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Page 1: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

A guide to Multi-Manager investing

December 2019

Marketing material for professional investors or advisers only

Page 2: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

What is multi-manager investing?

Multi-manager funds invest in a selection of individual funds to form a complete portfolio in one package. They’re designed to take the worry out of deciding how and where to invest as the manager picks a range of funds in different regions and asset types to suit that particular climate.

Multi manager funds access a wide range of investments, including

equities, bonds and property

Diversifying your investments

�Diversification�is�based�on�the�idea�that�‘you�shouldn’t�put�all�your�eggs�in�one�basket’.�Different�types�of�investments�will�move�differently�at�different�times�of�an�economic�cycle�and�some�will�be�riskier�than�others.�The�idea�is�that�diversifying�your�investment�portfolio�can�help�spread�some�of�the�risk�across�a�number�

of�‘baskets’�–�so�when�one�investment�falls,�the�other�investments�should�stay�intact.�Diversification�cannot�guarantee�investment�returns�or�remove�the�possibility�of�loss,�but�it�is�a�widely-used�tool�that�could�be�used�to�help�manage�risk.

What is the ‘Diversity’ range?

The�Diversity�range�at�Schroders�has�been�created�to�fit�with�a�range�of�investment�goals�and�risk�profiles.�As�the�name�implies,�the�range�invests�in�a�number�of�hand-picked�funds�selected�from�across�the�entire�

market.�Each�fund�has�a�different�target�and�aims�to�deliver�returns�with�less�volatility�than�other�funds�in�the�market,�although�this�is�not�guaranteed.

What are the risks?

All�investments�contain�some�element�of�risk�and�no�investment�can�be�said�to�be�‘risk�free’�–�you�need�be�aware�of�the�potential�risks�and�rewards�before�you�invest.�Always�bear�in�mind�that�the�value�of�investments�can�go�down�as�well�as�up�and�you�may�not�get�back�the�amount�you�originally�invest.�

A�financial�adviser�can�help�you�determine�your�attitude�to�risk�by�going�through�a�risk�questionnaire.�From�there,�you�can�start�to�form�a�portfolio�of�investments�that�you’re�comfortable�with.�For�a�more�detailed�explanation�of�the�risks�associated�with�investing�in�individual�funds,�please�see�pages�4-5,�or�refer�to�the�funds’�Key�Investor�Information�Documents�(KIIDs)�and�Prospectuses.

A guide to multi-manager investing2

Page 3: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

Past�performance�is�not�a�guide�to�future�performance�and�may�not�be�repeated.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amount�originally�invested.�

The�sectors�mentioned�are�for�illustrative�purposes�only� and�not�a�recommendation�to�buy�or�sell�shares.�

Source:�Schroders,�Datastream�as�of�31�December�2019.�Equity:�MSCI�AC�World�Total�Return�Index,�Property:�UK�IPD�Index,�Hedge�Funds:�HFRI�Funds�of�Funds�Composite�Total�Return�Index,�Cash:�3�month�Sterling�LIBOR,�Global�HY:�BofA�Merrill�Lynch�Global�High�Yield�TR�Index;�Sterling�IG:�IBoxx�UK�Sterling�Non-Gilts�All�Maturities;�Govts:�Barclays�Global�Treasury��Index;�Property:�UK�IPD�Index;�Commods:�Bloomberg�Commodity�Index;�EMD:�JPM�GBI-EM�Composite�Index;�ILS:�Swiss�Re�Cat�Bond�Index.�All�show�total�return�either�in�local�currency�or�currency�of�denomination.�

Achieving the right mix

Different�asset�classes�will�perform�differently�as�the�market�changes�—�today’s�winner�may�be�tomorrow’s�loser.�

The�table�below�shows�the�performance�of�individual�asset�classes�over�the�last�decade.�To�take�one�of�the�most�volatile�examples,�Small�Cap�offered�a�gain�of�23%�in�one�year�(2006)�and�a�loss�of�-18%�the�next.�

A�skilled�multi-manager�will�monitor�the�external�environment�and�adapt�the�portfolio�to�suit.�They�hope�to�achieve�the�optimal�mix�of�assets�for�the�economic�environment,�all�at�the�right�level�of�risk.�

