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.