.17 Artemis Instl UK Special Sits IN Acc 77 116 82 97 79 186 91 170 159 89 0.77 3.17 GAM Star Global Rates GBP Acc 86 104 84 111 82 94 77 78 92 37 3.13 - Artemis UK Select I Acc 76 164 80 146 83 153 94 159 176 56 0.84 4.18 GS Global Absolute Ret R Inc GBP Hdg 92 79 94 79 92 80 - - - - 0.85 1.17 Artemis UK Special Situations I Acc 78 96 82 95 80 178 92 167 150 116 0.81 3.07 H2O Multireturns N/D GBP 71 115 81 112 95 66 103 33 - - - 1.22 Artorius A GBP Acc 79 76 90 23 100 24 127 13 - - - 0.57 Hermes Absolute Ret Crdt F GBP Hdg Acc 93 72 96 70 97 52 - - - - 0.94 - AS SICAV I UK Eq X SInc GBP 82 38 88 37 96 36 105 62 162 76 0.98 1.59 IFML Vitality Targeted Absolute Ret Bd D 98 37 99 42 93 76 91 69 - - - 0.41 ASI UK All Share Tracker C Acc 77 129 81 132 86 107 100 99 145 133 - 5.03 IFSL Brooks Macdonald Def Cap A Acc 84 109 88 100 90 87 100 43 142 10 0.81 - ASI UK Equity Enhanced Index B Acc 76 161 78 168 84 131 - - - - - 5.39 Insight Absolute Insight Ccy B3p GBP 101 18 102 26 94 68 89 72 101 34 0.95 - ASI UK Equity I Acc 82 34 89 35 96 32 107 57 167 71 1.10 1.65 Invesco Global Targeted Inc UK Z Acc 97 41 98 51 97 54 - - - - - 3.72 ASI UK Equity Index Managed B Acc 77 113 81 126 86 106 100 96 143 135 - 5.25 Invesco Global Tgtd Rets UK Z Acc 100 23 101 30 98 42 103 31 - - - 1.77 ASI UK Ethical Equity P1 Acc 74 193 78 181 86 114 102 76 191 34 - 2.52 Janus Henderson Abs Ret Fxd Inc I GBPAcc 101 20 102 23 ------1.65 ASI UK Growth Equity P1 Acc 77 120 79 158 83 148 91 172 126 178 - 4.20 Janus Henderson Eurp Abs Ret I Acc 102 12 104 14 105 14 107 20 158 5 1.11 0.32 ASI UK High Alpha Equity P1 Acc 72 218 73 223 75 211 85 200 158 94 - 4.86 Janus Henderson Mlt-Ast AbsRet I Acc 93 66 94 82 95 64 99 47 114 28 - - ASI UK Impact Employ Opprt Eq P1 Acc 80 66 83 88 ------2.56 Janus Henderson UK Absolute Return I Acc 102 17 102 20 104 19 112 15 154 7 1.08 - ASI UK Mid-Cap Equity I Acc 86 11 92 19 105 16 125 17 235 14 - 1.72 JPM Global Macro C Net Acc 101 19 103 18 105 12 104 30 119 24 0.83 - ASI UK Opportunities Equity P1 Acc 83 30 86 51 97 28 108 45 159 91 - 1.19 JPM Global Macro Opportunities C Net Acc 102 13 105 11 122 3 119 7 - - 0.93 - ASI UK Recovery Equity P1 Acc 52 251 44 249 40 240 58 223 86 191 - 4.79 JPM Unconstrained Bond C Grs Acc 97 44 99 45 100 35 104 28 123 21 0.68 3.14 ASI UK Responsible Equity I Acc 83 33 91 20 103 20 120 20 176 55 - 1.99 Jupiter Absolute Return I Acc 86 103 86 108 80 95 90 70 96 36 0.84 1.51 ASI UK Unconstrained Equity P1 Acc 63 249 63 248 64 232 65 220 150 117 - 4.48 Jupiter Merlin Real Return I GBP Acc 93 73 97 59 ------Aviva Investors UK Index Tracking 2 £Inc 78 83 82 103 88 84 102 77 147 127 0.23 5.25 Kames Absolute Return Bond GBP B Acc 98 40 99 44 99 38 101 36 - - 0.67 - Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 67 243 65 246 68 230 73 215 127 174 0.78 6.11 Kames Global Eq Mkts Netrl GBP B Acc 103 8 104 13 104 18 - - - - 1.12 - Aviva Investors UK Lstd Eq MoM1 2 GBPInc 81 49 93 14 117 5 140 6 328 1 1.03 1.14 Kames UK Equity Absolute Ret GBP B Acc 104 4 110 3 102 26 100 44 120 23 0.82 - Aviva Investors UK Lstd Eq Uncons2GBPAcc 75 181 75 209 79 192 94 151 156 97 0.82 5.27 L&G Multi-Asset Target Return I Acc 92 78 90 96 98 44 - - - - - 5.01 Aviva Investors UK Lstd S&M Cap2 GBP Acc 73 211 79 154 87 104 100 98 160 85 0.82 2.40 LF Odey Absolute Return Sterling I Acc 92 77 86 109 95 63 86 76 209 2 5.06 - AXA Framlington UK Growth Z GBP Acc 83 27 93 12 97 30 109 40 179 52 0.72 2.18 Liontrust GF Absolute Ret Bd C5 Acc GBP 97 46 98 56 ------AXA Framlington UK Mid Cap Z Acc 81 55 87 39 95 40 115 26 - - 0.93 1.79 Liontrust GF EurpStratEq C3 H Instl Acc£ 85 106 86 106 93 78 ------AXA Framlington UK Select Opps ZI Acc 75 170 81 137 86 110 94 155 173 62 - 2.57 M&G Absolute Return Bond GBP I Acc 94 64 97 58 101 32 - - - - - 2.13 AXAWF Fram UK F Cap GBP 78 85 83 80 92 55 - - - - 1.00 - M&G Global Target Return GBP I Acc 98 39 96 64 98 48 - - - - - 0.72 Baillie Gifford UK Equity Alpha B Acc 79 71 85 58 107 15 125 16 206 25 0.69 1.90 Man Dyn Allc Professional C Acc 88 98 95 73 ------0.25 Baillie Gifford UK Equity Core B Acc 77 142 81 134 ------4.21 Man GLG Absolute Value Profl CX £ Acc 102 15 103 16------Baillie Gifford UK Equity Focus B GBPAcc 84 21 86 46 ------1.89 Man GLG Alpha Select Alt IL GBP Acc 106 2 110 2 131 2 138 3 154 6 2.15 - Barclays UK Alpha R Acc GBP 74 182 77 195 78 200 89 182 151 112 - 3.79 Man GLG European Alpha Alt IN H GBP 98 36 99 40 103 21 101 39 115 27 2.73 - Barclays UK Alpha S2 R Acc GBP 75 173 78 185 79 193 90 177 - - - 3.27 Merian Global Equity Abs Ret R GBP H Acc 93 69 87 105 87 90 94 59 137 12 1.42 - Barclays UK Core R Acc GBP 76 162 79 156 82 163 98 122 138 151 - 3.46 Merian Strategic Abs Ret Bd F2 GBP H Acc 102 16 105 10 106 9 103 32 115 26 0.70 - Barclays UK Lower Cap R Acc GBP 76 166 79 163 82 165 106 59 - - - 1.95 Merian UK Opportunities R GBP Acc 101 21 103 19 96 61 89 74 - - - - Barclays UK Opportunities R Acc GBP 76 153 82 91 90 68 108 47 182 48 - 3.18 Merian UK Specialist Equity R GBP Acc 102 11 105 9 111 6 - - - - 1.05 - BlackRock UK D Acc 82 40 89 36 100 23 119 24 168 70 0.92 1.99 MI Activus Investment Z GBP Acc 93 70 96 68 97 56 - - - - - 0.72 BlackRock UK Equity D Acc 79 79 86 48 94 42 113 31 - - - 2.82 New Capital Global Alpha GBP Inst Acc 93 68 96 71 97 50 - - - - 0.98 - BlackRock UK Special Situations D Acc 78 97 84 66 96 34 112 32 191 33 0.92 2.43 Newton Managed Targeted Ret Inst W Acc 96 50 103 17 102 25 113 14 - - - 1.80 BMO FTSE All-Share Tracker 2 Inc 77 127 81 131 86 111 100 101 146 132 0.38 5.24 Nordea 1 - GBP Diversified Return BC GBP 97 47 100 35 103 24 - - - - 1.00 - BMO Responsible UK Equity 2 Acc 77 111 83 76 95 38 111 36 193 32 0.81 2.99 Orbis OEIC Global Cautious Std GBP 90 93 90 95 ------0.04 BMO Select UK Equity 2 Acc 73 208 77 193 80 181 94 154 124 180 0.86 3.66 OYSTER Absolute Return GBP R GBP D 98 35 102 24 103 22 104 27 - - 0.76 1.40 BMO UK Mid-Cap C Acc 67 245 70 235 74 216 88 187 199 27 - 4.16 Polar Capital UK Absolute Eq I GBP 73 114 75 114 99 40 139 2 - - 9.50 - BNY Mellon UK Equity Inst W Acc 79 72 85 60 92 51 107 55 151 111 - 4.31 Premier Defensive Growth C Inc 95 57 93 87 92 84 94 61 - - - 0.87 BNY Mellon UK Opportunities Inst W Acc 78 92 86 55 90 69 107 58 179 51 - 2.89 Premier Multi Asset Absolute Ret C Acc 93 74 95 74 96 58 100 41 129 18 1.20 0.16 Castlefield CFP SDL UK Bufftlgy Inst Inc 81 56 89 32 113 9 162 3 - - - 1.21 Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc 93 67 87 103 ------0.03 Cavendish Opportunities B Inc 66 247 67 240 69 226 88 186 195 30 0.83 3.15 Quilter Investors Abs Rt Bd U2 GBP Acc 99 31 101 29 ------1.56 CFP SDL Free Spirit General (Acc) 93 2 98 4 119 1 - - - - - 0.64 Royal London Abs Ret Govt Bd M GBP Acc 100 22 100 39 99 37 100 42 - - - - Dimensional UK Core Equity GBP Acc 75 168 78 170 85 125 99 106 153 105 0.36 5.09 Royal London Duration Hedged Crdt Z Acc 96 49 97 60 103 23 107 21 - - - 2.96 Dimensional UK Value Acc 69 234 70 233 75 212 83 203 117 186 0.54 6.51 RWC Pensato Europa Absolute Ret R GBPAcc 105 3 107 4------EdenTree Amity UK B 82 48 86 47 89 72 101 94 186 41 0.87 3.01 Sanlam Multi Strat A GBP Acc 95 56 99 47 106 10 115 9 - - 1.03 - EdenTree UK Equity Growth B 78 86 82 94 92 56 105 64 233 16 0.84 3.00 Schroder Absolute Return Bond Z GBPAcc 92 76 94 77 95 67 96 57 109 32 0.92 2.40 ES R&M UK Dynamic Equity B Acc 78 90 82 98 84 141 103 67 186 39 1.19 3.55 Schroder European Eq Abs Ret P2 Acc Euro 99 28 102 21 93 73 109 18 100 35 1.01 - ES R&M UK Equity High Alpha Fund B Acc 72 223 73 226 78 201 96 141 169 66 0.82 4.36 Schroder ISF Asn Bd TR Z Acc USD 96 53 105 12 108 7 - - - - 0.94 - ES R&M UK Recovery Fund B Inc 72 219 73 220 78 203 99 113 188 36 1.17 3.51 Schroder ISF EM Dbt Abs Rt Z Acc EUR H 93 71 95 72 92 79 114 10 92 38 1.07 - Family Asset Trust 77 106 81 127 85 127 95 142 134 161 1.03 4.60 Schroder Multi-Asset Total Return Z Acc 89 96 91 94 ------Family Charities Ethical Tr Inc 82 41 85 61 91 65 99 107 130 170 1.46 3.39 Schroder UK Dynamic Abs Ret P2 GBP Acc 94 61 97 62 99 41 121 5 174 4 1.25 - Fidelity FAST UK Y-ACC-GBP 83 29 89 29 100 25 119 23 - - 1.28 - SLI Abs Ret Glb Bd Strats A Acc GBP 97 43 98 52 97 57 97 53 - - - - Fidelity Index UK P Acc 78 95 82 106 87 86 102 78 149 124 - 4.98 Smith & Williamson Defensive Growth B 85 108 87 102 95 65 105 26 136 14 - 0.45 Fidelity Instl UK Acc 80 60 83 78 84 137 98 120 160 83 0.87 3.36 Smith & Williamson Enterprise C 94 62 98 50 99 39 105 24 136 13 0.93 - Fidelity Special Situations W Acc 70 231 72 229 76 209 95 143 156 99 - 4.37 SVS Church House Tenax AbsRt Strts A Acc 96 55 97 63 98 47 105 23 131 17 1.35 0.45 Fidelity UK Opportunities W Acc 82 46 86 53 82 156 109 42 - - - 2.98 Threadneedle Dynamic Rl Ret Z Acc 92 82 94 81 98 49 106 22 - - - 1.30 Fidelity UK Select W Acc 78 91 83 84 92 59 107 50 173 61 - 2.88 Threadneedle UK Abs Alpha Z Acc GBP 91 86 94 84 92 83 94 62 - - 0.93 0.33 FP Octopus UK Equity B Acc 78 81 80 143 83 155 95 146 154 101 1.11 2.34 Tideway High Income Real Ret A GBP Inc 85 107 91 93 92 82 93 65 - - - 4.11 FP Russell Invsmts UK Growth Assts C Acc 71 225 75 210 80 179 90 179 142 138 1.07 3.67 Franklin UK Managers' Focus W Acc 80 63 85 56 90 70 108 48 224 22 0.83 3.19 www.whatinvestment.co.uk WhatInvestment May 2020 65 >|| Unit Trusts 13
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TERVal YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Franklin UK Mid Cap W Acc 74 190 84 74 95 37 107 56 238 13 0.82 4.13 Polar Capital UK Value Opports I GBP Acc 76 157 78 179 84 138 - - - - 1.69 - Franklin UK Opportunities W Acc 79 78 84 67 89 73 102 73 161 82 0.55 4.38 Premier Ethical C Inc 84 22 89 30 93 46 108 43 214 23 0.99 1.89 Franklin UK Rising Dividends W Acc 82 44 87 44 94 45 114 30 185 42 0.55 4.38 Premier UK Growth C Inc 84 23 89 31 100 26 116 25 185 44 1.03 2.13 GlobalAccess UK Opportunities M Acc GBP 76 149 83 83 91 63 108 44 - - 0.81 3.45 Quilter Inv UK Eq Opports U2 (GBP) Acc 77 138 82 93 79 188 91 174 - - - 3.40 GVQ Opportunities A GBP Inc 69 235 73 222 71 225 - - - - - 5.52 Quilter Investors Equity 1 A (GBP) Acc 74 184 78 180 79 189 107 51 233 15 1.10 1.66 GVQ UK Focus I GBP Inc 68 239 74 217 72 223 82 208 182 47 1.00 5.76 Quilter Investors UK Eq Gr U2 (GBP) Acc 78 100 85 59 91 61 106 60 - - - 3.14 Halifax Special Situations C 72 220 78 184 83 151 91 171 107 188 1.51 1.01 Quilter Investors UK Equity U2 (GBP) Acc 77 135 81 136 ------4.03 Halifax UK FTSE 100 Idx Track C 77 108 81 141 85 126 96 137 130 173 1.53 2.43 Rathbone UK Opportunities I Inc 85 14 87 41 86 108 101 91 186 37 0.81 2.84 Halifax UK FTSE AllSh Idx Track C 77 119 81 139 85 124 97 124 138 150 1.50 4.17 RBS UK Equity 1 Acc 7889------Halifax UK Growth C 74 183 77 196 81 170 93 162 130 169 1.51 3.97 Royal London FTSE 350 Tracker Z Acc 78 104 81 121 87 90 101 92 151 113 0.12 5.17 HL Multi-Manager UK Growth A Acc 75 172 78 177 80 180 96 140 - - - 3.00 Royal London Sustainable Leaders C Acc 88 7 102 2 118 2 138 8 250 8 - 2.00 HL Select UK Growth A Acc 87 8 94 10 108 12 - - - - - 1.69 Royal London UK All Share Tracker Z Acc 78 101 81 124 87 91 101 81 151 109 0.13 4.84 HSBC Common For Growth Income 76 158 78 173 79 185 86 194 139 147 0.75 5.82 Royal London UK Dividend Growth M 78 82 83 81 92 52 102 74 160 86 - 5.21 HSBC FTSE 100 Index Accumulation C 78 98 81 111 87 94 101 93 142 137 0.17 5.42 Royal London UK Equity M Acc 79 77 83 79 92 57 104 65 156 98 0.53 4.37 HSBC FTSE 250 Index C Acc 78 102 83 85 87 87 101 87 190 35 0.18 3.41 Royal London UK FTSE4Good Tracker 77 107 82 90 88 78 98 119 139 146 1.50 5.08 HSBC FTSE All Share Index C Acc 77 121 81 119 87 98 101 88 149 121 0.17 5.25 Royal London UK Growth 77 114 82 92 89 75 98 121 151 107 1.53 2.46 HSBC UK Focus R Acc 75 177 78 174 78 199 86 196 139 148 1.54 4.20 Royal London UK Mid-Cap Growth Instl M 76 147 83 82 96 35 105 61 241 12 0.74 2.30 HSBC UK Growth & Income C Acc 74 194 77 194 79 195 85 199 127 175 1.00 5.31 Royal London UK Opportunities M Acc 73 205 78 183 77 207 84 201 133 167 0.72 3.68 HSBC UK Multi-Factor Eq Instl A Inc 77 125 81 123 87 93 99 108 149 122 0.53 5.20 RWC UK Focus R GBP Acc 81 53 82 100 81 167 93 163 - - 1.15 - IFML Vitality UK Listed Equity D 83 31 87 42 93 48 107 52 - - - 2.85 Sanlam Active UK A GBP 79 73 80 148 86 117 90 178 133 166 1.11 - IFML Vitality UK Listed Equity Income D 83 25 90 27 96 33 114 29 - - - 2.77 Santander UK Equities A 77 128 81 125 84 145 95 145 133 164 1.01 3.77 Invesco High Income UK Z Acc 68 237 66 241 63 236 69 217 130 172 - 5.55 Santander UK Growth RA Acc 79 74 82 96 86 113 98 117 131 168 1.26 4.15 Invesco Income UK Z Acc 68 241 66 242 63 233 68 219 127 176 - 5.38 Sarasin Charity Thematic UK Eq GBP A Acc 79 70 85 64 92 58 96 135 - - 0.95 2.63 Invesco UK Companies UK Z Acc 76 146 79 160 77 206 85 198 161 79 - 4.54 Sarasin UK Equity P Acc 79 68 84 71 88 77 94 153 134 163 0.96 3.04 Invesco UK Enhanced Index UK(NoTrail)Acc 76 148 80 150 88 83 102 71 163 75 0.41 5.56 Schroder Core UK Equity Z Acc 75 178 78 176 80 184 89 184 126 177 0.84 5.86 Invesco UK Focus UK Z Acc 79 80 81 116 81 169 94 158 181 50 - 4.28 Schroder MM UK Growth Z Acc 74 185 77 199 78 202 88 188 142 140 1.40 3.60 Invesco UK Growth UK Z Acc 77 144 79 161 80 183 89 181 173 60 - 4.45 Schroder Prime UK Equity I Acc 75 167 80 145 86 116 99 111 155 100 0.51 4.77 Invesco UK Strategic Inc UK Z Acc 71 229 69 238 63 234 68 218 137 153 - 5.81 Schroder Recovery Z Acc 71 228 69 236 74 217 85 197 159 90 0.92 4.92 Investec UK Alpha I Inc 82 42 87 43 93 47 108 46 208 24 0.87 3.03 Schroder Responsible Value UK Eq I Acc 74 192 74 219 81 166 96 136 160 87 0.77 4.85 Investec UK Equity Income I Acc 83 26 90 26 97 29 115 27 - - - 2.88 Schroder UK Alpha Plus Z Acc 76 156 79 167 82 158 94 156 154 103 0.90 3.85 Investec UK Special Situations I Acc 67 244 69 237 73 220 82 206 134 162 0.85 4.10 Schroder UK Equity Z Acc 73 212 74 215 75 213 86 195 147 128 0.91 4.83 Investec UK Sustainable Equity I GBP Acc 91 3 100 3 ------1.53 Schroder UK Mid 250 Z Acc 70 232 72 228 75 214 81 210 162 77 0.91 3.65 iShares 100 UK Equity Index (UK) D Acc 77 115 81 122 87 96 101 85 - - - 5.76 Schroder UK Opportunities Z Acc 74 189 77 192 78 204 84 202 168 69 0.82 4.23 iShares Mid Cap UK Equity Idx (UK) D Acc 76 163 81 128 85 122 99 105 - - 0.19 3.87 Scot Wid MM UK Equity Focus A Acc 74 187 79 155 84 144 95 147 141 142 1.81 2.75 iShares UK Equity Index (UK) D Acc 77 136 81 138 87 101 101 89 150 119 0.16 5.43 Scot Wid MM UK Equity Growth A Acc 72 221 75 208 79 191 86 193 134 159 1.82 2.70 Janus Henderson Instl Hi Alp UK Eq I Acc 77 136 80 142 87 102 97 131 172 63 0.77 5.19 Scottish Friendly UK Growth 77 134 77 186 82 161 94 157 148 125 1.56 - Janus Henderson Instl MainstrmUKEq I Acc 77 133 81 130 88 85 98 115 167 72 0.54 5.00 Scottish Widows UK All Share Track I Acc 77 145 81 133 85 120 99 112 147 130 0.35 5.01 Janus Henderson Instl UK Eq Trck A Inc 77 143 80 144 84 133 96 138 137 152 1.04 4.27 Scottish Widows UK Growth A 74 198 77 198 80 182 90 180 119 184 1.61 4.24 Janus Henderson Instl UK Idx Opps I Acc 77 117 81 118 87 95 101 82 151 108 0.52 4.88 Scottish Widows UK Select Gr A 74 197 80 151 84 139 92 166 103 189 1.61 1.54 Janus Henderson UK Alpha I Acc 75 169 78 178 85 129 101 90 136 156 1.06 3.61 Scottish Widows UK Tracker G Acc 76 151 80 147 84 146 95 144 - - - 4.59 JOHCM UK Dynamic A Acc 68 240 73 224 78 205 94 150 174 58 1.00 6.09 Slater Growth P Acc 85 15 94 9 103 19 131 11 325 2 0.79 0.85 JOHCM UK Growth GBP A Inc 75 180 77 197 74 215 80 211 136 154 0.79 3.20 Slater Recovery P Acc 89 6 98 5 114 8 149 4 242 11 0.78 0.56 JOHCM UK Opportunities A GBP Acc 82 39 85 57 90 67 107 49 179 53 0.79 3.72 SLI UK Equity General Trust Retl Acc 76 165 77 200 79 187 88 189 123 181 0.84 2.36 JPM UK Dynamic C Net Acc 73 209 74 216 79 196 93 161 161 80 0.93 4.95 Smith & Williamson UK Equity Gr B Inc 73 210 79 162 83 149 94 149 158 93 - 3.25 JPM UK Equity Core E Net Acc 77 110 82 104 86 115 102 72 157 96 0.40 4.95 State Street UK Equity Tracker 78 94 81 109 87 88 102 75 149 120 0.70 - JPM UK Equity Growth C Net Acc 79 75 84 68 92 53 110 38 186 38 0.93 3.35 SVM UK Growth Instl 76 150 81 129 89 74 101 83 195 29 1.16 1.21 JPM UK Equity Plus C Net Acc 81 50 86 50 94 43 - - - - - 3.88 SVM UK Opportunities Instl 73 213 75 211 81 172 100 97 184 45 1.09 2.40 JPM UK Strategic Equity Income C Net Acc 69 233 71 231 74 218 87 192 136 155 0.93 6.99 SVS Church House UK Equity Growth A Acc 81 54 83 77 91 60 107 54 161 78 1.59 1.73 Jupiter Growth & Income I Acc 74 191 76 203 72 222 77 213 140 144 1.01 5.67 TB Evenlode Income B Inc 82 36 92 17 109 11 137 9 266 6 - 3.76 Jupiter Responsible Inc I Acc 80 57 86 54 85 130 91 169 158 95 - 5.03 TB Saracen UK Alpha B Acc 71 226 73 221 84 140 99 104 175 57 1.44 3.52 Jupiter UK Alpha I Acc 73 206 73 225 68 229 74 214 135 157 0.86 5.47 Threadneedle UK Equity Opps Z Inc GBP 72 222 75 214 77 208 92 165 - - - 4.34 Jupiter UK Growth I Acc 68 236 65 244 61 238 62 222 122 183 1.03 3.63 Threadneedle UK Extnd Alpha Ins Acc GBP 75 176 79 157 84 143 101 95 170 65 1.17 3.49 Jupiter UK Special Situations I Acc 75 179 78 172 79 194 97 130 177 54 0.78 4.78 Threadneedle UK Growth & Inc Z Inc 77 141 84 72 85 123 101 79 185 43 - 4.79 Kames Ethical Equity GBP B Acc 86 12 91 22 91 62 99 110 194 31 0.82 2.21 Threadneedle UK Institutional Ins Acc 75 175 79 159 82 164 96 139 151 110 0.78 4.06 Kames UK Equity GBP B Acc 80 61 84 65 84 134 97 127 145 134 0.82 3.00 Threadneedle UK Mid 250 Z Acc GBP 77 132 82 99 86 112 98 123 196 28 0.87 1.96 Kames UK Opportunities GBP B Acc 85 13 93 11 90 71 99 109 154 104 1.10 1.31 Threadneedle UK Select Z Inc GBP 80 65 83 86 84 136 97 126 171 64 - 3.71 L&G (N) Tracker I Acc 77 109 81 117 87 97 101 86 147 129 - 5.27 Threadneedle UK Sustainable Eq Z Acc 82 45 88 38 93 50 - - - - - 2.33 L&G Ethical I Acc 77 118 82 105 88 80 95 148 168 68 0.32 4.69 Threadneedle UK Z Inc GBP 74 188 78 171 80 175 96 133 165 73 - 4.14 L&G Future Wld Gender Lead UK Idx I Acc 78 105 82 101 ------4.99 TM CRUX UK Core Fund B Inc 80 58 87 40 94 44 112 35 186 40 1.18 2.51 L&G Future World ESG UK Index I £ Acc 77 123 ------TM CRUX UK Opportunities FUND A ACC 83 24 89 33 82 157 - - - - - 4.89 L&G Growth I Acc 74 202 79 153 82 159 107 53 141 141 0.79 1.38 TM CRUX UK Special Situations I GBP Acc 67 246 72 227 ------2.10 L&G UK 100 Index I Acc 78 84 81 112 87 89 101 84 143 136 0.24 5.59 TM UBS (UK) - UK Eq C Acc 77 130 81 114 88 81 103 68 - - - 3.10 L&G UK 350 Index A Acc 77 126 81 135 85 121 97 132 135 158 1.42 4.89 UBS UK Opportunities C Acc Net 68 238 69 239 71 224 87 191 124 179 - 6.66 L&G UK Alpha I Acc 71 227 66 243 54 239 63 221 108 187 0.80 1.45 Unicorn Outstanding British Co Instl 84 17 86 45 95 39 112 33 231 17 1.18 1.60 L&G UK Index I Acc 77 112 81 113 87 92 101 80 150 118 0.23 5.21 Unicorn UK Growth A 74 195 76 206 86 105 123 18 224 21 1.97 1.53 L&G UK Mid Cap Index I Acc 74 199 79 165 82 162 - - - - - 4.07 Vanguard FTSE 100 Index A GBP Acc 78 88 82 107 88 76 - - - - - 5.32 L&G UK Select Equity I Acc 73 214 75 212 74 219 88 185 130 171 - 3.98 Vanguard FTSE U.K. All Shr Idx UT Acc 78 93 81 108 88 79 103 69 152 106 0.15 5.27 L&G UK Special Situations I Acc 70 230 70 234 69 228 89 183 138 149 0.83 4.03 Virgin UK Idx Tracking Trust 78 99 81 120 86 118 98 116 140 143 1.00 4.94 Lazard UK Omega C Acc 75 174 77 189 79 190 91 173 - - - 4.37 VT Cape Wrath Focus GBP A Net Acc 62 250 65 245 62 237 - - - - - 4.46 Legg Mason IF QS UK Equity X Acc 82 47 84 70 83 154 92 164 140 145 - 5.81 VT Castlebay UK Equity A Accumulation 87 9 93 15 107 14 121 19 - - - 3.21 LF Canlife UK Equity C Acc 76 152 77 188 81 173 82 205 - - - 4.12 VT Garraway UK Equity Mrkt F GBP net Acc 73 207 74 218 81 168 88 190 - - - 5.87 LF IM UK Growth A Inc 80 62 85 63 91 64 105 63 - - 1.44 3.17 VT Munro Smart Beta UK A Acc Retail 75 171 76 201 80 176 90 176 118 185 2.40 7.32 LF Lindsell Train UK Equity Acc 82 35 94 8 115 7 139 7 320 3 0.83 2.21 VT Sorbus Vector A 89 5 93 13 104 18 - - - - - 1.95 LF Majedie UK Equity X Acc 77 124 79 166 78 198 92 168 160 84 0.78 4.49 VT Tyndall Real Income GBP A Acc 67 242 72 230 69 227 - - - - - 3.34 LF Majedie UK Focus X Acc 76 154 78 175 84 132 97 125 183 46 1.53 3.26 Wesleyan UK Growth X Acc 74 201 76 202 82 160 - - - - - 4.49 LF Miton UK Value Opps B Instl Acc 76 155 84 75 86 109 109 39 - - - 2.59 Average/Total 77 251 81 249 86 240 100 223 166 191 0.96 3.66 LF Purisima UK Total Return A PCG 79 67 84 69 88 82 97 128 149 123 1.46 2.69 Liontrust Macro UK Growth I Acc 76 159 77 190 79 197 82 207 - - - 6.22 (IA) UK DIRECT PROPERTY Liontrust Special Situations I Inc 84 20 89 34 104 17 134 10 302 4 0.92 2.20 Aberdeen UK Property Feeder UT I Acc 93 22 91 27 98 24 99 18 137 10 - 3.07 Liontrust Sust Fut UK Gr 2 Net Acc 84 18 91 21 107 13 126 14 225 20 0.85 2.11 Aberdeen UK Property I Acc 94 21 91 26 98 23 99 17 137 9 0.89 3.08 Liontrust UK Ethical 2 Net Acc 83 28 92 16 109 10 125 15 228 18 - 2.58 ARC TIME Commercial Lg Inc A Gross Acc 102 5 104 1 114 3 130 1 - - - 3.16 Liontrust UK Growth I Inc 81 51 86 52 95 41 120 21 225 19 0.92 2.81 ARC TIME Commercial Lng Inc Fdr I NetAcc 102 7 103 3 112 6 125 4 - - - 2.56 Liontrust UK Mid Cap C Acc GBP 74 200 75 213 67 231 78 212 203 26 - 3.84 ARC TIME Social Long Inc Fdr Tr I NetAcc 102 6 103 5 ------3.12 Liontrust UK Opportunities C Acc GBP 74 203 80 152 73 221 82 209 151 114 - 2.54 ARC TIME Social Long Income A Gross Acc 102 4 104 2 ------3.70 M&G Index Tracker GBP A Acc 78 103 81 110 87 103 100 102 148 126 0.46 4.85 Aviva Inv UK Prpty Fdr Acc 1 GBP Acc 92 28 91 25 99 22 95 21 123 15 - 2.48 M&G Recovery GBP I Acc 64 248 63 247 63 235 73 216 92 190 0.91 3.40 Aviva Inv UK Prpty Fdr Inc 1 GBP Inc 92 27 90 28 99 20 95 20 123 14 - 1.54 M&G UK Select GBP I Acc 84 19 86 49 93 49 102 70 159 92 0.91 2.66 Aviva Investors UK Property 2 GBP Acc 93 26 91 23 100 17 97 19 127 13 - 3.03 Man GLG Undervalued Assets Profl Acc C 72 224 70 232 83 150 98 118 - - - 4.67 BMO UK Property 2 Inc 106 1 101 6 109 8 119 7 - - 1.19 3.18 Marks & Spencer UK 100 Comp Acc 77 139 81 140 84 135 97 129 133 165 1.03 5.11 BMO UK Property Feeder 1 Acc 106 2 100 11 107 9 - - - - - 2.11 Marks & Spencer UK Selection Acc 73 215 76 205 76 210 83 204 122 182 1.61 3.98 Janus Henderson UK Pty PAIF Feeder I Acc 99 13 100 10 112 5 116 9 160 5 - 3.22 Marlborough Multi-Cap Growth P Inc 82 37 90 24 102 22 129 12 250 7 - 0.81 Janus Henderson UK Pty PAIF I Acc 99 12 100 9 112 4 116 8 160 4 - 3.25 Merian UK Alpha R GBP Acc 73 204 77 191 83 147 91 175 154 102 - 5.31 Kames Property Inc Feeder(Acc) GBP B Acc 97 20 97 16 99 21 109 13 - - - 4.82 Merian UK Dynamic Equity R GBP Inc 76 160 81 115 86 119 119 22 290 5 1.05 1.43 Kames Property Income GBP B Gross Acc 97 19 98 15 101 14 113 10 - - - 4.28 Merian UK Mid Cap R GBP Acc 74 186 79 164 81 174 109 41 246 10 0.85 1.57 L&G UK Property Feeder I Acc 99 10 100 7 114 1 127 2 179 1 - 2.51 MFM Bowland 90 4 97 6 118 4 168 2 248 9 2.09 1.97 L&G UK Property I Acc 99 10 100 7 114 1 127 2 179 1 - 2.23 MFM UK Primary Opportunities P Inc 79 69 82 89 92 54 115 28 146 131 - 3.93 LF Canlife UK Property ACS I Acc 93 25 93 20 ------4.11 MFS Meridian UK Equity W1 GBP 80 59 84 73 91 66 103 66 161 81 1.00 - M&G Feeder of Property GBP I Acc 93 23 92 22 100 19 101 16 135 12 1.34 3.34 MGTS AFH DA UK Multi-Cap Gr I GBP Acc 77 122 82 102 ------5.05 M&G Property Portfolio GBP I Acc 93 24 91 24 100 18 101 15 136 11 1.39 3.54 MI Brompton UK Recovery Trust Acc 77 131 80 149 87 99 100 100 163 74 2.55 1.35 MGTS St Johns High Income Property Acc 101 8 103 4 111 7 123 5 - - - 2.13 MI Charles Stanley Equity A Acc 86 10 96 7 102 21 110 37 182 49 1.60 3.44 MGTS St Johns Property Athrsd Tr GBP Acc 103 3------MI Chelverton UK Equity Growth B Acc 83 32 92 18 116 6 176 1 - - - 1.56 Royal London Property A Acc 99 9 99 12 107 10 120 6 170 3 0.85 3.27 Mirabaud UK Equity High Alpha A GBP Acc 80 64 78 182 84 142 96 134 134 160 1.55 - SLI UK Real Estate Acc Feeder P 1 Acc 97 18 96 18 106 13 - - - - - 3.19 Montanaro UK Income GBP 85 16 90 25 98 27 - - - - 0.87 4.82 SLI UK Real Estate Inc Feeder P 1 Inc 97 17 96 19 107 12 - - - - - 3.43 NFU Mutual UK Growth C 81 52 85 62 97 31 112 34 159 88 - 3.39 SLI UK Real Estate Platform 1 Acc 97 16 97 17 107 11 108 14 143 6 - 3.79 Ocean UK Equity B Acc 82 43 90 28 ------2.81 Threadneedle UK Prpty Authrsd GBP InsInc 98 15 98 13 101 15 110 11 140 7 - 4.70 66 WhatInvestment May 2020 www.whatinvestment.co.uk >>|| Unit Trusts 14
