Smith & Williamson Managed Portfolio Service...Smith & Williamson’s strategic views, and with the...
Transcript of Smith & Williamson Managed Portfolio Service...Smith & Williamson’s strategic views, and with the...
Smith & Williamson Managed Portfolio Service
Core Range - Investment Review
Q1 2021
For professional advisers’ use only
Please read the important information section
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Smith & Williamson Investment Management
MPS Q4 2020 – Investment Review
Investment outlook
Sources:
1-6 Refinitiv Datastream, data as at 31 March 2021
Smith & Williamson Investment Management
MPS Q1 2021 – Investment Review
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Smith & Williamson Investment Management
MPS Q4 2020 – Investment Review
Investment outlook
Smith & Williamson Investment Management
MPS Q1 2021 – Investment ReviewSources:
7-11 Refinitiv Datastream, data as at 31 March 2021
12 HSBC, Tough questions on World Maths Day, data as at 3 March 2021
13 Office for Budget Responsibility, data as at 31 March 2021
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MPS Q4 2020 – Investment Review
Investment outlook
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MPS Q1 2021 – Investment Review
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MPS Q4 2020 – Investment Review
Source: Smith & Williamson Investment Management and Factset as at 31.03.21
David Amphlett-Lewis
Passives Research Group,
Partner
James Burns
Head of Investment
Companies Research,
Partner
Genevra Banszky
von Ambroz, CAIA
Collective Investments
Group, Partner
The MPS team
Open Ended Funds
Investment Companies
Distribution Technology
Risk Graded
Strategic Asset
Allocation
Smith & Williamson
Research
Tactical Asset
Allocation
Security
Selection
Passives
The Process
Your Smith & Williamson Portfolio
The Result
Supported by a network of over 55
investment professionals responsible for
investment research.
Investment process
Past performance is not a guide to future performance. Smith & Williamson Investment Management
MPS Q1 2021 – Investment Review
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Smith & Williamson Investment Management
MPS Q4 2020 – Investment Review
The portfolio objective is to preserve the value of capital in real terms (i.e. so
that it is not eroded by inflation). The portfolio invests mainly in funds
providing exposure to defensive assets such as government bonds, corporate
bonds and property, but with up to 35% invested in funds providing exposure
to UK and International equities. The portfolio does not focus on income,
which will vary.
Defensive Portfolio Profile
Estimated yield** 1.94%
Estimated underlying holdings charges** 0.50%
Product mixAsset breakdownPast performance is not a guide to future performance.
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent
with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line
with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current
mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source: Smith
& Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Defensive and Dynamic Planner 3 benchmarks.
**Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment Management, Financial
Express and Morningstar. Pie chart data as at 31.03.21
% R
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S&W 3 - Defensive portfolio profile
Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 7.2 15.0 -7.8
Sovereign 7.0 10.0 -3.0
Index Linked 10.0 8.0 2.0
UK Corporate 18.9 17.0 1.9
Global High Yield 2.0 0.0 2.0
International Bonds 14.4 18.0 -3.6
Property 3.7 5.0 -1.3
Other Alternatives 6.5 0.0 6.5
UK 14.8 12.0 2.8
North America 9.8 10.0 -0.2
Europe -- -- --
Japan 4.4 5.0 -0.6
Pacific 1.4 0.0 1.4
Emerging Markets -- -- --
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Product mixAsset breakdown
The portfolio objective has a focus on providing higher income, whilst
preserving the value of capital in real terms. The portfolio is diversified
across funds providing exposure to relatively defensive asset classes such
as government bonds, corporate bonds and property, but with between
30% and 60% also invested in funds providing exposure to UK and
International equities.
Defensive Income Portfolio Profile
Estimated yield** 2.11%
Estimated underlying holdings charges** 0.62%
Past performance is not a guide to future performance.
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains
consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and
regions in line with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a
result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly
over time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Defensive
Income and Dynamic Planner 4 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith &
Williamson Investment Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.
