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Where money meets intelligence

T A C T I C A L I N V E S T O R S

A low-cost actively managed portfolio service dedicated to sustainable growth through the use of Environmental, Social and Governance (ESG) investment values.

Green Path Portfolios

A low-cost actively managed portfolio service designed for long-term capital growth through the use of investment trusts.

Heritage Portfolios

A low-cost tactically traded portfolio service designed to grow and protect investment and pension assets by smoothing long-term returns.

Guardian Portfolios

IMPORTANT INFORMATION The Crossing Point Portfolio Management Service is only available to investors who use the ongoing services of a fi nancial adviser. Past performance of a portfolio is not a guide to future returns. The value of an investment and the income from it can go down as well as up and there is a risk of loss to capital. Exchange rates will also cause the value of underlying investments to fall or rise. Tax concessions are not guaranteed and may be changed at any time; their value will depend on individual circumstances. Details of the nature of the investments, the commitment required and the specifi c risk warnings are described in the Crossing Point Investment Management Terms of Business. Reference to any particular fund or portfolio does not constitute a recommendation for investment purposes. Indices are used for comparative purposes only. Persons who do not have professional experience in matters relating to investments should speak with a fi nancial adviser before making an investment decision. Issued by Crossing Point Investment Management Ltd (registered no. 08776208) is authorised and regulated by the Financial Conduct Authority (FCA no. 813549). Registered address: Tara House, 7 Uplands Crescent, Swansea. SA2 0PA. For your protection, calls may be monitored and recorded for training and quality assurance purposes.

Crossing Point is a discretionary investment manager bringing together the best of academic analysis and investment expertise to create reliable investment returns at lower risk and lower cost.

Crossing Point

4 CHANGING THE DIRECTION OF INVESTMENT MANAGEMENT

Visit us at www.crossingpoint.co.uk Please call 01792 278 115 or email [email protected]

Crossing Point is changing the direction and expectation of investment management. We hold equity assets to capture upside growth but use tactical trading to protect portfolio values from downside losses.

Tomiko EvansChief Investment Offi cer

DISRUPTV. to radically change

The greatest steps forward in business have often been initiated by thinking that has disrupted prescribed or accepted processes.

The most successful corporate disruptors challenge on cost, delivery, convenience and performance. Some of the very best examples revolutionising our behaviours and perception include the likes of Amazon, Apple, Uber and Airbnb. Products such as smart phones are triggering constant changes in our habits.

Tracker funds and exchange-traded funds were a market disruptor in their own right. Global tracker funds have grown at an exponential rate in recent years allowing retail investors effective and cheap access to markets that were once exclusive to institutional investors. However, their general use has been quite unsophisticated. Crossing Point has taken all the advantages of trackers and reinvented their use.


Challenge

WHERE MONEY MEETS INTELLIGENCE 5

CHALLENGEV. to call something into question

Crossing Point’s Guardian and Green Path portfolios are based on accredited asset allocation models and use tracker-funds to gain full global asset class exposure. Our dynamic, technical rules-based analysis actively informs us when to hold equities and when to revert to the security of safer investments.

This process has been shown to signifi cantly reduce volatility and maximum drawdowns, while providing consistent capital returns. Crossing Point is a positive disrupter in the world of investment management. Our unique algorithm represents the best in modern investment philosophy and delivers on cost, accessibility and performance.

At Crossing Point, we believe high performance does not have to come at a high cost. An effi cient, modern, rigorously tested approach allows us to deliver our service in a transparent, highly competitive package.

Prof Mike BuckleInvestment Manager

Investment Management

Crossing Point is changing the direction and expectations of investment management by not only off ering the benefi ts of global stock market growth, but by managing downside risk through the use of trend-following strategies.

Our active management process uses a sophisticated and adaptive algorithm which responds to evolving stock market conditions with each geographic equity sector monitored individually.

We have created three distinct investment solutions each with a number of diff erent risk-based portfolios – to use either exclusively or as part of a larger asset allocation.

Guardian portfolios are designed to provide attractive and consistent returns, while aiming to minimise volatility, drawdown, sequencing risk and cost.

Green Path ESG portfolios select investments that support the wellbeing of our environment and society.

Heritage portfolios utilise investment trusts to increase diversifi cation and reduce fees over longer investment horizons. Due to the nature of investment trusts, Heritage portfolios do not use trend-following.

