Autumn 2011 Working in partnership with The PFS Investment principles and risk – “Building Successful Portfolios" 1 Agenda The difficulties / making changes What is the advisers role / limitations New breed – Absolute Return Funds Lots of choice – so where is your process A process / solutions Merlin Market view to conclude Suitability 3 What are you selling? Financial planning is distinct from investment management Influence over the variables that you & your clients control Maximise use of tax breaks etc Knowledge of product suitability Experience across a range of markets Constantly evaluating clients’ financial goals Time “A goal without a plan is just a wish” Antoine de Saint-Exupery 4 Key considerations when investing clients’ money Attitudes to risk Asset allocation Market volatility Diversification Funds’ style biases Performance records Regulatory issues 5 The suitability cycle 1. Assess suitability – Client 4. Review suitability – Demonstrate 2. Assess suitability – Investment and Investment Document 3. Review suitability – Client 6 FSA Paper – January 2011 Assessing suitability of Investments “The high number of unsuitable investment selections we see in pension and investment markets is still a significant concern” 50% Of files assessed by FSA during an 18 month period ending Sept 2010 were unsuitable on grounds of risk Capacity for loss was not considered enough 7 Understanding ‘reverse percentages’ Concept: rloss rrecov Growth factor -5% 5.3% 1.05 The investment return required to recover from an investment loss -10% 11.1% 1.11 increases exponentially with the scale of the loss. -15% 17.6% 1.18 -20% 25.0% 1.25 Definitions: -25% 33.3% 1.33 -30% 42.9% 1.43 rloss = the loss rate from a specified starting point -35% 53.8% 1.54 (this is a -ve percentage) -40% 66.7% 1.67 rrecov = the growth rate required to recover to a previous starting point -45% 81.8% 1.82 -50% 100.0% 2.00 rrecov / rloss = the growth factor -55% 122.2% 2.22 -60% 150.0% 2.50 This can be represented by the following equation: -65% 185.7% 2.86 -70% 233.3% 3.33 1 -75% 300.0% 4.00 –1 -80% 400.0% 5.00 rrecov = -85% 566.7% 6.67 (1+rloss) -90% -95% 900.0% 1900.0% 10.00 20.00 8 Downside risk Source: FE. 9 Relying solely on volatility as a proxy for risk Investment A Investment B Investment C Month 1 2.0% 5.0% -5.0% Month 2 4.0% 5.0% -5.0% Month 3 9.2% 5.0% -5.0% Volatility (SD) 3.8 0 0% Return 15.7% 15.7% –14.3% Source: This slide is for illustrative purposes only. The figures do not represent actual investments. 10 Ratios Source: FE, bid to bid, net income reinvested , annualised from 31.10.08 to 31.10.11. 11 AA tools It is not our area of expertise to comment on ATR tools but where they lead to prescribed investment decisions by risk we have a view Whilst theoretical risk parameters are kept with a boxing method of risk by numbers, investors don't have full flexibility to adjust to markets and this can lead to selling an asset that is appreciating to buy one which is depreciating to keep within the risk box Many new multi manager risk solutions are placed within the unclassified sector making relative comparisons on risk return to peers difficult 12 AA Tools Stochastic modelling looks backwards and trys to project forwards – The world we live in now is not the same MPT – Modern portfolio theory works on the academic belief that holding all the major assets all of the time you increase the risk / return of a portfolio – not so , a la property in recent times Many asset allocation tools fail at fund levels by boxing active managers by tracking errors – the result you would ignore lots of talent for core monies like Neil Woodford of IP Use a panel but, also use your discrection 13 Assess suitability – Investment Global Emerging Markets may represent 55% of Global market cap by 2030 Source: IMF, MSCI, Goldman Sachs Global ECS Research estimates 08.09.10. 14 IMA Report to April 2011 – Sectors (NET sales) Source: IMA Report to April 2011 15 Issues for the IFA 16 Best vs. worst UK Unit Trust/OEIC in 2007 Source: Financial Express, bid to bid, net income reinvested in GBP 31.12.06 to 31.12.07. 17 Best vs. worst UK Unit Trust/OEIC in 2008 Source: Financial Express, bid to bid, net income reinvested in GBP 31.12.07 to 31.12.08. 18 Best vs. worst UK Unit Trust/OEIC in 2009 Source: Financial Express, bid to bid, net income reinvested in GBP 31.12.08 to 31.12.09. 19 Best vs. worst UK Unit Trust/OEIC in 2010 Source: Financial Express, bid to bid, net income reinvested in GBP 31.12.09 to 31.12.10. 