matt hudson uk-equity-income_citywire presentation_uk05785
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Cazenove UK Equity Income Fund
October 2013
Matthew Hudson Fund Manager
** Remove from final presentation **
Pragmatic income approach
1st quartile over 1, 3 and 5 years
Fund size: £480 million
Fund yield: 3.6%
Market yield and dividend
growth
Dividend growth
Slowdown Recession Recovery Expansion
High yield Low/no yield, high capital
growth
Stock:
Delivers:
Cycle:
Business cycle philosophy
Pragmatic process: income and capital
Cazenove UK Equity Income Fund
Summary
1
Source: FE Analytics, Schroders, bid to bid with net income reinvested, in GBP, B income class, as at 31 August 2013. For illustrative purposes only
Premium Real
Yields
Capital Returns
Superior Dividend Growth
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2013 2012 2011 2010 2009
Cazenove UK
Equity Income
Fund (%)
24.0 20.4 1.0 17.3 20.8
IMA UK Equity
Income sector
(%)
19.8 13.6 -3.2 14.6 23.7
Quartile
ranking 1 1 1 1 3
Five year cumulative Discrete annualised calendar
Cazenove UK Equity Income Fund
Performance summary
2
Source: FE Analytics, bid to bid with net income reinvested, in GBP, B income class, as at 31 August 2013
Top decile over 3 and 5 years
Only fund in the sector to be 1st quartile in 2010, 2011 and 2012
-0.4
-0.2
0
0.2
0.4
0.6
0.8
Cazenove UK Equity Income Fund
IMA UK Equity Income
FTSE All Share index
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5 years cumulative income returns
Cazenove UK Equity Income Fund 25.5%
FTSE All-Share index 20.0%
The power of compounding?
Income reinvested outperforms*
Source:, bid to bid with net income reinvested, in GBP, B income share class. (LHS) FE Analytics, since benchmark launch; (RHS) Morningstar, B income share
class, five years to 31 August 2013
?
3
0
200
400
600
800
1,000
1,200
1,400
1,600
01-D
ec-8
5
01-D
ec-8
7
01-D
ec-8
9
01-D
ec-9
1
01-D
ec-9
3
01-D
ec-9
5
01-D
ec-9
7
01-D
ec-9
9
01-D
ec-0
1
01-D
ec-0
3
01-D
ec-0
5
01-D
ec-0
7
01-D
ec-0
9
01-D
ec-1
1
FTSE All Share Price Index
FTSE All Share Total Return Index
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Annualised returns
Appreciating capital Capital returns are the driver of total returns
4
Source: Lipper, B (Inc) share class, net income reinvested 31 December 2005 to 28 February 2013
4.49
5.96
7.80
1.73 2.29
3.16
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
IMA UK Equity Income FTSE All-Share Cazenove UK Equity Income B Inc
Total Return % (Annualised) Capital Return % (Annualised)
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Cazenove UK Equity Income Fund relative to IMA UK Equity Income (%)
Cazenove UK Equity Income Fund
5
Performance analysis
Source: Lipper 30 June 2005 to 31 December 2012
-90
-70
-50
-30
-10
10
30
50
70
90
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
Ju
n-0
5
Oct-
05
Feb-0
6
Ju
n-0
6
Oct-
06
Feb-0
7
Ju
n-0
7
Oct-
07
Feb-0
8
Ju
n-0
8
Oct-
08
Feb-0
9
Ju
n-0
9
Oct-
09
Feb-1
0
Ju
n-1
0
Oct-
10
Feb-1
1
Ju
n-1
1
Oct-
11
Feb-1
2
Ju
n-1
2
Oct-
12
Cumulative Fund Performance
Relative Performance Cumulative fund performance
“Bear” “Bull”
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Cazenove UK Equity Income Fund Risk analysis and returns against the UK Equity Income sector
6
Source: Cazenove Capital. Analysis shown for three years to 31 December 2012
4
6
8
10
12
14
Total return (% p.a.)
0.60
0.70
0.80
0.90
1.00
1.10
Beta
9
11
13
15
Volatility (% p.a.)
0.2
0.4
0.6
0.8
1.0
Sharpe ratio
3.00
5.00
7.00
Tracking error (% p.a.)