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Property

18%Commods

16%Govts 10%

Global�HY 60%

Commods 16%

Property 8%

Global�HY 18%

Equities 26%

Property 19%

Property 7%

Global�HY 15%

Equities 19%

EMD 5%

Equities 28%

Equities 17%

ILS 15%

EMD 10%

Equities 30%

Global�HY 15%

Sterling�IG 7%

Equities 16%

ILS 11%

Sterling�IG 12%

ILS 4%

Commods 11%

EMD 10%

ILS 3%

Property 25%

ILS 12%

Govts 10%

Cash 5%

Commods 18%

Property 14%

EMD 6%

EMD 14%

Property 10%

Equities 9%

EMD 3%

EMD 10%

Global�HY 8%

Cash 1%

EMD 13%

Global�HY 11%

Hedge Funds 10%

ILS 2%

ILS 13%

ILS 11%

Govts 6%

Sterling�IG 13%

Hedge Funds

9%

EMD 8%

Sterling�IG 1%

Sterling�IG 10%

Govts 7%

Property 0%

Sterling�IG 9%

Hedge Funds 10%

Equities 7%

Sterling�IG -3%

Hedge Funds 11%

Equities 11%

ILS 3%

ILS 10%

Global�HY 7%

ILS 6%

Cash 1%

Equities 9%

Hedge Funds

7%

Sterling�IG -2%

Hedge Funds

8%

EMD 7%

Cash 6%

Hedge Funds -21%

Sterling�IG 11%

EMD 9%

Global�HY 3%

Hedge Funds

4%

EMD 0%

Hedge Funds

3%

Equities 0%

Property 8%

Sterling�IG 4%

Govts -2%

Commods 8%

Govts 6%

EMD 5%

Property -22%

EMD 6%

Sterling�IG 8%

Cash 1%

Property 2%

Sterling�IG 0%

Global�HY 2%

Govts -2%

ILS 6%

Commods 2%

Hedge Funds -2%

Global�HY 7%

Cash 4%

Sterling�IG 1%

Global�HY -27%

Govts 2%

Govts 5%

Hedge Funds -5%

Govts 1%

Cash 1%

Cash 1%

Global�HY -2%

Hedge Funds

1%

Cash 1%

Equities -7%

ILS 4%

Commods 2%

Global�HY 1%

Commods -35%

Property 2%

Hedge Funds

5%

Equities -6%

Cash 1%

Govts -4%

Govts -1%

Hedge Funds -2%

Cash 1%

ILS 0%

Global�HY -9%

Govts 4%

Sterling�IG 0%

Property -5%

Equities -39%

Cash 1%

Cash 1%

Commods -13%

Commods -1%

Commods -9%

Commods -17%

Commods -24%

Govts 0%

Property -2%

Commods -11%

Cash 1%

Best

Worse

A guide to multi-manager investing 3

Page 4: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

About the fundSchroder MM Diversity Fund Schroder MM Diversity

Income FundSchroder MM Diversity Balanced Fund

The�fund�and�manager� have�been�awarded...

The�types�of�investments�the�manager�can�choose�from�are…

UK�and�overseas�shares,�government�and�corporate�bonds,�other�fixed�interest�securities�and�alternative�investments

UK�and�overseas�shares,�government�and�corporate�bonds,�other�fixed�interest�securities�and�alternative�investments

Shares,�government�and�corporate�bonds�and�cash,�both�in�the�UK�and�in�overseas�markets.�The�fund�invests�at�least�50%�in�funds�that�buy�shares

The�fund... Aims�to�deliver�a�consistent�long-term�capital�growth�in�excess�of�inflation�with�lower�risk�than�more�traditional�approaches�to�investment�management

Aims�to�provide�an�income�whilst�preserving�capital,�in�line�or�above�inflation,�from�a�portfolio�invested�across�a�wide�range�of�asset�classes

Aims�to�achieve�a�moderate�income�with�smooth�and�consistent�returns�in�all�market�conditions

Although�not�guaranteed,� the�fund�targets…

To�provide�capital�growth�in�excess� of�the�UK�Consumer�Price�Index� (after�fees�have�been�deducted)�over�a� 5�to�7�year�period.

