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for financial advisers onlyinformer
Quarter 3 2012
birth of a le¯endwith gains in market share for theInvestment Portfolio, we look at itsgrowth so far, and its future potential
Like investments, blending spices is part art, part science.Getting it right for your personal palate is what counts.
The Old Mutual International Investment Portfolio– a carefully selected blend of opportunities.
To find out more about the Investment Portfolio visit www.oldmutualinternational.com
contents4 the birth of a legend
another look at the Investment Portfolio and a reminder of its exciting potential
6 a matter of life and deatha look at how beneficiary nomination adds extra value for your clients in the Investment Portfolio
8 a win/win idea of your clients a look at the 100% capital protection provided with the OMGB Protected Return Fund
10 charting the application process an overview of the complete application process involved in the Investment Portfolio
12 a tale of two managers an exploration of the two different approaches taken by Global Asset Managers and Skandia Investment Group to the OMGB Growth Plus Fund
16 global with a personal touch next in the series of authorised custodian articles – Fairbairn Private Bank
18 life changing investments why Alquity believes Africa is the one last great, unexplored market
20 new risk ratings explained
21 fund news
22 indicator
24 fund performance fi¯ures
welcome to the quarterthree 2012 issue of informer
It has been a year and a half sinceour first regular Old MutualInternational Informer hit the
South African market, and what a period of change and growth it has been!
We have launched a major andexciting new product, InvestmentPortfolio; we have launched a seriesof protected funds through our LifeAccount product; we have addedsignificantly to our range and,hence, increased the diversificationof funds available through the LifeAccount product; and we haveconsiderably enhanced our overallservice proposition, with a series ofdevelopments and initiatives aimedat making life as simple as we can for our customers and advisers.
This edition of Informerdemonstrates our continuedcommitment to delivering qualityand consistency across the crucialkey areas of product, fund, service,technology and support. Our aim isto ensure that the new marries withthe current, so you will see that, aswell as focussing on our newproducts and structures, we also
ensure that we provide activesupport and developments thatbenefit our existing customers too.
The launch of a new type ofprotected fund, together with a fresh approach to communicationsand the ever developing InvestmentPortfolio Authorised Custodianpanels, mean we have a potentialsolution for a wide variety ofcustomer needs.
Our commitment has to be toensure that this prevails throughvaried market and economicconditions.
I sincerely hope you will find thisedition informative andconstructive. Thank you for yourcontinued and valued support
Ian TavernerGeneral Manager of the OMI Group of Companies
editorial quarter 3 2012
quarter 3 2012 informer 3
When printed by Old Mutual International this item is produced on a mixed grade material,which uses a combination of recycled wood or paper fibre from controlled sources and virginfibre sourced from well managed, sustainable forests.
www.oldmutualinternational.com
Old Mutual Guernsey is the trading name of Old Mutual Life Assurance Company (South Africa) Limited,Guernsey Branch.
Old Mutual Guernsey, whose principal place of business is Albert House, South Esplanade, St Peter Port, Guernsey, GY1 1AW, is a branch of Old Mutual Life Assurance Company(South Africa) Limited, which is incorporated in South Africa (reg no. 1999/04643/06). Registered Office: Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, SouthAfrica. Old Mutual Guernsey is licensed by the Guernsey Financial Services Commission under TheInsurance Business (Bailiwick of Guernsey) Law, 2002 to carry on long term insurance business.
Old Mutual Life Assurance Company (South Africa) Limited is a registered long-term insurer and a licensedfinancial services provider.
Old Mutual Isle of Man, branch of Old Mutual Life Assurance Company (South Africa) Limited, is registeredin the Isle of Man under number 005664F and whose principal place of business is Skandia House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0) 1624 653 400 Fax: +44 (0) 1624 622 296. Website www.oldmutualinternational.com.
Authorised and regulated by the Isle of Man Insurance & Pensions Authority.
Old Mutual Life Assurance Company (South Africa) Limited is a registered Long-term Insurer in terms of the Long-term Insurance Act number 52 of 1998. Old Mutual Life Assurance Company (South Africa) is incorporated in South Africa (registration number 1999/04643/06) and has its Registered Office atMutualpark, Jan Smuts Drive, Pinelands, Cape Town, South Africa.
Old Mutual is a licensed Financial Services Provider.
Old Mutual International Investment Portfolio was born at the end of January 2012, and before we discuss its first trimester we, at Old MutualInternational (OMI), would like to remind you why it is gaining market share and why we believe it isdestined to become one of the most widely heldoffshore products in South Africa.
Some of the key reasons forholding shares, corporatebonds or funds in a life
wrapper such as the InvestmentPortfolio are:
• Simplified administration – thetedious tax reporting obligationson all trades now sit with OldMutual Life Assurance CompanySouth Africa (OMLACSA) andnot with the investor.
• Wide investment choice – withthe Investment Portfolio,investors can enjoy significantinvestment freedom byspreading and varying theirportfolio across a wide range offunds and/or different assets,
according to their financialgoals and their attitude to risk.
We all know that gestationrequires time and that our ‘baby’was expected with greatexcitement. The overwhelmingattendance of around 600advisers at the launch event inMarch was an indication of howinterested the market is in ournew addition.
The product is designed with thehigh net worth client in mind,those who have existingrelationships with private banksand want to utilise these forassets held within the InvestmentPortfolio.
4 informer quarter 3 2012
the birthof ale¯end…
quarter 3 2012 informer 5
The backbone of the InvestmentPortfolio is our authorisedcustodians – they provide thedealing facilities, reporting andinternet access. Many may alsooffer the service of a Fund Adviserwho is able to provide investmentadvice. We have legal agreementswith: Collins Stewart WealthManagement, Credo Capital plc,Savoy Investment Management,Fairbairn Private Bank, InvestecWealth & Investment Limited,Anglorand and PSG to provideauthorised custodian facility. Wemay increase the number ofcustodians in the future to meet thedemands of advisers and clients.
The Investment Portfolio hasexpanded OMI’s distribution. Themajority of individuals in SouthAfrica have their foreign assetsmanaged by local stockbrokers andforeign private banks. Theseinstitutions have a close workingrelationship with the custodiansmentioned earlier. An excitingfeature of the Investment Portfoliois that investors are able to appointa Fund Adviser (or DiscretionaryInvestment Manager) to makeinvestment decisions on theirbehalf. Understanding the differentways how all these parties interact isimportant and the flow chart onpages 10 and 11 should be helpful.
The Investment Portfolio hascreated great excitement andopportunity for all parties involved,particularly the investor, who nowhas easy access to a number ofcustodians through one productprovider.
For more information on the productand its features contact your OffshoreSpecialist or visit our websitewww.oldmutualinternational.com
6 informer quarter 3 2012
the knowled¯e
a matter of
The ability to nominate beneficiaries is an importantaspect of our Investment Portfolio. Rachael Griffinexplains how it adds extra value for your clients.
One of the key concerns in succession planning is the client’s fear of
losing control of their assets.They are not ready to gift assetsaway and want to ensure that ifthey need them in the future they have unrestricted access to them quickly.
Using a beneficiary nominationwith an investment portfoliocontract allows the contractholder to maintain control overthe investment strategy of thecontract and access funds whenrequired. At the same time, it provides them with thereassurance that the contract
will pass to their nominatedbeneficiaries quickly and without delay. It also spares theexecutors the expense and timeof probate when dealing with this particular asset.
how does thenomination work? The beneficiary nomination iscreated by the contract holder(or by both contract holderswhere there is more than one),provided they are at least 18 yearsold at the time of its creation. Onthe contract holder’s death (thetransfer date) the legal rights ofthe contract will be transferred tothe primary beneficiaries in the
proportions indicated. Forexample, if the contract holdernominates 50% each to Andreaand Roger, on the contractholder’s death Andrea and Roger will become equal legalowners of the investmentportfolio contract.
If one or more of the primarybeneficiaries does not survive thetransfer date, their share isdistributed between the otherprimary beneficiaries who are stillalive, on a pro rata basis.
So if Andrea were to predeceasethe contract holder, her share ofthe contract would automaticallygo to Roger.
lifeanddeath
quarter 3 2012 informer 7
The beneficiary nomination alsoallows the contract holder toappoint secondary beneficiaries.This ensures that the contractdoes not revert back to thecontract holder’s estate, even ifall the primary beneficiaries havepredeceased them. This isparticularly useful where a spousehas been appointed as a primarybeneficiary and the contractholder and spouse die at thesame time.
If, on the transfer date, there are no primary or secondarybeneficiaries alive, thenomination will come to an endand the contract will revert to the contract holder’s estate.
Any number of primary andsecondary beneficiaries can be appointed, provided they are individuals, a company or a trustee.
The investment portfolio willcontinue subject to the sameterms and conditions which
applied when the contractcommenced.
If they wish, the contract holdercan amend the nomination at anytime during their lifetime,although they must confirm therevocation in writing. If there isan assignment, new nomination,total surrender or maturity of theinvestment portfolio, thisautomatically revokes theexisting nomination.
For example, if the contract holderwere to assign their contract toBoris, then the nomination infavour of Andrea and Roger wouldautomatically end.
A beneficiary nomination is anessential part of the financialplanning process, as it allows theclient to maintain control duringtheir lifetime and after – choosingwho will benefit from theinvestment portfolio and in whatproportions. The only questionoutstanding is: why aren’t allclients using this solution?
A beneficiary nomination is an essentialpart of the financial planning process”
”how it worksThe effect of the nomination is toput the beneficiary in the sameposition, contractually, as thepolicyholder, by recognising therights of the beneficiary throughthe Isle of Man Contracts (Rights of Third Parties) Act 2001 (‘the Act’).
The Act formally recognises therights of a person or legal entity,who is not party to a contract inhis own right, to enforce a term ofthe policy if either the contractexpressly provides that the partymay, or the term of the contractpurports to confer a benefit onthem. When a nomination isreceived and accepted by OldMutual (Isle of Man) branch, theterms of the contract areamended to ensure theappropriate wording relating tothe nomination are includedwithin the terms.
The nomination is for use with theinvestment portfolio, which isgoverned by Isle of Man law. TheManx Courts will legally recognisethe rights of the beneficiary. Thisis regardless of where the contractholder and the beneficiary reside,providing there was a clearintention, at the time thenomination was created, to allowthe named beneficiaries toenforce the rights of the contractfrom the transfer date.
8 informer quarter 3 2012
Do your clients expect global markets to recover withinthe next five years? Are they more concerned aboutlosing money in the current market turmoil or missingout on a possible recovering market? Are they findingtraditional methods of saving such as deposit accountsan attractive alternative? Dean Bowden shows thatthey don’t have to make a choice with the OMGBProtected Return Fund from Old Mutual Guernsey.
