IFSL Sinfonia Risk Targeted Fund Range · Amundi Funds - Bond Global Aggregate 8.26% TOTAL69.71% Risk Warning – Past performance is not a guide to the future performance. Investments

Fund FactsheetIFSL Sinfonia Risk Targeted Fund Range

Performance to 31st July 2017

INVESTMENT AREA: Multi-Asset Risk-Targeted

OEIC: Fund of Funds

IFSL Sinfonia OEIC Portfolios Performance to 31st July 2017

Investment Commentary

Equities continued to rally in July, with the MSCI AC World in dollars up by 2.7%, bringing its year-to-date performance to 13.2%. Emerging market equities outperformed (+5.5% in USD terms) and are up 23.7% for the year so far. Headway made during the meeting following up on the oil output reduction agreement, helped boost oil prices in July, with the WTI crude rising by 9.0 % to USD 50. This provided support for Latin American markets in particular, but all emerging markets fared well. In contrast the FTSE100 gave up a little performance over the month, losing 1.22%. The pound sterling was sold down versus the Euro on the confusion in UK politics since the June parliamentary elections, while the second session of Brexit negotiations with the European Union made little headway.

The 10-year US T-note yield ended the month almost unchanged at 2.29%. US markets were a little less sensitive to developments in Europe than they had been in June. In the Eurozone, after the “mini taper-

tantrum” unleashed in late June by Mario Draghi’s statements, investors shifted their gaze to the 20th July Council of Governors meeting, where it was noted the economic recovery is now solid. German yields were up marginally on the month, while the UK Government bond yields reversed some of the late June losses with the 10 year reference finishing at 1.23%. UK core Inflation, while still above target, slipped back slightly in July from 2.6% to 2.4%. This eased the pressure on the Bank of England to make any moves that would tighten monetary policy.

Finally, with half an eye on the holiday season; we saw the Greek state coming to the bond markets for the first time since 2014 (albeit by a limited syndication). In issuing 3 billion Euros worth of five-year bonds (and at a rate below that of previous issues), the government allowed itself to speak of an “absolute success” of this test prior to a true return to the market. While this can be seen as first steps, it does point to improving confidence in the region.

Market Overview


OEIC: Fund of Funds

IFSL Sinfonia OEIC Portfolios Performance to 31st July 2017

Sinfonia Adventurous GrowthEmerging Equity was a strong contributor to the portfolio this month, especially our allocation towards Brazil which recovered strongly from local political issues and partially approved reform efforts. We continue to hold this position in the portfolio seeking a little more upside return. We continue to have a bias towards Europe over the UK equity amongst a questionable outlook for the local economy and political sphere. Further, our view is that earnings expectations in the UK are elevated whereas, relatively speaking, on the Continent the environment is more favourable. The portfolio retains a small underweight in Investment Grade credit at historically tight spreads.

Sinfonia Balanced ManagedIn Sinfonia Balanced Managed emerging equity was a strong contributor to the portfolio this month, especially our allocation towards Brazil which recovered strongly from local political issues and partially approved reform efforts. We continue to hold this position in the portfolio seeking a little more upside return. We continue to have a bias towards Europe over the UK equity amongst a questionable outlook for the local economy and political sphere. Further, our view is that earnings expectations in the UK are elevated whereas, relatively speaking, on the Continent the environment is more favourable. The portfolio retains a small underweight in Investment Grade credit at historically tight spreads.

Sinfonia Income & GrowthFollowing the bond market selloff early in the month (largely a continuation of late June led moves on comments from Messrs Carney and Draghi at a conference in Portugal), we added back some UK Government bonds to Sinfonia Income & Growth. We believe the sell off was overdone and expect a short term correction with yields falling back again over the summer. We continue to have a bias towards Europe over the UK equity amongst a questionable outlook for the local economy and political sphere. Further, our view is that earnings expectations in the UK are elevated whereas, relatively speaking, on the Continent the environment is more favourable. The portfolio retains a small underweight in Investment Grade credit at historically tight spreads.