20 Over the last year… 1st Quartile to 3rd Quartile or moved from 4th Quartile performance over the previous 12 months Source: Financial Express,, bid to bid, net income reinvested from 31.08.09 to 31.08.11. 21 Cost of missing best ten days https://www.fidelity.co.in/market_volatility/timing.html Source: Fidelity FundsNetwork. The chart shows how a notional Rs. One lakh investment would have been affected if the ten best days were missed, using daily returns of the BSE Sensex (source: Bloomberg) for the calculations fro m 31.07.01 to 31.07.11. Indices are not a representation of a financial product. The do not take account of costs or tax and do not reflect performance of any individual portfolio of stocks. Past performance is not an indicator of future performance. 22 Active vs. passive investing Active Passive Potential for out-performance Lower charges Can react to market conditions Less trading (often computer driven) Access to smaller companies Higher charges No potential for out-performance Can underperform the market Tracking error / rebalancing Must stay fully invested Only feasible for larger markets 23 FTSE 100 performance 2010: +12.7% Best performers 2010 Average Weight % Total Return % Fresnillo 0.16 +114.3 Burberry Group 0.25 +92.9 Petrofac 0.23 +68.1 Antofagasta 0.30 +65.3 Wolseley 0.31 +64.1 Source: FactSet, Bloomberg 31.12.09 to 31.12.10. Average weights are FTSE 100 average weights over 12 months to 31.12.10. on a buy and hold basis. 24 FTSE 100 performance 2010: +12.7% Worst performers 2010 Average Weight % Total Return % Resolution 0.10 -28.0 BP 6.53 -21.2 Capita Group 0.33 -5.2 HSBC Holdings 8.25 -5.0 Marks & Spencer Group 0.41 -4.0 Avoiding one or two stocks would lead to outperformance …but index managers can’t avoid this risk Source: FactSet, Bloomberg 31.12.09 to 31.12.10. Average weights are FTSE 100 average weights over 12 months to 31.12.10. on a buy and hold basis. 25 Stockmarket performance 31.12.99 to 31.08.11 % Change % Total Return FTSE 100 -22.16 +20.27 S&P 500 -17.63 +2.01 Nikkei 225 -37.15 -28.23 DAX +18.37 +18.37* CAC 40 -22.18 +9.04 Source: Bloomberg as at 31.08.11. Figures based on GBP currency. *No dividends or coupons. 26 Discrete performance – Jupiter Merlin Income Calendar year performance YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Jupiter Merlin Income Portfolio -2.8 12.5 17.4 -10.8 2.8 11.0 17.0 11.8 15.2 -5.2 -2.2 5.9 IMA Cautious Managed average -3.0 8.6 15.9 -15.8 1.4 7.0 12.6 9.4 14.4 -11.8 -4.9 1.1 Relative performance +0.2 +3.9 +1.5 +5.0 +1.4 +4.1 +4.5 +2.4 +0.8 +6.6 +2.6 +4.8 Quartile rank 2 1 2 2 2 1 1 1 2 1 2 1 Source: Financial Express, bid to bid, net income reinvested to 31.08.11. 27 Analyzing funds Fund manager tenure Risk vs. return (including discrete returns) Maximum loss ABI vs. IMA Stock and sector over/underweight (just as important) Number of holdings Commonality / overlap on funds held 28 FundsLibrary 29 Hiding the truth? Watch out for the *. Who’s performance record is it really? There are no hard and fast rules as fund managers move around and new funds are launched Fund management is an art not a science; it is a peoples business John Chatfield Roberts, Director, Jupiter 30 Brick in the snake – Discrete as well as cumulative Jupiter European Fund performance over 5 years Jupiter - European Inc TR in GB FTSE World Europe EX UK Index TR in GB IMA Europe Excluding UK TR in GB Jupiter - European Inc TR in GB 90 80 70 60 50 40 % Growth 30 22.1 18.8 16.4 17.6 20 9.4 10 3.4 4.7 0 -0.3 -3.4 -5.2 -0.2 -1.5 -10 -4.0 -5.8 -6.8 -20 -30 -40 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 Source: Financial Express, bid to bid, net income reinvested to 31.08.11. 31 Risk metrics To be used in conjunction with performance analysis to determine the risk / reward trade of Beta Alpha Standard deviation and tracking errors Correlation Maximum drawdown and many more, all can be found on websites provided or direct from your manager 32 Jupiter North American Income Fund – Risk & Return Risk/return over 5 years 60 50 40 30 20 S&P 500 % Change 10 0 -10 -20 -30 -40 15 16 17 18 19 20 21 22 23 24 Annualised Volatility Source: Financial Express, bid to bid, net income reinvested 31.08.06 to 31.08.11. 