If your clients want to takeadvantage of potential stockmarket performance and are
prepared to remain invested for afive-year term, the OMGBProtected Return Fund may be anattractive option for them. Itoffers a compounded return of5% per annum or 50% of stockmarket growth (US or UK),whichever is greater at maturityof the Fund.
what is the OMGBProtected Return Fund?The OMGB Protected ReturnFund (‘the Fund’) aims to protectyour client’s capital at the end ofthe Fund's five-year term, whilstproviding a minimum return of5% per annum compounded andthe opportunity to takeadvantage of the performance ofthe S&P 500 or FTSE 100Indices depending on the chosencurrency.
a win/win ideafor your clients
quarter 3 2012 informer 9
The Fund invests in a Certificateissued by BNP Paribas, a leader in banking and financial services in Europe, with AA- and A2 ratings from S&P and Moody’srespectively, and is thereforesubject to the credit risk of BNP Paribas.
In order to provide the minimumreturn of 5% per annumcompounded and the capitalprotection, the Certificate islinked to the credit risk of six well-known, carefully selectedAmerican companies, and istherefore also subject to the creditrisk of these companies. However,the credit risk is equally spreadamongst the companies, so eachcompany represents one sixth ofthe credit risk. Why? Becausespreading the credit risk ensuresthat, should any one of thecompanies involved default, onlyone sixth of the clients’ capital andreturn at maturity would be at risk.Please note that Old MutualGuernsey provides no guaranteewhatsoever in respect of theclient’s investment in this Fundand the subsequent value thereof.
The Fund is available for eightweeks from 27 August 2012, toclients who are investing in a newLife Account 2 contract and wishto place 100% of theircontribution in the Fund.
The Fund aims to provide: • 100% capital protection• 5% per annum compoundedreturn or 50% of market growthof your client’s chosen market(US or UK), whichever is higher,at the maturity of the Fund
• a choice of currency and therebystock market – US$ or £.
If your clients choose to invest inUS dollars, the performance of theFund will be linked to theperformance of the S&P 500Index. If they choose to invest insterling, the performance of theFund will be linked to the FTSE100 Index.
Whilst invested wholly into theFund, the standard Life Account 2contract charges will be waived,and only Fund charges will apply.When the Fund matures the valueof the investment will be switchedinto the OMGB US$ MoneyMarket Fund. From then on,clients will have access to the fullrange of Life Account 2investment choices and thestandard Life Account 2 chargeswill apply.
If you would like your clients totake advantage of this greatinvestment opportunity or if youhave any questions, pleasecontact your Offshore Specialist,who will be happy to help.
10 informer quarter 3 2012
From advising clients, to dealingwithin the portfolio in order tomeet customers' needs, thishigh-level flow chart gives anoverview of the different steps ofthe application process for theOld Mutual InternationalInvestment Portfolio. This hasbeen produced to show theimportance of establishing therelationships between client,financial adviser, fund adviserand custodian.
chartin¯ theapplicationprocess
Client meets with FinancialAdviser and is advised to invest inan Old Mutual InternationalInvestment Portfolio
Client and Fund Adviser to enterinto an agreement which includesagreeing investment mandate andany Discretionary Manager fee
Client and Financial Adviser toagree a charging option for theInvestment Portfolio
Fund Adviser implements strategyand manage portfolio inaccordance with specifiedmandate
quarter 3 2012 informer 11
Client is provided with and readsInvestment Portfolio:• Product brochure• Key Features Document• General Conditions• Application Form (Individual,Corporate or Trustees)
A third party linked to the AuthorisedCustodian
A suitably qualified third party
The Financial Adviser (if suitably qualified)
No Fund Adviser. Client providesinstructions straight to the AuthorisedCustodian’s dealing desk.
Send all signed relevant paperwork,including verification of identity to OldMutual International local branch office.
Money sent by OMIOM to AuthorisedCustodian (less any cash Client hasrequested Old Mutual Isle of Man toretain to cover contract charges)
Client, with guidance from Financial Adviser,selects an Authorised Custodian from the listavailable and reads their charges sheet.
Financial Adviser and Client engage with thechosen Authorised Custodian to ensure it can meetthe requirements of the Client. Where theCustodian requires ID/KYC for the Client or anythird party appointed to the contract by the Client,the responsibility for the provision of this ID lieswith the Financial Adviser and Client. Where theAuthorised Custodian (or an associated company)also acts as a Discretionary Investment Manager,the Client will enter into a discretionary agreementwith them.
Client decides who is to act as FundAdviser (also known as a DiscretionaryInvestment Manager)
If application is accepted, Client telegraphicallytransfer money to Old Mutual Isle of Man**assuming offshore clearance obtained or monies already held offshore
Old Mutual Isle of Man issues contractdocuments to Client with copy toFinancial Adviser
12 informer quarter 3 2012
The OMGB Growth Plus Fund has been managed since itslaunch in August 2004 by two separate investmentmanagers, Global Asset Management (GAM) and sinceApril 2010 Skandia Investment Group (SIG). The style ofthese two managers and the strategy they employed forachieving the fund’s objective, have been very different.
a tale of twomana¯ersOMGB Growth Plus Fund Performance History
GAM, the original manager of thefund, adopted a strategy ofinvesting into illiquid assets, withheavy exposure to fund of hedgefunds (c.50% on average). Thisapproach had the advantage ofsmoothing the return profile ofthe fund, but it acted as adetractor when liquidity acrossglobal markets evaporated duringthe credit crunch of 2008.
In contrast SIG has adopted amore liquid approach to themanagement of the fund, and
uses only assets which are dailytraded. This approach has thebenefit of enabling the managerto move in and out of assetswithout liquid constraints, andallows the true value of theholdings to be captured in thenet asset value (NAV). However,on the downside it can result inincreased daily volatility.
Although the two fund managersadopted different styles andinvestment strategies, thegeneral risk profile and asset class
quarter 3 2012 informer 13
exposures of the fund has notchanged since the launch of thefund. We should look at theperformance of the fund split intothe two distinct periods of tenureof the individual managers.
GAM Tenure –24/08/2004 to09/04/2010(Fund benchmark – 3m Libor +4%)Chart 1 illustrates that OMGBGrowth Plus (USD) Fundoutperformed the benchmarkfrom launch until 2008 (subperiod 1, chart 1), The fund had arelatively low volatility returnprofile in what was generally alow volatility, rising market. Inaddition the returns weresmoothed by GAM’s strategy tohold a substantial portion of theassets in fund of hedge funds.
However, the credit crunch thatrocked markets globally in 2008had a detrimental impact on thefund’s performance. Marketvolatility increased dramatically in2008 as the credit crunch tookhold and leveraged positions
were forced to be unwound. As a result there was an increasedfocus on liquidity and inparticular a focus on the risks andimpact of investing into illiquidassets through liquid funds.Concerns centred on the inabilityto accurately price the underlyingholdings and reflect true marketvalues in fund prices; and also theinability to reposition portfoliosto adapt to the changing marketenvironment.
Whilst equity prices movedsubstantially lower as a result ofthe credit crunch, substantiallosses were also delivered in manyhedge fund strategies. Whatbecame apparent during 2008was that many hedge fundstrategies, in an effort to generatereturns during the low interestrate, low volatility market, hadlarge equity exposures that wereinvariably leveraged.
In 2008, the OMGB Growth Plus(USD) Fund had around a 50%exposure to hedge funds, whichsuffered significant losses,impacting on the overallperformance of the portfolio.
'04 '05 '06 '07 '08 '090
10
20
30
40
50
33.9
49.58
Cumulative Return Chart08/24/2004 to 04/09/2010
OMGB Growth Plus (USD) LIBOR_3MONTH_USD_+4%
Sub period 1 Sub period 2 Sub period 3
Chart 1
Source Factset: 29th May 2012.
>>
14 informer quarter 3 2012
The result was a significantunderperformance to thebenchmark (sub period 2, chart 1).
In the ensuing recovery over2009, the fund’s performancewas generally in line with, andoften above, the benchmark.However, this was from a muchlower base and did notcompensate for the lossessustained (sub period 3, chart 1).
Due to the illiquid nature of thehedge funds, GAM were not ableto redeem distressed assetsquickly, which meant that thefund could not be positioned tobenefit fully from the risingmarket. The last of the illiquidassets within the portfolio wereonly able to be redeemed in 2011,some 3 years after the downturn.
The illiquid nature of the strategy,which had benefited the fund andits investors until 2008 due to itssmoothing effect, causedsignificant concern amongst theOMGB Growth Plus (USD) Fund’sinvestors and was a significantpart of the decision to replace
GAM with Skandia InvestmentGroup.
SIG Tenure – Period12/04/2010 to30/04/2012(Fund benchmark – USDCPI +5% over 7-10 years)SIG took over management of thefund in April 2010 and during thisperiod the benchmark waschanged from 3m Libor +4%, toUSD CPI +5% over a 7-10 years. It was felt that the original ‘cashplus’ benchmark implied anabsolute return approach torunning the fund, which was notthe case. The new benchmarkgives investors a betterexpectation of the return profilethat they can expect, and theperiod that they need to beinvested to achieve this return.
In May 2010 markets again took a significant hit as globaluncertainty dominated sentiment.The fall in valuations was instantlycaptured in the pricing of theOMGB Growth Plus (USD) Fund
30/6/2010 31/12/2010 30/6/2011 30/12/2011
-10
-5
0
5
10
15
-0.67
16.61
OMGB Growth Plus (USD) CPI USA +5%
Sub period 1 Sub period 2 Sub period 3
Sub period 4Chart 2
Source Factset: 29th May 2012
Although the twofund managersadopted differentstyles andinvestmentstrategies, thegeneral risk profileand asset classexposures of thefund has notchanged since thelaunch of the fund
”
”
>
quarter 3 2012 informer 15
due to the daily liquidity of all ofthe underlying assets in SIG’sstrategy. However, this increasedliquidity, when compared to theprevious GAM portfolio, meantthat the fund captured all of thereturns generated by thesubsequent rebound in June/July2010 (sub period 1, Chart 2). Theportfolio performed in line andinvariably above the CPI+5%benchmark for the remainder of2010 and into 2011.
The summer of 2011 saw asecond liquidity crisis rock worldmarkets. This time the crisisrelated to Global SovereignDebt, and in particular EuropeanSovereign debt. The impact onmarkets was as severe as in 2008,but this time all asset classesseemed to move together (Subperiod 2, Chart 2).
The strategy to which SIGmanage the fund is based heavilyon finding and investing in assetsthat offer the potential for realreturn. The fund had no exposureto German or US governmentdebt and in fact was overweightequities with a particular slant toemerging markets, which in SIG’sview offered the greatestpotential for upside. The fundunderperformed as the EuropeanDebt crisis rumbled on through2011, but the portfolios werepositioned to benefit from theupturn in markets in early 2012.Markets rallied strongly asinvestor fears subsided and alevel of rationality returned tomarkets. With increasing globalconfidence, global equities had
their strongest first quarter inover 10 years with the MSCIWorld Index rising over 10% andUS equities hitting their highestlevel since the collapse ofLehman Brothers. (Sub period 3,Chart 2)
May 2012In May, investors have againresponded to renewed fears overthe global outlook. Markets havecorrected quite dramatically amidunease generated by the politicaluncertainty in Europe, and agrowing fear that Europe'sausterity programmes will lead to weak economic output.