Sinfonia Cautious ManagedWe look to actively manage the portfolio duration in response to the changing interest rate environment, especially in the UK with the competing elements with benign growth forecasts yet above target inflation. Following the bond market sell off early in the month (largely a continuation of late June led moves on comments from Messrs Carney and Draghi at a conference in Portugal), we added back some UK Government bonds. We believe the sell off was overdone and expect a short term correction with yields falling back again over the summer. We continue to have a bias towards Europe over the UK equity amongst a questionable outlook for the local economy and political sphere, this contributed positively to the portfolio. Further, our view is that earnings expectations in the UK are elevated whereas, relatively speaking, on the Continent the environment is more favourable. The portfolio retains a small underweight Investment Grade credit at historically tight spreads.

Sinfonia IncomeWith significant Fixed Income exposure in Sinfonia Income we look to actively manage the portfolio Interest rate duration in response to changing environment. This is especially relevant in the UK, considering the competing elements of benign growth forecasts yet above target inflation. Following the bond market sell off early in the month (largely a continuation of late June led moves on comments from Messrs Carney and Draghi at a conference in Portugal), we added back some UK Government bonds. We believe the selloff was overdone and expect a short term correction with yields falling back again over the summer. We continue to have a bias towards Europe over the UK equity amongst a questionable outlook for the local economy and political sphere, this contributed positively to the portfolio. Further, our view is that earnings expectations in the UK are elevated whereas, relatively speaking, on the Continent the environment is more favourable. The portfolio retains a small underweight Investment Grade credit at historically tight spreads.

Portfolio Updates


OEIC: Fund of Funds

Fund Type Fund Value Currency Minimum investment Deal closing time Daily valuation point Launch date Unit Type Sponsor Investment Manager ACD Yield OCF (share class A) XD Date Payment date

Fund Facts

IFSL Sinfonia Income Portfolio July 2017

Vanguard UK Government Bond UCITS ETF 18.39%

Legal & General All Stocks Gilt Index Trust 17.79%

BlackRock UK Credit Screened Fund 16.42%

Parvest Bond World X Cap 8.85%

Amundi Funds - Bond Global Aggregate 8.26%

TOTAL 69.71%

Risk Warning – Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund’s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information – Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Income Portfolio July 2017

UK Corporate Bonds 34.8%

Global Bonds 19.2%

UK Government Bonds 17.8%

European Equities 7.5%

UK Equities 6.5%

Cash & Money Market 6.3%

Absolute Return 3.3%

US Equities 3.1%

Mixed Allocation 1.5%

Investment Objective

To provide regular income with some potential for capital growth over the long-term.

The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets.

This fund will be invested in a portfolio that is considered to be mainly low and medium risk investments over the long-term.

Fund of Funds £11.7mGBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 2.75% (last 12 months up to 31st July 2017)1.14% (includes AMC of 0.65%)1 Oct / 1 Jan / 1 Apr / 1 Jul 30 Nov / 28 Feb / 31 May / 31 Aug


Global Bonds 19.2%



UK Equities 6.5%


Absolute Return 3.3%

US Equities 3.1%


Top 5 holdings Tactical Asset Allocation

^The performance shown is that of the A Acc share class

* 33% FTSE Actuaries UK Conventional Gilts All Stocks, 21% IBOXX GBP Corporate, 19% JPM GBI Global, 11% FTSE All Shares, 10% Cash Index LIBOR UK 3 months, 3% MSCI Daily net USA, 3% MSCI Daily Net TR Europe Ex UK

Source: BNPP IPPerformance from 16/06/2008 to 31/07/2017, Net of fees, expressed in GBP value

Performance ^ as at 31.07.17

IFSL Sinfonia Income Portfolio

YTD 31.12.16

TO 31.07.17

3 MTHSSINCE

LAUNCH

16.06.08

12 MTHS ROLLING 31.07.16

TO 31.07.17

Portfolio (%) 2.7 1.1 53.7 3.0

5 YEAR CUMULATIVE PERFORMANCE (%)

July16-July17 July15-July16 July14-July15 July13-July14 July12-July13

3.0 11.9 4.2 1.9 6.3

% Growth

Income Portfolio vs. Risk Managed 3 Benchmark*Performance Pack From 16/06/2008 to 31/07/2017

