Dynamic Planner Training Academy - 11 September South Glos

©2019 Distribution Technology Ltd. All Rights Reserved.
Autumn 2019
Training Academies
South Glos.

Housekeeping
Please switch off your mobile phones
Toilets
Fire drills

Agenda
09:00 – 09:30 Breakfast, registration and networking
09:30 – 09:40 Introduction and welcome
09:40 – 10:10 Dynamic Planner Client Success (live demo) – Client Case Study, a ‘how to’ session
10:10 – 10:40 Dynamic Planner Asset & Risk Modelling – The Importance of Fund Risk Profiling
10:40 – 11:00 Refreshments and networking
11:00 – 11:20
Dynamic Planner Client Success (live demo) – Client Review Process Update, what is new
and what’s coming up in ‘Elements’
11:20 – 11:50 Partner session 1 - Global economic update
11:50 – 12:20
Dynamic Planner Client Success – ‘Let me show you how’, common questions asked by our
clients
12:20 – 12:40 Partner session 2
12:40 Lunch and networking – A chance to ask questions one-on-one

Introduction & Welcome
Dynamic Planner

Dynamic Planner Case Study:
Retirement Planning
Client Success Team

Learning objectives
Client Profile
Name: Andrew Green
DOB: 10/02/1970 (50 next birthday)
Retirement Portfolio: Circa £450k in Scottish Widows Personal Pension Plan.
Objective: retire at 60 and enjoy flexibility under drawdown
Learning Objective
To be able to understand the required information and steps needed to create a
Retirement Wealth Plan for Andrew.
Demonstrate how to perform the following in order to meet Andrew’s objectives:
→ Pension Transfer
→ Rebalance portfolio
→ Annual review (Session 2)

Begin in ‘Client record’

Select the relationship type

Always remember to name your case

Case control centre

Existing arrangements

Investor experience

‘15 Question Attitude to Risk’

Consistency check

‘Capacity for risk’

‘Select a risk profile’

Value at Risk

Analysis

Efficient frontier

Recommendations

Product actions

Portfolio Suitability Hub

Fund filters

Search by Citicode, ISIN or MEXID

Add to portfolio

Align weightings accordingly

Asset allocation – Recommendation
Click Finish Button

Transferred to new policy

Reporting

Report preview

Close down your case

‘Product summary’

Complete case and update client

‘Client confirmation update’

‘Complete case’

Dynamic Planner –
The Importance of Fund Risk Profiling
Jim Henning, Head of Investment Services
Jason Dewar, Head of Fund Research

Learning outcomes
→ Dynamic Planner Asset & Risk Model
Philosophy
→ Foundations of the Fund Risk
Profiling service
→ Centralised retirement process risk
mitigation strategies

Why is forward-looking fund risk profiling important?
→ Last 20 years have seen volatility for higher yield debt and equity fall considerably
→ Now similar levels to UK gilts
→ Interest rate normalisation and end of benign markets ahead?
Source Lipper – Rolling 3 year period volatility

Volatility compression continues, but spikey Interest rate normalisation ahead?

Global financial system going back on Methadone Bond yields at historic lows → duration risk higher
-2
0
2
4
6
8
10
12
%Yield
Govt Bond 10 Year Yields
10YR UK Govt 10YR US Govt 10Y Bunds

Dynamic Planner Fund Risk Profiling
→ Not based on past performance
→ Not based on sector asset ranges where divergence of outcomes can be wide
→ Not based on an arbitrary equity index relative scoring
0
20
40
60
80
100
120
140
1 2 3 4
Frequency
SRRI score
Mixed Investment 40-85% Shares
0
2
4
6
8
10
12
annualisedvolatility%
Annualised Volatility - last 5 years
Dynamic Planner Approach
→ Risk-adjusted benchmark ex-ante analysis → Client centric
Source Lipper/Dynamic Planner
max
max
min

Dynamic Planner Asset Allocation philosophy
Ensures ongoing investment suitability by translating these characteristics
to the needs, objectives, situation and risk profile of the client
Equity Risk, Interest Rate Risk,
Currency Risk, Basis Risk
Holding Period Risk, Credit Risk,
Liquidity Risk, Concentration Risk,
Counterparty Risk

