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The Clarion Investment Committee met on Thursday 14th July. The following notes summarise the main points of consideration in the investment Committee discussions.

Economic Developments

The US economy added a much-greater-than-expected 372,000 jobs in June while the unemployment rate held steady at 3.6%. Bond yields rose on the news as investors judged that this strengthened the case for the Fed to tighten policy.

Inflation in the US hit 9.1% over the last year – a bigger rise than expected – driven by an increase in prices across the board alongside a 41.6% rise in energy prices.

Supply chain pressure, as measured by the US Federal Reserve Bank of New York’s Supply Chain Pressure Index, dropped to its lowest level in over a year, in part due to the lifting of lockdowns in China.

The Bank of England warned of a deterioration in the global economic outlook and that “in some markets, asset valuations appear elevated relative to historical norms” but said that the financial sector “remained resilient”.

UK GDP rose 0.5% in May, over the previous month, beating expectations of a slowdown; the boost came from higher-than-expected demand for holidays and healthcare.

Official estimates show that UK manufacturing output rose by 2.3% in the last 12 months beating economists’ expectations

UK train drivers voted to strike nationwide over pay, marking the first coordinated industrial action by them in 27 years.

The price of crude oil fell last week to levels last seen before Russia’s invasion of Ukraine, pushed lower by the weakest oil demand since 1996 as recession risks rise across the globe.

Germany recorded a trade deficit in goods in May for the first time in 30 years as its exports were hampered by supply chain disruption and spending on energy imports surged.

A survey of Japanese businesses by Nikkei found that 56% think that risk of operating in China has risen, businesses cited the zero-COVID policy, US-China tensions and the risk of China invading Taiwan as risks to doing business.

UK house price growth hit an 18-year high of 13% in the year to June, according to estimates from the Halifax.

The pound continued its fall against the US dollar dropping to $1.18 on Friday, its lowest level since March 2020.

The euro hit parity with the dollar as European recession fears grew and investors bet on a further weakening of the single currency.

The yen fell to its lowest level against the dollar in 24 years, as the Fed is expected to tighten monetary policy even further, while the Bank of Japan maintains its ultra-loose stance.

China recorded the slowest quarterly rise in GDP since the start of the pandemic, with its economy expanding by just 0.4% in the second quarter.

Police in the Sri Lankan capital of Colombo imposed a curfew in advance of planned protests. Protestors are angry over the economic crisis engulfing the country – a shortage of foreign exchange has led to a shortage of fuel, food and medicine.

Strategy

Bonds have rallied over fears of potential recession and economic slowdown. Long-dated bonds still appear to be poor value in which to allocate capital, with the risks outweighing the reward at current yields. Should these continue to rise, which appears likely in western bond markets with quantitative tightening underway, this risk/reward ratio will shift further towards consideration from the Investment Committee. At present, the Clarion portfolios continue with a short-dated bias in fixed income given the likely rising yield environment, which ought to result in relative outperformance.

US equities continue to trade close to yearly lows having fallen substantially since the turn of the year. The growth stocks at the top of the major indices have been worst hit by interest rate rises which have adversely impacted stocks trading on elevated P/E ratios. Despite these falls, these ratios are still above long-term historical averages, which indicates further potential drawdown is yet possible.

The UK has seen relative outperformance in the value rotation amid tightening financial conditions and still trades at a discount to peer developed equity regions. Many companies continue to be penalised for their choice of listing location, despite increasingly deriving earnings from overseas, with the FTSE 100 recording 79% and the FTSE 250 60%, of revenues from outside the UK according to JPM’s latest guide to the markets.  The Investment Committee remain broadly positive on the prospects for the UK markets.

Asia Pacific equities trade at attractive valuations following a challenging 2021, particularly in the technology sector, where the disparity with US technology equities is wide. Macroeconomic conditions remain tough in the region at present, but valuations ought to be supported by loose central bank policy from the People’s Bank of China (PBoC) and Bank of Japan (BoJ) in contrast to current western central bank policy. In Japan, the yen is trading at its lowest level since the Asian Crisis, which offers an attractive entry point for equities that benefit from a strengthening of the currency from this point. Over the long-term, the investment thesis in the region is attractive.

