A Guide to Singapore Funds

Contents
4 The benefits of diversification
5 Aberdeen
5 AberdeenAsia
6 Aristotle
6 Artemis
7 Artisan Partners
8 AXA Framlington
9 Babson Capital
9 BlackRock
11 Burgundy
12 EdgePoint
12 First State
13 Invesco Perpetual
14 J O Hambro
14 Loomis Sayles
15 Magellan
15 Majedie
17 Manulife
18 RWC
18 Sands Capital
19 Schroders
20 Select Equity
20 S.W. Mitchell Capital
21 Threadneedle
22 Tweedy, Browne
23 Wasatch
24 Wellington Management
24 Woodford
25 Our range of funds and charges
26 Special risk factors

The benefits of diversification
By selecting a number of leading fund managers, each with their own distinctive investment styles, we are able
to provide our clients with real diversification of risk.
Many of our clients invest in our Growth and Income Portfolios, which include a wide range of different
managers and asset classes and are designed to match investment objectives and differing risk profiles.
In conjunction with their St. James’s Place Partner, more experienced investors can create their own portfolios
to fulfil specific needs by spreading their investment across our range of funds. You can switch between funds
and fund managers, usually at no charge, so that your money is always invested in a way that is appropriate for
your own financial goals.All our funds are available as standalone funds.
We offer you what we believe is a superior investment process designed to help maximise your chance of
achieving a better return over the medium to long term.
The next step is for you to talk to your St. James’s Place Partner about putting into place your own wealth
management strategy.
Here you will find a summary of the funds available, together with their objectives, and details of the investment
companies who manage those funds and their investment styles.We hope this will help you choose the right
manager, or managers, for your investment.
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5
Aberdeen Asset Management is the holding company for an
asset management group managing equity, fixed income and
property, principally for state and corporate pension funds,
global financial institutions and discretionary managers.
The company was formed in 1983 via the management
buyout of an investment management contract for a small
investment trust. Over the years Aberdeen has expanded
through a combination of acquisition and organic growth.
SRI Philosophy
The socially responsible investment (SRI) or ethical mandates,
managed by Aberdeen, exceed £900 million. The SRI
team is a specialist part of the global equity team, based in
Edinburgh and headed by Stephen Docherty.
The group began managing SRI products in the early
1990s. The SRI screening service has expanded to include
engagement with companies on environmental, social and
corporate governance (ESG) issues.
Corporate governance issues have long been examined at
the first stage of the investment process and are included in
a quality rating. Environmental and social factors are also
examined by Aberdeen’s regional teams before investment is
made in a company.
Aberdeen discusses with companies the manner in which
they are run and operate in the greater community.
This is called‘engagement’. They use engagement to
monitor a company’s social behaviour and its impact on
financial matters; and when necessary encourage companies
to be better corporate citizens.
Jamie Cumming
Jamie Cumming is a senior investment
manager on the global equity team.
Jamie joinedAberdeen via the acquisition
of Edinburgh Fund Managers in 2003
where he was an investment manager on the Japanese
equities team. Previously, Jamie worked for GrantThornton
Chartered Accountants and is a member of the Institute of
Chartered Accountants in Scotland.
Stephen Docherty
Stephen Docherty is Head of Global
Equities, managing a team of 11 who
are responsible for Aberdeen’s overall
strategy towards global equity investment,
including ethical portfolios. Stephen joined Aberdeen in
1994, successfully establishing performance measurement
procedures before taking up a fund management role.
• Selective stock-picking approach
• Seek companies offering‘growth at a reasonable price’
• Hands-on company research – over 1,000 visits annually
• Ethical funds screened for green criteria
Portfolio style
A B E R D E E N
Asia Investment Philosophy
Aberdeen believes, given the inefficiency of markets, that
superior long-term returns can be achieved by identifying
good quality stocks cheaply and holding for the long term.
They identify good companies from firsthand research,
and add value from active management, which comprises
intensive and ongoing scrutiny at the company level, and not
from portfolio trading.
Aberdeen Asia has been investing in Asia since 1992 from its
headquarters in Singapore. It also has investment centres in
Hong Kong, Bangkok, Kuala Lumpur,Tokyo and Sydney,
and distribution centres in Korea and Shanghai.
HughYoung
Hugh set up the Singapore office in 1992 as the group’s
Asia–Pacific headquarters. He is also head of equities
globally and a member of the executive committee
responsible for the day-to-day running of
the parent company.
Hugh has over 30 years’ experience in
investment management and has managed
the group’s Asian assets since 1985,
including award-winning mutual funds and
closed-end funds. Before joiningAberdeen, his career included
posts at Fidelity International and MGM Assurance. He
graduated with a BA in Politics from the University of Exeter.
• Face-to-face company visits
• Conduct own proprietary research: do not rely on local
research or brokers for company information
• Golden rule of never investing in a company without
having met management first
• Bottom-up stock-pickers with a careful stock selection
process
• Look for well-researched, quality companies
• Long-term, buy & hold approach to investing
• Benchmark-aware, not benchmark-driven
Portfolio style
A B E R D E E N asia

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Aristotle strongly believes that long-term outperformance
is only possible through concentrating on finding the
best ideas and not closet index tracking. The long-term
investment results are driven by a desire to generate
competitive returns in rising markets and greatly
outperform in flat to down markets.
Howard Gleicher
Prior to foundingAristotle, Howard was
co-founder, CEO and Chief Investment
Officer at MetropolitanWest Capital
Management. Howard’s prior investment-
related experience also includes serving as a Principal,
Portfolio Manager and Investment Policy Committee
member at Palley-NeedelmanAsset Management, and as an
Equity Portfolio Manager at PIMCO.
companies paying dividends have been more stable and a
more reliable source of total return than pure growth stocks.
The primary focus of the income strategy is the strength
and magnitude of the free cash flow of a business and its
ability to pay and grow dividends over time. The investment
philosophy is based on the premise that the value of equity is
the present value of its future cash flows i.e. what a company
will, over time, give back to investors. The managers are
intent on buying the best-value free cash flow they can find.
Ordinarily this cash flow will be evident by way of an above-
average equity or bond yield. On occasion they will purchase
a stock offering attractive cash flow with a view to securing
future dividend growth.
The focus on free cash flow rather than actual levels of
dividend yield means that they can consider investing in a
broader universe of stocks than a typical income fund.The
ability to allocate capital to overseas equities and bonds allows
Artemis to exploit a larger opportunity set. They recognise
the importance of delivering a portfolio with a yield premium.
Aristotle is an independently operated investment
management company, based in Los Angeles, USA. It
was established in 1940. The company had traditionally
concentrated on managing funds for a few wealthy
individuals, before turning its attention to the institutional
market in the late 70s.
Investment Philosophy
The investment philosophy is a traditional value-oriented
approach, driven by an internally generated research
resource.The company’s research is focused on the valuation
of individual securities rather than prediction of economic or
market trends.
The process attempts to identify exceptional businesses
selling at reasonable valuations, and reasonable businesses
selling at exceptional valuations.A careful analysis of return
on capital or economic value generation is the main driver
in determining what makes a business valuable, while a
discounted cash flow methodology is the primary
valuation tool.
The goal is to consistently outperform the major value indices
as well as the major market indices over a market cycle.
Artemis Investment Management Limited was established
in 1997 as a dedicated active investment management house
specialising in growing the money of retail investors.
They wanted to create a company that could offer investors
superior returns and service, as well as being a progressive
and vibrant place to work.
Since the launch of the first funds in 1998, the company’s
success has meant it now manages an asset base of more
than £19 billion and has become one of the leading fund
management groups in the UK.
Artemis believes that regardless of market conditions, active
managers can achieve superior returns provided they possess
the skill, judgement and confidence necessary to identify and
exploit market inefficiencies. Portfolios are managed with an
absolute mindset meaning that portfolio managers only buy a
share when they believe it to be undervalued, not because it
represents a significant proportion of the index. Historically,
• Universe of stocks comprises US companies with a
market cap of at least US$100 million
• A combination of quantitative and qualitative research
identifies cheap or high-return stocks
• Structured approach to portfolio construction
• Concentrated portfolio of around 25–35 stocks
• Fund managers responsible for own analysis
• Stock weightings a function of valuation, not benchmark
• Well-diversified portfolio
Portfolio style
Portfolio style
6
aris t o t l e
ar t e m is

