Schroder Unit Trusts Limited Multi-Manager High Alpha Fund

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					                                                                                                                           All data and Schroders' views are expressed as at 31
January 2010                                                                                  January 2010

Schroder Unit Trusts Limited
Multi-Manager High Alpha Fund
A Accumulation Unit
                                                        Fund Overview
                                                        The Schroder Multi-Manager High Alpha Fund provides a one step solution for investors looking
                                                        for a flexible product that accesses a broad range of assets and financial markets. We seek to
                                                        generate attractive returns over the long term by blending a diversified selection of market-leading
                                                        funds from asset managers around the world. This ‘fund of funds’ approach allows us to tap into a
                                                        blend of the best investment ideas across the industry.

                                                        While this multi-asset fund is classified as medium-risk, asset allocation is managed to suit a more
                                                        adventurous investor. It is a diversified core portfolio holding with exposure to the potentially higher
                                                        risk, higher return markets and investments. As well as investing in a range of equity funds,
                                                        focusing on UK, US, European, Japanese, Asian and emerging markets, we also seek to add
Fund Manager             Andrew Yeadon                  value through opportunities in alternative assets such as commodities, hedge funds, derivatives,
                                                        private equity and property – areas which are often difficult for a private investor to access. Our
Managed fund since                  Launch              strategic approach enables us to respond to varying opportunities and threats presented by
                                                        differing market environments.
Investment Objective, Policy
and Risk
To provide capital growth through investment in
collective investment schemes as well as
                                                        Performance over 5 years *
                                                        * : or since launch for funds launched less than 5 years ago
directly held transferable securities, derivatives,
cash, deposits, warrants and money market               70.0 %
instruments. In order to achieve the objective
the manager will invest in a focused portfolio of       60.0 %
investments.                                            50.0 %
The fund invests in unregulated Collective              40.0 %
Investment Schemes which can involve a higher
degree of risk as they are not regulated by the         30.0 %
FSA and may not provide the same level of               20.0 %
investor protection as regulated schemes.
These schemes may not be readily realisable,            10.0 %
and price swings may be more volatile if they
are priced less frequently than authorised funds.        0.0 %

                                                        -10.0 %
The fund invests in derivatives and alternative               01/05 04/05 07/05 10/05 01/06 04/06 07/06 10/06 01/07 04/07 07/07 10/07 01/08 04/08 07/08 10/08 01/09 04/09 07/09 10/09 01/10
asset classes (i.e. hedge funds, commodities,               01/2005                 01/2006                 01/2007                 01/2008                 01/2009                 01/2010
property funds and private equity) via                   ___
Unregulated Collective Investment Schemes.                        Multi-Manager High Alpha Fund                                    IMA Active Managed Sector Average
Alternative investments involve an
above-average degree of risk and can be more
volatile than investment in equities or bonds.          Performance in %                                                          YTD 1 month 3 months 6 months                     1 year
                                                        Multi-Manager High Alpha Fund                                             -3.0         -3.0          2.4         10.7         33.0
The fund holds investments denominated in
currencies other than sterling, changes in              IMA Active Managed Sector Average                                         -2.0         -2.0          2.0         11.1         24.4
exchange rates will cause the value of these
investments, and the income from them, to rise                                                                                                                Since         Average p.a.
or fall.                                                Performance in %                                                      3 years       5 years          Launch         since launch
                                                        Multi-Manager High Alpha Fund                                            -12.2         28.4               39.7                 6.4
                                                        IMA Active Managed Sector Average                                         -5.8         27.5               41.4                 6.6
Key Information
Total Fund Size (Million)                  GBP 28.4     Discrete Yearly Performance                                       Q4/2008 - Q4/2007 - Q4/2006 - Q4/2005 - Q4/2004 -
Fund Base Currency                         GBP          in %                                                               Q4/2009 Q4/2008 Q4/2007 Q4/2006 Q4/2005
                                                        Multi-Manager High Alpha Fund                                          30.4         -35.4           7.5          13.8         30.1
Fund Launch Date                           06/09/2004
                                                        IMA Active Managed Sector Average                                      24.1         -26.4           6.1          10.2         24.2
Morningstar                                ««
Morningstar Rating is sourced from Morningstar.
                                                        Past performance is not a guide to future performance and may not be repeated. The value of
                                                        investments and the income from them can go down as well as up and investors may not get
                                                        back the amount originally invested.
                                                        Some performance differences between the fund and the benchmark may arise because the fund
                                                        performance is calculated at a different valuation point from the benchmark.

