Pantheon Financial Investments Ltd
Quarter 1 - 2011
Issue no: 155
3 ISA Portfolios
6 New Fund Launches
C O N T E N T S
7 Fund & Managerial Changes
8 Pantheon Financial Management Ltd - Strategic Financial Planning Service
9 Sector Recommendations
14 Fund Supermarkets & DPM Service
15 Re-registration Form
16 Investing with Pantheon Financial Investments
Authorised and regulated by the Financial Services Authority
F irst of all a Happy New Year and Best Wishes for a healthy, happy and prosperous 2011! Whilst the
Government’s focus seems to be ﬁrmly on the implementation of a wide range of cuts and changes
in response to the Spending Review we have been busily focussing our efforts on investment manager
strategies to evaluate the impact of Government policies. Whilst there is a great deal of controversy
surrounding many of the Coalition’s plans, some fund managers are rubbing their hands with glee believing
that many areas of the market will beneﬁt because the Government will have to outsource many services
to the private sector to reduce costs. Companies who had become reliant on Government investment are
mostly being avoided for now and valuations have fallen accordingly, some managers are watching these
companies too to see if there are opportunities for long term gains amongst the undervalued.
Rather unsurprisingly one of the key As is usually the case at this time of year I trust you ﬁnd this edition of the
changes to come from the Spending our focus is very much towards the ISA Newsletter helpful, as usual please
Review is the rise in state pension age season and with this in mind we have do not hesitate to contact us with any
to 66 by 2020. We have believed that the yet again provided our ISA Portfolios queries you may have.
state pension situation has been under for the 2010/2011 season on pages 4 to
pressure for many years to the extent 5 for those of you who prefer to make
that it is almost a relief to see the topic your own decisions with a little technical
being addressed at long last. However guidance. As usual you can apply by
with an ageing demographic only set to the more traditional route of cheque
further exacerbate the situation in years and application form, please contact
to come we believe this will not be the us for the Key Features Documents and
last alteration to the state pension. It forms on 01724 849481or by emailing us
Helen Richardson Dip PFS
is becoming more apparent with every your request for a form at investments@
pantheonﬁnancial.co.uk. You can also
passing year that building long term
private retirement funds is more important apply online via our website www.
than ever before. However there has been pantheonfinancialinvestments.co.uk.
much press focus on the private pension Naturally, anyone requiring more speciﬁc
sector of late because there are a myriad advice in this regard should contact us to
of dreadfully performing pension funds discuss our bespoke advisory service but
out there, many of which have very high please bear in mind that this is our busiest
annual charges depleting returns where time of year so time is of the essence if
investors are lucky enough to have returns you wish to receive recommendations for
being generated! We introduced Richard the current tax year.
Grant, one of my fellow directors, in our
Quarter 4 2010 Newsletter and we have Finally some good news regarding the
taken the opportunity to expand on the FSCS (Financial Services Compensation
areas of expertise he is able to advise on Scheme), from 31st December 2010 the
in this issue on page 8. One of Richard’s limit on which consumers will be entitled
areas of expertise is retirement planning to bank deposit protection was raised to
so if you would like to discuss your plans €100,000 from just £50,000. Please seek
with him please do contact us. further information from your Bank or
The material provided by the Pantheon Financial Investments Ltd newsletter is for general information only and does not
constitute investment, tax, legal or other forms of ﬁnancial advice. You should not rely on this information to make (or
refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation. This
newsletter was written in December 2010; any later market events are not reﬂected. Quotations and opinions included
within this newsletter do not necessarily reﬂect the views of Pantheon Financial Investments Ltd. We have no method of
predicting future market movements nor can we realistically advise on market timing. The funds in this newsletter are not
to be construed as ‘client speciﬁc advice’ as a completed Conﬁdential Questionnaire for Private Clients” and a completed
“Risk Proﬁling Questionnaire” are needed to offer speciﬁc advice. If a “Conﬁdential Questionnaire for Private Clients” and
“Risk Proﬁling Questionnaire” have not been completed and a client invests in funds mentioned in this newsletter then the
basis of investment would be either ‘product speciﬁc advice’ or ‘execution only’ as appropriate.
Past performance is no guarantee of future performance and unit prices and income can go down as well as up.
ISA Portfolios 2011
For the 2010/2011 ISA season we have once again selected funds and created model portfolios for a range of risk
profiles and client objectives. Our ISA portfolios are designed to make the fund selection exercise less daunting
for those who are comfortable making the final decision themselves without receiving client specific independent
advice. Our portfolios are risk rated on a scale of one to ten, with one being the lowest degree of risk to your capital
and ten representing the highest degree of risk to your captial. Naturally you should remember that with all our
portfolios the price of units and the income from them (where relevant) can go down as well as up and your capital is
not guaranteed. These portfolios should only be used by those clients who feel sufficiently knowledgeable to make
their own investment decisions and deal with us on an execution only basis (where no advice is sought nor received).
Those investors requiring specific advice should contact us regarding our bespoke independent advisory service.
Our ISA portfolios can be purchased through either Cofunds or FundsNetwork either by application form and cheque
(telephone us for an application form on 01724 849481) or online at our website www.pantheonfinancialinvestments.
co.uk The minimum investment via Cofunds is £2,000 or £4,000 via FundsNetwork and for monthly savings the
minimum is £200 per month for Cofunds or £400 for FundsNetwork. Our usual high discounts apply to each purchase
thus vastly reducing initial charges and in some cases eliminating it altogether. Please see pages 9 to 13 for fund
descriptions of each selection within our portfolios.
Our extensive research has allowed us to select the funds within our ISA portfolios based on our comprehensive
research criteria with past performance, amongst many other factors, being one of the criteria used for fund selection.
However, there are obviously no guarantees that our chosen funds will continue to perform well which is why it is
imperative that portfolios are reviewed regularly - fund managers may depart, corporate structures can alter and
there may be a whole host of reasons why the fund chosen in the first instance is no longer suitable. We do select
funds where we believe it is far more likely that fund managers will remain in situ and we are delighted again to
note that our ISA selections from last year continue to feature amongst our Sector Recommendations since they
have maintained a high enough standard to pass our fund selection criteria. We continually monitor our Sector
Recommendations to ensure that our chosen funds offer the greatest potential within the risk constraints appropriate
to their sectors.