Adrian Gosden
Adrian manages theArtemis income
strategies, a range of pooled unit trusts
and segregated accounts.Adrian has over
15 years’ industry experience. Prior to
joiningArtemis,Adrian was a UK equity fund manager at
Société GénéraleAsset Management where he managed the
UK Income Fund and several income mandates for
institutional and charity clients. He was previously an equity
analyst and strategic consultant at Fleming Investment
Management and Anderson Consulting respectively. He
graduated from St Hugh’s College, Oxford.
Adrian Frost
Adrian manages theArtemis income
strategies, a range of pooled unit trusts
and segregated accounts. He has over
25 years’ experience in investment
management. Prior to joining Artemis,Adrian was Head of
UK Equities at Deutsche Asset Management where he
managed a team of 40 investment managers and was
responsible for some £5 billion of funds, including the UK
Equity Income Fund.Adrian graduated from Jesus College,
Cambridge.
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balance sheets helps to reduce the potential for capital risk
and provides company management with the ability to build
value when attractive opportunities are available.
Shareholder-oriented management
The team’s research process attempts to identify management
teams with a history of building value for shareholders.
Dan O’Keefe
Dan is a managing director of Artisan
Partners and lead portfolio manager for
the firm’s GlobalValue portfolios and
portfolio co-manager for the firm’s non-
US value portfolios. Prior to joining Artisan Partners,
Mr O’Keefe was an analyst in international equities at Harris
Associates LP, from July 1997 to May 2002. Before that, he
was an associate in mergers and acquisitions at BancAmerica
Securities from February 1995 to July 1997, and was an
analyst with Morningstar from June 1993 to February 1995.
Mr O’Keefe holds a BA from Northwestern University.
David Samra
David is a managing director of Artisan
Partners and portfolio manager for the
firm’s GlobalValue portfolios and lead
portfolio manager for the firm’s non-US
value portfolios. Prior to joining Artisan Partners, Mr Samra
was a portfolio manager and a senior analyst in international
equities at Harris Associates LP, fromAugust 1997 to
May 2002. Before that, he was a portfolio manager with
Montgomery Asset Management, Global Equities Division
from June 1993 to 1997.
Artisan Partners LP is an independent, multi-product
investment management firm founded in 1994 that manages
over US$112 billion in assets. Based in Milwaukee, it has
offices in San Francisco,Atlanta and NewYork.
Since its foundation,Artisan Partners has hired experienced
investment professionals to manage client assets. These
individuals, all owners or expected to become owners in
the firm, are dedicated to each of the firm’s investment
strategies, bringing clients the benefits of focused investment
management.
Artisan Partners employs a bottom-up investment process to
construct a diversified portfolio of securities of undervalued
US and non-US companies. The strategy’s investment
process is focused on identifying what Artisan Partners
considers to be high-quality, undervalued businesses that
offer the potential for superior risk/reward outcomes.
GlobalValue
Dan O’Keefe and David Samra’s research process focuses on
four key investment characteristics:
Valuation
It is the team’s core belief that intrinsic value is the most crucial
determinant of stock market return over the long term.
Business quality
The team seeks to invest in companies with a history of
generating strong free cash flow, improving returns on
capital and strong competitive positions.
Financial strength
The team believes that investing in companies with strong
• Typically hold between 30 and 50 stocks
• Companies must have a market cap of US$2 billion at the
time of purchase
• Valuation is the most crucial determinant of stock
market return
Portfolio style
A R T I S A N PA R T N E R S
New investment into the Global Managed fund will be channelled to James Hamel of Artisan’s Global
Opportunities strategy. Please see overleaf.

8
James Hamel
James is a managing director of Artisan
Partners. Based in Milwaukee, he is a
portfolio manager in their GrowthTeam
and one of its founder members.Within
the team, he is the lead portfolio manager for the Artisan
Global Opportunities Fund and the small-cap growth
strategy. Prior to joining Artisan Partners in 1997, James
was a financial associate, cost analyst and operations manager
of Kimberly-Clark Corporation from 1990 to 1997.
Global Opportunities
Whilst also looking to invest at a discount, James Hamel
has more of a growth bias and seeks to invest in companies
with franchise characteristics that are benefiting from
an accelerating profit cycle and which have defensible
competitive positions. His portfolio will typically have
30–50 positions, with an emphasis on mid- and large-cap
global businesses.
His maximum holdings are 35% in any country other
than the US, 25% in any industry and 10% for any stock.
US companies must have market capitalisation of at least
US$3 billion; there is no minimum for non-US companies.
He will sell when: stocks are approaching full valuation;
or there is a change affecting the original thesis; or in
the event of deteriorating fundamentals; or when more
attractive alternatives are identified.
• Finds growth where it exists globally
• Global mid- to large-cap emphasis
• No minimum market cap for non-US companies
Portfolio style
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A R T I S A N PA R T N E R S c o n t i n u e d
and benefits from a blend of experience and specialist
expertise from AXA Framlington’s investment department.
Additionally, the Diversified Income fund is managed
by George Luckraft, who has over 25 years’ industry
experience and has been running income funds at AXA
Framlington since 2002.
Richard Peirson
After graduating from the University
of Liverpool in 1970 with a degree in
Computational and Statistical Science,
Richard worked briefly as a computer
consultant at Arthur Andersen before moving to the City
in 1972. From 1975 he worked at Carr Sebag with private
clients, moving with the business to Grieveson Grant and
then Kleinwort Benson in 1986. From 1991 he was head
of UKActive Management and Equity Research, being
responsible for both institutional and retail portfolios.
Richard joinedAXA Framlington in March 1994 where he
is responsible for the management of a number of pension
funds and unit trusts.
AXA Framlington is a leading specialist equity fund
manager within theAXA Investment Managers Group.
As experts in their field,AXA Framlington focuses on
aiming to deliver superior investment returns for their
clients. Their structure and size creates a dynamic
environment for the fund managers and this encourages a
high level of personal responsibility in which both individual
flair and teamwork flourish.
AXA Framlington primarily adopts a bottom-up active
management style and its skill is in identifying and investing
in companies with growth prospects at a reasonable price.
It invests in companies which are expected to produce
above-average growth in earnings, dividends and
shareholders’ funds over a complete economic cycle.
The lead manager for theAXA Framlington Managed fund
is Richard Peirson. Richard is responsible for asset
allocation and the UK part of the portfolio. International
equities are managed by members of AXA Framlington’s
investment team includingAnja Balfour (Japanese equities),
Mark Hargraves (European equities) and Stephen Kelly
(US equities).
This strategy allows access to a wide range of global stock
markets, creating a diversified portfolio with an active
management style. It is driven by individual stock selection
AXA Framlington Managed
• Investment in a broad range of securities across any region
or sector worldwide
• Seeks smooth, consistent, long-term returns: avoiding
unnecessary volatility is a high priority
• A diversified and actively managed portfolio built from the
bottom up
• Growth at a reasonable price
Portfolio styles
A X A F R A ML I N G TO N

9
any yield. Conversely, even if they like the issuer and its
management, evaluation must lead them to believe they will
be compensated fairly based upon the assessment of the risk
being taken.
Zak Summerscale
Zak Summerscale joined Babson Capital
Europe in 2001 from New Flag Asset
Management where he was portfolio
manager for a European high yield fund.
The fund was short-listed by Global Investor magazine for
Investment Excellence in HighYield in 2000. Prior to New
Flag, Zak worked for the United Bank of Kuwait (UBK).
Zak heads up portfolio management and trading for Babson
Capital Europe and is also a member of the Babson Capital
Europe Credit Committee.
Babson Capital was founded in 1940 and now manages
over US$205 billion in assets for a broad range of global
institutional investors. Through proprietary research and
analysis and a focus on investment fundamentals, it develops
products and investment strategies that leverage its broad
array of expertise in fixed income, equities, alternatives,
structured product, and debt financing.
At the heart of the Babson Capital philosophy is a belief
that fundamental bottom-up research, that seeks to
identify relative value across the high-yield spectrum, is
the most consistent way to outperform the market whilst
limiting risk.
A key differentiator is identifying companies with strong
market positions, good cash flows, low debt levels, high
levels of fixed assets, conservative accounting practices
and respected management. By performing in-depth
independent research, Babson Capital aims to capitalise
on inefficiencies in the market and uncover the best
buying opportunities. If they are uncomfortable with an
issuer or indeed its management, they will not invest at
• Fundamentally driven credit selection and portfolio
construction
• Construct broadly diversified portfolios across industries
and issuers
• Emphasise total return, relative value, and market liquidity
• Determine appropriate reward for underwritten risk
• Communicate and react to company and market
information on a real-time basis
• Active account management to achieve portfolio objectives
as credit and market conditions change
Portfolio style
babs o n capi ta l
B L A C K R O C K
BlackRock is one of the world’s pre-eminent asset
management firms and a premier provider of global
investment management, risk management and advisory
services to institutional, intermediary and individual
investors around the world. Established in 1988,
BlackRock manages US$4.3 trillion across equity, fixed
income, real estate, liquidity, alternatives, and asset
allocation/balanced strategies.
Global Equity Investment Philosophy
The core of the Global Equity fund invests directly on an
equally weighted basis in the shares of companies that make
up the MSCI All CountryWorld Index, providing exposure
to the growth potential of equities worldwide. This active
management process instils the discipline and requirement
to increase the weighting of stocks which have fallen in price
and reduce exposure to companies whose share price has
risen and may possibly be fully valued.
Global Equity
• Aims to reduce risk by avoiding concentration at stock,
sector and country level
• Provides growth opportunities through investment in
developing economies
• Benefits from dividend reinvestment to boost
long-term returns
Index Linked Gilts
• Aims to provide a combination of growth and income, by
investing primarily in a portfolio of UK index-linked gilts
• Managed on a fully replicated basis in line with the
underlying index
• The 50:50 split between sub-indices is rebalanced on a
monthly basis
UK Absolute Return
• Diversified portfolio of long and short positions in
UK equities
• Research-focused approach focusing on in-depth industry
and company analysis
Portfolio styles