0

10

-10

20

-20

30

40

50

60

70

80

IFSL Sinfonia Income Portfolio A Acc 53.72Risk Managed 3 Benchmark 67.19

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Key:


OEIC: Fund of Funds


Fund Facts

IFSL Sinfonia Cautious Managed Portfolio July 2017



JPMorgan ICVC - UK Active Index Plus 12.66%

Vanguard FTSE Developed Europe ex UK UCITS ETF 9.87%

Legal & General UK Index Trust 6.08%

TOTAL 61.09%


IFSL Sinfonia Cautious Managed Portfolio July 2017


UK Equities 18.7%

UK Corporate Bonds 16.3% Global Bonds 13.9% European Equities 12.0%

US Equities 7.9%

Absolute Return 3.9% Cash & Money Market 3.6%

Mixed Allocation 1.5% Japan Equities 1.0%


To provide long-term returns, by a combination of both capital growth and income generation.


This fund will be invested in a portfolio that is considered mainly medium risk investments with the intention of generating long-term returns.

Fund of Funds £33.2m GBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.45% (last 12 months up to 31st July 2017)1.01% (includes AMC of 0.65%)1 Apr / 1 Oct 30 Nov / 31 May


UK Equities 18.7%

UK Corporate Bonds 16.3% Global Bonds 13.9% European Equities 12.0%

US Equities 7.9%

Absolute Return 3.9% Cash & Money Market 3.6%

Mixed Allocation 1.5% Japan Equities 1.0%



* 23% FTSE All Shares, 21% IBOXX GBP Corporate, 18% FTSE Actuaries UK Conventional Gilts, 14% JPM GBI Global, 8% MSCI Daily TR Net USA, 8% MSCI Daily Net TR Europe Ex UK, 7% Cash Index LIBOR UK 3 months, 1% MSCI Daily TR Net Japan

Source: BNPP IP Performance from 16/06/2008 to 31/07/2017, Net of fees, expressed in GBP value


% Growth

Cautious Managed Portfolio vs. Risk Managed 4* Benchmark*Performance Pack From 16/06/2008 to 31/07/2017

0

10

-10

20

-20

30

40

50

60

70

80

IFSL Sinfonia Cautious Managed Portfolio A Acc 70.92Risk Managed 4 Benchmark 80.70

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Key:

IFSL Sinfonia Cautious Managed Portfolio

YTD 31.12.16

TO 31.07.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 31.07.17

Portfolio (%) 4.6 1.9 70.1 7.5


July16-July17 July15-July16 July14-Juyl15 July13-July14 July12-July13

7.5 10.5 4.7 3.5 12.2


OEIC: Fund of Funds


Fund Facts

IFSL Sinfonia Income & Growth Portfolio July 2017


JPMorgan Fund ICVC - UK Active Index Plus 16.25%




TOTAL 63.68%


IFSL Sinfonia Income & Growth Portfolio August 2016

UK Equities 26.7%



US Equities 11.8%

Global Bonds 8.8%


Japan Equities 6.1%




To provide income and capital growth for investors over the long-term.


This fund will be invested in a portfolio that is considered to be mainly medium and high risk investments with the intention of generating long term returns.

Fund of Funds £27.3m GBP £1000 lump sum, £25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.84% (last 12 months up to 31st July 2017)1.10% (includes AMC of 0.65%)1 Oct / 1 Apr 30 Nov / 31 May

UK Equities 26.6%



US Equities 11.7%

Global Bonds 8.7%


Japan Equities 6.1%





*31% FTSE All Shares, 27% IBOXX GBP Corporate, 12% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily TR Net EM 6%, 5% Cash Index LIBOR UK 3 Months, 5% JPM GBI Global, 5% FTSE Actuaries UK Conventional Gilts All Stocks

Source: BNPP IP

Performance from 16/06/2008 to 31/07/2017, Net of fees, expressed in GBP value


IFSL Sinfonia Income & Growth Portfolio

YTD 31.12.16

TO 31.07.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 31.07.17

Portfolio (%) 5.5 2.1 78.1 11.0



11.0 6.8 6.2 4.1 15.2

% Growth

Income & Growth Portfolio vs. Risk Managed 5*Performance Pack From 16/06/2008 to 31/07/2017