Continuing to hold diversified high-quality assets over the longer term remains the appropriate method for allocation of investor capital.  

For a fuller version of Clarion’s Economic and Stock Market Commentary, written by Clarion Group Chairman Keith Thompson, please click here


Clarion Funds & Discretionary Models

Each year, we undertake a review of our portfolios to ascertain whether our strategic asset allocation (SAA) is appropriate.  This is the neutral position of the portfolios to ensure that they are appropriate for a given level of risk on the risk/reward scale.  On top of this, we then apply what is known as a tactical overlay which results in the investment committee (IC) either going underweight or overweight against the SAA to take account of the current economic conditions.

This month, however, we have undertaken a more in-depth ‘root and branch’ review of the portfolios and the SAA because of the extreme economic conditions we are currently seeing.  As part of this process, we have been working with a firm (whom we have an existing relationship with) called Dynamic Planner to review the SAA.

Dynamic Planner specialises in risk management, asset allocation and fund research and we already utilise a lot of their work in our processes.  For example, we use their risk profiling tool and their investment growth assumptions for cashflow modelling.

The biggest change following our recent review is that, in future, we are going to more closely follow Dynamic Planner’s strategic asset allocations.

Additionally, the IC has decided to begin using Exchange Traded Funds (ETFs) within the portfolios in future.  The use of ETFs will help to significantly reduce costs whilst allowing access to a much wider and diverse range of investments.

The change to the SAAs and the increased use of ETFs have led to higher-than-normal trading activity this month.  However, this is a rare event and trading activity levels will revert to normal in future months.

Defender Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark since the start of the available data.

The table below shows the annualised performance to the last quarter end:

  30/06/21      30/06/20

to                    to

30/06/22      30/06/21

CIM DT03 Defender Portfolio -6.88%               7.80%
ARC Sterling Cautious PCI -5.21%               7.25%
IA Mixed Investment 0-35% Shares -8.57%               6.86%

Changes to the Defender Model

Funds Sold from the Defender Portfolio

  • Artemis Target Return Bond Fund F Acc (5.00% to 0.00%)
  • Atlantic House Defined Returns B Acc (11.00% to 0.00%)
  • Royal London Global Index Linked M Inc (3.50% to 0.00%)
  • Invesco Tactical Bond UK Z Acc (3.00% to 0.00%)
  • Artemis Global Select I Acc (10.00% to 0.00%)
  • LF Blue Whale Growth I Acc (5.00% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Fidelity Short Dated Corporate Bond W Acc (5.00% to 0.00%)
  • Artemis Income I Acc (7.00% to 0.00%)
  • BlackRock UK Equity D Acc (10.00% to 0.00%)

Funds Added to the Defender Portfolio

  • iShares UK Gilts 0-5yr UCITS ETF (0.00% to 10.00%)
  • ASI Short Dated Global Corporate Bond Tracker Acc (0.00% to 9.00)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 9.00%)
  • Baillie Gifford Japanese B Acc (0.00% to 5.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard UK Short-Term Investment Grade Bond Index Acc (0.00% to 6.00%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 3.60%)
  • iShares £ Index-Linked Gilts UCITS ETF (0.00% to 8.00%)
  • Artemis US Smaller Companies I Acc (0.00% to 2.50%)
  • Fidelity Index US P in GB (0.00% to 5.00%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 2.50%)

Changes to Fund Allocation in the Defender Portfolio

  • L&G Short Dated Sterling Corporate Bond Index I Acc (11.00% to 4.50%)
  • Royal London Sterling Credit Z Inc (5.00% to 4.50%)
  • Allianz UK Listed Equity Income E Inc (5.00% to 3.00%)
  • Cash (8.00% to 17.00%)

 

Prudence Fund & Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

The table below shows the annualised performance to the last quarter end:

30/06/21 to 30/06/22 30/06/20 to 30/06/21 30/06/19 to 30/06/20 30/06/18 to 30/06/19 30/06/17 to 30/06/18
MGTS Clarion Prudence X Acc -8.97% 12.32% -1.60% 0.69% 2.35%
CIM DT04 Prudence Portfolio -9.06% 12.26% -1.27% 1.43% 3.56%
ARC Sterling Cautious PCI -5.21% 7.25% 1.66% 2.37% 1.41%
IA Mixed Investment 20-60% Shares -7.09% 12.74% -0.63% 2.89% 2.44%