1010
B L A C K R O C K c o n t i n u e d
experience managing equity portfolios and has held senior
roles at BGI and Deutsche Asset Management. Nimish was
also a portfolio manager at NorthernTrust Global
Investment where he managed a broad range of equity and
fixed interest portfolios.
Nigel Ridge
Nigel Ridge is a member of the UK
EquityTeam and a member of the UK and
Pan European Model PortfolioTeam in
London. He joined BlackRock in
1994 after six years at Schroder Investment Management.
Nigel has a BSc from Loughborough University.
Francis Rayner
Francis Rayner,Vice President, is a
member of BlackRock’s Fixed Income
Portfolio Solutions group. His service
with the firm dates back to 2008,
including his years with Barclays Global Investors (BGI),
which merged with BlackRock in 2009. Prior to joining
BGI, he spent six years working for Prudential M&G and
International Financial Data Services as a client relationship
manager. Francis earned a BSc in Mathematics from
Lancaster University in 1999 and holds the Chartered
Institute for Securities & Investment Diploma.
Luke Chappell
Luke Chappell is co-Head of UK Equities
at BlackRock. He is responsible for
managing UK equity portfolios for
institutional clients, and for co-ordinating
company research in the media sector. Prior to joining the
firm, Luke worked at Fleming Asset Management in a range
of research and fund management roles. Luke earned an
MA in Classics from Oxford University in 1990 and has
25 years of investment experience.
Index Linked Gilts Investment Philosophy
The Index Linked Gilts fund is managed on a fully
replicated basis where the fund’s exposure to each security
in the index is in line with the weight it has in the underlying
index. The portfolio managers are able to monitor funds
relative to their benchmark to analyse the fund across
several dimensions including maturity, duration and
individual issues.
UK Absolute Return Investment Philosophy
The equity team at BlackRock adopts a principle belief
that equity markets are inefficient and that rigorous,
fundamental research combined with an understanding
of macroeconomic themes enables them to identify
opportunities to outperform.
Understanding companies is at the heart of the research
process and stock selection is a key driver of performance.
The strategies employed in managing absolute return
portfolios enable BlackRock to exploit the same process
to potentially create positive returns not only from stocks
owned in long-only funds but also from stocks that would
otherwise be avoided.
UK & General Progressive Investment Philosophy
The investment philosophy centres on Luke Chappell’s
belief that markets are not wholly efficient and that a
commitment to bottom-up, fundamental company research
and high-conviction investing allows the team to uncover
opportunities to add value by vigorously exploiting
anomalies.
The investment process is flexible and not constrained by
rigidly adhering to a particular style – such as value or
growth – reflecting Luke’s belief that no single approach will
prosper during all stages of the equity market cycle.
Eleanor de Freitas
Eleanor de Freitas is a managing director
and head of BlackRock’s Index Equity
Group in Europe. Prior to BlackRock,
Eleanor held a number of senior strategy
and portfolio management roles at BGI and ING Barings,
where she played an instrumental role in developing their
quantitative equity research product.
Nimish Patel
Nimish Patel is a managing director and
senior portfolio manager within
BlackRock’s Institutional Index Equity
team. Nimish has over 15 years’
UK & General Progressive
• Aims to exploit anomalies and opportunities for the
portfolio through bottom-up, fundamental company
research and high-conviction investing
• Concentrated portfolio of 15–25 holdings selected on
the basis of diligent and in-depth research and analysis
• Identifying companies with a sustainable competitive
advantage that is underestimated by the market
Portfolio styles

11
management is based primarily on how well they run their
business (ie their operating skills) and how they use the
earnings within that business.
Kenneth A. Broekaert
Ken isVice President and Portfolio
Manager of European Equities at
Burgundy Asset Management. Ken joined
Burgundy in April 2003, having previously
worked at The Boston Consulting Group, working closely
with the senior management of blue chip companies,
developing and implementing business strategies to enhance
competitive advantage and drive profitable growth. Ken
graduated from the Richard Ivey School of Business in 1998
and earned his MBA in 2003. He was awarded the Chartered
FinancialAnalyst designation in 2005 and is a member of the
CFA institute.
Richard Rooney
Richard began his career at Price
Waterhouse in 1981 and qualified as a
chartered accountant in 1984. He then
joined Sun Life as an investment analyst
specialising in Canadian equities and went on to hold a
number of senior portfolio manager roles. Richard joined
Burgundy in February 1995, and was appointed President and
Chief Investment Officer in September 1997. He received
a Bachelor of Arts degree from the University ofToronto in
1977 and his MBA from the Richard Ivey School of Business
at the University ofWestern Ontario in 1981. Richard
obtained his Chartered FinancialAnalyst designation in 1987.
Burgundy Asset Management is a leading global investment
manager which follows a disciplined, bottom-up, value-
driven investment approach, supported by intensive
fundamental research. Its rigorous, original research
enables it to seek out strong, but undervalued companies
with the objective of achieving solid returns over the long
term. Founded in 1991, Burgundy is fully independent and
unaffiliated, and is wholly owned by key employees.
Burgundy strives to produce superior long-term results by
investing in high-quality companies and focusing on long-
term absolute returns. This approach seeks out companies
with outstanding fundamentals and financial characteristics
that can be purchased at a significant discount to its estimate
of the intrinsic value. This difference is defined as the Margin
of Safety.
This margin allows for a higher degree of capital preservation
for clients as they pay far less than Burgundy believes the
company is worth. Furthermore, investments purchased at a
large enough discount hold the potential to provide significant
investment returns as this discount or Margin of Safety
reduces. In order to formulate this Margin of Safety, extensive
research and analysis is performed on the intangible factors
of a company, eg the capability of the management team and
the potential future impact of new product launches.
Burgundy focuses on a company’s true value: not its market
value. This means analysing not only its financials, but also
the intangible factors which can be determined only by
meeting with and assessing a company’s management and
board of directors. Burgundy’s evaluation of a company’s
• Contrarian philosophy, drawn to‘out of favour’ stocks
• Focus on key fundamentals, not fads or fashions
• Buy & hold approach results in low turnover
Portfolio style
B U R G U N DY