ISA Portfolios 2011
Balanced to Adventurous Growth
A balanced to adventurous portfolio will have a UK equity content combined with global equities and
additional asset classes to provide diversification and good prospects for capital growth. The key objective
is long-term capital appreciation combined with capital preservation. A balanced to adventurous investor
is willing to accept short-term volatility in order to achieve slightly higher returns.
Risk Rating 6/10
Highly Speculative International Growth
A highly speculative portfolio will have a high UK and global equities content. The portfolio may also
include investment in potentially high-risk geographical and specialist market sectors. The key objective is
long-term capital appreciation. A highly speculative investor is willing to accept very high levels of short-
term volatility in order to increase the chance of considerably higher returns.
Risk Rating 10/10
ISA Portfolios 2011
Cautious Higher Income
A cautious portfolio has a key objective over a long term period of capital preservation rather than
appreciation, whilst also attempting to minimise short term volatility that may reduce investment returns.
Risk Rating 2/10
This portfolio represents a cautious alternative to with profits bonds and is ideal for those who are gradually
reducing their with profits bond holdings each year to fund ISA purchases. With a few exceptions, we have
been actively encouraging people to move away from languishing with profits funds in view of their poor
returns, lack of transparency and changing asset allocation. Additionally, some life offices have reduced
financial strength and there have been many funds closed to new business with assets left dwindling
in funds with very little future prospects. We believe this portfolio offers greater prospects for superior
returns for those investors prepared to take the degree of risk associated with it. Obviously there are no
guarantees that this portfolio will outperform the performance of any with profits bond, since this is
an entirely different structure where the price of units can go down as well as up and your capital is
not guaranteed. However, valuations are explicit rather than implicit.
New Fund Launches
Jupiter Global Emerging Markets (GEM) Fund
Initial charge: 5.25%
Annual management charge: 1.5%
Discount: 4.75% minimum
Manager: Kathryn Langridge
Jupiter has launched a new GEM fund which will be managed by Kathryn Langridge
who joined the group last year. Kathryn needs very little introduction as previous head
of International Equity products and Global Emerging Markets at Invesco Perpetual, she
has more than 27 years of experience in the investment industry. Jupiter believe that
Emerging Markets appear structurally sound, with lower levels of GDP generally, strong
liquid banking systems and powerful demographics to drive future wealth creation.
These factors combined provide the opportunity for strong investment growth from the
region with investment in emerging companies in countries such as Brazil, Russia, China,
India, Africa, Turkey and Chile. Kathryn’s management style, where she strives to avoid
overpaying for stocks, sees her employing a bottom up stock picking process with a macro
overlay. As such the portfolio is highly likely to deviate from standard industry benchmarks
and will typically hold between sixty and seventy stocks with a maximum position of 5%
per holding. Speaking of her views regarding how the West will view Emerging Markets
in the future Langridge said ‘In the wake of the ﬁnancial crisis, emerging markets have
demonstrated sustained resilience, in marked constraints to the sluggish growth proﬁle
of the developed world. This resilience is testament to the profound structural changes
that have taken place across emerging markets. As perceived risk lessens so investment
is likely to increase and capital inﬂows will rise. However there will be greater pressure on
emerging market companies to demonstrate improved levels of corporate governance
and on emerging market Governments and central banks to exercise credible, consistent
judgement in terms of monetary police and economic management’ (source: Jupiter
M&G Income Multi Asset Fund
Initial charge: 4%
Annual management charge: 1.35%
Discount: 3.5% minimum
Manager: Stephen Andrews
This multi asset fund will be managed by Steven Andrews, who is also deputy fund manager of M&G
Cautious Multi Asset fund and M&G Managed fund. Andrews will invest across the range of asset classes
as and when he sees ﬁt, according to market conditions with a global remit. The fund will aim to achieve
a 4% yield which Andrews also hopes to increase over time, of his strategy he said ‘I believe the only way
you can consistently and successfully deliver a growing income for investors while aiming to preserve their
capital is through a multi asset framework’ (source: M&G October 2010).
Fund & Managerial Changes
GAM Global Diversiﬁed is to be open to new investors for the ﬁrst time in
over four years. Managed by Andrew Green this fund was recently closed to
new business in an effort to stem inﬂows and protect performance as well as
managing fund liquidity. The fund is presently £508 million in size (source: GAM
November 2010) and GAM are offering investors the opportunity to invest a
further £50 million. Green is presently optimistic regarding the prospects for
Japan saying ‘Valuations in the Japanese market have now reached record GAM Global Diversiﬁed
lows, most strikingly in bank stocks and we are optimistic that the market
will begin to beneﬁt from the initial moves by the authorities to curb the
relentless yen rise.’ Of his recent increased exposure to cash he explained
‘Our fear is that corporate earnings prospects will weaken as we approach
2011 due to continued consumer deleveraging and pressure on Governments
around the world to neutralise highly accommodative ﬁscal policy.’
Gartmore have suffered several high proﬁle departures – Roger Guy, who was the head
of the ﬁrms European large cap team, is to leave the group and this follows the recent
Gartmore announcement that Dominic Rossie, Chief Investment Ofﬁcer, will also be leaving. Gartmore
hit the headlines in 2010 when controversy resulted in the departure of one of their star
managers Guillaume Rambourg who is still allegedly subject to an FSA investigation.