-2.0
0.0
2.0
4.0
6.0
Jensen's alpha (% p.a.)
-4.0
-1.0
2.0
5.0
8.0
Total relative return (% p.a.)
-0.6
-0.1
0.4
0.9
1.4
Information ratio
10th – 25th percentile
25th – 50th percentile
50th – 75th percentile
90th – 75th percentile
Investment philosophy
and process
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Global industrial production – % change year
on year
Business cycle in theory Business cycle in reality
Business cycle investing overview Back to reality
Source: Morgan Stanley, MSCI, Datastream, as at 31 December 2012
Slowdown
Recession Recovery
Expansion Expansion Slowdown
8
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Income strategy Through the cycle
Source: Cazenove Capital Management. The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
9
Market yield and dividend growth
Dividend growth
Slowdown Recession Recovery Expansion
High yield Low/no yield, high capital
growth
Stock:
Delivers:
Cycle:
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Income portfolio construction Driving returns
Pragmatic income investor
Premium yield and dividend growth
Focused portfolio
Benchmark aware
Source: Cazenove Capital, as at 30 June 2013
10
Premium Real
Yields
Capital Returns
Superior Dividend Growth
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Cazenove UK Equity Income Fund Portfolio through the cycle
Source: Cazenove Capital Management, as at 31 May 2013. *Cash 4.7% at year end 2008
0
10
20
30
40
Ja
n-0
8
Ju
l-0
8
Ja
n-0
9
Ju
l-0
9
Ja
n-1
0
Ju
l-1
0
Ja
n-1
1
Ju
l-1
1
Ja
n-1
2
Ju
l-1
2
Business cycle (+ve) active weights
Commodity Cyclical Consumer CyclicalFinancial GrowthGrowth Defensive Industrial CyclicalValue Defensive
-40
-30
-20
-10
0
Ja
n-0
8
Ju
l-0
8
Ja
n-0
9
Ju
l-0
9
Ja
n-1
0
Ju
l-1
0
Ja
n-1
1
Ju
l-1
1
Ja
n-1
2
Ju
l-1
2
Business cycle (-ve) active weights
Commodity Cyclical Consumer Cyclical
Financial Growth
Growth Defensive Industrial Cyclical
Value Defensive
December
2005
December
2006
December
2007
December
2008*
December
2009
December
2010
December
2011
December
2012
Premium real yields 44 49 68 86 60 54 55 60
Superior dividend growth 37 30 21 6 10 20 30 24
Capital returns 19 21 11 8 30 26 15 16
No of stocks 69 78 58 51 68 57 52 55
11
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Income screening – yield, growth + quality
Company meetings and
fundamental analysis
Detailed stock history
(consistency, cover, quality etc.)
Monthly fund dividend forecasts
FTSE 350: Income characteristics
Income portfolio construction
12
Stock selection
Source: Cazenove Capital, Factset (FTSE 350 and ex IT)
Superior Dividend Growth
Capital Returns
Premium Real Yields
Yield 5.4% DPS Growth 6.5% P/E 10.2
Yield 2.9% DPS Growth 12.0% P/E 13.6
Yield 2.3% DPS Growth 13% P/E 13.5
Outlook and current positioning
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Market review Global cycles?
14
Source: Markit and Thomson Datastream, to 31 August 2013
UK Markit Manufacturing PMI US ISM Manufacturing PMI
Germany Markit Manufacturing PMI Japan Markit Manufacturing PMI
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US HOUSING STARTS & RESIDENTIAL FIXED INVESTMENT % GDP(G00I)
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 1113
400
500
1000
1500
2000
2500
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
US NEW PRIVATE HOUSING UNITS STARTED (AR) VOLA
Resdntial GDFCF as % GDP(R.H.SCALE)
Source: DATASTREAM
GARP becomes GAAP
Growth re-rated in a low growth world
Smaller is bigger
Mid and small caps out performance a global phenomenon
Greenbucks
USD weakness reversing as US economy recovers
‘Risk On Risk Off’
European sovereign spreads mattered in 2010 , 2011,
2012….but 2013?
Growth at any price (GAAP)
Market review
15
Mapping the landscape
Source: ASR/Morgan Stanley
US economic strength
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Investors mistaking ‘low volatility’ for growth
‘Secure’ dividend stocks squeezed upwards
Value traps?
