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Investment Objective
To provide income together with some long-term capital growth from a portfolio of investments.
Investment Policy
The Portfolio will invest mainly in units in collective investment schemes, and may also invest in equities, fixed interest securities, money market instruments and warrants.
Investment Advisers - Premier Fund Managers Limited
About Premier
The independent fund manager for the Hurlingham Managed Income Portfolio is Premier Fund Managers Limited, a regulated subsidiary within the Premier Asset Management marketing group with origins dating back to the mid-1980s.
At the centre of the Premier philosophy is the view that no single fund management house can hope to be on top in every sector all the time. For this reason, Premier will use whatever investment management resources are available to them to provide ‘access to excellence’ in every area of investment. Premier’s use of ‘best of breed’ works well and is used for both their own Fund of Funds and Mixed Funds.
As a starting point, Premier monitors all authorised funds and trusts available in the UK, choosing only the very best investment managers and investment houses for each particular portfolio. All of the funds chosen are monitored regularly with portfolios actively managed against set benchmarks. Furthermore, to ensure investment decisions are always independent of any Premier commercial interest, you will never find one of Premier’s own specialist funds in any of their Fund of Funds or Mixed Fund portfolios. The Premier approach allows you to take advantage of the star performers of tomorrow in addition to the best performers of today.
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David Hambidge, Investment Director, Pooled Funds, has been with Premier since 1987 and specialises in the management of portfolios using collective investment vehicles including OEICs and Investment Trusts. As well as managing both retail and institutional mandates, David has been part of the original investment team responsible for managing Premier’s two Funds of Funds since they were launched in 1995. This makes him one of the most experienced Funds of Funds investment managers in the UK. |
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Ian Rees, Investment Manager, Pooled Funds, has been with Premier since 2000 and has previous experience of managing collective investment schemes. Ian was formerly the Senior Research Analyst for Closed End funds and has worked on Global Equity and Utility & Infrastructure Desks gaining a wide range of fund management understanding. Ian is co-manager on all Premier Fund of Funds portfolios. |
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Asset Allocation |
Top 10 Holdings |
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1. |
6.85000 % 06/12/07ANGOGB |
5.88% |
2. |
JUPITER UT MNGRS INCOME TRUST |
5.03% |
3. |
AEGON ASSET MGT UK STERLING CORP BD B |
5.00% |
4. |
ROYAL LONDON CORPORATE BOND TRUST |
4.94% |
5. |
RESOLUTION AM CORPORATE BOND INC |
4.90% |
6. |
RENSBURG FD MGMT UK EQUITY INCOME TST |
4.87% |
7. |
BAILLIE GIFFORD CORPORATE BOND B NAV INC |
4.70% |
8. |
LIONTRUST INV FDS FIRST INCOME |
4.68% |
9. |
RATHBONE UT MGT RATHBONE INCOME INC |
4.61% |
10. |
STANDARD LIFE INVS UK EQTY HIGH INC INC INSTL |
4.58% |
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| TOTAL |
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ACD SERVICES LTD CHELVERTON UK EQ INC I DIS |
AXA FRAMLINGTON MONTHLY INCOME INC |
BABCOCK&BROWN PUB ORD GBP0.0001 |
ELDERS INV CO 21A CAPITAL ACC III GBP ACC |
ELDERS INV CO 26A CAPITAL ACCUMULATION V |
FIRST STATE INV ASIA PACIFIC LEADERS B NAV |
HAREWOOD STRUCTURE EUROPEAN SHIELD PRF |
LEGAL & GENERAL UT L&G HIGH INC TRUST(I)DIST |
LEGG MASON INV FDS US EQUITY B ACC NAV |
M&G SECURITIES LTD HIGH YLD CORP BD X INC NAV |
MARLBOROUGH FD MGR UK LARGE CAP GROWTH AACC |
MATRIX EURO REAL NPV PTG RED PRF SHS - GBP |
PSOURCE STRUCTURED ORD NPV |
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RESOLUTION AM ARGONAUT EURP INC INSTL INC |
SCHRODERS UNIT TST INCOME MAXIMISER A INC |
SOCIETE GENERALE SG JAPAN CORE APLPHA PROF |
SPECIALIST INVESTM M&G LEVERAGED EURP LOAN D |
Sterling Cash |
SUMMIT GERMANY ORD NPV |
SYMPHONY STRUCTURE CL'1'N/V PRF SHS LKD EUROS |
SYMPHONY STRUCTURE CLS '1' N/V PRF SHS LKD TO |
SYMPHONY STRUCTURE N/V PRF SHS LKD TO REF INDE |
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Performance Record |
The Hurlingham Managed Income Portfolio was launched on 5th January 2006. |
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| Discrete Performance Record to 28 September 2007 |
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28/09/2006