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S&W 4 - Defensive Income portfolio profile
Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 2.9 10.0 -7.1
Sovereign 2.7 5.0 -2.3
Index Linked 8.9 8.0 0.9
UK Corporate 18.0 17.0 1.0
Global High Yield 2.2 0.0 2.2
International Bonds 8.3 10.0 -1.7
Property 3.8 5.0 -1.2
Other Alternatives 5.0 0.0 5.0
UK 18.5 16.0 2.5
North America 14.4 15.0 -0.6
Europe 5.3 5.0 0.3
Japan 4.5 5.0 -0.5
Pacific 5.5 4.0 1.5
Emerging Markets -- -- --
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The portfolio objective has a focus on generating income, whilst also
aiming to grow the capital value by more than inflation. The portfolio is
diversified across major asset classes and may have between 55% and 70%
invested in funds providing exposure to UK and International equities,
subject to market conditions.
Balanced Income Portfolio Profile
Estimated yield** 1.89%
Estimated underlying holdings charges** 0.71%
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains
consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and
regions in line with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a
result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly
over time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Balanced
Income and Dynamic Planner 5 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith &
Williamson Investment Management, Financial Express and Morningstar.. Pie chart data as at 31.03.21.
Product mixAsset breakdownPast performance is not a guide to future performance.
% R
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S&W 5 – Balanced Income portfolio profile
Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 1.9 5.0 -3.1
Sovereign 0.0 3.0 -3.0
Index Linked 4.2 4.0 0.2
UK Corporate 14.8 15.0 -0.2
Global High Yield 1.7 0.0 1.7
International Bonds 3.4 4.0 -0.6
Property 3.0 5.0 -2.0
Other Alternatives 4.6 0.0 4.6
UK 23.1 22.0 1.1
North America 20.9 21.0 -0.1
Europe 5.5 5.0 0.5
Japan 5.2 6.0 -0.8
Pacific 5.6 5.0 0.6
Emerging Markets 6.2 5.0 1.2
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The portfolio objective has a focus on delivering capital growth in real
terms, whilst still producing some income. The portfolio invests actively
across all major asset classes and may have between 65% and 85% invested
in funds providing exposure to UK and International equities, with the
remainder diversified across defensive asset classes.
Balanced Growth Portfolio Profile
Estimated yield** 1.46%
Estimated underlying holdings charges** 0.75%
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent
with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with
Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current mix of
defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source: Smith &
Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Balanced Growth and Dynamic Planner 6
benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment
Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.
Product mixAsset breakdownPast performance is not a guide to future performance.
% R
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Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 2.0 4.0 -2.0
Sovereign -- -- --
Index Linked 1.8 0.0 1.8
UK Corporate 8.3 10.0 -1.7
Global High Yield 1.6 0.0 1.6
International Bonds 1.5 4.0 -2.5
Property 2.6 5.0 -2.4
Other Alternatives 3.1 0.0 3.1
UK 24.6 23.0 1.6
North America 21.4 22.0 -0.6
Europe 6.4 6.0 0.4
Japan 6.8 7.0 -0.2
Pacific 10.5 9.0 1.5
Emerging Markets 9.4 10.0 -0.6
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The portfolio objective is to deliver long-term capital growth. The portfolio
will normally invest more than 90% in funds providing exposure to UK and
International equities across a wide range of geographical regions, but may
include up to 15% exposure to defensive asset classes.
Growth Portfolio Profile
Estimated yield** 1.32%
Estimated underlying holdings charges** 0.84%
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains
consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and
regions in line with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a
result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over
time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Growth and Dynamic
Planner 7 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment
Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.
Product mixAsset breakdownPast performance is not a guide to future performance.
% R
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Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 1.1 0.0 1.1
Sovereign -- -- --
Index Linked -- -- --
UK Corporate 1.6 0.0 1.6
Global High Yield 1.3 4.0 -2.7
International Bonds -- -- --
Property 2.7 5.0 -2.3
Other Alternatives 2.4 0.0 2.4
UK 34.1 33.0 1.1
North America 16.0 18.0 -2.0
Europe 6.2 6.0 0.2
Japan 7.3 8.0 -0.7
Pacific 13.7 12.0 1.7
Emerging Markets 13.6 14.0 -0.4
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The portfolio objective is to deliver long-term capital growth and will
usually be fully invested in stock markets. The portfolio will usually retain a
strong emphasis on developing markets with the flexibility to be as much as
50% invested in Asia and Emerging markets.