Jupiter have announced that Guy de Blonay, who is presently co manager of Jupiter Financial
Opportunities, is to become lead manager of this ﬂagship fund from 1st January 2011. Whilst we have
a high regard for Guy’s stock picking skills this news does come as something of a blow since it means
that legendary stock picker Philip Gibbs will no longer be co managing alongside de Blonay. Guy
de Blonay joined Jupiter at the beginning of 2010 as co manager of Jupiter Financial Opportunities
alongside Gibbs due to his previous track record managing New Star Global Financials during its
heyday. Of the re structure Gibbs said ‘It has been an honour to have had such strong support from
investors in the Jupiter Financial Opportunities fund for the past thirteen years but with the Jupiter
Absolute Return Fund and Jupiter International Financials fund having attracted such signiﬁcant
assets since their launch and my continued responsibilities with the management of Jupiter Second Jupiter
Split, it is prudent to shortly hand the day to day management of the Jupiter Financial Opportunities
fund to Guy. He has built a tremendous track record as a ﬁnancials fund manager and has settled
back into Jupiter extremely well and I am conﬁdent that his considerable investment skills will
continue to add signiﬁcant value for investors over the medium to long term.’ Whilst Jupiter have
re assured investors that Gibbs will continue to retain oversight of all their ﬁnancials’ portfolios we
have placed this fund under review whilst we monitor any alterations de Blonay may make to the
portfolio and the impact it will have on volatility and performance. Jupiter International Financials
fund remains ﬁrmly placed amongst our Sector Recommendations under Gibbs’ management.
Martin Currie have merged their UK Growth fund into their Global fund in response
to their belief that UK investors have a reduced appetite for exposure to UK equities
whilst the trend for exposure to Global equities has continued. Furthermore
Martin Currie they explained that FTSE 100 Index companies do not always reﬂect UK centric
investment since, for example, ten companies within the Index have no UK based
operation and are considered to be UK stocks only by virtue of their listing in the UK.
Premier have removed veteran fund manager Bill Mott as the manager of their ﬂagship
equity income funds, Income, Alpha Income and Monthly Income which were previously part
of the Credit Suisse stable of funds. In a move to bring management of their funds in house
they have hired ex Threadneedle manager Chris White to manage the funds. Whilst White
has previously managed equity funds for Threadneedle and Legg Mason he does not have Premier
anywhere near the length of experience that Mott has. We believe that this move is another
twist in the debacle that has surrounded the management of the ex Credit Suisse funds and
would feel far happier invested with alternative funds where managerial stability has been far
superior. Please see page 10 for our alternative equity income sector recommendations.
Pantheon Financial Management Ltd
Strategic Financial Planning Service
Our clients will be familiar with our services and whilst those services remain popular we have noted an increasing desire (and
need) from our clients to seek strategic ﬁnancial planning advice on their wider affairs in addition to their investment portfolios.
One of the main problems associated with providing independent ﬁnancial planning (as opposed to pure investment planning),
has been the unenviable reputation that the IFA sector has earned because of commission-hungry salesmen, offering little in the
way of an ongoing and regular professional service to their clients. Ongoing strategic advice and a regular review service should
be the mainstay of the ﬁnancial planning process, something that has not gone unnoticed by our regulator, the Financial Services
Our colleagues at Pantheon Financial Management Limited (PFML) have built a ﬁrst class reputation for providing ongoing
advice and services to their clients as independent ﬁnancial planners and wealth management specialists. We introduced one of
PFML’s Leeds based Directors, Richard Grant, in our Quarter 4 2010 Newsletter and would like to remind you that he is available
to provide independent ﬁnancial advice and investment solutions, thereby extending the range of services available to Pantheon
Financial Investments Ltd (PFIL) clients.
Richard and his team provide best advice to meet the ﬁnancial requirements of individuals and corporate bodies (both directors
and their staff), trustees of family trusts and pension schemes (and their membership).
The PFML services that should be of particular interest to individuals (and trustees, where relevant) include:
Retirement planning both in terms of saving for retirement and advice on the most appropriate way of
securing pension beneﬁts at retirement
Investment planning (including offshore structures, where appropriate)
Inheritance Tax and Capital Gains Tax planning
Personal protection of wealth through, for example, life assurance and other relevant structures and
Specialist services, such as long term care.
Specialist investments where appropriate
As stated, PFML’s focus is very much on providing personal advice and service tailored to a client’s needs rather than acting
merely as transaction-based brokers. The key to the advisory services is for the adviser to have a clear understanding of the client,
their aims, aspirations and objectives as well as a thorough understanding of their current ﬁnancial position.
The advisory process covers six stages:
Stage 1: identify the client’s needs and objectives.
Stage 2: gather personal and current ﬁnancial information
Stage 3: prepare an analysis (in writing)
Stage 4: develop a plan of action and recommendations (in writing)
Stage 5: implement the client’s agreed personal plan
Stage 6: monitor progress through regular reviews and provide ongoing advice as circumstances
One of the keys to the advisory process, and a clear distinction from the traditional way of providing ﬁnancial advice, is Stage
6 – the need to monitor progress and provide ongoing advice. The PFML service meets this need and is most deﬁnitely not
just about the sale of ﬁnancial products but also about developing a long term relationship to make sure that a client’s ﬁnancial
landscape continues to work the way they want it to and to be fully engaged in the advisory and investment management
Tax efﬁciency is an important aspect of the ﬁnancial planning process. Having previously qualiﬁed as a tax and trusts solicitor,
Richard is well placed to take such matters into account. Richard and his team work closely with client’s existing professional
advisers, where relevant, so as to ensure that the client derives the maximum beneﬁt from the expertise available.
PFML is remunerated either by way of fees where consultancy advice is required and/or commissions. All remuneration is agreed
If you would like to learn more about the services provided by PFML then please contact Richard Grant (richard.grant@
pantheonﬁnancial.co.uk / 0113 2006200) or speak to your usual contact if you would like to discuss a referral to any of the PFML
services in greater detail.
Please note this is a snapshot of sectors/funds available and does not reflect our full list of recommendations due to space restrictions.