                                                        Source: Schroders, bid to bid price with net income reinvested.
January 2010                                                                                                                                Investor Services
                                                                                                                                            Telephone: 0800 718 777

Schroder Unit Trusts Limited
Multi-Manager High Alpha Fund
A Accumulation Unit
Top 10 Holdings in %
Holding                                                                                                                                                                                    % of Fund
   1. S&P 500 Index Future                                                                                                                                                                           13.5
   2. Occam Asia Focus Fund                                                                                                                                                                          12.4
   3. Ignis Argonaut European Alpha Fund                                                                                                                                                             11.2
   4. BlackRock UK Dynamic Fund                                                                                                                                                                      10.7
   5. Schroder UK Alpha Plus Fund                                                                                                                                                                    10.1
   6. Lazard Emerging Markets Fund                                                                                                                                                                    8.7
   7. Schroder Monthly High Income Fund                                                                                                                                                               8.2
   8. Melchior Select Trust Japan Advantage Fund                                                                                                                                                      4.5
   9. Invista Foundation Property Trust                                                                                                                                                               4.1
  10. M&G UK Select Fund                                                                                                                                                                              3.9
Total number of holdings = 24

Asset Allocation in %
                                                      Asset Type                                                                         Country
                                     Equities                                                 79.34                                                                                                 31.68
                                                               19.53                                                                                                        16.06
                                 Alternatives                                                                                       US
                                Fixed Income - 3.47                                                                     Europe ex UK
                                                        4.60                                                                                                       12.39
                         Cash / Money Market                                                                     Asia Pacific ex Japan
                                                                                                                    Emerging Markets
                                                                                                                 Cash / Money Market

Equity Sector Split                                                                                                                                                                        % of Fund
   1.   Financials                                                                                                                                                                                   22.0
   2.   Consumer Discretionary                                                                                                                                                                       12.1
   3.   Industrials                                                                                                                                                                                  11.9
   4.   Basic Materials                                                                                                                                                                              11.2
   5.   Energy                                                                                                                                                                                        9.5
   6.   Technology                                                                                                                                                                                    9.2
   7.   Consumer Staples                                                                                                                                                                              9.2
   8.   Telecommunications                                                                                                                                                                            5.3
   9.   Health Care                                                                                                                                                                                   4.8
  10.   Utilities                                                                                                                                                                                     2.3
  11.   Cash                                                                                                                                                                                          2.5
Fund data source: Schroders
Asset Type split: "Alternatives" includes Private Equity, Property, Absolute Return, Infrastructure and Life Settlements.
The equity sector split shows data two months prior to the reporting date. Due to confidentiality reasons, the underlying fund managers provide holdings data in arrears. The cash level reflects the cash
held within the individual funds.

Technical Information                                                                                                                       Accumulation            Income
                                                                          ISIN                                                              GB00B2QT9Y15            GB00B2QTB011
Third party data are owned by the applicable third party identified       Bloomberg                                                         SSNPACC                 SSNPINC
above and is provided for your internal use only. Such data may not
be reproduced or re-disseminated and may not be used to create            Reuters                                                           60095649UKp.LP          60095650UKp.LP
any financial instruments or products or any indices. Such data are
provided without any warranties of any kind. Neither the third party      SEDOL                                                             B2QT9Y1                 B2QTB01
data owner nor any other party involved in the publication of this
document can be held liable for any error. The terms of the third         Initial Fee                                                       5.25 % (unit trust), 0% (ISA)
party's specific disclaimers are set forth in the Important Information
section on our website                               Annual Management Fee                                             1.50 %
                                                                          Minimum Investment Amount                                         £1000 or monthly instalments of £50
                                                Units Available                                   Accumulation, Income
                                                Valuation and Dealing                             12:00:00
                                                Distribution Dates                                15-May
                                                Ex-dividend Dates                                 16-Mar
                                                ISA Eligible                                      Yes
A Simplified Prospectus and full Prospectus are available. These can be downloaded from our website at or call one of
our Investor Services Team on 0800 718 777 for a printed version. For investors' security, telephone calls to Schroder Investments Limited
may be recorded. Nothing in this factsheet should be construed as advice and is therefore not a recommendation to buy or sell units. The
data contained in this document has been sourced by Schroders and should be independently verified before further publication or use.
Issued by Schroder Investments Limited, 31 Gresham Street, London EC2V 7QA. Registered No.2015527 England. Authorised and regulated by the
Financial Services Authority. Schroders has expressed its own views and these may change.
The fund is an authorised unit trust.
                                                                                                                                                         SUTL-Multi-Manager High Alpha Fund-January-2010

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