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Threadneedle UK Prpty Authrsd Invmt INI 98 14 98 14 101 16 110 12 140 8 - 4.71 ASI Sterling Lg Dtd Govt Bond I Acc 105 1 119 1 127 2 147 1 241 2 - 0.88 VT Redlands Prpty A GBP Acc 91 29 93 21 ------3.31 ASI Sterling Short Term Govt Bond I Acc 101 26 103 28 103 28 104 25 112 21 - 0.37 Average/Total 98 29 97 28 105 24 111 21 146 15 1.13 3.24 ASI UK Government Bond P1 Acc 103 6 111 6 114 12 123 16 164 14 - 0.61 BNY Mellon Long Gilt Exempt 2 Acc 105 2 118 5 125 4 145 3 243 1 0.25 1.16 (IA) UK EQUITY AND BOND INCOME Franklin UK Gilt W Acc 102 23 110 17 114 15 - - - - - 1.15 Cavendish UK Balanced Income B 66 7 70 7 69 7 79 7 - - 0.63 7.50 HSBC Gilt & Fixed Interest C Acc 102 19 110 22 113 20 122 21 159 19 - 1.83 HSBC Monthly Income C Acc 79 6 83 6 85 6 93 6 137 6 - 4.78 HSBC UK Gilt Index C Acc 103 13 110 12 114 14 124 11 - - 0.17 2.18 LF Canlife UK Eq and Bond Inc C Acc 85 1 89 2 92 2 106 2 163 4 0.80 5.41 iShares Over 15 Yrs Gilts Idx (UK) D Acc 105 3 118 2 129 1 - - - - - 1.23 M&G UK Income Distribution GBP I Acc 82 5 85 4 90 3 103 3 170 2 0.84 5.09 iShares UK Gilts All Stks Idx (UK) D Acc 103 15 110 14 115 8 125 8 - - 0.16 1.12 Royal London UK Income with Growth 82 4 85 5 88 5 94 5 145 5 1.53 6.79 Janus Henderson Instl Lg Datd Gilt I Acc 104 5 118 3 124 5 142 4 233 3 0.54 1.19 Threadneedle Managed Eq Inc Z Inc 82 3 87 3 89 4 102 4 169 3 - 4.85 Janus Henderson Instl UK Gilt I Acc 102 24 110 15 113 21 122 20 163 17 0.54 1.43 Threadneedle Mthly Etr Inc Z Inc GBP 83 2 89 1 93 1 108 1 195 1 - 4.66 L&G All Stocks Gilt Index I Acc 103 16 110 18 114 16 124 13 168 9 - 1.12 Average/Total 80 7 84 7 87 7 98 7 163 6 0.95 5.58 LF Canlife UK Government Bond C Inc 103 11 110 20 112 24 121 23 154 20 - 1.20 M&G Gilt & Fixed Interest Inc GBP I Acc 102 21 109 25 112 26 122 22 164 13 0.66 0.76 (IA) UK EQUITY INCOME Quilter Investors Gilt Index A GBP Acc 103 7 111 8 114 11 123 17 165 12 0.69 2.30 Allianz UK Equity Income C Inc 77 36 83 26 90 12 98 25 157 27 - 6.94 Royal London Short Duration Gilts M Inc 100 28 101 29 102 29 103 26 - - - 0.81 Ardevora UK Income C GBP Inc 78 25 81 32 84 30 96 28 - - - 6.10 Royal London UK Government Bond M Acc 103 14 110 19 114 19 124 15 164 15 - 2.17 Artemis Income I Inc 78 30 84 21 90 10 103 11 176 11 0.79 5.83 Santander Sterling Government Bond IA 102 25 110 23 114 17 124 12 169 7 - 1.17 ASI UK High Income Equity P1 Acc 73 74 73 77 74 74 80 71 127 55 - 6.65 Schroder Gilt & Fxd Int A Acc GBP 102 22 110 21 113 22 123 19 159 18 0.56 2.19 ASI UK Income Equity I Acc 83 7 90 3 92 4 103 14 165 19 1.10 4.99 Scottish Widows Gilt G Acc 102 20 109 24 112 25 119 24 - - - 0.11 ASI UK Income Unconstrained Eq P1 Acc 72 79 69 83 72 76 77 74 155 32 - 6.80 Scottish Widows UK Fix-Int Trkr I Acc 103 10 110 13 115 9 125 10 169 8 0.37 1.17 Aviva Investors UK Listed Eq Inc 2 £ Acc 77 42 81 34 85 26 99 23 - - 0.81 5.83 Threadneedle Sterling Bond Z Inc 103 17 110 16 114 18 124 14 165 11 - 0.90 AXA Framlington Monthly Income Z GBP Inc 75 58 79 47 84 28 100 20 167 18 0.84 6.89 Threadneedle UK Fixed Interest Z Acc 103 12 110 11 114 13 125 9 172 6 - 0.78 AXA Framlington UK Equity Income Z £ Acc 83 10 88 5 89 14 101 16 173 13 - 4.69 Vanguard UK Govt Bd Idx GBP Acc 102 18 111 9 116 7 127 6 178 5 0.12 1.13 Barclays UK Equity Income R Acc GBP 74 67 75 63 79 53 89 49 - - - 6.91 Vanguard UK Lg Dur Gilt Idx A Grs Acc 104 4 118 4 126 3 146 2 - - 0.15 1.64 Barclays UK Equity Income S2 R Acc GBP 74 66 75 64 79 54 89 53 - - - 6.61 Wesleyan Risk Averse A Acc 101 27 103 27 105 27 - - - - - 0.92 BlackRock UK Income D Acc 81 14 86 12 89 17 103 10 158 24 0.92 5.02 Average/Total 103 29 111 29 115 29 126 26 175 21 0.40 1.18 BMO Responsible UK Income 2 Inc 80 18 85 14 92 3 106 6 188 6 0.85 5.39 BMO UK Equity Income 2 Inc 77 38 80 38 83 36 100 21 141 47 1.85 6.85 (IA) UK INDEX-LINKED GILTS BNY Mellon Equity Income Bster Inst WAcc 75 60 76 60 77 65 87 60 137 50 - 10.55 Allianz Index-Linked Gilt W GBP Acc 98 1 108 1 ------0.78 BNY Mellon Equity Income Inst W Acc 75 59 76 56 81 46 92 44 155 34 - 6.84 AXA Sterling Index Lkd Bond Z Gross 96 8 106 5 113 3 139 3 230 1 0.33 - BNY Mellon UK Income Inst W Acc 80 20 84 19 90 11 105 9 136 52 - 5.72 Baillie Gifford Act IdxLnkd Glt InvmBInc 95 12 105 10 111 6 134 8 - - 0.42 1.16 Castlefield B.E.S.T. Sust Inc Instl 82 13 87 9 84 31 89 50 136 51 2.87 5.24 BNY Mellon Index Linked Gilt Exempt 2Acc 97 2 107 2 115 1 140 1 227 2 0.25 1.25 Courtiers UK Equity Income Retl R 74 61 74 73 83 39 - - - - - 7.88 iShares Index Linked Gilt Idx (UK) D Acc 95 9 106 6 113 4 139 2 - - 0.29 0.27 DMS Charteris Premium Income I Acc 83 12 83 25 80 48 93 38 113 59 - 7.56 Janus Henderson Index-Linked Bond I Acc 95 11 106 4 111 8 136 5 223 3 0.54 - DMS Kleinwort Hambros Eq Inc A Acc 75 55 77 50 77 63 84 69 129 53 2.30 6.20 L&G All Stocks Index Linked Gt Idx I Acc 96 6 106 7 111 7 135 6 211 6-- ES Ardevora UK Income Instl Net Acc 78 31 81 35 83 38 96 30 - - 1.31 5.74 M&G Index-Linked Bond GBP I Acc 96 4 105 11 110 11 134 9 213 5 0.56 - ES R&M UK Equity Income Fund B Inc 84 5 85 15 88 19 102 15 175 12 0.93 5.82 Royal London Index Linked M Acc 97 3 106 3 114 2 138 4 218 4-- Fidelity Enhanced Income W Inc 83 11 86 13 84 33 93 41 147 41 - 8.85 Schroder All Mats Idx Lnkd Bd I Acc 96 6 105 8 111 9 134 7 207 8 0.28 0.36 Fidelity MoneyBuilder Dividend W INC 83 8 86 11 84 29 97 27 171 14 0.67 6.46 Scottish Widows UK Idx Lnkd Trkr I Acc 95 10 104 12 112 5 133 11 210 7 0.37 0.16 FP Miton Income B Acc 78 29 81 33 81 44 96 35 158 25 0.93 5.35 Threadneedle UK Index Lnkd Ins Acc 96 5 105 9 111 10 133 10 205 9 - 0.90 FP Octopus UK Multi Cap Income S GBP Acc 91 1 98 1 ------4.88 Vanguard UK Infl-LnkdGltIdx A Grs Acc 90 13 100 13 106 12 129 12 - - 0.15 - Franklin UK Equity Income W Acc 79 24 82 27 89 15 107 4 187 7 0.54 5.90 Average/Total 96 13 105 13 111 12 135 12 216 9 0.35 0.70 GAM UK Equity Income Instl Acc 76 45 75 67 ------5.63 Halifax UK Equity Income C 74 63 76 61 79 56 90 47 121 57 1.54 6.62 (IA) UK SMALLER COMPANIES HL Multi-Manager Income & Growth A Acc 76 51 76 58 76 68 86 66 152 40 1.31 6.73 Aberforth UK Small Companies Acc 65 51 68 51 68 46 83 45 176 39 0.86 4.61 HL Select UK Income Shares A Acc 86 3 88 6 90 13 - - - - - 5.18 Artemis UK Smaller Companies I Acc 72 48 77 41 85 31 119 28 234 30 0.84 3.33 HSBC Income Accumulation C 74 68 77 55 78 60 85 67 129 54 - 5.49 ASI (AAM) UK Smaller Companies I Acc 88 4 92 5 103 9 123 18 236 29 - 1.85 Invesco Income & Growth UK Z Acc 78 27 83 23 85 25 96 32 152 39 - 4.97 ASI UK Smaller Companies P1 Acc 89 2 96 1 118 1 161 3 333 7 - 1.06 Janus Henderson UK Eq Inc&Gr I Inc 71 80 73 76 69 77 78 73 164 20 0.82 6.93 Aviva Investors UK Smaller Coms 2 £ Acc 83 17 86 17 97 19 112 34 253 24 1.13 1.62 Janus Henderson UK Responsible Inc I Inc 79 22 87 7 93 2 103 13 207 3 0.84 5.37 AXA Framlington UK Smlr Coms Z GBP Acc 77 37 80 33 91 27 121 23 301 9 0.88 0.99 JOHCM UK Equity Income A GBP Acc 69 82 70 80 75 71 87 63 159 22 0.80 8.02 Baillie Gifford British Smlr Coms B Acc 84 14 82 26 78 43 91 44 217 35 0.69 0.78 JPM UK Equity Income C Net Acc 81 15 84 22 ------7.25 BlackRock UK Smaller Companies D Acc 80 22 86 16 99 14 132 14 277 18 0.92 1.79 Jupiter Income Trust I Acc 73 76 75 69 76 67 93 42 147 42 0.94 6.47 BMO UK Smaller Companies 2 Acc 76 39 77 38 89 30 114 32 270 21 0.85 2.36 Kames UK Equity Income GBP B Inc 78 28 82 30 84 27 99 22 158 23 1.11 6.16 Castlefield B.E.S.T Sust UK SmComs Instl 85 10 89 10 98 15 128 15 252 26 2.77 0.65 L&G UK Equity Income I Acc 73 71 73 75 73 75 82 70 - - 0.88 7.24 Cavendish AIM B 73 45 76 44 107 6 163 2 283 17 0.89 1.35 Lazard Multicap UK Income A Acc 75 56 78 48 82 41 95 37 161 21 1.01 6.39 Dimensional UK Smlr Coms Acc 73 47 77 40 81 39 95 41 197 37 0.66 3.81 LF ASI Income Focus A Sterling Acc 70 81 58 85 51 79 - - - - - 10.33 Elite Webb Cap Smaller Co Inc & Gr B Acc 57 52 51 52 65 47 67 47 - - - 0.83 LF Canlife UK Equity Income C Acc 76 43 79 43 81 45 93 40 144 45 0.93 5.86 ES R&M UK Equity Smaller Coms Fd B Acc 87 6 89 9 96 21 127 16 340 4 0.95 1.87 LF Gresham House UK Mlt Cap Inc C £ Acc 90 2 94 2 ------4.70 Fidelity UK Smaller Companies W Acc 70 50 74 48 79 42 101 36 - - - 2.87 LF Majedie UK Income X Acc 76 46 77 51 83 40 87 61 - - 0.79 6.41 FP Octopus UK Micro Cap Gr P Acc 90 1 94 3 116 2 151 6 252 25 - - LF Miton UK Multi Cap Inc B Acc Instl 85 4 87 8 92 5 112 2 - - 0.82 5.67 Franklin UK Smaller Companies W Acc 84 12 89 11 99 12 123 20 226 33 0.83 1.63 Liontrust Income C Acc GBP 78 33 82 31 90 9 106 7 157 26 - 5.33 Halifax Smaller Coms C 75 43 75 46 82 38 97 39 174 40 1.51 2.03 Liontrust Macro Equity Income I Acc 75 53 77 52 80 50 88 57 147 43 - 7.42 Invesco UK Smaller Coms Eq UK Z Acc 79 25 87 15 100 11 138 10 274 20 - 1.68 M&G Dividend GBP I Acc 76 47 79 45 77 64 88 55 138 48 0.91 5.75 Investec UK Smaller Companies I Inc 85 11 89 13 103 10 121 22 294 10 0.85 1.75 M&G Equity Investment for Chrts GBP Inc 77 35 82 28 89 16 101 17 177 10 0.47 6.98 Janus Henderson UK Smaller Coms I Acc 79 26 83 24 94 24 117 29 293 11 0.82 2.05 Man GLG Income Professional Acc C 76 50 76 59 91 7 109 3 169 16 0.91 7.49 Janus Henderson UK&Irish Smr Coms I Acc 79 29 82 27 82 37 92 43 160 41 - 2.08 Marlborough Multi Cap Income P Acc 77 37 79 40 87 21 96 33 - - - 6.57 JPM UK Smaller Companies C Acc 83 16 90 8 98 16 120 26 244 27 0.93 2.05 Merian UK Equity Income R GBP Acc 74 64 74 70 77 61 84 68 155 31 0.94 6.89 Jupiter UK Smaller Companies Fd I 72 49 72 49 98 17 140 8 263 22 - 1.46 MI Chelverton UK Equity Income B Acc 69 84 71 79 77 62 95 36 219 2 1.00 7.14 Kames UK Smaller Companies GBP B Acc 84 13 87 14 99 13 120 27 230 31 1.10 1.81 MI Downing Monthly Income Acc 75 54 77 49 74 73 79 72 - - 1.93 6.91 L&G UK Smaller Companies I Acc 81 20 84 20 84 33 98 38 228 32 - 2.32 NFU Mutual UK Equity Income C 76 44 79 42 84 34 98 24 155 33 - 6.57 Lazard UK Smaller Companies C Inc 78 34 81 31 83 35 100 37 - - - 2.78 Premier Income C Inc 73 70 75 68 76 69 89 54 153 38 0.88 7.50 LF Gresham House UK Micro Cap C Acc 87 7 89 12 112 5 142 7 365 2 - 0.93 Premier Monthly Income C 74 65 75 65 77 66 89 51 157 28 0.95 7.69 LF Gresham House UK Smaller Coms C Acc 80 23 85 19 ------0.39 Premier Optimum Income C Inc 73 75 74 72 76 70 87 62 155 30 1.44 10.11 LF Miton UK Smaller Companies B Acc 86 8 74 47 73 45 93 42 - - - 0.17 Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 78 32 84 20 89 18 101 18 - - - 6.97 LF Tellworth UK Smaller Companies R Acc 82 18 84 21 ------0.72 Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 80 19 85 18 91 8 106 5 - - - 6.05 Liontrust UK Micro Cap I Acc 88 5 92 6 115 3 - - - - - 0.28 Quilter Investors UK Eq Inc U2 (GBP) Acc 73 69 74 71 ------7.00 Liontrust UK Smaller Companies I Inc 89 3 94 2 112 4 168 1 384 1 - 0.29 Rathbone Income I Inc 77 40 80 37 82 43 96 29 178 9 0.81 5.63 M&G Smaller Companies GBP I Acc 80 24 85 18 95 22 121 24 224 34 0.91 2.65 Royal London UK Equity Income M 76 52 80 39 86 22 100 19 - - 0.68 6.23 Marlborough Nano Cap Growth P Acc 73 46 77 39 98 18 134 12 - - - 0.22 Santander Enhanced Income II 83 9 87 10 92 6 105 8 145 44 0.80 6.62 Marlborough Special Situations P Acc 79 27 81 29 89 29 123 19 293 12 - 1.36 Santander Equity Income RI 79 23 82 29 86 23 97 26 156 29 1.28 6.47 Marlborough UK Micro Cap Growth P Acc 79 30 81 32 95 23 139 9 340 5 - 0.77 Schroder Income Fd Z Acc 72 77 70 82 78 57 89 52 153 37 0.91 7.29 Merian UK Smaller Companies R GBP Acc 82 19 83 22 94 25 136 11 288 14 1.05 0.96 Schroder Income Maximiser Z Acc 74 62 73 78 80 51 88 56 138 49 0.91 10.77 Merian UK Smaller Coms Foc R GBP Inc 78 32 79 35 94 26 159 4 354 3 0.84 1.27 Schroder UK Alpha Income Z Inc 78 26 80 36 80 49 88 58 170 15 0.86 6.63 MFM Techinvest Special Situations A Acc 78 33 78 36 75 44 117 30 207 36 1.84 - Scot Wid MM UK Equity Income A Acc 77 41 79 41 80 47 91 45 142 46 1.81 6.00 MGTS AFH DA UK Smaller Coms I GBP Acc 79 28 83 25 ------2.49 Scottish Widows UK Equity Income A Acc 73 73 76 62 78 59 88 59 118 58 1.36 6.88 MI Discretionary Unit Inc 75 42 77 42 84 34 126 17 288 15 0.42 1.30 Slater Income P Inc 76 48 77 53 80 52 90 48 - - 0.80 6.68 MI Downing UK Micro-Cap Growth B 75 41 68 50 58 48 73 46 152 42 2.04 - SVS Albion Olim UK Equity Acc 73 72 76 57 79 55 92 43 154 35 1.50 6.10 Royal London UK Smaller Companies M 85 9 92 4 103 8 120 25 276 19 - 1.07 TB Guinness UK Eq Inc Y Clean Income 75 57 79 46 74 72 - - - - - 5.90 Schroder Instl UK Smaller Cos I Acc 79 31 82 28 90 28 122 21 291 13 0.52 2.55 TB Saracen UK Income B Acc 69 83 70 81 78 58 87 64 - - - 7.96 Schroder UK Dynamic Smaller Coms Z Acc 78 35 77 37 80 41 114 31 301 8 0.86 1.92 Threadneedle UK Eq Inc Z Inc GBP 80 17 85 16 88 20 103 12 192 5 - 5.46 Schroder UK Smaller Companies Z Acc 77 36 80 34 83 36 114 33 263 23 0.91 1.72 Threadneedle UK Equity Alpha Inc Z Inc 80 16 85 17 85 24 96 31 187 8 0.88 5.84 Scottish Widows UK Smlr Coms A 74 44 75 45 81 40 96 40 188 38 1.61 1.66 Threadneedle UK Monthly Inc Z Inc 80 21 83 24 83 37 93 39 167 17 - 6.35 TB Amati UK Smaller Companies B 80 21 83 23 106 7 158 5 338 6 1.39 1.46 TM RWC UK Equity Income R Acc 72 78 73 74 ------5.62 Threadneedle UK Smaller Coms Z Inc 84 15 91 7 97 20 133 13 286 16 - 0.75 Trojan Income O Acc 83 6 89 4 93 1 113 1 200 4 1.05 4.41 Unicorn UK Smaller Companies A 76 40 76 43 84 32 108 35 243 28 1.86 2.37 UBS UK Equity Income C Acc Net 67 85 67 84 68 78 86 65 127 56 - 8.00 VT Teviot UK Smaller Companies Net Acc 77 38 81 30 ------3.28 Unicorn UK Ethical Income B Inc 77 39 75 66 84 32 - - - - - 6.67 Average/Total 79 52 82 52 92 48 120 47 264 42 1.09 1.67 Unicorn UK Income B Inc 76 49 77 54 84 35 96 34 229 1 0.89 6.65 Vanguard FTSE U.K. Eq Inc Idx Acc 78 34 79 44 82 42 90 46 154 36 0.25 7.12 (IA) UNCLASSIFIED SECTOR Average/Total 77 85 79 85 82 79 94 74 158 59 1.05 6.56 Abbotsford GBP Acc 91 91 97 75 105 40 121 50 183 29 1.22 1.51 Arbor GBP Inc 90 101 98 62 105 45 122 47 157 73 1.56 0.23 (IA) UK GILTS Architas MM Divers Prot 85 R Net Acc 97 22 101 24 101 87 103 169 - - 0.02 - Allianz Gilt Yield C Inc 103 8 111 7 116 6 126 7 168 10 0.53 1.08 Architas MM Diversified Protector 70 94 50 101 27 102 73 109 125 126 134 2.39 - ASI (AAM) Sterling Govt Bond I Acc 103 9 111 10 114 10 123 18 163 16 - 0.54 Architas MM Diversified Protector 80 96 26 101 19 102 79 105 149 117 139 2.20 - ASI Sterling Inflation-Linked Bond I Acc 96 29 106 26 113 23 138 5 212 4 - 1.01 Artemis Instl Equity Income IN Acc 78 244 84 228 90 206 102 170 175 43 0.78 5.63 www.whatinvestment.co.uk WhatInvestment May 2020 67 >| Unit Trusts 15
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% ASI Diversified Core Adventurous I Acc 89 115 91 166 98 127 - - - - - 3.43 Navajo GBP Acc 90 108 99 46 108 21 129 17 185 24 1.48 0.15 ASI Diversified Core Cautious I Acc 95 39 98 69 99 124 - - - - - 2.51 New Capital Swiss Sel Eq CHF Ord Acc 85 203 93 142 88 214 126 22 - - 1.56 - ASI Diversified Core Conservative I Acc 98 20 100 35 102 80 - - - - - 1.11 OHP Fund 89 116 97 79 106 32 124 38 184 26 1.53 0.63 ASI Diversified Core Growth I Acc 92 77 95 116 97 153 - - - - - 2.71 Prestney GBP Inc 95 38 100 43 106 31 123 43 156 75 1.32 0.97 ASI Sterling Bond I Acc 101 8 108 8 113 10 120 55 160 67 - 1.03 Quilter Inv Cirilium Advnturs Pasv R 85 196 95 109 ------1.63 Baillie Gifford Act Lng Glt Invmt B Inc 104 3 117 3 123 3 142 4 236 5 0.43 1.40 Quilter Inv Cirilium Balanced Pasv R 91 90 97 83 102 68 121 53 - - 0.85 2.04 Baillie Gifford Active Glt Invmt B Inc 102 7 110 6 113 9 123 41 165 59 0.42 1.16 Quilter Inv Cirilium Cnsrv Pasv R 96 35 100 31 104 51 117 69 - - 0.85 1.67 Baillie Gifford UK and Worldwide Eq B 84 207 90 190 ------2.17 Quilter Inv Cirilium Dynamic Pasv R 83 217 90 182 97 139 121 51 - - 0.85 2.65 BlackRock Growth and Recovery A Acc 83 219 89 205 102 76 135 10 270 1 1.03 1.51 Quilter Inv Cirilium Moderate Pasv R 87 160 94 129 100 108 121 49 - - 0.85 2.45 Carmignac Pf Sécurité F GBP Acc Hdg 96 25 100 39 100 111 103 162 - - 0.71 - Quilter Inv Creation Advnturs R GBP Acc 81 232 88 213 ------2.08 Carmignac Sécurité A EUR Acc 96 32 101 23 99 116 119 61 111 144 0.98 - Quilter Inv Creation Bal R (GBP) Acc 88 130 92 150 93 190 100 182 134 128 - 2.21 CG Shenkman Hansa High Yield 86 167 91 174 96 165 120 59 - - - 2.90 Quilter Inv Creation Cnsrv R (GBP) Acc 91 93 94 126 95 177 101 176 134 129 - 2.26 Chestnut Fund Inc 89 119 94 120 101 91 107 137 -- - -Quilter Inv Creation Mod R (GBP) Acc 86 185 91 177 92 198 99 184 137 123 - 2.11 DMS Stirling House Balanced Acc 95 42 101 21 106 29 119 63 - - - 0.47 Quilter Inv Generation CPI+ 3 R GBP Inc 87 161 90 194 90 212 94 195 - - - 3.29 DMS Stirling House Dynamic Acc 91 94 98 63 106 30 123 40 - - - 0.33 Quilter Inv Generation CPI+ 4 R GBP Inc 86 168 90 195 89 213 93 198 - - - 3.31 DMS Stirling House Growth Acc 93 60 100 36 106 34 120 57 - - - 0.43 Quilter Inv Generation CPI+ 5 R GBP Acc 84 213 88 214 87 216 - - - - - 2.98 DMS Stirling House Monthly Inc Ret Acc 93 59 98 53 101 98 105 150 - - - 2.54 Quilter Investors Equity 2 A (GBP) Acc 69 248 69 238 73 229 83 204 133 131 1.08 5.03 DMS Verbatim Portfolio 3 B Acc 92 73 96 89 101 95 112 96 152 87 1.32 1.13 Rathbone Active Income and Growth Inc 87 152 93 139 101 86 117 71 - - - 3.18 DMS Verbatim Portfolio 4 B Acc 89 117 94 127 99 118 111 108 151 89 1.33 1.40 Rathbone Dragon Trust £ Acc 88 135 93 138 102 75 126 25 176 42 0.89 0.87 DMS Verbatim Portfolio 5 Growth B Acc 86 182 91 181 96 167 109 116 151 90 1.33 1.57 Rathbone Global Alpha Instl GBP Acc 82 225 88 209 97 142 118 65 - - - 0.90 DMS Verbatim Portfolio 5 Income B Inc 86 191 91 171 96 169 107 133 158 70 1.22 3.96 Rathbone Heritage Inst Inc 87 151 92 151 96 168 114 83 - - - 1.81 DMS Verbatim Portfolio 6 B Acc 85 202 90 192 94 179 108 129 146 101 1.35 1.69 Rathbone Spenser 87 156 93 141 98 132 111 104 141 111 1.16 1.18 DMS Verbatim Portfolio 7 B Acc 82 222 88 212 92 197 109 117 158 71 1.34 1.68 Rathbone Sussex Growth 85 204 89 200 99 112 121 52 183 28 1.62 0.95 Elite Specialist Portolio Instl Inc 87 141 93 137 86 221 90 200 105 149 1.39 0.29 Rathbone Sussex Income 80 235 83 230 93 195 104 159 171 48 1.26 4.87 Fidelity Diversified Growth A 86 173 92 156 97 151 106 139 139 115 1.18 2.37 Royal London Cash Plus M Inc 100 11 100 32 101 85 102 171 - - - 0.80 Fidelity Inst Lng Bd Inc 105 2 118 2 125 2 145 3 250 3 0.33 1.61 Royal London Enhanced Cash Plus Y Acc 99 13 100 33 102 72 - - - - - 1.40 Fidelity Instl Europe ex UK Acc 86 172 99 45 107 25 121 48 183 31 0.89 1.07 S&W Acacia 88 129 96 95 112 12 139 6 251 2 0.78 - Fidelity Instl Index Linked Bond Inc 96 31 107 10 113 8 139 7 231 6 0.33 0.09 S&W Bay 89 120 98 56 115 4 145 2 227 7 0.84 1.95 Fidelity Instl Select Emerg Mkt Acc 84 210 89 199 96 163 122 46 130 133 1.16 1.31 S&W Beech 79 238 85 224 90 208 98 188 138 122 0.84 - Fidelity Instl Select Global Eqs Acc 86 171 96 99 104 55 130 13 217 9 0.88 1.03 S&W Brighton Rock 90 107 98 52 106 35 123 42 186 22 1.57 - Fidelity Instl UK Gilt Inc 103 4 110 4 115 5 126 24 176 41 0.32 1.32 S&W Daisybelle 96 34 101 20 98 126 106 141 150 95 1.16 - Folla Inc 86 164 93 145 101 88 114 87 142 108 1.14 1.22 S&W Endeavour II Acc 85 200 90 185 96 157 117 70 154 79 1.67 - FP Apollo Multi Asset Adven D GBP Acc 77 245 80 233 82 226 87 202 - - 2.45 0.67 S&W Enterprise Trust 86 184 93 131 102 64 121 54 152 85 1.31 - FP Apollo Multi Asset Bal D GBP Acc 83 220 85 226 86 220 95 192 108 145 1.97 1.07 S&W Gryphon Dover Net Inc 78 243 78 235 77 227 81 205 111 143 2.00 - FP Apollo Multi Asset Cau D GBP Acc 86 178 89 202 90 204 99 186 115 140 2.15 0.70 S&W Gryphon East River Net Inc 87 159 91 180 92 199 108 126 135 126 1.71 - FP CAF Alternative Strategies A Acc 94 52 95 114 94 186 94 194 - - 1.47 0.49 S&W Gryphon Peapod Net Inc 88 140 92 161 95 170 115 79 158 69 1.74 - FP CAF Fixed Interest A Acc 94 48 99 44 101 92 105 148 - - 1.00 2.30 S&W Headway 90 97 96 98 104 54 117 68 153 82 1.49 - FP CAF International Equity A Acc 84 209 93 143 102 65 132 12 - - 1.17 0.82 S&W Jetwave Trust Acc 86 190 89 203 99 125 113 91 166 57 1.40 3.08 FP CAF UK Equity A Acc 78 240 80 234 82 224 94 193 - - 1.24 3.55 S&W Knotts Investment Inc 86 176 91 169 98 135 107 135 161 65 1.02 3.34 FP Frontier MAP Balanced C 80 236 82 231 82 225 84 203 99 151 1.27 1.07 S&W Lancaster 82 228 87 216 90 205 105 155 139 113 1.96 - FP Luceo 3 A Acc 92 78 98 68 100 100 - - - - - 0.57 S&W Langham Trust 81 233 87 217 87 219 96 191 107 146 1.92 - FP Luceo 4 A Acc 89 118 95 106 100 110 - - - - - 0.61 S&W Magnum 85 195 92 159 98 137 110 109 172 46 1.03 - FP Luceo 5 A Acc 87 146 93 144 97 145 - - - - - 0.68 S&W Marathon Inc 83 218 86 223 97 140 113 89 166 56 1.31 - FP Luceo 6 A Acc 86 186 91 176 96 161 - - - - - 0.78 S&W MF 82 223 86 222 98 133 120 56 169 53 1.92 1.82 FP Luceo 7 A Acc 84 214 89 204 93 193 - - - - - 0.89 S&W Millennium Inc 84 208 89 198 92 200 105 146 134 130 1.42 - FP Russell Invsmts Defensive Assts C Acc 96 28 100 40 102 67 104 157 113 141 0.88 3.15 S&W Milne 92 80 98 64 101 93 114 88 142 107 1.33 1.27 Hawthorn Portfolio A Inc 91 82 97 88 102 63 110 113 - - - 0.94 S&W Norton 88 139 95 118 97 141 108 128 150 94 1.40 1.88 HSBC Common For Income Income 102 5 110 5 114 6 124 35 168 54 0.50 2.29 S&W Skye Inc 78 242 86 218 90 207 97 190 191 16 0.63 - HSBC Global Sust MA Bal C GBP Acc 90 99 97 86 ------0.89 S&W Staffordshire Portfolio 88 132 96 100 106 33 126 23 165 60 1.18 1.82 HSBC Global Sust MA Cons C GBP Acc 92 71 98 55 ------1.07 S&W Stellar 93 66 98 54 108 20 125 32 183 27 1.05 2.01 HSBC World Selection Advent Port Acc C 86 179 92 158 102 82 129 16 - - - 1.50 S&W Sylvan Alder Invest 90 113 96 94 105 46 119 62 182 33 0.83 1.18 HSBC World Selection Balanced C Acc 88 131 93 136 99 117 116 77 167 55 1.22 1.94 S&W Sylvan Bromfield 87 157 94 122 102 66 117 72 187 21 0.95 - HSBC World Selection Cautious C GBP Acc 94 44 99 51 102 74 109 120 141 110 1.18 1.42 S&W Sylvan Global Opportunities 87 150 95 117 103 62 117 67 182 32 0.62 - HSBC World Selection Conser Port Acc C 90 98 95 110 99 121 110 112 - - - 1.82 S&W Sylvan Hornbeam 86 166 92 152 100 101 114 82 180 35 0.69 - HSBC World Selection Dynamic C Acc 87 162 92 157 100 103 124 36 183 30 1.27 1.85 S&W The Rosslyn Net Inc 90 109 93 133 96 158 109 118 -- - - HSBC World Selection Intst Inc C Acc 89 126 93 134 96 159 106 138 - - 1.25 4.38 S&W Thoroughbred 83 216 88 210 95 171 106 142 162 64 1.46 - Insight Inv UK Broad Mkt Bd Gross P 99 12 106 12 110 16 122 45 177 38 0.37 1.59 S&W Witch General Inc 85 205 92 163 101 83 113 94 170 50 1.25 - Insight UK Govt Long Mat Bd P2 105 1 118 1 126 1 147 1 249 4 0.38 1.00 S&W Worldwide 90 103 94 121 100 99 111 107 146 103 