Dynamic Growth Portfolio Profile
Estimated yield** 1.21%
Estimated underlying holdings charges** 0.87%
Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent
with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line
with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current
mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source:
Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Dynamic Growth and Dynamic Planner
8 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment
Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.
Product mixAsset breakdownPast performance is not a guide to future performance.
% R
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Asset Class Portfolio (%) Benchmark (%) Active (%)
Cash 1.2 0.0 1.2
Sovereign -- -- --
Index Linked -- -- --
UK Corporate -- -- --
Global High Yield 1.1 4.0 -2.9
International Bonds 1.6 0.0 1.6
Property 2.5 5.0 -2.5
Other Alternatives -- -- --
UK 21.3 18.0 3.3
North America 12.6 10.0 2.6
Europe 6.1 6.0 0.1
Japan 6.7 6.0 0.7
Pacific 19.5 24.0 -4.5
Emerging Markets 27.4 27.0 0.4
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Risk rated models annual risk and return since inception
Source: Factset/Morningstar Direct /Smith & Williamson as at 31.03.21.
MPS inception date 30.09.12.
Discrete data can be found on slides 12 and 13.
Performance calculated net of underlying holding charges but gross of Smith & Williamson fee.
Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance. Smith & Williamson Investment Management
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Performance - cumulative
Source: Factset as at 31.03.21
All figures total return only. *Launch date 30.09.12.
Benchmark: Smith & Williamson Multi-Asset Composite Benchmark.
Performance calculated net of underlying holding charges but gross of Smith & Williamson fee.
Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance.
Portfolio profile
Distribution
Technology
Risk score
3 months (%)
3 months
6 months (%)
6 months
1 Year (%)
1 Year
3 Year (%)
3 Year
5 Year (%)
5 Year
Since launch
(%)
Since launch
Benchmark
(%)
Benchmark
(%)
Benchmark
(%)
Benchmark
(%)
Benchmark
(%)
Benchmark
(%)
Defensive 3 -0.91 -1.82 3.20 1.41 10.46 7.60 15.38 12.43 32.11 28.67 68.04 62.07
Defensive Income 4 0.30 -0.35 6.46 4.79 17.22 14.30 18.98 16.67 39.03 38.88 90.70 80.12
Balanced Income 5 1.94 1.18 10.39 8.11 25.02 20.93 23.00 20.25 50.47 48.89 107.79 94.37
Balanced Growth 6 2.60 2.16 13.64 10.56 33.13 25.73 27.73 21.44 65.12 55.38 132.96 101.93
Growth 7 3.50 3.30 17.80 13.43 39.86 29.42 30.76 21.11 75.80 60.37 150.36 104.19
Dynamic Growth 8 2.91 2.54 17.71 13.82 42.77 34.42 29.79 24.08 81.46 71.59 151.65 109.12
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Performance - annual
Source: Factset as at 31.03.21
All figures total return only. *Launch date 30.09.12.
Benchmark: Smith & Williamson Multi-Asset Composite Benchmark.
Performance calculated net of underlying holding charges but gross of Smith & Williamson fee.
Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance.