33 Criteria for ratings – 1 of 2 Agency Description Criteria Standard & Poor’s Takes into account investment process and managers’ consistency of Less than 20% of funds receive a Fund Management performance rating Ratings Morningstar Overall Morningstar Ratings™ grades fund based on their risk-adjusted 5 star: top 10% returns within Morningstar Categories over separate performance 4 star: next 22.5% period depending on how long the fund has been running. The separate 3 star: middle 35% periods are 36 months, 60 months and 120 months. 2 star: next 22.5% 1 star: bottom 10% Forsyth-OBSR Examines fund’s investment style, process, performance and risk Funds must be ‘highly commendable’ or better 34 Criteria for ratings – 2 of 2 Agency Description Criteria Citywire Fund Focusses on manager’s ability, regardless of fund managed, calculating ‘Only a handful of managers Manager Ratings the level outperformance against the benchmark receive a rating’ Lipper Leaders Funds that are awarded Lipper Leader status have excelled when Both measures are scored on a 1 compared to similar funds. Lipper’s scoring system is built on three to 5 basis (with 1 being the years of historical performance and is based on two main elements: highest). Funds that score 1 for ‘preservation’, the ability of the fund to preserve capital, even during any either measure are awarded market downturn and ‘consistent return’, the ability of a fund to provide ‘Lipper Leader’ recognition. consistently superior returns when compared to similar funds. Trustnet Alpha The calculation is achieved by constructing an artificial portfolio, as if the The rating is based on three Manager Ratings manager’s funds had been bought and sold during the period he/she components: managed them. The weighting between funds is equal, but is halved if Risk-adjusted alpha (with track the fund is co-managed and the manager is also a sole manager on record length bias) another fund. Any periods where there is no record of fund manager Consistent outperformance of performance, perhaps due to gardening leave, is treated as a flat period. a benchmark overall Out/underperformance consistency in up and down markets 35 ABI vs. IMA Jupiter High Income Fund Fund sits within IMA UK equity and bond sector Fund invests 80% in UK equity, 20% UK fixed interest 36 ABI vs. IMA Jupiter High Income Fund For Life and Pensions money, use ABI classification ABI do not have a UK equity and bond sector Fund is therefore placed in most appropriate sector – UK equity is included in this case Problems? 37 Specialism – is it your role to pick them? Is it your job or that of a MultiManager? If it’s the IFA, you must keep an eye on these funds more regularly Possibly quarterly reviews, rather than annual Monitor these funds with more detailed analysis 38 Specialist sector – Apples and Pears Top 5 performing funds over 5 years Fund % Smith & Williamson - Global Gold & Resources 140.7 Gold and Mining Resources Fund BlackRock - Gold & General 134.9 Gold and Mining Resources Fund Investec - Global Gold 128.5 Gold and Mining Resources Fund Franklin Templeton - Franklin India 116.3 Indian Equities Fidelity - Latin America 113.2 Latin American Equities Source: Financial Express, bid to bid, net income reinvested to 31.08.11. 39 Finding funds How many funds should you look at? How much time do ‘you’ have? Consider your limits – holistic advice BUT with over 2000 UK funds alone to choose from, you need filters and a system 40 Directory www.barcap.com/egs Equity-Gilt Study www.obsr.co.uk Ratings and fund information www.ipdindex.co.uk Property www.reita.org REITS information www.trustnet.com Performance & multi-manager guide www.citywire.co.uk Fund manager news, views, ratings www.apcims.co.uk Asset allocation model www.morningstar.co.uk Performance & risk data www.fundslibrary.co.uk Factsheets & reports www.jupiteronline.co.uk Jupiter fund information The new breed – Absolute return investing The differing funds on offer 42 So why now? Just look at the last decade for investors Two significant bear / negative returning markets for equities Cash is not king, and other asset class volatility has increased Index returns negative for equity investors Correlation stronger between asset classes 43 10 years of returns Source: Financial Express, bid to bid, net income reinvested to 31.08.11. 44 Absolute returns in mind There has been a recent flurry of funds launched in the UK, so much so that a new IMA sector has been created We endorse the usage of these funds but… As part of an overall portfolio or complete solution? But NB: They can and have lost money They may find it difficult to fully participate in any rally 45 IMA definition Absolute Return Funds managed with the aim of delivering absolute (i.e. more than zero) returns in any market conditions. Typically funds in this sector would normally expect to deliver absolute (more than zero) returns on a 12 months basis. 