Unlike in 2011, the worries are less about financial stress(indicators of which remain quitestable) or fears about largeEuropean defaults, and moreabout the apparently poorprospects for growth. This hasbeen compounded by modestlyweak data in other markets, suchas the disappointing numbers onUS employment and Chineseexports. Shares in commoditiesand cyclically-exposedcompanies have provenparticularly vulnerable. (Sub period 4, Chart 2)
However, despite this mostrecent bout of volatility, we areconfident of the potential for the OMGB Growth Plus Fund to deliver strong returns forcommitted investors. The fundremains positioned primarily inassets that in SIG’s view have the potential for positive realreturns.
16 informer quarter 3 2012
In the next of our series ofarticles introducing theAuthorised Custodiansavailable on the OldMutual InternationalInvestment Portfoliopanel, Fairbairn PrivateBank (IOM) Limitedexplains its philosophiesand investment policies.
Fairbairn Private Bank
¯lobalwith a
personal touch –
quarter 3 2012 informer 17
Fairbairn Private Bank offersa successful andcomprehensive private and
personal banking operation onbehalf of a wide range of
clients. These includeprivate individuals,professionalintermediaries,wealth managers,non-tradingcompanies, trusts,governments andinstitutionalinvestors.
We are a wholly ownedsubsidiary of Nedbank and
our ultimate parent is Old MutualGroup plc – we take our namefrom its founder, John Fairbairn(1845). Through our offices inthe UK, Isle of Man, Jersey, Dubaiand South Africa, our specialistteams of staff can provideobjective guidance and productexcellence from internationalcentres around the globe.
Since our inception, our principalaim has always been to serve ourclients better than any otherfinancial services organisation.We believe that the client alwayscomes first, so it is their needsthat drive our actions. This is ouroverriding philosophy and ourentire business has beenspecifically structured in supportof this objective.
We were the first British offshoreisland based bank to hold anindependent “A3/P2” creditrating from Moody’s (since
2002). The rating reflects ourunderlying credit strength andwe are considered to have “solidfinancial fundamentals and a lowrisk profile”. The bank was alsovoted Best International WealthProvider for the fourth yearrunning in the ProfessionalAdviser International Fund andProduct Awards 2012.
Clients could benefit fromholding their entire financialrequirements on our integratedplatform, Focus. Focus opens upnot just unitised and collectivefunds but a comprehensive rangeof direct investment holdings.
At Fairbairn Private Bank andthanks to our highly trainedservice support team, we areideally placed to adapt to yourclients’ changing requirementsand the ever-increasingsophistication in the assetmanagement arena.
Our discretionary investmentmanagement service has grownrapidly since it was firstestablished a little over six yearsago and now offers a range ofrisk-rated portfolios that can bedenominated in sterling, dollarsand euros.
We also offer collectiveinvestment funds, which aremanaged by our sister company,Nedgroup Investments (IOM)Limited (NGI). Known as theNedgroup InvestmentsMultiFunds plc, the funds offeralternative access to our
discretionary investmentstrategies through the purchaseof shares in collective investmentschemes. The NedgroupInvestments MultiFund is anopen-ended investmentcompany (OEIC) which is UCITSIV compliant and recognised bythe FSA, so your clients can restassured that it is highly regulated.
There are three risk-rated sub-funds available in both sterlingand dollar share classes: Income,Balanced and Growth, whichensure access to the widestpossible range of underlyinginvestments. The Balanced andGrowth sub-funds are bothmulti-asset class investments,while the Income sub-fund isprimarily fixed income focused.The sterling share class is alsohedged in order to minimise theimpact of fluctuations inexchange rates.
With considerable flexibility ofcontributions and a wide choiceof investments, using FairbairnPrivate Bank as your custodian,through an Old MutualInternational InvestmentPortfolio, can create an idealplanning solution.
For further details on Fairbairn Private Bank’s services, pleasevisit the websitewww.fairbairnpb.com
18 informer quarter 3 2012
Alquity Africa Fund –
life chan¯in¯investments
With developed markets showing few signsof growth, the search is on for the next biginvestment idea. Paul Robinson, CEO ofAlquity, explains why he believes Africa isthe one last, great, unexplored market.
Africa is a continent that is on the rise and whichinvestment guru George
Soros has recently described as“one of the few bright spots on the gloomy economic horizon”.Below are five reasons why webelieve it is a good time to invest in Africa with Alquity.
1. excellent economicgrowth figures andforecastsThe IMF predicts that growth in the continent will be at 5.5% in2012 and that seven of the world’sten fastest growing economiesbetween 2012-15 will be in Africa.In addition to this, the continenthas low debt levels when compared to Western economies.
Did you know? The world’s fastestgrowing economy in 2011 wasGhana – at 20.2% GDP growth.
quarter 3 2012 informer 19
2. the richest continent on the planetAfrica is rich in natural resourcesand possesses:• 20% of the world’s land mass• 89% of the world’s platinumgroup metals
• 74% of the world’s chrome• 60% of the world’s diamonds• 12% of the world’s proven oilreserves
• 40% of the world’s gold
Demand for these resources fromChina and other emergingregions, as well as from the regionitself, has been contributing tothe growth of many of theeconomies of Africa.
Did you know? The land mass ofthe United States, India,Argentina, China and Europe, allfit easily into a map of Africa?
This map is to scale
3. a young and vibrantpopulationThe median age in Africa today is19.7 years. This is compared to themedian age of 29.2 for Asia, 32for the BRIC nations, and 40.1 forEurope. This younger population,which is also becoming moreeducated than ever before, means
that there are fewer dependentsproportionately – giving thepotential for an economic boom.
Did you know? Primary schoolattendance, considered as one ofthe factors which heraldseconomic prosperity, is rising inAfrica faster than anywhere else inthe world?
Proportion of the population ofworking age
4. Africa is wealthier than you think• Africa has more middle classhouseholds than India (classedas an income exceeding 20,000USD per annum).
• There are ten African countrieswealthier than China on a percapita GDP PPP basis*
• There is a growing consumerclass with discretionaryexpenditure – this will fuel theeconomy.
Did you know? Forbes recentlylaunched the first ever ‘rich list’for Africa
*PPP = purchasing power parity. Thismeasures a country’s income byconsidering the price of goodscompared to other countries – thusgiving a fair comparison
5. investing in Africa withAlquity – life changinginvestments Alquity is a new type ofinvestment business, which existsnot only to bring attractivereturns to investors, but to do soin a sustainable fashion and tohelp to transform lives for thebetter in the regions in which weinvest. Therefore, withoutaffecting fund investors’ returns,the company donates a minimumof 25% of its net revenue fee tosupport development initiatives,with a goal of creating jobs indisadvantaged parts of thecontinent in which we invest. Bydoing this, we aim to create avirtuous circle of “investment tobreed investment”.
In addition to this, the AlquityAfrica Fund uses Environmental,Social, Governance (ESG)principles when deciding whichcompanies to invest in on behalfof their clients. This type ofsustainable investing examinesthe way in which a business isconducting itself, to ensure that itis not storing up trouble for itself,and its shareholders, for thefuture by a wilful disregard forenvironmental and communitymatters.
Africa China
52.1
%
1980 2010 2030(f)
56.3
%
61.5
%
59.8
%
71.9
%
67.2
%
The Alquity AfricaFund will be availableon the Old MutualGuernsey fund rangelater in September.
20 informer quarter 3 2012
Old Mutual International has adopted new risk ratings in order to provideinvestors with a more meaningful indication of overall risk and reward.
new risk ratin¯sexplained
The new approach uses thestandard deviation of the returnsof the fund over the last five years.
Standard deviation is a common measureused to demonstrate a fund’s volatility,which indicates the tendency of thereturns of a fund to rise or fall over aperiod of time. The standard deviationmeasures the degree to which the fundfluctuates in relation to its average returnover a period of time. A low standarddeviation indicates that the fund’sfluctuation is close to the averagewhereas high standard deviationindicates that the fluctuation is morewidely spread out from the average.
The standard deviation of the fund overthe last five years is calculated using pastreturns history. Where a fund hasn’t beenin existence on the fund range longenough to generate the required fiveyear history of returns, we have used thestandard deviation of the availablereturns of the fund, along with thestandard deviation of the availablereturns of a suitable sector benchmark.
This standard deviation figure is thenassigned to a relevant volatility interval.The volatility intervals have then each
been allocated a risk rating from 1 to 5 as shown below:
The risk ratings will be reviewed on a monthly basis. If a fund moves to a new volatility interval for threeconsecutive months, the risk rating will be changed accordingly.
The new fund risk ratings will be shown on all relevant literature, as well as the fund factsheets available atwww.oldmutualinternational.com
The new risk ratings are shown for the first time as part of the summary of fund performance on the following pages.
Volatility Risk Rating
<5 1
5-10 2
10-15 3
15-20 4
20< 5
quarter 3 2012 informer 21
fund newsfund launches
Launch Date
Coronation Global Capital Plus (USD) 11-Sep-12
Oasis Crescent Global Equity (USD) 28-Aug-12
Ashburton Global Strategy (USD) 28-Aug-12
Alquity Africa (USD) 28-Aug-12
Coronation Global Capital Plus (EUR) 7-Aug-12
Coronation Global Capital Plus (GBP) 7-Aug-12
Coronation Global Strategic Income (USD) 24-Jul-12
Barclays GA Global High Yield Bond (USD) 17-Jul-12
Barclays GA Global High Yield Bond (EUR) 17-Jul-12
Barclays GA Global High Yield Bond (GBP) 17-Jul-12
Goldman Sachs Japan Portfolio (USD) 17-Jul-12
Barclays GA Emerging Markets Debt (GBP) 3-Jul-12
Barclays GA Emerging Markets Debt (EUR) 3-Jul-12
Barclays GA Emerging Markets Debt (USD) 3-Jul-12
Barclays GA Global Short Duration Bond (GBP) 19-Jun-12
Barclays GA Global Short Duration Bond (EUR) 19-Jun-12
Barclays GA Global Short Duration Bond (USD) 19-Jun-12
Barclays GA US Value (USD) 5-Jun-12
Pimco Global Inv Grade Credit (GBP) 5-Jun-12
Pimco Global Inv Grade Credit (USD) 5-Jun-12
Pimco Global Inv Grade Credit (EUR) 5-Jun-12
Barclays GA Emerging Markets Equity (USD) 22-May-12
funds closed to new business,switches in and top ups
Orbis Global Equity (USD)
Orbis Optimal (EUR)
Orbis Optimal (USD)
Ashburton Global Euro Asset Management (EUR)
Brandeaux Property (GBP)
funds closed to new business,switches in, top ups, switchesout and withdrawals/surrenders
Glanmore Property (GBP)
NI Target Return (USD)
NI Target Return II (GBP)
NIS Diversified Strategy (GBP)
NIS Diversified Strategy (USD)
NIS Guarded Strategy (GBP)
NIS Guarded Strategy (USD)
TriAlpha Multi-Strategy (USD)
Grenfell Graduate (GBP)
Grenfell Graduate (USD)
The performance figures include all external fund management fees and Annual Management Charges. This Financial Expresssourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensurethat the information provided is correct. Neither Financial Express Limited or Skandia International warrants, represents norguarantees the contents of the information, nor do they accept any responsibility for error, inaccuracies, omissions or anyinconsistencies herein.