Robust basis for Fund Risk Profiling – Quarterly oversight
Asset Allocation Comparison to Dynamic Planner
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0.0% 2.1% 4.2% 6.3% 8.4% 10.5% 12.6% 14.7% 16.8% 18.9% 21.0%
Expectedrealreturn(%pa)
Expected volatility (% pa)
DT profiles
Multi Asset Growth I
Multi Asset Growth II
Multi Asset Growth III
Multi Asset Growth IV
Forward looking analysis

Robust basis for Fund Risk Profiling – Quarterly oversight
The historical volatility
‘journey’ relative to the
Dynamic Planner asset
allocation
Measured by tracking
error analysis
Helps to understand the level of
risk being taking
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Quarterly time series
Fund Volatility Risk Profile 4 Risk Profile 5 Risk Profile 6
Rear view ‘sense check’

Dynamic Planner Fund Risk Profiling services
Risk Target ManagedRisk Profiled
→ Portfolios managed in line with
Dynamic Planner model assumptions  
→ Additional investment
consultancy from Dynamic Planner  
→ Dynamic Planner Risk Profile
may change  
627 FRP’d funds + 617 DFM portfolios 72 RTM funds + 38 DFM portfolios

‘Cruise’
Active
‘Coronation St’
Sedentary
‘Care home’
Dependent
Day to day needs: Housing, Food, Heating
Regular discretionary:
Meals out
Leisure
One-off discretionary:
Holiday
Care costs
Needs in retirement
→ Average size of pension pot going into drawdown is £123,000*
→ Joseph Rowntree Foundation says a retired couple need a minimum of £13,500 pa
→ Yet clients will need to spend additional money at key life stages
Applying Fund Risk Profiling to a Centralised Retirement Proposition
£
Care costs
Drawdown from capital
inevitable for most
*Source FCA data bulletin – Sept 2018

→ Rate variability
→ Capital &
income erosion
→ Increasing life
expectancy
→ Long-term care
funding
→ Income
variability
→ Capital
uncertainty
→ Fixed
withdrawals
→ Pound cost
ravaging Sequencing
Risk
Investment Risk
Inflation RiskLongevity Risk
Drawdown risk cycle – Four key segments

Applying Fund Risk Profiling to a Centralised Retirement Proposition
The problem for natural yield investors
→ What level of risk am I taking to generate attractive income?
→ What is the expected level of risk?
→ How consistent is the income stream and capital variability?
→ Which peer group analysis is relevant?
The Solution
Income Focus Research Reports –
for Multi Asset funds
Premium / Select Research –
for Single Sector & Multi Asset funds

Premium and Select Research ratings
Sector Peer group
Single Sector Funds IA sector classifications
Multi-Asset Fund DP’s 1-10 Risk Benchmarks
Risk Targeted Funds Relative to the RTM fund families
The rating considers a fund’s consistency (or fit) against the Dynamic
Planner asset and risk model and its efficiency in delivering returns.
A uniform scoring matrix and ranked within a relevant peer group.
5 years 3 years

Sequence of returns – An actual example
Example: popular MA fund
Dynamic Planner Risk Profiled 4
Over seven years £10,000 made
total return of £16,348 (7.3% pa)
This risk has been unnoticed because of benign
markets (blue line)… but the risk hasn’t gone away
If: Fixed £ monthly withdrawal of
£41.67 pcm (so 5% of original pa)
The outcome can vary by 53%
depending on monthly sequence
of returns

The impact of volatility drag
1%
5% 11%
25%
43%
67%
100%
150%
233%
-1% -5%
-10% -20%
-30%
-40%
-50%
-60% -70%
-100%
-50%
0%
50%
100%
150%
200%
250%
Gain required to fully recover from a loss
Gain to recover
Amplification of
sequencing risk
when more
volatility occurs.
Loss
So reduce volatility
to mitigate the
sequencing risk

Sequence risk mitigation via our Fund Risk Profiling services
The problem for decumulation investors:
“There has been little in the way of product innovation in retirement income products
since pension freedoms came into force.” FCA Sector Views, January 2019
The solution: A new asset and risk model service to asset managers
New asset allocation framework
Measures and monitors the risk of a fall in value on a monthly basis
Ensures the risk to the client’s capital remains the same over the annual client review period