1212
E D G E P O I N T
Tye Bousada
Tye Bousada is a founding Partner,
President and co-CEO of EdgePoint
Investment Group, and a Portfolio
Manager for EdgePoint’s global equity
strategy. Prior to founding EdgePoint,Tye was aVice
President and Portfolio Manager at Invesco Ltd. (Canada),
joining the company in 1999 as a Portfolio Manager on the
Canadian equity team.
Tye held a number of senior roles at Invesco and was
appointed lead manager of the flagshipTrimark Fund in
2004, a position he held until leaving the company in 2008.
Under his management, theTrimark Fund was recognised
numerous times for superior investment achievement.Tye
earned an Honours Business Administration degree from the
University ofWestern Ontario and is a CFA charterholder.
Geoff MacDonald
Geoff MacDonald is a founding Partner,
CIO and co-CEO of EdgePoint
Investment Group, and a Portfolio
Manager for EdgePoint’s global equity
strategy. Prior to founding EdgePoint, Geoff was aVice
President and Portfolio Manager at Invesco Ltd. (Canada),
joining the company in 1998.
Geoff successfully managed a broad range of Trimark funds
during his 10-year tenure where his achievements were
recognised with a number of investment awards. Geoff
earned a Bachelor of Business Administration degree from
Bishop’s University and an MBA from the University of
Windsor. He is also a CFA charterholder.
EdgePoint is an employee-owned investment management
company based inToronto, Canada and founded in 2008.
EdgePoint is responsible for US$7 billion of assets under
management across its client base of almost 50,000,
primarily retail investors.
The firm’s founding members have a proven track record of
building wealth for their investors. EdgePoint’s investment
approach is grounded in developing a fundamental
understanding of the companies in which they invest, based
on extensive research.
EdgePoint’s investment approach aims to buy good,
undervalued businesses and hold them until the market fully
recognises their potential. This approach requires an ability
to think independently, a natural curiosity to search out new
ideas and a commitment to embrace the thorough research
required to uncover opportunities the market doesn’t
fully appreciate.
To execute this approach successfully, the investment
team seeks to identify companies it can definitively
understand that trade below its estimate of intrinsic value
and that can be expected to grow over the long term.
Rather than looking for a short-term catalyst for growth,
the team focuses on companies that have the potential to
grow earnings and cash flow over a number of years.
The team invests in an idea only when it can buy an
interest in a business below the team’s assessment of its
true worth. By definition, EdgePoint is considered a value
investor. However, in addition to value, EdgePoint seeks
businesses capable of growing capital value over time.
This, by definition, makes it a‘growth’ investor. Put
simply, EdgePoint aims to identify‘growth’ companies at
‘value’ prices.
• Focus on companies that have the potential to grow
earnings and cash flow over a number of years
• Invests in an idea only when it can buy an interest in a
business below the team’s assessment of its true worth
• Focus on companies with strong competitive positions,
defendable barriers to entry, good long-term growth
prospects and competent management teams
Portfolio style
management business, focused on developing and managing
innovative investment products which seek to outperform
investment objectives.
First State forms part of the consolidated asset management
business of the Commonwealth Bank of Australia, managing
around £95 billion on behalf of investors worldwide, with
a history dating back to 1871. First State is a specialist asset
• Absolute return mindset
• Focus on long-term investment in quality companies
• Seeks sustainable and predictable growth
Portfolio style
firs t s tat e

13
‘benchmark agnostic’ style.Whilst aware of the country,
sector and major company weightings in the benchmark
index, the team does not apply minimum portfolio
weightings to specific countries, sectors or companies.
Jonathan Asante
Jonathan Asante is the lead portfolio
manager for First State’s share of the
Worldwide Managed fund. Jonathan
joined First State in November 2004 as
a SeniorAnalyst, being appointed Joint Deputy Head of
Global Emerging Markets in 2006.
Jonathan started his career at the NatWest Group analysing
the UK economy and credit markets before moving to
Framlington in 1995 where he was a global emerging
markets fund manager and group economist. Jonathan
graduated from the London School of Economics with a
BSc and MSc in Economics.
It offers a range of product structures across categories
includingAsia-Pacific and global emerging markets, global
resources and global equities, property securities and
infrastructure.
First State’s approach to investing in emerging markets is
heavily research-focused, employing a rigorous bottom-up
research process which combines regular company visits
with extensive fundamental analysis. The team conducts
comprehensive‘on the ground’ fundamental proprietary
research, meeting with in excess of 1,000 companies every
year via meetings with the management team and industry
conferences.
Research aims to identify the highest-quality companies
with sustainable long-term growth prospects and to focus
on those stocks where First State believes the market has
incorrectly priced future growth potential. Furthermore
the Select Strategy means that the portfolio is only able to
invest in stocks which have a minimum US$5 billion market
capitalisation. This bottom-up approach defines First State’s
Paul Read
Paul graduated in Economics and History
from the University ofToronto in 1984
and has an MBA from INSEAD. He began
his career with UBS (Securities) Ltd, then
moved to Merrill Lynch International in 1986. Paul joined
Perpetual (now Invesco Perpetual) in 1995.
Paul Causer
After graduating in Economics at the
London School of Economics in 1983,
Paul began his career in research and
credit analysis with Asahi Bank, the
large Japanese commercial bank. Paul joined Perpetual
(now Invesco Perpetual) in 1994.
Corporate Bond Investment Philosophy
The team’s investment philosophy is built on a belief that
fixed-interest markets are mostly efficient but still
continually present opportunities. Markets have a tendency
to overshoot, moving prices away from fundamental value.
Investors in these markets will have different objectives and
can have rigid investment constraints; the team looks to
exploit these inefficiencies through fundamental analysis
and a strong emphasis on valuation. The investment process
is flexible and pragmatic and re-questions underlying
assumptions.
Paul Read and Paul Causer co-manage the Corporate Bond
fund and are co-leaders of the Invesco Perpetual fixed-
interest team.
Invesco Perpetual is one of the largest independent
investment managers in the UK, and forms part of Invesco
Ltd, which was originally incorporated in 1938 and now has
offices in over 20 countries.Active fund management is at
the heart of their approach – building portfolios based on
rigorous research, to identify the investment opportunities
most likely to provide strong long-term returns.
Corporate Bond
• Credit analysis
• Macroeconomic analysis
• Value assessment
• Aiming to provide cash returns higher than the average
Portfolio styles
invesc o perpe t ua l

1414
the medium term, and then uses fundamental analysis to
identify attractive valuations. This method of investing looks
to avoid the pitfalls of momentum investing and relative
valuation focus which drive the market at certain points in
the economic cycle.
The objective is to achieve long-term capital appreciation,
principally in a portfolio of quoted UK securities, by
managing money with an absolute return mindset. The
portfolio is unconstrained by benchmark, sector or market-
cap measures, which means that each individual holding
is based on high-conviction decisions while allowing the
manager to adopt a strict sell discipline.
JohnWood
John joined J O Hambro in 2005 from
Newton Investment Management where
he was a director in Newton’s UK
Equity team. He launched Newton’s
UK Opportunities fund and was responsible for a number
of mandates. John gained a BA (Hons) in Economics from
the University of Warwick and qualified as a Chartered
Accountant at Ernst &Young.
J O Hambro Capital Management was founded in 1993,
and is a boutique investment house with over 80 employees
working in a single office location in London. Over 90% of
the equity capital is owned by the individuals who continue
to work in and manage the business.
Its fund managers apply their own individual philosophies
to the funds they manage. They make their own investment
decisions within pre-agreed portfolio construction
guidelines. J O Hambro does not impose a house style or
process, centralised research or committee-led decisions on
the managers. Each fund manager sets a cap on the amount
of assets that they are prepared to take on from investors.
JohnWood believes that stocks represent shares in a
company’s underlying cash flows: they are not just pieces of
paper to buy and sell. Markets consistently underestimate
the value created by well-managed companies that
demonstrate sustainable growth characteristics and reinvest
their profits wisely.
He looks for businesses which benefit from long-term
tailwinds, generating persistent excess returns over cash in
• Unconstrained by benchmark, sector or market cap
• Concentrated portfolio: approx 30–40 holdings
• Sector diversity acts as the main risk control
Portfolio style
J O H a m br o
Kenneth Buntrock
Kenneth started his investment career in
1974 and joined Loomis Sayles in 1997.
Previously, he had been with Mellon Bank.
He earned a BA from Pennsylvania State
University and an MBA from the University of Pittsburgh.
Loomis Sayles has been managing money for investors since
1926, after being incorporated in Boston, Massachusetts.
The firm currently manages in excess of US$221 billion.
Still based in Boston, the company is supported by
a global network of offices, including in London.
Loomis Sayles believes that intensive bottom-up investment
analysis combined with a clear macroeconomic and market
perspective is the best way to deliver superior performance.
Portfolios are constructed by small, focused teams
supported by extensive issuer, sector, economic, market,
trading and quantitative analysis.The philosophy is long term
and they believe that by taking such an approach, investors
can exploit volatility and remove‘noise’ from the market.
• Aims to provide an optimum balance of income and
capital growth
• Investment grade classification requires a credit rating
from Standard & Poor’s no lower than a‘BBB minus’
• Extensive analysis with a long-term focus
• By taking this approach, investors can exploit volatility
and remove‘noise’ from the market
Portfolio style
l o o m is say l es