Trend P/E relative, 1990–2013
Income investing
16
Yield at a premium
Source: Mirabaud, as at 31 May 2013. The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
20
40
60
80
100
120
140
160
180
Ja
n-9
0
Ma
y-9
1
Sep
-92
Ja
n-9
4
Ma
y-9
5
Sep
-96
Ja
n-9
8
Ma
y-9
9
Sep
-00
Ja
n-0
2
Ma
y-0
3
Sep
-04
Ja
n-0
6
Ma
y-0
7
Sep
-08
Ja
n-1
0
Ma
y-1
1
Sep
-12
Trend P/E relative Average + 1 SD - 1 SD
Trend historic EPS growth rate = 0.0%
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‘High volatility’ stock de-rated is the opposite
side of the trade
Value opportunity
Trend P/E relative, 1990–2012
Income investing
17
Valu’ in yield
Source: Mirabaud, as at 31 May 2013. The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
0
20
40
60
80
100
120
140
Ja
n-9
0
Ju
n-9
1
No
v-9
2
Apr-
94
Sep
-95
Feb-9
7
Ju
l-9
8
De
c-9
9
Ma
y-0
1
Oct-
02
Ma
r-04
Aug
-05
Ja
n-0
7
Ju
n-0
8
No
v-0
9
Apr-
11
Sep
-12
Trend P/E relative Average + 1 SD - 1 SD
Trend historic EPS growth rate = 3.9%
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Market yield attractive after “yield rise” with
dividend growth a positive
At stock level, dividend yield needs to be
combined with attractive valuation (FCF, P/E etc)
Higher volatility stocks (e.g. cyclicals) are
attractive investments at the right point in
the cycle
Dividend growth at mid-cycle levels but special
return enhancements
Starting UK yields and 10 year returns
After the fall
18
Opportunities in UK equity income
Source: Citigroup, as at 5 July 2013
R² = 0.7
-5
0
5
10
15
20
25
30
2 3 4 5 6 7 8
3.6% now
-15
-10
-5
0
5
10
15
May-08 May-09 May-10 May-11 May-12 May-13
% of Estimates Upgraded Less % Downgraded Per Month
3m Rolling Average
10-year total return CAGR
Dividend yield
UK dividend revisions
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Dividend recovery underway
UK dividend growth 2012/13 circa 6–7%
Dividend growth stocks re-rating
Special dividend enhancements
UK dividend growth forecasts
After the fall
19
Dividend recoveries
Source: (chart) Citi, as at 15 August 2013
(table) MSDW/Datastream, FTSE, Global Financial Data, Morgan Stanley Research, Shore Capital, as at 31 December 2012
The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
Year Fund Dividend distributions (net)
2007 4.39p
2008 5.12p
2009 4.84p
2010 4.55p
2011 4.86p
2012 5.12p
4
8
12
16
20
Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13
2011 Dividend growth 2012 Dividend growth
2013 Dividend growth 2014 Dividend growth
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Portfolio strategy Active positions
Source: Schroders, as at 18 September 2013. The securities shown are for illustrative purposes and not a recommendation to buy or sell shares
Market cap exposures (%) Index Portfolio
FTSE 100 83.1% 62.6%
FTSE 250 14.3% 27.2%
FTSE Small Cap 2.5% 3.0%
AIM - -
Ex Index - 3.4%
Cash - 4.2%
Portfolio risk
Predicted tracking error p.a. 3.1%
Beta 0.95
# of stocks 58
Underweight Market Overweight
-3.85% Royal Dutch Shell A
-3.63% HSBC
-2.73% Royal Dutch Shell
-2.53% Diageo
-2.00% BG Group
-1.74% Vodafone
-1.50% Unilever
-1.49% SAB Miller
-1.55% Lloyds
-1.98% BHP Billiton
Reed Elsevier +1.87%
BT Group +1.71%
Jupiter Fund Management +1.69%
DS Smith +1.60%
Aviva +1.57%
Debenhams +1.57%
Legal and General +1.55%
Resolution +1.54%
Beazley +1.52%
Kier +1.51%
20
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Portfolio strategy Business cycle style tilts
Source: Schroders, as at 18 September 2013. The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
Style grouping
Change over 12 months
vs. FTSE
All-share
Fund % Index % Key stocks
Commodity cyclicals -20.5% 21.5 Rio Tinto
Consumer cyclicals +35.0% 6.4 Carphone Warehouse
Industrial cyclicals +10.8% 5.8 Melrose
Financials +9.7% 19.9 Intermediate Capital
Small/Unallocated/Cash = 4.5 Cineworld
Growth +16.0% 4.7 Sage
Growth defensives +5.3% 9.8 Babcock
Value defensives +0.9% 27.4 Reed
1.0
11.9
9.1
22.1
13.6
27.6
Overweight Underweight
7.3
7.3
Neutral or N/A
21
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Developed markets: US growth “robust”,
Europe weak but improving and Abenomics
starting to work
Emerging markets: China activity stabilising,
FX pressures and weaker growth outside China
UK earnings base stabilising – cyclicals should
outperform defensives
Portfolio positive skew towards consumer
cyclicals and financials over growth defensives.