How effective Risk Managed solutions can be identified and profiled
Monthly Risk Control Required to be RMD
Fixed
Income
Property
Cash
Absolute
Return
Risk of short-term correlation with equities
Over exposure to inflation risk
Liquidity risk and risk of gating
Short-term downside protection
Ideally Market Neutral Hedge funds
More negatively correlated to equities in short-term
Less inflation risk
Mandates and objectives focused on short-term risk

A new standard for decumulation solutions
Badges will be applied to the RMD solutions
from asset managers when joining the service

Fund research landing page will show where to find RMD funds

Centralised Retirement Proposition – Challenges addressed
→ Rate variability
→ Capital &
income erosion
→ Increasing life
expectancy
→ Long-term care
→ Income
variability
→ Capital
uncertainty
→ Fixed
withdrawals
→ Pound cost
ravaging
Sequencing
Risk
Investment
Risk
Inflation Risk
Longevity
Risk
 Asset & Risk
Model
 Income Focus &
Research Reports
 Asset &
Risk Model
in real terms
 Cashflow
modelling

Thank you

Refreshments and networking

Dynamic Planner Elements /
Client Review Process Update
Client Success Team

What our clients say
“I don’t think there is anything else out there like this – it’s a new document for
a new process, which, because of MiFID II, advisers have to produce now,”
said Chris Miller, Miller Associates.
“Dynamic Planner is way ahead of the pack with this,”
said Nick Ryan, Yellow Bear Financial Consultancy.
“It’s the way forward for me as an independent adviser,”
said Dmitry Morgan, Morgan Financial. “It puts me in the same position as
large national firms, in terms of their very slick presentation and will definitely
save me time.”
“Elements produces an impressive report, which demonstrates to your clients
that as a firm you are professional and you know what you’re doing,”
said Gary King, GK Financial Solutions.

How to access Elements

New Elements service

Arrangements

Risk

Selection

Objectives

‘Past performance’ and benchmarks

Forecast

Charges

Outcomes

Investment Progress Review report

Report

Dynamic Planner Roadmap
Sept 2019 Oct / Nov / Dec 2019 Jan / Feb / Mar 2020 Apr / May / June 2020
Novia integration Cashflow trial
Suitability trial
RMD funds available in
software
Cashflow launch
Suitability launch
Cashflow
Suitability
Save The Date!
2020 Dynamic Planner Annual Conference
Manchester 28 Jan 2020
London 5 Feb 2020

mitongroup.com
This presentation is for investment professionals only and has been prepared for the Dynamic Planner Training Academies. Not for onward distribution. No
other persons should rely on any information contained in this document.
11th September 2019
MITON MULTI ASSET TEAM
Navigating a noisy market
David Jane
Anthony Rayner
Dynamic Planner Training Academies, Global Economic Update

76MFP19/369
RISKS – Miton Multi Asset Range
• The performance information presented in this presentation relates to the past. Past performance is not a
reliable indicator of future returns.
• The value of investments will fluctuate which will cause fund prices to fall as well as rise and investors
may not get back the original amount invested.
• Changes in interest rates will affect the value of, and the interest earned from bonds held by the Fund.
When interest rates rise, the capital value of the Fund is likely to fall and vice versa.
• Forecasts are not reliable indicators of future performance.

77MFP19/369
The big picture
Conclusions
Market environment
With so much market noise, stick to the facts

78MFP19/369
40
45
50
55
60
65
Aug 2016 Jul 2017 Jun 2018 May 2019
Purchasing Managers surveys are close to, or below 50
US PMI German PMI UK PMI
Global growth slowdown: soft or hard?
Source: Bloomberg, 31/08/2016 – 31/07/2019.

79MFP19/369
Consumer price inflation is far from threatening
So, easy monetary policy focusing on extending the economic cycle
-1
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019
%
US CPI UK CPI EU CPI
Source: Bloomberg, 31/01/2015 – 30/06/2019 for US and UK CPI
and 31/01/2015 - 31/07/2019 for EU CPI.