1 Year to
Portfolio profile
Distribution
Technology
Risk score
31/03/2021
31/03/2021
31/03/2020
31/03/2020
31/03/2019
31/03/2019
31/03/2018
31/03/2018
31/03/2017
31/03/2017
Benchmark (%) Benchmark (%) Benchmark (%) Benchmark (%) Benchmark (%)
Defensive 3 10.46 7.60 -0.50 -0.72 4.98 5.24 1.86 1.28 12.41 12.99
Defensive Income 4 17.22 14.30 -3.43 -3.62 5.10 5.90 3.05 2.15 13.39 16.54
Balanced Income 5 25.02 20.93 -5.74 -6.30 4.38 6.13 4.91 2.91 16.60 20.32
Balanced Growth 6 33.13 25.73 -8.04 -8.64 4.33 5.72 7.70 3.63 20.02 23.47
Growth 7 39.86 29.42 -9.72 -11.52 3.56 5.76 9.04 4.48 23.30 26.74
Dynamic Growth 8 42.77 34.42 -11.63 -11.73 2.87 4.58 10.58 6.58 26.43 29.76
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S&W Range activity highlights – Past 12 Months
Note: The above is representative of transactions widely executed across the S&W range and should not be construed as
comprehensive of all transactions in all models. Individual holdings changes in specific S&W strategies may therefore not be detailed.
Those shown will be those which have been applied across more than one of the S&W strategies and seek to capture the direction of
travel of asset allocation of the S&W range over the period shown. Source: Smith & Williamson Investment Management as at 31.03.21
Name Reasons for trade Rationale Driver
Dec’20 Bought BlackRock Gold & General Increasing inflation protection Allocation Macro
Dec’20 Reduced Vanguard US Equity Moving to an underweight position in North America Allocation Macro
Dec’20 Reduced JPMorgan Japan Taking profits after an exceptionally strong year versus Japanese peers Allocation Manager
Dec’20 Reduced BH Macro Profit taking after strong year and shares trading at high single digit premium Allocation Manager
Dec ‘20 Reduced Fidelity China Special Situations Profit taking having risen by over 66% in 2020 Allocation Manager
Sep’20 Bought Artemis Corporate BondSwitching into preferred fund for UK Corporate Bond exposure. Access to cheap founder
share classAllocation Manager
Sep’20 Sold BlackRock Corporate Bond Switching into preferred fund for UK Corporate Bond exposure Allocation Macro
Sep’20 Increased iShares USD Corporate Bond USD corporate bonds looking attractive due to Federal Reserve bond buying programme Allocation Manager
Sep’20 Sold Liontrust Special Situations Concerns over size and liquidity of strategy Allocation Macro
Apr ‘20 Reduced AXA Sterling Index-Linked Held up well in sell-off, UK Linkers looking expensive Allocation Macro
Apr ‘20 Bought iShares USD Corporate Bond USD corporate bonds looking attractive due to Federal Reserve bond buying programme Allocation Macro
Apr ‘20 Increased BlackRock Corporate Bond Recycling proceeds from index-linked bonds, attractive income levels Allocation Macro
Apr ‘20 Sold UK Commercial Property REITOutlook for commercial property uncertain, dividend suspended and NAV growth
unlikelyAllocation Manager
Apr ‘20 Bought NB Uncorrelated Strategies Proceeds from BH Macro and part of property reallocation- bolstering hedge exposure
Apr ‘20 Reduced BH Macro Profit taking after a very strong run in the market sell-offSwitch
stylePerformance
Apr ‘20 Sold Man GLG Japan Core Alpha Exiting large cap value Japan equities- outlook better for growth style
Apr ‘20 Bought Jupiter Japan Income Proceeds from GLG Japan Core Alpha- offering a mixture of value and growth Allocation Manager
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Stock stories
Past performance is not a guide to future performance.
Aberdeen Standard Global
Inflation Linked
This open-ended fund invests predominantly in sovereign and corporate inflation-linked bonds, although it may also invest
in other fixed interest securities such as conventional government bonds and corporate bonds. The portfolio management
team take positions relative to the benchmark through a combination of asset allocation and stock selection to produce
incremental gains. The research-intensive process is built around identifying and understanding the most important
factors that drive the market price of an investment and the dynamics behind these drivers. All currency exposure is
hedged back to sterling.
Liontrust Monthly Income
This open-ended fund and its experienced management team transferred to Liontrust from Alliance Trust Investments in
April 2017 as part of a broader corporate transaction. It aims to produce a high monthly income yield with the prospect of
capital growth by investing in a portfolio of primarily investment-grade sterling corporate bonds, government bonds and
non-sterling investment grade corporate bonds. The managers will also actively manage the interest rate exposure of the
portfolio to dampen volatility.