Crossing Point

Our Guardian and Green Path portfolios off er risk-adjusted, dynamic, volatility-managed portfolios. They aim to create consistent returns through diff ering market conditions by capturing the upside and protecting capital on the downside.

Crossing Point Investment Management was conceived in 2014 and formed in 2018 based on the conclusion of extensive academic research into an investment philosophy established upon trend-following and tactical trading. Our investment strategies are stringently based upon exhaustive and robust research and testing, backed up by MSc and PhD research papers.

Unlike many established and incumbent investment managers, we do not rely upon static buy and hold strategies. We are fund selectors, asset allocators, market monitors and tactical traders.

Our advanced algorithms monitor and signal when to buy, hold or sell capital assets allowing us to participate in up-markets and reduce exposure to down markets providing consistent returns at lower risk and lower cost.

Crossing Point



We analyse the movement of stock market prices over diff ering time periods in order to decide if a market has rising momentum and should be bought or falling momentum and should be sold.



Crossing Point Investment Managers


Tomiko is a BSc graduate of the Wharton School of Business at the University of Pennsylvania. She holds an MSc in Financial Forecasting and Investment Management. Tomiko is also about to complete a PhD in Finance at Swansea University.

Tomiko has extensive experience in capital market analysis and investment management. She worked in International Prime Brokerage for Citigroup in Canary

Wharf and was part of the technology team on the International Finance Desk with Salomon Smith Barney in London and Salomon Brothers in New York.

Her extensive, validated research and analysis forms the basis of Crossing Point’s unique investment strategy.

Tomiko is Chief Investment Offi cer of Crossing Point and holds the IMC qualifi cation for Investment Management.


Mike is a Professor of Finance at Swansea University. He has been a university academic for over 30 years having previously held senior academic posts at Liverpool University and Swansea University. He has published extensively in both academic and practitioner journals on a wide range of fi nancial and economic issues.

Mike has been an academic advisor to CFA UK for over 20 years and was involved

in the development of the Investment Management Certifi cate (IMC). He is an author of the Offi cial Training Manual for the IMC.

Mike chairs Crossing Point’s Investment Management Committee and holds the CII Certifi cate in Discretionary Investment Management. He is responsible for the due diligence and fund selection within our Green Path and Heritage portfolios.


A low-cost tactical trading portfolio service designed to grow and protect investment and pension assets by smoothing long-term returns.

GuardianPortfolios



Our unique, tactically managed portfolio service is conceived to help protect investment and pension portfolios from large stock market falls, mitigate sequence of returns risk and reduce volatility allowing investors greater confi dence in consistent returns.

Our fi ve Guardian portfolios are designed to protect income paying portfolios by smoothing longer term returns which will allow Financial Advisers to plan with greater accuracy and confi dence. Our portfolios are designed to assist in an effi cient, reliable, low-cost decumulation pension strategy.

Decumulation investors could hold a combination of cash to support their income requirements and a Guardian Portfolio that focuses on providing consistent returns and capital protection. We do not use structured products that introduce additional risk and cost. Instead, we prefer the use of low-cost index-tracker funds as our underlying assets.

Focuses on growth and capital preservation

Reduces Volatility

Smooths long-term returns supporting more accuratecash fl ow modelling

Limits the sequence of returns risk

Reduces maximum drawdown

Protects assets in times of market stress

Our portfolios are designed to assist in an effi cient, reliable, low-cost decumulation pension strategy.


Key Objectives




Risk Control

We control risk and volatility through a dynamic combination of asset allocation, market monitoring and tactical trading.

Our fi rst layer of risk management, similar to other investment managers, is provided by diversifi cation through asset allocation. Diversifying holdings across diff erent asset classes and through uncorrelated assets is well known to reduce volatility.

A trend-following overlay for our equity assets provides our second layer of risk management. Trend-following strategies have been shown to reduce volatility and maximum drawdowns. Through market monitoring and tactical trading, our portfolios are designed to make the most of global equity rallies and seek to avoid the worst of any subsequent falls. The aim of our proactive management is to provide consistent long-term returns with reduced downside risk.

