- - Fund 1 year 3 years 5 years % growth Quartile % growth Quartile % growth Quartile Cazenove UK Smaller Companies Fund 1.2 1 st 131.7 1 st 27.8 1 st Relative to IMA UK Smaller Companies Average 10.3 49.9 26.2 Cazenove UK Opportunities Fund 1.3 1 st 63.6 1 st 28.1 1 st Relative IMA UK All Companies Average 8.4 20.5 27.4 Cazenove UK Equity Income Fund 1.0 1 st 43.2 1 st 9.8 1 st Relative to IMA UK Equity Income Average 3.8 5.9 12.2 Cazenove UK Absolute Target Fund 10.7 1 st 2.4 4 th – – Relative to IMA Absolute Return Average 11.4 -10.3 -18.5 Cazenove European Fund -15.3 2 nd -0.2 4 th 0.4 1 st Relative to IMA Europe (Ex UK) Average 0.5 -10.4 6.1
Cazenove multi-manager - performance across the range - - Fund 1 year 3 years 5 years % growth Quartile % growth Quartile % growth Quartile Multi-Manager Diversity Fund 0.4 1 st 25.2 2 nd 20.5 1 st Diversity Income Fund 0.9 1 st – – – – Multi-Manager Diversity Balanced Fund -3.4 1 st – – – – Multi-Manager Diversity Tactical Fund -3.0 1 st 20.8 4 th 1.9 3 rd Multi-Manager UK Growth Fund -4.0 1 st 31.0 4 th -4.3 3 rd Multi-Manager Global (ex UK) Fund -5.5 1 st 28.9 2 nd 18.8 1 st
Volatility across the range - - Fund Volatility over 5 years Fund Sector Multi-Manager Diversity Fund 6.7 8.7 Diversity Income Fund – – Multi-Manager Diversity Balanced Fund – – Multi-Manager Diversity Tactical Fund 12.5 14.8 Multi-Manager UK Growth Fund 15.1 18.1 Multi-Manager Global (ex UK) Fund 15.0 17.1
- - Multi-manager team Marcus Brookes, Robin McDonald, Joe Le Jehan & Tabitha Johnston 42 years’ combined investment experience Internal resources External resources Cazenove Capital strategy team
Independent strategists External Fund managers Broker research Our process in one slide Asset allocation views Strategy fund selection (5,000 funds) Portfolio construction Review
The Diversity Range of funds are Multi-Asset, Multi-Manager strategies.
Performance has been strong relative to peers, particularly in risk adjusted terms
The fund is positioned defensively
QE1 and QE2 led to temporary growth and higher inflation
Economies have slowed without stimulus
Political backdrop is awful
Equity markets have fallen and reflect some of our worries, so we have marginally increased risk taking but there remains significant risk of further weakness.
Summary - -
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