Investors should be aware that the value of units may fall as well as rise. Past performance is not a guide to the future. Where a fundinvests in securities designated in a different currency to the fund, the value of the fund may rise and fall purely as a result ofexchange rate fluctuations. Investors should be aware of the risks when investing in Emerging Market Funds as they may be subjectto considerable fluctuations in value. They are additional to the normal risks inherent in securities. Local dealing restrictions maymake certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is only suitable forsophisticated investors who understand the risks involved.
22 informer quarter 3 2012
indicator
cate¯ories
The outlook provided by the
fund group for e
quiti
esignores
the effect that currency
movem
ents can have on the
market. For example, if the fund
group believes the US outlook is
positive, but believes the
strength of Sterling will be a
deterrent for U
K investors, they
will still show a positive outlook
for the US market.
The outlooks for e
quiti
es,
bond
sand
prop
ertyrelate to
the specific indices show
n in the
'benchmarks and market
movem
ents' table below
the
indicator grid. T
he performance
information show
n in this table is
calculated in Sterling terms.
how to
use indicator
The Indicator p
rovides investors with a 12
-month stock market o
utlook form
a selectio
n of
fund groups. This inform
ation is provided by Skandia International of w
hich Old Mutual
International is a key component. Skandia International provided the fund groups with an
index as a benchmark for each sector and asked th
em how
they th
ink the index will perform
over th
e next 12
months. The fund groups listed may not be available to all the product
companies which form
Skandia International.
August 2
012
Th
ese a
re In
vestm
en
t H
ou
se v
iew
s a
nd
are
no
t fu
nd
-sp
ecific
.
Eq
uitie
sB
ond
sP
rop
ert
y
h i£ –lNegative
Neutral
Positive
View not provided
Positive shift
Negative shift
US
US Smaller Cos
Europe
Pacific Ex Japan
Japan
Emerging Markets
BRIC
UK
UK Smaller Cos
Global Property
Securities
UK Property
International
UK Government
UK Corporate
Kam
es C
ap
ital
Alli
anz G
lob
al In
vesto
rs
AX
A F
ram
ling
ton
Baring
s
Bla
ckR
ock
F&
C
Fid
elit
y
GLG
Hend
ers
on
HS
BC
Ignis
INV
ES
CO
PE
RP
ET
UA
L
Investe
c
JP
Mo
rgan
M&
G
These view
s are not fund specific. We have asked the fund groups to provide an outlook for each sector as a whole.
l–
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quarter 3 2012 informer 23
outlo
ok¯uidelines
a positive outlo
okthe fund group believes the
index they are using as a
benchm
ark will rise in
excess of 5% over the next
12 months.
£a neutral outlook
the fund group believes the
index they are using as a
benchm
ark will have either
a positive or negative
movem
ent o
f between
0% and 5%.
la negative outlo
okthe fund group believes
the index they are using
as a benchmark will fall in
excess of 5% over the next
12 months.
Past
perf
orm
an
ce is n
ot
a g
uid
e t
o f
utu
re p
erf
orm
an
ce.
So
urc
e f
or
all
perf
orm
ance info
rmatio
n: F
inancia
l E
xp
ress L
imited
, fr
om
29/0
6/2
012 t
o 3
1/0
7/2
012, b
id t
o b
id,
in d
olla
rs,
with g
ross
inco
me r
ein
veste
d b
ack into
the f
und
.
U F
igure
s u
navaila
ble
.
* T
his
is t
he v
iew
of
Bo
b Y
erb
ury
, C
hie
f In
vestm
ent
Off
icer
of
Invesco
UK
. T
hese v
iew
s m
ay c
hang
e a
nd
may d
iffe
r fr
om
tho
se o
f in
div
idual In
vesco
Perp
etu
al fu
nd
manag
ers
.
Ad
ditio
nally
, th
is 1
2-m
onth
outlo
ok is a
sho
rter
term
than Invesco
Perp
etu
al’s
no
rmal in
vestm
ent
ho
rizo
n w
hen b
uyin
g s
tock a
nd
, as s
uch, th
e v
iew
s m
ay n
ot
necessarily
be r
ep
resenta
tive o
f In
vesco
Perp
etu
al's p
ort
folio
s.
This
Fin
ancia
l E
xp
ress s
ourc
ed
info
rmatio
n is p
rovid
ed
to
yo
u b
y S
kand
ia U
K G
roup
and
is u
sed
at
yo
ur
ow
n r
isk.
Fin
ancia
l E
xp
ress t
ake c
are
to
ensure
that
the info
rmatio
n p
rovid
ed
is c
orr
ect.
Neither
Fin
ancia
l E
xp
ress L
imited
or
Skand
ia G
roup
warr
ants
, re
pre
sents
no
r g
uara
nte
es t
he c
onte
nts
of
the info
rmatio
n, no
r d
o t
hey a
ccep
t any r
esp
onsib
ility
fo
r err
or, inaccura
cie
s,
om
issio
ns o
r any inco
nsis
tencie
s h
ere
in.
benchm
arks and market m
ovem
ents
perc
en
tag
e g
row
th
Eq
uitie
s
FT
SE
All
Share
FT
SE
Sm
all
Cap
Ind
ex
S&
P 5
00
Russell
2000
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SE
Wo
rld
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All
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ap
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merg
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ets
Co
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BR
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Pro
pert
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Pro
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y S
ecurities
Bo
nd
s
Citi U
K G
overn
ment
Bo
nd
Ind
ex, A
ll M
atu
rities
Citi W
BIG
UK
Co
rpo
rate
Bo
nd
In
dex
Citi W
orld
Go
vern
ment
Bo
nd
Ind
ex
-4.4
8-4
.20
30.1
2-1
7.6
1102.5
6
-7.2
7-1
0.4
224.1
5-4
1.8
357.6
0
-0.9
48.4
145.9
02.3
571.5
5
-3.4
2-0
.23
45.3
56.5
1119.8
1
-3.8
6-1
6.7
53.8
6-2
9.5
7102.5
8
-6.3
9-1
2.2
6-0
.90
-29.2
235.5
6
-2.5
5-8
.00
35.4
86.1
3240.2
1
-5.9
9-1
3.9
321.2
3-3
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312.0
1
-8.9
7-1
9.8
22.5
4-1
3.8
0483.0
0
-3.6
3-2
.19
24.9
8-3
5.3
548.4
3
4.2
96.1
153.1
4-8
.78
139.5
4
1.9
510.4
18.9
83.5
365.6
8
0.4
32.3
1-1
8.4
8-2
6.6
023.4
2
0.4
01.3
315.9
939.5
193.1
1
3 M
ont
hs1
Year
3 Ye
ars
5 Ye
ars
10 Y
ears
-6.0
9-6
.65
-12
.52
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.21
-8.9
0-1
1.2
1-1
3.1
8-1
1.6
6-1
2.0
5-6
.38
-4.3
2-0
.61
-0.9
3-3
.15
Ind
ices M
onth
ly %
Perf
orm
ance U
SD
Mart
in C
urr
ie
New
ton
OM
Asset
Manag
ers
(U
K) Ltd
Pic
tet
Skand
ia Investm
ent
Gro
up
SW
IP
Schro
ders
Thre
ad
need
le
BN
P P
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as
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nsensus
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l
24 informer quarter 3 2012
Ju
ly 2
012
OM
GB
Sum
mary
of Fund
Perf
orm
ance
Year
to
date
%
Com
pound
Annual G
row
thR
ate
%
SH
or
T T
er
M a
LL
oc
aT
Ion
co
re
Mo
ne
Y M
ar
ke
TO
MG
B M
oney
Mark
et
(EU
R)
123.0
8.0
41.1
34
-0.0
9-0
.09
-0.0
90.0
90.3
56.4
8-0
.09
1.6
0O
MG
B M
oney
Mark
et
(GB
P)
123.0
8.0
41.2
24
0.0
00.0
00.0
80.1
60.3
37.9
40.0
82
.59
OM
GB
Money
Mark
et
(US
D)
123.0
8.0
41.1
55
0.0
00.0
0-0
.09
-0.1
7-0
.35
4.1
5-0
.09
1.8
4O
MG
B M
oney
Mark
et
(ZA
R)
130.0
8.0
51.4
90
0.4
01.0
92.0
54.2
715.6
837.0
72.4
85
.93
co
re
Fu
nD
S -
FIx
eD
Te
rM
OM
GB
Glo
bal P
rote
cte
d Ind
ex N
ote
(U
SD
)3
15.1
2.1
11.0
42
5.0
4-2
.34
-6.5
58.2
07
.31
OM
GB
Glo
bal P
rote
cte
d Ind
ex N
ote
2 (U
SD
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30.0
3.1
20.9
03
3.5
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.74
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DIu
M/L
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g T
er
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Lu
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s (E
UR
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29.0
3.1
10.9
60
0.3
1-2
.24
-2.6
4-4
.19
-0.4
1-3
.02
OM
GB
Conserv
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s (G
BP
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29.0