80MFP19/369
Markets signalling a recession
But markets are manipulated
Source: Bloomberg, 22/08/2014 to 04/09/2019.
-0.5
0
0.5
1
1.5
2
2.5
Aug 2014 Feb 2015 Aug 2015 Feb 2016 Aug 2016 Feb 2017 Aug 2017 Feb 2018 Aug 2018 Feb 2019 Aug 2019
%
USGG10YR Index - USGG2YR Index
US yield curve

81MFP19/369
Is wages growth spiking?
Central banks will struggle to keep all plates spinning
Source: Bloomberg, 29/07/2014 to 28/05/2019 for UK wages growth, 31/07/2014 to
31/07/2019 for US wages growth and 28/08/2014 to 28/05/2019 for German wages growth.
-1
0
1
2
3
4
5
Jul 2014 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019
%
US Wages Growth UK Wages Growth German Wages Growth

82MFP19/369
Rise in inequality coincided with easier monetary policy
Distribution of wealth in the US since 1917
And this is being expressed beyond economics
Source: BofA Merrill Lynch Global Investment Strategy, Emmanuel Saez & Gabriel Zucman – 2015, (date range 1917 – 2012.)
0%
5%
10%
15%
20%
25%
30%
35%
40%
0%
5%
10%
15%
20%
25%
30%
35%
40%
1917 1924 1931 1938 1945 1952 1959 1966 1973 1980 1987 1994 2001 2008
Bottom 90% Top 0.1%

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It’s noisier than normal out there
Let’s make sense of the noise

84MFP19/369
Is it a never ending cycle?
Growth
slowing
Rise in
populism
Rising asset
prices
Increase in
QE
What could break this cycle and what does it mean for markets?

85MFP19/369
2300
2400
2500
2600
2700
2800
2900
3000
3100
1850
1900
1950
2000
2050
2100
2150
Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
IndexLevel
IndexLevel
US High Yield (LHS) S&P 500 Index (RHS)
Re-emergence of QE: risk-on assets
Risk on assets struggle and come back

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1.6
1.8
2
2.2
2.4
2.6
2.8
3
3.2
3.41100
1150
1200
1250
1300
1350
1400
1450
1500
1550
Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
%
Price
Gold (US/oz) (LHS) US Treasury 10 yr yield (inverted) (RHS)
Re-emergence of QE: risk-off assets
Risk off assets provide safe havens and rally

87MFP19/369
QE is distorting asset prices
Asset class behaviour is never static
80
90
100
110
120
130
140
150
160
170
Aug 2018 Nov 2018 Feb 2019 May 2019 Aug 2019
Rebasedto100
Austrian 100 yr government bond S&P 500 Index US Treasury 30 yr
Equities or developed market government bond?
?
?

88MFP19/369
Macro Summary
Observations Implementation
US economy remains relatively robust, CPI outlook benign Increased exposure to US quality growth
More dovish central banks Long dated US/UK government bonds, and EM bonds
Limited visibility as to degree of global slowdown
Utilities, health care and consumer staples where price momentum is
positive
UK economic landscape still unclear Very limited exposure to UK domestic equity
Uncertain policy/growth outlook argues for portfolio flexibility
Reduce corporate bond exposure (increases liquidity and reduces credit
risk)
Global growth slowing, Central banks more dovish

89MFP19/369
Global growth slowing and political risk elevated
New policy action needed, and likely
Such uncertainty underlines importance of being active
Remain liquid
Summary

90MFP19/369
MFP19/369.
This presentation has been prepared for the Dynamic Planner Training Academies. Not for onward distribution. No other persons should rely on any information
contained in this document.
Source of fund performance data: FE, as at 31/07/2019 unless otherwise stated, Sterling Class B shares, net income reinvested, mid to mid basis for the LF funds, bid to bid for
the MI fund. Source for other data: Maitland Institutional Fund Services/Miton/Bloomberg, as at 31/07/2019 unless otherwise stated.
The views expressed are those of the fund manager at the time of writing and are subject to change without notice. They are not necessarily the views of Miton and do not
constitute investment advice. Any mention of a specific stock is not a recommendation to buy or sell.
Miton has used all reasonable efforts to ensure the accuracy of the information contained in the communication, however some information and statistical data has been obtained
from external sources. Whilst Miton believes these sources to be reliable, Miton cannot guarantee the reliability, completeness or accuracy of the content or provide a warrantee.
This financial promotion is issued by Miton, a trading name of Miton Asset Management Limited the Investment Manager of the Fund which is authorised and regulated by the
Financial Conduct Authority and is registered in England No. 1949322 with its registered office at Paternoster House, 65 St Paul's Churchyard, London, EC4M 8AB.
Important Information

Dynamic Planner –
Frequently Asked Questions
Client Success Team

FAQs
Question 1. Risk Profile Client Invites – how to send and import data
Question 2. How to use research tools in Portfolio Suitability Hub
Question 3. How to find a risk score of funds that do not have a Dynamic Planner risk rating?