46 Absolute Return sector (incorporated April 2008) IMA Absolute Return sector Offshore Recognised Absolute Return Year Funds launched Year Funds launched 1993 1 1989 1 1997 1 1996 1 1998 1 1997 2 2003 1 1998 1 2004 1 1999 4 2005 4 2000 2 2006 4 2001 1 2007 5 2003 2 2008 8 2004 2 2009 21 2005 6 2010 16 2006 18 2011 6 2007 11 Total 69 2008 3 2009 10 2010 15 2011 5 Total 84 Source: Financial Express.. 47 IMA Absolute Return sector members’ performance 2010 IMA Absolute Return sector Offshore Recognised Absolute Return Source: Financial Express, bid to bid, net income reinvested 31.12.09 to 31.12.10. 48 Funds rated by S&P, OBSR and Financial Express IMA Absolute Return sector Offshore Recognised Absolute Return FE FE Fund S&P OBSR crowns Fund S&P crowns Newton Real Return AAA A 2 Insight Absolute UK Equity AA 3 Market Neutral Stan Life Global Absolute AA A 3 Return Strategies Nordea European Value AA 2 Insight Absolute Return AA A 3 Polar Capital UK Absolute Return AA 1 BlackRock UK AA A 1 Absolute Alpha BNY Mellon Evolution A 1 Global Alpha Threadneedle Absolute A A 2 Return Bond Ennismore European A 3 Small Companies GLG UK Select Equity A 1 Schroder Emerging Markets Debt A 2 Absolute Return Source: Trustnet 31.08.11. 49 What are the opportunities? Long term all weather opportunities for investment Lower volatility, lower standard deviation The greater potential for protection of capital A multitude of different instruments and techniques to maintain flexibility 50 Types of Absolute Return Equity Directional Blackrock UK Absolute Alpha Directional Jupiter Absolute Return Multi-Asset Target Return Standard Life GARS Market Neutral Absolute Insight UK Equity Market Neutral 51 Examples of funds and differences Insight Market Neutral – Cash Plus Return Standard Life GARS – Targeted return Jupiter AR – Absolute Return 52 Failure of managed funds Performance over ten years Source: Financial Express, bid to bid, net income reinvested to 31.08.11. 53 The nascent sectors credentials Performance since July 2005 Source: Financial Express, bid to bid, net income reinvested to 31.08.11. Methods employed 55 Legislation helps UCITS III and soon IV Hedge fund techniques can be used in UK Funds under regulation Thus the emergence of absolute return funds 56 UCITS new powers UCITS III Absolute Return funds have the ability to invest in a wider range of instruments to a much greater degree compared to traditional long only funds Making use of greater degrees of cash weighting Using derivatives not only to maximise returns but also to protect portfolios, as opposed to simply EPM used in traditional funds Swaps, CFD’s, pair trades, index derivatives and much more can be used synthetically 57 Golden ticket? You can trade on Comex – But there will be dealing costs, storage, insurance etc.. …So we trade on ETC’s market – Cost effective, but can you market time? Gold acts as an inflation hedge, currency hedge and also acts as a flight to quality asset in recessionary times US Dollar risk to consider & no yield, but only held as part of overall portfolio 58 UCITS III – Absolute Return (“sophisticated”) vs. Long Only (“non-sophisticated”) funds Funds managed with the aim of delivering absolute (i.e. more than zero) returns in any market conditions. Typically, funds in this sector would normally expect to deliver absolute (more than zero) returns on a 12 month basis. IMA Long only Absolute return Long only Long and (“synthetic”) short strategies – like hedge funds Highly correlated to equity/fixed interest indices Low correlation to equity returns Outperformance rather than absolute returns Aim for positive returns in all market conditions Limited ability to protect the fund when market is falling Can actively manage the fund’s market exposure (long, short or neutral). Derivatives used for “efficient portfolio management” purposes only Derivatives for investment and hedging purposes “Commitment” approach to risk management Value at Risk (VaR) Regulated by FSA Regulated by FSA (unlike hedge funds) 59 Evaluating – Absolute return funds Qualitative aspects Quantitative aspects Investment philosophy and objectives VaR, drawdown, volatility, alpha, correlation and many more Resources Investment process