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10.9
60
0.3
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4-4
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1-3
.02
OM
GB
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s (U
SD
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29.0
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10.9
56
0.2
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5-4
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2-3
.32
OM
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s (E
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23.0
8.0
41.2
10
4.4
91.5
12.8
00.4
111.7
3-2
.73
8.3
32
.44
OM
GB
Div
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BP
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23.0
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41.2
52
3.3
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9-6
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5.7
4-5
.15
4.4
22
.88
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23.0
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41.3
35
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6-8
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8.4
5-2
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5.5
33
.72
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05.0
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1.5
51.9
43.5
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05.0
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51
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51.8
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97.4
64
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R)
429.0
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03
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72.7
74.0
51.3
112.0
70
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OM
GB
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417.0
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45
5.1
3-1
.14
-2.3
4-9
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4.9
22
.32
OM
GB
Glo
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ic E
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417.0
8.1
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43
5.3
5-4
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6-1
4.5
16.7
62
.22
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23.0
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41.2
35
5.4
71.6
53.6
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14.8
8-5
.15
9.5
82
.70
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23.0
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41.2
37
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6.3
6-1
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14.2
12
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23.0
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41.3
33
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04.1
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81.9
42
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66.6
49.1
046.2
310.1
51
9.8
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MG
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lob
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23.0
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41.4
45
1.4
01.8
33.5
15.0
927.0
925.4
37.5
14
.76
OM
GB
UK
Bond
(G
BP
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23.0
8.0
41.4
74
1.5
22.0
14.5
45.2
936.6
133.8
87.7
55
.02
OM
GB
US
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23.0
8.0
41.3
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15.9
126.5
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54
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516.0
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61
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223.5
00.4
51
2.3
2O
MG
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merg
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514.0
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10.8
33
4.7
8-7
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6-1
8.6
52.4
6-1
5.5
2O
MG
B E
uro
pean E
quity
(EU
R)
423.0
8.0
41.6
08
7.9
22.4
21.3
9-4
.11
32.7
8-1
2.6
68.8
06
.18
OM
GB
Euro
pean E
quity
Alp
ha (E
UR
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04.1
1.0
81.4
67
7.3
22.8
05.3
9-6
.08
31.3
314.5
21
1.0
2O
MG
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ar
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uity
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527.1
1.0
91.0
96
4.1
8-6
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0-1
4.5
81.2
93
.50
OM
GB
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quity
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D)
423.0
8.0
41.1
84
3.4
1-5
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-3.4
3-1
3.8
316.7
7-3
0.3
13.6
82
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OM
GB
Glo
bal E
quity
Alp
ha (G
BP
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08.0
8.0
61.1
76
3.3
4-2
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1.3
8-9
.26
34.0
9-1
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7.8
92
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Gre
ate
r C
hin
a E
quity
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D)
504.1
1.0
81.7
41
2.4
1-7
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-7.1
5-1
6.4
214.3
9-2
.19
16.3
2O
MG
B J
ap
anese E
quity
(US
D)
427.1
1.0
90.9
25
1.4
3-6
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-5.5
2-1
7.4
80.5
4-2
.88
3M
onth
s1
Mo
nth
6M
onth
s1
Year
3 Y
ears
Ris
kra
ting
Perc
enta
ge g
row
th c
alc
ula
ted
to
31
/07
/20
12fo
r fin
an
cia
l ad
vis
ers
on
ly
Launch
date
5 Y
ears
Last
price
CORE
quarter 3 2012 informer 25
OM
GB
Nort
h A
merican E
quity
(US
D)
423.0
8.0
41.1
99
4.6
2-1
.07
3.0
1-1
.07
31.9
0-1
1.6
48.4
12
.32
OM
GB
UK
Eq
uity
(GB
P)
423.0
8.0
41.4
11
4.7
5-0
.70
2.5
4-0
.21
35.9
3-1
3.8
69.8
14
.44
OM
GB
UK
Eq
uity
Alp
ha (G
BP
)4
04.1
1.0
81.3
44
4.5
9-2
.25
2.8
3-7
.69
32.1
59.4
58
.40
co
re
aS
Se
T c
La
SS
– P
ro
Pe
rT
YO
MG
B G
lob
al P
rop
ert
y S
ecurities (G
BP
)3
08.0
1.0
80.7
31
7.0
34.5
88.1
4-0
.14
46.7
914.9
4-6
.73
OM
GB
UK
Pro
pert
y (G
BP
)3
23.0
8.0
41.0
16
0.1
03.9
90.4
00.2
023.0
0-2
3.0
30.9
90
.20
co
re
aS
Se
T c
La
SS
– a
LT
er
na
TIv
e S
Tr
aT
eg
YO
MG
B A
bsolu
te R
etu
rn (U
SD
)4
23.0
8.0
41.0
87
0.2
8-2
.25
-2.6
9-4
.31
3.2
3-1
2.5
5-0
.46
1.0
6O
MG
B A
bsolu
te R
etu
rn (E
UR
)2
29.0
3.1
10.9
60
0.4
2-2
.24
-2.6
4-4
.19
-0.4
1-3
.02
ge
ne
ra
L a
va
ILa
bIL
ITY
OM
GB
Ashb
urt
on A
sset
Managem
ent
(GB
P)
303.0
5.0
51.3
68
1.7
90.1
50.4
40.2
218.5
414.7
73.7
14
.47
OM
GB
Ashb
urt
on A
sset
Managem
ent
(US
D)
303.0
5.0
51.2
96
1.8
1-0
.77
-0.1
5-1
.52
14.8
95.2
83.0
23
.68
OM
GB
Ashb
urt
on C
hin
dia
Eq
uity
Fund
(U
SD
)5
14.0
6.1
10.7
03
3.3
8-6
.39
-10.2
2-3
1.4
10.7
2-2
7.7
7O
MG
B A
shb
urt
on E
uro
pean E
quity
Fund
(E
UR
)4
14.0
6.1
11.0
04
11.4
30.4
02.3
4-0
.69
12.1
80
.37
OM
GB
Ashb
urt
on G
lob
al B
ala
nced
(U
SD
)3
13.0
5.0
80.9
08
2.3
7-1
.30
0.8
9-5
.71
11.5
54.0
1-2
.29
HO
MG
B A
shb
urt
on G
lob
al E
uro
Asset
Managem
ent
(EU
R)
326.0
8.0
81.1
35
2.8
12.0
72.3
42.5
322.7
05.2
93
.29
OM
GB
Ashb
urt
on R
ep
lica E
uro
Asset
Managem
ent
(EU
R)
326.0
8.0
81.1
47
2.5
00.9
71.8
73.4
322.2
84.7
53
.56
OM
GB
Avi
va Inve
sto
rs A
sia