0

10

-10

20

-20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

IFSL Sinfonia Income and Growth Portfolio A Acc 78.12Risk Managed 5 Benchmark 80.98

Key:


OEIC: Fund of Funds

September 2015IFSL Sinfonia Balanced Managed Portfolio July 2017

UK Equities 28.5% UK Corporate Bonds 17.3% US Equities 12.9% European Equities 12.8% Japan Equities 6.0% Asian Equities ex Japan 5.1% Emerging Markets Equities 4.5% Cash & Money Market 4.0% UK Government Bonds 4.0% International Equities 2.4% Mixed Allocation 1.5% Global Bonds 1.0% Absolute Return 0.1%


Fund Facts

IFSL Sinfonia Balanced Managed Portfolio July 2017

Top 5 holdings





Vanguard S&P 500 UCITS ETF 6.93%

TOTAL 62.53%


Tactical Asset Allocation

UK Equities 28.5% UK Corporate Bonds 17.3% US Equities 12.9% European Equities 12.8% Japan Equities 6.0% Asian Equities ex Japan 5.1% Emerging Markets Equities 4.5% Cash & Money Market 4.0% UK Government Bonds 4.0% International Equities 2.4% Mixed Allocation 1.5% Global Bonds 1.0% Absolute Return 0.1%


To provide medium to long-term capital growth.

The Sub-Fund’s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may focus on UK and European assets.

This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term.



* 33% FTSE All Shares, 22% IBOXX GBP Corporate, 13% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily Net Japan, 5% MSCI Daily TR Net EM, 5% MSCI Daily TR Net Pacific Ex Japan, 5% Cash Index LIBOR UK 3months, 1% JPM GBI Global, 1% FTSE Actuaries UK Conventional Gilts All Stocks

Source: BNPP IPPerformance from 16/06/2008 to 31/07/2017, Net of fees, expressed in GBP value


IFSL Sinfonia Balanced Managed Portfolio

YTD 31.12.16

TO 31.07.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 31.07.17

Portfolio (%) 7.0 2.8 77.2 13.1



13.1 7.3 6.0 4.8 17.1

% Growth

Balanced Managed Portfolio vs. Risk Managed 6*Performance Pack From 16/06/2008 to 31/07/2017

0

10

-10

20

-20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

IFSL Sinfonia Balanced Managed Portfolio A Acc 77.22Risk Managed 6 Benchmark 78.55

Key:


OEIC: Fund of Funds


IFSL Sinfonia Adventurous Growth Portfolio

YTD 31.12.16

TO 31.07.17

3 MTHSSINCE

LAUNCH

16.06.08


TO 31.07.17

Portfolio (%) 8.7 3.5 79.7 15.3



15.3 7.5 5.2 4.8 19.8


Fund Facts

IFSL Sinfonia Adventurous Growth Portfolio July 2017





Parvest Equity Pacific ex-Japan 6.46%

TOTAL 62.41%


IFSL Sinfonia Adventurous Growth Portfolio July 2017

UK Equities 34.9%



Emerging Market Equities 11.2%

US Equities 10.7%

Asian Equities ex Japan 9.0%

Japan Equities 5.1%





To provide long-term capital growth.

The Sub-Fund’s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may also focus on UK assets.

This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term.



UK Equities 34.9%



Emerging Market Equities 11.2%

US Equities 10.7%

Asian Equities ex Japan 9.0%

Japan Equities 5.1%





* 10% MSCI Daily TR Net EM (NR) + 9% MSCI Daily TR Net Pacific Ex Japan (NR) + 11% MSCI Daily TR Net USA (NR) + 1% Cash Index LIBOR UK 3 Months (RI) + 8% MSCI Daily Net TR Europe Ex UK (NR) + 5% MSCI Daily TR Net Japan (NR) + 39% FTSE All Shares (NR) - (Calculated) + 17% IBOXX GBP Corporate (NR) -- (Calculated)

Source: BNPP IP Performance from 16/06/2008 to 31/07/2017, Net of fees, expressed in GBP value