Portfolio construction Risk 60 How to monitor Corporate and individual / team experience Managers ability To what extent new powers will be used Main asset play or multi asset Risk monitoring and managements Understanding and articulation of fees USE WEBSITES OVERLEAF (see appendices for performance fee method of our fund) 61 The Future Investors have a choice of an potential all weather vehicle Less correlation to market Cash plus, Target & Absolute return strategies available, designed to return with less volatility Not all are the same, not all will perform as 2009 proved 62 How will the performance fee work? Performance Fee Fee is calculated and accrued daily in the price and is paid annually, from the fund, on 31 October each year (the last day of accounting year). However, this 15% performance fee will only be paid if the fund outperforms the Hurdle and High Water Mark 63 Websites and surveys www.fundslibrary.co.uk Fund comparison site www.defaqto.co.uk Guide to sector www.obsr.co.uk Research & ratings www.investopedia.co.uk Glossary of terms www.jupiteronline.co.uk Jupiter AR Fund 64 A possible process for picking funds? Assuming specific client requirements are considered, then Look at the majority of funds with a track record, 3 or 5 years+ on both an absolute and relative basis Perform quantitative performance and risk analysis using a tool Carry out qualitative research using tool, factsheets and independent reports Find out how the fund is rated by the major agencies, if not check if there are still reasons to choose before filtering out Make sure the fund adds to the portfolio’s diversity and does not concentrate in similar areas for correlation Monitor your funds with pre-populated quant reports and regular reading / updates, maybe semi annual or more regularly 65 Caveats Manger may have recently moved to the group/fund after strong performance elsewhere – Eg. Philip Ehrmann, Jupiter China Manager may have run offshore/ hedge or institutional mandates and has a strong record to bring to the retail market – Eg. Philip Gibbs, Jupiter Absolute Return Fund may be a new derivative of another successful fund / manager Eg. Ariel Bezalel, Co manager of Jupiter High Income and Manager of short term success with Strategic Bond Fund may have new manager and become a recovery story Eg. Ben Whitmore, Jupiter UK Special Situations Fund maybe a new concept with suitability for modern investing – AR fund as above 66 Making changes - To manage or not to manage? Is the IFA an investment expert or financial planner? It all takes a lot of time, resource, and this costs money World is changing and fast so dynamic portfolios required Too much choice, so how do you slim down but at the same time avoid missing new opportunities CGT on switches outside of a wrapper Paperwork and reporting Reviews essential 67 Multi Management Abdication or delegation? 68 Benefits of Multi Management To manage to not to manage? Expert analysis of markets and funds on a daily basis Saving time so more can be spent on clients and their core needs Diversification with access to more than just conventional onshore funds Investment risk can be spread, as our funds hold an average of 12 underlying funds and that gives access to well over 1000 stocks Consolidation of your core holdings, one portfolio, one report, one point of contact 69 Practical solutions for investors Financial planning Influence the variables that you control Maximise use of tax breaks etc Constantly evaluate your financial goals Investing Manage your expectations Adopt a forward looking focus Use flexible mandates Embrace risk Analyse performance over meaningful time periods “A goal without a plan is just a wish” Antoine de Saint-Exupery 70 Minimum amount earned per hour of work PORTFOLIO SIZE HOURLY RATE £25,000 £50,000 £75,000 £100,000 £125,000 £150,000 £200,000 £250,000 £25 5.00 10.00 15.00 20.00 25.00 30.00 40.00 50.00 £50 2.50 5.00 7.50 10.00 12.50 15.00 20.00 25.00 £75 1.67 3.33 5.00 6.67 8.33 10.00 13.33 16.67 £100 1.25 2.50 3.75 5.00 6.25 7.50 10.00 12.50 £125 1.00 2.00 3.00 4.00 5.00 6.00 8.00 10.00 TIME £150 0.83 1.67 2.50 3.33 4.17 5.00 6.67 8.33 £175 0.71 1.43 2.14 2.86 3.57 4.29 5.71 7.14 £200 0.63 1.25 1.88 2.50 3.13 3.75 5.00 6.25 £225 0.56 1.11 1.67 2.22 2.78 3.33 4.44 5.56 £250 0.50 1.00 1.50 2.00 2.50 3.00 4.00 5.00 £125.00 £250.00 £375.00 £500.00 £625.00 £750.00 £1,000.00 £1,250.00 RENEWAL FEES Source: Jupiter 71 Reduce your workload Merlin Market view 73 