Presentation about Holden & Partners Investment management service, approach and structure.

1. Introduction to Holden & Partners
Wealth Management

2. About us
Tim Cosway
Managing Partner
“We aim to ensure that we understand exactly
what our clients’ are looking to achieve and that
we deliver a tailored solution with personal
service. It is about advice and not selling product.”
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3. Holden & Partners investment philosophy
We take a comprehensive approach, looking across your balance sheet and
entire estate with a long term perspective to best position you for the future.
With a deep commitment to your success, we invest in long term relationships,
bringing you expertise and solutions tailored to your individual needs with
service of the highest calibre.
• Our extensive range of capabilities encompasses financial strategy, investment
management, pension and estate planning.
• We seek to deliver positive risk-adjusted returns suitable to our clients’ financial
goals, risk tolerances and personal preferences.
• We offer access to the best fund managers in the industry, with a thematic bias,
through a rigorous due diligence process.
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4. Size – both David and Goliath
Holden & Partners PERSHING
Established in 2003 • All assets and transactions are undertaken
A Limited Liability Partnership on our behalf by Pershing Ltd who act as
our Custodian
Turnover 2011/2012 £1.35m • Pershing, are a subsidiary of the Bank of
AUM £200m New York, and represent 474,000
Active Clients 700 investors globally with £32.5bn under
management.
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5. Our resource
to be big
You don’t have
to advise
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6. What makes us different?
Thematic Alternatives
Our people Our process approach Reporting
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7. Our people – a team approach
Mark Hoskin Stuart Ryan
Account Manager and Investment Manager
Financial Planner Stuart has held front and middle office
Founding Partner of Holden & roles within a respected Investment
Partners. Mark is a History Bank, Hedge Fund and Market Maker.
graduate from Keble College Stuart is a Law graduate from the
Oxford, Chartered Accountant, University of Wales, holds the CFA
Chartered Financial Planner and Society of the UK Certificate in
Certified Financial Planner. Mark Investment Management (IMC) and is
recently helped The Old Vic to an Associate of the Chartered Institute
write its Investment Policy. of Securities & Investments.
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8. Our process
Current
Objectives
Situation
Financial
planning
Financial
Strategy
Asset
Allocation
Review
Investment
Fund
management Selection
Successful client outcome
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9. Alternative asset classes for income
There is a wider investment universe than just stocks. Real assets have different
risk and return credentials and can have very predictable income streams.
• We have advised our clients on three separate commercial property transactions (£17m)
targeting a long term 5.5% income stream, rising with inflation.
• We were also instrumental in setting up and seed investing in a solar fund investing in
residential panels on roofs in return for the feed in tariff. Again this was done for the inflation
linked income.
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10. Thematic bias
• Environmental Social and Governance factors will become increasingly “…people are turning
important in investment and the understanding of risk. resources into waste
faster than nature can
• While the financial crisis has and continued to warp economic fundaments, we turn waste back into
believe that thematic investment will provide longer term out performance. resources”
Themes like forestry, water, agriculture, energy efficiency and clean energy WWF Living Planet
report, 2006
form a part of our thinking, our investment process and fund universe.
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11. Investment committee meeting
Quarterly
• January, April, July, October
Members
• Partners, Investment Manager and outside consultant.
Strategy influences
• Macroeconomic data – leading indicators, GDP, inflation.
• Market data – equity performance, credit spreads, currencies
• Relevant articles – Comment from respected authors
• Current strategy positioning
Views
• Respected authors, articles, fund manager presentations/meetings
Expectations matrix
• Positive, negative or neutral on each asset class
Asset allocation decisions
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12. Expectations matrix
Sentiment
Asset Notes
-ve - +ve
Domestic growth likely to remain constrained as fiscal conditions tighten and wage inflation remains non-existent.
Housing market activity improving but valuations still in bubble territory. Stockmarket prospects somewhat brighter but
UK equity 
somewhat dependent on conditions in US & Europe & Asia.
US has better fundamental prospects because export sector is performing well and energy independence has
increased markedly. Longer term concerns over enormous projected public debt levels and lack of clear political
US equity 
leadership. USD reserve status remains but under pressure short term due to open-ended easing.
Highest LT conviction based on growth rates, valuations, demographics, savings rates (public & private), FX
EM equity  liberalisation. However, region remains China-centric and coupled with the US.
Long-term valuations poor assuming that growth/inflation conditions will eventually normalise. For this reason,
weightings should be biased towards the bottom of model ranges for gilts. Some govt positions remain important as a
Fixed gilts 
defence against deflation.
Will benefit from RPI surprise, but real yields currently strongly negative in real terms on huge institutional buying, and
Indexed gilts  therefore valuations/returns difficult to quantify.
Negative on investment grade in anything other than a depression or Japan-like outcome, since tight spreads offer
little premium protection. Still some merit in high yield and short duration, but with focus on quality end. Strategic
UK Corp bonds 
funds offer some help with risk management but avoid those with equity-like volatility.
Commercial property funds performing poorly with unpredictable bid-offer price switching. REITs are more volatile but
should gradually form a base of the coming years as investors look for secure income. Overall, slightly negative on
Property 
direct property.
Minimal yield, but has some attractions on an opportunistic basis.
Cash 
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13. Portfolio construction
Fund Financial
Selection Planning
Tactical Attitude to
Allocation Risk
Strategic
Allocation
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14. Fund selection
Manager Fund Size
Quantitative
Selection
Performance Fund Age
Philosophy, Thematic Investment
objectives and process
Research resources and Qualitative Potential for transparency
risk controls Selection and on-going dialogue
Core Satellite
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15. Advice, reporting and fees
Financial planning advice
• Holden & Partners to assess objectives and current situation on a regular basis.
• Risk Parameters and portfolio strategy to be set up and reviewed with Holden & Partners
annually.
Investment management and reporting
• Online Daily valuations
• Regular Investment Review, risk and return analysis and strategic and fund recommendations.
• Client sign off on all recommendations.
Total fees
• Holden & Partners fee from 0.875% to 0.35%, plus a Pershing fee of 0.225% to 0.2% depending
on the size of the portfolio.
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16. Holden & Partners – the benefits of Size
• Financial planning and investment management
• Personal service in plain English
• Tax planning advice
• Investment expertise with proven performance
• Highly cost competitive
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17. Disclaimer
This presentation may not be reproduced in any form without the express permission of Holden & Partners and to the extent that it is passed on care must
be taken to ensure that this reproduction is in a form which accurately reflects the information presented here. No responsibility or liability is accepted by
Holden & Partners or by any of its Partners for any action taken on the basis of the content of this document. This document has been produced based on
Holden & Partners’ research and analysis and represents our view. Unless otherwise indicated, the source for all data is Holden & Partners. Any reference
to individual companies or funds is purely for the purpose of illustration and should not be construed as a recommendation to buy or sell or advice in relation
to investment, legal or tax matters. This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any
investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. The value of investments
can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks of investing. Our aim
in this presentation is to provide you with the best information we can to help you make decisions about investments. It is not to advise you on the suitability
of an investment to your personal circumstances. Nothing written in this document should be considered personal advice, nor do Holden & Partners accept
liability for any inaccurate information. If you are unsure about the suitability of an investment please contact Holden & Partners.
Holden & Partners is a trading name of Peter.R.T.Holden & Partners LLP regulated by the Financial Services Authority (446291). Holden & Partners, The Piano Works, 117
Farringdon Road, London, EC1R 3BX 020 7812 1460 mhoskini@holden-partners.co.uk
17 26 February, 2013