Managed Portfolio Service Factsheets...Contact us Mickey Morrissey – Head of Distribution t: 020 7131 4693 e: [email protected] Matthew Finch – Associate

Managed Portfolio

Service Factsheets

as at 30 June 2021

Contact us

Mickey Morrissey – Head of Distribution

t: 020 7131 4693

e: [email protected]

Matthew Finch – Associate Director

t: 020 7131 8975


Lucy Mitchell – Associate Director

t: 020 7131 4811


For further information, please visit: www.sandwdfm.com

Capital at Risk. The value of investments and the income from them

can fall as well as rise and you may not receive back the original

amount invested. Please read the important information section.

Benefits of the service

• Active portfolio management, ensuring

diversification and risk management.

• A dedicated MPS investment team, supported

by over 55 investment professionals, giving you

access to our broad intellectual capital.

• Ongoing monitoring of our model portfolios

by DT, ensuring our models stay within the

permitted risk parameters.

• No set rebalancing dates, enabling our MPS

managers to amend asset weightings as and

when their views on markets and investment

strategy change.

• Our MPS has been awarded a 5-star Defaqto

rating each year from 2014 to 2021.

mailto:[email protected]



http://www.sandwdfm.com/

Managed Portfolio Service Factsheets

as at 30 June 2021

Defensive Portfolio Profile 4

Defensive Income Portfolio Profile 6

Balanced Income Portfolio Profile 8

Balanced Growth Portfolio Profile 10

Growth Portfolio Profile 12

Dynamic Growth Portfolio Profile 14

Defensive Portfolio Profile

30 June 2021

Capital at Risk. The value of investments and the income from them can fall as well as rise and you may not receive back the original amount invested. Please read the important information overleaf.

Portfolio objective

The portfolio objective is to preserve the value of capital in real terms (ie, so that it is not eroded by inflation). The portfolio invests mainly in funds providing exposure to defensive assets such as government bonds, corporate bonds and property, but with up to 35% invested in funds providing exposure to UK and International equities. The portfolio does not focus on income, which will vary. The portfolio is likely to be relevant for investors comfortable with variable levels of investment income to prioritise maintaining a lower degree of investment risk.

The portfolio’s holdings and asset allocations will be subject to change over time as the managers look to reflect Smith & Williamson’s evolving views regarding the relative attractiveness of the various asset classes.

Risk range

The manager will focus on actively managing the portfolio with the aim of keeping overall risk levels close to that of the S&W Defensive benchmark. The mix of asset classes in the benchmark shown overleaf is reviewed annually to ensure they remain appropriate to the objective. Any changes to the mix of assets in the benchmark will be driven by the intention to keep the expected risk and return characteristics in line with the objective and consistent over time. As a result, the allocation between defensive and growth investments within the portfolio will vary over the medium to long term.

The portfolio is aligned with Distribution Technology’s risk profiles and has been independently given a risk score of 3.

The portfolio’s performance is shown below after the effects of all charges made by the underlying holdings (an estimate of which is shown overleaf) but before accounting for S&W’s investment management charge, and any platform fees and adviser charges. The effect of these additional fees and charges would be to reduce the returns shown.

YTD 6 Months 1 Year 3 Year 5 Year Since

Launch 6

0%

1%

2%

3%

4%

5%

6%

7%

Performance 1

Portfolio Benchmark ² IA 0-35% shares ³

Asset breakdown

Cash 7.0%

Bonds 52.7%

Equities 29.0%

Alternatives 11.2%

Geographic & asset breakdown

Cash 7.0%

Bonds - Sovereign 6.8%

Bonds - Index Linked 10.8%

Bonds - UK Corporate 18.7%

Bonds - High Yield 2.1%

Bonds - Intl Corporate 14.3%

Equities - UK 13.2%

Equities - Developed 14.5%

Equities - Developing 1.3%

Alternatives 11.2%

Product mix

Cash 0.3%

Passive 22.2%

OEIC / Unit Trust 64.7%

Closed Ended 12.7%

Figures may not add to 100% due to rounding.