28/09/2007 |
| Income |
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| Accumulation |
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| Cumulative Performance Record to 30 November 2007 |
3 month
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6 month
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1 year |
| Hurlingham Managed Income Portfolio |
-1.18% |
-5.83% |
-1.45% |
| IMA Cautious Managed Sector |
0.37% |
-2.63% |
1.83% |
| Hurlingham Managed Income benchmark * |
2.05% |
1.16% |
5.50% |
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Performance Record Since Fund Launch 5 January 2006 to 30 November 2007 |
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Source: Financial Express Analytics. Quoted on a bid to bid, total return, sterling basis. *Fund Benchmark: 40% FTSE All Share Index; 10% FTSE World ex UK Index; 50% FTSE All Stocks Index. Please note that past performance is not a guide to the future. |
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Portfolio Developments and Comment
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Performance
- November was a dreadful month for global equity markets, with all the major stock markets finishing the month in the red. Rising concerns over a continued indiscriminate credit crisis and a higher chance of the US falling into recession, led investors to shift away from equities toward safe Government bonds. As a result, gilts and investment-grade bonds performed more strongly than equities in November. Against this backdrop, the Fund fell back 3.5% over the month.
- Our underweight in bonds hindered returns this month, although our overall neutral position in equities proved to be beneficial. Our regional weightings were also favourable, as we were overweight in Europe and Japan, that outperformed the global average, and underweight in the US and Emerging Markets, which performed poorly in November.
- Despite the negative returns recorded, most of our equity funds managed to outperform their sector average, although US and Emerging Market equity funds lagged. Within the UK, our funds invested in small companies were the biggest laggards, as risk aversion increased in financial markets in November.
- SG Japan Core Alpha had a very good month, recording a positive return, after disappointing performance in recent months. However, Axa Framlington Monthly Income was one of the biggest laggards over the month. Its stock Pendragon, Britain’s biggest car dealership, announced a profit warning as a result of slowing US sales.
Fund Strategy
- In November, we increased our equity weighting, in particular in the US, while we maintained our fixed income exposure. Moreover, we continued to actively manage the portfolio, topping up and trimming back in response to market and individual fund movements.
- To this end we topped up Legg Mason US Equity fund over the month. We also added among others, Schroder Income Maximiser and Liontrust First. Within bonds, we cut back L&G High Income, M&G High Yield Corporate Bond and Resolution Corporate Bond.
Source: Premier Fund Managers
Source Date: Financial Express Analytics. Quoted on a bid to bid, total return, UK sterling basis, 31/07/07 to 31/08/07 |
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Fund Information as at 1st December 2007
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Fund size: |
£4.4m |
Net Yield: |
3.84% |
Total Expense Ratio for year ended 31/10/06: |
3.11% |
ACD/Manager: |
Premier Portfolio Managers Ltd |
Launch date: |
5th January 2006 |
xd dates: |
30th April and 31st October |
Income dates: |
28th February and 30th June |
Share class: |
Net Accumulation and Net Income |
Denomination: |
£ Sterling |
Income reinvestment facility: |
Yes |
Dealing: |
9.00am to 5.30pm |
Min. lump sum investment: |
£5,000 |
Min. additional investment: |
£1,000 |
Min. regular savings amount: |
£100 per month |
Min. withdrawal: |
£1,000 |
Min. holding: |
£3,000 |
Charges: |
Initial: 5.55%, AMC: 1.5% |
Charges taken from: |
Capital |
Depositary: |
The Royal Bank of Scotland plc |
Valuation point: |
12 noon |
IMA sector: |
Cautious Managed |
Composite benchmark: |
40% FTSE All Share Index;
10% FTSE World ex UK Index;
50% FTSE All Stocks Index |
Equity exposure: |
40%-60% (of which 5%-15% international equity) |
Fixed interest exposure: |
40%-60% (maximum 50% high yield) |
Property exposure: |
0%-20%
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Sedol no: |
B0RDSB8 (Net Income)
B0RDSC9 (Net Accumulation)
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ISIN: |
GB00B0RDSB82 (Net Income)
GB00B0RDSC99 (Net Accumulation)
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