Qu1 Risk Profile Client Invites – How to send and import
→ Secure link via email
→ Makes face-to-face time with clients more efficient
→ Additional cost on top of Dynamic Planner licence
→ 10 invites for £10 per month (excluding VAT)
→ 250 invites for £15 per month (excluding VAT)
→ Easy import of answers into the service

Qu1 Risk Profile Client Invites – How to import answers

Qu1 Create a new case to import answers

Qu1 Case control centre

Qu1 Import functionality

Qu1 Import functionality splash screen

Qu1 Attitude To Risk – Import

Qu1 Expired invites – Send reminder

Qu1 Send reminder

How to use research tools in
Portfolio Suitability Hub

Qu2 Charting service

Qu2 Charting – With ‘Sector’

Qu2 Charting report

Qu2 Filtering for suitability
→ Risk Profile 5
→ Premium
→ Active Management Style

Qu2 Pulling a report in Portfolio Suitability Hub

Qu2 Comparison

Qu2 Comparison report

How to find the risk score of funds that do
not have a Dynamic Planner risk rating?

Qu3 Portfolio Suitability Hub

Qu3 Fund selection

Qu3 Save as ‘Model portfolio’

Qu3 Model portfolio splash screen

Qu3 Model portfolio report

Qu3 Model portfolio

Training & Consultancy
Training on Dynamic Planner and bespoke consultancy is available for our users.
You can:
1) Access nine on-demand training videos - from Risk Profiling to Retirement
Planning to Elements - at: www.dynamicplanner.com/training-videos
2) Have paid-for training in your office or at the Dynamic Planner offices in
Reading
For full details, contact Client Success on 0333 6000 500 or at
support@dynamicplanner.com – or contact your Account Manager directly

mitongroup.com
This presentation is for investment professionals only and has been prepared for the Dynamic Planner Training Academies. Not for onward
distribution. No other persons should rely on any information contained in this document.
11th September 2019
MITON MULTI ASSET TEAM
David Jane
Anthony Rayner
Dynamic Planner Training Academies, Product Presentation

120MFP19/370
RISKS – Miton Multi Asset Range
• The performance information presented in this presentation relates to the past. Past performance is not a reliable
indicator of future returns.
• The value of investments will fluctuate which will cause fund prices to fall as well as rise and investors may not get back
the original amount invested.
• For funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of
your investment.
• Changes in interest rates will affect the value of, and the interest earned from bonds held by the Fund. When interest
rates rise, the capital value of the Fund is likely to fall and vice versa.
• The Fund does not use derivatives extensively, although it may use them in an attempt to reduce risk, reduce costs and
to generate additional income. Investing in derivatives carries the risk of reduced liquidity, substantial loss and increased
volatility in adverse market conditions. Derivatives may expose the Fund to credit risks of counterparties, who may not
meet payment obligations. The use of derivatives may result in the fund being leveraged (where economic exposure and
thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of
leverage will magnify losses.
• For MI Miton Cautious Monthly Income only fees will be deducted from capital which will increase the amount of income
available for distribution; however this will erode capital and may constrain capital growth.
• Forecasts are not reliable indicators of future performance.

121MFP19/370
Why Miton Multi Asset?
Pragmatic
Multi Asset
Investing
Outcome
driven
Competitive
costs
Risk-rated
solutions
Active asset
allocation
Directly
invested

122MFP19/370
Being genuinely active matters
Thematic diversifiers
Dominant macro and geopolitical forces

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One day is never the same as the next
Why be genuinely active?
Pragmatism is crucial
Asset class behaviour is never static
But our risk and return objectives are fixed
Volatility
Correlation
Liquidity

124MFP19/370
MI Miton Cautious Monthly Income Fund: Highest, lowest and current exposures %
“Genuinely active” means pragmatism and flexibility
Equitie
s
Bonds Other
Liquidity is key
0
5
10
15
20
25
30
35
40
Exposures%
Lowest Highest Current