Cumulative (%) Rolling 12m (%)

Portfolio

Benchmark2

YTD 6m 1yr 3yr 5yrSince

launch ⁶

1.79 1.79 6.39 15.20 31.73 72.62

0.97 0.97 3.77 12.85 25.18 66.66

2017 2018 2019 2020 2021

9.74 4.20 6.07 2.09 6.39

7.06 3.61 5.56 3.02 3.77

IA 0-35% shares3 1.70 1.70 6.91 11.73 22.22 44.12 7.83 1.44 3.21 1.27 6.91

Past performance is not a guide to future performance.

This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any recipient. Smith & Williamson Investment Management will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is 580531).Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any dataincluded in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Smith & Williamson Services Limited and affiliates, or any of its products or services.

Portfolio % Benchmark %²

Cash 7.00 15.00

BlackRock ICS £ Liquidity 6.68 CashCash 0.32 CashBonds - Sovereign 6.85 10.00

iShares Core UK Gilt 3.49 UKiShares Gilts UK 0-5 yr 3.36 UKBonds - Index Linked 10.78 8.00

ASI Global Inflation-Linked Bond Fund 8.20 UKAXA Sterling Index Linked 2.58 UKBonds - UK Corporate 18.71 17.00

Artemis Corporate Bond 6.64 UKAXA US Short Duration High Yield (H) 4.95 UKLiontrust Monthly Income 4.08 UKRoyal London Corporate Bond 3.04 UKBonds - High Yield 2.08 0.00

Sequoia Economic Infrastructure Income 2.08 GlobalBonds - Intl Corporate 14.33 18.00

iShares USD Corporate Bond 4.27 North AmericaSSGA SPDR Barclays Global Aggregate Bond 6.70 GlobalM&G Emerging Markets Bond 3.35 Emerging MarketsEquities - UK 13.19 12.00

Ninety One UK Alpha 4.07 UKTroy Income & Growth Trust 3.43 UKPremier Miton UK Multi-Cap Income 2.98 UKRWC Enhanced Income 2.70 UKEquities - Developed 14.52 15.00

Vanguard US Equity Index 4.41 North AmericaArtemis US Extended Alpha 4.39 North AmericaBlackRock Gold & General 1.32 North AmericaJPM Japan 2.24 JapanJupiter Japan Income 2.16 JapanEquities - Developing 1.33 0.00

Schroder Asian Income Maximiser 1.33 Asia PacificAlternatives 11.23 5.00

Picton Property Income 3.64 PropertyEmpiric Student Property 1.21 PropertyBH Macro 3.57 AlternativesNB Uncorrelated Strategies 2.81 Alternatives

Portfolio volatility - standard deviation (ann), 5 years

Benchmark volatility - standard deviation (ann), 5 years

Portfolio volatility - standard deviation (ann), since launch6

Benchmark volatility - standard deviation (ann), since launch6

Estimated yield (as at 30.06.21)4

Estimated underlying holdings charges (as at 30.06.21)5

Smith & Williamson charge4

4.8%

5.0%

4.5%

4.9%

1.79%

0.47%

0.3%

Important notes: 1 Smith & Williamson Investment Management / FactSet as at

30.06.21 (unaudited). Periods over one year are annualised. 2 The S&W Defensive benchmark and Dynamic Planner 3

benchmark are composites of specified proportions of different indices for each asset class, these indices being the relevant BofA index for each type of bond (sovereign, index-linked, high yield, and UK and international corporate bonds), the relevant MSCI index for each type of equity (UK, US, European, Asian and emerging markets equities), the MSCI UK Monthly Property / MSCI UK IMI Liquid Real Estate for all alternative investments, and 3m Libor / MSCI Cash Equivalent for cash. The current proportions of each index within the composite are set out in the table on the left.

3 IA (Investment Association) Mixed

Investment 0-35% Shares. 4 The estimated yield is shown net of

charges from underlying holdings but before taking account of the Smith & Williamson Investment Management charge of 0.3% or any platform charges. The effect of these additional charges would be to reduce the total return of the portfolio.

5

Underlying holdings charges are estimated using platform information where possible, and represent the weighted average of historic costs charged within the underlying collective investment scheme. 6 Launch date 30.09.12.

Important information:

• The value of investments and the income from them can fall as well as rise and you may not receive back the original amount invested.

• Past performance is not a guide to future performance.• There can be no assurance that any portfolio will achieve

its investment objective, the target return or any volatility target. Any target return or volatility target shown is neither guaranteed nor binding on the Manager.