15
in companies with a range of valuation multiples provided
they deem it to be an outstanding business and the shares are
trading at an appropriate discount to their assessment of its
intrinsic value.
Hamish Douglass
Hamish Douglass is co-founder and
Chief Executive Officer of Magellan. He
is a member of the Magellan Investment
Committee and the lead portfolio
manager for its global equity strategy. Prior to founding
Magellan, Hamish was Co-Head of Global Banking for
Deutsche Bank AG inAustralia and New Zealand.
Hamish is a member of theAustralian Government’s Foreign
Investment Review Board, the Financial Literacy Board and
theTakeovers Panel. He is also a member of the Forum of
Young Global Leaders –World Economic Forum.
discount to their estimate of intrinsic value and are capable of
increasing this intrinsic value by 10% each year. Essentially, the
approach consists of three stages: idea generation, fundamental
analysis and portfolio construction.
Magellan was founded in July 2006 and is based in Sydney,
Australia.Today, Magellan is responsible for the management
of overA$25 billion of assets across its client base of local
retail investors and institutional clients around the world.
Magellan’s investment philosophy is relatively simple –
to find outstanding companies at attractive prices whilst
maintaining a fundamental understanding of the wider
macroeconomic environment, enabling them to effectively
manage risk within the portfolio.
Magellan builds a concentrated portfolio that trades
at a discount to its assessment of intrinsic value. They
also aim to protect the portfolio in adverse markets and
manage downside risk through the integration of detailed
macroeconomic research and a robust risk management
framework.
While they are extremely focused on fundamental business
value, Magellan is not a typical‘value’ investor and firmly
believes that companies that appear undervalued by
traditional valuation measures – price to earnings or price to
book multiples – will often prove to be poor investments if
the underlying business is fundamentally weak. They invest
• Protect the portfolio in adverse markets and manage
downside risk through the integration of detailed
macroeconomic research
• Concentrated portfolio of 20–40 high-quality companies
• Employs rigorous quantitative and qualitative screens to
filter a global equity universe to identify companies with
market capitalisations greater than US$5 billion
• Conduct face-to-face meetings with the management teams
of the companies they are considering
Portfolio style
Mage l l an
m ajedie
MajedieAsset Management is a boutique asset management
company based in London and was established in 2002.
Today it has over £10 billion of funds under management
across a wide range of institutional clients.
UK & General Progressive and UK Growth
Majedie’s investment philosophy is based upon its disciplined
investment approach which is firmly anchored in common
sense.The cornerstone of this philosophy is to buy good
businesses at cheap valuations.The investment team is
continually looking for businesses that trade at a 20%
UK & General Progessive and UK Growth
• Diversified across four different management styles
• The management team seeks to identify long-term trends
rather than reflect on short-term market movements
• Seeks undervalued companies with the potential to move
their market position
UK Income
• Identifies cheap companies that are changing for the better
• Typically includes 40–70 companies and combines
a majority UK equity weighting with exposure to
international equities
• Around a third of the portfolio is invested in mid-cap
companies with a value below £2 billion
Portfolio styles

1616
m ajedie c o n t i n u e d
The team looks for companies with the following
characteristics: high returns on capital, steady and predictable
growth, strong margins, strong balance sheets, and attractive
free cash flow yields.The team seeks to build a detailed
understanding of a company’s operational and financial
characteristics in order to assess the sustainability of its cash
flows.They will also consider qualitative factors, such as
management quality and corporate culture, which indicate
the long-term durability of a company’s returns.
UK Income Investment Philosophy
Utilising Majedie’s first-class research systems, Chris Reid’s
investment philosophy is to find cheap companies that are
changing for the better and which will deliver an attractive
yield and growing dividends as the change takes place.
When a new idea is identified, four key questions are posed.
Are the economic prospects for the company improving?
Is the company improving its competitive position versus
its peers? Can the balance sheet support both shareholder
income and business investment? Is the company’s valuation
cheap relative to its industry peers, history or its prospects?
The portfolio typically includes 40–70 companies and
combines a majority UK equity weighting with exposure to
international equities.Around a third of Chris’s portfolio is
invested in mid-cap companies with a value below £2 billion.
James de Uphaugh
James de Uphaugh has over 20 years’
investment experience in UK equity
markets. Before co-founding Majedie in
2002, James had been a managing director
at Merrill Lynch Investment Managers where he was also
Chairman of the UK Investment Group.
Matthew Smith
Matthew Smith has worked in the industry
for over 15 years, having been a director
at Deutsche Bank, where he was a Pan
European Support Services Analyst.
Until 2004 he had been a director andTransport Analyst at
Credit Suisse.
Chris Field
Chris Field has over 25 years’ investment
experience in UK equity markets.Along
with James, Chris had also been a director
at Merrill Lynch Investment Managers
where he was also a member of the UK Investment Group.
Adam Parker
Adam Parker has worked in UK equities
for 25 years, having been a director at
Merrill Lynch Investment Managers,
where he was also a member of the UK
AssetAllocation Group.
Richard Staveley
Richard Staveley is a fund manager and
analyst with 15 years’ experience in UK
and international equity markets. Richard
was a founding partner of River and
Mercantile Asset Management. He was Head of UK Small
Companies at Société Générale Asset Management.
Chris Reid
Chris has over 15 years’ experience as
a fund manager and analyst in UK and
international equity markets. Prior to
joining Majedie in 2008, Chris was a
director at Deutsche Bank and Pan EuropeanTravel &
Leisure Analyst. Until 2005 he was aTransport Analyst for
Credit Suisse. Previously Chris spent 10 years as a consultant
at PA Consulting Group.

17
Manu l ife
The portfolio will typically hold 40–50 companies. Positions
are established gradually with an average initial weighting of
1.0–1.5%. The maximum weighting will rarely exceed 5%
and has a cap of 10%. The top ten holdings usually account
for no more than 35% of the portfolio to limit overall
concentration.
Risk management is an integral part of the investment
process, which also includes continual analysis of the
fundamentals of all holdings as well as the relative risks in
the portfolio, to develop a comprehensive understanding of
the financial risks associated with any particular stock.
Paul Boyne
After six years with chartered accountants
and management consultants, Grant
Thornton International, Paul began
his investment career with Morgan
Stanley Investment Management and became a managing
director and a senior portfolio manager of its global value
equity product. Prior to joining Manulife he was a senior
fund manager within the global equities team at Invesco
Perpetual. Paul is now a senior managing director and senior
portfolio manager for Manulife.
Doug McGraw
Doug is a managing director and portfolio
manager for Manulife. He was most
recently a portfolio manager within the
global equities team at Invesco Perpetual.
Doug began his investment career as an investment analyst
for the First National Bank of Southwestern Ohio and also
held positions as an analyst and portfolio manager with
Morgan Stanley. He is a member of the CFA Institute.
Headquartered inToronto, Canada and with investment
management experience dating back to the 1800s, Manulife
Asset Management is a leading global investment manager. Its
global equity team is based in Boston, USA but the reach of
the investment function extends to 17 countries and
territories and features more than 325 investment
professionals around the world. Manulife follows a
disciplined, bottom-up, fundamental approach to investing
with a long-term investment philosophy.
Central to Manulife’s investment approach is the belief
that long-term outperformance can be achieved by taking
advantage of the market’s disproportionate focus on short-
term factors to purchase quality companies with attractive
valuations.
The investment team employs an unconstrained, bottom-up,
stock-selection process based on fundamental research with
the aim of creating a diversified global portfolio of quality
stocks that not only demonstrate compelling value but also
generate sustainable cash flows. The team seeks to identify
undervalued companies that exhibit key characteristics:
solid business franchises, strong management teams, strong
balance sheets, disciplined capital allocation, attractive
valuations, and sustainable margins/cash flows.
Stocks identified as potential investment candidates will
undergo comprehensive fundamental research by the
global equity team, regardless of where the idea is sourced.
This is combined with the construction of a full financial
model including the team’s forecasts for future years. The
key output from this work is the calculation of a‘fair value’
target price at which the team believes the stock would
trade if its investment thesis were to prove correct under
different scenarios.
• Concentrated portfolio of 40–50 stocks
• Unconstrained, bottom-up, stock-selection process based
on fundamental research
• Risk management is an integral part of the investment process
Portfolio style

