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FP Thoroughbred Core Alpha - November 2014
All data as at 31.10.2014
F U N D
FUND MANAGER
INCEPTION DATE
LAUNCH PRICE
FUND SIZE
MINIMUM LUMP
SUM INESTMENT
Simon Gibson
03/03/2009
100p
ASSISTANT FUND MANAGER
FUND CURRENCY
SHARE TYPES
B
£7,105.06
C*
£56,296,787.04
TOTAL EXPENSE RATIO
(TER)
AS AT 31/07/2014
B (retail)
£3,000
C (instit)*
£20,000
MINIMUM MONTHLY
SAVINGS
F A C T S
Dale Inman
GBP
Acc
B
1.55%
C*
1.05%
BENCHMARK
SECTOR
PRICING BASIS
ANNUAL
MANAGEMENT
CHARGE (AMC)
£100 collecting on
10th each month
WMA Stock Market Balanced Portfolio Index
IMA Mixed Investment 40-85% Shares
Forward – pricing at 12 noon
B
0.75%
C*
0.25%
INITIAL
CHARGE
B
nil
C*
nil
WMA refers to the Wealth Management Association. IMA refers to the
Investment Management Association.
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.
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
Henderson UK Property
6
7
Vanguard S&P 500 ETF
ETFS Physical Gold
3
First State Asia Pacific Sustainability
8
Pictet Water
9
Kames High Yield Bond
10
Threadneedle UK Equity Income
4
5
Invesco Perpetual UK Strategic
Income
Artemis UK Growth
FUND CODE
SEDOL
ISIN
B
B5ZMXV7
C*
B5ZMXX9
GB00B5ZMXV77
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.
FUND COMPOSITION
ONE YEAR PERFORMANCE
1.08%
1.54%
5.20%
2.35%
Source: Morningstar NAV to NAV 01/11/13 –31/10/14
Totals are rounded from source data so may not sum 100%
FUND MANAGER COMMENTARY
MARKET REVIEW Rather than the (various) geopolitical matters, it was well and truly economic issues which caused equities to suffer, until mid-month anyway, a period which also saw most equity
markets fall significantly, as well as a mad few days in the bond markets, with US 10 year bond yields falling 0.25% at one stage. Eurozone recession and/or deflation, weaker data elsewhere and real
worries about the global economy all contributed. US quantitative easing (QE) ended, as anticipated, and Mario Draghi asserted his now three-year long mantra that he will do what it takes. The gold price
fell again, and the oil price remains stubbornly low, based mainly on the economic outlook, but perhaps also on actions by the US and Saudi Arabia – it certainly does not suit Russia at these levels …
FUND REVIEW The fund under-performed in October, mainly down to the strong upward momentum in markets as the month ended – I removed most of the overweight to cash at the start of the month,
as it happens a fortnight too soon for best effect, and took a final £800,000 into investments mid-month. I would still say that I have a cautious stance, just not reflected via cash now as much as commercial
property and other assets. Best performers as regards sectors were Asia Pacific and North America, again supported by commercial property. Worst performing sectors were UK equities (across the board)
where I am generally overweight, and Europe, where I am not.
ACTIVITY I sold out of the Rathbone Ethical Bond fund (asset allocation decision) and the Threadneedle North American Smaller Companies (fund) in the month, and topped up on commercial property,
gold and our absolute return holding. I added M&G Property Portfolio in the former, added to the Vanguard S&P 500 ETF, UK Smaller Companies via Franklin and a little more to Japan via the iShares MSCI
holding. At month end cash stood at only 1.83%.
OUTLOOK AND POSITIONING New uncertainty comes from the eurozone, in the UK I suspect we shall have more and more investors bothered by what the outcome might be in the May general election
and the strength of global growth continues to gather headlines. In the US, markets look set to hit new highs just a couple of weeks after the mid-October declines, and though October turned out OK in the
end, I will not be surprised to see some sideways trading in the weeks ahead. The portfolio continues to deliver below average volatility compared to the benchmarks, and I now want to see performance
come back to the fore, which I believe the fund is set fair to deliver in the right conditions. A UK rate rise may be further off than we thought a few weeks ago, not least as inflation seems well and truly
rooted under the Bank of England’s target of 2%.
All figures quoted in the commentary are from Morningstar unless stated otherwise
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.