2.03 - Janus Henderson Diversified Gr A Acc 92 72 97 84 100 104 106 143 - - 1.72 0.10 Santander Atlas Income Portfolio II 88 138 92 160 92 196 103 166 154 78 2.15 5.32 Janus Henderson Instl Hi Alp Crdt I Acc 102 6 109 7 112 11 120 60 176 40 0.68 5.15 Santander Balanced International Trg RA 85 198 91 167 96 160 111 106 159 68 1.50 0.52 Janus Henderson Instl Hi Alp Gilt Y Acc 99 14 107 9 109 18 116 75 164 63 0.68 1.29 Santander Investment Income Port RI 95 37 101 22 105 48 112 97 152 84 1.01 3.17 Janus Henderson Mlt Ast Crdt I Acc GBPH 89 123 91 168 95 173 103 163 - - - 2.42 Santander Investment Portfolio RA 97 23 103 17 106 38 113 93 153 81 0.99 1.96 LF Aegon Multi-Asset 1 A Acc 9818------Santander Max 100% Shares Portfolio RA 86 187 94 124 103 57 132 11 190 19 1.90 0.89 LF Aegon Multi-Asset 2 A Acc 9445------Santander Max 30% Shares Income Port RI 93 56 98 59 101 90 107 132 - - - 3.47 LF Aegon Multi-Asset 3 A Acc 9192------Santander Max 30% Shares Portfolio RA 93 61 98 61 101 94 107 131 - - - 2.71 LF Aegon Multi-Asset 4 A Acc 87 153 ------Santander Max 50% Shares Portfolio RA 90 104 95 108 98 129 109 119 152 83 1.48 2.18 LF Aegon Multi-Asset 5 A Acc 84 211 ------Santander Max 60% Shares Income RA 87 145 91 179 93 191 101 177 142 106 1.83 4.67 LF Boyer Global A GBP Acc 9195------Santander Max 70% Shares Portfolio RA 87 148 93 140 96 155 109 124 151 91 1.82 2.41 LF Broden 90 111 98 72 105 42 122 44 179 36 1.29 0.74 Santander Max 70% Shares RA 86 169 91 170 95 174 109 121 150 96 1.34 2.02 LF Buxton Acc 98 21 100 37 101 84 110 110 164 62 0.64 - Santander Multi Index 1 RA 94 46 100 42 105 50 - - - - - 1.96 LF Circus 93 68 101 25 107 26 123 39 169 51 1.26 0.80 Santander Multi Index 2 RA 91 88 97 87 102 71 - - - - - 1.56 LF Crystal Fund 98 17 104 14 107 28 130 15 177 39 1.11 0.81 Santander Multi Index 3 RA 88 133 94 128 99 114 - - - - - 1.75 LF Dartmoor Fund 96 33 99 48 103 61 112 95 156 76 1.48 - Santander Multi Index 4 RA 85 192 91 173 ------1.58 LF Davids 92 75 96 97 98 136 110 115 154 80 1.35 0.38 Santander Sterling Bond A 96 29 102 18 105 44 112 98 152 88 1.02 2.08 LF Drygate 85 197 90 189 93 189 99 183 149 97 1.43 2.06 Schroder Instl Growth I Acc 94 47 95 111 92 202 91 199 95 152 0.47 0.47 LF Greenmount Inc 86 165 95 113 102 70 118 64 164 61 1.61 1.00 Schroder Managed Wealth Portfolio Z Acc 87 144 91 164 94 188 108 127 139 112 - 0.99 LF Gulland 90 110 97 85 104 56 125 31 189 20 1.29 1.21 Schroder Stlg Broad Mkt Bd I Acc 99 15 106 11 111 15 124 34 181 34 0.32 2.71 LF Heartwood Balanced Multi Asset I Acc 89 124 92 149 94 182 103 164 138 118 1.22 1.56 Scottish Widows Adventurous Gr D Acc 78 241 82 232 85 222 101 174 - - 1.82 1.90 LF Heartwood Balanced Sust MA B Acc 90 105 ------Scottish Widows Balanced Gr D Acc 86 177 89 197 94 184 105 156 - - 1.76 1.71 LF Heartwood Cautious Multi Asset I Acc 92 81 95 107 97 146 104 161 133 132 1.23 1.59 Scottish Widows Balanced Growth A 86 189 90 193 93 194 104 160 138 120 1.65 1.77 LF Heartwood Cautious Sust MA B Acc 9357------Scottish Widows Cautious Gr D Acc 92 76 95 112 99 122 105 152 - - 1.77 1.57 LF Heartwood Defensive Multi Asset I Acc 93 64 96 91 96 156 101 178 - - 1.29 0.96 Scottish Widows Corporate Bd Trkr W Acc 95 36 101 29 106 39 116 76 - - - 2.70 LF Heartwood Defensive Sust MA B Acc 9543------Scottish Widows Diversified 88 136 91 172 94 183 103 168 124 137 1.86 0.20 LF Heartwood Growth Multi Asset I Acc 85 193 90 184 94 181 105 147 149 99 1.39 1.03 Scottish Widows Dynamic Income A Acc 87 143 92 162 95 178 103 165 138 119 1.40 2.38 LF Heartwood Growth Sustainable MA B Acc 87 155 ------Scottish Widows Environmental Inv G 85 194 95 105 106 36 115 78 - - - 1.19 LF Heartwood Income Multi Asset I Inc 90 112 93 146 94 187 100 181 - - 1.27 4.18 Scottish Widows Ethical G Acc 79 239 89 206 98 128 107 130 - - - 1.18 LF Heartwood Income Plus Multi Ast I Inc 86 175 89 207 91 203 99 185 138 117 1.26 5.12 Scottish Widows IPS Growth P Net Inc 84 212 89 196 96 162 114 81 165 58 1.00 2.10 LF Holly Fund 76 247 76 237 74 228 89 201 51 153 1.20 3.27 Scottish Widows Managed Income A Acc 93 69 97 81 99 115 107 134 136 124 1.40 1.85 LF KH Feelgood Trust £ Inc 88 127 95 115 97 143 111 105 149 98 1.12 0.64 Scottish Widows Momentum Income A Acc 91 87 96 102 98 131 105 151 139 114 1.39 2.08 LF Lorimer Trust 81 230 88 211 96 164 109 123 174 44 0.81 1.91 Scottish Widows Progressive Gr D Acc 82 226 85 225 90 209 105 154 - - 1.77 1.95 LF Mermaid 95 40 98 58 95 176 102 172 149 100 1.33 - Scottish Widows Stockmarket Gr A 79 237 83 229 87 217 103 167 143 105 1.67 2.02 LF New Grande Motte GBP 93 70 100 34 108 23 124 33 190 18 1.33 1.04 Scottish Widows Strategic Growth A 81 229 86 219 90 211 105 153 146 102 1.63 1.94 LF New Institutional World Inc 93 55 99 49 ------0.42 Sentinel Defensive B Acc 95 41 96 90 97 154 101 179 125 135 -- LF New Viaduct Inc 91 84 99 50 110 17 125 29 198 14 1.40 0.37 Smith & Williamson Cash 100 9 100 30 101 96 101 173 103 150 0.73 0.41 LF New Villture Inc 93 67 97 74 104 53 114 84 156 77 1.35 0.27 Smith & Williamson Eagle 86 180 91 175 100 107 113 90 157 72 2.17 - LF Robin A Acc 92 74 97 78 103 58 113 92 150 93 0.95 0.03 Smith & Williamson Forest 89 125 96 96 106 37 135 9 197 15 1.70 0.73 LF Ruffer Absolute Return O Acc 98 16 103 16 99 113 107 136 143 104 1.53 1.70 Smith & Williamson Orchard 85 199 90 188 97 149 125 30 179 37 2.20 - LF The Mulberry 96 24 105 13 112 13 127 19 171 47 1.38 0.63 Smith & Williamson Plain Andrews UT GBP 82 227 86 221 85 223 94 197 106 148 1.47 - M&G (Lux) Em Mkts Inc Opps CH GBP Acc 77 246 78 236 ------0.98 - SVS Capital Balanced Scheme Acc 86 181 93 147 100 102 116 74 - - - - M&G Episode Macro GBP T-H Acc 98 19 99 47 102 69 112 101 - - 0.94 1.16 SWIP Asset Allocator A Acc 87 142 90 191 90 210 94 196 107 147 2.06 0.80 MGTS AFH Tactical Core R Acc 85 201 89 201 87 218 98 187 136 125 - 1.25 SWIP Managed Growth 4 L Net GBP Acc 87 147 92 148 97 152 109 122 - - - 1.96 MGTS IBOSS 1 R Acc 93 54 98 67 100 109 - - - - - 0.91 SWIP Managed Growth 6 L Net GBP Acc 85 206 90 186 95 175 110 111 - - - 2.30 MGTS IBOSS 2 R Acc 91 85 96 92 99 120 - - - - - 1.08 The Alkerton Trust Income I/A 81 231 84 227 87 215 98 189 142 109 1.28 - MGTS IBOSS 4 R Acc 89 122 95 119 98 134 - - - - - 1.25 The Aurinko Acc 88 134 92 154 101 97 114 80 169 52 1.44 - MGTS IBOSS 6 R Acc 87 154 93 132 97 147 - - - - - 1.26 The Beamish 93 65 98 71 102 77 106 144 111 142 0.44 - 68 WhatInvestment May 2020 www.whatinvestment.co.uk >| Unit Trusts 16
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% The Cranmer Investment 91 83 96 101 97 150 104 158 138 121 2.34 - Invesco Balanced Risk 10 UK Z Acc 88 76 90 101 97 65 102 87 - - - 0.92 The Jay 91 89 98 65 107 27 114 86 161 66 1.08 - Invesco Balanced Risk 8 UK Z Acc 90 51 92 79 98 52 102 84 - - - 0.75 The Kingfisher Fund Acc 100 10 100 38 100 106 100 180 -- - -Invesco Summit Growth 1 UK Z Acc 92 27 96 39 ------0.75 The Mishka Fund 90 102 95 104 95 172 105 145 124 136 1.68 1.99 Invesco Summit Growth 2 UK Z Acc 89 60 93 62 ------0.98 The Monoux 86 183 92 153 102 78 125 27 212 11 1.39 0.14 Invesco Summit Growth 3 UK Z Acc 87 90 91 86 ------1.03 The New Floco Inc 87 163 94 123 102 81 126 20 213 10 1.21 0.37 Invesco Summit Growth 4 UK Z Acc 85 105 90 100 ------1.14 The New Jaguar Inc 89 114 98 70 105 43 130 14 222 8 1.35 0.71 Invesco Summit Growth 5 UK Z Acc 83 128 88 114 ------1.95 The Oenoke Acc 90 100 98 60 105 47 125 28 173 45 1.42 0.94 Janus Henderson Core 3 Income I Inc 93 24 97 26 100 34 108 62 - - - 3.94 The Pendennis Acc 90 106 97 82 108 19 126 21 185 23 1.29 1.19 Janus Henderson Core 4 Income I Inc 90 55 94 56 97 62 107 67 - - - 4.55 The Sardasca 88 128 92 155 93 192 101 175 117 138 1.27 - Janus Henderson Core 5 Income I Inc 87 83 92 82 96 81 107 64 - - - 4.88 The Windrush Inc 96 27 101 28 101 89 112 100 152 86 1.53 - Janus Henderson Core 6 Inc&Gr I Inc 86 96 91 87 96 72 110 48 - - - 4.54 Thesis Abaco GBP 86 188 90 183 94 180 106 140 134 127 1.05 - L&G Multi-Index 3 I Acc 94 18 99 14 104 13 114 29 - - - 1.89 Thesis Darin A Inc 82 224 90 187 99 123 124 37 170 49 1.47 1.80 L&G Multi-Index 4 I Acc 91 45 96 36 102 23 114 30 - - - 1.93 Thesis Eden Investment Inc 94 49 100 41 105 41 118 66 157 74 1.85 0.77 L&G Multi-Index 5 I Acc 88 80 93 64 100 32 116 22 - - - 2.23 Thesis Headway A Inc 91 86 94 130 98 130 112 99 139 116 1.57 1.65 L&G Multi-Index 6 I Acc 85 106 91 92 99 46 115 24 - - - 2.43 Thesis Lion Growth Inc 94 53 101 26 113 7 139 8 199 13 1.89 - L&G Multi-Index 7 I Acc 83 123 89 105 98 59 116 23 - - - 2.55 Thesis Ord Acc 88 137 96 93 111 14 140 5 209 12 1.19 0.88 L&G Multi-Index Income 4 I Acc 89 61 94 52 99 39 - - - - - 3.56 Thesis PM A Acc 92 79 98 57 105 49 125 26 184 25 1.39 0.70 L&G Multi-Index Income 5 I Acc 85 103 90 97 95 83 - - - - - 3.85 Threadneedle Managed Bond Z Acc 96 30 103 15 108 22 120 58 151 92 - 1.58 L&G Multi-Index Income 6 I Acc 83 130 88 116 93 93 - - - - - 4.46 TM New Court A 2011 Inc 93 63 97 76 103 60 110 114 - - - 0.16 LF Prudential Risk Managed Actv 1 P Acc 92 34 96 30 101 28 110 50 147 24 - 2.22 TM Oak 91 96 98 73 103 59 127 18 191 17 1.26 0.88 LF Prudential Risk Managed Actv 2 P Acc 89 58 94 55 98 54 108 63 149 20 - 1.98 TM Opus Inc 87 149 93 135 98 138 117 72 - - - 0.34 LF Prudential Risk Managed Actv 3 P Acc 88 78 92 78 96 70 107 65 152 17 - 1.92 TM Private Portfolio Trust A2000 Inc 93 62 97 77 104 52 112 102 - - - 0.60 LF Prudential Risk Managed Actv 4 P Acc 85 110 89 106 94 88 105 71 153 16 - 1.85 Trojan Ethical Income Fund O Acc 86 170 95 103 107 24 - - - - - 3.16 LF Prudential Risk Managed Actv 5 P Acc 83 122 87 120 92 97 105 74 155 11 - 1.73 Volare Defensive A GBP Acc 94 51 97 80 ------0.09 LF Prudential Risk Managed Pasv 1 P Acc 91 38 97 28 101 26 113 32 148 22 - 2.30 VT Active Portfolio Overlay C Acc 83 215 88 208 94 185 - - - - 0.92 1.33 LF Prudential Risk Managed Pasv 2 A Acc 90 47 96 34 99 37 - - - - - 1.73 VT Aggressive Portfolio Overlay C Acc 81 234 86 220 92 201 - - - - - 1.62 LF Prudential Risk Managed Pasv 3 P Acc 88 69 94 51 99 41 113 36 156 9 - 2.32 VT Balanced Portfolio Overlay C Acc 86 174 91 165 96 166 - - - - - 1.11 LF Prudential Risk Managed Pasv 4 A Acc 87 89 93 69 97 66 - - - - - 1.97 VT Cautious Portfolio Overlay C Acc 89 121 94 125 97 144 - - - - - 0.85 LF Prudential Risk Managed Pasv 5 A Acc 85 113 91 91 96 80 - - - - - 2.10 VT Defensive Portfolio Overlay C Acc 93 58 98 66 100 105 - - - - - 0.65 MyMap 3 D GBP Acc 987------VT Rossie House Portfolio B Inc 87 158 91 178 97 148 112 103 - - - 1.46 MyMap 4 D GBP Acc 9511------VT Vanneck Equity B GBP Acc 83 221 87 215 99 119 114 85 - - - 5.25 MyMap 5 D GBP Acc 9325------Average/Total 89 248 94 238 99 229 112 205 159 153 1.28 1.66 MyMap 6 D GBP Acc 8956------Quilter Inv Cirilium Advnturs Blend U1 £ 83 125 ------(IA) VOLATILITY MANAGED Quilter Inv Cirilium Balanced Blend U1 £ 9140------Allianz RiskMaster Cnsrv Mlt Asst C Acc 90 54 94 54 96 77 109 54 - - - 0.91 Quilter Inv Cirilium Cnsrv Blend U1 £ 9512------Allianz RiskMaster Growth Mlt Asst C Acc 84 117 88 113 90 104 107 66 - - - 1.24 Quilter Inv Cirilium Dynamic Blend U1£ 85 112 ------Allianz RiskMaster Mod Mlt Asst C Acc 87 86 91 85 92 95 106 69 - - - 1.07 Quilter Inv Cirilium Moderate Blend U1 £ 8874------Architas MA Active Reserve A Acc 97 8 102 8 103 15 112 41 139 29 1.22 1.74 Quilter Investors Mly Inc & Gr U1 GBPAcc 85 101 ------Architas MA Blended Growth A Acc 82 132 87 118 93 91 114 31 151 18 1.53 1.63 Quilter Investors Monthly Inc U1 GBP Acc 8785------Architas MA Blended Interm A Acc 88 71 94 57 99 48 115 25 158 7 1.13 1.53 Rathbone Multi Asset Enhanced Gr S Acc 88 79 92 80 103 16 121 11 - - - 1.69 Architas MA Blended Moderate A Acc 90 48 96 35 100 35 115 28 157 8 1.11 1.34 Rathbone Multi Asset Strategic Gr S Inc 90 49 95 48 103 14 119 17 165 3 - 1.77 Architas MA Blended Prog A Acc 85 108 90 98 96 71 115 26 158 6 1.23 1.62 Rathbone Multi Asset Total Return S Inc 94 15 98 18 102 20 110 47 141 28 - 1.51 Architas MA Blended Reserve A Acc 93 26 98 17 102 25 112 37 145 26 1.02 1.93 Rathbone Strategic Income Portfolio Acc 88 68 93 68 98 56 - - - - - 3.85 Architas MA Passive Dynamic A Acc 83 129 90 102 97 67 120 15 - - 0.65 1.98 Santander Atlas Portfolio 3 IA 95 13 100 11 102 21 108 57 144 27 - 2.08 Architas MA Passive Growth A Acc 82 133 89 108 97 60 121 12 - - 0.65 2.27 Santander Atlas Portfolio 4 IA 92 33 96 31 100 36 110 49 151 19 - 2.00 Architas MA Passive Interm A Acc 89 63 96 41 102 19 121 13 164 5 0.65 1.92 Santander Atlas Portfolio 5 IA 87 82 92 76 95 82 106 70 147 23 - 2.18 Architas MA Passive Moderate A Acc 91 39 98 19 104 11 121 10 165 2 0.65 1.70 Santander Atlas Portfolio 6 IA 85 102 91 95 95 86 108 58 146 25 - 1.86 Architas MA Passive Prog A Acc 85 104 92 75 100 33 122 8 164 4 0.65 2.04 Santander Atlas Portfolio 7 IA 84 114 91 96 95 85 111 45 155 12 - 3.02 Architas MA Passive Prudent R Acc 94 16 99 16 102 22 113 35 - - 1.30 0.39 Schroder Dynamic Planner Port 3 Z Acc 93 23 99 15 ------1.28 Architas MA Passive Reserve A Acc 94 17 102 9 107 7 123 7 - - 0.65 1.42 Schroder Dynamic Planner Port 4 Z Acc 90 53 95 43 ------1.40 ASI MyFolio Index I Inst B Fixed Acc 94 20 98 20 ------0.86 Schroder Dynamic Planner Port 5 Z Acc 86 93 92 81 ------1.40 ASI MyFolio Index II Inst B Fixed Acc 91 44 96 38 ------0.82 Schroder Dynamic Planner Port 6 Z Acc 84 119 89 109 ------2.34 ASI MyFolio Index III Inst B Fixed Acc 88 75 94 61 ------0.35 Schroder Dynamic Planner Port 7 Z Acc 81 135 86 124 ------2.78 ASI MyFolio Index IV Inst B Fixed Acc 85 99 92 84 ------0.68 Schroder Fusion 3 F Acc 94 14 99 13 102 24 - - - - - 0.93 ASI MyFolio Index V Inst B Fixed Acc 84 118 91 93 ------1.07 Schroder Fusion 4 F Acc 91 43 96 42 98 51 - - - - - 1.00 ASI MyFolio Managed I P1 Acc 92 28 95 46 98 58 103 80 - - - 1.72 Schroder Fusion 5 F Acc 89 67 93 63 96 74 - - - - - 1.22 ASI MyFolio Managed II P1 Acc 90 52 92 71 96 78 104 77 - - - 1.82 Schroder Fusion 6 F Acc 86 92 91 89 94 89 - - - - - 1.16 ASI MyFolio Managed III P1 Acc 87 87 89 104 93 90 103 82 - - - 2.03 Schroder Fusion 7 F Acc 84 115 89 110 90 103 - - - - - 1.09 ASI MyFolio Managed IV P1 Acc 85 107 88 117 92 96 104 75 - - - 2.38 SVS Cornelian Cautious D Acc 92 36 96 32 99 44 108 60 155 14 1.24 1.99 ASI MyFolio Managed V P1 Acc 84 121 87 121 91 100 105 73 - - - 2.59 SVS Cornelian Cautious RMP G GBP Acc 92 30 97 29 99 42 - - - - - 1.98 ASI MyFolio Market I P1 Acc 92 29 96 33 100 29 108 56 - - - 2.03 SVS Cornelian Defensive D Acc 93 21 97 23 99 45 105 72 - - 1.61 1.76 ASI MyFolio Market II P1 Acc 89 57 94 58 99 43 110 46 - - - 2.09 SVS Cornelian Defensive RMP G GBP Acc 93 22 97 24 98 50 - - - - - 1.84 ASI MyFolio Market III P1 Acc 86 95 91 90 97 61 112 38 - - - 2.51 SVS Cornelian Growth D Acc 88 77 93 67 96 69 111 44 170 1 1.21 1.61 ASI MyFolio Market IV P1 Acc 84 120 89 107 96 68 115 27 - - - 2.77 SVS Cornelian Growth RMP G GBP Acc 88 73 94 60 98 53 - - - - - 2.18 ASI MyFolio Market V P1 Acc 82 134 88 112 96 79 117 20 - - - 2.66 SVS Cornelian Managed Growth D Acc 90 46 96 40 99 38 112 40 - - 1.31 2.01 ASI MyFolio Mlt-Mgr I P1 Acc 92 31 95 47 97 63 103 83 - - - 0.69 SVS Cornelian Managed Gwth RMP G GBP Acc 90 50 95 44 99 47 - - - - - 2.15 ASI MyFolio Mlt-Mgr Inc IV P1 Acc 80 138 86 125 88 107 97 92 - - - 4.73 SVS Cornelian Managed Income D GBP Acc 88 72 93 66 97 64 108 59 - - - 3.59 ASI MyFolio Multi-Man Inc II P1 Acc 87 88 91 88 93 92 100 88 - - - 3.31 SVS Cornelian Progressive D Acc 86 98 92 83 96 76 113 33 - - 1.36 1.32 ASI MyFolio Multi-Man Inc III P1 Acc 83 124 88 115 90 102 99 89 - - - 4.26 SVS Cornelian Progressive RMP G GBP Acc 86 94 92 72 98 55 - - - - - 2.15 ASI MyFolio Multi-Manager II P1 Acc 89 62 92 74 95 84 103 78 - - - 0.59 Average/Total 89 140 94 129 98 109 112 92 152 30 1.29 1.95 ASI MyFolio Multi-Manager III P1 Acc 85 109 88 111 92 98 102 85 - - - 0.69 ASI MyFolio Multi-Manager IV P1 Acc 83 127 87 123 90 101 103 79 - - - 1.52 (IA) £ CORPORATE BOND ASI MyFolio Multi-Manager V P1 Acc 80 137 85 126 88 106 103 81 - - - 1.29 ASI (AAM) Sterling Short Dtd Corp I Inc 97 15 99 79 101 86 - - - - - 1.93 Aviva Investors Mlt-asset I 2 GBP Acc 97 9 101 10 103 17 108 61 - - - 0.72 ASI (SLI) Corporate Bond P1 Acc 95 60 101 36 107 27 114 47 168 19 - 3.49 Aviva Investors Mlt-asset II 2 GBP Acc 91 42 97 25 100 31 110 51 - - - 1.58 ASI AAA Bond P1 Acc 100 1 103 9 106 45 111 68 146 55 - 1.70 Aviva Investors Mlt-asset III 2 GBP Acc 88 70 95 49 98 49 112 39 - - - 1.82 ASI Corporate Bond I Acc 96 30 102 11 107 23 116 22 168 21 - 2.69 Aviva Investors Mlt-asset IV 2 GBP Acc 85 100 92 73 96 73 111 43 - - - 2.12 ASI Ethical Corporate Bond P1 Acc 95 69 101 54 105 59 113 52 159 40 - 2.43 Aviva Investors Mlt-asset V 2 GBP Acc 82 131 90 103 95 87 113 34 - - - 1.99 ASI Investment Grade Corp Bnd P1 Acc 95 68 100 55 105 50 113 58 158 42 - 2.78 BlackRock Volatility Strategy I C Acc 91 41 97 27 104 12 122 9 - - - 1.88 ASI Short Dated Corp Bd P1 Acc 97 13 99 76 101 88 - - - - - 1.26 BlackRock Volatility Strategy II C Acc 89 64 94 53 102 18 120 14 - - - 2.16 ASI Short Dated Stlg Corp Bd Trkr B Acc 98 3 100 64 ------1.37 BlackRock Volatility Strategy III C Acc 86 91 92 77 101 27 119 16 - - - 2.40 ASI Short Duration Credit P1 Acc 95 70 97 93 100 90 104 81 136 59 - 2.14 BlackRock Volatility Strategy IV C Acc 85 111 91 94 100 30 117 21 - - - 2.62 ASI Sterling Corp Bond Tracker B Acc 9718------BMO MM Lifestyle 3 B Inc 92 32 96 37 99 40 108 55 - - - 2.17 Aviva Investors Corporate Bd 2 GBP Inc 96 39 101 34 105 47 113 56 159 38 0.72 2.50 BMO MM Lifestyle 4 B Inc 89 65 93 65 98 57 109 53 153 15 1.19 2.28 Aviva Investors Mthly Inc Pls 2 GBP Acc 96 34 102 17 107 25 114 40 158 46 - 2.89 BMO MM Lifestyle 5 B Inc 86 97 90 99 96 75 109 52 155 13 1.19 2.28 AXA Sterling Corporate Bond Z Gross Acc 96 35 101 29 107 18 118 14 164 25 0.56 3.07 BMO MM Lifestyle 6 B Inc 83 126 87 122 93 94 106 68 156 10 1.19 2.46 AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 97 9 99 82 101 89 104 83 - - 0.38 1.55 BMO MM Lifestyle 7 B Inc 80 136 84 127 90 105 104 76 149 21 1.19 2.56 AXA £ Buy and Maintain Crdt Z Acc Grs 95 63 100 56 105 61 115 37 - - - 2.53 BMO Universal MAP Balanced C Acc 89 59 95 50 ------2.14 Baillie Gifford Investment Grd Bd B Inc 95 71 101 41 106 41 114 43 169 15 0.30 3.11 BMO Universal MAP Cautious C Acc 92 35 97 21 ------1.87 Baillie Gifford Invm Grd Lng Bd B Inc 95 52 104 4 113 2 125 4 208 3 0.27 3.07 BMO Universal MAP Growth C Acc 87 84 93 70 ------2.54 Barclays Sterling Corporate Bd R Acc GBP 96 28 102 23 105 51 112 61 160 35 - 3.24 Carmignac Pf Uncons Euro FI F GBP Acc H 101 1 103 6 104 10 111 42 - - 0.75 - BlackRock Corporate Bond 1-10 Year D Acc 95 65 99 83 103 74 111 66 - - 0.17 2.62 EF 8AM Multi-Strategy II A Inc 84 116 87 119 92 99 102 86 124 30 2.06 1.87 BlackRock Corporate Bond D Acc 94 86 98 89 105 60 115 27 169 16 0.58 2.78 EF 8AM Multi-Strategy III A Inc 80 139 83 128 87 108 99 90 - - 2.70 1.07 BMO Corporate Bond C Inc 95 73 99 73 104 69 113 59 160 36 - 2.97 EF 8AM Multi-Strategy IV A Inc 77 140 81 129 85 109 98 91 - - 3.20 0.40 BMO Long Dated Sterling Corp Bd 3 Acc 94 81 104 3 112 4 127 2 - - - 2.88 GAM Star Defensive Instl GBP Acc 101 5 107 5 110 5 118 19 - - 1.69 - BMO Responsible Sterling Corp Bd C Inc 96 44 101 30 106 40 114 46 158 44 - 2.36 GAM Star Dynamic Gr Instl GBP Acc 100 6 112 1 120 1 141 1 - - 1.96 - BMO Sterling Corporate Bond 3 Acc 96 49 101 27 107 29 117 19 - - - 2.47 GAM Star Gbl Growth Instl GBP Acc 101 3 112 2 118 2 134 2 - - 1.68 - BNY Mellon Corporate Bond Inst W Acc 95 56 101 43 105 49 116 24 162 31 - 2.57 GAM Star Global Bal Instl GBP Acc 101 4 111 3 116 3 129 4 - - 1.66 - BNY Mellon Global Credit GBP W Acc H 96 41 102 22 106 36 110 73 - - 0.53 2.31 GAM Star Global Cautious Instl GBP Acc 101 2 110 4 114 4 125 6 - - 1.64 - BNY Mellon Long Corp Bd Exempt 1 Acc 96 48 104 6 109 9 124 7 194 6 0.26 2.65 HSBC Global Strategy Adventurous AC 87 81 94 59 ------1.61 Close Bond Income Portfolio X Acc 97 25 101 48 106 30 115 33 - - 0.54 2.93 HSBC Global Strategy Balanced C Acc 91 37 97 22 107 8 127 5 - - 0.82 1.43 EdenTree Amity Short Dated Bond B 98 2 100 67 ------1.27 HSBC Global Strategy Cautious C Acc 97 10 102 7 108 6 119 18 - - 0.72 1.32 Fidelity Instl Lng Dtd Stlg Corp Bd Inc 93 93 102 15 110 7 125 6 204 4 0.42 3.01 HSBC Global Strategy Cnsv Port AC 94 19 99 12 ------1.24 Fidelity Instl Sterling Corp Bond Inc 97 27 102 13 108 15 118 13 172 12 0.42 2.50 HSBC Global Strategy Dynamic C Acc 89 66 95 45 106 9 132 3 - - 0.94 1.34 Fidelity MoneyBuilder Income W Inc 96 47 101 32 106 38 113 49 162 33 0.57 3.25
www.whatinvestment.co.uk WhatInvestment May 2020 69 >| Unit Trusts 17
Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARS Rnk Val 10 YEARSRnk TER YIELD £££££%% £££££%% Fidelity Short Dated Crprate Bd W Acc 97 10 99 75 102 81 - - - - - 4.09 PIMCO GIS US Hi Yld Bd Instl GBPH Acc 89 7 92 9 97 8 108 3 160 2 0.55 - Franklin Sterling Corporate Bd W GBP Acc 94 77 100 60 105 57 - - - - - 2.61 Quilter Investors Hi Yld Bd U2 GBP Acc 86 25 90 22 98 7 105 11 - - - 4.64 GlobalAccess Global Corp Bd M Dis GBP 95 62 100 57 105 64 109 75 - - - 2.63 Royal London Global High Yield Bd M£Inc 87 23 90 19 95 17 104 15 - - - 5.45 GS Sterling Credit R Acc GBP 94 78 100 59 105 48 115 29 167 23 0.65 - Royal London Shrt Dur Glbl HY Bd M£Inc 92 1 94 3 98 4 103 23 - - - 5.27 Halifax Corporate Bd C 95 75 100 69 105 62 110 72 139 58 1.01 2.98 Schroder High Yield Opportunities Z Acc 83 43 83 42 90 34 105 14 137 17 0.82 7.63 HSBC Corporate Bond C Acc 95 72 101 51 106 32 115 28 163 28 - 3.18 Scottish Widows High Income Bd Acc 84 38 87 36 90 33 91 33 122 21 1.63 5.15 HSBC Sterling Corp Bd Idx Acc C 96 40 102 26 106 34 - - - - - 3.16 T. Rowe Price Glb High Inc Bd Qdh GBP 83 44 87 38 93 27 - - - - 0.77 6.25 Invesco Corporate Bond UK Z Acc 97 19 101 35 107 28 113 51 154 50 - 3.12 Threadneedle HY Bd Z Inc GBP 87 16 91 12 98 5 106 6 147 8 - 4.57 iShares Corporate Bond Index (UK) D Acc 95 54 101 42 106 39 115 31 - - 0.17 2.37 Average/Total 87 45 90 42 95 36 103 33 143 22 0.79 5.42 Janus Henderson All Stocks Credit I Acc 96 29 102 20 107 24 115 26 162 32 0.55 2.38 Janus Henderson Instl Lg Datd Crdt I Inc 94 84 104 5 112 3 125 3 200 5 0.55 2.59 (IA) £ STRATEGIC BOND Janus Henderson Sterling Bond UT I Acc 96 31 102 21 108 16 116 21 170 14 - 2.37 Allianz Strategic Bond C Inc 111 1 119 1 129 1 132 1 192 1 0.91 1.38 JPM Sterling Corporate Bond C Grs Acc 95 55 101 37 105 46 115 36 164 26 0.68 2.05 Architas MM Strategic Bond A Acc 90 78 93 81 96 77 103 63 128 38 1.07 2.76 Jupiter Corporate Bond I Acc 97 22 103 10 107 21 115 35 158 45 - 2.58 Artemis High Income I Inc 87 87 89 88 95 80 103 62 164 7 0.71 6.10 Kames Ethical Corporate Bond GBP B Acc 96 36 101 28 106 44 114 41 160 34 0.58 2.82 Artemis Strategic Bond I Quarterly Acc 96 28 99 32 105 23 115 12 160 9 0.58 3.02 Kames Investment Grade Bond GBP B Acc 95 51 101 47 105 58 113 48 167 22 0.81 2.39 ASI (SLI) Strategic Bond P1 Acc 95 36 99 33 103 36 108 41 153 22 - 2.99 Kames Sterling Corporate Bond GBP B Acc 96 42 101 39 106 31 114 44 164 24 0.58 2.94 ASI Global Opprtunistic Bd I Acc 93 51 98 39 103 40 106 51 - - - 2.96 L&G Fixed Interest I Acc 94 76 100 58 106 37 116 25 169 17 0.34 2.74 ASI Sterling Opp Corp Bond I Acc 96 23 100 28 103 34 112 25 124 41 - 2.63 L&G Managed Monthly Income I Acc 95 64 101 45 107 22 118 15 172 11 0.44 2.77 ASI Strategic Bond I Acc 95 34 99 34 104 28 110 32 - - - 3.46 L&G Short Dated £ Corporate Bd Idx I Acc 97 16 99 72 103 79 108 76 - - - 2.17 Aviva Investors Higher Inc Pls 2 GBP Inc 92 60 98 51 102 46 110 30 159 10 0.62 3.88 L&G Sterling Corporate Bond Index I Acc 97 12 102 12 107 26 116 23 - - - 2.02 Aviva Investors Managed Hi Inc 2 GBP Inc 91 72 95 66 100 59 108 42 157 14 0.63 4.84 L&G Sterling Income I Acc 95 58 98 88 103 76 110 71 152 54 - 3.40 Aviva Investors Strategic Bd 2 GBP Inc 97 17 101 21 102 44 108 40 154 19 0.73 3.39 LF Canlife Corporate Bond C Acc 94 80 100 65 105 56 114 45 156 48 0.81 3.50 AXA Framlington Managed Income Z Grs Acc 86 89 89 87 96 78 106 50 159 11 - 5.53 LF Canlife Short Duration Corp Bd C Acc 97 24 98 91 100 91 - - - - - 2.52 AXA Sterling Strategic Bond Z (G) Acc 101 4 108 4 113 4 122 2 174 5 0.54 1.56 Liontrust Monthly Income Bond B Grs Inc 94 88 97 94 102 84 111 67 - - 0.67 5.58 Baillie Gifford Sterling Agg Bd C Acc 98 9 105 6 110 5 - - - - - 2.35 Liontrust Sust Fut Corp Bd 2 Grs Inc 93 92 99 86 104 70 114 38 163 29 0.60 3.88 Baillie Gifford Stlg Agg Pls Bd C Acc 97 15 104 8 108 10 - - - - - 2.65 M&G Corporate Bond GBP I Acc 93 90 99 74 105 63 113 55 162 30 0.66 2.98 Baillie Gifford Strategic Bond B Inc 90 76 96 63 104 30 113 15 180 3 0.55 3.69 M&G Short Dated Corp Bd GBP I Inc 97 23 99 84 101 87 105 80 116 60 0.57 2.15 Barclays Sterling Bond R Acc GBP 100 5 106 5 110 6 121 4 - - - 1.83 M&G Strategic Corporate Bond GBP I Acc 92 96 97 92 102 83 109 74 155 49 0.66 3.15 BlackRock Fixed Inc Global Opps D Acc 95 30 98 48 100 62 101 66 113 45 - 3.13 Marlborough Bond Income P Inc 94 79 98 87 103 75 111 65 159 39 - 2.90 BlackRock Sterling Strategic Bd D £ Acc 92 64 94 72 100 56 - - - - - 2.61 Merian Corporate Bond R GBP Acc 97 14 104 7 109 11 115 34 170 13 0.74 2.82 BMO Multi-Sector Bond C Inc 94 43 98 42 104 31 110 29 154 20 - 3.14 Morgan Stanley UK Sterling Corp Bd I Acc 94 89 99 85 103 72 112 60 168 20 0.60 2.77 BNY Mellon Global Dynamic Bd IncInstWInc 94 46 98 47 100 55 - - - - - 4.00 Neuberger Berman Corp Hyb Bd GBP I Acc 91 97 97 95 103 78 - - - - 0.77 - BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 94 45 98 50 101 50 111 28 - - - 2.42 PIMCO GIS GlInGd Crdt Instl GBPH Acc 93 91 98 90 103 71 110 70 153 52 0.48 - BNY Mellon Sus Stlg Bd Inst W Acc 97 19 102 14 ------2.73 PIMCO GIS UK Corporate Bd Instl GBP Acc 94 85 100 62 106 42 117 20 178 10 0.46 - Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 96 22 104 10 102 42 107 45 - - 1.45 - PIMCO GIS UK L/T Corp Bd Instl GBP Acc 93 95 102 14 110 6 125 5 209 2 0.46 - Close Select Fixed Income X Inc 94 47 97 55 103 38 112 24 - - - 4.43 Premier Corporate Bond Monthly Income C 96 38 99 77 102 80 105 79 140 57 1.00 3.09 DMS Kleinwort Hambros Fxd Inc A Acc 95 35 98 49 98 72 101 67 - - 1.12 2.84 Quilter Inv Stlg Corp Bd U2 GBP Acc 96 50 101 44 106 43 113 57 - - - 3.30 EdenTree Amity Sterling Bond B 95 32 99 35 106 18 112 22 159 12 0.78 4.14 Quilter Investors Bond 2 A (GBP) Acc 95 66 100 61 104 65 111 69 153 53 0.99 4.54 Fidelity Extra Income W Inc 91 73 96 64 102 45 110 31 157 13 0.78 3.83 Quilter Investors Corp Bd U2 (GBP) Acc 97 7 105 2 ------2.18 Fidelity Strategic Bond W Inc 96 21 100 25 105 26 107 46 152 24 0.68 2.09 Quilter Investors IG Corp Bd U2 GBP Acc 97 8 102 24 106 35 113 53 - - - 2.28 GAM Star Credit Opps (GBP) Instl GBP Acc 90 82 93 78 101 54 116 9 - - 1.14 4.75 Rathbone Ethical Bond I Inc 96 46 101 38 110 8 120 10 186 7 0.70 4.09 Hermes Multi-Strategy Credit F GBP Acc H 88 85 91 85 94 82 102 64 - - 0.79 - Rathbone High Quality Bond S Acc 98 5 100 70 ------2.47 Hermes Unconstrained Credit F GBP H Acc 94 42 99 38 ------Royal London Corporate Bond M Acc 95 53 101 40 108 17 118 16 180 9 - 3.74 HL Multi-Manager Strategic Bond A Acc 95 39 99 36 102 41 109 39 145 31 1.26 2.98 Royal London Corporate Bond Monthly Inc 96 37 101 31 107 20 114 42 153 51 1.04 3.78 Invesco Monthly Inc Plus UK Z Acc 91 74 95 70 99 63 106 56 153 21 - 5.76 Royal London Inv Grade SD Credit Z Inc 98 6 100 63 103 73 - - - - - 2.52 Invesco Tactical Bond UK Z Acc 99 7 101 22 101 49 105 59 140 34 - 3.32 Royal London Sterling Credit M Acc 95 61 101 52 107 19 117 18 - - - 3.86 Investec Global Total Ret Crdt I GBP Acc 90 80 92 83 ------3.03 Royal London Sustainable Mgd Inc C Acc 97 20 102 16 108 12 117 17 - - - 3.59 Janus Henderson Fxd Intr MthInc I Inc 93 58 99 37 107 15 117 7 157 15 0.78 4.55 Santander Corporate Bond IA 96 45 102 25 105 54 113 54 - - - 3.01 Janus Henderson Preference & Bond I Acc 93 57 98 40 106 20 114 13 154 18 0.68 4.11 Sarasin Responsible Corporate Bond P Acc 95 57 101 46 105 53 - - - - - 3.11 Janus Henderson Strategic Bond I Inc 95 37 101 23 107 14 113 16 153 23 0.68 2.91 Schroder All Maturities Corp Bd Z Acc 97 11 104 8 109 10 119 11 159 41 0.46 3.69 JPM Global Bond Opportunities C Grs Acc 96 27 100 27 105 25 111 27 - - - 3.26 Schroder Long Dtd Corporate Bond I 96 32 108 1 117 1 135 1 218 1 0.27 3.67 Jupiter Strategic Bond I Acc 97 16 102 15 108 12 115 10 168 6 0.73 3.58 Schroder Sterling Corporate Bond Z Acc 94 82 101 50 110 5 121 8 169 18 0.61 4.08 Kames Strategic Bond GBP B Acc 93 56 98 43 104 33 106 53 137 35 - 2.24 Scottish Widows Corporate Bd G Acc 95 59 101 53 104 67 112 63 - - - 2.03 L&G Dynamic Bond I Acc 93 49 97 56 97 74 95 70 122 43 0.64 4.69 Smith & Williamson Fxd Interest B 96 33 101 33 105 52 112 64 156 47 - 2.42 Legg Mason IF BW Glbl Inc Optr X Inc 98 11 104 9 106 17 116 8 - - 1.10 3.05 SVS Church House Invmt Grd Fxd Intr Acc 97 26 99 80 101 85 106 77 140 56 1.05 2.19 Legg Mason IF WA Glb Mlt Strat Bd X Inc 89 83 93 82 95 79 101 68 119 44 - 6.47 Threadneedle SterlingCorpBd Ins Inc 94 87 99 81 104 68 114 39 158 43 0.55 2.60 Legg Mason IF WA Retirement Inc Bd X Inc 94 40 98 44 102 47 109 35 123 42 - 3.61 Threadneedle Stlg MLD Corp Bd InsGrsInc£ 95 67 102 18 108 13 120 9 180 8 - 2.48 Legg Mason WA Mcr OppBd X GBPH Acc 91 71 95 69 100 61 109 37 - - 1.25 - Threadneedle Stlg SD Corp Bd Ins Inc £ 94 83 96 96 99 92 104 82 - - - 2.05 LF IM Bond A Inc 95 31 102 17 104 29 107 47 - - 1.54 1.89 Threadneedle UK Social Bd Z Acc£ 97 21 100 68 103 77 112 62 - - - 2.24 Liontrust Strategic Bond B Gross Acc 94 44 97 53 ------2.50 TwentyFour Corporate Bond GBP Acc 97 17 102 19 108 14 118 12 - - - 3.37 Loomis Sayles Strategic Inc H-N/DG GBP 90 75 94 77 98 73 109 38 - - - 4.28 UBS Corporate Bond UK Plus K Acc Gross 93 94 99 78 105 55 115 30 159 37 0.03 3.17 M&G Optimal Income GBP I Acc 91 67 94 75 98 70 106 55 151 26 0.91 2.59 UBS Sterling Corporate Bd Indexed K Acc 95 74 100 71 104 66 113 50 - - - 2.41 M&G UK Inflation Lnkd Corp Bd GBP I Acc 98 13 100 29 102 43 107 49 - - 0.66 0.52 Vanguard UK Inv Grd Bd Idx GBP Acc 96 43 101 49 106 33 115 32 164 27 0.20 2.46 Man GLG Strategic Bond I GBP Cap 87 86 93 79 103 37 115 11 - - - - Vanguard UK Short-Term IG Bd Idx GBP Acc 98 4 100 66 102 82 106 78 - - 0.20 1.42 Man GLG Strategic Bond Profl Acc C 88 84 94 71 94 81 94 71 - - 0.83 3.54 Average/Total 96 97 101 96 106 92 114 83 165 60 0.56 2.79 Marks & Spencer High Income Acc 92 62 96 58 99 69 105 58 142 32 1.00 4.54 Merian Global Strategic Bond R GBP Acc 102 3 109 3 114 3 110 33 127 39 0.64 2.19 (IA) £ HIGH-YIELD Merian Monthly Income Bond R GBP Acc 96 26 102 18 105 22 107 48 147 29 0.85 4.06 ASI European High Yield Bond I Acc 85 27 89 27 93 26 103 20 - - - 5.56 MI TwentyFour AM Dynamic Bond I Acc 92 66 96 65 101 48 108 44 - - 1.10 4.22 ASI Global High Yield Bond I Acc 87 20 90 18 95 20 99 27 137 18 - 5.66 Muzinich Global Tact Crdt HGBP Inc H 93 53 98 46 101 52 - - - - 0.81 3.32 ASI High Yield Bond P1 Acc 88 15 91 13 96 13 105 12 145 13 - 3.50 NFU Mutual Gilt & Corp Bond C 96 20 100 26 103 35 113 17 157 16 - 2.63 Aviva Investors High Yield Bd 2 GBP Inc 89 8 93 5 95 19 104 18 153 4 0.74 4.63 Nomura Fds Global Dynamic Bond I GBP H 95 38 103 13 110 7 113 19 - - 0.83 - AXA Global High Income Z Gross Acc 89 10 91 15 96 11 103 21 146 9 0.82 5.80 PIMCO GIS Divers Inc Dur H Ins GBP H Acc 86 90 87 90 92 83 100 69 - - 0.69 - AXA Pan European High Yld Bond Z Grs Acc 85 32 89 31 94 23 104 17 148 7 - 4.30 PIMCO GIS Divers Inc Instl GBPH Inc 92 61 97 52 104 32 112 23 152 25 0.68 4.31 Baillie Gifford High Yield Bond B Inc 85 33 89 26 97 10 106 7 157 3 0.38 4.71 PIMCO GIS Income Instl GBPH Inc 92 59 94 73 99 64 109 36 - - 0.55 4.36 Barings Dev and EM HY Bd I GBP H Inc 84 42 86 39 90 35 92 32 105 22 1.01 8.02 PIMCO Sel UK Income Bond Instl GBP Acc 93 50 96 62 99 67 104 61 - - 0.49 - Barings European High Yield Bd B GBP Acc 85 30 88 34 ------0.52 - Quilter Inv Stlg Divers Bd U2 (GBP) Acc 98 8 103 12 107 13 111 26 - - - 2.45 Barings Global High Yield Bond I GBP Acc 86 24 89 29 94 25 - - - - 0.70 - Quilter Investors Bond 1 A (GBP) Inc 96 25 99 30 105 27 109 34 156 17 1.08 5.21 Barings US High Yield Bond A GBP Dis 88 11 91 16 ------0.40 5.22 Quilter Investors Divers Bd U2 (GBP) Acc 95 29 101 20 ------4.13 BMO Multi-Sector Higher Income Bd C Inc 92 2 96 1 103 1 112 1 153 5 - 4.26 Quilter Investors Strat Bd R GBP Inc 90 81 94 74 97 75 101 65 131 37 - 3.86 BNY Mellon Gbl High Yld Bd Int WAcc 90 3 95 2 101 2 110 2 139 16 - 5.26 Rathbone Strategic Bond Instl Inc 95 33 98 45 103 39 112 20 - - 1.28 3.42 BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 88 12 90 17 96 14 - - - - - 5.39 RBS Global Bond 1 Inc 9263------Eaton Vance Intl(IRL) US HY Bd I GBP Acc 87 17 90 20 94 22 103 22 - - 0.75 - RLBF II Royal London Ethical Bond M Acc 96 24 101 19 108 11 118 5 179 4 - 3.36 Fidelity Global High Yield W Acc 84 36 87 37 92 29 106 10 - - 0.87 4.45 RLBF II Royal London Shrt Dur Crdt M Inc 97 18 99 31 105 24 113 18 - - - 4.75 GlobalAccess Global Hi Yld Bd M Dis GBP 87 19 89 28 92 28 100 26 145 11 - 6.21 Royal London Global Bd Opps Z GBP 87 88 90 86 100 60 - - - - - 6.88 GS Europe High Yield Bd R Inc GBP Hdg 84 39 89 30 95 16 103 24 - - 0.85 4.01 Royal London GMAP Cnsrv M GBP Acc 97 14 102 16 106 19 - - - - - 1.53 Hermes Global High Yld Crdt F GBP Acc H 85 31 89 23 95 18 104 16 - - 0.82 - Royal London Monthly Income Bd M GBP Inc 90 79 93 80 ------6.03 Invesco High Yield UK Z Acc 85 35 89 25 97 9 102 25 161 1 - 7.44 Royal London Sterl Extra Yld Bd A 86 91 89 89 101 53 114 14 185 2 0.88 6.72 Investec Monthly High Income I Acc GBP 87 18 90 21 94 24 106 9 135 20 0.75 4.17 Santander Strategic Bond IA 93 55 96 61 100 58 106 54 133 36 - 3.25 JPM Global High Yield Bond C Grs Acc 89 9 92 7 98 6 106 8 146 10 0.73 6.26 Sarasin Sterling Bond I Acc 98 10 104 7 108 9 118 6 162 8 0.86 2.90 Kames High Yield Bond GBP B Acc 82 45 85 40 92 31 97 30 141 15 0.81 6.43 Schroder Strategic Bond Z Acc 91 68 95 68 99 68 105 57 - - - 3.69 Kames Short Dated HY Glbl Bd GBPH B Acc 90 5 92 6 ------0.72 - Schroder Strategic Credit Z GBP Acc 90 77 92 84 97 76 105 60 126 40 - 4.74 L&G High Income I Acc 85 29 88 35 92 30 103 19 135 19 0.42 6.87 Scottish Widows Strategic Income A Acc 91 70 96 60 99 65 106 52 149 27 1.38 2.35 Liontrust GF High Yield Bond C5 Acc GBP 87 22 91 14 ------SLI Total Return Credit B Acc GBP 91 69 96 59 100 57------Lord Abbett Global High Yield I USD Acc 8437------TCW Fds MetWest Unconstrain Bd RGHG-QD 94 41 96 57 99 66 - - - - 0.85 5.07 Lord Abbett High Yield Core I GBP H Acc 8440------TCW Funds Tcw Income IGHG YD Inc 92 65 94 76 98 71 - - - - - 5.88 Lord Abbett High Yield I GBP Hdg Acc 86 26 88 32 ------0.80 - Threadneedle Strategic Bond Z Inc 93 48 97 54 101 51 108 43 141 33 - 2.62 M&G Global Fltng Rt Hi Yld GBP I-H Acc 84 41 85 41 88 36 95 31 - - 0.83 4.50 Tideway GBP Credit A GBP Acc 98 12 101 24 107 16 ------M&G Global High Yield Bond GBP I Acc 88 14 91 10 96 12 105 13 143 14 0.81 4.91 Tideway GBP Hybrid Capital Bd A GBP Acc 93 54 98 41 109 8------Man GLG High Yield Opports Profl Acc C 8534------UBS Global Strategic Bond C Acc 93 52 95 67 ------3.49 Marlborough High Yield Fixed Int P Inc 88 13 92 8 96 15 107 4 145 12 - 6.16 Virgin Money Bond & Gilt Fd GBP 99 6 103 11 105 21 112 21 148 28 1.00 1.17 Neuberger Berman Glb HY Bd GBP I Acc 85 28 88 33 ------1.01 - VT Garraway Divers Income R Acc 76 92 78 91 76 84 77 72 - - - 11.38 Neuberger Berman HY Bd GBP A Acc 87 21 89 24 92 32 98 29 - - 1.38 - Waverton Sterling Bond A GBP 104 2 111 2 117 2 122 3 145 30 1.06 3.41 Neuberger Berman Shrt Dur HY Bd £InsAccH 90 4 91 11 95 21 98 28 - - 0.80 - Average/Total 94 92 98 91 103 84 109 72 150 45 0.87 3.65 PIMCO GIS Glb Hi Yld Bd Instl GBP H Inc 90 6 93 4 99 3 107 5 149 6 0.55 5.44 70 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trusts 1 Investment Trusts
Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk 3Val YEARS Rnk Val 5 YEARS Rnk 10Val YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk YIELD DISC £££££%% £££££%% ASIA PACIFIC Average/Total 73 1 98 1 116 1 182 1 111 1 6.32 -9.34 Aberdeen New Dawn 84 8 88 6 102 6 120 7 166 8 1.92 -10.18 COUNTRY SPECIALIST: LATIN AMERICA All Active Asset Capital Limited 175 1 140 1 10 9 6 9 - - - 121.59 JPMorgan Brazil 59 1 68 1 68 1 89 1 - - 1.82 -15.59 Asia Dragon 87 5 91 3 107 5 125 6 183 7 1.30 -8.40 Average/Total 59 1 68 1 68 1 89 1 - - 1.82 -15.59 Invesco Asia 85 7 85 8 96 7 129 4 206 2 2.87 -7.69 DEBT - DIRECT LENDING Pacific Assets 73 9 74 9 90 8 106 8 198 5 1.28 -5.97 BioPharma Credit 91 3 96 3 105 2 - - - - 7.73 -8.60 Pacific Horizon 94 2 90 4 123 1 148 2 203 4 - -3.97 GCP Asset Backed Income 70 9 73 8 82 7 - - - - 7.39 -16.58 Schroder AsiaPacific 91 4 89 5 108 3 141 3 230 1 2.35 -9.91 Honeycomb Investment Trust 76 6 72 9 85 6 - - - - 10.74 -26.78 Schroder Asn Total Return Inv. Company 85 6 86 7 114 2 156 1 206 3 1.99 -1.12 HWSI Realisation Fund Limited 65 10 53 11 54 10 - - - - 20.34 -52.23 Witan Pacific 91 3 97 2 108 4 129 5 198 6 2.31 -7.17 Pollen Street Secured Lending 89 4 91 4 108 1 81 2 - - 6.96 -30.53 Average/Total 96 9 93 9 95 9 118 9 199 8 2.00 7.46 RDL Realisation 98 2 104 1 69 8 - - - - 10.45 -4.66 ASIA PACIFIC INCOME Riverstone Credit Opportunities Income 41 12 ------6.54 -60.07 Aberdeen Asian Income 74 4 77 4 84 4 96 4 161 3 5.49 -8.27 RM Secured Direct Lending 74 7 77 7 85 5 - - - - 6.72 -17.09 Henderson Far East Income 78 3 85 2 93 2 111 3 154 4 7.31 4.80 RM Secured Direct Lending ZDP 2021 99 1 102 2 ------4.37 JPMorgan Asia Growth & Income plc 93 1 97 1 123 1 156 1 201 2 4.29 0.72 SME Credit Realisation Fund 60 11 59 10 54 9 - - - - 10.71 -48.07 Schroder Oriental Income 79 2 82 3 88 3 114 2 211 1 4.88 2.36 SQN Secured Income 84 5 87 5 95 4 - - - - 9.45 -16.83 Average/Total 81 4 85 4 97 4 119 4 182 4 5.49 -0.10 VPC Specialty Lending Investments 72 8 83 6 96 3 82 1 - - 17.39 -51.21 ASIA PACIFIC SMALLER COMPANIES Average/Total 76 12 82 11 83 10 81 2 - - 10.40 -28.08 Aberdeen Standard Asia Focus 70 2 72 1 76 2 91 2 197 1 2.41 -13.28 DEBT - LOANS & BONDS Fidelity Asian Values 71 1 70 2 79 1 121 1 178 2 2.94 -1.46 Alcentra Eur Floating Rate Inc 80 8 83 9 85 6 90 9 - - 6.17 -13.69 Scottish Oriental Smaller Cos 66 3 68 3 70 3 84 3 168 3 1.58 -14.49 Axiom European Financial Debt Fund 92 1 93 2 90 4 - - - - 8.28 -8.98 Average/Total 69 3 70 3 75 3 99 3 181 3 2.31 -9.74 City Merchants High Yield 84 4 93 1 95 2 107 4 174 2 6.15 1.00 BIOTECHNOLOGY & HEALTHCARE CQS New City High Yield 71 15 77 12 81 8 95 7 143 4 9.63 2.13 CVC Credit Partners Euro Opps EUR 76 14 75 14 81 7 111 1 - - 7.91 -12.57 Adams 138 1 367 1 56 7 52 6 - - - 95.73 CVC Credit Partners Euro Opps GBP 77 11 74 15 79 11 92 8 - - 7.24 -9.07 BB Healthcare 99 5 93 6 118 3 - - - - 3.76 1.63 Henderson Diversified Income 81 6 86 6 91 3 100 6 163 3 5.24 2.28 Biotech Growth 117 2 111 2 109 5 103 5 463 3 - -7.85 Invesco Enhanced Income 77 9 85 7 87 5 100 5 200 1 8.20 4.51 International Biotechnology 101 4 99 4 114 4 128 3 494 1 3.96 -0.97 M&G Credit Income Investment 84 5 87 5 ------4.45 -7.45 Polar Capital Glb Healthcare 90 8 92 7 98 6 120 4 - - 0.96 -8.25 NB Distressed Debt Inv Extended Life 81 7 79 11 71 14 74 13 - - 1.45 -24.90 Polar Capital Glb Healthcare ZDP 2024 96 6 98 5 ------2.88 NB Distressed Debt New Glb 77 12 76 13 77 12 80 12 - - 1.29 -13.27 Syncona 94 7 81 8 148 1 183 1 - - 1.00 13.29 NB Distressed Debt 86 3 88 4 76 13 85 11 - - 0.01 3.50 Worldwide Healthcare 111 3 108 3 130 2 158 2 474 2 0.87 1.95 NB Gbl Floating Rate Income USD 77 10 84 8 79 9 107 3 - - 6.99 -14.64 Average/Total 106 8 131 8 110 7 124 6 477 3 2.11 11.58 NB Global Floating Rate Income GBP 77 13 79 10 79 10 88 10 - - 6.83 -13.06 COMMODITIES & NATURAL RESOURCES TwentyFour Select Monthly Income 87 2 92 3 100 1 110 2 - - 8.13 11.16 Baker Steel Resources 86 1 97 3 121 1 150 1 - - - -33.43 Average/Total 80 15 83 15 84 14 95 13 170 4 5.86 -6.20 BlackRock Energy and Resources Income 64 5 62 7 69 3 72 4 56 2 8.02 -12.41 DEBT - STRUCTURED FINANCE BlackRock World Mining Trust plc 80 3 80 4 92 2 124 2 70 1 7.50 -10.54 Blackstone/GSO Loan Financing 66 4 67 4 68 3 95 1 - - 20.58 -45.36 CQS Natural Resources G&I 62 6 64 6 53 5 67 5 42 4 9.89 -18.18 Carador Income Fund USD 31 8 32 8 31 6 41 4 169 1 34.43 -59.24 Geiger Counter 58 7 52 8 42 6 53 6 15 5 - 0.80 Carador Income Repurchase Pool 41 7 44 7 ------33.75 Global Resources IT 68 4 118 2 27 8 19 8 - - - 104.86 Chenavari Toro Income Fund Limited 74 3 84 2 93 1 - - - - 14.75 -45.15 Golden Prospect Precious Metal 83 2 127 1 68 4 97 3 48 3 - -13.86 Fair Oaks Income 2017 50 6 50 6 52 5 76 3 - - 4.58 -64.01 Polo Resources 56 8 38 9 31 7 28 7 10 6 - -79.80 Marble Point Loan Financing 104 1 111 1 ------11.18 6.98 Riverstone Energy 25 10 16 10 12 10 14 10 - - - -78.85 TwentyFour Income 83 2 81 3 88 2 92 2 - - 6.88 1.08 Tiger Resource 55 9 75 5 23 9 19 9 7 7 - -51.61 UK Mortgages 64 5 55 5 52 4 - - - - 9.15 -49.42 Average/Total 64 10 73 10 54 10 64 10 35 7 8.47 -19.30 Average/Total 64 8 65 8 64 6 76 4 169 1 14.51 -36.11 COUNTRY SPECIALIST: ASIA PACIFIC - EXCLUDING JAPAN ENVIRONMENTAL Aberdeen New India 66 8 71 8 74 8 93 6 150 6 - -16.40 Impax Environmental Markets 86 1 94 1 121 1 173 1 244 1 1.10 6.10 Aberdeen New Thai 58 11 65 10 73 9 86 8 214 5 4.77 -5.35 Jupiter Green 84 2 91 2 95 2 113 2 188 2 1.30 -2.01 Ashoka India Equity Investment 73 6 82 4 ------3.41 Menhaden 74 3 82 3 94 3 - - - - 0.96 -21.07 EIH 75 5 102 2 84 6 89 7 236 4 70.00 -31.51 Average/Total 81 3 89 3 103 3 143 2 216 2 1.12 -5.66 Fidelity China Special 100 2 94 3 115 2 160 3 - - 1.71 -7.75 India Capital Growth 47 12 40 12 40 11 59 10 65 8 - -33.10 EUROPE JPMorgan China Growth & Income plc 115 1 124 1 161 1 186 1 262 3 1.02 -0.41 Baillie Gifford European Growth Tst 99 1 102 1 102 4 112 5 187 6 3.90 -8.43 JPMorgan Indian 60 10 62 11 64 10 79 9 107 7 - -14.54 BlackRock Greater Europe 84 4 95 3 113 2 134 2 216 4 1.45 -3.02 Vietnam Enterprise 66 7 78 7 102 3 ------9.30 European Opportunities Trust 78 6 90 6 107 3 125 3 333 1 0.79 -5.37
VietNam Holding 64 9 67 9 93 5 155 4 321 1 - -25.64 © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. VinaCapital Vietnam Opp Fund 79 4 82 5 101 4 174 2 274 2 3.17 -20.71 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Weiss Korea Opportunity 81 3 81 6 81 7 104 5 - - 3.32 -1.07 guarantee of future results. Average/Total 74 12 79 12 90 11 119 10 204 8 14.00 -14.10 Fidelity European Values 88 2 99 2 120 1 136 1 237 2 2.77 -6.16 COUNTRY SPECIALIST: EUROPE - EX UK Henderson European Focus Trust 81 5 90 5 82 7 101 6 204 5 2.90 -11.01 Henderson EuroTrust 87 3 95 4 101 5 119 4 233 3 2.97 -10.27 JPMorgan Russian Securities 73 1 98 1 116 1 182 1 111 1 6.32 -9.34
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Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC £££££%% £££££%% JPMorgan European Growth Pool 77 7 84 7 82 6 95 7 160 8 3.81 -11.36 JPMorgan Global Emerg Mkts Inc 77 7 81 7 88 6 104 6 - - 5.02 -8.86 JPMorgan European Income Pool 69 8 72 8 75 8 89 8 162 7 6.01 -9.90 Jupiter Emerging & Frontier Income 74 10 76 9 ------4.97 -2.64 Average/Total 83 8 91 8 98 8 114 8 216 8 3.08 -8.19 Mobius Investment Trust 76 9 67 13 ------0.43 -10.78 EUROPEAN EMERGING MARKETS ScotGems 73 11 68 12 ------19.40 Templeton Em Mkts Invmt Tr TEMIT 84 2 88 3 106 2 130 2 132 5 2.44 -10.53 Baring Emerging Europe 62 1 72 1 83 1 116 1 81 1 5.85 -11.91 Utilico Emerging Markets 69 13 77 8 83 7 101 7 171 3 4.41 -11.80 Average/Total 62 1 72 1 83 1 116 1 81 1 5.85 -11.91 Average/Total 74 16 75 16 81 13 95 13 120 10 3.36 -13.67 EUROPEAN SMALLER COMPANIES GLOBAL EQUITY INCOME European Assets 74 2 78 2 78 3 91 4 230 2 7.78 -7.59 Henderson International Income 77 4 84 4 93 4 114 4 - - 4.20 5.61 JPMorgan European Smaller Comp 70 4 73 4 79 2 115 2 197 3 2.30 -14.87 Invesco Perp Select Glo Eq Inc 72 6 77 5 84 5 104 6 168 4 4.55 -5.88 Montanaro European Smaller 86 1 100 1 130 1 181 1 264 1 1.02 -0.97 JPMorgan Global Growth & Income 87 2 97 2 111 3 152 2 231 3 4.42 2.09 TR European Growth 73 3 76 3 71 4 110 3 177 4 3.28 -14.74 Murray International 74 5 77 6 81 6 106 5 151 5 5.69 1.00 Average/Total 76 4 82 4 89 4 124 4 217 4 3.60 -9.54 Scottish American 85 3 96 3 114 1 168 1 246 2 3.05 6.00 FARMLAND & FORESTRY Securities Trust of Scotland 88 1 103 1 113 2 141 3 248 1 3.65 2.20 Cambium Global Timberland 60 1 63 1 89 1 41 1 11 1 - -53.13 Average/Total 80 6 89 6 99 6 131 6 209 5 4.26 1.84 Average/Total 60 1 63 1 89 1 41 1 11 1 - -53.13 GLOBAL HIGH INCOME FINANCIALS Blue Planet Investment Trust 68 1 74 1 72 1 98 1 - - 9.41 -6.59 Chenavari Capital Solutions 71 4 70 5 67 2 71 2 - - 4.60 -41.67 Average/Total 68 1 74 1 72 1 98 1 - - 9.41 -6.59 EJF Investments 100 1 95 2 ------7.78 -26.47 GLOBAL SMALLER COMPANIES EJF Investments ZDP 2022 97 2 100 1 ------0.93 BMO Global Smaller Companies 66 5 70 5 72 4 94 4 223 4 1.64 -9.19 Polar Capital Global Financials 71 5 80 4 82 1 113 1 - - 4.31 -5.27 Edinburgh Worldwide 98 1 99 2 165 1 204 1 341 1 0.01 4.62 Trian Investors 1 93 3 93 3 ------0.62 -30.68 Herald 85 3 90 3 119 2 158 2 299 3 - -11.34 Average/Total 86 5 88 5 74 2 92 2 - - 4.33 -21.00 North Atlantic Smaller Cos 84 4 87 4 99 3 132 3 303 2 1.12 -35.27 FLEXIBLE INVESTMENT Smithson Investment Trust 93 2 101 1 ------4.17 Aberdeen Diversified Income & Growth 86 8 82 15 90 13 88 17 124 13 5.80 -7.09 Average/Total 85 5 89 5 114 4 147 4 291 4 0.92 -9.40 BMO Managed Portfolio Growth 81 13 84 13 95 10 113 10 186 4 - -3.60 GROWTH CAPITAL BMO Managed Portfolio Income 77 19 80 18 85 15 99 15 165 10 5.65 0.45 Adamas Finance Asia 80 2 60 3 20 2 19 1 1 1 - -76.79 Caledonia Investments 81 14 83 14 97 8 123 9 191 3 2.40 -23.57 Merian Chrysalis Investment Company 71 3 79 2 ------26.66 Capital Gearing 96 4 102 2 111 2 128 4 170 7 0.55 2.05 Schiehallion Fund 108 1 117 1 ------26.95 CIP Merchant Capital 66 24 61 24 ------37.36 Schroder UK Public Private Trust plc 48 4 27 4 23 1 - - - - 0.03 -52.09 Hansa Trust 'A' Class A 73 21 71 22 84 17 90 16 106 14 2.13 -34.29 Average/Total 77 4 71 4 22 2 19 1 1 1 0.03 -32.15 Hansa Trust 72 22 69 23 79 19 83 18 101 15 2.12 -32.53 Henderson Alternative Strategies Trust 79 17 79 19 78 20 101 14 88 16 2.17 -21.54 HEDGE FUNDS Invesco Perp Select Balanced Risk Alloc 91 5 95 6 99 7 105 12 - - 1.18 -1.63 Alternative Liquidity Fund 81 7 61 10 89 6 ------75.74 JPMorgan Global Core Real Assets 85 9 ------3.33 -5.90 BH Global GBP 109 4 112 4 129 4 129 4 147 5 - -12.22 JPMorgan Multi-Asset 84 12 88 10 ------4.90 -9.90 BH Global USD 109 3 125 3 139 3 170 2 197 3 - -4.69 JZ Capital Partners 28 26 30 25 24 21 35 19 60 17 - -75.99 BH Macro GBP 111 2 130 2 142 2 140 3 171 4 - 2.69 JZ Capital Partners ZDP 2022 80 16 81 17 84 16 ------19.98 BH Macro USD 115 1 142 1 159 1 183 1 232 2 - 0.45 Livermore Investments 81 15 98 5 91 12 124 7 290 1 9.53 -56.58 Boussard & Gavaudan EUR 83 5 87 6 81 8 121 5 133 6 - -34.21 Miton Global Opportunities 76 20 74 20 86 14 124 8 172 6 - -0.06 Boussard & Gavaudan GBP 76 9 78 8 73 9 91 7 112 7 - -40.38 New Star Investment Trust 89 6 94 7 99 6 142 2 134 11 1.39 -28.71 Gabelli Merger Plus+ Trust 63 