Growth�in�its�unit�price�in�line�with,�or�above,�the�UK�Consumer�Price�Index�while�also�making�an�average�income�payment�of�4%�per�annum

Outperformance�of�its�benchmark�–� a�composite�that�represents�different�benchmarks�of�stocks�and�shares,�bonds�and�alternative�investments

The�fund�is�measured�against...[Benchmark]

The�Consumer�Price�Index�(CPI)�–� a�measure�of�inflation

The�Consumer�Price�Index�(CPI)�–� a�measure�of�inflation

IA�Mixed�Investment�40-85%�shares�– A benchmark�designed�to�represent�the�performance�of�the�funds�peer�group.

Performance

Q4�2018�–�Q4�2019

Q4�2017�–�Q4�2018�

Q4�2016�–�Q4�2017

Q4�2015�–�Q4�2016�

Q4�2014�–�Q4�2015�

Past�performance�is�not�a�guide�to�future�performance.��The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amounts�originally�invested.�Source�of�performance:�FE�Analytics,�bid�to�bid�with�net�income�reinvested�to�31�December�2019, Z�Acc�share�class,�net�of�fees�in�GBP.

Risks The�fund�can�be�exposed�to�different�currencies.�Changes�in�foreign�exchange�rates�could�create�losses.High�yield�bonds�(normally�lower�rated�or�unrated)�generally�carry�greater�market,�credit�and�liquidity�risk.A�rise�in�interest�rates�generally�causes�bond�prices�to�fall.A�decline�in�the�financial�health�of�an�issuer�could�cause�the�value�of�its�bonds�to�fall�or�become�worthless.A�failure�of�a�deposit�institution�or�an�issuer�of�a�money�market�instrument�could�create�losses.Equity�prices�fluctuate�daily,�based�on�many�factors�including�general,�economic,�industry�or�company�news.In�difficult�market�conditions,�the�fund�may�not�be�able�to�sell�a�security�for�full�value�or�at�all.�This�could�affect�performance�and�could�cause�the�fund�to�defer�or�suspend�redemptions�of�its�shares.Failures�at�service�providers�could�lead�to�disruptions�of�fund�operations�or�losses.The�counterparty�to�a�derivative�or�other�contractual�agreement�or�synthetic�financial�product�could�become�unable�to�honour�its�commitments�to�the�fund,�potentially�creating�a�partial�or�total�loss�for�the�fund.�A�derivative�may�not�perform�as�expected,�and�may�create�losses�greater�than�the�cost�of�the�derivative.The�fund�uses�derivatives�for�leverage,�which�makes�it�more�sensitive�to�certain�market�or�interest�rate�movements�and�may�cause�above-average�volatility�and�risk�of�loss.��

Fund�launch�date 1�September�2005 15�December�2010 2�April�2012

Ongoing�charge�(the�amount�you’ll�pay�over�a�year�related�to�the�costs�of�running�the�fund)

1.74%�(A�units)

1.24%�(Z�units)

1.61%�(A�units)

1.11%�(Z�units)

1.82%�(A�units)

1.32%�(Z�units)

Minimum�investment� £1,000�or�monthly�instalments� of�£50�(A�units)