125MFP19/370
Volatility
Volatility needs a context
Things to think about:
• Volatilities always change
• Upside volatility is positive
• Consider the sources of the
volatility

126MFP19/370
Conventional measures of risk: correlation
Volatility and correlation don’t tell the whole story
Price
Time
Price
Time
• Correlations always change
• Can be useful in highlighting
unintended risks
• Can be useful in identifying areas
of concentrated risk

127MFP19/370
Conventional measures of risk: liquidity
How easy is it to get in and out?
• It can stop you taking action
• It can distort other risk metrics
• Illiquidity is a fact of life in
certain assets

128MFP19/370
40
45
50
55
60
65
Aug 2016 Jul 2017 Jun 2018 May 2019
Purchasing Managers surveys are close to, or below 50
US PMI German PMI UK PMI
Recap - Global growth slowdown: soft or hard?
Source: Bloomberg, 31/08/2016 – 31/07/2019.

129MFP19/370
Recap - Consumer price inflation is far from threatening
So, easy monetary policy focusing on extending the economic cycle
-1
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019
%
US CPI UK CPI EU CPI
Source: Bloomberg, 31/01/2015 – 30/06/2019 for US and UK CPI
and 31/01/2015 - 31/07/2019 for EU CPI.

130MFP19/370
Recap - Macro Summary
Observations Implementation
US economy remains relatively robust, CPI outlook benign Increased exposure to US quality growth
More dovish central banks Long dated US/UK government bonds, and EM bonds
Limited visibility as to degree of global slowdown
Utilities, health care and consumer staples where price momentum is
positive
UK economic landscape still unclear Very limited exposure to UK domestic equity
Uncertain policy/growth outlook argues for portfolio flexibility
Reduce corporate bond exposure (increases liquidity and reduces credit
risk)
Global growth slowing, Central banks more dovish
But it’s not all about the macro

131MFP19/370
Thematic views
Theme Exposure
Technological change
Robotics
Renewable energy
Cybersecurity
Digital revolution
Demographic change
Ageing population (healthcare technology)
Emerging consumer (India)
Feeding the world (agriculture)
Retirement savings
Structural forces that are largely independent of the economic cycle

132MFP19/370
Macro and thematic idea generation
Theme: renewable energy
0
20
40
60
80
100
120
140
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
USD/barrel
USD/watt
Solar is competitive
Average silicon solar module spot price USD/watt (LHS) Brent crude oil USD/barrel (RHS)

133MFP19/370
Macro and thematic idea generation
Theme: digital revolution
Source: Statista, February 2019: Selected region only includes countries listed in the Digital Market
Outlook.
0
10
20
30
40
50
60
70
2017 2018 2019 2020 2021 2022 2023
%
Penetration Rate
Mobile POS Payments Digital Commerce

134MFP19/370
48.8%
38.9%
4.0%
6.2%
2.1%
Asset class breakdown
But let’s remember what we’re trying to do
Commodities – Gold and
Silver
Property – Global
basket of REITs LF Miton
Cautious Multi
Asset Fund
Cash
Equity - Quality growth
i. Digital revolution
ii. Renewable energy
Bonds
i. Long duration DM
government bonds
ii. Good quality corporate
bonds
iii. EM government bonds
Equity - Cyclical
i. US
ii. India
iii. China
Equity - Non-cyclical
i. Infrastructure
ii. Emerging consumer
Bonds
Equity
Propert
y
Commoditie
s
by rationale
Source: Bloomberg, as at 31/07/2019.