10 71 9 ------8.46 -36.94 Personal Assets 98 2 103 1 106 3 127 5 167 8 1.33 -0.98 Highbridge Tactical Credit Fund 83 6 79 7 82 7 88 8 104 8 - -21.76 RIT Capital Partners 85 10 87 11 101 5 126 6 196 2 1.86 -4.72 Third Point Offshore USD 78 8 92 5 94 5 101 6 249 1 - -24.00 Ruffer Investment Company 97 3 101 3 93 11 102 13 131 12 0.81 -1.96 Average/Total 91 10 98 10 110 9 128 8 168 8 8.46 -24.68 Seneca Global Income & Growth Trust 71 23 73 21 81 18 107 11 167 9 5.41 0.57 INFRASTRUCTURE UIL 55 25 82 16 96 9 154 1 185 5 5.08 -40.54 3i Infrastructure 85 5 93 5 138 1 172 1 321 1 3.66 7.73 UIL ZDP 2020 99 1 100 4 111 1 132 3 - - - -0.61 BBGI SICAV 104 1 111 1 135 2 165 2 - - 4.22 25.57 UIL ZDP 2022 86 7 89 8 104 4 - - - - 0.01 -8.77 GCP Infrastructure Investment 92 4 95 4 105 5 131 5 - - 6.37 11.14 UIL ZDP 2024 77 18 84 12 ------22.28 HICL Infrastructure PLC 100 3 109 2 111 4 132 4 234 2 5.35 3.67 UIL ZDP 2026 85 11 88 9 ------19.99 Infrastructure India 47 7 79 7 14 7 6 7 1 4 - -96.14 Average/Total 80 26 83 25 90 21 111 19 155 17 3.09 -17.52 International Public Partnerships 101 2 107 3 114 3 142 3 213 3 4.76 3.24 GLOBAL Sequoia Economic Infrastructure Inc 84 6 88 6 100 6 113 6 - - 6.07 -3.17 Alliance Trust 81 9 88 8 99 10 140 10 236 9 2.04 -5.51 Average/Total 88 7 97 7 103 7 123 7 192 4 5.07 -6.85 AVI Global Trust 76 15 78 14 89 14 114 13 155 14 2.80 -10.42 INFRASTRUCTURE SECURITIES Bankers 90 5 99 5 124 6 152 7 287 4 2.42 0.93 Ecofin Global Utilities & Infra 92 1 114 1 141 1 - - - - 4.48 0.48 Brunner 85 7 96 7 110 8 143 8 227 10 2.49 0.94 Premier Gbl Infrastructure ZDP 2020 91 2 94 2 97 2 ------5.27 EP Global Opportunities 78 11 78 13 85 15 100 15 151 15 2.38 -9.32 Premier Global Infrastructure 71 3 78 3 66 3 72 1 101 1 11.21 4.85 F&C Investment Trust 81 8 84 10 106 9 140 9 243 8 1.94 -5.66 Average/Total 85 3 96 3 101 3 72 1 101 1 7.84 0.02 JPMorgan Elect Managed Growth 77 12 83 11 95 11 114 12 200 12 2.28 -4.30 Lindsell Train 77 13 74 15 139 3 270 1 675 1 2.37 25.71 INSURANCE & REINSURANCE STRATEGYIES Majedie Investments 70 16 69 16 67 16 84 16 137 16 5.45 -8.68 CATCo Reinsurance Opps C 143 1 114 4 ------12.36 -30.29 Manchester & London 106 2 116 1 170 1 257 2 247 7 2.72 -3.09 CATCo Reinsurance Opps 112 2 107 5 20 1 29 1 - - 14.32 -30.69 Martin Currie Global Portfolio 94 4 104 4 121 7 157 6 278 6 1.49 -1.61 Life Settlement Assets A 99 3 115 3 ------17.94 Mid Wynd International Inv Tr PLC O Inc 96 3 107 3 130 4 172 5 350 3 1.11 3.77 Life Settlement Assets B 69 6 70 6 ------53.46 Monks 90 6 97 6 128 5 191 4 280 5 0.22 3.01 Life Settlement Assets D 83 5 210 1 ------31.22 Scottish Investment Trust 79 10 84 9 89 13 117 11 176 13 3.37 -8.85 Life Settlement Assets E 85 4 199 2 ------2.74 Scottish Mortgage 114 1 113 2 160 2 224 3 534 2 0.52 2.47 Average/Total 99 6 136 6 20 1 29 1 - - 13.34 -17.32 Witan 76 14 81 12 91 12 112 14 215 11 3.11 -1.11 JAPAN Average/Total 86 16 91 16 113 16 155 16 275 16 2.29 -1.36 Aberdeen Japan 92 1 107 1 104 3 113 4 217 4 2.83 -15.24 GLOBAL EMERGING MARKETS Baillie Gifford Japan 76 5 83 5 99 4 142 2 343 1 0.53 -4.46 Aberdeen Emerging Markets 81 4 86 5 94 5 113 4 119 6 4.55 -13.60 CC Japan Income & Growth 73 6 81 6 89 5 - - - - 3.83 -4.23 Aberdeen Frontier Markets Investment 71 12 69 11 53 12 61 12 82 8 4.97 -15.90 Fidelity Japan Trust 84 3 97 2 120 1 160 1 243 3 0.01 -10.87 Africa Opportunity 91 1 90 2 83 8 75 10 115 7 - -5.63 JPMorgan Japanese 87 2 96 3 115 2 137 3 248 2 1.21 -12.51 Ashmore Global Opp GBP 51 16 43 16 40 13 40 13 23 10 - -42.45 Schroder Japan Growth 80 4 86 4 81 6 106 5 189 5 2.86 -14.55 Ashmore Global Opp USD 54 15 54 15 58 11 66 11 40 9 - -33.59 Average/Total 82 6 92 6 101 6 131 5 248 5 1.88 -10.31 BlackRock Frontiers 65 14 65 14 64 10 90 9 - - 6.28 -0.11 JAPANESE SMALLER COMPANIES Fundsmith Emerging Equities Trust 81 5 75 10 81 9 90 8 - - 0.33 -15.12 Atlantis Japan Growth 79 3 85 3 110 2 128 3 165 3 1.34 -17.15 Genesis Emerging Markets Fund 79 6 85 6 98 4 120 3 135 4 2.29 -8.81 AVI Japan Opportunity 90 1 90 2 ------0.21 Gulf Investment Fund 76 8 87 4 98 3 105 5 209 1 3.06 -12.67 Baillie Gifford Shin Nippon 77 4 79 4 108 3 196 1 496 1 0.01 -2.19 JPMorgan Emerging Markets 84 3 91 1 113 1 140 1 171 2 1.63 -6.78 JPMorgan Japan Smaller Cos 88 2 98 1 113 1 153 2 241 2 4.71 -9.28
72 WhatInvestment May 2020 www.whatinvestment.co.uk >| Investment Trusts 3
Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk YIELD DISC £££££%% £££££%% Average/Total 84 4 88 4 110 3 159 3 301 3 2.02 -7.10 Dolphin Capital Investors 47 5 43 4 30 4 10 4 4 4 - -86.25 LATIN AMERICA Macau Property Opportunities 48 4 41 5 34 3 29 3 55 3 - -67.84 Pacific Alliance China Land 98 1 102 1 112 1 153 1 320 1 - 6.02 Aberdeen Latin American Income 64 1 71 1 72 2 97 1 - - 8.04 -14.20 Average/Total 69 5 64 5 60 4 71 4 118 4 0.02 -49.11 BlackRock Latin American 64 2 67 2 74 1 94 2 62 1 8.68 -7.76 Average/Total 64 2 69 2 73 2 95 2 62 1 8.36 -10.98 PROPERTY - UK COMMERCIAL LEASING AEW UK REIT 76 14 80 13 89 10 - - - - 11.22 -24.56 Alternative Income REIT PLC 71 17 59 18 ------11.53 -48.85 Amedeo Air Four Plus 49 3 47 3 48 2 - - - - 0.03 -65.94 BMO Commercial Property Trust 66 18 66 17 59 14 69 10 134 5 7.40 -37.14 Doric Nimrod Air One 39 6 39 6 37 6 44 3 - - 25.71 -69.18 BMO Real Estate Investments 89 8 85 9 81 12 89 7 168 3 9.03 -46.09 Doric Nimrod Air Three 43 5 45 4 44 3 47 2 - - 22.00 -41.33 Custodian REIT 87 9 94 5 105 5 120 4 - - 6.52 -3.64 Doric Nimrod Air Two 38 7 39 7 39 5 41 5 - - 25.90 -62.40 Drum Income Plus REIT 90 7 79 14 87 11 - - - - 8.63 -16.91 DP Aircraft I 32 8 29 8 32 7 44 4 - - 0.05 -79.05 Ediston Property Investment Company 55 19 47 19 50 16 56 11 - - 12.64 -55.99 SQN Asset Finance Income C 68 2 67 2 63 1 - - - - 8.12 -48.61 Ground Rents Income Fund Plc 83 12 76 15 56 15 74 9 - - 5.59 -34.80 SQN Asset Finance Income 47 4 43 5 41 4 49 1 - - 14.63 -60.21 LXI REIT 85 10 92 7 118 2 - - - - 5.52 -8.76 Tufton Oceanic Assets 78 1 84 1 ------8.97 -19.50 Regional REIT 83 11 84 10 102 7 - - - - 10.58 -24.09 Average/Total 49 8 49 8 43 7 45 5 - - 13.18 -55.78 Schroder Real Estate Invest 72 16 74 16 72 13 78 8 168 2 0.03 -38.29 LIQUIDITY FUNDS Secure Income REIT 72 15 81 12 104 6 123 2 - - 5.23 -21.41 Invesco Perp Select Liquidity 99 2 100 2 101 2 100 2 106 1 0.80 -3.33 Standard Life Inv. Prop. Inc. 99 3 99 4 113 3 125 1 262 1 6.20 -9.32 JPMorgan Elect Managed Cash 100 1 101 1 103 1 104 1 106 2 0.39 -0.78 Supermarket Income REIT 108 1 113 1 ------5.31 14.35 Average/Total 99 2 101 2 102 2 102 2 106 2 0.60 -2.06 The Local Shopping REIT 101 2 111 2 105 4 103 5 51 6 - 1.61 NORTH AMERICA Tritax Big Box 77 13 82 11 89 9 120 3 - - 5.81 -19.45 UK Commercial Property REIT 91 5 91 8 99 8 101 6 152 4 5.45 -22.20 Baillie Gifford US Growth 108 1 111 1 ------3.99 Urban Logistics REIT plc 98 4 110 3 118 1 - - - - 5.55 -6.45 BlackRock North American 75 4 86 3 99 2 142 3 - - 5.52 -1.43 Warehouse REIT 91 6 94 6 ------6.81 -10.56 Gabelli Value Plus+ Trust 62 6 68 6 63 5 80 5 - - 0.87 -17.33 Average/Total 84 19 85 19 90 16 96 11 156 6 7.17 -21.71 JPMorgan American 82 2 91 2 108 1 145 2 273 1 1.58 -5.78 Middlefield Canadian Income 76 3 85 4 86 4 106 4 160 3 6.54 -13.39 PROPERTY - UK HEALTHCARE North American Income Trust 71 5 79 5 96 3 145 1 231 2 3.81 -4.58 Impact Healthcare REIT 85 2 91 2 104 2 - - - - 6.59 -8.65 Average/Total 79 6 87 6 90 5 124 5 221 3 3.66 -6.42 Target Healthcare REIT 96 1 98 1 111 1 135 1 - - 6.24 -0.40 NORTH AMERICAN SMALLER COMPANIES Average/Total 90 2 95 2 108 2 135 1 - - 6.42 -4.52 JPMorgan US Smaller Companies 68 2 74 2 82 2 117 1 288 1 0.71 -4.45 PROPERTY - UK RESIDENTIAL Jupiter US Smaller Companies 71 1 79 1 92 1 113 2 207 2 - -12.75 Civitas Social Housing 115 1 107 1 102 1 - - - - 5.48 -10.10 Average/Total 69 2 77 2 87 2 115 2 248 2 0.71 -8.60 GCP Student Living 79 5 90 4 100 2 140 1 - - 4.78 -24.22 PRIVATE EQUITY PRS REIT 88 4 82 5 ------6.54 -21.22 Residential Secure Income 95 3 99 2 ------5.77 -20.84 3i 69 18 83 9 118 4 198 2 384 2 4.87 -13.88 Triple Point Social Housing REIT 100 2 95 3 ------5.60 -13.34 Apax Global Alpha 77 10 84 8 89 12 - - - - 6.94 -24.72 Average/Total 95 5 95 5 101 2 140 1 - - 5.63 -17.94 Better Capital PCC 2009 72 17 72 18 66 17 93 16 85 15 0.03 -58.59 Better Capital PCC 2012 57 23 61 21 40 22 23 20 - - 0.22 -78.27 PROPERTY SECURITIES BMO Private Equity Trust 81 8 88 7 102 9 157 4 304 6 3.94 0.43 TR Property 76 1 83 1 111 1 117 1 267 1 3.86 -2.20 Dunedin Enterprise 74 14 77 14 140 2 151 6 203 10 12.30 -43.74 Average/Total 76 1 83 1 111 1 117 1 267 1 3.86 -2.20 Electra Private Equity 61 22 62 20 51 20 85 17 200 11 - -67.75 RENEWABLE ENERGY INFRASTRUCTURE EPE Special Opportunities 74 15 77 13 54 19 126 10 433 1 - -46.93 Aquila European Renewables Income Fund 88 10 ------3.03 -2.94 FastForward Innovations Limited 106 2 74 17 84 13 104 15 36 17 - -42.79 Bluefield Solar Income Fund 100 4 102 6 135 2 162 2 - - 6.03 11.93 HarbourVest Global Priv Equity 78 9 97 4 114 6 153 5 - - - -37.80 Foresight Solar 91 8 101 7 122 4 142 4 - - 6.23 10.08 HgCapital Trust 98 3 110 1 157 1 232 1 343 4 2.22 -13.77 Gore Street Energy Storage Fund 109 1 116 2 ------6.28 5.79 ICG Enterprise Trust 76 12 81 11 105 8 129 9 250 8 3.33 -39.84 Greencoat Renewables 105 2 119 1 ------5.48 9.24 JPEL Private Equity 76 11 76 15 83 14 136 8 111 13 - -44.13 Greencoat UK Wind 98 5 103 5 134 3 160 3 - - 5.04 18.46 LMS Capital 50 24 59 23 67 16 35 19 55 16 - -57.42 Gresham House Energy Storage 90 9 92 9 ------4.79 -2.66 NB Private Equity Partners 61 21 66 19 73 15 107 14 226 9 5.59 -44.23 JLEN Environmental Assets Group 95 6 105 4 120 5 136 5 - - 6.05 8.50 NB Private Equity ZDP 2022 97 4 97 5 105 7 ------3.47 NextEnergy Solar 86 12 91 10 109 6 133 6 - - 5.94 12.11 NB Private Equity ZDP 2024 94 6 96 6 ------6.07 Renewables Infrastructure Grp 104 3 115 3 141 1 166 1 - - 4.94 18.23 Oakley Capital Investments 86 7 99 3 135 3 125 12 200 12 2.33 -41.65 SDCL Energy Efficiency Income 87 11 93 8 ------5.61 1.35 Origo Partners 110 1 81 10 8 24 3 22 1 20 - -92.86 US Solar Fund 92 7 ------2.17 -6.19 Pantheon International Ord PLC 72 16 80 12 98 10 124 13 312 5 - -35.32 Average/Total 95 12 104 10 127 6 150 6 - - 5.13 6.99 Princess Private Equity 95 5 101 2 115 5 191 3 362 3 6.42 -27.35 Reconstruction Capital II 66 19 60 22 56 18 125 11 24 18 - -51.29 ROYALTIES St Peter Port Capital 62 20 47 25 37 23 18 21 9 19 - -81.98 Hipgnosis Songs 98 1 100 1 ------4.85 0.29 Standard Life Private Eq 74 13 75 16 94 11 136 7 277 7 4.40 -33.16 Average/Total 98 1 100 1 ------4.85 0.29 Symphony International Holding 49 25 49 24 50 21 67 18 96 14 7.94 -67.87 TECHNOLOGY & MEDIA Average/Total 77 25 78 25 85 24 115 22 196 20 4.66 -42.18 Allianz Technology Trust 107 2 111 2 182 1 277 1 576 1 - 2.84 PROPERTY - DEBT Augmentum Fintech 58 4 59 4 ------25.21 Energiser Investments 150 1 90 1 38 5 28 4 21 2 - 1.12 Polar Capital Technology 112 1 125 1 168 2 270 2 540 2 - 2.02 ICG-Lgbow Senior Sec. UK Prop Debt Inv 77 4 78 3 86 3 93 3 - - 8.48 -26.99 Sure Ventures 95 3 101 3 ------1.84 Real Estate Credit Investments 72 5 74 5 88 2 96 2 163 1 11.06 -31.64 Average/Total 93 4 99 4 175 2 274 2 558 2 - -4.63 Starwood European Real Estate Finance 78 3 77 4 83 4 97 1 - - 7.75 -18.26 UK ALL COMPANIES TOC Property Backed Lending 86 2 88 2 99 1 - - - - 6.98 -3.01 Artemis Alpha Trust 89 1 87 2 97 2 103 7 115 11 2.09 -14.33 Average/Total 93 5 81 5 79 5 78 4 92 2 8.57 -15.76 Aurora 76 4 74 5 82 7 108 4 97 12 2.62 2.92 PROPERTY - EUROPE Baillie Gifford UK Growth 85 2 86 3 94 3 107 5 167 8 2.89 -8.63 Aberdeen Standard European Logistics Inc 100 2 100 2 ------5.32 -4.24 Fidelity Special Values 67 10 69 9 82 8 104 6 190 7 3.97 1.17 Alpha Real Trust 78 7 88 6 131 3 246 1 264 1 3.00 -36.94 Henderson Opportunities 71 9 68 10 71 10 79 10 207 5 3.77 -22.65 Dragon Ukrainian Properties 113 1 100 1 141 2 85 3 32 2 13.61 -66.67 Independent 71 8 66 11 86 6 131 1 239 4 3.10 -5.70 Globalworth Real Estate Investments 78 6 91 5 145 1 178 2 - - 8.63 -17.22 Invesco Perp Select UK Equity 67 11 70 8 70 11 81 9 194 6 5.64 -9.47 Phoenix Spree Deutschland 89 5 74 8 122 4 - - - - 2.40 -34.74 JPMorgan Mid Cap 75 5 80 4 91 4 115 3 283 1 3.39 -0.01 Schroder European Real Estate Inv Trust 66 8 76 7 78 5 - - - - 9.35 -35.47 Jupiter UK Growth 63 12 61 12 56 12 60 12 121 10 5.00 -2.65 Tritax EuroBox Euro 96 3 94 3 ------3.41 -11.65 Keystone 73 6 73 6 72 9 73 11 153 9 5.05 -15.81 Yew Grove REIT 91 4 94 4 ------7.71 -10.24 Mercantile 84 3 90 1 105 1 130 2 246 2 3.60 3.85 Average/Total 89 8 90 8 123 5 169 3 148 2 6.68 -27.15 Schroder UK Mid Cap 72 7 73 7 90 5 100 8 245 3 4.33 -2.25 PROPERTY - REST OF WORLD Average/Total 74 12 75 12 83 12 99 12 188 12 3.79 -6.13 Aseana Properties 72 3 65 3 65 2 91 2 94 2 - -50.45 UK EQUITY & BOND INCOME Ceiba Investments 81 2 68 2 ------0.02 -47.04 Acorn Income Fund (Split) ZDP 2022 94 1 95 1 101 1 111 1 - - - -5.88
www.whatinvestment.co.uk WhatInvestment May 2020 73 >| Investment Trusts 4
Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC Val £££££%%Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val £££££%%Rnk Val Rnk Val Rnk Val Rnk Val Rnk Acorn Income Fund 80 2 78 2 81 2 109 2 377 1 7.50 5.15 Calculus VCT 50 46 61 40 40 42 - - - - 9.71 -46.24 Henderson High Income 71 3 76 3 74 3 85 3 178 2 7.48 -3.30 Chrysalis VCT 69 44 73 37 89 31 98 31 193 25 32.67 -41.18 Average/Total 82 3 83 3 85 3 102 3 278 2 7.49 -1.34 Crown Place VCT 95 23 96 23 125 9 140 9 211 21 6.78 -12.54 UK EQUITY INCOME Downing Four VCT DP67 80 41 113 5 97 24 106 26 95 31 90.05 -31.97 Downing Four VCT DSO 1 D 187 1 187 1 146 1 149 8 - - 0.09 0.92 Aberdeen Standard Equity Inc Trust 71 24 66 25 73 21 79 24 143 22 7.13 0.30 Downing ONE VCT 84 36 82 35 86 36 94 33 108 29 16.67 -2.00 BlackRock Income and Growth 75 19 82 10 82 15 94 13 151 17 4.30 2.49 Downing Three VCT 'F' 100 15 108 8 109 18 93 34 - - 31.25 -39.16 BMO Capital & Income 74 21 77 18 84 14 106 6 158 16 4.84 4.25 Downing Three VCT 'H' 84 37 62 39 55 39 50 37 - - 33.90 -11.14 BMO UK High Income B Share 73 22 75 20 75 19 86 19 124 26 7.89 -14.95 Downing Three VCT 'J' 74 43 48 42 46 40 46 38 - - 5.88 -15.00 BMO UK High Income 76 16 77 17 78 17 89 16 144 20 7.78 -10.25 Downing Two VCT 'F' 119 2 119 2 88 32 83 35 - - 94.74 -28.30 BMO UK High Income Units 75 18 77 16 78 18 87 17 144 21 7.95 -15.03 Downing Two VCT 'G' 76 42 67 38 70 38 65 36 - - 44.44 -34.92 British & American 105 1 89 6 66 25 70 26 131 25 25.22 47.88 Downing Two VCT 'K' 53 45 51 41 44 41 ------20.53 Chelverton UK Dividend Trust 58 28 58 28 49 27 72 25 206 5 12.10 3.66 Draper Esprit VCT 84 38 81 36 84 37 98 30 226 14 7.23 -23.29 Chelverton UK Dividend Trust ZDP 2025 94 2 93 4 ------6.32 Foresight 4 VCT 103 8 105 14 123 11 150 7 108 30 6.72 -8.46 City of London 79 10 82 9 89 9 102 8 191 9 5.73 5.27 Foresight VCT 94 29 104 18 112 16 108 25 217 16 16.81 -10.53 Diverse Income Trust 77 12 78 15 84 12 97 11 - - 4.63 -1.15 Kings Arms Yard VCT 100 17 103 19 124 10 154 5 567 1 5.69 -4.18 Dunedin Income Growth 89 3 96 1 107 2 115 4 197 7 5.04 -1.24 Maven Income & Growth VCT 3 95 25 94 26 97 25 122 19 250 8 22.50 -10.57 Edinburgh Investment 75 17 71 22 69 24 80 22 164 15 6.27 -8.85 Maven Income & Growth VCT 4 98 19 98 22 104 22 122 18 213 18 6.45 -3.89 Finsbury Growth & Income 81 9 93 2 116 1 142 1 355 1 2.19 1.31 Maven Income & Growth VCT 5 95 27 93 27 109 19 136 14 256 7 3.67 -8.79 Invesco Income Growth 82 7 86 8 84 13 90 15 184 11 5.40 -10.25 Maven Income & Growth VCT 96 21 96 24 106 20 126 17 268 6 29.88 -3.43 Investment Company 86 4 89 7 92 8 87 18 258 2 5.81 -6.23 Mobeus Income & Growth 2 VCT 94 28 111 6 127 7 139 12 479 2 36.88 -16.73 JPMorgan Claverhouse 74 20 75 21 86 11 100 9 172 14 5.49 1.43 Mobeus Income & Growth 4 VCT 95 26 111 7 126 8 140 10 232 12 40.65 -4.15 JPMorgan Elect Managed Inc 76 15 77 19 79 16 91 14 149 19 5.89 -1.74 Mobeus Income & Growth VCT 96 22 116 3 135 5 152 6 424 3 28.07 -0.76 Law Debenture Corporation 82 7 80 11 94 6 108 5 215 3 4.91 10.66 Northern 2 VCT 83 39 86 31 89 30 117 23 218 15 8.42 -5.00 Lowland 72 23 70 23 70 22 83 20 204 6 6.40 -1.27 Northern 3 VCT 83 40 85 32 86 35 118 21 200 23 5.71 -2.78 Merchants Trust 77 13 80 13 92 7 100 10 177 13 6.53 11.87 Northern Venture Trust 85 34 87 30 92 28 119 20 231 13 7.41 -1.10 Murray Income Trust 85 6 93 3 105 3 119 2 195 8 4.83 -4.16 Octopus Apollo VCT 99 18 103 20 104 21 113 24 144 28 7.32 -4.43 Perpetual Income & Growth 65 26 64 26 60 26 61 27 133 24 6.92 -11.90 Octopus Titan VCT 105 5 107 11 113 15 129 16 234 11 5.75 -4.40 Schroder Income Growth 77 14 80 12 86 10 95 12 182 12 5.50 1.38 Pembroke VCT 97 20 98 21 91 29 94 32 - - 3.16 -25.65 Shires Income 78 11 79 14 95 5 103 7 188 10 6.72 -6.08 Pembroke VCT B 102 11 106 12 116 14 - - - - 2.84 -5.90 Temple Bar 62 27 61 27 70 23 79 23 142 23 6.60 0.07 ProVen Growth and Income VCT 86 31 84 33 94 27 102 29 171 27 3.92 -6.59 Troy Income & Growth 86 5 93 5 99 4 119 3 210 4 4.07 2.11 ProVen VCT 85 33 83 34 103 23 118 22 212 19 4.07 -5.53 Value And Income 68 25 69 24 74 20 82 21 150 18 6.53 -20.30 Puma VCT 11 95 24 95 25 95 26 - - - - 8.00 -1.73 Average/Total 77 28 79 28 83 27 94 27 179 26 6.77 -0.97 The Income & Growth VCT 94 30 108 9 119 13 135 15 329 4 9.02 -4.00 UK SMALLER COMPANIES Triple Point Income VCT C 102 10 ------6.76 -10.93 Aberdeen Smaller Companies Inc 80 17 83 14 111 7 126 10 317 9 3.65 -15.00 Triple Point Income VCT D 101 12 ------6.14 -10.29 Aberforth Smaller Companies 67 21 67 19 75 16 89 15 199 13 3.60 -2.59 Triple Point VCT 2011 A 106 4 ------7.41 -42.01 Aberforth Split Level Income 58 25 53 25 ------8.31 11.29 Triple Point VCT 2011 B 101 14 ------5.21 -4.84 Aberforth Split Level Income ZDP 2024 93 2 94 4 ------8.74 Average/Total 94 46 96 42 102 42 119 38 237 31 16.62 -11.64 Athelney Trust 84 9 80 17 84 15 111 12 216 12 5.17 -9.86 VCT GENERALIST PRE-QUALIFYING BlackRock Smaller Companies 82 14 84 11 114 5 152 4 411 2 2.56 1.59 Downing Four Generalist Shs 77 6 65 4 62 2 ------20.10 BlackRock Throgmorton Trust plc 82 13 93 5 129 1 178 2 402 3 2.09 1.09 Puma VCT 12 99 2 91 1 86 1 - - - - 4.82 1.14 Chelverton Growth Trust 77 18 64 22 41 21 75 16 188 14 - -27.55 Puma VCT 13 91 4 87 2 ------5.39 Crystal Amber 32 26 31 26 28 22 47 18 66 17 7.94 -57.17 Seneca Growth Capital VCT B 90 5 87 3 ------1.79 -5.30 Downing Strategic Micro-Cap Inv. Trust 65 22 61 23 ------1.98 -25.03 Triple Point 2011 Venture Shares 96 3 ------3.03 Gresham House Strategic plc 85 7 95 3 116 4 - - - - 2.37 -17.92 Triple Point Income VCT E 101 1 ------5.85 -11.26 Henderson Smaller Companies 80 16 85 10 106 9 132 8 381 5 3.20 -0.94 Average/Total 92 6 82 4 74 2 - - - - 4.15 -7.32 Invesco Perpetual UK Smaller 74 19 82 16 93 13 136 6 323 8 4.70 -5.87 JPMorgan Smaller Companies 84 10 92 6 113 6 133 7 308 10 2.81 -13.54 VCT SPECIALIST: ENVIRONMENTAL Marwyn Value Investors 60 24 66 20 62 18 41 19 138 16 0.01 -48.18 Foresight Solar & Technology VCT plc 95 9 93 9 105 9 108 9 - - 7.45 -10.16 Marwyn Value Investors Realisation 82 12 82 15 118 2 - - - - - 0.00 Gresham House Renewable Energy VCT 1 100 5 98 8 117 8 123 8 - - 5.19 -6.97 Miton UK Microcap 64 23 56 24 51 19 - - - - 0.59 -18.67 Gresham House Renewable Energy VCT 2 99 7 99 7 117 7 136 7 - - 5.19 -5.87 Montanaro UK Smaller Companies 95 1 100 1 110 8 127 9 272 11 4.88 -7.80 Ventus VCT 2 C 101 4 111 4 133 2 181 4 204 3 6.40 -7.20 Odyssean Investment Trust 89 4 91 7 ------3.24 Ventus VCT 2 D 104 2 113 3 129 4 142 5 - - 3.85 -12.16 Oryx International Growth 89 5 87 9 105 10 144 5 401 4 - -23.11 Ventus VCT 2 111 1 122 1 146 1 208 1 195 4 6.21 0.25 Rights & Issues Investment Trust 88 6 83 13 93 12 184 1 561 1 2.00 0.02 Ventus VCT C 100 6 110 6 132 3 185 3 214 2 6.30 -6.77 River and Mercantile UK Micro Cap 68 20 66 21 72 17 103 13 - - - -26.32 Ventus VCT D 102 3 110 5 126 5 140 6 - - 3.85 -12.69 Standard Life UK Smaller Co. 92 3 99 2 117 3 165 3 373 7 1.79 -3.00 Ventus VCT 98 8 116 2 125 6 188 2 225 1 7.55 -4.25 Strategic Equity Capital 83 11 88 8 88 14 98 14 376 6 0.84 -13.68 Average/Total 101 9 108 9 126 9 157 9 209 4 5.78 -7.31 SVM UK Emerging 80 15 83 12 104 11 119 11 140 15 - -19.94 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Worsley Investors Limited 85 8 76 18 48 20 65 17 63 18 - -36.83 Seneca Growth Capital VCT 100 1 117 1 110 1 79 1 110 1 45.45 -27.63 Average/Total 78 26 78 26 90 22 117 19 285 18 3.25 -14.58 Average/Total 100 1 117 1 110 1 79 1 110 1 45.45 -27.63 VCT AIM QUOTED VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE-QUALIFYING Amati AIM VCT 87 2 92 2 109 2 146 1 234 3 6.44 -6.16 Downing Four Healthcare Shs 75 1 60 1 60 1 ------22.78 Artemis VCT PLC O Inc 70 7 69 8 81 6 141 2 261 1 17.78 -14.64 Average/Total 75 1 60 1 60 1 ------22.78 Hargreave Hale AIM VCT 81 4 81 4 85 5 96 6 167 5 10.78 -6.35 VCT SPECIALIST: MEDIA, LEISURE & EVENTS New Century AIM 2 VCT 68 8 70 7 88 4 99 5 102 8 8.29 2.47 Edge Performance VCT 'H' 116 1 173 1 91 1 55 1 - - 10.39 -49.28 New Century AIM VCT 89 1 91 3 109 1 130 3 137 7 5.38 5.81 Edge Performance VCT 'I' 105 2 69 2 44 2 26 2 - - 0.07 -56.59 Octopus AIM VCT 2 79 6 80 5 75 8 92 7 150 6 7.24 -6.15 Average/Total 111 2 121 2 68 2 40 2 - - 5.23 -52.94 Octopus AIM VCT 80 5 79 6 77 7 92 8 192 4 5.91 -6.36 Unicorn AIM VCT 87 2 95 1 98 3 120 4 261 2 9.87 -9.29 VCT SPECIALIST: TECHNOLOGY Average/Total 80 8 82 8 90 8 115 8 188 8 8.96 -5.08 Oxford Technology VCT 2 95 3 60 4 162 1 303 1 128 4 6.67 -22.95 Oxford Technology VCT 3 116 1 88 3 127 2 195 2 206 2 - -48.55 VCT GENERALIST Oxford Technology VCT 4 100 2 100 1 81 4 126 3 131 3 11.32 -36.75 Albion Development VCT 101 13 105 15 140 3 158 2 235 10 5.66 -4.76 Oxford Technology VCT 94 4 94 2 97 3 70 4 296 1 - -24.83 Albion Enterprise VCT 104 6 106 13 136 4 164 1 237 9 5.45 -4.38 Average/Total 101 4 85 4 117 4 174 4 190 4 9.00 -33.27 Albion Technology & Gen VCT 100 15 113 4 141 2 137 13 216 17 5.06 -3.75 Albion VCT 102 9 104 16 130 6 155 4 212 20 6.97 -5.22 Baronsmead Second Venture Trust 86 32 90 28 87 33 106 28 186 26 22.58 -4.02 Baronsmead Venture Trust 85 35 88 29 87 34 106 27 199 24 23.93 -5.63 British Smaller Companies VCT 107 3 107 10 122 12 156 3 271 5 8.51 11.37 British Smaller Companies VCT2 103 7 104 17 111 17 139 11 208 22 7.81 -6.86
74 WhatInvestment May 2020 www.whatinvestment.co.uk >| Exchange-Traded Funds 1
Exchange Traded Funds
Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM ££ £ % (£m) ££ £ % (£m) JPM EUR Corporate Bd Rsh Enh ETF EUR Acc 93 99 - 0.19 JREB € 55 IRL AFRICA & MIDDLE EAST EQUITY EUR CORPORATE BOND - SHORT-TERM Xtrackers MSCI GCC Select Swap ETF 1C 81 81 103 0.65 XGLF $ 15 IRL iShares Corp Bond 1-5yr ETF EUR Dist 96 99 102 0.20 IE15 € 3,269 IRL AFRICA EQUITY iShares Floating Rate Bond ETF EURDist 97 99 - 0.10 EFRN € 32 IRL Xtrackers MSCI Africa Top 50 Swap ETF 1C 69 71 69 0.65 XMKA $ 16 LUX JPM EUR Corp Bd 1-5yr Rsh Enh ETF EURAcc 96 99 - 0.19 JER5 € 23 IRL ALT - CURRENCY EUR GOVERNMENT BOND First Trust FactorFX ETF A USD 96 104 - 0.75 FTFX $ 7 IRL iShares France Govt Bond ETF EUR Dist 98 106 114 0.20 IFRB € 291 IRL First Trust FactorFX ETF B GBP 95 96 - - FXGB £ 7 IRL EUR GOVERNMENT BOND - SHORT-TERM ALT - LONG/SHORT CREDIT JPM BetaBuilders EURGovtBd1-3yrETFEURAcc 99 102 - - J13E € 79 IRL Tabula EurpiTraxxCrsvrCrdtShrtETFEURJAcc 112 113 - - TECS € 14 IRL EUR HIGH-YIELD BOND ALT - LONG/SHORT EQUITY - GLOBAL iShares High Yield CorpBd ETF EUR Acc 87 91 - 0.50 HIGH € 4,320 IRL JPM Equity Long-Short ETF EUR Acc H 83 84 - - JLEE € 15 IRL iShares High Yield CorpBd ETF EUR Dist 87 91 97 0.50 IHYG € 4,320 IRL JPM Equity Long-Short ETF GBP Acc H 83 83 - 0.67 JLSP £ 15 IRL EUR ULTRA SHORT-TERM BOND JPM Equity Long-Short ETF USD Acc 83 88 - 0.67 JELS $ 15 IRL iShares Ultrashort Bond ETF EUR Dist 98 101 101 0.09 ERNE € 2,417 IRL ALT - OTHER JPM EUR Ultra-Short Income ETF EUR Acc 99 102 - 0.22 JEST € 396 IRL Lyxor US Curve Flattening 2-10 ETF Acc 100 - - - FLTU $ 1 LUX EUROPE EQUITY INCOME Lyxor US Curve Stpng 2-10 ETF USD Acc 100 - - - STPU $ 94 LUX Tabula JPM Glb Crdt Vol Prm ETF EUR JAcc 91 - - - TVOL € 10 IRL iShares MSCI Europe Qual Div ETF EUR Dis 100 106 - 0.28 EQDS € 35 IRL WisdomTree Europe Equity Income ETF 74 79 85 0.32 EEIE € 26 IRL ALT - RELATIVE VALUE ARBITRAGE WisdomTree Europe Equity Income ETF Acc 75 79 86 0.32 EEIP € 26 IRL Lyxor EUR 2-10Y Infl Expct ETF C EUR 96 97 95 0.25 INFL £ 872 LUX EUROPE EX-UK EQUITY Lyxor US$ 10Y Inflation Expct ETF C USD 94 97 93 0.25 EUIN $ 94 LUX L&G Europe ex UK Equity ETF 83 92 - 0.10 LGEG € 76 IRL ALT - SYSTEMATIC FUTURES EUROPE LARGE-CAP BLEND EQUITY JPM Managed Futures ETF EUR Acc H 85 92 - - JMFE € 75 IRL JPM Managed Futures ETF GBP Acc H 85 91 - - JMFP £ 75 IRL iShares Core MSCI Europe ETF EUR Acc 82 89 95 0.12 IMAE € 1,427 IRL JPM Managed Futures ETF USD Acc 85 97 - 0.57 JPMF $ 75 IRL iShares Edge MSCI Eurp Mini Vol ETF Acc 87 95 105 0.25 EUN0 € 1,073 IRL iShares Edge MSCI Eurp Mltfctr ETF Acc 83 88 94 0.45 FSEU € 166 IRL ALT - VOLATILITY iShares Edge MSCI Eurp Mom Fctr ETF Acc 92 101 109 0.25 CEMR € 214 IRL WisdomTree CBOE S&P 500 PutWrite ETF$Acc 82 90 - - PUTW 1 IRL iShares Edge MSCI Eurp QualFctr ETF Acc 87 95 105 0.25 CEMQ € 110 IRL $ iShares Edge MSCI Eurp QualFctr ETFDist 87 95 - 0.25 IEQD € 110 IRL ASIA BOND JPM Europe Rsrch Enh Eq ESG ETF EUR Acc 84 92 - 0.25 JREE € 41 IRL L&G Europe Equity Res Exclsn ETF EUR Acc 84 - - 0.16 RIEG € 72 IRL Xtrackers II $ Asia ex Jpn CorpBd ETF 1D 96 107 110 0.30 ALQD $ 15 LUX SciBeta HFE Europe Equity 6F EW ETF 80 87 - - EHEF € 89 IRL WisdomTree Europe Equity ETF EUR Acc 76 83 85 0.35 WTDF 72 IRL ASIA BOND - LOCAL CURRENCY € iShares Em Asia Lcl Govt Bd ETF USD Acc 96 104 - 0.50 IGAA $ 61 IRL EUROPE LARGE-CAP VALUE EQUITY iShares Em Asia Lcl Govt Bd ETF USD Dist 96 104 107 0.50 IS0S $ 61 IRL iShares Edge MSCI Eurp Val Fctr ETF Acc 75 79 80 0.25 CEMS € 569 IRL iShares Edge MSCI Eurp Val Fctr ETFDist 75 78 - 0.25 IEDL 569 IRL ASIA EXCLUDING JAPAN EQUITY € Franklin LibertyQ AC Asia ex Japan ETF 87 88 - - FVSJ $ 3 IRL EUROPE MID-CAP EQUITY HSBC MSCI AC FAR EAST ex JAPAN ETF 93 93 105 0.45 HMAD $ 249 IRL iShares Edge MSCI Eurp Sz Fctr ETF Acc 79 85 88 0.25 CEMT € 23 IRL HSBC MSCI EM Far East ETF 95 96 107 0.60 H4ZI $ 9 IRL iShares MSCI Europe Mid Cap ETF EUR Acc 81 88 - 0.15 EUMD € 299 IRL Lyxor MSCI EM Asia ETF 92 93 - 0.12 LCUA $ 44 LUX iShares MSCI Europe Mid Cap ETF EUR Dist 81 88 - 0.15 EMID € 299 IRL SPDR® MSCI EM Asia ETF 92 92 104 0.55 SPYA $ 566 IRL WisdomTree Emerging Asia Equity Inc ETF 85 84 93 0.54 WTEA $ 5 IRL Xtrackers MSCI AC Asia ex Jpn Swap ETF1C 91 91 102 0.65 DXS5 $ 373 LUX EUROPE SMALL-CAP EQUITY ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITY WisdomTree Europe SmallCap Div ETF 75 78 79 0.38 DFEE € 26 IRL WisdomTree Europe SmallCap Div ETF Acc 75 78 79 0.38 WTD7 € 26 IRL iShares MSCI AC FarEast exJpn SC ETF$Dis 99 106 119 0.74 IUS9 $ 32 IRL ASIA-PACIFIC EQUITY EUROZONE LARGE-CAP EQUITY WisdomTree Euroz Eqlty Div Gr ETF EUR 87 94 102 - EGRP € 17 IRL SPDR® S&P Pan Asia Div Aristocrats ETF 84 89 101 0.55 ZPRA $ 139 IRL WisdomTree Euroz Eqlty Div Gr ETF EURAcc 87 94 103 - EGRA € 17 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITY SciBeta HFE Pacific ex-Jap Eq 6F EW ETF 72 74 - - PHEF € 22 IRL GBP CORPORATE BOND Vanguard FTSE Dev AsiaPac exJpn ETF $Dis 81 84 88 0.22 VAPX $ 340 IRL iShares Core £ Corp Bond ETF GBP Dist 94 100 105 0.20 SLXX £ 1,719 IRL Vanguard FTSE Dev AsiaPac exJpnETFUSDAcc 81 - - - VGEK $ 340 IRL iShares £ Corp Bond 0-5yr ETF GBP Dist 98 100 102 0.20 IS15 £ 1,259 IRL AUSTRALIA & NEW ZEALAND EQUITY iShares £ Corp Bond ex-Fncl ETF GBP Dist 95 102 107 0.20 ISXF £ 219 IRL Lyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 94 99 107 0.09 COUK.LN £ 84 LUX iShares MSCI Australia ETF USD Acc 72 80 81 0.50 SAUS $ 151 IRL SPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 96 98 101 0.20 SYBQ £ 134 IRL SPDR® Blmbrg Bcly Stlg Corp Bd ETF 94 100 105 0.20 SYBS £ 202 IRL BRAZIL EQUITY Franklin FTSE Brazil UCITS ETF 58 - - - FLXB $ 2 IRL HSBC MSCI Brazil ETF 61 64 70 0.60 H4ZG $ 29 IRL GBP DIVERSIFIED BOND - SHORT-TERM iShares £ Ultrashort Bond ETF GBP Dist 99 99 101 0.09 ERNS £ 737 IRL CANADA EQUITY JPM GBP Ultra-Short Income ETF GBP Acc 100 - - - JGSA £ 98 IRL HSBC MSCI Canada ETF 76 85 87 0.35 HCAD $ 22 IRL JPM GBP Ultra-Short Income ETF GBP Inc 100 100 - 0.22 JGST £ 98 IRL iShares MSCI Canada ETF USD Acc 76 85 88 0.48 SXR2 $ 415 IRL PIMCO Sterling Short Maturity Source ETF 99 100 101 - QUID £ 172 IRL 76 85 88 0.35 D5BH 132 LUX Xtrackers MSCI Canada ETF 1C $ GBP GOVERNMENT BOND CHINA EQUITY Invesco UK Gilt 1-5 Year ETF GBP Inc 101 102 - - GLT5 £ 15 IRL Franklin FTSE China UCITS ETF 103 - - - FLXC $ 13 IRL Invesco UK Gilts ETF GBP Acc 102 - - - GLTA £ 23 IRL HSBC MSCI China ETF 102 99 122 0.60 HMCD $ 295 IRL Invesco UK Gilts ETF GBP Inc 102 110 - - GLTP £ 23 IRL ICBCCS WisdomTree S&P China 500 ETF B 100 99 117 0.75 CHIN $ 38 LUX iShares Core UK Gilts ETF GBP Dist 102 110 115 0.20 IGLT £ 1,644 IRL Lyxor MSCI China ETF Acc 103 99 - 0.30 LCCN $ 47 LUX iShares UK Gilts 0-5yr ETF GBP Dist 100 101 101 0.20 IGLS £ 1,121 IRL Xtrackers Harvest FTSE China A-H 50ETF1D 94 99 123 0.65 AH50 $ 8 LUX JPM BetaBuilders UK Gilt 1-5 yrETFGBPInc 100 102 - - JG15 £ 24 IRL Lyxor FTSE Actr UK Gilts (DR) ETF D GBP 102 110 114 0.07 GILS.LN £ 572 LUX CHINA EQUITY - A SHARES Lyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 100 101 102 0.07 GIL5 £ 156 LUX SPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 100 101 101 0.15 SYB5 £ 390 IRL HSBC MSCI China A Inclusion ETF 100 101 - 0.60 HMCT $ 26 IRL SPDR® Blmbrg Bcly 15+ Yr Gilt ETF 104 118 126 0.15 SYBL £ 97 IRL iShares MSCI China A ETF USD Acc 100 100 109 0.40 CNYA $ 594 IRL SPDR® Blmbrg Bcly UK Gilt ETF 102 110 115 0.15 SYBG £ 237 IRL KraneShares MSCI China A Share ETF USD 99 - - - KBA $ 73 IRL Vanguard U.K. Gilt ETF GBP Acc 103 113 - - VGVA £ 185 IRL L&GE Fund MSCI China A ETF 99 97 101 0.88 CASH $ 18 IRL Vanguard UK Gilt UCITS ETF 103 112 117 0.12 VGOV £ 185 IRL Lyxor Hwabao WP MSCI China A DR ETF Acc 100 99 102 0.65 CNAA $ 34 FRA Xtrackers CSI300 Swap ETF 1C 99 101 124 0.50 XCHA $ 519 LUX © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not Xtrackers Harvest CSI300 ETF 1D 96 96 108 - RQFI $ 322 LUX be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no CONVERTIBLE BOND - GLOBAL guarantee of future results. SPDR® Thomson Reuters Glb Convert Bd ETF 95 101 104 0.50 ZPRC $ 817 IRL GBP INFLATION-LINKED BOND EUR CORPORATE BOND iShares £ Index-Lnkd Gilts ETF GBP Dist 92 102 107 0.25 INXG £ 898 IRL iShares Corp Bond ESG ETF EUR Dist 94 99 - - SUOE € 775 IRL Lyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 93 102 108 0.07 GILI.LN £ 65 LUX iShares CorpBd IntrRt Hdg ETF EUR Dist 94 97 98 0.25 IS0Y € 799 IRL iShares Core Corp Bond ETF EUR Acc 94 99 - 0.20 IEAA € 9,773 IRL GERMANY EQUITY iShares Core Corp Bond ETF EUR Dist 93 99 104 0.20 IEAC 9,773 IRL € WisdomTree Germany Eq ETF EUR Acc 76 82 78 0.32 WTEZ € 5 IRL www.whatinvestment.co.uk WhatInvestment May 2020 75 >| InvestmentExchange-Traded Trusts FundsX 2
Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM ££ £ % (£m) ££ £ % (£m) GLOBAL BOND GLOBAL INFLATION-LINKED BOND iShares Core Global Aggt Bd ETF USD Dist 100 109 - 0.10 AGGG $ 2,835 IRL iShares Global Infl Lnkd GovBd ETF $ Acc 97 107 109 0.25 IGIL $ 497 IRL iShares Global AAA-AA Govt Bd ETF $ Acc 100 110 - 0.20 GAAA $ 126 IRL Lyxor Cr Glb Inf-Ld 1 10Y Bd DR ETF Inc 99 106 - - GIST $ 18 LUX iShares Global AAA-AA Govt Bd ETF $ Dist 100 108 112 0.20 IS0Z $ 126 IRL iShares Global Govt Bond ETF USD Acc 102 113 - 0.20 IGLA $ 1,114 IRL GLOBAL INFLATION-LINKED BOND - EUR HEDGED iShares Global Govt Bond ETF USD Dist 102 113 114 0.20 IGLOz $ 1,114 IRL iShares Global Infl Lnkd GovBd ETFHDist 97 105 - 0.25 GILE 497 IRL SPDR® Blmbrg Bcly Glb Aggr Bd ETF USD 100 109 - 0.10 SYBZ $ 694 IRL € GLOBAL BOND - GBP HEDGED GLOBAL INFLATION-LINKED BOND - GBP HEDGED Xtrackers II Glb Infl-Lnkd Bd ETF 3D £ H 98 103 107 0.25 XGIG 1,104 LUX iShares Core Global Aggt Bd ETF GBPHDist 100 105 - 0.10 AGBP £ 2,835 IRL £ iShares Global Govt Bond ETF GBP H Dist 103 108 - 0.25 IGLH £ 1,114 IRL GLOBAL INFLATION-LINKED BOND - USD HEDGED Vanguard Global Aggt Bd ETF GBP H Acc 100 - - - VAGS £ 671 IRL Vanguard Global Aggt Bd ETF GBP H Inc 100 - - - VAGP £ 671 IRL Xtrackers II Glb Infl-Lnkd Bd ETF 2C $ H 97 110 112 0.25 XG7U $ 1,104 LUX Xtrackers II Glb Agg Bd Swap ETF 3D £ H 100 105 109 0.30 XBGG £ 686 LUX Xtrackers II Global Govt Bd ETF 2D GBP H 102 108 112 0.25 XGSG £ 2,236 LUX GLOBAL LARGE-CAP BLEND EQUITY Franklin LibertyQ Global Equity SRI ETF 87 96 - 0.40 FLXG $ 28 IRL GLOBAL BOND - USD HEDGED HSBC MSCI World ETF 87 96 110 0.15 HMWDl $ 1,007 IRL iShares Core Global Aggt Bd ETF USD HAcc 100 111 - 0.10 AGGU $ 2,835 IRL HSBC Multi Factor Worldwide Equity ETF 85 92 101 0.25 H41J $ 255 IRL Vanguard Global Aggt Bd ETF USD H Acc 100 - - - VAGU $ 671 IRL Invesco Elwood Global Blockchain ETF 89 128 - - BNXG $ 53 IRL Xtrackers II Global Govt Bd ETF 3C USD H 103 116 - 0.25 XGSI $ 2,236 LUX Invesco Global Buyback Achievers ETF 81 90 97 0.39 BUIB $ 24 IRL Invesco Goldman Sachs Equity Fac Wld ETF 81 89 100 - EFIW $ 414 IRL GLOBAL CORPORATE BOND Invesco MSCI World ESG Unvsl Scrn ETF 89 - - - ESGW $ 4 IRL Invesco MSCI World ETF 86 96 108 0.45 SC0J $ 880 IRL iShares Global Corp Bond ETF USD Acc 96 107 - 0.20 CRPA $ 1,540 IRL Invesco Quant Strats ESGGlbEqMFETFUSDAcc 84 - - - IQSA $ 61 IRL iShares Global Corp Bond ETF USD Dist 96 106 110 0.20 IS0X $ 1,540 IRL iShares Core MSCI World ETF USD Acc 85 94 107 0.20 IWDA $ 16,143 IRL GLOBAL CORPORATE BOND - GBP HEDGED iShares Dow Jones Glb Sust Scrn ETF $Acc 88 98 109 0.60 IGSG $ 190 IRL iShares Edge MSCI Wld Min Vol ETF $ Acc 86 99 114 0.30 IQQ0 $ 3,300 IRL BMO Bbg Barc 1-3Y Glb Corp Bd (GBPH) ETF 100 101 102 0.30 ZC1G £ 140 IRL iShares Edge MSCI Wld Mltfct ETF $ Acc 85 91 101 0.50 IFSW $ 305 IRL iShares Global Corp Bond ETF GBP H Dist 96 101 - 0.25 CRHG £ 1,540 IRL iShares Edge MSCI Wld Qual Fctr ETF $Acc 88 97 114 0.30 IWFQ $ 953 IRL iShares MSCI ACWI ETF USD Acc 86 94 106 0.60 IUSQ $ 634 IRL GLOBAL CORPORATE BOND - USD HEDGED iShares MSCI World ESG Enh ETF USD Dist 88 98 - 0.20 EEWD $ 18 IRL iShares Global Corp Bond ETF USD H Acc 97 109 - 0.25 CRPU 1,540 IRL iShares MSCI World ESG Scrn ETF USD Acc 87 97 - 0.20 SNAW $ 438 IRL $ iShares MSCI World ESG Scrn ETF USD Dist 87 97 - 0.20 S6DW $ 438 IRL GLOBAL EMERGING MARKETS BOND iShares MSCI World ETF USD Dist 86 96 108 0.50 IWRD $ 3,447 IRL iShares MSCI World SRI ETF EUR Acc 89 101 - 0.30 SUSW € 992 IRL iShares JP Morgan $ EM Bd ETF USD Acc 89 99 - 0.45 JPEA $ 5,648 IRL iShares MSCI World SRI ETF USD Dist 90 102 - 0.30 SUWS $ 992 IRL iShares JP Morgan $ EM Bond ETF USD Dist 87 98 101 0.45 IEMB $ 5,648 IRL JPM Global Equity Multi-Fac ETF USD Acc 81 - - - JPGL $ 13 IRL iShares JP Morgan ESG $ EM Bd ETF USDAcc 91 102 - - EMSA NA $ 456 IRL JPM Global Rsrch Enh Eq ESG ETF USD Acc 87 97 - 0.25 JREG $ 29 IRL iShares JP Morgan ESG $ EM Bd ETFUSDDist 90 101 - - EMES $ 456 IRL L&G Global Equity ETF 87 96 - 0.10 LGGL $ 26 IRL JPM USD Emerging Mkts Sov Bd ETF USD Inc 88 101 - - JPMB $ 340 IRL Lyxor Core MSCI World (DR) ETF 86 96 - 0.12 LCUW $ 90 LUX SPDR® ICE BofAML0-5YrEM$GovBdETF$Dis 95 102 103 0.42 ZPR5 $ 153 IRL Lyxor Global Gender Eqlty (DR) ETF C USD 81 90 - 0.20 ELLE $ 14 LUX Vanguard USD EmMktsGovBd ETFUSDAcc 92 102 - - VDEA $ 389 IRL Lyxor Msci All Country World ETF USD Acc 86 95 - 0.45 ACWU $ 351 LUX Vanguard USD EmMktsGovBd UCITS ETF 92 102 105 - VDET $ 389 IRL Lyxor MSCI World ESG TrendLdrs(DR)ETFAcc 87 97 - 0.30 LESW $ 36 LUX Xtrackers $ Emerging MktsBdQualWghtETF1D 93 105 107 0.50 XQUA $ 67 IRL MS Scientific Beta Glb Eq Fact ETF USD 81 90 99 - GEF $ 1 IRL SPDR® MSCI ACWI IMI UCITS ETF 85 93 103 0.40 SPYI $ 126 IRL GLOBAL EMERGING MARKETS BOND - EUR BIASED SPDR® MSCI ACWI UCITS ETF 86 95 106 0.40 SPYY $ 1,265 IRL iShares JP Morgan $ EM Bond EURH ETF Dis 87 93 95 0.84 EMBE € 2,423 IRL SPDR® MSCI World ETF 86 96 - - SWRD $ 104 IRL JPM USD Emerging Mkts Sov Bd ETF EURAccH 87 95 - - JMBE € 340 IRL Vanguard FTSE All-World ETF USD Acc 86 - - - VWCE $ 3,597 IRL Vanguard FTSE All-World UCITS ETF 85 93 105 0.25 VWRD $ 3,597 IRL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCY Vanguard FTSE Dev World ETF $Dis 85 94 107 - VEVE $ 344 IRL Vanguard FTSE Dev World ETF USD Acc 87 - - - VHVE $ 344 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Acc 89 97 - 0.50 EMGA $ 5,108 IRL Xtrackers ESG MSCI World ETF 1C 89 100 - 0.20 XZW0 $ 255 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Dist 88 97 95 0.50 IEML $ 5,108 IRL Xtrackers FTSE All-World ex UK ETF 1C 86 95 107 0.40 XDEX £ 28 IRL PIMCO EM Advtg Lcl Bd Res ETF Acc USD 89 99 97 - EMLB $ 268 IRL Xtrackers MSCI World ETF 1C 85 94 107 0.19 XDWD $ 3,330 IRL PIMCO EM Advtg Lcl Bd Res ETF Inc USD 89 99 97 - EMLI $ 268 IRL Xtrackers MSCI World ETF 1D 86 96 - 0.19 XDWLz $ 3,330 IRL SPDR® Blmbrg Bcly EM Lcl Bd ETF Dis 91 100 100 0.55 SYBM $ 2,572 IRL VanEck Vectors JPM EM LC Bd ETF A USD 87 94 - - G2X1 $ 52 IRL GLOBAL LARGE-CAP GROWTH EQUITY GLOBAL EMERGING MARKETS CORPORATE BOND iShares Edge MSCI Wld Mom Fctr ETF $ Acc 92 104 133 0.30 IWFM $ 1,142 IRL iShares JPMorgan $ EM Corp Bd ETF $ Acc 89 99 - 0.50 EMCA $ 811 IRL GLOBAL LARGE-CAP VALUE EQUITY iShares JPMorgan $ EM Corp Bd ETF $ Dist 90 100 103 0.50 IS0Q $ 811 IRL SPDR® ICE BofAML EM Corp Bd ETF 92 103 106 0.50 SYBE $ 10 IRL HSBC Economic Scale Worldwide Equity ETF 80 85 92 0.25 HEWD $ 260 IRL VanEck Vectors Em Mkts HY Bd ETF A USD 88 96 - - HYEM $ 15 IRL iShares Edge MSCI Wld Val Fctr ETF $Acc 81 86 90 0.30 IWFV $ 1,342 IRL iShares Edge MSCI Wld Val Fctr ETF $Dist 80 85 - 0.30 IWVU $ 1,342 IRL GLOBAL EMERGING MARKETS EQUITY iShares Thomson Reuters Incl & Divst ETF 84 93 - 0.25 OPEN $ 5 IRL Ossiam World Minimum Var NR ETF 1C USD 82 94 103 0.65 WDMV $ 15 LUX Fidelity Emerg Mkts Qual Inc ETF USD Acc 81 83 - 0.50 FYEM $ 36 IRL Fidelity Emerg Mkts Qual Inc ETF USD Inc 82 - - - FYEQ $ 36 IRL GLOBAL SMALL-CAP EQUITY First Trust Em Mkts AlphaDEX® ETF A Acc 74 77 84 0.80 FEM $ 43 IRL Franklin LibertyQ Emerging Markets ETF 81 84 - 0.55 FLXE $ 41 IRL iShares Edge MSCI Wld Size Fctr ETF $Acc 79 86 92 0.30 IS3T $ 407 IRL HSBC MSCI Emerg Mkts ETF 86 87 95 0.40 HMEM $ 155 IRL iShares MSCI World Small Cap ETF USD Acc 77 82 - 0.35 WSML $ 635 IRL Invesco FTSE Em Mkts Hi Div Low Vol ETF 76 79 84 0.49 EMHD $ 34 IRL SPDR® MSCI World Small Cap ETF 78 83 90 0.45 ZPRS $ 241 IRL Invesco Goldman Sachs Eq Fac EM ETF AUSD 85 86 - - EFIM $ 127 IRL Invesco MSCI Emerging Markets ETF 85 86 95 0.29 EMSM $ 345 IRL INDIA EQUITY iShares Core MSCI EM IMI ETF USD Acc 85 86 94 0.25 EMIM $ 9,453 IRL Franklin FTSE India UCITS ETF 73 - - - FLXI $ 3 IRL iShares Core MSCI EM IMI ETF USD Dist 85 86 - 0.18 EIMU $ 9,453 IRL iShares MSCI India ETF USD Acc 73 73 - 0.65 QDV5 $ 238 IRL iShares Edge MSCI EM Mini Vol ETF $ Acc 83 86 96 0.40 EUNZ $ 331 IRL WisdomTree India Quality ETF USD Acc 78 80 81 - WTD0 $ 3 IRL iShares Edge MSCI EM Val Fac ETF USD Acc 84 86 - 0.40 - $ 26 IRL Xtrackers Nifty 50 Swap ETF 1C 70 72 80 0.85 DBX7 $ 67 LUX iShares EM Dividend ETF USD Dist 77 80 86 0.65 EUNY $ 257 IRL iShares MSCI EM ETF USD Acc 85 86 95 0.50 IEMA $ 430 IRL INDONESIA EQUITY iShares MSCI EM IMI ESG Scrn ETF USD Acc 85 87 - 0.18 AYEM $ 348 IRL iShares MSCI EM IMI ESG Scrn ETF USDDist 85 87 - 0.18 SEDM $ 348 IRL HSBC MSCI Indonesia ETF 65 67 69 0.60 HIDD $ 26 IRL iShares MSCI EM SRI ETF USD Acc 80 84 91 0.35 QDVS $ 430 IRL ISLAMIC EQUITY - OTHER JPM Global EM Rsh Enh Eq ESG ETF USD Acc 86 89 - 0.30 JREM $ 149 IRL Lyxor FTSE Emerging Minimum VarETF C USD 80 82 86 0.40 MVMX $ 6 LUX iShares MSCI EM Islamic ETF USD Dist 87 88 98 0.85 ISEM $ 32 IRL Lyxor MSCI Emerging Mkt Ex China ETF Acc 76 - - - EMXC $ 50 LUX iShares MSCI USA Islamic ETF USD Dist 86 91 102 0.50 ISUS $ 45 IRL Ossiam EM Minimum Var NR ETF 1C USD 78 78 86 0.75 DEMV $ 84 LUX SciBeta HFE EM Equity 6F EW ETF 77 76 - - EMHF € 44 IRL ISLAMIC GLOBAL EQUITY SPDR S&P EmMks Dividend Aristocrats ETF 75 77 86 0.55 SPYV $ 73 IRL iShares MSCI World Islamic ETF USD Dist 85 91 100 0.60 ISWD 93 IRL SPDR® MSCI Emerging Markets ETF 86 87 96 0.42 SPYM $ 282 IRL $ Vanguard FTSE Emerg Markets ETF $Dis 85 87 95 0.29 VDEM $ 1,277 IRL ISRAEL LARGE/MID-CAP EQUITY Vanguard FTSE Emerg Markets ETF USD Acc 85 - - - VFEA $ 1,277 IRL WisdomTree Emerging Mkts Eq Inc ETF 79 82 92 0.46 WTEI $ 30 IRL iShares TA-35 Israel ETF USD Acc 79 92 96 0.60 QDVM $ 14 IRL WisdomTree Emerging Mkts Eq Inc ETF Acc 79 82 92 0.46 WTD8 $ 30 IRL Xtrackers MSCI Emerging Markets ETF 1C 85 87 - 0.20 XMME $ 1,801 IRL JAPAN LARGE-CAP EQUITY Invesco MSCI Japan ETF 89 98 103 0.45 SC0I $ 3 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITY iShares Core MSCI Japan IMI ETF USD Acc 88 97 103 0.20 IJPA $ 2,547 IRL iShares MSCI EM Small Cap ETF USD Dist 76 76 75 0.74 IEMSz $ 165 IRL iShares MSCI Japan ESG Enh ETF USD Dist 89 100 - 0.20 EEJD $ 19 IRL SPDR® MSCI Emerging Markets SmallCap ETF 75 75 74 0.55 EMSCz $ 44 IRL iShares MSCI Japan ESG Scrn ETF USD Acc 89 98 - 0.15 SGAJ $ 108 IRL WisdomTree Emerging Markets SmCp Div ETF 76 77 83 0.54 WTED $ 18 IRL iShares MSCI Japan ESG Scrn ETF USD Dist 89 98 - 0.15 SODJ $ 108 IRL iShares MSCI Japan ETF USD Acc 88 97 102 0.48 SXR5 $ 306 IRL GLOBAL EQUITY INCOME iShares MSCI Japan ETF USD Dist 88 97 102 0.59 IJPN/L $ 852 IRL iShares MSCI Japan SRI ETF 95 108 109 0.30 SUJP $ 222 IRL Fidelity Global Qual Inc ETF Inc 85 95 - 0.40 FGEQ $ 149 IRL L&G Japan Equity ETF 88 97 - 0.10 LGJP $ 84 IRL Franklin LibertyQ Global Dividend ETF 82 91 - 0.45 FLXX $ 17 IRL SciBeta HFE Japan Equity 6F EW ETF 85 90 - - JHEF € 45 IRL iShares MSCI World Qual Div ETF USD Dist 84 93 - 0.38 WDQV $ 81 IRL Vanguard FTSE Japan ETF $Dis 89 97 103 0.19 VJPN $ 1,282 IRL Lyxor SG Global Qual Inc NTR ETF C GBP 83 88 91 0.45 SGQL £ 1,066 LUX Vanguard FTSE Japan ETF USD Acc 89 - - - VJPA $ 1,282 IRL SPDR® S&P Global Div Aristocrats ETF 72 79 85 0.45 ZPRG $ 362 IRL WisdomTree Japan Equity ETF JPY Acc 85 92 91 0.40 WTIZ $ 40 IRL Vanguard FTSE AllWld HiDivYld ETF $Dis 80 86 91 0.29 VHYL $ 1,533 IRL Xtrackers ESG MSCI Japan ETF 1C 93 105 - 0.20 XZMJ $ 101 IRL Vanguard FTSE AllWld HiDivYld ETF USDAcc 80 - - - VHYA $ 1,533 IRL Xtrackers MSCI Japan ETF 1C 89 98 103 0.50 DBXJ 1,642 LUX WisdomTree Glbl Eqlty Div Gr ETF USD Acc 90 101 119 0.33 GGRA $ 27 IRL $ WisdomTree Glbl Qual Div Gr ETF USD 91 102 120 0.33 GGRP $ 27 IRL JAPAN SMALL/MID-CAP EQUITY GLOBAL FLEX-CAP EQUITY iShares MSCI Japan Small Cap ETF USD Dis 85 93 98 0.58 IDJP $ 310 IRL WisdomTree Japan SmallCap Div ETF USD 86 93 - - DFJ $ 1 IRL iShares Ageing Population ETF USD Acc 83 85 88 0.40 AGED $ 176 IRL WisdomTree Japan SmallCap Div ETF USDAcc 86 93 - - DFJA 1 IRL Vanguard Glb Liqd Fac ETFShrUSDAcc 79 86 95 - VDLQ $ 10 IRL $ Vanguard Glb Momt Fac ETFShrUSDAcc 85 93 106 - VDMO $ 44 IRL KOREA EQUITY Vanguard Global Val Fac ETFUSDAcc 68 71 72 0.22 VDVA $ 135 IRL Franklin FTSE Korea UCITS ETF 88 - - - FLXK $ 4 IRL GLOBAL FRONTIER MARKETS EQUITY HSBC MSCI KOREA CAPPED ETF 88 88 87 0.60 HKOD $ 6 IRL Xtrackers S&P Select Frntr Swap ETF 1C 66 69 72 0.95 DX2Z $ 47 LUX LATIN AMERICA EQUITY GLOBAL HIGH-YIELD BOND HSBC MSCI EM LA ETF 61 64 66 0.60 HMLD $ 9 IRL iShares MSCI EM Latin Amer ETF USD Dist 62 65 66 0.74 LTAM 95 IRL iShares Fallen Angels HY CorpBd ETF $Acc 90 100 - 0.50 WIAU $ 284 IRL $ iShares Fallen Angels HY CorpBd ETF$Dist 90 100 106 0.50 WING $ 284 IRL MONEY MARKET - OTHER iShares Global HY Corp Bd ETF GBP H Dist 88 - - - GHYG £ 1,009 IRL iShares Global HY Corp Bd ETF USD Acc 89 95 - 0.50 HYEA $ 1,009 IRL Lyxor Fed Funds US Dollar Cash ETF C USD 100 107 106 0.10 FEDF $ 27 LUX iShares Global HY Corp Bd ETF USD Dist 88 94 99 0.50 HYLD $ 1,009 IRL Lyxor Smart Cash ETF C GBP 100 101 102 0.05 CSH2 £ 1,136 LUX VanEck Vectors Glb Flln Angl HY BdETFA$ 93 101 - - GFA $ 6 IRL Lyxor Smart Cash ETF C USD 100 107 107 0.11 - $ 1,136 LUX Xtrackers II $ Overnight Rt Swap ETF 1C 100 107 - 0.15 DXSZ $ 205 LUX GLOBAL HIGH-YIELD BOND - EUR HEDGED Xtrackers II £ Overnight Rt Swap ETF 1D 100 100 101 0.15 DXS1 £ 107 LUX Xtrackers USD Overnight Rate Swap ETF 1C 100 107 106 0.15 3011 14 LUX iShares Fallen Angels HY CorpBdETFHDist 90 96 - 0.55 IBC7 € 284 IRL $ GLOBAL HIGH-YIELD BOND - GBP HEDGED OTHER BOND FinEx Tradable Russian Corp Bds ETF USD 94 105 109 0.50 FXRU $ 57 IRL iShares Fallen Angels HY CorpBdETF£HDist 89 93 - 0.55 WIGG £ 284 IRL Invesco AT1 Capital Bond ETF 90 101 - - AT1 $ 317 IRL iShares Global HY Corp Bd GBPH ETF Dist 88 90 95 0.55 GHYS £ 163 IRL Invesco AT1 Capital Bond ETF GBP Hdg Dis 88 93 - - AT1S £ 317 IRL Invesco Preferred Shares ETF 89 100 - - PRFD $ 90 IRL Invesco Preferred Shares ETF USD Acc 89 100 - - PRAC $ 90 IRL
76 WhatInvestment May 2020 www.whatinvestment.co.uk >| InvestmentExchange-Traded Trusts FundsX 3
Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM ££ £ % (£m) ££ £ % (£m) Invesco US High Yield Faln Angl ETF GBPH 78 78 - 0.50 FAGB £ 47 IRL iShares Dev Mkts Prpty Yld ETF USD Acc 72 79 - 0.59 DPYA $ 1,688 IRL Invesco US Treasury Bond ETF GBP H Dis 107 - - - TRGB £ 64 IRL SPDR® Dow Jones Global Real Estate ETF 71 78 85 0.40 SPYJ $ 635 IRL Invesco US Trs Bd 1-3 Yr ETF GBP H Dis 103 - - - T3GB £ 12 IRL Invesco US Trs Bd 3-7 Yr ETF GBP Hdg Dis 105 109 - - TR7S £ 25 IRL PROPERTY - INDIRECT NORTH AMERICA Invesco US Trs Bd 7-10 Yr ETF GBP H Dis 108 114 - - TRXS £ 2,047 IRL Invesco Real Estate S&P US Sel Sec ETF 80 93 108 - XRES $ 17 IRL Invesco Variable Rate Preferred ETF 85 96 - - VRPS $ 9 IRL iShares US Property Yield ETF USD Dist 69 78 86 0.40 IUSPz 485 IRL Invesco Variable Rate Preferred ETF USD 86 96 - - VPAC $ 9 IRL $ iShares $ Corp Bond ETF EUR H Dist 98 108 - 0.25 LQEE € 5,651 IRL PROPERTY - INDIRECT OTHER iShares $ Corp Bond ETF GBP H Dist 98 105 - 0.25 LQGH £ 5,651 IRL iShares $ Floating Rate Bd ETF GBPH Dist 95 96 - 0.12 FLOS £ 2,075 IRL iShares Dev Mkts Prpty Yld ETF EURH Acc 72 77 - 0.64 DPYE € 1,688 IRL iShares $ High Yld Corp Bd ETF EURH Dist 89 93 - 0.55 IHYE € 2,766 IRL iShares Dev Mkts Prpty Yld ETF GBPH Dist 71 74 - 0.64 DPYG £ 1,688 IRL iShares $ High Yld Corp Bd ETF GBPH Dist 89 90 - 0.55 IHHG £ 2,766 IRL iShares UK Property ETF GBP Dist 81 84 89 0.40 IUKP £ 669 IRL iShares $ TIPS 0-5 ETF GBP H Dist 99 101 - 0.12 TI5G £ 354 IRL iShares $ TIPS ETF EUR H Acc 100 106 - 0.27 ITPE € 1,850 IRL RMB BOND - ONSHORE iShares $ TIPS ETF GBP H Dist 102 106 - 0.27 ITPG £ 1,850 IRL Xtrackers II Harvest China Govt Bd ETF1D 103 105 109 0.55 CGB $ 40 LUX iShares $ Treasury Bd 1-3yr ETF EURH Acc 102 105 - 0.22 IBTE € 6,421 IRL iShares $ Treasury Bd 1-3yr ETF GBPHDist 103 104 - 0.22 IBTG £ 6,421 IRL RUSSIA EQUITY iShares $ Treasury Bd 20+y ETF EUR HDist 116 134 - 0.10 DTLE € 822 IRL iShares $ Treasury Bond ETF GBP H Dist 107 - - - GOVP £ 18 IRL HSBC MSCI Russia Capped ETF 74 90 106 0.60 HRUD $ 80 IRL iShares $ Trs Bd 7-10yr ETF GBP H Dist 108 115 - - IGTM £ 4,499 IRL Invesco RDX ETF 70 82 94 1.20 RDXS $ 7 IRL iShares $CorpBd 0-3y ESG UCITS ETF£H Dis 99 - - - SGSU £ 35 IRL ITI Funds RTS Equity ETF A USD 73 90 - - RUSE $ 2 LUX iShares Corp Bond ESG ETF GBP Hdg Inc 94 - - - SUOG £ 775 IRL Lyxor MSCI Russia ETF Dist 71 86 - - RUSU £ 251 LUX iShares High Yield Corp Bd ETF USDHAcc 87 96 - 0.55 HYGU $ 4,320 IRL Xtrackers MSCI Russia Capped Swap ETF 1C 74 89 104 0.65 DBXV $ 81 LUX iShares Core Corp Bond ETF GBP H Dist 94 97 - 0.25 IEAH £ 9,773 IRL SECTOR EQUITY AGRICULTURE iShares Italy Govt Bond ETF USD H Acc 97 116 - 0.22 ITEH $ 806 IRL iShares JP Morgan $ EM Bd ETF GBP H Dist 87 91 - 0.50 EMHG £ 5,648 IRL iShares Agribusiness ETF USD Acc 79 85 90 0.55 IS0C $ 36 IRL iShares Spain Govt Bond ETF USD H Acc 97 112 - 0.22 SPEH $ 659 IRL iShares US Aggregate Bond ETF EUR H Acc 102 109 - 0.30 IUAE € 2,124 IRL SECTOR EQUITY BIOTECHNOLOGY iShares US Aggregate Bond ETF GBP H Dist 103 107 - 0.30 IUGA £ 2,124 IRL Invesco NASDAQ Biotech ETF 110 104 113 0.40 SBIO $ 377 IRL ITI Funds Russia-Fcs USD EurobondETFAUSD 96 110 - - RUSB $ 7 LUX iShares Nasdaq US Biotech ETF USD Acc 109 103 - 0.35 BTEK $ 48 IRL JPM BetaBuilders US TreasuryBdETFGBPHAcc 107 - - - BBTP £ 70 IRL iShares Nasdaq US Biotech ETF USD Dist 109 103 - 0.35 BTEE $ 48 IRL Lyxor $ Floating Rate Note ETF MH D GBP 95 96 - 0.15 SWIH £ 117 LUX L&G Pharma Breakthrough ETF 108 99 - 0.49 BIOT 6 IRL Lyxor US TIPS (DR) ETF MthlyH D GBP 102 106 106 0.20 TIPH £ 1,535 LUX $ PIMCO ST HY Corp Bd Sour ETF EURH Acc 87 90 - - STEA € 903 IRL SECTOR EQUITY COMMUNICATIONS PIMCO ST HY Corp Bd Sour ETF GBPH Inc 88 89 94 - STHS £ 903 IRL PIMCO ST HY Corp Bd Sour ETF Inc EURH 88 91 95 - STHE € 903 IRL Invesco Comms S&P US Slct Sec ETF $ Acc 90 102 - - XLCS $ 448 IRL SPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 84 94 91 0.55 SYBI $ 86 IRL iShares S&P 500 Comm Sect ETF USD Acc 92 103 - 0.15 IUCM $ 61 IRL Tabula European Perf Crdt ETF EUR G Dis 89 93 - - TCED € 15 IRL Lyxor MSCI World TelecomSvcsTR ETF C USD 90 101 101 0.36 TELW $ 22 LUX Tabula European Perf Crdt ETF EUR J Acc 89 94 - - TCEP € 15 IRL SPDR® MSCI World Comm Svcs ETF USD Acc 90 101 101 0.30 WTEL $ 14 IRL Tabula European Perf Crdt ETF GBPH C Dis 88 - - - TCEG £ 15 IRL SPDR® S&P® US Comm Svcs Sel Sect ETF 91 102 - 0.15 ZPDK $ 132 IRL Tabula Eurp iTraxx Crsvr Crdt ETFEURJAcc 89 92 - - TECC € 5 IRL Xtrackers MSCI Wld Comm Svc ETF 1C 89 100 101 0.30 XWTS $ 112 IRL UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 100 102 102 0.20 UBTP £ 947 LUX UBS ETF BlombgBarcl US Liq Corp GBPH A 98 106 111 0.23 UC85 £ 560 LUX SECTOR EQUITY CONSUMER GOODS & SERVICES UBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 97 100 102 0.23 - £ 718 LUX Amundi IS S&P Global Luxury ETF-C USD 82 86 - - LUXU $ 54 LUX VanEck Vectors Preferred US Equity ETF 90 102 - - PRF $ 6 IRL Invesco Consumer Discr S&P US SelSec ETF 81 92 116 0.30 XLYS $ 87 IRL WisdomTree AT1 CoCo Bond ETF GBP Hdg 87 92 - - COGO £ 44 IRL Invesco Consumer Stap S&P US Sel Sec ETF 91 106 109 0.30 XLPS $ 45 IRL WisdomTree AT1 CoCo Bond ETF USD 88 98 - - CCBO $ 44 IRL iShares Elctrc Vhcl&Drvng Tech ETFUSDAcc 74 79 - 0.40 IEVD $ 44 IRL WisdomTree AT1 CoCo Bond ETF USD Acc 88 98 - - COCB $ 44 IRL iShares MSCI EM Consumer Gr ETF USD Acc 89 92 96 0.60 CEMG $ 29 IRL WisdomTree AT1 CoCo Bond ETF USD Hdg 88 100 - - CODO $ 44 IRL iShares S&P 500 Cnsmr Discr Sect ETF$Acc 85 95 120 0.15 IUCD $ 71 IRL iShares S&P 500 Cnsmr Stpls Sect ETF$Acc 91 106 110 0.15 2B7D $ 58 IRL OTHER EQUITY Lyxor MSCI World Cnsmr Disc TR ETF C USD 84 94 109 0.35 DISW $ 34 LUX Fidelity Europe Qual Inc ETF GBP H Acc 85 90 - - FEQP £ 11 IRL Lyxor MSCI World Cnsmr Stp TR ETF C USD 89 101 107 0.36 STAW $ 39 LUX Fidelity Global Qual Inc ETF GBP H Acc 83 88 - 0.45 FGQP £ 149 IRL SPDR® MSCI Wld Cnsmr Discret ETF USD 84 94 110 0.30 WCOD $ 13 IRL Fidelity US Quality Income ETF GBP H Acc 82 88 - 0.35 FUSP £ 752 IRL SPDR® MSCI World Cnsmr Stapl ETF 89 102 107 0.30 WCOS $ 31 IRL HSBC MSCI Malaysia ETF 83 84 85 0.60 HMYD $ 3 IRL SPDR® S&P US Cnsmr Discret Sel Sect ETF 83 93 118 0.15 ZPDD $ 45 IRL HSBC MSCI Mexico Capped ETF 69 73 61 0.60 HMED $ 5 IRL SPDR® S&P US Cnsmr Staples Sel Sect ETF 91 107 110 0.15 ZPDS $ 179 IRL HSBC MSCI SAUDI ARABIA 20/35CAP UCITSETF 79 - - - HMSA $ 7 IRL VanEck Vectors Video Gmng &eSptsETFAUSD 115 - - - ESPO $ 59 IRL Invesco EQQQ NASDAQ-100 ETF (GBP Hdg) 102 106 - 0.35 EQGB £ 2,201 IRL Xtrackers MSCI USA Consumer Disc ETF 1D 88 97 - 0.12 XUCD $ 33 IRL Invesco JPX-Nikkei 400 ETF (USD Hdg) 89 96 104 - N4US $ 107 IRL Xtrackers MSCI USA Consumer Stp ETF 1D 91 106 - 0.12 XUCS $ 34 IRL Invesco MSCI Saudi Arabia ETF 79 75 - - MSAU $ 101 IRL Xtrackers MSCI Wld Consumer Dscrt ETF 1C 83 93 110 0.30 - $ 77 IRL iShares Core FTSE 100 ETF USD H Acc 78 87 - 0.20 ISFD $ 7,164 IRL Xtrackers MSCI Wld Consumer Stp ETF 1C 89 101 107 0.30 XDWS $ 238 IRL iShares Core MSCI EMU UCITS ETF £ H Dist 79 85 - 0.12 CEMP £ 1,842 IRL iShares Core MSCI World ETF GBP H Dist 86 90 - 0.30 IWDG £ 16,143 IRL SECTOR EQUITY ENERGY iShares Core S&P 500 ETF GBPH Dist 88 92 - 0.10 GSPX £ 24,727 IRL Amundi IS MSCI World Energy ETF-C USD 58 57 - - CWEU $ 25 LUX iShares Edge MSCI Wld Min Vol ETFGBPHAcc 87 94 - 0.35 WMVG £ 3,300 IRL Invesco Energy S&P US Select Sector ETF 52 50 48 0.30 XLES $ 26 IRL iShares Edge S&P 500 MinVol ETF EURH Acc 100 103 115 0.25 IS31 € 1,608 IRL Invesco Morningstar US EnrgInfrMLPETF 35 36 31 0.50 MLPS $ 131 IRL iShares MSCI EMU USD Hedged ETF Acc 79 90 94 0.38 CEBP $ 153 IRL Invesco Morningstar US EnrgInfrMLPETFDis 35 36 31 - MLPD $ 131 IRL iShares MSCI Europe ex-UK GBPH ETF Dist 83 89 96 0.40 EUXS £ 87 IRL iShares S&P 500 Energy Sect ETF USD Acc 52 51 49 0.15 IUES $ 66 IRL iShares MSCI Japan EUR Hedged ETF Acc 88 91 98 0.64 IJPE € 691 IRL L&G US Energy Infrastructure MLP ETF 35 35 29 0.25 XMLP $ 7 IRL iShares MSCI Japan GBP Hedged ETF Acc 88 89 96 0.64 IJPH £ 101 IRL Lyxor MSCI World Energy TR ETF C USD 58 57 58 0.34 NRGW $ 39 LUX iShares MSCI Japan USD Hedged ETF Acc 89 96 104 0.64 IJPD $ 184 IRL SPDR® MSCI World Energy ETF 59 57 59 0.30 WNRG $ 131 IRL iShares MSCI Saudi Arabia Cpd ETF USDAcc 77 - - - IUSS $ 130 IRL SPDR® S&P US Energy Select Sector ETF 53 51 49 0.15 ZPDE $ 47 IRL iShares MSCI Saudi Arabia Cpd ETFUSDDist 78 - - - IUSW $ 130 IRL Xtrackers MSCI USA Energy ETF 1D 52 50 - 0.12 XUEN $ 3 IRL iShares MSCI World EUR Hedged ETF Acc 86 92 104 0.55 IWDE € 1,541 IRL Xtrackers MSCI World Energy ETF 1C 58 57 58 0.30 - $ 82 IRL iShares MSCI World GBP Hedged ETF Acc 86 90 102 0.55 IGWD £ 247 IRL iShares S&P 500 EUR Hedged ETF Acc 88 94 111 0.20 IUES € 2,809 IRL SECTOR EQUITY FINANCIAL SERVICES iShares S&P 500 GBP Hedged ETF Acc 88 93 110 0.45 IGUS £ 432 IRL KMEFIC FTSE Kuwait Equity ETF Acc 83 - - - KUW8 $ 13 IRL Amundi IS MSCI World Financials ETF-CUSD 75 85 - - CWFU $ 39 LUX Lyxor Core MSCI Japan (DR) ETF DHGBP Acc 88 90 - 0.20 LCJG £ 479 LUX Invesco Financials S&P US Select Sec ETF 76 89 95 0.30 XLFS $ 205 IRL Lyxor Euro Stoxx 50 DR ETF DH GBP Acc 79 86 89 0.20 MSEX £ 3,957 FRA iShares S&P 500 Financials Sect ETF $Acc 77 89 95 0.15 IUFS $ 278 IRL Lyxor Euro Stoxx 50 DR ETF DH USD Acc 79 92 94 0.20 MSEU $ 3,957 FRA iShares S&P U.S. Banks ETF 65 75 - 0.35 IUS2 $ 5 IRL Lyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 89 90 97 0.25 JPXX £ 314 LUX Lyxor MSCI World Financials TR ETF C USD 75 85 85 0.36 FINW $ 13 LUX Lyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 88 96 103 0.25 JPXU $ 314 LUX Lyxor S&P 500 Banks ETF USD Acc 72 83 - 0.20 BNKU $ 4 LUX Lyxor MSCI World ETF MH USD Dist A/I 87 97 110 0.30 WLDU $ 2,734 FRA SPDR® MSCI World Financials ETF USD Acc 75 85 85 0.30 WFIN $ 64 IRL Lyxor S&P 500 ETF Daily Hedged C GBP 88 92 - - SP5G £ 6,617 LUX SPDR® S&P US Financials Select Sect ETF 77 89 95 0.15 ZPDF $ 100 IRL Lyxor SG Global Qual Inc NTR ETF MH CGBP 84 86 92 0.45 SGQX £ 1,066 LUX Xtrackers MSCI USA Financials ETF 1D 76 88 - 0.12 XUFN $ 41 IRL MU Lux Lyxor FTSE 100 ETF Mly H USD Acc 78 87 - 0.30 100H $ 281 LUX Xtrackers MSCI World Financials ETF 1C 75 85 85 0.30 - $ 84 IRL Nomura JPX-Nikkei 400 Net TR Dly $Hg ETF 89 97 104 - NJXU $ 9 IRL Nomura JPX-Nikkei 400 Net TR Dly Hg ETF 88 91 98 - NJXE € 39 IRL SECTOR EQUITY HEALTHCARE Nomura Nikkei 225 EUR-Hedged ETF 87 92 104 0.60 NXKE € 27 IRL HAN-GINS Indxx Healthcare Innovt ETF Acc 99 - - - WELL $ 3 IRL Nomura Nikkei 225 USD-Hedged ETF 88 97 109 0.60 NXKU $ 17 IRL Invesco Health Care S&P US Sel Sec ETF 100 105 127 0.30 XLVS $ 161 IRL UBS ETF Fact MSCI USA PrmVal H GBP A dis 82 85 98 0.35 UPVL £ 21 IRL iShares Healthcare Innov ETF USD Acc 105 96 122 0.40 HEAL $ 382 IRL UBS ETF Fact MSCI USA Qual H GBP A dis 95 100 126 0.35 UQLT £ 129 IRL iShares S&P 500 Health Care Sect ETF$Acc 100 105 127 0.15 IUHC $ 1,029 IRL UBS ETF MSCI Canada GBPH A acc 82 85 90 0.43 UC87 £ 852 LUX L&G Healthcare Breakthrough ETF 101 - - 0.49 DOCT $ 10 IRL UBS ETF MSCI Canada GBPH A dis 101 102 107 0.43 UC88 £ 852 LUX Lyxor MSCI World HealthCare TR ETF C USD 101 107 125 0.35 HLTW $ 335 LUX UBS ETF MSCI EMU GBPH A acc 78 84 - 0.28 UB0E £ 1,134 LUX SPDR® MSCI World Health Care ETF 101 107 125 0.30 WHEA $ 155 IRL UBS ETF MSCI EMU GBPH A dis 78 84 - 0.28 UB0F £ 1,134 LUX SPDR® S&P US Health Care Select Sect ETF 100 105 127 0.15 ZPDH $ 129 IRL UBS ETF MSCI Japan GBPH A acc 88 90 - 0.45 UB0C £ 1,663 LUX Xtrackers MSCI USA Health Care ETF 1D 100 105 - 0.12 XUHC $ 321 IRL UBS ETF MSCI Japan GBPH A dis 88 90 - 0.45 UB0D £ 1,663 LUX Xtrackers MSCI World Health Care ETF 1C 100 106 124 0.30 - $ 426 IRL UBS ETF MSCI Swtzl 20/35 GBPH A acc 93 102 120 0.30 UC93 £ 1,006 LUX UBS ETF MSCI Swtzl 20/35 GBPH A dis 93 102 120 0.30 UC94 £ 1,006 LUX SECTOR EQUITY INDUSTRIAL MATERIALS UBS ETF S&P 500 ESG A GBP H Dis 89 - - - 5ESG £ 256 IRL Invesco Industrials S&P US Sel Sec ETF 78 86 96 0.30 XLIS $ 70 IRL Vanguard Glb Min Vol ETFShr USDAcc 82 94 103 - VDMV $ 34 IRL Invesco Materials S&P US Select Sec ETF 80 90 94 0.30 XLBS $ 3 IRL WisdomTree Europe Equity ETF GBP Hedged 76 81 84 0.35 HEDP £ 72 IRL iShares S&P 500 Indstr Sect ETF USD Acc 78 86 96 0.15 2B7C $ 26 IRL WisdomTree Europe Equity ETF USD Hdg Acc 77 87 89 0.58 HEDS $ 72 IRL iShares S&P 500 Matrls Sect ETF USD Acc 80 90 93 0.15 2B7B $ 3 IRL WisdomTree Europe Equity ETF USD Hedged 77 87 89 0.58 WTDH $ 72 IRL Lyxor MSCI World Materials TR ETF C USD 81 87 93 0.34 MATW $ 19 LUX WisdomTree Germany Eq ETF GBP Hedged 76 80 77 0.35 DXGP £ 5 IRL Lyxor MSCI WorldIndustrials TR ETF C USD 79 88 96 0.36 INDW $ 22 LUX WisdomTree Germany Eq ETF USD Hedged 77 86 83 0.48 DXGE $ 5 IRL SPDR® MSCI World Industrials ETF USD Acc 79 88 96 0.30 WNDU $ 21 IRL WisdomTree ISEQ 20® ETF 88 91 88 0.49 WTIE € 10 IRL SPDR® MSCI World Materials ETF USD Acc 81 87 93 0.30 WMAT $ 10 IRL WisdomTree Japan Equity ETF GBP Hedged 84 84 85 0.45 DXJP £ 40 IRL SPDR® S&P US Industrials Select Sect ETF 78 86 98 0.15 ZPDI $ 41 IRL WisdomTree Japan Equity ETF USD Hdg Acc 86 92 90 - DXJA $ 40 IRL SPDR® S&P US Materials Select Sect ETF 80 90 93 0.15 ZPDM $ 6 IRL WisdomTree Japan Equity ETF USD Hedged 85 91 92 0.48 WTDX $ 40 IRL Xtrackers MSCI World Industrials ETF 1C 79 88 96 0.30 XDWI $ 59 IRL WisdomTree US Equity Inc ETF GBP Hdg Acc 77 80 85 0.35 DHSG £ 42 IRL Xtrackers MSCI World Materials ETF 1C 80 86 92 0.30 XDWM 17 IRL Xtrackers JPX-Nikkei 400 ETF 2D - £ H 88 90 97 0.30 XDNG £ 204 IRL $ Xtrackers JPX-Nikkei 400 ETF 4C - $ H 89 96 104 0.30 XDNU $ 204 IRL SECTOR EQUITY INFRASTRUCTURE Xtrackers MSCI EMU ETF 1C - USD Hedged 79 91 95 0.25 XD5D $ 1,407 LUX Xtrackers MSCI EMU ETF 2C - GBP Hedged 79 85 89 0.25 XD5S £ 1,407 LUX Xtrackers S&P Global Infras Swap ETF 1C 74 83 89 0.60 DX2E $ 125 LUX Xtrackers MSCI Japan ETF 2D USD H 88 96 104 0.60 XMUJL $ 1,642 LUX Xtrackers MSCI Japan ETF 6C GBP H 88 90 98 0.60 XMJG £ 1,642 LUX SECTOR EQUITY NATURAL RESOURCES Xtrackers MSCI Mexico ETF 1C 69 73 61 0.65 D5BI $ 34 LUX iShares Oil & Gas Explr&Prod ETF USD Acc 48 44 40 0.55 IS0D $ 52 IRL Xtrackers MSCI World ETF 2D GBP H 86 90 - 0.29 XDWG £ 3,330 IRL L&G Battery Value-Chain ETF 90 94 - 0.49 BATT $ 39 IRL Xtrackers MSCIEMEurpMdlEast&AfrSwapETF1C 73 76 78 0.65 XMEAs $ 26 LUX VanEck Vectors Global Mining ETF A USD 81 84 - - GDIG $ 4 IRL Xtrackers S&P 500 ETF 2C - GBP H 89 93 111 0.09 XDPG £ 927 IRL VanEck Vectors Natural Resources ETF 74 78 - - HAP $ 1 IRL PACIFIC EXCLUDING JAPAN EQUITY SECTOR EQUITY PRECIOUS METALS HSBC MSCI Pacific ex Japan ETF 78 82 88 0.40 H4ZH $ 26 IRL iShares Gold Producers ETF USD Acc 92 116 111 0.55 IS0E $ 983 IRL iShares MSCI Pacific ex-Jpn ETF USD Dist 78 82 88 0.60 SPXJm $ 125 IRL L&G Gold Mining ETF 89 112 106 0.65 AUCO $ 157 IRL L&G Asia Pacific ex Japan Equity ETF 79 84 - 0.10 LGAP $ 25 IRL VanEck Vectors Gold Miners ETF 91 114 109 0.51 GDX $ 201 IRL Lyxor MSCI Pacific Ex Japan ETF D USD 78 82 89 0.30 PAXJ $ 1 LUX VanEck Vectors Junior Gold Miners ETF 82 98 82 0.52 GDXJl $ 100 IRL Xtrackers MSCI Pacific ex Japan ETF 1C 78 82 88 0.45 XPXJm $ 311 LUX SECTOR EQUITY PRIVATE EQUITY POLAND EQUITY iShares Listed Private Eq ETF USD Dist 73 88 97 0.75 IPRV $ 269 IRL iShares MSCI Poland ETF USD Acc 66 64 68 0.74 IPOL $ 32 IRL SECTOR EQUITY TECHNOLOGY PROPERTY - INDIRECT EUROPE EMQQ Emerging Mkts Internet&Ecomm ETFAcc 102 103 - - EMQQ $ 12 IRL iShares MSCI Target UK Rl Est ETF £ Dist 86 91 97 0.40 2B7N £ 61 IRL First Trust Cloud Computing ETF A USD 99 103 - 0.60 SKYE $ 51 IRL First Trust Dow Jones Internet ETF A USD 94 96 - 0.55 FDNE $ 8 IRL PROPERTY - INDIRECT GLOBAL First Trust IndxxInnvtvTrsctn&PrcssETFA$ 87 93 - - LEGR $ 24 IRL HSBC FTSE EPRA/NAREIT Developed ETF 72 80 90 0.40 HPRD $ 106 IRL HAN-GINS Cloud Technology ETF Acc 98 109 - - 5XYE $ 8 IRL
www.whatinvestment.co.uk WhatInvestment May 2020 77 >| InvestmentExchange-Traded Trusts FundsX 4
Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM ££ £ % (£m) ££ £ % (£m) HAN-GINS Innovative Technologies ETF Acc 97 102 - - T3KE $ 4 IRL Invesco KBW NASDAQ Fintech ETF 86 95 137 - FTEK $ 33 IRL US LARGE-CAP VALUE EQUITY Invesco Technology S&P US Sel Sec ETF 103 119 162 0.30 XLKS $ 328 IRL Fidelity US Quality Income ETF Acc 84 96 - 0.30 FUSA $ 752 IRL iShares Automation&Robotics ETF USD Acc 88 94 116 0.40 RBOT $ 1,534 IRL Fidelity US Quality Income ETF Inc 84 96 - - FUSD $ 752 IRL iShares Automation&Robotics ETF USD Dist 87 94 - 0.40 RBOD $ 1,534 IRL Invesco FTSE RAFI US 1000 ETF 79 88 96 0.39 PSRF $ 181 IRL iShares Digital Security ETF USD Acc 90 97 - 0.40 LOCK $ 315 IRL Invesco S&P 500 High Div LowVol ETF 72 79 84 0.30 HDLG $ 58 IRL iShares Digital Security ETF USD Dist 90 97 - 0.40 SHLD $ 315 IRL iShares Edge MSCI USA Val Fac ETF $ Acc 79 87 95 0.20 IUVF $ 477 IRL iShares Digitalisation ETF USD Acc 84 88 111 0.40 DGTL $ 444 IRL iShares Edge MSCI USA Val Fac ETF $ Dist 79 87 - 0.20 IUVD $ 477 IRL iShares S&P 500 Info Tech Sect ETF$Acc 103 120 167 0.15 IUIT $ 828 IRL iShares MSCI USA Quality Div ETF USD Dis 83 93 107 0.35 QDIV $ 214 IRL KraneShares CSI China Internet ETF USD 109 102 - - KWEB $ - IRL Lyxor Russell 1000 Value ETF Acc 79 89 95 0.40 RUSV $ 20 FRA L&G Artificial Intelligence ETF 96 - - 0.49 AIAI $ 6 IRL SPDR® MSCI USA Value ETF USD Acc 78 87 92 0.25 ZPRU $ 50 IRL L&G Cyber Security ETF 96 101 134 0.75 ISPY $ 859 IRL SPDR® S&P 500 Low Volatility ETF 82 97 116 0.35 SPY1 $ 273 IRL L&G Ecommerce Logistics ETF 90 97 - 0.49 ECOM $ 5 IRL SPDR® S&P US Dividend Aristocrats ETFDis 80 88 101 0.35 SPYD $ 1,934 IRL L&G ROBO Global Rbtc and Atmtn ETF 89 93 109 0.80 ROBO $ 515 IRL WisdomTree US Equity Inc ETF 77 86 91 0.29 DHSD $ 42 IRL Lyxor MSCI World Info Tech TR ETF C USD 101 115 157 0.34 TNOW $ 326 LUX WisdomTree US Equity Inc ETF Acc 78 86 92 0.29 WTD9 42 IRL Lyxor Robotics & AI ETF 92 100 - 0.40 ROAI $ 105 LUX $ SPDR® MSCI World Technology ETF USD Acc 101 115 158 0.30 WTEC $ 166 IRL US MID-CAP EQUITY SPDR® S&P US Technology Select Sect ETF 103 119 162 0.15 ZPDT $ 181 IRL WisdomTree Artificial Intlgc ETF USD Acc 91 102 - - WTAI $ 48 IRL iShares Edge MSCI USA Size Fac ETF $ Acc 78 85 95 0.20 IUSF $ 43 IRL WisdomTree Cloud Computing ETF USD Acc 105 - - - WCLD $ 18 IRL SPDR® S&P 400 US Mid Cap ETF 76 82 88 0.30 SPY4 $ 378 IRL Xtrackers MSCI USA Info Tech ETF 1D 102 118 - 0.12 XUTC $ 67 IRL Xtrackers Russell Midcap ETF 1C 79 87 100 0.35 XRSM $ 133 IRL Xtrackers MSCI Wld Info Tech ETF 1C 101 116 158 0.30 XDWT 721 IRL $ US SMALL-CAP EQUITY SECTOR EQUITY UTILITIES First Trust US Sm Cap Core AlphaDEX® ETF 69 72 78 0.75 FYX $ 1 IRL Invesco Utilities S&P US Select Sec ETF 89 107 122 0.30 XLUS $ 23 IRL Invesco Russell 2000 ETF 76 80 87 0.45 SC0K $ 28 IRL iShares S&P 500 Utilts Sect ETF USD Acc 88 105 121 0.15 2B7A $ 31 IRL Invesco S&P SmallCap 600 ETF 73 79 - - USML $ 3 IRL Lyxor MSCI World Utilities TR ETF C USD 88 102 117 0.37 UTIW $ 37 LUX iShares S&P SmallCap 600 ETF USD Dist 73 78 85 0.40 IDP6 $ 412 IRL SPDR® MSCI World Utilities ETF USD Acc 88 102 118 0.30 WUTI $ 10 IRL L&G Russell 2000 US Small Cap ETF 76 80 86 0.45 RTWO $ 31 IRL SPDR® S&P US Utilities Select Sect ETF 88 106 121 0.15 ZPDU $ 25 IRL Lyxor Russell 2000 ETF Acc 76 80 88 0.40 RUS2 $ 5 FRA Xtrackers MSCI World Utilities ETF 1C 88 103 118 0.30 XDWU $ 57 IRL SPDR® MSCI USA Small Cap Val Wtd ETF USD 67 70 71 0.30 ZPRV $ 17 IRL SPDR® Russell 2000 US Small Cap ETF 76 80 87 0.30 ZPRR $ 317 IRL SECTOR EQUITY WATER WisdomTree US SmallCap Dividend ETF 66 71 72 0.38 DESD $ 6 IRL Xtrackers Russell 2000 ETF 1C 76 80 86 0.30 XRS2 373 IRL iShares Global Water ETF USD Dist 88 100 114 0.65 IH2O $ 844 IRL $ L&G Clean Water ETF 86 - - 0.49 GLUG $ 9 IRL USD CORPORATE BOND SOUTH AFRICA & NAMIBIA EQUITY Franklin Liberty USD Invmt Grd CorpBdETF 97 110 - 0.35 FVUI $ 11 IRL Invesco USD Fltng Rt Note ETF 94 101 - - UFLT $ 9 IRL HSBC MSCI South Africa ETF 68 67 65 0.60 HZAD $ 2 IRL iShares $ Corp Bond ETF USD Acc 99 114 - 0.20 LQDA $ 5,651 IRL iShares MSCI South Africa ETF USD Acc 68 67 65 0.65 IRSA $ 74 IRL iShares $ Corp Bond ETF USD Dist 99 114 118 0.20 LQDA $ 5,651 IRL TAIWAN LARGE-CAP EQUITY iShares $ Corp Bond Intr Rt H ETF $ Acc 90 98 - 0.25 HLQD $ 228 IRL iShares $ Corp Bond Intr Rt H ETF $ Dist 90 98 100 0.25 IS3F $ 228 IRL HSBC MSCI Taiwan Capped ETF 94 106 113 0.60 HTWD $ 9 IRL iShares $ CorpBd 0-3y ESG UCITS ETF$Dist 99 107 - - SUSU $ 35 IRL iShares $ Floating Rate Bd ETF USD Acc 95 102 - 0.10 FLOA $ 2,075 IRL TURKEY EQUITY iShares $ Floating Rate Bd ETF USD Dist 94 101 - 0.10 FLOT $ 2,075 IRL HSBC MSCI Turkey ETF 70 84 57 0.60 HTRD 6 IRL iShares $ Intermdt Crdt Bd ETF USD Dist 98 109 - 0.15 ICBU $ 57 IRL $ iShares $ Short Dur Corp Bd ETF USD Acc 98 107 - 0.20 SDIA $ 3,114 IRL UK EQUITY INCOME iShares $ Short Dur Corp Bd ETF USD Dist 99 108 108 0.20 SDIG $ 3,114 IRL iShares $ Ultrashort Bond ETF USD Acc 97 104 - 0.09 ERNA $ 618 IRL iShares UK Dividend ETF GBP Dist 70 71 66 0.40 IUKD £ 571 IRL iShares $ Ultrashort Bond ETF USD Dist 97 104 104 0.09 ERND $ 618 IRL SPDR® S&P UK Dividend Aristocrats ETF 82 85 80 0.30 SPYG £ 92 IRL JPM USD Corporate Bd Rsh Enh ETF USD Acc 99 113 - 0.19 JRUB $ 81 IRL WisdomTree UK Equity Income ETF 76 75 79 0.29 WUKD £ 8 IRL Lyxor $ Floating Rate Note ETF D USD 95 102 - 0.10 BUOY $ 117 LUX Lyxor USD Liq Inv GrdCorpBdsETF D USD 99 114 117 0.09 USIG $ 167 LUX UK FLEX-CAP EQUITY PIMCO LowDur US CorpBd Sour ETF USD Inc 97 106 107 0.39 LDCU $ 117 IRL First Trust UK AlphaDEX® A GBP 69 73 79 0.75 FKU £ 16 IRL SPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 99 107 107 0.20 SYBF $ 51 IRL First Trust UK AlphaDEX® B GBP 69 73 79 0.75 FKUD £ 16 IRL SPDR® Blmbrg Bcly 1-10 Yr US Corp BdETF 98 110 112 0.20 SYBR $ 45 IRL SPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 97 116 123 0.20 SYBN $ 120 IRL UK LARGE-CAP EQUITY SPDR® Blmbrg Bcly US Corp Bd ETF 98 111 115 0.20 SYB1 $ 17 IRL UBS ETF BlombgBarcl US LqCrp1-5Yr USD A 98 107 108 0.18 UEF7 $ 718 LUX HSBC FTSE 100 ETF 78 82 88 0.07 H4ZB £ 246 IRL UBS ETF BlombgBarclMSCI USLqCpSu $ A dis 99 113 117 0.20 UC97 $ 465 LUX Invesco FTSE 100 ETF 78 81 87 0.35 SC0A £ 7 IRL Vanguard USD Corp 1-3yr Bd UCITS ETF 99 107 - - VUSC $ 273 IRL Invesco FTSE RAFI UK 100 ETF 75 76 81 0.50 PSRU £ 7 IRL Vanguard USD Corp Bd ETF USD Acc 99 112 - - VDPA $ 294 IRL iShares Core FTSE 100 ETF GBP Dist 78 82 88 0.07 ISF/L £ 7,164 IRL Vanguard USD Corp Bd UCITS ETF 98 111 114 - VDCP $ 294 IRL L&G UK Equity ETF 78 81 - 0.05 LGUK £ 9 IRL Vanguard USD Corp1-3yrBd ETFUSDAcc 99 108 - - VDCA $ 273 IRL Lyxor Core Morningstar UK NT (DR) ETF 77 81 - 0.04 LCUK £ 15 LUX Xtrackers iBoxx $ CorpoRt Bd Yld PlETF1D 94 107 - 0.25 XYLD $ 29 IRL Lyxor FTSE 100 ETF Acc 78 81 88 0.15 L100 £ 281 LUX Xtrackers USD Corporate Bond ETF 1D 100 114 119 0.16 XDGU $ 1,079 IRL Lyxor FTSE 100 ETF Inc 78 - - 0.15 100D £ 281 LUX Ossiam FTSE 100 Minimum Var ETF 1C GBP 83 87 92 0.45 UKMV £ 5 LUX USD DIVERSIFIED BOND SPDR® FTSE UK All Share ETF Acc 78 81 87 0.20 SPYF £ 446 IRL UBS ETF MSCI UK IMI SRI GBP A dis 81 86 90 0.28 UKSR £ 238 IRL iShares US Aggregate Bond ETF USD Acc 103 114 - 0.25 IUAA $ 2,124 IRL Vanguard FTSE 100 ETF GBP Acc 80 - - - VUKG £ 2,664 IRL iShares US Aggregate Bond ETF USD Dist 102 114 115 0.25 EUNX $ 2,124 IRL Vanguard FTSE 100 UCITS ETF 78 82 88 0.09 VUKE £ 2,664 IRL SPDR® Blmbrg Bcly US Aggt Bd ETF 103 115 116 0.17 SYBU $ 35 IRL Xtrackers FTSE 100 ETF 1C 78 82 88 0.09 XDUK £ 55 LUX Xtrackers FTSE 100 Income ETF 1D 78 82 88 0.30 XUKX/L £ 63 LUX USD DIVERSIFIED BOND - SHORT-TERM Xtrackers FTSE All-Share ETF 1D 78 82 88 0.40 DBXZ £ 40 LUX JPM USD Ultra-Short Income ETF USD Acc 98 - - - JPPA $ 151 IRL JPM USD Ultra-Short Income ETF USD Inc 98 106 - 0.22 JPST $ 151 IRL UK MID-CAP EQUITY PIMCO USD Short Mat Source ETF 98 105 105 - MINT $ 2,643 IRL HSBC FTSE 250 ETF 77 81 86 0.35 HMCX £ 32 IRL Invesco FTSE 250 ETF 76 81 85 0.35 SC0B £ 127 IRL USD GOVERNMENT BOND iShares FTSE 250 ETF GBP Dist 76 81 85 0.40 MIDD/L £ 997 IRL Invesco US Treasury Bond ETF USD Dis 107 119 - - TRES $ 64 IRL Vanguard FTSE 250 ETF GBP Acc 77 - - - VMIG £ 1,795 IRL Invesco US Trs Bd 1-3 Yr ETF USD Dis 103 111 - - TRE3 $ 12 IRL Vanguard FTSE 250 UCITS ETF 76 81 85 0.10 VMID £ 1,795 IRL Invesco US Trs Bd 3-7 Yr ETF USD Dis 106 116 - - TRE7 $ 25 IRL Xtrackers FTSE 250 ETF 1D 76 81 86 0.35 DBXY £ 41 LUX Invesco US Trs Bd 7-10 Yr ETF USD Dis 108 122 - - TREX $ 2,047 IRL iShares $ Treasury Bd 0-1yr ETF USD Acc 101 108 - 0.07 IB01 $ 4,044 IRL US LARGE-CAP BLEND EQUITY iShares $ Treasury Bd 0-1yr ETF USD Dist 101 108 - 0.07 IBCC $ 4,044 IRL Amundi IS S&P 500 Buyback ETF-C USD 77 86 - - BYBU $ 33 LUX iShares $ Treasury Bd 1-3yr ETF USD Acc 103 111 - 0.20 IBTA $ 6,421 IRL First Trust US Lg Cp Cor AlphaDEX® A USD 80 88 98 0.75 FEX $ 83 IRL iShares $ Treasury Bd 20+y ETF USD Acc 116 141 - 0.07 DTLA $ 822 IRL Franklin LibertyQ U.S. Equity ETF 86 96 - 0.25 FLXU $ 35 IRL iShares $ Treasury Bd 20+y ETF USD Dist 116 141 149 0.07 IS04 $ 822 IRL GS ActiveBeta® US Lrg Cp Eq ETF USD Acc 89 - - - GSLC $ 18 IRL iShares $ Treasury Bd 7-10yr ETFUSD Dist 108 122 124 0.20 BTMA $ 4,499 IRL HSBC S&P 500 ETF 89 99 118 0.09 H4ZF $ 2,483 IRL iShares US Mortg Backed Secs ETF USD Dis 102 111 111 0.28 QDVP $ 1,997 IRL Invesco MSCI USA ESG Universal Scrn ETF 91 - - - ESGU $ 30 IRL iShares US Mortgage Backed Secs ETF $Acc 102 111 - 0.28 IMBA $ 1,997 IRL Invesco MSCI USA ETF 89 100 118 0.30 SC0H $ 574 IRL JPM BetaBuilders US Trs Bd0-1yrETFUSDAcc 101 - - - BBLL $ 157 IRL Invesco S&P 500 ETF 89 100 119 0.05 P500 $ 5,779 IRL JPM BetaBuilders US TrsBd1-3 yrETFUSDAcc 103 111 - - JA13 $ 101 IRL Invesco S&P 500 QVM ETF 86 95 - 0.35 QVMP $ 4 IRL Lyxor Core $ Treasury 7-10YDR ETF 108 122 123 0.07 US71 $ 120 LUX iShares Edge MSCI USA Mltfct ETF USD Acc 85 93 103 0.35 IFSU $ 52 IRL Lyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 