% Growth

Adventurous Growth Portfolio vs. Risk Managed 7*Performance Pack From 16/06/2008 to 31/07/2017

0

10

-10

20

-20

-30

30

40

50

60

70

80

2008 2010 2011 2012 2013 2014 2015 2016 20172009

IFSL Sinfonia Adventurous Portfolio A Acc 79.72Risk Managed 7 Benchmark 76.84

Key:

IFSL Sinfonia OEIC Portfolios July 2017

BNP Paribas Investment Partners UK Ltd

The Multi-Asset Solutions, part of BNP Paribas Investment Partners manage the selected funds in the IFSL Sinfonia portfolios on a day-to-day basis, taking into account the prevailing market conditions and have an extremely robust and comprehensive process for selecting the funds in the portfolios giving investors in the IFSL Sinfonia OEIC access to specialist investment managers that may not be available to the retail investor.

Multi-Asset Solutions is the dedicated asset allocation capability within BNP Paribas Investment Partners, offering an extensive range of tailored multi-asset solutions for institutional and retail clients. The team has been in place since 2002 and has developed a strong expertise in both strategic and tactical asset allocation. The team comprises of 50 investment professionals located across Europe, the US and Asia and runs over £50bn of assets (31/12/2016).

Multi-Asset Solutions works with FundQuest, the fund selection specialist of BNP Paribas Investment Partners. FundQuest has a team of 28 professionals located in Paris, London and Singapore, proposing funds selection around the world and Model Portfolio activity.

As a totally independent and unbiased organisation Multi-Asset Solutions have access to the widest range of research and resources available enabling investments to be chosen that are appropriate to meet the objectives of the Portfolios.

Investment Management Team

The IFSL Sinfonia OEIC portfolios are available via a wide range of platforms and providers for ISAs, OEICs, SIPPs, pensions and onshore and offshore bonds.

For full details of where the funds are available please visit our website: www.sinfonia.com

The income generated for the IFSL Sinfonia Income Portfolio and IFSL Sinfonia Income & Growth Portfolios is based on natural income whereby distributions are generated by the underlying assets of the fund. This can include dividends from equities or interest from fixed interest holdings.

Quarterly or bi-annual income distributions can vary due to the synchronisation of the underlying fund distributions. E.g. if the underlying fund pays half year dividends on 31st March then that income will be paid in the following quarter’s distributions for the IFSL Portfolios.

Important Information

Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund’s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets.

This document has been approved by Investment Fund Services Limited. Investment Fund Services Limited is authorised and regulated by the FCA.

BNP Paribas Investment Partners UK Ltd, the Investment Manager, is authorised and regulated by the Financial Conduct Authority.

Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority.

If you do not understand any part of this document or you require guidance please obtain independent advice. Any opinions or statements included in this document constitute the judgment of BNP Paribas Investment Partners at the time specified and may be subject to change without notice.

No representation or warranty, express or implied, is made to the accuracy or completeness of the information contained herein, and BNP Paribas Investment Partners UK Ltd accepts no liability for any loss arising, whether direct or indirect, caused by the use of any part of such information.

SINFONIA ASSET MANAGEMENT LTD., 5 LISTER HILL, HORSFORTH, LEEDS, WEST YORKSHIRE, LS18 5AZ. COMPANY NO: 06309491. REGISTERED IN ENGLAND AND WALES

Investment Opportunities

Providers and Platforms

Natural Income

OEIC

ISA TRANSFERS

PENSION

ISA

SIPP

BONDS

To contact SinfoniaFor more information visit our website at www.ifslfunds.com

To invest in IFSL Sinfonia OEIC Portfolios please contact your financial adviser.

For adviser use onlyAdviser Service Line: 0808 178 9322

Leeds Head Office: 0113 239 0025

Email: [email protected]

Website: www.sinfonia.com


Asset Class Returns

Wondering which asset class to invest in for the best returns? Good luck! An asset class is a broad group of securities or investments that have similar financial characteristics, such as gilts or equities. The chart below shows the best performing to worst performing asset class each year. No single asset class is a consistent winner which is why having a blend of assets is so important.

