FP Thoroughbred Core Alpha - October 2014 F

Transcription

FP Thoroughbred Core Alpha - October 2014 F
FP Thoroughbred Core Alpha - October 2014
All data as at 30.09.2014
FOR
USE BY
PROFESSIONAL INVESTORS
ONLY, NOT FOR DISTRIBUTION TO RETAIL CLIENTS.
F U N D
FUND MANAGER
INCEPTION DATE
LAUNCH PRICE
FUND SIZE
MINIMUM LUMP
SUM INESTMENT
ASSISTANT FUND MANAGER
FUND CURRENCY
SHARE TYPES
Simon Gibson
03/03/2009
100p
B
£7,136.91
C*
£56,043,647.29
B (retail)
£3,000
C (instit)*
£20,000
TOTAL EXPENSE RATIO
(TER)
AS AT 31/07/2014
MINIMUM MONTHLY
SAVINGS
F A C T S
BENCHMARK
SECTOR
PRICING BASIS
Dale Inman
GBP
Acc
B
1.55%
C*
1.05%
ANNUAL
MANAGEMENT
CHARGE (AMC)
WMA Stock Market Balanced Portfolio Index
IMA Mixed Investment 40-85% Shares
Forward – pricing at 12 noon
B
0.75%
C*
0.25%
B
nil
C*
nil
th
£100 collecting 10
each month
FUND AIM
MANAGERS PROFILE
INVESTMENT PHILOSOPHY
The aim is to achieve long-term
capital growth by the active
management of a global multi-asset
portfolio.
Simon Gibson has been the Fund
Manager since launch in 2009. IMC
qualified, Simon is a director of Mattioli
Woods and has over 27 years investing
experience, having spent the last 23 of
these managing private client portfolios.
This is the first sub-fund under the FP Thoroughbred
Funds ICVC banner, and builds on ten years of asset
allocated portfolios run by the team, using a global,
multi-asset approach. The aim of achieving long-term
growth is paired with a desire to manage volatility so
that, other than on very short-term measures, positive
comparable returns come with lower volatility than the
benchmark.
Dale Inman is the Assistant Fund
Manager and has worked with Simon for
over seven years, working on the
portfolio fund since launch.
INITIAL
CHARGE
PLATFORMS
The key performance attributes that should enable us to
best meet client requirements are strong investment
disciplines, adherence to our aims and robust risk
controls.
TOP 10 HOLDINGS
1
2
Stan Life Glb Abs Return Strategies
First State Asia Pacific Sustainability
6
7
Threadneedle UK Equity Income
Kames High Yield Bond
3
Artemis UK Growth
8
Pictet Water
4
Invesco Perpetual UK Strategic Income
9
ETFS Physical Gold
5
Henderson UK Property
10
Invesco Perpetual Japan
B
SEDOL
ISIN
CODES
B5ZMXV7
GB00B5ZMXV77
C*
B5ZMXX9
GB00B5ZMXX91
* Share Class C is restricted for internal use by the Discretionary Portfolio Management team at
Mattioli Woods, as the core of their asset allocated Model Portfolio approach, with cash also held
for balance.
MONTHLY RELATIVE RETURN
Source: Morningstar NAV to NAV
01/09/14 –30/09/14
FUND COMPOSITION
Totals are rounded from source data so may not sum 100%
ONE YEAR PERFORMANCE
4.09%
4.56%
7.95%
5.75%
Source: Morningstar NAV to NAV 01/10/13 –30/09/14
ONE YEAR RISK RETURN
Source: Morningstar 01/10/13 –30/09/14
Crosshairs represent the IMA Mixed Investment 40-85% Shares sector average
FUND MANAGER COMMENTARY
MARKET REVIEW Worries about global growth and the ending of US quantitative easing (QE) became more prevalent in September and equities, other than in Japan, struggled to deliver anything
positive... Corporate debt funds wobbled, commercial property was the best performing asset I hold and even gilts gave up some ground. The threat of deflation in the eurozone and end of month concerns
about the German economy on one hand and Mario Draghi’s continued assertions that he will do what it takes on the other didn’t balance each other out. The gold price fell as, more remarkably, did the oil
price – this must be the first time that such a combination of “oil-related” geopolitical issues has seen a negative move, and seems as much down to the US becoming the biggest producer (overtaking Saudi
Arabia) as it does about investor confidence that all is well.