Please contact us for specific queries on any funds not listed below. Investments in the funds can be achieved via a number of
different ‘wrappers’, including:
ISAs SIPPs OEICs UTs
Past performance is no guarantee of future performance and unit prices and income can go down as well as up
Initial ISA OEIC / UT M&G Recovery
Fund AMC % This fund primarily invests in a diversified range of companies that are out
Charge % Discount % Discount %
of favour, in difficulty or whose future prospects are not fully recognised by
Artemis UK Growth 5 1.5 4.5 4.5 the market. The sole aim of the fund is capital growth. The fund, launched
Artemis UK Special in May 1969, is managed by Tom Dobell. The investment philosophy is
5.25 1.5 4.75 4.75
Situations contrarian, they seek out companies that are unloved and undervalued by
the market but which they believe have excellent recovery potential. M&G
AXA Framlington UK
5.25 1.5 4.75 4.75 commented that the seesawing between caution and optimism that has
come to typify stockmarkets this year was stronger than ever in November
* CF Walker Crips UK Growth 5 1.5 4.75 4.75 (source: M&G, November 2010).
3.5 1.5 3 3
Situations M&G UK Growth
M&G UK Growth invests in a wide range of UK equities. The performance
Investec UK Special
4.5 1.5 4.25 4.25 objective is to consistently outperform the IMA UK All Companies sector
average on a discrete calendar year basis. The portfolio consists of between
M&G Recovery (A) 4 1.5 3.5 3.5 60 and 80 stocks and is split approximately equally between ‘core’ and
M&G UK Growth (A) 4 1.5 3.5 3.5 ‘satellite’ stocks. The fund typically has at least 50% invested in large caps
and up to 20% invested in smaller companies. M&G UK Growth, launched in
Neptune UK Equity 5 1.6 5 5 December 1968, has been managed by Garfield Kiff since December 2007.
Old Mutual UK Select Mid M&G commented that November proved a volatile month in the equity
4 1.5 3.6 3.6 markets (source: M&G, November 2010).
Artemis UK Growth – remains under review in view of long term under
performance. However, Tim Steer has now taken over management of the fund
and his performance to date has been most impressive.
Neptune UK Equity - has been placed under review due to managerial changes.
UK EQUITY & BOND
ISA OEIC / UT Jupiter High Income
Charge % Discount % Discount % Jupiter High Income aims to achieve a rising income with prospects for long
term capital growth. The fund’s investment policy is to achieve its objective
4.5 1.5 4.25 4.25 by investing principally in equities and high yielding convertible securities,
with some exposure to fixed interest securities, primarily in the UK. Anthony
Investec Managed Nutt has successfully managed this fund since its launch in January 1996.
4.5 1.25 4.25 4.25
Distribution As a director of Jupiter Unit Trust Managers Ltd and Jupiter Asset Manage-
Jupiter High Income 5.25 1.5 4.75 4.75 ment, Anthony has a vested interest in the company and its funds. Jupiter
commented that since the main component of long-term equity returns
Jupiter Merlin Income comes via dividends and their growth, they believe holding fairly valued,
5.25 1.5 4.75 4.75
Portfolio internationally diversified businesses paying good-quality dividends is ap-
propriate in a sluggish environment (source: Jupiter, Quarter 4 2010).
BEST OF SECTOR UNDER REVIEW / REMOVED
* ’These funds may not be available within the fund supermarkets
AMC = Annual Management Charge
(A) refers to the type of share class of the fund
For each newsletter we review our selections, adding and removing funds as we see ﬁt depending on various factors including
performance and managerial changes. You should also refer to the risk warnings on page 16 before proceeding with any investments.
If you require advice (no fees are charged for this service, unless preferred) you will still receive attractive discounts, please contact us for details
of our terms. If you would like to invest in a fund not listed above, please call us and we will advise what discount we can offer. It is likely to be a
full rebate if you do not require advice. All discounts are the same via Cofunds and FundsNetwork, unless otherwise stated. Cofunds minimum
investment is £500 per fund, FundsNetwork is £1,000. Please note that the above discounts may not apply to switches or ISA conversions.
Please contact us for clariﬁcation if you are uncertain about your transaction.
UK EQUITY INCOME
Initial ISA OEIC / UT Artemis Income
Fund AMC % Artemis Income aims to produce a rising income combined with the potential
Charge % Discount % Discount %
for capital growth from a portfolio primarily made up of investments in the UK
Artemis Income 5.25 1.5 4.75 4.75 including ordinary shares, preference shares, convertibles and fixed interest
* CF Walker Crips UK securities. Adrian Frost has managed Artemis Income since 1st January 2002.
5 1.5 4.75 4.75 Artemis commented that the fund weighting outside of the UK rose as a result
of a number of stock specific decisions (source: Artemis, Quarter 4 2010).
Invesco Perpetual High
5 1.5 5 5
Invesco Perpetual High Income
Invesco Perpetual This multi-cap fund aims to achieve a higher level of income with the potential
5 1.5 5 5
Income for capital growth by investing primarily in companies listed in the UK. Neil
Jupiter Income 5 1.5 4.5 4.5 Woodford, a veteran of the industry, also manages Invesco Perpetual Income.
Neil commented that they believe that current market conditions offer the
Neptune Income 5 1.6 5 5
opportunity to invest in quality growth companies that are profoundly
Newton Higher Income 4 1.5 4 4 undervalued (source: Invesco Perpetual, December 2010).
Rathbone Income 5.5 1.5 4.75 4.75
Schroder Income Neptune Income
5.25 1.5 5 3 Neptune Income aims to produce a higher level of income, increasing at
least in line with inflation, from a managed portfolio chiefly invested in UK
Standard Life UK Equity equities and fixed interest stocks, although with some overseas exposure.
4 1.5 4 4
High Income Robin Geffen, Managing Director and Chief Investment Officer of Neptune,
Threadneedle UK Equity has managed this fund since its launch in December 2002. Robin commented
3.75 1.5 3.25 3.25 that their outlook is for a steady global recovery helped by strong growth
in emerging markets, hence they are overweight in international growth
Threadneedle UK Equity companies (source: Neptune, November 2010).
3.75 1.5 3.25 3.25
Rathbone Income - has been placed under review in response to performance Threadneedle UK Equity Income
concerns, although there has been some improvement of late. Threadneedle UK Equity Income aims to achieve an above average rate of
income combined with prospects for capital growth. The fund invests primarily
Schroder Income Maximiser - has been placed under review due to managerial in UK equities and may, however, invest in other securities, such as convertibles
changes. and gilts. This fund, launched in September 1985, has been managed by Leigh
Harrison since February 2006. He commented that looking ahead they are
confident that the market can make good progress in the coming months,
although sentiment remains fragile and there will be volatility along the way
(source, Threadneedle November 2010).