Our portfolios are designed to hold equity assets to capture upside growth but use tactical trading to protect portfolio values from downside losses. This unique combination of accredited asset allocation, diversity and pro-active tactical trading provides Crossing Point investors with a double layer of capital risk control.

Investment Management

Crossing Point moves away from opinion-based decision making to an academic proven set of investment rules and principles that are regularly updated and reviewed.

Asset AllocationIt is commonly agreed from established academic research that asset allocation provides the majority of long-term total returns for a managed investment portfolio. Similar to other investment managers, we adopt a full risk-related asset allocation strategy through investment diversity predominately represented by global index-tracking funds.

Trend-followingA combination of varying average stock price movements can, when rising, signal a buy opportunity or, when falling, can be a signal to sell.

These market momentum signals allow us to buy into equity assets as they start to build upward momentum but also tell us when to leave the asset when markets reverse. If there is a signal to sell, we then sell out of the equity market and move to the security of safer assets to protect our gains. We re-purchase equity assets when upward momentum returns.

Guardian Portfolios help make returns more reliable.




Active Index-Tracking

The markets we monitor are the major economic regions and countries of the world. The most relevant assets for us to buy and hold are index-tracker funds or exchange-traded funds (ETF).

Both index-tracking funds and exchange-traded funds are designed to replicate the composition and performance of the index being tracked. They offer a low-cost investment solution that is ideal for our type of multi-asset portfolios and are easy to purchase and sell. Our investors hold a series of index tracking funds that replicate the major stock markets of the world.

Academic research has proven that over time passive tracker funds, particularly in developed markets, regularly outperform their actively managed but more expensive counterparts. However, the Achilles heel of any tracker fund is that it follows downward as well as upward market movement.

At Crossing Point, we take all the advantages of passive funds such as low costs, accessibility and liquidity whilst addressing this potential weakness. We make the passive truly active by applying our unique investment ability to capitalise upon upward market movement while avoiding an entrenched falling market.

Our Guardian range of portfolios are managed in a dynamic style with capital preservation at their core.



Backtesting

Crossing Point’s trend-following strategy for portfolio management is a relatively new process and has therefore had to be retrospectively backtested. Our investment process follows a strict rules-based system.

As an example of how the Crossing Point trend-following strategy works, we show the returns of the strategy through the use of equity market indexes and the current Adventurous equity asset allocation. The 23-year time period, from August 1996 to August 2019, exposes the strategy to a number of diff erent market conditions.

Because not all of the unit trusts, ETFs, or the basket of alternative safe haven assets existed over the entire 23 years, this time frame does not allow for a complete replication of our strategy. Instead, we have refl ected how the equity investments would have performed through the use of indexes trading directly into either cash or the UK All Stock Gilt Index to represent the safe haven basket.

The complete, backtested, simulated portfolio results using our selected unit trusts and the basket of safe haven alternative investments when not in equities is available for 5 years in our factsheets. We will continue to publish the performance of our live portfolios against the Investment Association benchmarks every month including risk measures such as volatility, alpha, beta, maximum drawdown, Sortino ratio and Sharpe ratios.



This graph displays an example of the simulated performance of £100,000 invested in the current Crossing Point Adventurous equity asset allocation using our trend-following strategy and trading into cash when not invested in equities compared to the same portfolio and asset allocation of equity indexes invested without any tactical trading. The sections of the graph when the Crossing Point strategy signals to be out of all equity markets and instead invested in cash are shown as flat lines through portions of 2000-2002 and 2007-2009 while the buy and hold portfolio drop in value. Over this time period, the Crossing Point strategy delivers a greater increase in portfolio value through the removal of the worst of the market drops.

Examples of how the Crossing Point trend-following strategies work

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Example 1: Crossing Point strategy trading into cash vs. buy and hold portfolio - Aug 1996 - Aug 2019


Visit us at www.crossingpoint.co.uk Please call 01792 278 115 or email [email protected] Visit us at www.crossingpoint.co.uk Please call 01792 278 115 or email [email protected]


Example 2: Crossing Point strategy trading into the UK All Stock Gilt Index vs. buy and hold portfolio - Aug 1996 - Aug 2019

This graph displays an example of the simulated performance of £100,000 invested in the current Crossing Point Adventurous equity asset allocation using our trend-following strategy and trading into the UK All Stock Gilt Index when not invested in equities compared to an investment into the same portfolio of equity indexes with the same asset allocation without any tactical trading. The use of gilts instead of cash provides further return when out of equity markets compared to the negligible return from cash. Since 2009 the returns to gilts have been augmented due to quantitative easing by central banks around the world.