RWC Enhanced Income
This open-ended fund aims to provide a high level of income and capital returns by investing at least 80% of the portfolio
in UK equity securities. The team are focused on achieving income equivalent to 150% yield of the FTSE All Share by
selling call options as well as utilising put options. The highly experienced managers Ian Lance and Nick Purves are very
much value investors, looking for unloved companies at attractive valuations, whilst colleague John Teahan leads on the
options strategy.
Fidelity China Special
Situations
This investment trust aims to deliver long-term capital growth from a portfolio of stocks listed mainly in China and
Chinese companies listed abroad. It has been managed by Dale Nicholls out of Hong Kong since 2014 and focuses on
consumer-led sectors, which have the greatest exposure to China’s growth prospects, especially among lesser-known,
smaller-cap stocks and unlisted companies. Nicholls believes these businesses are driving innovation and change but are
often undervalued. This approach is augmented by a relatively permanent level of gearing in the vehicle.
Hermes Global Emerging
Markets
This open-ended fund has been managed by Kunjal Gala since September 2020, having been deputy to long standing
manager Gary Greenberg for a number of years. It targets gross outperformance of 2-4% over the MSCI Emerging Markets
Index Net over a rolling 3-year period, annually. The approach incorporates both top-down and bottom-up elements, and
focuses on quality companies trading at attractive valuations. An Environmental, Social and Governance (ESG) overlay is
intrinsic to the process which can mean that the fund lags in ‘junk’ rallies, but over the longer term, it has delivered
attractive returns with lower volatility than many peers.
Source: Smith and Williamson 31.03.2021
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The value of investments can go down as well as up and investors may not receive back the original amount invested.
Past performance is not a guide to future performance.
There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility
target shown is neither guaranteed nor binding on the Manager.
When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be
favourable or unfavourable.
Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment
techniques, which can magnify the potential for investment loss or gain.
Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems.
Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed
income for a fixed period with a fixed return of capital are lost.
These profiles are tailored to the output of a Distribution Technology (DT) risk profiling process which is complex and not for use without assistance from a
financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform.
This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or
completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management
documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management
does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice
should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this
publication. In relation to these Smith & Williamson’s portfolio profiles, Smith & Williamson Investment Management is unable to assess or provide advice on the
suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any
recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a
result of using this information. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial
products and funds.
Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is 580531).
Ref: 54721eb
Important Information
Smith & Williamson Investment Management
MPS Q1 2021 – Investment Review
Appendix
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Smith & Williamson Investment Management
MPS Q4 2020 – Investment Review
Awards
Past performance is not a guide to future performance.
Charity Times Awards 2018 – Winner, Investment Management
Citywealth Magic Circle Awards 2017 - Winner - Best Private Wealth Manager
Citywire Wealth Manager, Investment Performance Awards 2017 - Winner - Best Overall Large Firm
Investors Chronicle, Investment & Wealth Management Awards 2016 - Winner - Best Wealth Manager for Tax Efficiency and Advice
Private Asset Managers (PAM) Awards 2018 – Winner Investment Performance, Defensive Portfolios
Portfolio Adviser Wealth Management awards 2015 (Large Firm): Platinum Winners – Best Balanced Portfolio Manager and Best Aggressive Portfolio Manager
Spear’s Wealth Management Awards 2018 – Family Office Services Provider of the Year
STEP award 2014/15: Winner of the Private Client Multi-Family Office Team of the Year
STEP awards 2013/14: Winner of Investment Team of the Year
Wealth Adviser Awards 2018 – Best High Net Worth Team
Wealth Adviser Awards 2018 – Best Wealth Manager - Charities
Wealth Adviser Awards 2015 - Winner - Best Multi-Family Office Asset Manager
Past performance is not a guide to future performance.