Initial ISA OEIC / UT Jupiter Merlin Worldwide Portfolio
Fund AMC % Jupiter Merlin Worldwide Portfolio aims to achieve long term capital growth
Charge % Discount % Discount %
by investing in unit trusts, OEICs, and other regulated collective schemes
Artemis Global Growth 5.25 1.5 5 5
across several management groups. The underlying funds are invested in
Investec Global Free international equities and fixed interest stocks across a wide geographical area.
4.5 1.5 4.25 4.25
Enterprises This fund is managed by Peter Lawery, John Chatfeild-Roberts and Algy Smith-
Maxwell. This three man team joined Jupiter in March 2001 from Lazard Asset
5.25 1.5 4.75 4.75 Management where they had successfully managed similar portfolios. They
commented that with the exception of using recent cash flows to add to their
M&G Global Basics (A) 4 1.5 3.5 3.5 favoured managers and strategies, they have made no significant changes to
M&G Global Leaders (A) 4 1.5 3.5 3.5 the portfolios over the past month (source: Jupiter, November 2010).
Neptune Global Equity 5 1.75 5 5
M&G Global Basics
Investec Global Free Enterprises - has been placed under review in response M&G Global Basics aims to achieve long term capital growth through investing
to performance concerns. wholly or mainly in companies around the world operating in basic industries
(‘primary’ and ‘secondary’ industries) and also in companies that service these
Artemis Global Growth - has been placed under review in view of short term industries. Launched in February 1973, this fund has been managed by Graham
performance concerns although volatility appears stable. French since July 1995. M&G commented that during a month in which investor
confidence ebbed and flowed, the biggest contributors to performance were
those companies that reported upbeat stock-specific news. (source: M&G,
UK SMALLER COMPANIES
Initial ISA OEIC / UT Artemis UK Smaller Companies has been placed under review due to a short
Fund AMC %
Charge % Discount % Discount % term spike in volatility along with performance concerns
Artemis UK Smaller
5 1.5 4.5 4.5
5 1.5 4 4
OVERSEAS EQUITY INCOME
ISA OEIC / UT Newton Global Higher Income
Charge % Discount % Discount % Newton Global Higher Income aims to achieve increasing annual
distributions together with long term capital growth from investing
Newton Global Higher
4 1.5 4 4 predominantly in global equities. The fund has a disciplined investment
process with strict buy and sell criteria and has been managed by
Ignis Argonaut James Harries since its launch in November 2005. James commented
5.25 1.5 4.5 4.5
European Income they continue to combine a core of stocks whose fortunes should be
relatively independent of the economic cycle, with exposure to a balance
of securities appropriate for a wide range of potential outcomes (source:
Newton, Quarter 4 2010).
EUROPE/EUROPEAN EMERGING MARKETS
Initial ISA OEIC / UT Neptune European Opportunities
Fund AMC % Neptune European Opportunities aims to generate capital growth by
Charge % Discount % Discount %
investing predominantly in a concentrated portfolio of securities selected
Henderson European from European markets, excluding the UK. This fund, launched in November
5.25 1.5 4.75 4.75
Growth 2002, has been managed by Rob Burnett since May 2005. Rob commented
Jupiter Emerging that they continue to focus on telecommunications and consumer staples,
European 5.5 1.5 5 5 whilst retaining a defensive cash position (source: Neptune, November
5.25 1.5 4.5 4.5
5 1.75 5 5
5.25 1.5 5 3
HIGH YIELD, FIXED INCOME GBP & CORPORATE SECTORS
Initial ISA OEIC / UT Artemis Strategic Bond
Fund AMC % Artemis Strategic Bond aims to achieve a total return by investing
Charge % Discount % Discount %
predominantly in fixed income markets but may selectively invest in
Artemis Strategic Bond 5.25 1.25 4.75 4.75
other markets and asset classes as determined by the manager’s strategy
Fidelity Moneybuilder from time to time. It will invest in all types of bonds from government to
0 0.8 0 0
Income corporate bonds from investment grade AAA rated bonds to C rated bonds.
This fund, launched in June 2005, is managed by James Foster and Alex
5 1 5 5 Ralph. They commented that investors appear to be happier to support
good companies, rather than uncertain governments (source: Artemis,
Invesco Perpetual November 2010).
5 1.25 5 5
Monthly Income Plus
M&G Strategic Invesco Perpetual Corporate Bond
3 1 2 2
Corporate Bond Invesco Perpetual Corporate Bond aims to achieve a high level of overall
return, with reasonable security of capital by investing primarily in fixed
interest securities. Paul Causer and Paul Read jointly manage this fund. They
commented that in terms of strategy, they continue to prefer corporate
over government bonds (source: Invesco Perpetual, December 2010).
M&G Strategic Corporate Bond
M&G Strategic Corporate Bond is invested primarily in sterling denomi-
nated investment grade debt but the fund manager enjoys considerable
freedom to invest in other debt instruments. Up to 20% of the portfolio may
be invested in higher yielding corporate bonds, government debt, convert-
ibles and preference stocks, as well as money market instruments and for-
eign bonds. Richard Woolnough manages the fund. M&G commented that
providing additional funding to technically insolvent countries may not
solve the debt crisis (source: M&G November 2010).
COMMODITY & NATURAL RESOURCES / GOLD & PRECIOUS METALS
ISA OEIC / UT JPM Natural Resources
Charge % Discount % Discount % JPM Natural Resources aims to provide capital growth over the long term
by investing primarily in the shares of companies throughout the world
Black Rock Merrill Lynch
5 1.75 4 3 engaged in the production and marketing of commodities. Ian Henderson
Gold & General
has managed this fund since October 2000. JPM commented that despite
JPM Natural the positive rise in the oil price over the year, they continue to find the
4.25 1.5 3.75 2.75
Resources sector lacks strong fundamentals support, and they continue to focus on
exploration companies as offering better value creation opportunities
Black Rock Merrill Lynch Gold & General – we have placed this fund under (source: JPM, November 2010).
review since Graham Birch, the lead manager, has now left. Evy Hambro has
taken over and we shall continue to monitor performance under his process.