Changes to the Prudence Fund & Model

Funds Sold from the Prudence Portfolio

  • Artemis Target Return Bond Fund F Acc (6.00% to 0.00%)
  • Atlantic House Defined Returns B Acc (5.00% to 0.00%)
  • Royal London Global Index Linked M Inc (6.00% to 0.00%)
  • Invesco Tactical Bond UK Z Acc (9.00% to 0.00%)
  • Artemis Global Select I Acc (5.00% to 0.00%)
  • LF Blue Whale Growth I Acc (5.00% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (5.00% to 0.00%)
  • Artemis Income I Acc (5.00% to 0.00%)
  • BlackRock UK Equity D Acc (4.00% to 0.00%)
  • Federated Hermes Global Emerging Markets F Acc (4.00% to 0.00%)
  • BlackRock Continental European D Acc (3.00% to 0.00%)

Funds Added to the Prudence Portfolio

  • iShares UK Gilts 0-5yr UCITS ETF (0.00% to 5.00%)
  • ASI Short Dated Global Corporate Bond Tracker Acc (0.00% to 5.00%)
  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 4.00%)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 5.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard UK Short-Term Investment Grade Bond Index Acc (0.00% to 6.00%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 4.80%)
  • iShares £ Index-Linked Gilts UCITS ETF (0.00% to 8.00%)
  • Artemis US Smaller Companies I Acc (0.00% to 3.75%)
  • Fidelity Index US P in GB (0.00% to 7.50%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 3.75%)
  • HSBC European Index C Acc (0.00% to 5.00%)

Changes to Fund Allocation in the Prudence Portfolio

  • L&G Short Dated Sterling Corporate Bond Index I Acc (8.50% to 4.50%)
  • Royal London Sterling Credit Z Inc (6.50% to 4.50%)
  • Allianz UK Listed Equity Income E Inc (6.00% to 4.00%)
  • FTF Franklin UK Equity Income (6.00% to 4.00%)
  • Slater Growth P Acc (4.00% to 3.20%)
  • Cash (2.00% to 12.00%)

Navigator Fund & Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

The table below shows the annualised performance to the last quarter end:

  30/06/21  

to

30/06/22

30/06/20

to

30/06/21

MGTS Clarion Navigator X Acc -9.53%  15.12%
CIM DT05 Navigator Portfolio -10.01%  16.14%
IA Mixed Investment 40-85% Shares -7.16%  17.29%

 ARC Sterling Balanced Asset PCI                                   -6.63%                11.84%

  

Changes to the Navigator Fund & Model

Funds Sold from the Navigator Portfolio

  • Artemis Target Return Bond Fund F Acc (5.00% to 0.00%)
  • Atlantic House Defined Returns B Acc (5.00% to 0.00%)
  • Royal London Global Index Linked M Inc (5.00% to 0.00%)
  • Artemis Global Select I Acc (5.00% to 0.00%)
  • LF Blue Whale Growth I Acc (5.00% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (4.50% to 0.00%)
  • Artemis Income I Acc (5.00% to 0.00%)
  • BlackRock UK Equity D Acc (5.00% to 0.00%)
  • Federated Hermes Global Emerging Markets F Acc (3.50% to 0.00%)
  • BlackRock Continental European D Acc (4.00% to 0.00%)
  • Fidelity Asia W Acc (4.50% to 0.00%)
  • Vanguard US Equity Index (5.00% to 0.00%)

Funds Added to the Navigator Portfolio

  • iShares UK Gilts 0-5yr UCITS ETF (0.00% to 3.00%)
  • ASI Short Dated Global Corporate Bond Tracker Acc (0.00% to 2.00%)
  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 4.00%)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 2.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard UK Short-Term Investment Grade Bond Index Acc (0.00% to 4.00%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 6.90%)
  • iShares £ Index-Linked Gilts UCITS ETF (0.00% to 4.00%)
  • Artemis US Smaller Companies I Acc (0.00% to 5.50%)
  • Fidelity Index US P in GB (0.00% to 11.00%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 5.50%)
  • HSBC European Index C Acc (0.00% to 5.00%)
  • JPM Emerging Markets Income C (0.00% to 2.00%)