1818
Secondly, that it is possible to profit from these changing
fashions by investing in good stocks with improving
fundamentals when they are undervalued; and selling or
avoiding lower-quality or highly fashionable stocks with
deteriorating fundamentals.
Thirdly, that an independent manager should have the
freedom and flexibility to best exploit this philosophy,
unencumbered by such constraints as an overriding house
style and decision-making by committee.
Nick Purves
Originally qualifying as an accountant,
Nick moved from KPMG to Schroders
in 1994. He departed to RWC in 2010
where he retained the management
responsibility of the St. James’s Place Equity Income fund.
RWC is an independent asset manager with a strong
partnership culture and a long-term perspective. Established
in 2000 as a specialist asset manager, its intention is to foster
an environment where talented portfolio managers can
focus exclusively on seeking to produce first-class sustainable
returns for investors.
There are three principles that characterise the team’s
investment philosophy.At its core is the fundamental belief
that equity markets are strongly influenced by short-term
investment fashions that cause share prices to deviate away
from their fundamental values.
At times, investors are susceptible to becoming significantly
over-enthusiastic or significantly depressed about the
prospects for individual stocks or sectors.
• Focused portfolio
• Value style with a focus on income
• Preference for stocks that are out of favour
Portfolio style
RW C
sands capi ta l
• Fundamental growth investment style
• Focus on companies that have significant competitive
advantage over their peers
• Extensive quantitative and qualitative research
Portfolio style
S A N D S
CAPITAL MANAGEMENT
However, perhaps more important is that this conviction
combined with their business-focused approach enables
them to enjoy a temporal advantage over those investors
with substantially shorter time horizons. They believe
this difference in perspective allows investors to benefit in
a world in which undue emphasis is placed on quarterly
results and short-term stock price fluctuations, instead of
long-term business results and wealth creation.
David Levanson
David Levanson, CFA, has over 20 years’
industry experience, starting his career in
1990 as a research analyst atThe Capital
Management Group and moving to Sands
Capital for the first time in 1992. David joined State Street
in 1996 and MFS Investment Management in 1999 before
rejoining Sands Capital in 2002 as Senior Research Analyst
and Senior Portfolio Manager. He has a BS in Finance from
the University of Florida and an MBA from the University
ofVirginia.
Sands Capital Management is an independent investment
management firm focused exclusively on portfolios of
high-quality growth companies. Established in 1992,
Sands Capital was created with the sole mission‘to add
value and enhance the wealth of our clients with prudence
over time’. The company is based inArlington,Virginia
and is responsible for US$42 million of assets under
management.
Sands Capital’s philosophy is founded on its belief that stock
price appreciation follows sustained above-average earnings
growth. Sands Capital works to identify a handful of truly
exceptional growth businesses and construct concentrated
‘best ideas’ portfolios. By conducting deep, fundamental
research, they are often able to capture a research or
information edge that comes from building conviction in
a company’s ability to grow at a higher rate and/or for a
longer duration than the market appreciates.

19
Perry Williams
PerryWilliams joined Sands Capital
in 2004 and served as a co-portfolio
manager on Sands’ Select Growth
strategy from 2009. In 2013, Perry joined
David and Sunil on the Global Growth strategy to help
manage global research priorities and to provide additional
perspective to the investment decision-making team. Perry
is also a Senior Portfolio Manager.
Sunil Thakor
SunilThakor, CFA, has industry experience
since 1999, starting his career as an analyst
with Charles RiverAssociates before joining
Sands Capital in 2004. Sunil progressed at
Sands Capital from an internship to research analyst before
becoming Senior Research Analyst and Senior Portfolio
Manager. He has a BA in Economics-Maths from Colby
College and an MBA from Columbia Business School.
Schroders is a leading investment management company
with total assets under management worldwide exceeding
£271 billion. Schroders’ history began in 1804 and it now
has over 3,000 staff worldwide operating from 33 offices in
26 different countries across Europe, the Americas,Asia and
the Middle East.
Schroders has specialised in the management of UK
institutional funds for over 70 years and is one of the
leading active UK fund managers. It has dedicated global
resources enabling it to provide specialist asset management
expertise to a range of institutional, retail and private
banking clients.
Schroder Managed/Managed Growth
Schroders’ philosophy is to employ active stock selection with
each asset category within the funds administered by specialist
management teams. Schroders’ investment process draws
upon their extensive in-house research network. In combining
their investment philosophy with a rigorous approach to
controlling risk in their portfolios, Schroders have achieved
a strong long-term record of performance for their clients.
Nick Kirrage and Kevin Murphy run the UK equity element
of the Schroder Managed fund and adopt a focused strategy
using their own distinctive stock-selection capabilities,
aiming to create high-performance portfolios.They seek to
identify stocks which trade at a substantial discount to their
fair or intrinsic value and where they believe that profits
growth will surpass expectations. It is these stocks that
generally provide the most attractive investment returns over
the long term.
Schroder Managed/Managed Growth
• A blend of styles for each of the geographical and asset classes
• Fund managers drawn from across the Schroder global
investment team
Portfolio styles
schr o ders
Nick Kirrage
Nick Kirrage has a Masters degree in
aeronautical engineering, and is a CFA
Charterholder. He joined Schroders in
2001 as a UK equity research analyst. He
joined the SpecialistValueTeam in 2006 and co-manages
Schroders’ Recovery fund.
Kevin Murphy
Kevin Murphy is a CFA Charterholder,
and has a degree in economics. He joined
Schroders as a graduate in 2000, and began
as a junior member on the UK
fund management desk working on private bank portfolios.
He is currently a member of the SpecialistValueTeam, and
co-manages the Schroder Recovery fund alongside Nick.

2020
Select Equity Group is a NewYork-based investment
boutique that was founded in 1990 by George Loening
as an equity research organisation selling subscription
newsletters to institutional investors in the US. In 2001,
this service was discontinued; but the business has grown
considerably and today Select Equity is responsible for assets
under management of US$12 billion across seven separate
investment strategies, encompassing both long-only and
long/short funds.
Select Equity’s investment edge lies in the rigour and
originality of its approach to company research which aims at
collecting facts over opinions, obtaining proprietary insights
through alternative interviewing techniques, and vetting those
insights and related assumptions in a collegial, broad-based
manner. This is overseen by seasoned portfolio managers who
construct high-conviction benchmark-agnostic portfolios.
• Rigorous research: wanting to know the businesses in their
portfolios better than anyone
• Investing in great businesses: focusing only on businesses that
meet their stringent quality criteria
• Disciplined investing: believing that, with
patience, the market will provide opportunities to buy great
businesses at fair valuations
Portfolio style
se l ec t e q ui t y
Chad Clark
Chad Clark joined Select Equity inAugust
2010 and is the lead portfolio manager
for both long-only and long/short global
equity strategies. Prior to joining Select
Equity, he previously spent 14 years at Harris Associates
where he was a Partner and co-managed the Oakmark
International small-cap fund. Chad is a Chartered Financial
Analyst and received a BS from Carnegie Mellon University
in Pittsburgh.
George Loening
George Loening founded Select Equity
in January 1990 while still studying at
Columbia University from where he
graduated in 1992.
With the exception of a part-time position as a junior
analyst at GabelliAsset Management, George is a self-taught
investor and is responsible for developing the company’s
investment and research engines. From inception George
operated independently for almost two years before
launching a US equity small- and mid-cap strategy and is
now also the lead portfolio manager for a number of long-
only and long/short US strategies.
This enables him to understand in depth the companies in
which he invests, and allows a high-conviction approach to
portfolio construction.
Stuart Mitchell
Based in London, S.W. Mitchell Capital was
founded inApril 2005 by Stuart Mitchell.
Stuart joined Morgan Grenfell Asset
Management (MGAM) in 1987 where
he was responsible for managing the Continental European
equity assets for MGAM’s pension fund clients. Following
this, he joined J O Hambro Investment Management in 1998
and was appointed Head of Specialist Equities.
S.W. Mitchell Capital manages European equity assets
in a number of segregated accounts for a broad range of
internationally based clients.
S.W. Mitchell Capital operates a highly dynamic and stock-
focused approach to investment management involving regular
meetings with a large number of companies across Europe.
The company specialises in building focused portfolios
of European equities. They aim to invest in undervalued
companies that offer the potential for capital growth over the
medium to long term.
The Continental European fund invests in companies in
mainland Europe, not including the UK. The Greater European
fund invests in companies across Europe, including the UK.
Stuart describes his style as‘research-based’ and normally
holds approximately 30 stocks in the portfolio at any time.
• A focused global equity portfolio
• Unrestricted investment process
• Seeking significant capital growth opportunities over the
long term
• Suitable for sophisticated investors
Portfolio style
S . W. M I T C H E LL C A P I TA L