ISA OEIC / UT M&G American
Charge % Discount % Discount % M&G American aims to achieve long term capital growth through investment
in North American securities. It may also invest in Canada, and in companies
M&G American (A) 4 1.5 3.5 3.5
which are listed, registered or trading within North America. This fund has
Neptune US Opportunities 5 1.75 5 5 been managed by Aled Smith since December 2004 who also manages
their Global Leaders fund. M&G commented that Aled took the opportunity
to top up a number of stocks following weak performances (source: M&G,
FUND OF FUNDS / MANAGED
Initial ISA OEIC / UT Artemis Strategic Assets
Fund AMC % The aim of the Artemis Strategic Assets fund is to achieve long–term growth
Charge % Discount % Discount %
through investment in a portfolio of UK and international assets. The fund
Artemis Strategic Assets 5.25 1.5 4.75 4.75
will take a broadly ‘multi-asset’ approach with the intention to perform well
Henderson Multi-Manager when markets are favourable, and preserve capital when markets are poor.
5 1.5 4.75 4.75
Active William Littlewood has managed this fund since its launch in May 2009.
Jupiter Merlin Growth William commented that he expects markets will begin to price in some
5.25 1.5 4.75 4.75 form of European quantitative easing. This would be helpful to equities in
the short run (source: Artemis, November 2010).
Neptune Balanced 5 1.6 5 5
Jupiter Merlin Growth Portfolio
Jupiter Merlin Growth Portfolio is a ‘fund of funds’, which invests in a wide
range of other Unit Trusts and OEICs from various investment groups in an
aim to achieve long term capital growth with a core investment in the UK
but also a significant degree of global diversification. This fund is managed
by Peter Lawery, John Chatfeild Roberts and Algy Smith Maxwell. They
commented that with the exception of using recent cash flows to add to
their favoured managers and strategies, they have made no significant
changes to the portfolios over the past month (source: Jupiter, November
Neptune Balanced aims to generate a positive total return from investment
predominantly in equities and bonds, with a view to attaining top quartile
performance amongst the relevant peer group. Although this fund would
be regarded as one of the old style balanced managed funds it may be
aggressively positioned towards speculative areas such as global emerging
markets and Japan. Robin Geffen has managed Neptune Balanced since
its launch in December 1998. As Managing Director and Chief Investment
Officer of Neptune, Robin Geffen’s interests are closely aligned with those
of his unit holders. Robin commented that the Fund is currently focusing on
high quality stocks in the developed world and the unrivalled investment
potential of the emerging markets (source: Neptune, November 2010).
Initial ISA OEIC / UT Jupiter International Financials
Fund AMC % Jupiter International Financial is a relatively new launch from veteran of
Charge % Discount % Discount %
the Financials sector – Philip Gibbs. This fund aims to achieve long term
5.25 1.5 4.75 4.75 capital growth via a range of investments in financial and financial related
companies globally. Jupiter commented that their focus remains on
Jupiter International attractively priced growth in emerging markets while being selective about
5.25 1.25 4.75 4.75
Financials their exposure to Western economies (source: Jupiter, Quarter 4 2010).
Jupiter Financial Opportunities - we have placed this fund under review due
to managerial changes.
EQUITY ASIA PACIFIC (INCLUDING JAPAN)
Initial ISA OEIC / UT Aberdeen Asia Pacific and Japan
Fund AMC % Aberdeen Asia Pacific and Japan aims to provide consistent above average
Charge % Discount % Discount %
capital growth over the medium to long term from investment in a balanced
Aberdeen Asia Pacific
4.25 1.75 4 4 portfolio of quality investments in Asia and the Pacific Basin, including
Japan. The Asian Equities Team manages this fund, headed by Hugh Young
who is based in Singapore. Aberdeen’s team commented that most Asian
stockmarkets continued to rise in October, buoyed by upbeat corporate
results and the prospect of the next round of quantitative easing in the US
(source: Aberdeen, November 2010).
EQUITY ASIA PACIFIC (EXCLUDING JAPAN)
ISA OEIC / UT First State Asia Pacific Leaders
Charge % Discount % Discount % First State Asia Pacific Leaders aims to achieve long-term capital growth.
The Fund invests in large and mid capitalisation equities in the Asia Pacific
Aberdeen Asia Pacific 4.25 1.75 4 4
region (excluding Japan, including Australasia). The fund is managed by
First State Asia Pacific Angus Tulloch and Alastair Thompson. They commented that the portfolio
4.0 1.5 3 3
Leaders is conservatively positioned and maintains a large position in a gold mining
company as a hedge against further currency debasement (source: First
State, Quarter 4 2010).
EQUITY GLOBAL EMERGING MARKETS
ISA OEIC / UT Aberdeen Emerging Markets
Charge % Discount % Discount % Aberdeen Emerging Markets aims to provide long term capital growth
Aberdeen Emerging from direct or indirect investment in emerging stock markets worldwide
4.25 1.5 4 4 or companies with significant activities in emerging markets. This fund,
launched in January 1995, is managed by the Global Emerging Markets
Team which is headed by Devan Kaloo with input from Hugh Young.
Aberdeen commented that developing economies continued to grow
in the third quarter, although the pace of expansion moderated (source:
Aberdeen, December 2010).
Initial ISA OEIC / UT
Fund AMC %
Charge % Discount % Discount %
Allianz BRIC Stars 4 1.75 4 4
Initial ISA OEIC / UT
Fund AMC %
Charge % Discount % Discount %
M&G Property Portfolio 5 1.5 4 4
5 1.5 4 4
Initial ISA OEIC / UT
Fund AMC %
Charge % Discount % Discount %
5 1.75 4.5 4.5
1. You agree that the information we hold about you can be held on computer and/or paper files, and may be used by us, or any other company within the Pantheon Financial
Ltd group, to provide you with independent financial advice.