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Crossing Point Trend-Following Strategy Utilising Equity Indexes and Trading into UK All Stock Gilt Index Equity Indexes Buy and Hold Portfolio

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An example of trend-following for 2 years during the 2008 market crash

The Crossing Point trend-following trading strategy contains a mix of crossovers for further diversification. This is an illustration of how the Crossing Point strategy would have performed during the 2 years around the 2008 financial crisis. These two years were chosen as an example of how trend-following works when equity markets drop.

The graph at the top of the page shows the simulated performance of £100,000 invested in the current equity asset allocation from the Crossing Point Adventurous portfolio using our trend-following strategy and trading into the UK All Stock Gilt

Index when not invested in equities compared to an investment into the same portfolio of equity indexes with the same asset allocation without any tactical trading.

The chart on the bottom of the page coincides with the two years shown in the above graph. Every month the equity trade decisions are decided by market movement. If trend-following signals showed that the market was dropping and the market investment should have been 0%, then this is shown in red. Shades of green represent the level of equity investment with dark green indicating a 100% investment.

Example 3: Crossing Point trend-following strategy trading into the UK All Stock Gilt Index vs. buy and hold portfolio - Jan 2008 – Jan 2010

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Decumulation Strategy

The predicament faced by income seeking investors is downside sequence of returns risk and the potential impact this has on future capital values and income withdrawals.

A very real danger to long-term income investors is the potential damaging impact of early falls in a pension fund value causing a reduction in long-term capital values, also known as sequence of returns risk. This impact is magnifi ed when income withdrawals are needed creating a ‘double’ fall in values. Research into sequencing risk shows that an early fall in an investment creates a long-term impact on capital values which can aff ect the long-term viability of income withdrawals. Also during decumulation, the process of selling the underlying assets for income when the market is falling has a greater impact on the reduction of the underlying capital.

The Crossing Point Guardian portfolios seek to minimise sequence of returns risk, volatility and maximum drawdowns by smoothing long-term returns through the combined use of asset allocation and trend-following tactical trading. This double layer of volatility control allows fi nancial advisers to plan ahead with greater accuracy over future returns.

Crossing Point Guardian strategies are designed to protect capital values of income paying portfolios allowing retired investors to take an income from a portfolio with greater confi dence.



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Green Path Cautious

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Portfolio Our Fees Fund Costs Combined Inc VAT Weighted OCF Cost

Crossing Point Fees 0.25% plus vat

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Cost and Charges

The cost of running an investment portfolio over the long-term has one of the highest impacts on performance. Our low management fees and dynamic use of low-cost investment instruments represent a signifi cant evolution in eff ectively utilising modern access to global markets.

We are confi dent you will be impressed by our performance, risk controls and costs.




This graph displays the simulated performance of a £500,000 investment into the Guardian Balanced portfolio over 5 years from October 2014 taking an annual income of 3.5% compared to the same income from the Investment Association 40-85% benchmark. This graph provides an illustration of the advantages of the Guardian portfolios which smooth returns by reducing volatility, maximum drawdown losses and sequence of returns risk when compared to the benchmark especially when there are dips in the market such as in 2015 and late 2018. By using Guardian portfolios an investor would have ended the 5 year period with a significantly higher value in the investment. This graph illustrates the benefi ts of reduced volatility upon income paying portfolios.

Example 4: Guardian Balanced Portfolio Simulation of a £500,000 Investment Taking a 3.5% Annual Income vs the IA Mixed Investment40-85% Benchmark

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Guardian Balanced 01/10/19 TR in GB (601042.49) IA Mixed Investment 40-85% Shares TR in GB (581572.43)

Examples of income withdrawals for 5 years from a Guardian portfolio

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Guardian Balanced 01/10/19 TR in GB (555785.61) IA Mixed Investment 40-85% Shares TR in GB (537781.60)

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This graph displays the simulated performance of a £500,000 investment into the Guardian Balanced portfolio over 5 years from October 2014 taking an annual income of 5% compared to the same income from the Investment Association 40-85% benchmark. This graph provides an illustration of the advantages of the Guardian portfolios which smooth returns by reducing volatility, maximum drawdown losses and sequence of returns risk when compared to the benchmark especially when there are dips in the market such as in 2015 and late 2018. By using Guardian portfolios an investor would have ended the 5 year period with a significantly higher value in the investment. This graph illustrates the benefi ts of reduced volatility upon income paying portfolios.