Moderating underweight in commodity cyclicals
Earnings and leading indicators, 1988-2013
Outlook
22
Source: Citi, Thomson Reuters Datastream, as at 5 July 2013
The securities shown are for illustrative purposes only and not a recommendation to buy or sell shares
UK trend earnings growth, 1971–2012
-50
-30
-10
10
30
30
35
40
45
50
55
60
65
88 90 92 94 96 98 00 02 04 06 08 10 12
US ISM Index - 6mth Lead (LHS)
UK PMI (LHS)
Global PMI (LHS)
12m Fwd Earn - YoY Growth % (RHS)
0
100
200
300
400
Jan-7
1
Feb
-74
Ma
r-7
7
Apr-
80
Ma
y-8
3
Jun-8
6
Jul-8
9
Aug-9
2
Sep-9
5
Oct-
98
No
v-0
1
De
c-0
4
Jan-0
8
Feb
-11
UK EPS Trend EPS 7% p.a., base April 1978
Appendices
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Member of the Cazenove Capital Pan-European
equity team at Schroders, with responsibility for
equity income portfolios
Manages over £850m in UK equity
income strategies
– Cazenove UK Equity Income Fund
– Equity Income Trust for Charities, a UK
authorised Common Investment Fund
Responsible for the following UK sectors:
– Banks, construction and materials, gas water
and multi utilities, mining and electricity
Joined Cazenove Capital in 2001 from AIB Govett
Investment Management. Prior to this he was a
chartered accountant at PriceWaterhouseCoopers.
Graduated from Cambridge University with a
degree in History. Matthew has 14 years of
investment experience
Matt Hudson Fund manager
Source: Citywire, as at 30 June 2013
24
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Julie Dean, Head of Business Cycle Team
Cazenove Capital Pan-European equity team At Schroders
Source: Schroders, as at 6 July 2013
UK
Steve Cordell UK Absolute
Paul Marriage UK Smaller Companies
John Warren UK Smaller Companies
Matthew Hudson Equity Income
Julie Dean UK Equity
David Docherty UK Equity
Michael Zorko UK Equity
Wade Pollard UK Equity
Charlotte Morrish UK Equity
Europe
Steve Cordell Europe ex UK
Steve Cordell Pan Europe
Lionel Rayon Pan Europe, High Alpha
Kuldip Shergill Pan Europe, High Alpha
James Sym Europe ex UK
25
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The fund aims to outperform by 1.5% over rolling 3 year periods and achieve
a minimum yield of 110% of the benchmark yield*
Pragmatic income
Income and capital returns
Business cycle approach
Focused portfolio
Cazenove UK Equity Income Fund
26
Overview
Source: Schroders, as at 31 August 2013. Ratings from Citywire, Rayner Spencer Mills, Morningstar and Trustnet Crowns, as at 30 September 2013 *Internal
performance objective
Benchmark FTSE All-Share index
Number of stocks Current 58, minimum 35
Portfolio restrictions
(relative to FTAS)
Stock +5%/No minimum
Sector +10/No minimum
50% max weight in mid-cap,10% in
small/AIM/other
(+ minimum 80% in UK Equities)
Tracking risk 3.1%
Launch date 6 May 2005
Fund size £507m
Structure UK Domiciled, UCITS III
Base currency £ (Sterling)
Historic yield 3.6%
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Year Dividend distributions
(net)
2007 4.39p
2008 5.12p
2009 4.84p
2010 4.55p
2011 4.86p
2012 5.12p
Fund income return
5 years cumulative
FTSE All Share return
5 years cumulative
25.6% 20.3%
Cazenove UK Equity Income Fund Dividends and income returns
Source: Cazenove Capital Management. Five years ended 31 December 2011 (B Income class). Note: 2013 interim dividend growth +15% year on year
Share Class Bloomberg
Ticker Lipper Codes
A Inc CAZUEAI LN 65000477
B Inc CAZUEBI LN 65000481
X Inc CAZUKEX LN 65000480
X Acc CAZUKXA LN 68150522
27
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Cazenove Capital UK equities Research responsibilities
Source: Schroders, as at 31 August 2013
Steve Cordell
Technology Hardware
Software
Julie Dean
General Financial
Healthcare Equipment
Life Insurance
Non-Life Insurance
Pharmaceuticals and Biotechnology
David Docherty
Aerospace and Defence
Automobile and Parts