Jupiter Independent Funds team John Chatfeild-Roberts Director 2001 to Present – Jupiter Asset Management 1995 to 2001 – Lazard Asset Management 1989 to 1995 – Henderson Global Investors Algy Smith-Maxwell Peter Lawery Director Director 2001 to Present – Jupiter Asset Management 2001 to Present – Jupiter Asset Management 1999 to 2001 – Lazard Asset Management 1992 to 2001 – Lazard Asset Management 1995 to 1999 – Henderson Global Investors 74 Merlin View Cash – recent deployment of cash to buy defensive managers Fixed Interest – Main strategy to buy Strategic Bond Managers UK Equities – Defensive, experienced Income Managers Global Equities – Like US Global winners, GEM Direct and indirect, u/w Europe Others – No Property, hold Gold and energy funds We always look at fundamentals, and for liquidity and long terms absolute returns! 75 Market thoughts Global emerging markets – powerful demographics Working age population Emerging Developed 4,500 4,002 4,033 4,025 4,000 3,873 3,953 3,749 3,591 3,420 3,500 3,202 2,946 3,000 2,671 2,419 2,500 2,187 1,936 2,000 1,684 1,469 1,500 1,294 1,137 898 961 1,034 1,000 745 768 784 805 823 836 830 820 809 796 784 771 758 744 613 646 680 713 526 556 579 500 0 1950 55 60 65 70 75 80 85 90 95 2000 05 10E 15E 20E 25E 30E 35E 40E 45E 50E Rapid growth of middle class will drive wealth creation, consumption and urbanisation Source: UNPD, Morgan Stanley June 2009. 76 Decoupling; 10 years of proof? Growth in emerging markets (6.1%) to outpace developed (1.5%)* Outperformance over ten years = 275% % Growth MSCI EM (Emerging Markets) 291.1% 400 350 300 250 200 150 100 S&P 500 Index 16.3% 50 0 -50 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Financial Express, total return 31.08.01 to 31.08.11. *Source: Morgan Stanley 2012 growth estimate. 77 Our Market is global The new “normal” 70% + of FTSE 100 earnings are overseas 2 constituents of FTSE 100 are Kazakhstan copper miners No link between GDP and FTSE growth as a result Income managers with strong dividends offer Global opportunities with UK security 78 Colgate: Developed world company – developing world growth Iconic brand with leading 44% global BRIC sales = 46% of total sales market share Market share Highly profitable operating margins Brazil 70% of 24% Russia 35% Exposed to emerging world dynamics India 51% but with: China 32% Economic & accounting transparency Corporate governance Subject to the rule of law Source: Colgate, Jupiter 79 Making changes – to manage or not to manage? Is the IFA an investment expert or financial planner? It all takes a lot of time, resource, and this costs money World is changing and fast so dynamic portfolios required Too much choice, so how do you slim down but at the same time avoid missing new opportunities CGT on switches outside of a wrapper Paperwork and reporting Reviews essential 80 Managers we hold - Include Richard Woolnough, M&G, Ariel Bezalel, Jupiter – Strategic Bond Funds Neil Woodford – IP Income, Tom Dobell – M&G Recovery Angus Tulloch & Martin Lau –First State Asia Funds James Findlay – Findlay Park US Gold ETF / Energy Funds We always look at fundamentals, and for liquidity and long terms absolute returns! 81 Final comments Platforms and Pricing www.theplatforum.co.uk 82 Disclosure Jupiter Unit Trust Managers Limited (‘JUTM’) and Jupiter Asset Management Limited (‘JAM’) are both registered in England and Wales (nos. 2009040 and 2036243). The registered office of both is 1 Grosvenor Place, London SW1X 7JJ. JUTM and JAM are authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. This presentation is intended for investment professionals and not for the benefit of private investors. However any one attending the presentation or who has the opportunity to view the accompanying slides should bear in mind that the value of an investment in a unit trust and the income from it can go down as well as up. It may be affected by exchange rate variations and you may not get back the amount invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Quoted yields are not guaranteed. Current tax levels and reliefs will depend on the nature of the holding and details are contained in the key features documents. Past performance should not be seen as a guide to future performance. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of an investment please contact your financial advisor. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given.
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