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MPS Range characteristics
3 –
Defensive
4 –
Defensive Income
5 –
Balanced Income
6 –
Balanced Growth
7 –
Growth
8 –
Dynamic Growth
S&W MAC allocation
equity weight27 45 64 77 91 91
DT long-term volatility
estimate (%) 1 5.5 7.4 9.6 11.6 13.7 15.8
Benchmark volatility -
standard deviation (since
launch) (%) 2, 3
5.0 6.1 7.5 8.9 10.3 11.0
Portfolio volatility -
standard deviation (since
launch) (%) 2, 3
4.6 6.0 7.5 9.1 10.3 11.1
Benchmark volatility -
standard deviation (ann),
5 years (%) 3
5.3 6.6 8.1 9.5 11.0 11.6
Portfolio volatility -
standard deviation (ann),
5 years (%) 34.8 6.3 8.1 9.9 11.2 12.0
Estimated yield 4 1.94 2.11 1.89 1.46 1.32 1.21
Estimated underlying
holdings charges 40.50 0.62 0.71 0.75 0.84 0.87
Portfolio security count 3 27 31 29 31 30 29
1 Distribution Technology; Q2 2016 Capital Markets Assumption Update 2 Launch date as at 30.09.2012 3 Smith & Williamson Investment Management (unaudited) and Factset as at 31.03.21. 4 Smith & Williamson Investment Management (unaudited) and Morningstar as at 31.03.21.
Past performance is not a guide to future performance.
Past and predicted performance is not a guide to future performance.
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Quarter DefensiveDefensive
Income
Balanced
Income
Balanced
GrowthGrowth
Dynamic
Growth
S&W Investment
Management fee0.30% 0.30% 0.30% 0.30% 0.30% 0.30%
Ongoing Charges (OCF) 0.50% 0.62% 0.71% 0.75% 0.84% 0.87%
Transaction Charges 0.37% 0.40% 0.54% 0.54% 0.54% 0.48%
Incidental Charges 0.07% 0.10% 0.12% 0.12% 0.09% 0.08%
Total Costs 1.24% 1.42% 1.67% 1.71% 1.77% 1.73%
MPS – Costs and Charges – March 2021
OCF: Total underlying annual fund costs and charges%
Transaction Costs: Projected annual transaction costs % e.g. Stamp Duty
Incidental Costs: Average expected annual performance fees and other incidental costs %
Please note all costs ex-S&W Investment Management fee are charged at underlying fund level
Sources: Data sourced from combination of Morningstar, ICE, and FE, as at 31.03.2021
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MPS Q4 2020 – Investment Review
Lucy MitchellDirector
t: 020 7131 4811
Lucy joined Smith & Williamson in April 2015 as Associate
Director primarily to develop further the Managed
Portfolio Service via platforms as well as the Bespoke
DFM offering for the intermediary market. Lucy
graduated from the University of Birmingham with a BSc
in Economics and Political Science. She has also
completed the IMC and Investment Advice Diploma (IAD).
Contact us
Mickey MorrisseyPartner, Head of Retails Sales
t: 020 7131 4693
Mickey joined Smith & Williamson in December 2012 as
Head of UK IFA Sales and was appointed Head of
Distribution in July 2014. He is responsible for growing
intermediated sales into the DFM, Managed Portfolio
Service and MultiManager business lines. Previously
Mickey was Head of Distribution at Liontrust Asset
Management for ten years and prior to that worked at
Merrill Lynch Investment Managers for 12 years.
Matthew FinchAssociate Director
t: 020 7131 8975
Matthew joined Smith & Williamson as an Associate
Director in September 2017 to develop further the
Managed Portfolio Service offered via platforms as
well as our Discretionary Fund Management (DFM)
offering. Matthew works closely with financial
intermediaries based in both London and the south
east. Previously Matthew was Associate Director at
Barings for nine years and prior to that worked at
Credit Suisse Asset Management for seven years.
Smith & Williamson Investment Management
MPS Q1 2021 – Investment Review
23
Smith & Williamson Investment Management
MPS Q4 2020 – Investment Review
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Smith & Williamson Investment Management
MPS Q1 2021 – Investment Review