Pacifi
c P
rop
ert
y (G
BP
)5
25.0
1.1
11.2
28
1.4
9-2
.54
-4.5
13.3
7-2
.69
14.6
7O
MG
B A
viva
Inve
sto
rs A
sia
Pacifi
c P
rop
ert
y (U
SD
)5
25.0
1.1
11.2
53
1.9
50.7
2-4
.50
8.3
92.8
71
6.2
3O
MG
B A
viva
Inve
sto
rs E
uro
pean P
rop
ert
y (G
BP
)4
25.0
1.1
10.9
52
-0.3
1-5
.18
-5.2
7-1
3.6
9-5
.46
-3.2
3O
MG
B A
viva
Inve
sto
rs E
uro
pean P
rop
ert
y (U
SD
)4
25.0
1.1
10.9
67
-0.6
2-2
.32
-5.2
0-1
0.8
8-1
.23
-2.2
1O
MG
B B
lackro
ck F
lexib
le M
ulti A
sset
(EU
R)
410.0
5.1
11.0
26
3.9
53.7
43.8
53.7
410.2
02
.22
OM
GB
Bla
ckro
ck F
lexib
le M
ulti A
sset
(US
D)
410.0
5.1
11.0
21
3.8
73.6
53.8
73.5
510.1
41
.80
OM
GB
Bla
ckro
ck G
lob
al A
llocation (E
UR
)4
10.0
5.1
10.9
38
3.4
2-1
.16
-1.2
6-6
.48
4.4
5-5
.34
OM
GB
Bla
ckro
ck G
lob
al A
llocation (G
BP
)4
10.0
5.1
10.9
46
3.5
0-1
.05
-1.0
5-5
.59
4.6
5-4
.65
OM
GB
Bla
ckro
ck G
lob
al A
llocation (U
SD
)4
10.0
5.1
10.9
49
3.4
9-0
.94
-0.9
4-5
.38
4.7
5-4
.39
OM
GB
Bla
ckR
ock G
lob
al G
ove
rnm
ent
Bond
(E
UR
)3
17.0
4.1
21.0
23
1.2
92.4
02.3
0O
MG
B B
lackR
ock G
lob
al G
ove
rnm
ent
Bond
(U
SD
)3
17.0
4.1
21.0
24
1.1
92.3
02.4
0O
MG
B B
lackR
ock W
orld
Agriculture
(U
SD
)5
20.0
9.1
11.0
08
5.9
9-1
.85
-1.9
58.0
40
.96
OM
GB
BN
Y M
ello
n G
lob
al B
ond
(E
UR
)3
17.0
4.1
21.0
97
3.3
09.9
29.7
0O
MG
B B
NY
Mello
n G
lob
al B
ond
(U
SD
)3
17.0
4.1
21.0
26
1.5
82.6
02.6
0H
OM
GB
Bra
nd
eaux P
rop
ert
y (G
BP
)3
17.0
5.0
41.7
98
-0.0
61.4
12.8
65.3
320.2
737.4
62.8
07
.45
OM
GB
Cata
lyst
Glo
bal R
eal E
sta
te F
und
(U
SD
)3
13.0
3.1
21.0
66
7.4
64.6
16.6
0O
MG
B C
aze
nove
Euro
pean E
quity
Ex U
K F
und
(E
UR
)3
15.0
5.1
21.0
79
9.4
37.9
0O
MG
B C
aze
nove
UK
Eq
uity
Fund
(G
BP
)4
15.0
5.1
21.0
60
5.8
96.0
0O
MG
B C
oro
nation G
lob
al C
ap
ital P
lus (U
SD
)4
05.1
0.1
01.0
47
3.3
60.9
62.4
5-3
.15
5.3
32
.66
OM
GB
Coro
nation G
lob
al E
merg
ing M
ark
ets
(U
SD
)5
05.1
0.1
00.9
79
2.1
9-8
.93
-4.5
8-1
6.6
16.8
8-1
.21
OM
GB
Coro
nation G
lob
al M
anaged
(U
SD
)4
19.0
4.1
11.0
11
2.4
3-2
.13
3.3
7-2
.98
7.9
00
.88
OM
GB
Coro
nation G
lob
al O
pp
ort
unitie
s E
quity
(US
D)
305.1
0.1
01.0
89
4.7
1-1
.80
2.4
5-4
.81
8.7
94
.99
OM
GB
Effic
ient
Inte
rnational (
US
D)
320.0
9.0
51.2
84
1.6
6-6
.55
-5.9
3-1
4.0
60.7
85.6
81.8
23
.73
OM
GB
Fid
elit
y A
merican G
row
th (U
SD
)4
25.0
8.0
91.2
35
5.8
3-1
.44
0.2
4-3
.06
6.0
17
.51
OM
GB
Fid
elit
y E
uro
pean G
row
th (E
UR
)4
25.0
8.0
91.1
75
6.7
23.0
76.6
2-2
.33
12.7
65
.68
OM
GB
Fid
elit
y P
acifi
c (U
SD
)5
25.0
8.0
91.1
82
2.1
6-6
.34
-2.9
6-1
8.9
94.8
85
.90
OM
GB
Foord
Inte
rnational T
rust
(US
D)
426.0
7.1
10.9
94
3.8
71.2
23.5
4-0
.60
6.3
1-0
.60
OM
GB
Fra
nklin
Mutu
al G
lob
al D
iscove
ry (E
UR
)4
09.1
1.1
01.0
88
6.6
75.2
26.5
67.3
010.3
45
.19
OM
GB
Fra
nklin
Mutu
al G
lob
al D
iscove
ry (U
SD
)4
09.1
1.1
00.9
73
4.9
6-1
.72
0.3
1-8
.81
4.8
5-1
.63
OM
GB
Fulc
rum
Altern
ative
Beta
Plu
s (U
SD
)4
19.0
1.1
00.9
53
3.2
5-1
.45
-4.6
0-7
.02
-2.4
6-1
.91
HO
MG
B G
lanm
ore
Pro
pert
y (G
BP
)3
13.0
6.0
60.0
26
-10.3
4-8
5.7
9O
MG
B G
old
man S
achs N
-11 E
quity
Fund
(U
SD
)5
06.0
3.1
21.0
47
7.1
61.7
54.7
0O
MG
B G
old
man S
achs G
lob
al H
igh Y
ield
Port
folio
(E
UR
)5
03.0
4.1
21.0
39
2.9
72.9
73.9
0O
MG
B G
old
man S
achs G
lob
al H
igh Y
ield
Port
folio
(G
BP
)5
03.0
4.1
21.0
40
2.9
73.0
74.0
0O
MG
B G
old
man S
achs G
lob
al H
igh Y
ield
Port
folio
(U
SD
)5
03.0
4.1
21.0
39
3.0
82.8
73.9
0O
MG
B G
old
man S
achs J
ap
an P
ort
folio
(U
SD
)4
10.0
7.1
20.9
92
-0.8
0O
MG
B H
end
ers
on M
m A
bsolu
te R
etu
rn (G
BP
)4
08.1
1.1
11.0
13
0.9
00.3
00.1
01.5
01
.96
OM
GB
HS
BC
BR
IC E
quity
(US
D)
530.0
8.0
51.5
47
5.1
0-1
1.1
9-1
4.6
2-2
8.4
80.9
1-2
0.3
81.4
46
.51
OM
GB
HS
BC
BR
IC M
ark
ets
Eq
uity
(US
D)
525.0
7.0
61.2
09
4.9
5-8
.55
-12.3
3-2
2.6
5-4
.95
-21.8
00.6
73
.21
OM
GB
Inve
sco A
sia
n E
quity
(US
D)
516.0
5.0
61.3
25
5.4
9-2
.86
-0.3
8-1
3.5
123.1
4-2
.00
10.1
44
.67
OM
GB
Inve
ste
c A
merican E
quity
Fund
(U
SD
)3
15.0
5.1
20.9
82
3.7
0-1
.80
OM
GB
Inve
ste
c G
lob
al D
ivers
ified
Gro
wth
(U
SD
)4
03.0
5.0
51.2
47
2.0
5-1
.73
3.7
4-3
.56
18.2
0-3
.26
3.5
73
.13
OM
GB
Inve
ste
c G
lob
al D
yn R
esourc
es (U
SD
)5
10.0
5.1
10.7
36
6.5
1-6
.95
-13.9
2-2
8.5
4-4
.04
-23.1
1O
MG
B Inve
ste
c G
lob
al F
ranchis
e (U
SD
)4
10.0
5.1
11.0
83
6.1
81.6
910.0
68.1
910.9
67
.07
OM
GB
Inve
ste
c G
lob
al S
trate
gic
Eq
uity
(US
D)
404.0
4.0
60.9
06
6.4
6-2
.05
1.6
8-8
.11
27.4
3-2
3.4
89.4
2-1
.57
OM
GB
Inve
ste
c G
lob
al S
trate
gic
Managed
(U
SD
)4
20.0
4.1
01.0
28
2.7
0-2
.19
0.0
0-9
.11
4.4
71
.23
OM
GB
Inve
ste
c G
SF A
sia
n E
quity
(US
D)
511.0
8.0
91.2
78
5.7
9-3
.40
-1.0
1-1
4.4
66.9
58
.77
OM
GB
Inve
ste
c G
SF G
lob
al B
ond
(U
SD
)3
11.0
8.0
91.1
68
1.6
50.8
60.3
4-1
.27
2.4
65
.47
SelfSelect
26 informer quarter 3 2012
Ju
ly 2
012
OM
GB
Sum
mary
of Fund
Perf
orm
ance
Year
to
date
%
Com
pound
Annual G
row
thR
ate
%
ge
ne
ra
L a
va
ILa
bIL
ITY
(co
ntinued
)O
MG
B Inve
ste
c G
SF G
lob
al E
nerg
y (U
SD
)4
11.0
8.0
91.0
87
12.0
6-1
.72
-6.4
5-2
3.9
3-
-0.3
72
.90
OM
GB
Inve
ste
c G
SF U
K E
quity
(GB
P)
411.0
8.0
91.2
81
3.6
4-1
.54
0.9
5-3
.25
--
4.2
38
.86
OM
GB
JF A
ustr
alia
(U
SD
)4
24.0
5.1
10.9
19
11.5
3-1
.71
-0.7
6-1
1.9
7-
-9.0
2-6
.98
OM
GB
JF A
sia
Pacifi
c e
x-J
ap
an E
quity
(US
D)
501.0
5.1
20.9
39
6.9
5-
--
--
-6.1
0-
OM
GB
JP
Morg
an E
uro
Liq
uid
ity
(EU
R)
101.0
5.1
21.0
00
0.0
0-
--
--
0.0
0-
OM
GB
JP
Morg
an S
terlin
g L
iquid
ity
(GB
P)
101.0
5.1
21.0
00
0.0
0-
--
--
0.0
0-
OM
GB
JP
Morg
an U
S D
olla
r Liq
uid
ity
(US
D)
101.0
5.1
21.0
00
0.0
0-
--
--
0.0
0-
OM
GB
Jup
iter
Clim
ate
Change S
olu
tions (E
UR
)4
05.0
2.0
80.8
60
5.5
22.1
43.2
4-0
.35
22.6
8-
9.6
9-3
.36
OM
GB
Jup
iter
Merlin
Intl B
ala
nced
(E
UR
)4
28.0
9.1
01.1
51
5.3
16.4
88.3
813.4
0-
-11.8
67
.97
OM
GB
Jup
iter
Merlin
Intl B
ala
nced
(G
BP
)4
28.0
9.1
01.0
61
3.2
12.3
11.6
30.6
6-
-4.6
43
.28
OM
GB
Jup
iter
Merlin
Intl B
ala
nced
(U
SD
)4
28.0
9.1
01.0
76
3.4
6-0
.74
0.9
4-3
.93
--
6.6
44
.08
OM
GB
M&
G G
lob
al B
asic
s (G
BP
)4
16.0
8.1
10.9
42
3.8
6-5
.04
-9.4
2-
--
-2.0
8-6
.31
OM
GB
M&
G G
lob
al L
ead
ers
(G
BP
)4
16.0
8.1
11.0
79
5.0
60.0
90.0
9-
--
3.6
58
.65
OM
GB
M&
G Inte
rnational S
ove
reig
n B
d (G
BP
)3
16.0
8.1
11.0
71
2.4
96.4
63.7
8-
--
3.3
87
.77
OM
GB
M&
G R
ecove
ry (G
BP
)4
16.0
8.1
11.0
67
5.0
2-2
.73
-0.0
9-
--
5.7
57
.33
OM
GB
Marr
iott
First
World
Eq
uity
(GB
P)
309.0
1.1
21.0
42
4.5
15.2
54.7
2-
--
4.2
08
.58
OM
GB
Marr
iott
Inte
rnational G
row
th (U
SD
)3
14.0
8.0
70.9
33
4.3
62.8
74.0
1-2
.91
25.0
7-
6.6
3-1
.40
OM
GB
Marr
iott
Inte
rnational R
eal E
sta
te (U
SD
)3
09.0
1.1
21.1
53
6.5
64.1
67.9
6-
--
15.3
03
2.9
4O
MG
B M
itonO
ptim
al C
ore
Div
ers
ified
(E
UR
)3
10.0
1.0
50.9
13
1.5
6-3
.49
-2.7
7-8
.33
5.0
6-2
2.2
3-1
.30
-1.2
1O
MG
B M
itonO
ptim
al C
ore
Div
ers
ified
(G
BP
)3
10.0
1.0
50.9
70
1.5
7-3
.39
-2.5
1-7
.79
7.0
6-2
2.0
9-1
.02
-0.4
1O
MG
B M
itonO
ptim
al C
ore
Div
ers
ified
(U
SD
)3
23.0
8.0
41.1
87
1.7
1-2
.94
-1.9
0-6
.54
11.1
4-1
6.2
3-0
.25
2.1
9O
MG
B M
itonO
ptim
al G
lob
al (
GB
P)
412.0
6.0
70.8
25
0.9
8-2
.37
-2.4
8-1
2.0
512.5
5-1
7.5
01.2
3-3
.71
OM
GB
MitonO
ptim
al G
lob
al (
US
D)
412.0
6.0
70.7
79
0.7
8-2
.63
-2.9
9-1
2.6
77.6
0-2
2.1
00.2
6-4
.79
OM
GB
MitonO
ptim
al O
ffshore
Sp
ec S
its (G
BP
)4
17.0
8.1
01.0
38
-0.2
90.7
80.0
01.0
7-
-0.5
81
.96
OM
GB
MitonO
ptim
al O
ffshore
Sp
ec S
its (U
SD
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17.0
8.1
01.0
04
-0.5
00.3
0-0
.79
-0.5
9-
--0
.40
0.2
1O
MG