135MFP19/370
4.2% yield*
Estimated returns and past performance are not a guide to future returns.
Source: FE Analytics, as at 31/07/2019. Ratings are not a recommendation.
1 Estimated long term return per annum ranges are produced by Miton.
2 Tenure dates: MI Miton Cautious Monthly Income Fund – 09/06/2011; LF Miton Cautious Multi Asset & LF Miton Defensive Multi Asset Funds – 09/06/2014.
3 RSMR Fund Rating and Defaqto Risk Ratings as at July 2019. Distribution Technology and the Dynamic Planner® Fund Rating as at 31/07/2019. Defaqto is a financial information
business.
4 FE Risk Scores define risk as a measure of volatility relative to the FTSE 100 Index, which has a risk rating of 100, and rebased to sterling. Instruments more volatile than the FTSE 100
have a score above 100 and vice versa to give an indication of relative risk, as at 02/08/2019.
*The Historic Yield reflects distributions declared over the past twelve months as a percentage of the mid-market price as at 31/07/2019. It does not include any preliminary charge and
investors may be subject to tax on their distributions.
The ongoing charges figures are estimates of the charges as at 1st January 2019 for the LF Miton Cautious Multi Asset Fund, LF Miton Defensive Multi Asset Fund and the LF Miton
Balanced Multi Asset Fund. The ongoing charges for these funds are taken from the income of the funds.
**This figure is as at 31st December 2018.
LF Miton Defensive
Multi Asset Fund
LF Miton Cautious
Multi Asset Fund
MI Miton Cautious
Monthly Income Fund
LF Miton Balanced
Multi Asset Fund
Estimated long term return per annum1 3 to 5% 4 to 6% 4 to 6% 5 to 7%
Annualised returns since tenure2 4.4% 6.0% 6.2% -2.0*
Fund ratings3
Risk Ratings
FE risk score4 35 60 61 86
Fund OCF 0.89% 0.81% 0.86%** 1.00%
Outcome driven range: Risk and Ratings

136MFP19/370
Discrete performance
Source: FE Analytics as at 31/07/2019, Sterling Class B Accumulation shares/units, net income reinvested, mid to mid basis for the LF funds and bid to bid for the MI fund.
*The LF Miton Balanced Multi Asset Fund launched on 29/01/2018.
Fund
31/07/2018 to
31/07/2019
31/07/2017 to
31/07/2018
31/07/2016 to
31/07/2017
31/07/2015 to
31/07/2016
31/07/2014 to
31/07/2015
LF Miton Cautious Multi Asset Fund B Acc 1.9% 3.2% 8.6% 8.6% 8.7%
MI Miton Cautious Monthly Income Fund B Acc 1.6% 3.1% 9.1% 8.2% 10.3%
LF Miton Defensive Multi Asset Fund B Acc 3.6% 1.2% 5.0% 6.2% 5.9%
LF Miton Balanced Multi Asset Fund B Acc* 1.9% n/a* n/a* n/a* n/a*

137MFP19/370
It is important to remain flexible and pragmatic
Such uncertainty underlines importance of being active
In order to deliver outcome driven solutions
Summary

138MFP19/370
MFP19/370.
This presentation has been prepared for the Dynamic Planner Training Academies. Not for onward distribution. No other persons should rely on any information
contained in this document.
Source of fund performance data: FE, as at 31/07/2019 unless otherwise stated, Sterling Class B shares, net income reinvested, mid to mid basis for the LF funds, bid to bid for
the MI fund. Source for other data: Maitland Institutional Fund Services/Miton/Bloomberg, as at 31/07/2019 unless otherwise stated.
The views expressed are those of the fund manager at the time of writing and are subject to change without notice. They are not necessarily the views of Miton and do not
constitute investment advice. Any mention of a specific stock is not a recommendation to buy or sell.
Miton has used all reasonable efforts to ensure the accuracy of the information contained in the communication, however some information and statistical data has been obtained
from external sources. Whilst Miton believes these sources to be reliable, Miton cannot guarantee the reliability, completeness or accuracy of the content or provide a warrantee.
The Prospectus, KIID and application forms for the MI Miton Cautious Monthly Income Fund are available in English at: www.mitongroup.com. Maitland Institutional Services Ltd
is the Unit Trust Manager and is authorised and regulated by the Financial Conduct Authority no. 469627.
The Prospectus, KIID and application forms for the LF Miton Cautious Multi Asset Fund, LF Miton Defensive Multi Asset Fund and LF Miton Balanced Multi Asset Fund are
available in English from the Authorised Corporate Director of the funds, Link Fund Solutions Limited, at www.linkfundsolutions.co.uk; or from Miton, the Investment Manager of
the fund, at www.mitongroup.com.
This financial promotion is issued by Miton, a trading name of Miton Asset Management Limited the Investment Manager of the Fund which is authorised and regulated by the
Financial Conduct Authority and is registered in England No. 1949322 with its registered office at Paternoster House, 65 St Paul's Churchyard, London, EC4M 8AB.
Important Information

Lunch and networking
A chance to ask questions one-on-one

Dynamic Planner Training Academy - 11 September South Glos

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