Electronic and Electrical Equipment
Forestry and Paper
General Industrials
Industrial Engineering
Oil and Gas Producers
Oil Equipment and Services
John Warren
Support Services – ex FTSE 100
Travel and Leisure
Matthew Hudson
Banks
Construction and Materials
Electricity
Gas Water and Multi Utilities
Mining and Industrial Metals
Paul Marriage
Smaller Companies
Michael Zorko
Telecoms
Chemicals
Charlotte Morrish
Beverages
Food and Drug Retailers
Food Producers
General Retailers
Household Goods – Personal
Media
Personal Goods
Travel and Leisure
Wade Pollard
Household Goods – Housebuilders
Industrial Transportation
Real Estate
Support Services – FTSE 100
Tobacco
28
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Earnings downgraded, political
interventions…
…but valuations supportive
Business cycles in action Conflicting emotions
Source: Mirabaud, as at 11 April 2013
2
6
10
14
18
22
26
30
Ja
n-7
1
Ma
y-7
4
Sep
-77
Ja
n-8
1
Ma
y-8
4
Sep
-87
Ja
n-9
1
Ma
y-9
4
Sep
-97
Ja
n-0
1
Ma
y-0
4
Sep
-07
Ja
n-1
1
Trend PE Median + 1 SD -1 SD
29
UK market price earnings multiples based on trend
earnings growth
UK: Trend P/E, 1971–2012
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US economic surprise indicator UK defensives percentages PER premium
vs. cyclicals
US optimistic… …but market focused on European woes
Business cycles in action
30
‘Added cyclicals’ in Q3 2011
Source: Cazenove Capital, Datastream, BAML, as at end of 2012
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Commodity cyclicals
Consumer cyclicals
Industrial cyclicals
Financials
Growth
Growth Defensives Value Defensives
-30
-20
-10
0
10
20
30
40
50
Style group performance pre- and post-LTRO announcement
Business cycles in action ‘Flip flop’ in Q4 2011
Source: Cazenove Capital Management, as at 31 May 2013
‘Downtime’ – style groupings performance (31 December 2010 to 4 October 2011) ‘LTRO Bounce’ – style groupings performance (4 October 2011 – to 20 March 2012)
31
Absolute Returns
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Business cycle investing Market analysis
Source: Cazenove Capital Management
Pragmatic approach combining top-down macro view with earnings based security selection
Avoid permanent style/size bias
Demand for products and services changes throughout the business cycle
Operational gearing of companies impacts profitability of companies
Sector market divides are not homogenous. They do not necessarily help us determine the behaviour ~ of these stocks within the cycle
Define the beta of stocks and allocate them to seven style groupings:
Commodity cyclicals Growth Financials Growth defensives
Consumer cyclicals Value defensives
Industrial cyclicals
HIGH BETA LOW BETA
32
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Seven style groupings
Commodity cyclicals
Stocks whose revenues are linked either directly or indirectly to a particular commodity product such as oil, steel, gas, mining, bulk
chemicals e.g. BP, Rio Tinto
Consumer cyclicals
Cyclical stocks which rely on consumer spending for their revenues e.g. retailers, automotives, house builders, leisure, general retail
e.g. Marks & Spencer, easyJet
Industrial cyclicals
Stocks which manufacture capital goods or which have revenues linked to industrial production e.g. engineering, aerospace, construction
e.g. GKN, Cookson
Growth
Stocks which grow revenues well in excess of GDP with a high degree of uncertainty or volatility e.g. luxury goods, medical technology,
IT e.g. Smith and Nephew, ARM Holdings
Financials/Interest rate sensitive
Stocks whose business depends on interest rate spreads, financial markets and asset valuations e.g. banks, insurers, real estate
e.g. Barclays, Land Securities
Growth defensives
Stocks which grow revenues in excess of GDP with a low volatility and high visibility e.g. support services, food retailers e.g. Pearson,
Compass Group