105 115 114 0.06 US35 $ 8 LUX iShares Edge MSCI USA Mltfct ETF USDDist 85 93 - 0.35 UFSD $ 52 IRL SPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 103 111 109 0.15 SYBW $ 150 IRL iShares Edge MSCI USA Momt Fac ETF $ Acc 91 104 138 0.20 QDVA $ 282 IRL SPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 116 140 148 0.15 SPPX $ 14 IRL iShares Edge MSCI USA Momt Fac ETF $Dist 91 103 - 0.20 IUMD $ 282 IRL SPDR® Blmbrg Bcly 3-7 Yr US Trs Bd ETF 106 116 115 0.15 SPP3 $ 16 IRL iShares Edge MSCI USA Qual Fac ETF $ Acc 90 100 120 0.20 IUQF $ 545 IRL SPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 108 122 123 0.15 SPP7 $ 41 IRL iShares Edge MSCI USA Qual Fac ETF $Dist 90 100 - 0.20 IUQD $ 545 IRL SPDR® Blmbrg Bcly US Trs Bd ETF 107 119 119 0.15 SYBT $ 499 IRL iShares Edge S&P 500 Min Vol ETF USD Acc 85 98 114 0.20 IBCK $ 1,608 IRL Vanguard USD Trs Bd ETF USD Acc 107 119 - - VDTA $ 319 IRL iShares Edge S&P 500 MinVol ETF USDDist 87 100 - 0.20 SPMD $ 1,608 IRL Vanguard USD Trs Bd UCITS ETF 107 119 119 - VDTY $ 319 IRL iShares MSCI USA ESG Enh ETF USD Dist 90 101 - 0.10 EEDS $ 152 IRL WisdomTree USD Fl Rt Trs Bd ETF USD 100 107 - - USFR $ 11 IRL iShares MSCI USA ESG Scrn ETF USD Acc 90 101 - 0.07 SGAS $ 478 IRL WisdomTree USD Fl Rt Trs Bd ETF USD Acc 100 107 - - TFRN $ 11 IRL iShares MSCI USA ESG Scrn ETF USD Dist 89 100 - 0.07 SLUS $ 478 IRL Xtrackers II US Treasuries 1-3 ETF 1D 103 111 109 0.15 XUT3 $ 91 LUX iShares MSCI USA SRI ETF USD Acc 89 101 126 0.30 QDVR $ 1,627 IRL Xtrackers II US Treasuries ETF 1D 107 120 120 0.15 XUTD $ 1,006 LUX iShares S&P 500 ETF USD Dist 87 97 116 0.07 IUSA/L $ 6,445 IRL iShares US Equity Buyback Achiev ETF$Acc 69 76 77 0.55 CEM2 $ 5 IRL USD HIGH-YIELD BOND JPM BetaBuilders US Equity ETF USD Acc 89 - - - BBUS $ 6 IRL Invesco US High Yield Faln Angl ETF 79 84 88 0.45 HYFA $ 47 IRL JPM BetaBuilders US Equity ETF USD Inc 89 - - - BBUD $ 6 IRL iShares $ High Yld Corp Bd ETF USD Acc 90 98 - 0.50 IHYA $ 2,766 IRL JPM US Equity Multi-Factor ETF USD Acc 79 - - - JUMF $ 7 IRL iShares $ High Yld Corp Bd ETF USD Dist 91 98 103 0.50 IS0R $ 2,766 IRL JPM US Research Enh Eq ESG ETF USD Acc 89 100 - 0.25 JREU $ 160 IRL iShares $ Short Dur HY CorpBd ETF $ Acc 92 99 - 0.45 SDHA $ 772 IRL L&G US Equity ETF 89 100 - 0.05 LGUS $ 122 IRL iShares $ Short Dur HY CorpBd ETF $ Dist 91 99 103 0.45 SDHY $ 772 IRL Lyxor Core Morningstar US (DR) ETF-Dist 88 99 - 0.04 LCUS $ 41 LUX Lyxor BofAML $ High Yield Bd ETF D USD 89 97 101 0.30 UHYG $ 77 LUX Lyxor FTSE USA Minimum Var ETF C USD 80 91 105 0.20 MVAU $ 86 LUX Lyxor BofAML $ ST H Yld Bd ETF D USD 89 95 - 0.30 HYST $ 27 LUX Lyxor MSCI USA ESG Trend Ldrs(DR)ETFAcc 89 100 - 0.25 LESU $ 36 LUX PIMCO ST HY Corp Bd Sour ETF Inc 88 96 100 - STHY $ 903 IRL Lyxor S&P 500 ETF D USD 87 98 117 0.15 LSPU $ 6,617 LUX PIMCO ST HY Corp Bd Sour ETF USD Acc 88 95 99 - STYC $ 903 IRL MS Scientific Beta US Eq Fact ETF USD 81 92 103 - USEF $ 16 IRL SPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 89 95 100 0.40 SYBK $ 75 IRL Ossiam Shiller BclyCp®US SectValTR 1C$ 87 97 115 0.65 UCAP $ 1,425 LUX Xtrackers USD High Yield Corp Bd ETF 1D 91 100 - 0.35 XUHY $ 167 IRL SciBeta HFE US Equity 6F EW ETF 78 90 - - USHF € 340 IRL SPDR® S&P 500 ETF 87 97 116 0.09 SPY5 $ 2,773 IRL VanEck Vectors Morningstar US WidMotETF 89 101 123 - GMVM $ 147 IRL USD INFLATION-LINKED BOND Vanguard FTSE North America ETF USD Acc 89 - - - VNRA $ 560 IRL iShares $ TIPS 0-5 ETF USD Dist 100 107 - 0.10 TIP5 $ 354 IRL Vanguard FTSE North America UCITS ETF 88 99 116 0.10 VNRT $ 560 IRL Lyxor US TIPS (DR) ETF D USD 102 112 112 0.09 TIPU $ 1,535 LUX Vanguard S&P 500 ETF USD Acc 90 - - - VUAA $ 17,093 IRL SPDR® Blmbrg Bcly US TIPS ETF 103 113 113 0.17 SYBY 310 IRL Vanguard S&P 500 UCITS ETF 87 97 116 0.07 VUSD $ 17,093 IRL $ WisdomTree US Eqlty Div Gr ETF USD 88 99 118 0.38 DGRP $ 29 IRL WisdomTree US Eqlty Div Gr ETF USD Acc 88 99 119 0.38 DGRA $ 29 IRL USD MODERATE ALLOCATION WisdomTree US Multifactor ETF USD 83 92 - - USMF $ 1 IRL WisdomTree US Multifactor ETF USD Acc 83 92 - - FCTR $ 1 IRL SPDR® Morningstar Mlt-Asst Glb Infrs ETF 85 95 104 0.40 ZPRI $ 621 IRL Xtrackers ESG MSCI USA ETF 1C 91 104 - 0.15 XZMU $ 125 IRL Xtrackers MSCI USA ETF 1C 87 97 116 0.07 - $ 3,631 IRL VIETNAM EQUITY Xtrackers MSCI USA Minimum Vol ETF 1D 86 100 121 0.20 XMVU $ 5 IRL Xtrackers S&P 500 Swap ETF 1C 87 98 117 0.20 XSPUl $ 4,047 LUX Xtrackers FTSE Vietnam Swap ETF 1C 66 68 89 0.85 DXS7 $ 136 LUX US LARGE-CAP GROWTH EQUITY Lyxor Russell 1000 Growth ETF Acc 97 108 141 0.40 RUSG $ 114 FRA
78 WhatInvestment May 2020 www.whatinvestment.co.uk >| Cash Savings/Investment
Savings Accounts Cash ISAs Instant-Access Branch Accounts Cash ISAs £1,000 Provider Contact Account Notice Min. % Int Provider Contact Notice Min. % Interest details or term deposit gross paid details or term deposit gross paid Kent Reliance kentreliance.co.uk Easy Access - Issue 36 Instant £1,000 1.20% Yly Paragon Bank paragonbank.co.uk 120 Day £500 1.31% Yly Buckinghamshire BS via branch Single Access Saver Issue 2 Instant £100 1.15% Yly Bath BS via branch Instant £1 1.25% Yly Family Building Society familybuildingsociety.co.uk Market Tracker Saver (1) Instant £500 1.13% Yly Monmouthshire BS monbs.com 30 Day £10 1.25% Yly Cambridge BS cambridgebs.co.uk Your Saver Instant £100 1.05% Yly Penrith BS via branch Instant £100 1.25% Yly Chorley Building Society via branch Easy Access Saver Issue 3 Instant £500 1.05% Yly Teachers BS teachersbs.co.uk 90 Day £100 1.25% Yly Family Building Society via branch Branch Saver (3) Instant £500 1.01% Yly Bank and Clients via post 90 Day £1,000 1.25% Yly No Notice Accounts Paragon Bank paragonbank.co.uk None £1 1.21% Yly Marcus by Goldman Sachs marcus.co.uk Online Savings Account None £1 1.30% Mly Sainsbury’s Bank sainsburysbank.co.uk None £500 1.21% Yly SAGA saga.co.uk Saga Easy Access Sav Acc None £1 1.30% A Mly Tipton & Coseley BS via branch 30 Day £100 1.20% Yly Investec Bank plc investec.co.uk E-asy Access Account None £10,000 1.20% Mly Kent Reliance kentreliance.co.uk 60 Day £1,000 1.20% Yly National Savings & Inv nsandi.com Income Bonds None £500 1.16% Mly Cash ISAs £20,000 Shawbrook Bank shawbrook.co.uk Easy Access - Issue 20 None £1,000 1.15% Yly Paragon Bank paragonbank.co.uk 120 Day £500 1.31% Yly Virgin Money virginmoney.com Virgin Money Instant Savings None £1 1.00% Qly Bath BS via branch Instant £1 1.25% Yly Internet Accounts Monmouthshire BS monbs.com 30 Day £10 1.25% Yly Virgin Money virginmoney.com Double Take E-Saver Iss 15 None £1 1.31% Yly Penrith BS via branch Instant £100 1.25% Yly Aldermore aldermore.co.uk Easy Access Issue 11 None £1,000 1.25% Yly Teachers BS teachersbs.co.uk 90 Day £100 1.25% Yly Paragon Bank paragonbank.co.uk Easy Access (Issue 8) None £1 1.21% Yly Bank and Clients via post 90 Day £1,000 1.25% Yly Coventry BS coventrybuildingsociety.co.uk Easy Access (Online) (3) None £1 1.20% Yly Family BS familybuildingsociety.co.uk 35 Day £15,000 1.25% Yly RCI Bank UK rcibank.co.uk Freedom Savings Account None £100 1.20% Yly Paragon Bank paragonbank.co.uk None £1 1.21% Yly Family Building Society familybuildingsociety.co.uk Online Saver (2) None £100 1.06% Yly Sainsbury’s Bank sainsburysbank.co.uk None £500 1.21% Yly Tipton & Coseley BS via branch 30 Day £100 1.20% Yly Notice Accounts Fixed Cash ISAs £1,000 ICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 95 Day £1 1.60% Mly Investec Bank plc investec.co.uk Notice Plus 95 Day £10,000 1.60% Mly Paragon Bank paragonbank.co.uk 1 Year £500 1.35% Yly Hampshire Trust Bank htb.co.uk 95 Day Notice (Issue 21) 95 Day £1,000 1.50% Yly Kent Reliance kentreliance.co.uk 1 Year £1,000 1.35% OM Bank and Clients via post 6 Month Notice Account 6 Month £1,000 1.50% Yly Post Office Money® postoffice.co.uk 1 Year £500 1.30% Yly Secure Trust Bank securetrustbank.com 90 Day Notice Account 90 Day £1,000 1.48% Qly Ford Money fordmoney.co.uk 1 Year £500 1.25% Yly Wyelands Bank wyelandsbank.co.uk 95 Day Notice Account 95 Day £5,000 1.47% Yly Al Rayan Bank C alrayanbank.co.uk 12 Month £1,000 1.21% Qly Saffron BS saffronbs.co.uk 1 Year £500 1.20% OM Monthly Interest Metro Bank via branch 1 Year £1 1.15% Yly ICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 95 Day £1 1.60% Mly Hampshire Trust Bank htb.co.uk 1 Year £1 1.10% Yly Investec Bank plc investec.co.uk Notice Plus 95 Day £10,000 1.60% Mly Post Office Money® postoffice.co.uk 1 Year £500 1.10% Yly Wyelands Bank wyelandsbank.co.uk 95 Day Notice Account 95 Day £5,000 1.47% Mly Hodge Bank hodgebank.co.uk 1 Year £1,000 1.10% OM Moneybox moneyboxapp.com 95 Day Notice Sav Account 95 Day £1 1.45% Mly Fixed Cash ISAs £20,000 ICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 45 Day £1 1.40% Mly Paragon Bank paragonbank.co.uk 120 Day Notice (Issue 15) 120 Day £500 1.40% Mly Paragon Bank paragonbank.co.uk 1 Year £500 1.35% Yly Kent Reliance kentreliance.co.uk 1 Year £1,000 1.35% OM Children’s Accounts Post Office Money® postoffice.co.uk 1 Year £500 1.30% Yly Halifax halifax.co.uk Kid’s Monthly Saver 12 Month £10 4.50% F Yly Ford Money fordmoney.co.uk 1 Year £500 1.25% Yly HSBC via branch MySavings Instant £10 3.00% Mly Al Rayan Bank C alrayanbank.co.uk 12 Month £1,000 1.21% Qly Bath BS via branch Junior Saver Instant £1 2.50% Yly Saffron BS saffronbs.co.uk 1 Year £500 1.20% OM Virgin Money 0345 606 7685 Young Saver Issue 6 Instant £1 2.25% Yly Metro Bank via branch 1 Year £1 1.15% Yly Buckinghamshire BS via branch JS100 100 Day £100 2.25% Yly Hampshire Trust Bank htb.co.uk 1 Year £1 1.10% Yly Cambridge BS via branch Children’s Fixed Rate Bond 3 Year £1,000 2.00% F Yly Post Office Money® postoffice.co.uk 1 Year £500 1.10% Yly Current Accounts Hodge Bank hodgebank.co.uk 1 Year £1,000 1.10% OM The Co-operative Bank 0345 721 2212 Current Everyday Rewards Instant £0 £5.00pm E Mly Nationwide BS 0800 302010 FlexDirect Instant £0 4.89% A Mly A = Introductory rate for a limited period. Halifax 0345 720 3040 Reward Current Instant £1 £2.50pm E Mly B = Protected by a non-UK compensation scheme. TSB 0345 975 8758 Classic Plus Instant £1 2.96% Mly C = Provider operates under Islamic finance principles, rate shown is Santander 0800 912 3123 123 Current Account Instant £0 1.49% Mly expected profit rate. D = 1 year term regular savings account min £10, max £100 per month. Bank of Scotland 0345 721 3141 Classic - with Vantage Instant £1 0.99% Mly E = Paid as a reward. National savings and Investments F = Fixed Rate. G = Over 50s. Accounts and bonds OM = On maturity. Notice Min. Max. Rate Interest or term deposit deposit deposit paid All rates are shown as AER variable unless otherwise stated. Methods of Income Bonds None £500 £1m 1.16% Mly opening and operating accounts will vary. Eligibility criteria apply to qualify Direct Saver None £1 £2m 1.00% Yly for rates shown, rates paid up to a specified level only. Borrowing rates Investment Account None £20 £1m 0.80% Yly and availability of products are subject to individual credit ratings. All rates Tax-free products and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or Notice Min. Max. Rate Interest consequential loss arising from the use of, or reliance upon, this information. or term deposit deposit deposit paid Readers who are not financial professionals should seek expert advice. Visit Junior ISA Age 18 £1 £0 3.25% Yly moneyfacts.co.uk for full details. Direct ISA None £1 £0 0.90% Yly
All data as at 3 April 2020. www.whatinvestment.co.uk WhatInvestment May 2020 79 >| Analysis
Fine wine can keep you in good spirits
Deborah Benn investigates the performance and prospects of fine wine as a non-traditional asset class
nvestments in alternative Figure 1: Passion asset wine investment market over investments such as rare returns since 2005 the medium to long-term. I coins, classic cars, art and fine According to Liv-Ex, which wine have always offered a way 250 compiles and tracks fine wine to combine a collector’s passion prices around the world, the with the potential for profit. 200 Fine Wine 1000 Index has Returns (%) Since the financial crisis, outperformed all major indices 150 investors have increasingly except for the Nasdaq, on a looked to assets which have 100 cumulative basis since 2004 to intrinsic value as a way date (Figure 2). Similarly, over to diversify a portfolio of 50 five years to January 2020, the traditional stocks and shares, 0 Index has provided decent as well as an alternative to cash returns of 42.8% against a 14.9% holdings in a persistently low- -50 return achieved by the FTSE Art Fine Stamps Coins Classic Coutts interest-rate environment. wine cars Passion 100. Impressionist Old master Post-War & Traditional Index It is a strategy that has not & modern & C19th contemporary Chinese disappointed in the long term. Navigating uncertainty According to the Coutts Passion Source: Coutts Investment In the short term, however, Index, so-called ‘passion’ assets Figure 2: Fine wine vs performance has been have risen by 90.4% at an major indices lacklustre. average of 5.1% per year since According to the 2020 Fine the Index began in 2005. Based Wine Investment Outlook from 400 on the latest Coutts Passion LVX1000 Nasdaq Cult Wines, 2019 has proven Index 2019 (Figure 1), classic FTSE S&P500 to be a challenging year for the
Returns (%) Hang Seng Nikkei225 cars have been the best passion 300 Dow Jones Industrial sector, with the majority of Liv- investment performer yielding ex indices suffering a downturn. a return of 245.8% since 2005, Tom Gearing, managing followed by coins (228.8%) and 200 director and co-founder of Cult fine wine (198.0%). Wines puts poor performance Indeed, for those who can down to geopolitical and tell their Chateau Latour from 100 economic uncertainty fuelled a Chateauneuf-du-Pape, there by US-China trade tensions, 2004 2008 2012 2016 have been some excellent, full- US tariffs and an impending bodied performances in the fine Source: Cult Wines Brexit weakening investor
80 WhatInvestment May 2020 www.whatinvestment.co.uk >| Analysis
Top 10 factors that influence wine prices In contrast, two regions the report highlighted as under- 1. Market strength: The fine wine market experiences cycles performers are Burgundy Region: Some regions can command higher prices 2. and Bordeaux. Bordeaux, in Scarcity: Rare wines come at a premium 3. particular, has shown itself to be 4. Commission: Expect professional buyers to take commission sensitive to the broader market 5. Classification:The wine’s position in the regional hierarchy 6. Critic scores: Higher scores often mean higher prices slowdown. However, prime 7. Producer popularity: Popular brands can cost more vintages such as 2005, 2009 8. Tax status: Has duty and tax been paid or is it in bond? and 2010 have the potential to 9. Age/vintage: Older wines and top vintages command premiums deliver decent risk-adjusted 10. Condition: Damaged bottles reduce prices returns over the coming months. Source: Liv-Ex “Liquidity, brand, quality and robust overseas demand driven confidence over the year. Other An equally positive outlook largely by Asia further support factors include the divergence in applies to the Champagne the region’s presence in the regional performance in the fine region where the prices of back savvy investor’s portfolio.” wine market. vintages mainly appreciate over As for the Burgundy region, So what is 2020 likely to time, irrespective of vintage ongoing demand and limited bring for fine wine investment variation or quality. production mean Burgundy enthusiasts? Looking ahead, In addition: “Super-premium remains a reliable source of Gearing believes the uncertain brands have reported an return, suggested the report. macroeconomic backdrop will increase in global sales, and, continue to weigh on investor with its accessible prices and Non-traditional asset, sentiment, and regional improved market exposure, traditional approach performance factors will persist. grower Champagne is now As investors increasingly seek In this climate, he believes attracting new investors.” out non-traditional asset classes both undervalued regions and Nor should investors ignore to supplement their portfolio, those showing resilience in the potential of the Rhone the fine wine investment times of uncertainty should be region where investors and market offers potential both as a the focal point for investors in their advisers are becoming traditional asset class diversifier 2020. increasingly familiar with the as well as scope for profit. But region’s producers and high- without specific knowledge and Take a regional focus quality vintages capable of experience, it can be a complex Just as in a traditional portfolio, yielding high profits. market to navigate, particularly diversification has a critical role A noteworthy example, in the short term. to play when looking to invest according to the report, is the As with any asset, the in fine wines. Taking a regional Château Rayas, Chateauneuf- fundamental rules of investing approach that factors in quality du-Pape 2005, which priced at apply with attention to due and value is also key. £2,400 per case just ten years diligence, volatility, risk and a “Going into 2020, we ago now trades at £9,000 per long term outlook vital. recommend an overweight case, representing a 275% stance to defensive and high- return. A full copy of the Fine Wine quality regions such as Italy “As an emerging investment Investment Outlook 2020 can be and Champagne; a selective, region with a performance less found at www.wineinvestment. relative value-based approach correlated with the wider fine com/wine-investment/fine-wine- to more traditional investment wine market, adding Rhone investment-outlook-2020?r=hp. regions such as Bordeaux and to a portfolio is expected to See www.liv-ex.com for more Burgundy; and an opportunistic provide investors with superior, information on the fine wine allocation to emerging and risk-adjusted returns and a indices. better-valued regions such as strong opportunity for capital Rhone, Chile, Argentina and appreciation,” noted the Deborah Benn is an independent Spain,” said Gearing. report. financial journalist. In terms of Italian vintages in 2020, the outlook remains 2020 Regional Outlook positive, according to the report: Burgundy: Positive but cautious on high value big names “Super Tuscans which have Bordeaux: Maintain underweight stance but be selective and opportunistic provided steady returns and Champagne: Growing global demand supporting returns stability, as well as high-quality Italy: Reliability and outperformance Barolo and Barbaresco should Rhone: Attractive source of return enhancements and diversification be well represented within a diversified wine portfolio.” Source: Cult Wines Fine Wine Investment Outlook 2020
www.whatinvestment.co.uk WhatInvestment May 2020 81 >| The Last Word | Peter Elston
Mark Woolhouse, professor of No health without wealth infectious disease epidemiology at the University of Edinburgh, Peter Elston is concerned that policymakers tackling is a supporter of ‘enhanced shielding’. “Very crudely, for 80% coronavirus are underestimating the risk of a depression of us who are not vulnerable this is a nasty virus, it is certainly a While it is essential that rise in spending relating to, say, significant health problem, but we protect the integrity of private sector employee furlough it would not overwhelm the health services, it is equally programs, or to fill holes left by healthcare system and it would important that we stop what will lower tax revenues. Thus far, not lock down society”, he told the undoubtedly be severe recessions faith that governments BBC in April. for many countries turning into a can honour these debts “If the world global economic depression. I fear down the road has been Playing politics policymakers are underestimating maintained, with short- were allowed Which brings me to my the risk of the latter, and I and long-term bond to slip into second concern, the therefore worry that financial yields remaining close economic politicisation of decision markets, as well as societies to the lows reached in depression, we making. more broadly, remain extremely March. can kiss our While lifting lockdowns vulnerable. It would be foolish health services for low risk individuals My concern is twofold. in the circumstances to while applying an The first relates to human think of this confidence goodbye” ‘enhanced shielding’ beings not generally being able as being anything other approach for the to grasp the extent to which than fickle – history is littered vulnerable may be the best way conditions around them can in with collapsed ‘safe haven’ bond to avoid a depression, it may not an instant deteriorate rapidly. Our markets and the associated be the one governments choose, brains think ‘linearly’, meaning problems of high inflation and at least not as soon as they that in our daily lives we see the depressed economic growth. It should. world progressing in a ‘straight is essential therefore that we Mortality rates for those in line’ fashion – or arithmetically get people back to work and younger age groups and with no – with one day passing after spending again without, underlying health conditions are another, one meal after another of course, putting health low, but not zero. Governments etc. Much of the world, however, services at risk. will want to avoid newspaper does not work that way. We can do this through headlines blaming them for even Populations and bushfires grow ‘enhanced shielding’, in one death that would result from exponentially – or geometrically which lockdowns are lifted them having lifted lockdowns; – not linearly. Interest on bank for low risk groups – while the temptation to wait a bit accounts gets compounded. keeping measures in place longer would be great. A tale to illustrate the power to limit transmission Most governments have of compounding goes like this. – but kept in place been ignoring for years Wishing to thank the inventor for the vulnerable, warnings about the risk of of chess for his wonderful new until such time pandemics such as the game, the emperor of India asks as a treatment current one. It would him to name his reward. The man or vaccine is be unforgiveable if replies that his wishes are simple available that they compounded and that he would like one grain is. the mistake of not of rice on the first square of the being cautious board, two on the second, four enough before this on the third and so forth for all crisis by being too 64 squares. The emperor gladly cautious now. agrees, until he realises that he Of course, we must owes the man 18 billion billion protect the vulnerable, grains of rice. both for their own sake I realise that for many, life has and to prevent health become extremely difficult in services being overwhelmed. recent weeks. However, there are If the world were allowed to also many for whom it has been slip into economic depression, bearable. The temptation may be however, we can kiss our to think that this can continue, health services goodbye. and thus to remain unaware that The same goes for financial a tipping point could be reached, markets. perhaps as soon as tomorrow. Governments around the Peter Elston is the former chief world have been ramping up their investment officer of Seneca net borrowing, both to finance the Investment Managers.
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