2. You agree that the information which you give us may be disclosed to third parties (e.g. credit referencing agencies and product providers) for the purpose of processing your
application or to another firm upon the sale of all or part of our business.
3. You consent to us sharing your information with third parties with whom we have a formal business relationship to whom we may, from time to time, subcontract specific
administration projects. If necessary, for the aforementioned purposes, we may transfer your information to countries which do not provide the same level of data protection as
the UK. If we do make such a transfer, we will put a contract in place to ensure your information is protected.
4. You agree that we, or any other company within the Pantheon Financial Ltd group, may use the information that we hold about you to contact you from time to time by post,
fax, e-mail or telephone to bring to your attention additional products or services which may be of benefit to you. If you choose not to receive any marketing material, please
write to the marketing manager at Springfield House, 76 Wellington Street, Leeds LS1 2AY.
5. We agree that any consent given by you under point 4 above may be withdrawn by you at any time by contacting us in writing.
Re-registration and Fund Supermarkets
We have always advocated building a diverse portfolio as a prudent way to spread risk. However, when it comes to dealing
with all the paperwork this involves it is a strategy that can soon lead to a proliferation of letters, brochures and statements
sporadically throughout the year. As your investment portfolio is spread more widely, to diversify risk, so the mountain
of paperwork increases and keeping up with tracking your portfolio takes up a vast amount of time. Therefore, although
diversiﬁcation is a key element of a well balanced portfolio, holding numerous investments does complicate administration
which can become confusing - a simpliﬁed administration process would no doubt be a welcome change. Re-registering
your fund with us, in conjunction with our chosen fund supermarkets, allows you to centralise the administration, providing
a single valuation through which to track and monitor your holdings.
Re-registering your investments into a single account offers you the following advantages:
Centralised administration of your portfolio in one place providing a single valuation of your
No need to sell and buy back in the majority of cases, so you are never out of the market while
* re-registration takes place
Switches between funds are effected at only 0.25% initial charge and all internal switch transactions
* are completed within 48 hours (any exceptions will be detailed in the key features document)
Internet functionality for those requiring it including valuations, geographical allocation and asset
* allocation tools
If you re-register your holdings your funds will continue to be managed in exactly the same way, by the same fund manager
– it is simply the administration of the fund that changes. The management of your portfolio will become much easier and
the paperwork will be signiﬁcantly reduced.
Should you wish to re-register your investments please complete the Stage One Re-registration form on page 15 and we
shall then pre populate the relevant applications forms for you and return them to you along with the relevant Key Features
document and Simpliﬁed Prospectus.
Discretionary Portfolio Management (DPM) Services
Investors often reach a stage where they no longer wish to be involved in the management of their investment portfolios,
either because of the ever increasing administrative burden or perhaps due to frail health or simply a general desire to
hand the task over to a professional. In these circumstances we are able to offer a more bespoke service in conjunction
with our chosen discretionary fund management services. In this way you are able to remove the stress of managing your
own money whilst maintaining the relationship we have already established safe in the knowledge that your fund manager
is managing your portfolio for you whilst we are monitoring the DPM service to ensure that it continues to maintain the
highest standards available in the market.
These services offer a more cohesive and active approach to the investment of your portfolio since you have your own
individual fund manager who is responsible for your portfolio, tailored to your own speciﬁc needs and risk proﬁle. The aim
of your manager is to capture gains on the upside whilst insulating the portfolio from downside risk by investing in the most
appropriate asset class depending on market conditions. The portfolio is actively managed, your fund manager allocates
to sectors and asset classes as and when he sees ﬁt allowing for far quicker reactions to market movements – if the fund
manager believes that markets are going to be in a mostly downward trajectory it can be moved to pure cash within a
matter of transactions. In addition to the ability to move to cash discretionary managers can employ the use of notes and
derivatives to protect from market downsides in a far greater capacity than is available to a portfolio of collective funds
held individually. Although your capital and the returns on it cannot be guaranteed, at the beginning of any given year the
nature of some of the underlying instruments used does mean that the managers are able to anticipate average returns,
within a certain range, based on certain market and asset assumptions. Your annual CGT allowance can be automatically
utilised as well as annual ISA allowances.
Historically these services had very high minimum entry levels but in view of our position within the market we have
been able to negotiate far lower entry levels for our clients. We have thoroughly researched this area and would not be
recommending the use of our chosen DPMs if we did not believe that the additional beneﬁts can outweigh the additional
costs. Whilst reviewing this space we have chosen DPMs who share our ethos for providing a bespoke, personal service
which can be closely monitored by us to ensure that your portfolio continues to meet with your needs and objectives. We
have selected companies where you can enjoy the support of institutional quality investment administration with twice
yearly valuations and reports.
If you are interested in exploring this option further please do not hesitate to contact us.
Stage 1 Re-registration Form
Please circle which supermarket you would like to re-register with:
FundsNetwork / Cofunds
Move all your fund investments to ONE account! This will reduce the amount of paperwork you currently receive,
provide you with ONE valuation statement, reduce costs and give you the information necessary to CONTROL your
portfolio. Please list below all your ISA/PEP and/or Unit Trust/OEIC investment that have not already been re-registered
and return to Pantheon Financial Investments (Apps), FREEPOST, Woodfield House, Doncaster Road, Scunthorpe,
North Lincolnshire DN15 7BR. We can then print the necessary transfer forms and send to you for your review and
Personal Details – Please complete this section in full in block capital letters
Full Name Title
Current Address Time at current address*
Email Address Male/Female
National Insurance Number Date of Birth
Daytime Telephone Number Existing Cofunds/FundsNetwork No:
*If at current address less than two years, please supply previous address and time there. If more than one previous address in the last
two years, please provide full details including the time at each address on a separate sheet and staple securely to this form.