Changes to Fund Allocation in the Navigator Portfolio

  • L&G Short Dated Sterling Corporate Bond Index I Acc (6.00% to 3.00%)
  • Royal London Sterling Credit Z Inc (4.00% to 3.00%)
  • Allianz UK Listed Equity Income E Inc (6.00% to 5.75%)
  • FTF Franklin UK Equity Income (6.00% to 5.75%)
  • Slater Growth P Acc (5.00% to 4.60%)
  • Cash (2.00% to 10.00%)

 

Meridian Fund & Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

The table below shows the annualised performance to the last quarter end:

  30/06/21 to 30/06/22 30/06/20 to 30/06/21 30/06/19 to 30/06/20 30/06/18 to 30/06/19 30/06/17 to 30/06/18
MGTS Clarion Meridian X Acc -11.58% 19.62% -0.98% 0.73% 5.00%
CIM DT06 Meridian Portfolio -12.00% 19.73% -0.51% 3.26% 5.36%
ARC Steady Growth PCI -7.67%% 15.87% -0.51% 3.54% 4.92%
IA Mixed Investment 40-85% Shares -7.16% 17.29% -0.11% 3.62% 4.85%

 

Changes to the Meridian Fund & Model

Funds Sold from the Meridian Portfolio

  • Artemis Target Return Bond Fund F Acc (4.00% to 0.00%)
  • Atlantic House Defined Returns B Acc (5.00% to 0.00%)
  • Artemis Global Select I Acc (5.00% to 0.00%)
  • LF Blue Whale Growth I Acc (5.00% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (5.00% to 0.00%)
  • BlackRock UK Equity D Acc (5.00% to 0.00%)
  • BlackRock Continental European D Acc (5.00% to 0.00%)
  • Fidelity Asia W Acc (7.00% to 0.00%)
  • Vanguard US Equity Index (6.00% to 0.00%)

Funds Added to the Meridian Portfolio

  • ASI Short Dated Global Corporate Bond Tracker Acc (0.00% to 2.00%)
  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 3.00%)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 2.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard UK Short-Term Investment Grade Bond Index Acc (0.00% to 3.20%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 6.90%)
  • Fidelity Index US P in GB (0.00% to 11.00%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 5.50%)
  • HSBC European Index C Acc (0.00% to 5.00%)
  • JPM Emerging Markets Income C (0.00% to 3.00%)
  • Schroder Asian Income Z Acc (0.00% to 2.00%)
  • Schroder Institutional Pacific I Acc (0.00% to 2.00%)
  • UBS Global Emerging Markets Equity C Acc (0.00% to 2.00%)

Changes to Fund Allocation in the Meridian Portfolio

  • L&G Short Dated Sterling Corporate Bond Index I Acc (6.00% to 3.00%)
  • ASI Emerging Markets Income Equity Acc (6.00% to 3.00%)
  • Federated Hermes Global Emerging Markets F Acc (6.00% to 2.00%)
  • Royal London Sterling Credit Z Inc (4.00% to 2.40%)
  • Allianz UK Listed Equity Income E Inc (6.00% to 5.75%)
  • FTF Franklin UK Equity Income (6.00% to 5.75%)
  • Slater Growth P Acc (5.00% to 4.60%)
  • Artemis US Smaller Companies I Acc (6.00% to 5.50%)
  • Cash (2.00% to 6.00%)

Explorer Fund & Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

The table below shows the annualised performance to the last quarter end:

  30/06/21 to 30/06/22 30/06/20 to 30/06/21 30/06/19 to 30/06/20 30/06/18 to 30/06/19 30/06/17 to 30/06/18
MGTS Clarion Explorer X Acc -11.98% 22.72% -1.22% 5.33% 6.96%
CIM DT07 Explorer Portfolio -12.73% 22.46% -1.09% 5.69% 8.60
ARC Equity Risk PCI -8.92% 20.57% -1.13% 4.02% 6.36%
IA Flexible Investment -7.09% 19.48%  0.31% 2.95% 5.04%

 