Value defensives
Stocks which grow revenues at or below GDP with low volatility and high visibility e.g. telecommunications, pharmaceuticals, utilities,
food producers, beverages, tobacco, e.g. GlaxoSmithKline, Vodafone
Source: Cazenove Capital. The securities and sectors shown are for illustrative purposes and not a recommendation to buy or sell shares
33
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Business cycle investing Horses for courses
34
Source: Thomson Datastream, as at 31 August 2013. The securities shown are for illustrative purposes and not a recommendation to buy or sell shares
Performance relative to FTSE All Share
Stock Sector Style 31 Nov 1999 –
12 March 2003
12 March 2003 –
15 June 2007
15 June 2007 –
3 March 2009
3-Mar-2009 –
31-Aug-2013
Morgan Adv. Mats. Electronic and electrical Cyclical -74% +272% -42% +82%
Bodycote Industrial engineering Cyclical -55% +114% -26% +184%
Senior Aerospace and defense Cyclical -40% +100% -48% +482%
Diageo Beverages Defensive +147% -17% +40% +32%
GlaxoSmithKline Pharmaceuticals Defensive +16% -39% +49% -15%
Reed Elsevier Media Defensive +72% -23% +43% -16%
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FILTRONA
FROM 31/5/05 TO 9/2/12 WEEKLY
2005 2006 2007 2008 2009 2010 2011 2012
100
150
200
250
300
350
400
450
HIGH 397.30 10/ 1/12 LOW 110.25 23/ 6/09 LAST 380.30 Source: Thomson Reuters Datastream
A value trap
A growth stock
Recovery to growth
Bought
Sold
Franchise
Income
Optionality
Stock selection
35
Filtrona
Source: Thomson Datastream, 20 January 2005 to 9 February 2012 weekly. The securities shown are for illustrative purposes only and not a recommendation to buy
or sell shares
Filtrona
From 31 May 2005 to 9 February 20012 Weekly
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For professional advisers only. This material is not suitable for retail clients.
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. 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. The
forecasts included in this presentation should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are
based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide
you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors.
The fund primarily invests in equities and as such tends to be more volatile than a fund investing in bonds, but may also offer greater potential for
growth. The value of the underlying investments in equity funds may fluctuate quite dramatically in response to the activities and results of individual
companies, as well as in connection with general market and economic conditions. The levels and bases of tax assumptions may change. Please
refer to the Prospectus and Key Investor Information document for further details.
Telephone calls may be recorded for training and monitoring purposes.
Forecast risk warning: The forecasts included in this presentation should not be relied upon, are not guaranteed and are provided only as at the date
of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and
assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external
economic or other factors.
FTSE International Limited (“FTSE”). “FTSE” is a trade mark of the London Stock Exchange Group of companies and is used by FTSE International
Limited under licence. All rights in the FTSE indices vest in FTSE and/or its licensors. Neither FTSE not its licensors accept any liability for any errors
or omissions in the FTSE indices or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.
Source for ratings: Citywire, Rayner Spencer Mills, Morningstar and Trustnet Crowns, as at 30 September 2013.
Issued in September 2013 by Schroder Investments Limited, 31 Gresham Street, London, EC2V 7QA. Registered no. 2015527 England.
Authorised and regulated by the Financial Conduct Authority. UK05785
Important information
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