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Managed Portfolio Service MANAGED PORTFOLIO SERVICE Cautious Portfolio | January 2016 The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. Any specific investments mentioned are for illustrative purposes only and are not intended as investment advice. January SI 1 Mth 3 Mths YTD 6 Mths 1 Yr 2 Yr 3 Yr 5 Yr 2015 2014 2013 2012 2011 2010 2016 (p.a)* Cautious Portfolio 0.3 1.2 0.3 1.0 0.2 12.8 17.5 37.9 3.0 9.1 6.5 11.0 3.6 9.2 8.1 WMA Conservative Blend ** 0.7 0.7 0.7 0.1 -0.7 12.3 16.5 34.3 1.9 9.4 5.1 4.6 7.7 8.2 6.6 Relative -0.4 0.5 -0.4 0.9 0.9 0.5 1.0 3.6 1.1 -0.3 1.4 6.4 -4.1 1.0 1.5 Performance and holdings may differ depending on your platform *Inception Date of 19/06/2009, quoted on an annualised basis Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia **Benchmark change from composite to FTSE/APCIMS (income reinvested & gross of fees) (now WMA) Conservative as at 30.09.2012 Cautious Portfolio Portfolio Information The portfolio’s objective is to provide outperformance of the Wealth Management Association (WMA) Portfolio Benchmark WMA Conservative Index TR Conservative Index over the medium term. Returns will be generated through both capital growth and income, Investment Management Charge (p.a) 0.3%+VAT with a bias towards developed and liquid capital markets. The risk will be diversified by holding collective Fund Underlying TERs 0.69% investments. The management of the portfolio aims to meet the objective conservatively by taking managed risk through fund selection and asset allocation. Estimated Annual Yield 2.66% Recent Activity An investment administrative charge is applicable. Please refer to your investment adviser or investment administrator for details. The Cautious portfolio underperformed by 0.4% over the month. On a risk adjusted basis the information ratio at 0.6% implies we’re being rewarded for the relative Performance Since Inception risk we take. As the market continued to focus on the health of the global economy with the bears seemingly MPS Cautious winning out, posting a positive return was pleasing. 75 Fears over deflation, oil price and market liquidity only 70 formed part of the concerns in the global market, so 65 60 defensive positions in funds like RWC Enhanced Income 55 performed exactly in line with our expectations. In fact, 50 the RWC fund posted a positive return over the month 45 40 and the only ‘equity’ strategy to do so in the fund. Over 35 the month we trimmed some of our UK equity exposure 30 on the basis the value opportunity was slightly more 25 favourable in the US where we added to a US equity 20 Cumulative Performance (%) 15 income strategy. 10 5 0 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 MPS Cautious Cautious Composite/WMA Conservative Blended Benchmark Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) OK Risk 39 - 51 i For more information on our portfolios, please contact us on 0203 201 3363 or at [email protected] Brewin Dolphin Managed Portfolio Service Cautious Portfolio | January 2016 Asset Allocation as at 31st January 2016 Bonds 37.5% Equities – UK 22.0% Absolute Return 19.0% 6.5% Equities – International 12.0% 2.5% Equities - US 6.5% Equities - Europe ex UK 2.5% 1.5% Equities - Japan 1.5% 1.0% Equities - Asia ex Japan 1.0% 0.5% Equities - Emerging 0.5% Equities - Global 0.0% 0.0% Commercial Property 6.5% Cash 3.0% Performance One Year Statistics MPS Cautious 5 Portfolio Inception Volatility 4.7 Benchmark Inception Volatility 4.0 Inception Information Ratio 0.6 0 Tracking Error 2.7 Cumulative Performance (%) Portfolio Management -5 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 The management of the portfolio is achieved through MPS Cautious Brewin Dolphin’s network of investment professionals. The group’s Asset Allocation Team meets monthly to Cautious Composite/WMA Conservative Blended Benchmark decide upon the top down strategy for the portfolio. Strict adherence to its recommendations ensures Source: Brewin Dolphin, Russell Mellon CAPS IMS32, Novia (income reinvested & gross of fees) that profits are taken regularly and keeps risks within appropriate levels. Portfolio Holdings as at 31st January 2016 The funds selected for the portfolio are taken from the group’s Fund Research Department. This team is Vanguard Global Bond Index Fund Inc 9.5% mandated to provide the building blocks for successful RWC Enhanced Income 8.5% portfolio management. All selected funds have been Fidelity MoneyBuilder Income 8.5% carefully analysed to identify fund managers who can JPM US Equity Income 7.0% sustain enhanced returns while diversifying risk. Pimco Select UK Income Bond 7.0% F&C UK Equity Linked Gilt 7.0% Old Mutual Global Equity Absolute Return 6.5% Trojan Income Fund 5.0% Newton Global Dynamic Bond 5.0% STANDARD LF GLBL INDEX Linked 5.0% Henderson UK Absolute Return 5.0% Aberdeen Property Trust 4.25% Past performance is not a guide to future performance. Standard Life AAA Income 4.0% The value of investments can fall and you may get back less than Allianz Gilt Yield 3.5% you invested. This information is for illustrative purposes only and is not intended as investment advice. We or a connected person Cash 3.0% may have positions in the collective investments mentioned Blackrock Continental European Income 2.5% herein or may buy, sell or offer to make a purchase or sale of such collective investments from time to time. In addition we reserve Standard Life Global Absolute Return 2.5% the right to act as principal or agent with regard to the sale or Henderson UK Property 2.25% purchase of any collective investment mentioned in thisdocument. For further information, please refer to our conflicts policy which is Jupiter Japan Income 1.5% available on request or can be accessed via our website at www. brewin.co.uk. The information contained in this documentation Newton Asian Income 1.0% has been taken from sources stated and is believed to be CF Woodford Equity Income 1.0% reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Fidelity Emerging Markets 0.5% © FinaMetrica Pty Ltd. Risk tolerance scores were mapped to the funds’ strategic asset allocations as at 01/02/2015. The mappings are only for use by financial advisers licensed to use FinaMetrica’s risk profiling system and do not constitute financial advice. Financial advisers must satisfy themselves that the funds’ current asset allocations reflect the risk/return expectations of the funds when mapped. Brewin Dolphin Limited is a member of the London Stock Exchange, and is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number: 124444)..
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