Changes to the Explorer Fund & Model

Funds Sold from the Explorer Portfolio

  • Artemis Target Return Bond Fund F Acc (3.00% to 0.00%)
  • Artemis Global Select I Acc (5.00% to 0.00%)
  • LF Blue Whale Growth I Acc (5.00% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (4.00% to 0.00%)
  • BlackRock UK Equity D Acc (5.00% to 0.00%)
  • BlackRock Continental European D Acc (7.00% to 0.00%)
  • Fidelity Asia W Acc (5.00% to 0.00%)
  • Vanguard US Equity Index (6.00% to 0.00%)

Funds Added to the Explorer Portfolio

  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 3.30%)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 2.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 10.20%)
  • Fidelity Index US P in GB (0.00% to 9.50%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 4.75%)
  • HSBC European Index C Acc (0.00% to 6.00%)
  • Baillie Gifford Pacific B Acc to (0.00% to 3.30%)
  • FTF Franklin UK Equity Income W Acc (0.00 to 8.50%)

Changes to Fund Allocation in the Explorer Portfolio

  • ASI Emerging Markets Income Equity Acc (5.00% to 3.90%)
  • Federated Hermes Global Emerging Markets F Acc (5.00% to 2.60%)
  • Allianz UK Listed Equity Income E Inc (5.00% to 8.50%)
  • Slater Growth P Acc (5.00% to 6.80%)
  • Artemis US Smaller Companies I Acc (6.00% to 4.75%)
  • Schroder Asian Income Z Acc (5.00% to 2.20%)
  • Schroder Institutional Pacific I Acc (5.00% to 2.20%)
  • UBS Global Emerging Markets Equity C Acc (4.00% to 2.60%)
  • JPM Emerging Markets Income C Acc (5.00% to 3.90%)
  • Baillie Gifford Japanese B Acc (4.00% to 8.00%)

Voyager Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

The table below shows the annualised performance to the last quarter end:

  30/06/21

to

30/06/22

30/06/20

to

30/06/21

CIM DT08 Voyager Portfolio -14.46% 24.81%
ARC Equity Risk PCI -8.92% 20.57%

Changes to the Voyager Model

Funds Sold from the Voyager Portfolio

  • LF Blue Whale Growth I Acc (6.50% to 0.00%)
  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (4.00% to 0.00%)
  • BlackRock Continental European D Acc (4.00% to 0.00%)
  • Fidelity Asia W Acc (6.50% to 0.00%)
  • Vanguard US Equity Index (4.00% to 0.00%)
  • ASI Asia Pacific Equity I Acc (6.50% to 0.00%)
  • JPM Japan C Hedged Acc (4.00% to 0.00%)

Funds Added to the Voyager Portfolio

  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 7.20%)
  • iShares Overseas Corporate Bond Index UK D Acc (0.00% to 2.00%)
  • iShares MSCI Target UK Real Estate UCITS ETF (0.00% to 5.00%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 5.40%)
  • Fidelity Index US P in GB (0.00% to 5.00%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 2.50%)
  • HSBC European Index C Acc (0.00% to 6.00%)
  • Baillie Gifford Pacific B Acc to (0.00% to 7.20%)
  • FTF Franklin UK Equity Income W Acc (0.00 to 4.50%)

Changes to Fund Allocation in the Voyager Portfolio

  • ASI Emerging Markets Income Equity Acc (7.00% to 8.10%)
  • Federated Hermes Global Emerging Markets F Acc (7.00% to 5.40%)
  • Allianz UK Listed Equity Income E Inc (4.00% to 4.50%)
  • Slater Growth P Acc (4.50% to 3.60%)
  • Artemis US Smaller Companies I Acc (4.00% to 2.50%)
  • Schroder Asian Income Z Acc (6.50% to 4.80%)
  • Schroder Institutional Pacific I Acc (6.50% to 4.80%)
  • UBS Global Emerging Markets Equity C Acc (7.00% to 5.40%)
  • JPM Emerging Markets Income C Acc (7.00% to 8.10%)
  • Baillie Gifford Japanese B Acc (4.00% to 6.00%)

 

Adventurer Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data.