B N
ed
gro
up
Inv
Euro
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UR
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27.0
4.1
01.0
07
0.0
0-0
.10
0.0
00.3
0-
-0.1
00
.31
OM
GB
Ned
gro
up
Inv
Glo
bal B
ala
nced
(U
SD
)4
27.0
4.1
01.0
20
3.6
60.3
92.8
2-4
.23
--
6.6
90
.88
OM
GB
Ned
gro
up
Inv
Glo
bal C
autious (U
SD
)3
27.0
4.1
00.9
87
1.2
3-0
.40
-1.7
9-0
.90
--
-0.6
0-0
.58
OM
GB
Ned
gro
up
Inv
Glo
bal E
quity
(US
D)
427.0
4.1
01.0
12
4.2
2-2
.03
1.3
0-3
.62
--
5.0
90
.53
OM
GB
Ned
gro
up
Inv
Ste
rlin
g (G
BP
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27.0
4.1
01.0
10
0.0
00.1
00.3
00.4
0-
-0.3
00
.44
OM
GB
Ned
gro
up
Inv
US
Dolla
r (U
SD
)1
27.0
4.1
00.9
94
0.0
00.0
00.1
00.0
0-
-0.1
0-0
.27
OM
GB
New
ton R
eal R
etu
rn F
und
(G
BP
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06.0
3.1
21.0
17
2.9
44.0
9-
--
-1.7
0-
OM
GB
NFB
Active
Managed
(G
BP
)4
29.0
7.0
81.1
51
3.9
73.0
43.8
81.0
514.8
7-
5.9
93
.58
OM
GB
NFB
Active
Managed
(U
SD
)4
23.0
8.0
41.3
69
3.8
7-0
.29
2.7
8-2
.98
11.3
0-8
.98
7.1
24
.05
OM
GB
NFB
Conserv
ative
Managed
(G
BP
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29.0
7.0
81.1
25
3.2
14.0
74.0
73.6
913.0
7-
5.5
32
.99
OM
GB
NFB
Conserv
ative
Managed
(U
SD
)2
23.0
8.0
41.2
80
3.4
80.7
92.4
0-1
.54
8.3
8-7
.11
6.4
03
.17
HO
MG
B N
I Ta
rget
Retu
rn (U
SD
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23.0
8.0
40.8
10
-3.1
1-4
.71
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0-1
9.4
0-2
2.4
1-3
8.2
6-1
6.1
5-2
.63
HO
MG
B N
I Ta
rget
Retu
rn II (G
BP
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03.1
0.0
50.7
21
-3.7
4-2
.57
-11.3
2-2
0.0
7-2
4.6
6-3
9.9
2-1
6.7
4-4
.73
HO
MG
B N
IS D
ivers
ified
Str
ate
gy
(GB
P)
319.0
9.0
50.5
11
2.2
04.0
7-2
9.1
3-3
9.8
8-4
6.0
4-5
7.5
2-3
1.9
6-9
.36
HO
MG
B N
IS D
ivers
ified
Str
ate
gy
(US
D)
323.0
8.0
40.5
98
4.0
02.2
2-2
8.1
3-3
9.2
3-4
4.7
8-5
6.0
6-3
1.9
7-6
.29
HO
MG
B N
IS G
uard
ed
Str
ate
gy
(GB
P)
319.0
9.0
50.3
08
0.6
53.0
1-4
6.5
3-5
3.4
7-6
7.9
2-7
2.2
0-5
0.0
0-1
5.8
3H
OM
GB
NIS
Guard
ed
Str
ate
gy
(US
D)
319.0
9.0
50.3
19
1.9
20.9
5-4
5.9
3-5
4.4
3-6
6.7
4-7
1.4
4-5
0.0
0-1
5.4
0O
MG
B O
ld M
utu
al J
ap
anese S
ele
ct
(US
D)
523.0
8.0
41.0
56
2.2
3-4
.26
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0-9
.36
13.3
0-2
3.7
01.6
40
.69
HO
MG
B O
rbis
Glo
bal E
quity
(US
D)
430.0
8.0
51.2
76
-0.3
9-8
.07
-3.4
1-1
0.8
39.4
3-1
0.0
12.4
93
.59
HO
MG
B O
rbis
Op
tim
al (
EU
R)
330.0
8.0
51.1
11
0.1
8-1
.07
0.7
30.1
8-4
.80
3.4
51.0
91
.53
HO
MG
B O
rbis
Op
tim
al (
US
D)
330.0
8.0
51.1
58
0.2
6-1
.53
0.4
3-1
.45
-6.3
11.6
71.1
42
.14
OM
GB
Pre
scie
nt
Glo
bal P
ositiv
e R
etu
rn (E
UR
)3
13.0
9.1
11.0
41
1.9
62.3
63.2
7-
--
4.6
24
.94
OM
GB
Pic
tet
Pre
c M
tls F
d P
hy
Gold
(U
SD
)5
30.0
3.1
01.4
21
1.3
6-3
.27
-7.8
5-1
.73
--
3.8
71
6.2
5O
MG
B P
imco G
lob
al I
nve
stm
ent
Gra
de C
red
it (E
UR
)3
29.0
5.1
21.0
34
2.1
7-
--
--
3.4
0-
OM
GB
Pim
co G
lob
al I
nve
stm
ent
Gra
de C
red
it (G
BP
)3
29.0
5.1
21.0
34
2.1
7-
--
--
3.4
0-
OM
GB
Pim
co G
lob
al I
nve
stm
ent
Gra
de C
red
it (U
SD
)3
29.0
5.1
21.0
34
2.1
7-
--
--
3.4
0-
3M
onth
s1
Mo
nth
6M
onth
s1
Year
3 Y
ears
Ris
kra
ting
Perc
enta
ge g
row
th c
alc
ula
ted
to
31
/07
/20
12fo
r fin
an
cia
l ad
vis
ers
on
ly
SelfSelect(
continued)
Launch
date
5 Y
ears
Last
price
quarter 3 2012 informer 27
Sourc
e: M
orn
ingsta
r. P
rices in
forc
e a
s a
t 31 J
uly
2012
HP
lease n
ote
these fund
s a
re s
usp
end
ed
to a
ll tr
ansactions, in
flow
s &
outflo
ws
† The F
und
is s
usp
end
ed
to n
ew
busin
ess, to
p-u
ps a
nd
sw
itches. R
ed
em
ption r
eq
uests
req
uire a
min
imum
of 1 m
onth
s'
ad
vance n
otice a
nd
are
curr
ently
sub
ject
to a
postp
onem
ent
period
.Life
contr
acts
are
issued
by
Old
Mutu
al G
uern
sey.
Old
Mutu
al G
uern
sey
has it
s p
rincip
al o
ffic
e a
t A
lbert
House,
South
Esp
lanad
e,
St
Pete
r P
ort
, G
uern
sey
, C
hannel I
sla
nd
s,
GY
1 1
AW
,. O
ld M
utu
al G
uern
sey
is li
censed
to w
rite
long
term
busin
ess u
nd
er
the Insura
nce B
usin
ess (B
ailiw
ick o
f G
uern
sey)
Law
2002. The s
tatu
tory
functions o
f re
gula
tion u
nd
er
the le
gis
lation a
re c
arr
ied
out
by
the G
uern
sey
Fin
ancia
l Serv
ices C
om
mis
sio
n.
To p
rote
ct
polic
yho
lders
the Insura
nce
Busin
ess (Lic
ensin
g) R
egula
tions, 20
02 r
eq
uire O
ld M
utu
al G
uern
sey
to h
old
assets
rep
resenting a
t le
ast
90%
of contr
act
hold
er’s li
ab
ilities in
tru
ste
eship
with a
n a
pp
rove
d t
hird
part
y tr
uste
e.
Old
Mutu
al G
uern
sey
co
mp
lies w
ith t
he C
rim
inal
Justice (P
roceed
s o
f C
rim
e) (B
ailiw
ick o
f G
uern
sey)
Law
2007 b
ut
oth
erw
ise h
as n
o d
uty
of d
isclo
sure
of th
e c
lients
’ re
cord
s t
o a
ny
sta
tuto
ry o
r gove
rnm
ent
bod
y w
ithin
Guern
sey.
Old
Mutu
al G
uern
sey
is t
he n
am
e u
nd
er
whic
h t
he O
ldM
utu
al L
ife A
ssura
nce C
om
pany
(So
uth
Afr
ica) Lim
ited
(als
o k
now
n a
s O
ld M
utu
al)
is t
rad
ing in
Guern
sey.
The r
egis
tere
d o
ffic
e o
f th
e O
ld M
utu
al L
ife A
ssura
nce C
om
pany
(South
Afr
ica) Lim
ited
is lo
cate
d a
t M
utu
alp
ark
, Jan S
muts
Drive
,P
inela
nd
s 7
405, C
ap
e T
ow
n, R
ep
ub
lic o
f S
outh
Afr
ica. Its r
egis
tere
d n
um
ber
is 1
999/0
4643/0
6.
The m
ark
eting o
f O
ld M
utu
al G
uern
sey’
s p
rod
ucts
in S
outh
Afr
ica t
akes p
lace in
accord
ance w
ith t
he a
pp
licab
le S
outh
Afr
ican r
eq
uirem
ents
.The in
form
ation g
iven in
this
docum
ent
is b
ased
on O
ld M
utu
al G
uern
sey’
s u
nd
ers
tand
ing o
f curr
ent
law
and
pra
ctice in
South
Afr
ica a
nd
Guern
sey.
No li
ab
ility
will b
e a
ccep
ted
for
the e
ffect
of any
futu
re le
gis
lative
or
reg
ula
tory
chang
es.
Pub
lished
fund
prices r
efle
ct
an a
llow
ance for
ap
plic
ab
le t
axation a
nd
inve
stm
ent
exp
enses. This
allo
wance w
ill b
e d
ete
rmin
ed
at
the d
iscre
tion o
f O
ld M
utu
al G
uern
sey,
and
may
vary
ove
r tim
e.
No li
ab
ility
will b
e a
ccep
ted
for
any
pers
onal
tax c
onseq
uences o
r fo
r th
e e
ffect
of any
futu
re t
ax c
hanges. In
vesto
rs s
hould
rem
em
ber
that
the p
ast
perf
orm
ance is
no g
uara
nte
e o
f fu
ture
retu
rns.
As a
result o
f th
e n
atu
re o
f in
vestm
ents
and
possib
le e
xchange o
r in
tere
st
rate
fluctu
ations t
he v
alu
e o
f in
vestm
ents
may
go d
ow
n a
s w
ell
as u
p. This
docum
ent
does n
ot
offer
inve
stm
ent
or
financia
l ad
vice.
Old
Mutu
al G
uern
sey
accep
ts n
o li
ab
ility
whats
oeve
r fo
r any
direct,
ind
irect
or
conseq
uential l
oss a
risin
g fro
mth
e u
se o
f th
is d
ocum
ent.
This
docum
ent
does n
ot
constitu
te a
n o
ffer
or
a s
olic
itation w
here
such a
n o
ffer
or
solic
itation is
unla
wfu
l. If y
ou b
eco
me o
r are
resid
ent
in t
he U
nited
Kin
gd
om
, lik
e o
ther
offshore
inve
stm
ent
co
mp
anie
s, O
ldM
utu
al G
uern
sey
has t
o c
om
ply
with c
ert
ain
rep
ort
ing r
eq
uirem
ents
for
your
pla
n. If y
ou b
ecom
e o
r are
resid
ent
in t
he U
nited
Sta
tes o
f A
merica,
like o
ther
offshore
inve
stm
ent
com
panie
s,
Old
Mutu
al G
uern
sey
will p
lace r
estr
ictions u
pon
your
pla
n. (J
0177) O
ld M
utu
al G
uern
sey,
whose p
rincip
al p
lace o
f b
usin
ess is
Alb
ert
House, S
outh
Esp
lanad
e,
St
Pete
r P
ort
, G
uern
sey
, C
hannel I
sla
nd
s,
GY
1 1
AW
, is
a b
ranch o
f O
ld M
utu
al L
ife A
ssura
nce C
om
pany
(So
uth
Afr
ica) Lim
ited
whic
h is
incorp
ora
ted
in S
outh
Afr
ica (re
g n
o. 1999/0
4643/0
6). R
egis
tere
d o
ffic
e: M
utu
alp
ark
, Jan S
muts
Drive
, P
inela
nd
s,
Cap
e T
ow
n,
South
Afr
ica.