21
capitalisation over $1 billion, providing a global universe
of over 1,300 companies from which to select. Stephen has
a‘go anywhere’ approach and utilises the analysis of the
regional and sector research teams, as well as Threadneedle’s
macro and thematic views, to construct a portfolio of 75–95
stocks. The size of each position is determined by valuation
upside, strength of conviction and impact on portfolio risk.
The fixed-income element of the fund, managed by
Jim Cielinski, is constructed from a blend of cash and short-
dated and index-linked gilts.
Richard Colwell
Richard joinedThreadneedle in 2010
as a portfolio manager in the UK
equity income team. He manages the
Threadneedle UK Growth & Income Fund
and co-manages the Monthly Extra Income Fund, UK Equity
Income Fund and the UK EquityAlpha Income Fund.
StephenThornber
Stephen joinedThreadneedle in 1994 and
manages the Global Equity Income Fund
and is responsible for several other global
portfolios. Prior to joining the global
equity team, Stephen was a UK equity fund manager and
spent five years managing theThreadneedle UK Monthly
Income Fund.
Jim Cielinski
Jim Cielinski joinedThreadneedle in 2010
as Head of Fixed Income and is responsible
for the overall management of the fixed-
income business, including investment
process, product development and investment strategy.
Threadneedle Investments is the international investment
management arm of Ameriprise Financial, and is a leading
active investment manager with approximately £92 billion of
assets under management. Its investment approach is active,
client-focused and performance-driven. Established in 1994,
the company has locations in 18 countries and employs over
150 investment professionals with global expertise across
developed and emerging market equities, fixed income,
commodities and UK property.
This balanced managed mandate will utilise UK and
international equities alongside fixed-interest securities and
cash. Richard Colwell leads the UK equity strategy, joined
by StephenThornber managing global equities and Jim
Cielinski for the fixed-income element.
Colwell aims to generate strong performance through the
investment cycle by investing in attractive businesses which
may have fallen out of favour.At least two-thirds of the
portfolio will be invested in large, well-known companies
with good growth records, typically in the bottom half of
the FTSE 100 Index. Colwell is also able to invest in small
and medium-sized businesses within the portfolio, which
typically has 35–55 holdings.The strategy is managed
for total return through a balance of growth and income
opportunities, whilst typically maintaining a yield above
that of the market.The portfolio has a low turnover, and
Colwell seeks to gain a full and detailed understanding of
businesses through active engagement with management.
Colwell will not be a forced seller simply because valuations
are increasing.This flexibility means he is prepared to hold a
stock through its cycle from a value to a growth play.
Stephen Thornber has managed Threadneedle’s Global
Equity Income Fund strategy since its launch in 2007 and has
a focus on‘quality income’: companies that deliver high and
sustainable dividends but also generate growth and operate
with a robust financial structure. The growth requirement
aims to provide strong performance in rising markets while
retaining the defensive attributes that are typically associated
with income funds. The strategy invests in companies with
a dividend yield above 4%, resulting in a high aggregate
portfolio yield.All stocks must also have a market
• Balanced managed mandate utilising UK and international
equities alongside fixed-interest securities and cash
• UK equity strategy is managed for total return through a
balance of growth and income opportunities
• Global equities strategy has a focus on‘quality income’
opportunities
Portfolio style
t hreadneed l e

2222
Since its foundation in 1920 Tweedy, Browne Company
LLC (Tweedy, Browne) has been grounded in undervalued
securities, first as a market maker, then as an investor and
investment advisor. Tweedy, Browne’s main offices are in
NewYork and they have a research office in London. Today
they are responsible for US$22 billion of assets under
management across five investment strategies for a wide
range of retail and institutional clients.
The investment management principles practiced by Tweedy,
Browne derive from the work of the late Benjamin Graham,
considered by many to be the‘father of value investing’.
This philosophical anchor grounds their decision-making
processes and insulates their thinking from the emotional
aspects of the stock market and prevailing day-trading
culture. Investing is interpreted by the investment team at
Tweedy, Browne as firstly prudently determining the value
of a business and secondly waiting for an opportunity to buy
an interest in the business at a discount to that value.
Tweedy, Browne’s research seeks to appraise the worth of a
company, its‘intrinsic value’, by determining its acquisition
value, or by estimating the collateral value of its assets and/
or cash flow. Investments are made at a significant discount
to the intrinsic value, a‘margin of safety’. Investments are
generally sold as the market price approaches intrinsic value,
with the proceeds reinvested in opportunities offering a
greater discount to intrinsic value.
Tweedy, Browne has incorporated the same basic criteria in
their investment screening and decision-making process for
the past 50 years and more. The key metrics against which
a company is measured are: low price-to-book-value ratio,
low price-to-earnings ratio, a significant pattern of purchases
by insiders, a significant decline in price and a history of
paying an above-average dividend.
The majority of Tweedy, Browne’s investments have had at
least one, and, more frequently, several of these investment
characteristics supporting the fundamental principles on
which their investment approach is based.
t weedy, br owne
Will Browne
William H. Browne has been withTweedy,
Browne since 1978. Mr Browne has a BA
from Colgate University and an MBA
fromTrinity College, Dublin.
John Spears
John D. Spears joined Tweedy, Browne
in 1974. Mr Spears studied at the Babson
Institute of BusinessAdministration,
Drexel Institute of Technology and The
Wharton School of the University of Pennsylvania.
Thomas Shrager
Thomas H. Shrager has been associated
with the company since 1989, having
previously worked in mergers and
acquisitions at Bear Stearns. Mr Shrager
has a BA and Masters in InternationalAffairs from Columbia
University.
RobertWyckoff
Robert Q.Wyckoff, Jr. has been associated
with the company since 1991. Prior to
joiningTweedy, Browne, MrWyckoff
held positions with BessemerTrust,
J. &W. Seligman, and Stillrock Management.
• Strict value-based investment principles derived from the
legendary investor Benjamin Graham
• Fundamental research seeks out companies trading at a
significant discount to intrinsic value
• Focus on companies that offer an above-average
dividend yield
Portfolio style

23
committed management; and a reasonable valuation.The
focus on cash flow is evident in the high level of free cash
flow growth and dividend growth from the portfolio versus
the index over the long term.Whilst valuation is important,
Wasatch is fundamentally a growth investor.The team’s
ability to identify businesses that have the ability to achieve
sustainable, long-term growth is crucial to its success.
Ajay Krishnan
Ajay joinedWasatch as a research analyst
in 1994 and has managed a number of
strategies in his 20-year tenure. Today,
Ajay is the lead portfolio manager for
Wasatch’s emerging markets portfolio.Ajay received
an MBA from Utah State University and completed his
undergraduate degree at the University of Bombay where
he read Physics and Mathematics.
Roger Edgley
Roger joinedWasatch in 2002 and is
a member of the board of directors.
In addition, Roger is the Director of
International Research and is a portfolio
manager for theWasatch Emerging Markets Small Cap and
Select portfolios. Prior to joiningWasatch, Roger worked
at Société GénéraleAsia and Chicago-based LibertyWanger
Asset Management.
Founded in 1975 and based in Utah, United States,Wasatch
provides a range of investment strategies and employs a
fundamental, bottom-up approach to investing in high-
quality, long-duration growth businesses.An employee-
owned company, with $19.4 billion of assets under
management,Wasatch has a well-diversified group of both
institutional and retail clients.
Wasatch adopts a disciplined approach to investing, focusing
on bottom-up, fundamental analysis to develop a deep
understanding of the investment potential of individual
companies.Wasatch believes the typical approach to
emerging markets investing leads to a poorly diversified
portfolio, heavily skewed towards highly correlated, large-
cap companies exposed to the cyclicality of global developed
markets. TheWasatch strategy pursues wider country
diversification and a greater focus on companies that are
meeting home-country consumer demands.
The investment universe for this fund covers more than
30 countries and includes companies covering a typical
market cap range of $3–20 billion. The majority of ideas
are generated through industry contacts, researching
competitors of existing holdings, the initial screening
process, or company visits.Wasatch also takes advantage of
ideas from its small-cap-focused portfolios that outgrow
those mandates in what it terms‘the graduation effect’.
Frequently, members of this group that graduate out of the
small-cap classification are neglected or poorly understood
by analysts, offering otherwise missed opportunities to
invest in successful, growing businesses.
The investment team adheres to four key criteria when
considering adding any new position to the portfolio: financial
quality; consistent, long-duration growth; exceptional and
• High-conviction portfolio of 30–40 names with a typical
weighting of around 3%
• Holds quality businesses regardless of the industry or
region in which they operate
• Belief that the biggest risk management tool in the portfolio
construction process is extensive due diligence
Portfolio style
wasat ch