ISA (including Nee PEP & Nee Mini) Investments – please complete in block capitals
Account ISA Unit Type Tick if Tick if
Fund Manager Fund Name No / Plan (Nee PEP & ACC or current saving
reference Nee Mini) INC tax year monthly
Eg. Fidelity International Ltd Eg. Fidelity Special Sits 12345 ISA INC
Unit Trusts/OEICs outside an ISA/PEP Wrapper – Please complete in block capitals
Account Unit Type
Account NO / No of
Fund Manager Fund Name designation if ACC or
Plan Reference Units
Eg. Fidelity International Ltd Fidelity Special Sits 56789 ALL ACC
Please photocopy this form if you require additional space
Investing with Pantheon Financial Investments Ltd
• Past performance is no guarantee of future performance and unit prices and income can go down as well as up.
• If you have any doubt about the suitability of any of these investments you should contact us.
• Pantheon Financial Investments Ltd will make every effort to ensure that investment money is forwarded to the investment institution within
48 hours of receipt. It may be the case that due to unforeseen circumstances delays occur which are out of our control. Pantheon Financial
Investments Ltd does not accept any responsibility in these circumstances.
• Taxation reliefs, levels and bases can change in the future and the contents of this newsletter refer to our understanding of
current taxation legislation.
• For execution only transactions you may not have any rights to cancellation or withdrawal once the investment is made and you will not be
afforded the protection of the Financial Services and Markets Act 2000 in relation to the suitability of the transaction.
• Initial and annual charges may be deducted from units bought.
• Withdrawing income from any investment may erode the capital and you may not get back the full amount invested.
• These investments are for the medium to long term and should not be considered if you require the invested monies within 5 years as a
• Every attempt is made to ensure the accuracy of the information within the newsletter however no responsibility is accepted for
inaccuracy. Discounts correct at time of printing.
• All transactions received will be conducted on an execution only basis unless otherwise stated.
We offer execution only, product specific and initial commission on the understanding that information from the Electoral Roll. The
advisory arrangements, plus discounts on Pantheon Financial Investments Ltd remain agencies may record the details of the search
most UTs (Unit Trusts), OEICs (Open Ended agents of the investments. Clients who use with an electronic footprint showing it was
Investment Companies), ISAs (Individual this service include: done for anti money laundering purposes.
Savings Account), Bonds, VCTs (Venture Companies may share these searches in
Capital Trusts), SIPPs (Self Invested Personal • knowledgeable clients (those who order to prevent fraud. We may ask you to
Pensions) & new-issue ITs (Investment Trusts). have already chosen the products they supply at least one original document of
We can only deal in Offshore investments wish to purchase, and at most require confirmation of your identity, address or both
that are authorised and regulated by the general guidance) which we will use along with any electronic
Financial Services Authority (FSA). • long-established execution only checks we may perform. Any documents
clients (those who never require specific provided to us will be recorded and copied
Please ask us for key features, simplified advice, only general advice) for audit purposes as part of our Anti Money
prospectus, brochures & application forms. • new clients who want to take advantage Laundering requirements.
of the full initial commission rebates on
Advisory Services execution only ISA transfers. All cheques for the purpose of
This includes an investment appraisal and investment must be made payable to the
advisory service, allowing you to achieve up Application Process applicable investment group and not
to a 75% reduction on initial charges. This UT/OEIC investments, except FSA authorised Pantheon Financial Investments Ltd. Where
can be done on a fee or commission basis. and regulated Offshore Trusts, can be placed investors are wishing to invest via Cofunds
Our advisory service is available, and used by, by calling Pantheon Financial Investments, or FundsNetwork, you should request the
a variety of clients including: with written confirmation or fax for new relevant Cofunds/FundsNetwork brochure
clients ordering for the first time. ITs, and application form and not the direct group
• relative beginners (those who have ISAs, ISA transfers, Bonds, VCTs, SIPPs
rarely invested in risk products & intend brochures. Please send all application
& FSA authorised Offshore Trusts need forms and cheques to Pantheon Financial
to make their investments through application forms & cheques payable to the
Pantheon Financial Investments Ltd) Investments Ltd. Please do not send them
relevant groups. These are to be returned to directly to the groups.
• long-established advisory clients (who Pantheon Financial Investments at least two
we know well, speak to regularly and days before close of launch, if applicable. If Pantheon Financial Investments Ltd (Apps),
who currently invest through Pantheon you apply direct to the groups, our company FREEPOST, Woodfield House, Doncaster
Financial Investments Ltd) information must endorse the application Road, Scunthorpe, North Lincolnshire
• long-established execution only clients forms. Failure to do so may result in no discount DN15 7BR.
(who have decided they now need being applied. Please send copies for our
advice) records so we can confirm knowledge of the Call 01724 849481
• new clients who need advice & intend to investment.
invest through us Fax 01724 849482
Discounts Email investments@pantheonfinancial.
To receive advice please request a co.uk
Confidential Questionnaire for Private Discounts on UT/OEICs, UT/OEIC ISAs,
Clients, a Risk Profiling Questionnaire SIPPs, UT/OEIC ISA transfers and FSA
authorised and regulated Offshore Trusts, are Pantheon Financial Investments Ltd is
and/or an Investment Appraisal form. On authorised and regulated by the Financial
receipt of your completed forms we will send usually extra units.
Services Authority. A member of the
a letter detailing our recommendations, Competitive Discounts Pantheon Financial Ltd group of companies.
which are tailored to suit your personal If you have been mailed with more preferable Pantheon Financial Ltd has no connection
circumstances, and the amount of discount discounts than quoted, we will happily try with Pantheon Ventures Ltd or its affiliated
applicable. Once we have provided advice to match them; please provide details of the companies or with any funds managed or
we trust that investments resulting from our offer on returning the application form. We advised by Pantheon Ventures Ltd or its
recommendations will be conducted through cannot match discounts retrospectively. affiliated companies, including Pantheon
Pantheon Financial Investments. Participations PLC.
Anti Money Laundering Regulations
Execution Only Services We are required by law to check your identity.
This service allows you to take advantage of In order to verify the information you provide
full initial commission rebates of up to 100% we may make searches with a credit reference
reduction on initial charges on most UTs, or Fraud Prevention Agency; this will include
OEICs, ISAs and ISA transfers. We take no