31–2 6-7

Lower�risk Lower�potential�reward

Higher�risk���� Higher�potential�reward

BenchmarkFund

The�asset�class� breakdown�is...�

4

5.5%1.3%

-1.2%2.1%

0%3.0%

8.2%1.6%

0.2%0.2%

5.5%1.3%

-1.2%2.1%

0%3.0%

8.2%1.6%

0.2%0.2%

5.5%1.3%

-1.2%2.1%

0%3.0%

8.2%1.6%

0.2%0.2%

5.5%1.3%

-1.2%2.1%

0%3.0%

8.2%1.6%

0.2%0.2%

5.5%1.3%

-1.2%2.1%

0%3.0%

8.2%1.6%

0.2%0.2%

5.5%1.3%

2.1%0.2%

1.7%3.0%

9.7%1.6%

0.2%-0.2%

5.5%1.3%

2.1%0.2%

1.7%3.0%

9.7%1.6%

0.2%-0.2%

5.5%1.3%

2.1%0.2%

1.7%3.0%

9.7%1.6%

0.2%-0.2%

5.5%1.3%

2.1%0.2%

1.7%3.0%

9.7%1.6%

0.2%-0.2%

5.5%1.3%

2.1%0.2%

1.7%3.0%

9.7%1.6%

0.2%-0.2%

9.5%15.9%

-6.1%-4.7%

3.7%10.2%

14.8%13.3%

2.6%3.0%

9.5%15.9%

-6.1%-4.7%

3.7%10.2%

14.8%13.3%

2.6%3.0%

9.5%15.9%

-6.1%-4.7%

3.7%10.2%

14.8%13.3%

2.6%3.0%

9.5%15.9%

-6.1%-4.7%

3.7%10.2%

14.8%13.3%

2.6%3.0%

9.5%15.9%

-6.1%-4.7%

3.7%10.2%

14.8%13.3%

2.6%3.0%

33.3%Equities

33.3%Fixed�income�&�cash

33.3%Alternatives

40%Equities

40%Fixed�income�&�cash

20%Alternatives

65%Equities

10%Fixed�income�&�cash

25%Alternatives

Neutralposition

Neutralposition

Neutralposition

A guide to multi-manager investing4

Page 5: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

Schroder MM Diversity Tactical Fund

Schroder MM UK Growth Fund Schroder MM International Fund

The�fund�and�manager�have�been�awarded...

The�types�of�investments�the�manager�can�choose�from�are…

A�diverse�range�of�asset�types�in�global�markets,�including�shares,�bonds,�fixed�interest,�cash�and�any�other�permitted�assets�deemed�appropriate�to�meet�the�investment�objective

Funds�invested�predominantly�in�UK�shares�across�all�economic�sectors

Funds�invested�in�any�and�all�geographic�areas�of�the�world

The�fund Aims�to�provide�capital�growth�in�its�unit�price�mainly�through�investment�in�global�markets

Aims�to�provide�capital�growth�through�investment�in�a�diversified�portfolio�of UK�shares

Aims�to�provide�capital�growth�through�investment�in�global�share�markets�and in�all�economic�sectors.�The�fund�has no�geographic�or�sector�limits

Although�not�guaranteed,� the�fund�targets…

Outperformance�of�its�benchmark�–� a�composite�that�represents�different�benchmarks�of�stocks�and�shares,�bonds�and�alternative�investments

Outperformance�of�its�benchmark,�the�FTSE�All�Share�index

Outperformance�of�its�benchmark,� the�FTSE�All�World�(ex�UK)�index�over the�medium�term

The�fund�is�measure�against...[Benchmark]

The�IA�Flexible�Investment�–�an�index�designed�to�represent�the�performance�of�the�funds�peer�group

The�FTSE�All�Share�index�–�an�index�designed�to�represent�the�performance�of�all�eligible�companies�listed�on�the�London�Stock�Exchange’s�main�market

FTSE�All�World�(ex�UK)

Performance

Q4�2018�–�Q4�2019

Q4�2017�–�Q4�2018�

Q4�2016�–�Q4�2017

Q4�2015�–�Q4�2016�

Q4�2014�–�Q4�2015�

Past�performance�is�not�a�guide�to�future�performance.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amounts�originally�invested.� Source�of�performance:�FE�Analytics,�bid�to�bid�with�net�income�reinvested�to�31�December�2019,�Z�Acc�share�class,�net�of�fees�in�GBP.��

Risks The�fund�can�be�exposed�to�different�currencies.�Changes�in�foreign�exchange�rates�could�create�losses.High�yield�bonds�(normally�lower�rated�or�unrated)�generally�carry�greater�market,�credit�and�liquidity�risk.A�rise�in�interest�rates�generally�causes�bond�prices�to�fall.A�decline�in�the�financial�health�of�an�issuer�could�cause�the�value�of�its�bonds�to�fall�or�become�worthless.A�failure�of�a�deposit�institution�or�an�issuer�of�a�money�market�instrument�could�create�losses.Equity�prices�fluctuate�daily,�based�on�many�factors�including�general,�economic,�industry�or�company�news.In�difficult�market�conditions,�the�fund�may�not�be�able�to�sell�a�security�for�full�value�or�at�all.�This�could�affect�performance�and�could�cause�the�fund�to�defer�or�suspend�redemptions�of�its�shares.Failures�at�service�providers�could�lead�to�disruptions�of�fund�operations�or�losses.The�counterparty�to�a�derivative�or�other�contractual�agreement�or�synthetic�financial�product�could�become�unable�to�honour�its�commitments�to�the�fund,�potentially�creating�a�partial�or�total�loss�for�the�fund.�A�derivative�may�not�perform�as�expected,�and�may�create�losses�greater�than�the�cost�of�the�derivative.The�fund�uses�derivatives�for�leverage,�which�makes�it�more�sensitive�to�certain�market�or�interest�rate�movements�and�may�cause�above-average�volatility�and�risk�of�loss.�

Fund�launch�date 22�May�2002 22�May�2002 22�May�2002

Ongoing�charge�(the�amount�you’ll�pay�over�a�year�related�to�the�costs�of�running�the�fund)

1.85%�(A�units)

1.35%�(Z�units)

1.88%�(A�units)

1.38%�(Z�units)

1.84%�(A�units)

1.34%�(Z�units)

Minimum�investment� £1,000�or�monthly�instalments� of�£50�(A�units)�£1,000,000�(Z�units)

41–4 6-7

Lower�risk Lower�potential�reward

Higher�risk���� Higher�potential�reward

BenchmarkFund

The�asset�class� breakdown�is...�

5

9.4%15.5%

-4.3%-6.7%

3.1%11.4%

14.3%14.4%

2.3%3.5%

9.4%15.5%

-4.3%-6.7%

3.1%11.4%

14.3%14.4%

2.3%3.5%

9.4%15.5%

-4.3%-6.7%

3.1%11.4%

14.3%14.4%

2.3%3.5%

9.4%15.5%

-4.3%-6.7%

3.1%11.4%

14.3%14.4%

2.3%3.5%

9.4%15.5%

-4.3%-6.7%

3.1%11.4%

14.3%14.4%

2.3%3.5%

16.5%19.2%

-7.3%-9.5%

5.4%13.1%

16.8%16.8%

1.0%-1.2%

16.5%19.2%

-7.3%-9.5%

5.4%13.1%

16.8%16.8%

1.0%-1.2%

16.5%19.2%

-7.3%-9.5%

5.4%13.1%

16.8%16.8%

1.0%-1.2%

16.5%19.2%

-7.3%-9.5%

5.4%13.1%

16.8%16.8%

1.0%-1.2%

16.5%19.2%

-7.3%-9.5%

5.4%13.1%

16.8%16.8%

1.0%-1.2%

17.5%21.8%

-4.9%-3.6%

8.3%13.3%

27.9%29.5%

3.8%6.0%

17.5%21.8%

-4.9%-3.6%

8.3%13.3%

27.9%29.5%

3.8%6.0%

17.5%21.8%

-4.9%-3.6%

8.3%13.3%

27.9%29.5%

3.8%6.0%

17.5%21.8%

-4.9%-3.6%

8.3%13.3%

27.9%29.5%

3.8%6.0%

17.5%21.8%

-4.9%-3.6%

8.3%13.3%

27.9%29.5%

3.8%6.0%

80%Equities

5%Fixed�income�&�cash

15%Alternatives

100%Equities

100%Equities

Neutralposition

Neutralposition

Neutralposition

A guide to multi-manager investing 5

Page 6: A guide to Multi-Manager investing - Schroders...with investing in individual funds, please see pages 4-5, or refer to the funds’ Key Investor Information Documents (KIIDs) and Prospectuses

Packaging your portfolio more efficiently

�Multi-manager�investing�could�be�more�cost�efficient�than�if�you�were�to�buy��the�same�funds�individually,�and�(depending�on�your�tax�position)�you�could�enjoy�certain�tax�benefits,�especially�if�you�use�a�tax�efficient�

wrapper�such��as�an�ISA.�Your�financial�adviser�can�go�through�your�individual�tax�implications�with�you.

The�tax�rules�for�ISAs�may�change�in�the�future.�

Why choose the Diversity team?