2424
Tracing its roots to 1928,Wellington Management is one
of the largest independent investment management
companies in the world with assets under management of
over US$900 billion. The company is an employee-owned
partnership whose sole business is investment management.
Headquartered in Boston, the company and its affiliates have
offices inAtlanta, Radnor (Pennsylvania), San Francisco,
London, Hong Kong, Singapore,Tokyo and Sydney.
Wellington Management’s distinctive strength is its
fundamental research capability. They believe that the skill
and experience of their analysts and portfolio managers
enables them to make superior evaluations of companies.
Their investment team is one of the largest and most
experienced in the industry.
W E LL I N G TO N M A N A G E M E N T
Haluk Soykan
Haluk is a Fixed Income Portfolio
Manager and senior member of the Global
Bond Strategy Group. He participates in
the management of the firm’s global bond portfolios, as well
as leading the team’s efforts on behalf of institutional and
mutual fund clients investing in the European and UK bond
markets. Haluk joined Wellington Management in 1996.
• Research-driven stock selection
• Uses a cautious blend of quantitative analysis and
index-matching
• No chief investment officer, giving fund managers
more freedom
• Team-focused approach
Portfolio style
W OO D F O R D
• Bottom-up without regard to the benchmark index
• Weightings determined by level of conviction in the
investment thesis
• Risk management considerations are central, with risk
defined as the potential for permanent loss of capital
Portfolio style
With a career spanning over 30 years, NeilWoodford has
become one of the best-known fund managers in the UK
investment industry and his disciplined, valuation-oriented
investment approach has consistently delivered outstanding
long-term performance. Over his career, Neil has learnt a
great deal about nurturing young businesses to fulfil their
long-term potential and what it takes to deliver sustainable
business performance.
Woodford Investment Managemant (WIM) is his
opportunity to bring all of that learning and experience
into practice in an organisation that is grounded in his own
priciples. Designed from the ground up to match the needs
and objectives of investors,WIM is a new and innovative
fund management organisation founded in 2014.
Prior to the launch of his new business,Woodford
Investment Management, Neil will manage our funds as an
employee of Oakley Capital Management. Oakley Capital
is an asset management and financial advisory business
with over $1.1 billion of assets under management which,
through its private equity arm, is supporting Neil’s
new venture.
WIM applies a bottom-up approach to investment, with
a strong focus on fundamentals, valuation and conviction.
Investment opportunities are assessed on their own
individual merits, and significant time and effort is expended
to assess and understand a company’s long-term growth
prospects, its competitive advantages, the sustainability and
dependability of its cash flows, earnings and dividends and,
of course, its valuation.
NeilWoodford
Neil started working in the City at
Dominion Insurance in 1981. He joined
Reed Pension Fund as a trainee equity
analyst in 1983 and, after a spell in a
corporate finance role forTSB, started managing money at
Eagle Star in 1987.The following year, Neil joined the UK
equities team at Perpetual in Henley-on-Thames, where he
spent the next 26 years of his career crafting his distinctive
investment approach and developing a reputation as one of
the most highly respected and trusted fund managers in the
industry. Neil was awarded the CBE in 2013 for services to
the economy.

25
1
The expected costs of managing and maintaining the investments include the fees paid to the fund managers and various additional costs, such
as dealing costs, investment administration fees, custody and safe-keeping fees; the cost of running the fund range, the Investment Committee
and its advisers; and any associated service taxes.These costs are in addition to the 1.5% annual management charge.
2
The expected costs of managing and maintaining the investments for this fund include a 0.2% allowance for the performance fee, based on
the fund outperforming its benchmark by 1% each year.
The St. James’s Place UnitTrust Group is the manager of all our underlying funds, with investment decisions delegated to the list of fund
managers set out above.
Our range of funds and charges
Fund Manager(s)
Expected cost of managing
and maintaining the
investments1
AXA Framlington Managed AXA Framlington 0.99
Continental European S.W. Mitchell Capital 1.38
Corporate Bond Invesco Perpetual 1.01
Emerging Markets Equity Wasatch 1.31
Equity Income RWC 0.93
Ethical Aberdeen 0.91
Far East AberdeenAsia 0.92
Global Equity
BlackRock, EdgePoint, Sands Capital
&Tweedy, Browne
0.87
Global Equity Income Manulife 1.00
Global Managed Artisan Partners 1.04
Greater European S.W. Mitchell Capital & Burgundy 1.20
Index Linked Gilts BlackRock 0.74
International Corporate Bond Babson Capital 1.09
International Equity Magellan 1.00
Investment Grade Corporate Bond Loomis Sayles 0.81
North American Aristotle 0.87
Schroder Managed Schroders 0.83
Strategic Managed Threadneedle 0.89
UK & General Progressive BlackRock, J O Hambro & Majedie 1.27
UK & International Income Artemis 1.24
UK Absolute Return2
BlackRock 1.48
UK Gilts Wellington Management 0.70
UK Growth Majedie 1.42
UK High Income Woodford 1.06
UK Income Majedie 1.28
Worldwide Managed Select Equity, Burgundy & First State 1.19

2626
All our underlying funds are valued in sterling, with the price shown in Singapore dollars, so what your might get back will
be affected by the exchange rate between Sterling and Singapore dollars i.e. there is no hedging of this currency exposure.
Further information about these funds and investments is available from your St. James’s Place Partner.
The full range of St. James’s Place funds is set out below, colour coded to indicate their relative levels of risk. The
special risk factors are explained on the following page; these highlight the most significant risks faced by each fund.
Funds Special Risk Factors
Gilts (UK Gilts) D F
Index Linked Gilts D F
Investment Grade Corporate Bond D
International Corporate Bond b D
Corporate Bond b D
UK Absolute Return A C I
Strategic Managed A B D
Schroder Managed A B D
AXA Framlington Managed A B D
UK High Income A
UK & General Progressive A
UK & International Income A
UK Income A
Equity Income A F
UK Growth A
International Equity A B F
Global Managed A B H
Global Equity Income A B F
Ethical A B H
Global Equity A B H
Worldwide Managed A B H
Greater European A B
North American A B F
Continental European A B F
Far East A B H
Emerging Markets Equity A B F H
INCREASINGRISK
Special risk factors

27
The particular risks of each fund depend on the type of assets in which it invests. These particular risks include:
A – Equity risk
This fund invests in equities. The value of equities can rise and fall quite sharply at times. Returns are not
guaranteed and, whilst equities have tended to outperform over the long term, there have been periods when
equities have fallen significantly in value over the short term.
B – Currency risk
This fund holds investments in other currencies, so the value of the fund may rise and fall due to fluctuations in
exchange rates against sterling. There is no hedging of this non-sterling exposure.
b – Currency risk
This fund holds investments in other currencies and is passively hedged to remove any non-sterling exposure.
C – Low interest rates: risk to income
This fund invests in deposits and money market instruments. The return on these assets will be low in periods
when interest rates are low.
D – Bond risks
This fund holds bonds issued by companies and governments. There is a chance that some of the companies
or governments that issued these bonds will fail to make interest or capital payments, or other investors may
believe the security of the government or company has declined, both of which would reduce the value of your
investments. The values of bonds are also sensitive to changes in interest rates; for example, an increase in
interest rates will usually cause a fall in the value of an investment in bonds.
E – Property risk
This fund invests mainly in property (i.e. land and buildings). Property can be difficult to sell in a short period,
so you may not be able to sell or switch out of this investment when you want to – we may have to delay acting
on your instructions. The value of property can fall as well as rise, particularly if there are more people trying
to sell than buy, and is generally a matter of a valuer’s opinion until the property is sold.
F – Concentrated portfolio
This fund holds a limited number of assets, typically fewer than 40 stocks. As such, its value is likely to fluctuate
more than a widely diversified fund.
G – Commodities
This fund invests in commodities such as gold, oil and timber. The prices of commodities are influenced by
demand, which is driven by global economic growth, and scarcity of supply of the various natural resources.
These global influences, and the fact that natural resources are controlled by many different countries and
governments, often cause commodities to fluctuate in value more than equities.
H – Emerging markets
This fund holds investments in less developed economies and invests in less mature stock markets, so its value
may fluctuate more than a fund which invests in developed economies.
I – Derivatives
This fund invests in derivatives. A derivative is a contract whose value changes depending on the value of an
underlying asset. The fund buys derivatives from other institutions; if one of these institutions fails to meet its
obligations when they fall due, this would impact the value of the fund.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds
you select and the value can therefore go down as well as up. You may get back less than you invested.
Past performance is not indicative of future performance.

The‘St. James’s Place Partnership’ and the titles‘Partner’ and‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Pte. Limited, which is licenced by the MonetaryAuthority of Singapore
and a member of the Association of Financial Advisors (Singapore). St. James’s Place (Singapore) Pte. Limited is part of the St. James’s PlaceWealth Management Group.
St. James’s Place International plc (Singapore Branch) is registered by the MonetaryAuthority of Singapore to conduct life insurance business in Singapore.
St. James’s Place International plc (Singapore Branch): Registered in Singapore NumberT14FC0072F.
OfficeAddress: 30 Cecil Street, #26-50, PrudentialTower, Singapore (049712).
St. James’s Place International plc is authorised and regulated by the Central Bank of Ireland.
St. James’s Place International plc: Registered in Ireland Number 185345. Registered Office: Fleming Court, Flemings Place, Dublin 4, Ireland.
SJPA9002-VR3(02/15) SG

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