 

The table below shows the annualised performance to the last quarter end:

  30/06/21

to

30/06/22

30/06/20

to

30/06/21

CIM DT09 Adventurer Portfolio -15.60% 25.54%
ARC Equity Risk PCI -8.92% 20.57%

 

Changes to the Adventurer Model

Funds Sold from the Adventurer Portfolio

  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (3.00% to 0.00%)
  • BlackRock Continental European D Acc (8.00% to 0.00%)
  • Fidelity Asia W Acc (8.00% to 0.00%)
  • Vanguard US Equity Index (3.00% to 0.00%)
  • ASI Asia Pacific Equity I Acc (4.00% to 0.00%)
  • JPM Japan C Hedged Acc (4.00% to 0.00%)
  • Threadneedle Global Emerging Market Equity (3.00% to 0.00%)

Funds Added to the Adventurer Portfolio

  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 7.50%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 3.90%)
  • Fidelity Index US P in GB (0.00% to 4.00%)
  • Xtrackers S&P 500 Equal Weight UCITS ETF (0.00% to 2.00%)
  • HSBC European Index C Acc (0.00% to 6.00%)
  • Baillie Gifford Pacific B Acc to (0.00% to 7.50%)
  • FTF Franklin UK Equity Income W Acc (0.00 to 3.25%)
  • Allianz UK Listed Equity Income E Inc (0.00% to 3.25%)

Changes to Fund Allocation in the Adventurer Portfolio

  • ASI Emerging Markets Income Equity Acc (7.00% to 12.00%)
  • Slater Growth P Acc (8.00% to 2.60%)
  • Artemis US Smaller Companies I Acc (7.00% to 2.00%)
  • Schroder Asian Income Z Acc (7.00% to 5.00%)
  • Schroder Institutional Pacific I Acc (3.00% to 5.00%)
  • UBS Global Emerging Markets Equity C Acc (5.00% to 8.00%)
  • JPM Emerging Markets Income C Acc (7.00% to 12.00%)
  • Baillie Gifford Japanese B Acc (8.00% to 6.00%)

Pioneer Managed Portfolio

The chart below shows the historical performance of the portfolio against a relevant benchmark(s) since the start of the available data

 

The table below shows the annualised performance to the last quarter end:

  30/06/21

to

30/06/22

30/06/20

to

30/06/21

CIM DT10 Pioneer Portfolio -15.18% 26.74%
ARC Equity Risk PCI -8.92% 20.57%

 

Changes to the Pioneer model

Funds Sold from the Pioneer Portfolio

  • Jupiter Gold & Silver I Acc (5.00% to 0.00%)
  • Stewart Investors Asia Pacific Leaders Sustainability B Acc (4.00% to 0.00%)
  • Fidelity Asia W Acc (9.00% to 0.00%)
  • ASI Asia Pacific Equity I Acc (9.00% to 0.00%)
  • Threadneedle Global Emerging Market Equity (9.00% to 0.00%)
  • Artemis US Smaller Companies I Acc (4.00% to 0.00%)
  • Slater Growth P Acc (4.00% to 0.00%)

Funds Added to the Pioneer Portfolio

  • ASI Asia Pacific Equity Enhanced Index B Acc (0.00% to 8.10%)
  • Vanguard FTSE U.K. All Share Index Unit Trust A Acc (0.00% to 3.00%)
  • Fidelity Index US P in GB (0.00% to 7.00%)
  • Baillie Gifford Pacific B Acc (0.00% to 8.10%)

Changes to Fund Allocation in the Pioneer Portfolio

  • ASI Emerging Markets Income Equity Acc (9.00% to 18.30%)
  • Schroder Asian Income Z Acc (9.00% to 5.40%)
  • Schroder Institutional Pacific I Acc (9.00% to 5.40%)
  • UBS Global Emerging Markets Equity C Acc (9.00% to 12.20%)
  • JPM Emerging Markets Income C Acc (9.00% to 18.30%)
  • Federated Hermes Global Emerging Markets F Acc (9.00% to 12.20%)

 

Risk Warnings 

The content of this article does not constitute financial advice and you may wish to seek professional advice based on your individual circumstances before making any financial decisions. 

Any investment performance figures referred to relate to past performance which is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.  The value of investments, and the income arising from them, can go down as well as up and is not guaranteed, which means that you may not get back what you invested. Unless indicated otherwise, performance figures are stated in British Pounds.  Where performance figures are stated in other currencies, changes in exchange rates may also cause an investment to fluctuate in value.  


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