Example 5: Guardian Balanced Portfolio Simulation of a £500,000 Investment Taking a 5% Annual Income vs the IA Mixed Investment40-85% Benchmark

A low-cost, actively managed portfolio service dedicated to sustainable growth through the use of Environmental, Social and Governance (ESG) investment values.

Green PathPortfolios



Socially responsible investment (SRI) and the use of ESG investment criteria to guide investments has moved into the mainstream. There is now overwhelming evidence that sustainable investment can deliver comparable returns with traditional investments and also off er opportunities for outperformance based on reduced risk.

All our investments are rigorously screened using ESG criteria. The latest strategies, which we adopt, take a positive approach by seeking sustainable investments that have a greater potential to boost returns. This is achieved by integrating environmental, social and governance (ESG) considerations into the investment processes.

The FT reports that since 1990, the MSCI KLD 400 Social index, comprising companies with strong sustainability profi les, has outperformed the S&P 500, with annualised returns of 11.2 per cent versus 10.7 per cent. Sustainable companies are typically less exposed to tail risk such as environmental accidents or punishment from regulators. (FT, ‘Sustainable investment can propel long term returns’, 18/9/2018).

Key Objectives

Globally diversifi ed investment

Maintain the integrity of the environment and the use of natural resources

Recognise the civil, economic and social rights of every human being

Promote sustainable development today without compromising future development





Green Path portfolios focus on a numberof key factors

Our three core principles

The following three principles form the core of our ESG investment philosophy.

EnvironmentalInvestments are considered in terms of their impact on the environment. This may involve looking at issues such as pollution, waste management or climate change.

SocialSocial aspects of investments include the employment practices of companies, for example, making sure they’re not involved in modern day slavery.

GovernanceThe focus here is on how a company that we invest in is managed. Does it treat its stakeholders (shareholders, employees etc.) fairly? Does it pay its’ executives too much?

Climate change is becoming a reality.

Good corporate governance is important to achieve a sustainable business.

A transformation is occurring in energy sources with a rapid rise in renewable energy.

Technology is changing what we demand and what we consume. Only adaptable companies will survive.

Investors can be quick to punish companies found to be using child labour or damaging the environment.

Information on ESG policies of companies is more widely available.

Regulation is forcing companies to adopt ESG compliant strategies.

Cost and Charges

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Cost and Charges as of Sept. 2019


Future proofi ng your investments

ESG has become one of the fastest growing areas of the investment market. Investing on the basis of environmental, social and governance factors has increasingly moved tothe centre stage.

ESG investing has been driven by key changes in investor behavior. Many private investors want a more active, objective-driven approach. There is also a realisation thatESG focused investments are not just philanthropic but away to future proof your investments where performance need not be compromised.

Sustainability and fair opportunity have led to investors pursuing the concept of a healthy balance between investment returns, the long-term preservation of ournatural resources, and the respectful treatment of labourand equality.

ESG Fund Selection

All our investments are rigorously screened using the three principles that form the core of our ESG investment philosophy. The ESG credentials of each index-tracker fund or exchange-traded fund is validated in accordance with our stated ESG principles: environmental, social compatibility and good governance. We only use funds that are clearly designated ESG investments.

ESG investors can follow their convictions without fear of compromise.




A low-cost actively managed portfolio service designed for long-term capital growth through the use of investment trusts.

Heritage Portfolios


Many seasoned City professionals will expound the virtues of investment trusts over their open-ended investment company (OEIC) counterparts. Investment trusts highlight lower fees, increased diversifi cation and signifi cantly better investment returns over the longer term.

Investment trusts were a Victorian invention and fl ourished on the back of the wealth that the British Empire generated. They were a means to raise private capital to fund new developments, like railways and plantations across the world. They also allowed more moderate investors the same access to the stock market that had previously only been available to much larger capital investors and organisations.