OM
GB
PS
G A
lphen G
lob
al F
lexib
le (G
BP
)3
02.1
0.0
71.0
26
3.0
11.0
80.4
9-0
.19
7.2
1-
2.8
10
.54
OM
GB
PS
G A
lphen G
lob
al F
lexib
le (U
SD
)3
13.0
3.0
70.9
48
3.2
7-1
.76
0.0
0-2
.47
8.1
0-9
.37
4.0
6-1
.00
OM
GB
PS
G K
onsult G
lob
al F
und
of Fund
s (U
SD
)3
13.0
3.0
70.8
55
2.8
9-1
.38
0.8
3-4
.47
12.0
6-1
8.9
65.1
7-2
.89
OM
GB
RE
-CM
Glo
bal (
US
D)
425.1
0.1
11.0
32
2.8
9-0
.77
-0.1
9-
--
4.7
74
.29
OM
GB
Sanla
m G
lob
al B
est
Ideas (U
SD
)5
16.1
1.1
00.8
59
3.0
0-3
.81
3.8
7-1
2.0
8-
-12.8
8-8
.72
OM
GB
Sanla
m G
lob
al F
inancia
l Fund
(U
SD
)5
01.0
3.1
10.9
54
5.4
1-1
.65
2.2
5-1
0.6
7-
-14.5
3-3
.47
OM
GB
Sara
sin
Agrisar
(GB
P)
524.0
5.1
10.9
49
5.4
42.1
52.9
3-4
.14
--
8.3
3-4
.39
OM
GB
Sara
sin
Com
mod
ity-
Div
ers
ified
(U
SD
)5
24.0
9.1
10.8
29
6.4
2-0
.36
-4.6
0-
--
-0.3
6-2
0.1
5O
MG
B S
ara
sin
Glo
balS
ar
– Incom
e (G
BP
)3
26.0
8.0
81.1
42
3.6
34.8
75.7
47.5
323.5
9-
7.0
33
.45
OM
GB
Sara
sin
IE
Eq
uis
ar
Dolla
r G
lob
al T
hem
atic (U
SD
)4
08.1
1.1
11.0
17
3.8
8-1
.74
1.1
9-
--
6.2
72
.56
OM
GB
Sara
sin
IE
Eq
uis
ar
Ste
rlin
g G
lob
al T
hem
atic (G
BP
)4
25.0
8.0
91.1
42
3.7
20.9
71.3
3-4
.99
--
4.1
04
.66
OM
GB
Sara
sin
IE
Real E
sta
te E
quity
(GB
P)
525.0
8.0
91.4
45
7.5
19.0
610.6
45.6
3-
-16.6
31
3.4
5O
MG
B S
kand
ia S
hie
ld (G
BP
)3
17.0
4.1
21.0
20
2.1
00.9
9-
--
-2.0
0-
OM
GB
STA
NLIB
Offshore
Manag
ed
Conserv
ative
(U
SD
)2
16.0
1.0
70.9
11
2.9
4-1
.19
0.0
0-5
.30
6.5
5-1
0.9
54.2
3-1
.68
OM
GB
Tem
ple
ton A
sia
n G
row
th (U
SD
)5
09.1
1.1
00.8
50
3.2
8-6
.18
-6.7
0-1
6.8
3-
-3.1
6-9
.29
OM
GB
Tem
ple
ton B
RIC
(U
SD
)5
11.1
0.1
10.9
42
4.0
9-1
0.1
1-1
4.7
5-
--
-3.6
8-7
.66
OM
GB
Tem
ple
ton E
merg
ing M
ark
ets
(E
UR
)5
11.1
0.1
11.0
16
4.6
3-7
.38
-7.2
1-
--
0.4
92
.14
OM
GB
Tem
ple
ton E
merg
ing M
ark
ets
(U
SD
)5
11.1
0.1
11.0
23
4.7
1-7
.17
-6.8
3-
--
0.9
93
.08
OM
GB
Tem
ple
ton E
merg
ing M
ark
ets
Bala
nced
(G
BP
)5
11.1
0.1
11.0
42
2.3
6-5
.44
-5.1
9-
--
3.9
95
.64
OM
GB
Tem
ple
ton E
merg
ing M
ark
ets
Bala
nced
(U
SD
)5
12.1
0.1
11.0
42
2.2
6-6
.04
-5.6
2-
--
3.9
95
.64
OM
GB
Tem
ple
ton G
lob
al B
ala
nced
(E
UR
)4
09.1
1.1
01.0
57
5.5
9-0
.75
-0.4
74.3
4-
-6.7
73
.38
OM
GB
Tem
ple
ton G
lob
al B
ala
nced
(U
SD
)4
09.1
1.1
00.9
83
5.8
1-0
.51
-0.2
0-7
.87
--
5.5
9-1
.02
OM
GB
Tem
ple
ton G
lob
al B
ond
(E
UR
)3
09.1
1.1
01.1
36
4.5
12.0
73.0
913.0
3-
-10.0
87
.95
OM
GB
Tem
ple
ton G
lob
al B
ond
(G
BP
)3
03.0
4.1
21.0
09
4.4
52.1
3-
--
-0.9
0-
OM
GB
Tem
ple
ton G
lob
al B
ond
(U
SD
)3
09.1
1.1
01.0
56
4.5
52.0
33.2
3-0
.28
--
8.7
53
.32
OM
GB
Tem
ple
ton G
lob
al F
und
(U
SD
)4
09.1
1.1
00.9
00
6.7
6-2
.39
-3.2
3-1
5.8
1-
-3.5
7-6
.13
OM
GB
Tham
es R
iver
Em
erg
ing M
ark
ets
Eq
uity
(US
D)
523.0
8.0
42.5
93
4.9
8-5
.02
-3.7
1-1
8.4
310.1
1-7
.29
7.7
31
2.7
9H
OM
GB
TriA
lpha M
ulti-S
trate
gy
(US
D)
323.0
8.0
41.0
57
-0.5
6-2
.85
-1.1
2-0
.47
--
-1.1
20
.70
OM
GB
VA
M D
riehaus (E
UR
)4
21.0
9.1
10.9
82
3.4
8-4
.75
-1.7
0-
--
3.2
6-2
.16
OM
GB
VA
M D
riehaus (G
BP
)4
22.0
9.1
10.9
66
3.6
5-4
.55
-1.3
3-
--
3.7
6-4
.07
OM
GB
VA
M D
riehaus (U
SD
)4
23.0
9.1
11.0
04
3.8
3-4
.20
-0.9
9-
--
4.3
70
.48
OM
GB
VA
M U
S M
id C
ap
Gro
wth
(G
BP
)5
04.1
0.1
11.0
95
3.6
0-1
.44
1.1
1-
--
4.6
81
2.8
6O
MG
B V
AM
US
Mid
Cap
Gro
wth
(U
SD
)5
13.1
1.0
70.7
58
3.8
4-1
.04
1.7
4-8
.23
43.8
3-
5.2
8-5
.76
OM
GB
VA
M W
orld
Gro
wth
(U
SD
)5
13.1
1.0
70.5
98
3.8
2-5
.83
-1.1
6-1
2.5
712.4
1-
5.4
7-1
0.4
3
SP
ec
IaL
IST
– r
eS
Tr
IcT
eD
ava
ILa
bIL
ITY
OM
GB
Ale
xand
er
Forb
es S
trate
gic
Glo
bal B
ala
nced
(U
SD
)4
07.1
0.0
81.2
52
3.2
2-2
.72
-0.0
8-7
.67
12.4
9-
5.0
36
.18
OM
GB
Ale
xand
er
Forb
es S
trate
gic
Glo
bal C
onserv
ative
(U
SD
)3
07.1
0.0
81.1
06
1.8
4-2
.90
-1.4
3-7
.91
3.9
5-
2.3
12
.72
OM
GB
Ale
xand
er
Forb
es S
trate
gic
Glo
bal M
od
era
te (U
SD
)3
07.1
0.0
81.1
23
2.4
6-3
.19
-1.1
4-8
.48
5.2
5-
3.0
33
.14
OM
GB
Alp
ha G
lob
al O
pp
ort
unitie
s G
BP
409.0
8.1
10.9
27
-0.3
2-4
.24
-1.1
7-
--
-1.3
8-7
.94
OM
GB
Alp
ha G
lob
al O
pp
ort
unitie
s U
SD
409.0
8.1
10.9
28
-0.2
2-4
.23
-0.5
4-
--
-0.5
4-7
.83
OM
GB
Barc
lays
GA
Em
erg
ing M
ark
ets
Deb
t (E
UR
)2
26.0
6.1
21.0
41
4.1
0-
--
--
4.1
0-
OM
GB
Barc
lays
GA
Em
erg
ing M
ark
ets
Deb
t (G
BP
)2
26.0
6.1
21.0
42
4.2
0-
--
--
4.2
0-
OM
GB
Barc
lays
GA
Em
erg
ing M
ark
ets
Deb
t (U
SD
)2
26.0
6.1
21.0
40
4.0
0-
--
--
4.0
0-
OM
GB
Barc
lays
GA
Em
erg
ing M
ark
ets
Eq
uity
(US
D)
515.0
5.1
21.0
50
7.0
3-
--
--
5.0
0-
OM
GB
Barc
lays
GA
Glo
bal H
igh Y
ield
Bond
(E
UR
)2
10.0
7.1
21.0
12
--
--
--
1.2
0-
OM
GB
Barc
lays
GA
Glo
bal H
igh Y
ield
Bond
(G
BP
)2
10.0
7.1
21.0
12
--
--
--
1.2
0-
OM
GB
Barc
lays
GA
Glo
bal H
igh Y
ield
Bond
(U
SD
)2
10.0
7.1
21.0
12
--
--
--
1.2
0-
OM
GB
Barc
lays
GA
Glo
bal S
hort
Dura
tion B
ond
(E
UR
)2
12.0
6.1
21.0
08
0.7
0-
--
--
0.8
0-
OM
GB
Barc
lays
GA
Glo
bal S
hort
Dura
tion B
ond
(G
BP
)2
12.0
6.1
21.0
09
0.8
0-
--
--
0.9
0-
OM
GB
Barc
lays
GA
Glo
bal S
hort
Dura
tion B
ond
(U
SD
)2
12.0
6.1
21.0
09
0.7
0-
--
--
0.9
0-
HO
MG
B G
renfe
ll G
rad
uate
(G
BP
)3
24.0
4.0
70.8
92
0.0
00.0
00.0
00.0
0-4
.70
-0.0
0-2
.15
HO
MG
B G
renfe
ll G
rad
uate
(U
SD
)3
24.0
4.0
70.8
93
0.0
00.0
00.0
00.0
0-3
.77
-0.0
0-2
.13
OM
GB
H4 P
rosp
erity
(U
SD
)3
23.0
8.0
41.3
53
4.0
8-3
.56
-1.8
1-1
1.8
610.5
4-5
.32
5.8
73
.89
OM
GB
H4 P
rud
ential (
US
D)
223.0
8.0
41.3
58
3.5
1-2
.30
-1.0
9-8
.18
9.1
6-1
.45
5.6
83
.94
OM
GB
Inve
ste
c G
SF E
uro
Money
(EU
R)
111.0
8.0
90.9
97
0.0
00.0
00.0
0-0
.20
--
-0.2
0-0
.10
OM
GB
Inve
ste
c G
SF S
terlin
g M
oney
(GB
P)
111.0
8.0
91.0
00
-0.4
00.0
00.0
00.0
0-
-0.0
00
.00
OM
GB
Inve
ste
c G
SF U
S D
olla
r M
oney
(US
D)
111.0
8.0
91.0
01
0.0
00.0
00.0
00.0
0-
-0.0
00
.03
SK7496/INT12-0216/September 2012 000000
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