The�Diversity�team�has�a�long-standing�reputation�within�the�investment�community�and�collectively�bring�over�60�years�of�investment�experience.�They�have�been�with�Schroders�since�2013,�having�joined�as�part�of�the�integration�with�Cazenove�Capital�Management.�

Led�by�Robin�McDonald,�the�team�actively�manages�the�range�to�ensure�the�right�blend�of�funds�is�working�to�achieve�investor�goals.�

The�team�pays�close�attention�to�what’s�happening�in�the�market.�Their�starting�point�is�always�deciding�on�their�view�of�the�world:�where�it�is�going,�what�different�economic�outcomes�may�emerge�and�what�assets�will�work�in�different�scenarios.�Only�then�do�they�move�onto�selecting�funds.�

How to invest

The�Diversity�range�is�available�to�buy�through�a�number�of�fund�supermarkets�and�investment�platforms�but�if�you’re�unsure,�it’s�important�to�get�the�right�advice�before�you�invest.�

Are you looking for a financial adviser? Visit: www.unbiased.co.uk or www.vouchedfor.co.uk

For�further�information,�including�Key�InvestorInformation�Documents�and�Prospectuses,visit�www.schroders.co.uk/multimanager�orphone�Investor�Services�on�0800�718�777(for�your�security,�calls�will�be�recorded).

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Robin McDonald Head�of�Multi-Manager

Joe Le Jéhan Fund�Manager

Geoffrey Challinor Fund�Manager

Joe TennantInvestment�Director

Find out more

If�you�would�like�further�information,  including�Key�Investor�Information� Documents�and�Prospectuses,visit�www.schroders.co.uk/multimanager�orphone�Investor�Services�on�0800�718�777(for�your�security,�calls�will�be�recorded).

For�further�information,�including�Key�Investor�Information�Documents�and�Prospectuses,� visit�www.schroders.co.uk/multimanager�or� phone�Investor�Services�on�0800�718�777� (for�your�security,�calls�will�be�recorded).

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We�manage�£450.8�billion�(€496.6�billion/$565.5�billion)�on�behalf�of�institutional�and�retail�investors,�financial�institutions�and�high�net�worth�clients�from�around�the�world,�invested�in�a�broad�range�of�asset�classes�across�equities,�fixed�income,�multi-asset� and�alternatives.

We�employ�over�4,500�talented�people�worldwide�operating�from�32�locations�across�Europe,�the�Americas,�Asia�and�the�Middle�East,�close�to�the�markets�in�which�we�invest�and�close�to�our�clients.

Schroders�has�developed�under�stable�ownership�for�over�200�years�and�long-term�thinking�governs�our�approach�to�investing,�building�client�relationships�and�growing�our�business.

To find out more, visit www.schroders.co.uk/investor or speak to your financial adviser

Source:�Schroders�as�at�30�September�2019.

At Schroders, asset management is our business and our goals are completely aligned with those of our clients – the creation of long-term value.

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Important information.�For�professional�investors�or�advisers�only.� Past�performance�is�not�a�guide�to�future�performance�and�may�not�be�repeated.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amount�originally�invested.�Investment�in�these�funds�will�not�be�suitable�for�all�investors.�Any�investment�should�be�considered�against�an�investor’s�investment�needs�and�attitude�to�risk.�Currency�fluctuations�may�adversely�affect�the�value�of�the�funds’�investments�and�the�income�thereon.�Investing�in�emerging�markets,�which�can�be�extremely�volatile,�involves�a�higher�than�average�risk�compared�with�investing�in�established�markets.�The�levels�and�basis�of,�and�reliefs�from,�taxation�may�change.�Investors�should�obtain�professional�advice�on�taxation�

where�appropriate�before�proceeding�with�any�investment.�Details�of�the�terms�and�risk�warnings�are�contained�in�the�Prospectus�and�Key�Investor�Information�documents.�Schroders�has�expressed�its�own�views�and�these�may�change.�The�data�contained�in�this�document�has�been�sourced�by�Schroders�and�should�be�independently�verified�before�further�publication�or�use.� For�further�information,�including�the�Key�Investor�Information�Documents�and�Prospectuses�for�the�funds,�visit�www.schroders.co.uk/investor�or�phone�Investor�Services�on�0800�718�777�(for�your�security,�calls�will�be�recorded).�Issued�in�February�2020�by�Schroder�Unit�Trusts�Limited,�1�London�Wall�Place,�London�EC2Y�5AU.�Registered�No:�4191730�England.�Authorised�and�regulated�by�the�Financial�Conduct�Authority.�404835

Schroder Investment Management Limited1 London Wall Place, London EC2Y 5AU, United KingdomT +44 (0) 20 7658 6000

@schrodersschroders.com