FUND REVIEW The fund performed well in September, and looks likely to do so in the coming month, as the more cautious stance becomes a better place to be. Best performers as regards sectors were
Japan and commercial property, as all others were negative for the month. Worst performing sectors were Global Emerging Markets (my timing (below) not ideal) and the UK, where we are generally
overweight. I have a bit of catching up to do on the one year figures, and feel that my “too-early” caution may be about to provide some benefits …
ACTIVITY I made three changes to the portfolio during the month, which resulted in the cash falling back to “only” 8.6%. I added to the Henderson UK Property fund and Baring Europe Select fund, as well
as adding a new position in the M&G Global Emerging Markets fund, all off the back of more positive noises regarding both US earnings and Russia/Ukraine’s “spat”. As the month progressed, the latter
looked more assured, the former less so, and with hindsight I would have waited a few weeks to make the last of those trades.
OUTLOOK AND POSITIONING Unlike in recent months, geopolitical matters have waned and economic fundamentals have come to investors’ minds. In the UK, worries around the Scottish referendum
have abated, and been replaced by uncertainty over the May general election and the strength of global growth. In the US, President Obama has brought in new rules to tighten the movement of US assets
abroad, creating a negative around many “targets” in other markets. The ECB remains very concerned about deflation, and many emerging markets look troubled by the strength of the US dollar. October
has often been a poor month for global equity markets and, if that comes to pass again this year, the fund should be well set to better protect assets than our benchmarks.
All figures quoted in the commentary are from Morningstar unless stated otherwise
CUMULATIVE PERFORMANCE
Period
Fund Return (B Class)
Fund Return (C Class)
Benchmark Return
Sector Return
Quartile Rank
ANNUAL PERFORMANCE
1 Month
3 Months
6 Months
1 Year
-1.05
-1.01
0.56
0.84
1.54
1.79
4.09
4.56
Since
Launch
63.34
74.37
-1.35
-1.07
3
1.49
0.80
3
3.66
1.85
3
7.95
5.75
4
95.38
80.08
4
Cumulative performance to 30 September 2014. Quartile quoted is the B Share Class
Data Source: Morningstar
Fund Return (B Class)
12 Months
to 30/09/14
4.09
12 Months
to 30/09/13
15.04
12 Months to
30/09/12
9.75
12 Months to
30/09/11
-4.11
12 Months
to 30/09/10
11.23
Fund Return (C Class)
Benchmark Return
Sector Return
Quartile Rank
4.56
15.55
10.22
-3.57
11.84
7.95
5.75
4
12.50
13.67
2
13.66
11.75
4
-0.91
-3.37
3
10.19
9.06
1
Period
Quartile quoted is the B Share Class.
Data Source: Morningstar
This document is issued by Atkinson Bolton Consulting and should be read in conjunction with the Fund's Simplified Prospectus which will exclusively form the basis of any application. Past performance is not a guide to future performance. The
price of shares and the income from them can go down as well as up. Investors may not get back the full amount originally invested. A comprehensive list of risk factors is detailed in the Simplified Prospectus and an investment should not be
contemplated until the risks are considered fully. Current tax levels and relief are liable to change and their value will depend on individual investors circumstances. If you are unsure about any information contained within this document you
should take independent advice. Atkinson Bolton Consulting is authorised and regulated by the Financial Conduct Authority. Fund Partners Limited (formerly IFDS Managers Limited) is the Authorised Corporate Director (ACD) of the Fund and is
authorised and regulated by the Financial Conduct Authority. Registered Office: Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset BH21 7SB.