Perf

orm

an

ceB

ES

TW

OR

ST

Emerging Market Equity 58.93%

2009

January – December

Asian Equity 53.2%

UK Equity 27.59%

European Equity 17%


USA Equity 12.41%

UK Gilts 1.78%

Cash 0.55%

Japan Equity -5.4%

Asian Equity 23.38%

2010


Japan Equity 19.06%

USA Equity 18.38%

UK Equity 12.17%


UK Gilts 6.47%

Cash 0.5%

European Equity -1.24%

UK Gilts 9.92%

2011


USA Equity 2.11%

Cash 0.49%

UK Equity -1.84%

Japan Equity -13.69%

Asian Equity -16.69%


Emerging Market Equity -17.82%

Asian Equity 16.99%

2012

European Equity 15.85%



USA Equity 10.27%

UK Equity 10.19%

Japan Equity 3.43%

UK Gilts 2.66%

Cash 0.31%

USA Equity 29.34%

2013


Japan Equity 24.8%

UK Equity 18.43%


Asian Equity 1.16%

Cash 0.3%

UK Gilts -2.56%


USA Equity 19.7%

2014


Asian Equity 11.32%

UK Gilts 6.36%


Japan Equity 1.95%

UK Equity 0.5%

Cash 0.38%


Japan Equity 15.91%

2015

USA Equity 6.52%


UK Gilts 0.85%


Cash 0.44%

UK Equity -2.21%

Asian Equity -3.91%



2016

USA Equity 32.28%

Asian Equity 25.77%

Japan Equity 22.12%


UK Equity 19.16%


UK Gilts 4.56%

Cash 0.33%

Source: FE Analytics


Asset Class Returns

Diversification reduces risk Predicting market movements over the long-term is impossible. It is very rare for a single asset class to outperform another consistently. That’s why it makes sense to invest in a wide range of different assets rather than try to predict short-term market movements. Over time, a diversified portfolio could smooth your overall return, giving you a more balanced and consistent outcome compared to a single asset portfolio.

Your financial adviser can help you decide which IFSL Sinfonia portfolio best suits your personal circumstances, time horizon, capacity for loss and attitude to risk. Each portfolio invests in a wide range of assets and is managed to a set level of risk. Because the portfolios are risk targeted, they will always stay at the same level of risk.

Risk

Po

ten

tial re

turn

IncomePortfolio

CautiousManagedPortfolio

Income& GrowthPortfolio

BalancedManagedPortfolio

AdventurousGrowthPortfolio

Cash and Fixed Interest Investment

UK Equity

Global Equity

30%

70%

55%

40%45%

15%

30%

55%

15%

45%

40%

5%

25%

30%

Risk Warning Past performance is not a guide to the future performance. The value of an investment and income are not guaranteed and can in fact fall as well as rise as a result of market fluctuations. You may not get back the original amount invested.

Investments in stocks and shares do not have the same degree of capital security which is afforded with a deposit account. The levels and basis of taxation are subject to change and their value depends on the individual circumstances of the investor. Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or by writing to IFSL, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP.

This document has been approved by Investment Fund Services Limited who are authorised and regulated by the FCA. Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority.

Disclaimer This document and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised use, disclosure or copying of this document, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence.

Sinfonia Asset Management Ltd is a private limited company registered in England with company number 06309491 whose registered office is at 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. The VAT registration number of Sinfonia Asset Management is 712054479. Sinfonia Asset Management Ltd is not regulated or authorised by the Financial Conduct Authority or the Prudential Regulation Authority. Investment Funds Services Limited (IFSL) is the Authorised Corporate Director for the IFSL Sinfonia OEIC. IFSL is regulated and authorised by the Financial Conduct Authority. All our literature including KIIDS, SID and Prospectus are available at www.ifslfunds.com

To contact SinfoniaFor more information visit our website at www.ifslfunds.com

To invest in IFSL Sinfonia OEIC Portfolios please contact your financial adviser.

For adviser use onlyAdviser Service Line: 0808 178 9322

Leeds Head Office: 0113 239 0025

Email: [email protected]

Website: www.sinfonia.com