Throughout its long history, the investment trust industry has continued to adapt to meet investors’ needs. In the last decade, the infrastructure, debt and property sectors have evolved to satisfy demand for income. The investment trust industry has continued to invest in groundbreaking opportunities including technology, biotechnology and healthcare, emerging and frontier markets, private equity and venture capital. These recent developments continue to make investment trusts both highly attractive and relevant to investors.

Crossing Point Heritage portfolios are managed in a diff erent process to the Guardian and Green Path portfolio services. Within our Heritage Portfolios, we adopt a traditional, long-only management style.

Key Objectives

Superior long-term performance and returns

Greater diversifi cation and range of holdings

Global equity strategies

Flexible investment management

Lower management costs than open-ended investment companies


Please call 01792 278 115 or email [email protected] Visit us at www.crossingpoint.co.uk



Proof is in performance

Analysis conducted by Winterfl ood Securities in late 2017 demonstrated that investment trusts beat open-ended funds around 80% of the time. A comparison table of 45 investment trusts with a fi ve-year track record shows that 35 (or 78%) achieved better net asset value (NAV) returns and 36 (or 80%) delivered higher shareholder returns than their open-ended investment company equivalent.

Over a fi ve-year period to the end of 2017, investment trusts’ average annual outperformance was 1% for NAV and 2% for share price gains.

The benefi ts of investment trusts

The long-term performance of investment trusts is signifi cantly aided by the fact that the investment managers do not need to hold excessive cash balances or sell assets in order to accommodate redemptions as do their open-ended investment company (OEIC) counterparts.

Being ‘closed-ended’, managers can invest in less liquid assets such as private equity, infrastructure and specialist commercial property. A longer-term plan can be engaged. This process can bring greater diversifi cation to the strategy resulting in better long-term returns and more varied sources of income.

Investment trusts also have the option to borrow up to a certain percentage of the underlying portfolio. This can potentially amplify the returns if the environment is favourable and the opportunity appropriate. There are strict rules in place to limit this process in order to avoid magnifying the potential risk.

The virtues of investment trusts are characterised by lower fees, increased diversifi cation and signifi cantly higher investment returns over the longer term.




Cost and Charges

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Cost and Charges as of Sept. 2019



Crossing Point Portfolios

Max. Equity Content

Guardian Portfolios

Green Path Portfolios

Heritage Portfolios

Defensive Cautious

25 40

Balanced Strategic Adventurous

55 70 85



Crossing Point Investment Management Ltd.

Tara House, 7 Uplands Crescent, Swansea, SA2 0PA

Crossing Point Investment Management Ltd is registered in UK. Registered No 08776208

Registered Offi ce: Tara House, 7 Uplands Crescent, Swansea, SA2 0PA. Authorised and Regulated by the Financial Conduct Authority No. 813549

Disclaimer: Crossing Point Investment Management Limited has used all reasonable eff orts to ensure the accuracy of the information contained in this brochure at the date of publication. Investors should read our fund fact sheets, investor policy statement, investor summary and the individual fund’s Key Investor Information Document before investing into the portfolios. Full details of each of the risks and aims for the individual funds that make up our portfolios can be found in the Key Investor Information Documents which is available from our website www.crossingpoint.co.uk. Some of the fi gures in this marketing document refer to simulated past performance. Past performance is not a reliable indicator of future performance. The value of investments and any income from them may fall as well as rise, the return may increase or decrease as a result of currency fl uctuations, and you may not get back the amount of your original investment. Crossing Point Investment Management Ltd. does not make any recommendations regarding the suitability of these portfolios for you and the information provided

should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. If you are in any doubt about the information in this brochure or our website please consult your fi nancial adviser. This fi nancial promotion is intended for UK residents only and is communicated by Crossing Point Investment Management Ltd (8776208) which

is authorised and regulated by the Financial Conduct Authority ( 813549 ) with its registered offi ce of: Tara House, 7 Uplands Crescent, Uplands, Swansea. SA2 0PA.

Contact Discover today how Crossing Point’s range of portfolios can provide your clients with strong, consistent risk-controlled returns.

Visit us at

www.crossingpoint.co.uk

Email

[email protected]

Call us today on

01792 278 115

EDITION 01 OCTOBER 2019

CP MainBrochure NEW - Crossing Point · Visit us at Please call 01792 278 115 or email...

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