• When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable.

• Investing in alternative assets may involve higher risks than traditional investments. They may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain.

• Investments in emerging markets may involve a higher element of risk due to political and economic instabilityand underdeveloped markets and systems.

• Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed income for a fixed period with a fixed return of capital are lost.

• This profile is tailored to the output of a Distribution Technology risk profiling process which is complex and not for use without assistance from a financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform.

• Defaqto and Synaptic are independent financial research and software companies specialising in rating, comparing and analysing financial products and funds.

• RSMR is an independent financial services research company specialising in the analysis and rating of investment funds and services.

Defensive Income Portfolio Profile

30 June 2021


Portfolio objective

The portfolio objective has a focus on providing higher income, whilst preserving the value of capital in real terms. The portfolio is diversified across funds providing exposure to relatively defensive asset classes such as government bonds, corporate bonds and property, but with between 30% and 60% also invested in funds providing exposure to UK and International equities. The portfolio is likely to be relevant for investors looking to receive a higher proportion of their total return as investment income and willing to accept a lower degree of investment risk.


Risk range

The manager will focus on actively managing the portfolio with the aim of keeping overall risk levels close to that of the S&W Defensive Income benchmark. The mix of asset classes in the benchmark shown overleaf is reviewed annually to ensure they remain appropriate to the objective. Any changes to the mix of assets in the benchmark will be driven by the intention to keep the expected risk and return characteristics in line with the objective and consistent over time. As a result, the allocation between defensive and growth investments within the portfolio will vary over the medium to long term.




Launch 6

0%

2%

4%

6%

8%

10%

12%

Performance 1


Asset breakdown

Cash 2.8%

Bonds 40.4%

Equities 46.9%

Alternatives 9.9%


Cash 2.8%

Bonds - Sovereign 2.6%





Equities - UK 16.7%



Alternatives 9.9%

Product mix

Cash 0.6%

Passive 13.5%


Closed Ended 16.6%



Portfolio

Benchmark2


launch ⁶

3.74 3.74 11.44 18.56 40.82 97.25

3.53 3.53 8.82 17.28 36.67 87.14

2017 2018 2019 2020 2021

12.17 5.89 5.73 0.63 11.44

11.04 4.95 5.86 1.81 8.82

IA 20-60% shares3 3.62 3.62 11.95 14.51 31.34 60.77 11.91 2.49 3.02 -0.71 11.95




Cash 2.83 10.00

BlackRock ICS £ Liquidity 2.23 CashCash 0.60 CashBonds - Sovereign 2.60 5.00

iShares Core UK Gilt 1.32 UKiShares Gilts UK 0-5 yr 1.28 UKBonds - Index Linked 9.60 8.00

ASI Global Inflation-Linked Bond Fund 7.42 UKAXA Sterling Index Linked 2.18 UKBonds - UK Corporate 17.74 17.00



iShares USD Corporate Bond 2.20 North AmericaSSGA SPDR Barclays Global Aggregate Bond 3.44 GlobalM&G Emerging Markets Bond 2.58 Emerging MarketsEquities - UK 16.72 16.00

Ninety One UK Alpha 5.43 UKTroy Income & Growth Trust 4.26 UKRWC Enhanced Income 3.63 UKPremier Miton UK Multi-Cap Income 3.39 UKEquities - Developed 24.82 25.00

Vanguard US Equity Index 5.25 North AmericaArtemis US Extended Alpha 4.57 North AmericaJPM US Equity Income 3.45 North AmericaBlackRock Gold & General 1.51 North AmericaJPM Japan 2.33 JapanJupiter Japan Income 2.12 JapanBlackRock Continental European Income 2.91 EuropeBlackRock European Dynamic 2.68 EuropeEquities - Developing 5.31 4.00

Schroder Asian Total Return Inv. Co. 2.93 Asia PacificSchroder Asian Income Maximiser 2.39 Asia PacificAlternatives 9.89 5.00

Picton Property Income 3.74 PropertyEmpiric Student Property 1.21 PropertyBH Macro 3.41 AlternativesNB Uncorrelated Strategies 1.53 Alternatives








6.3%

6.4%

5.9%

6.1%

2.03%

0.58%

0.3%


30.06.21 (unaudited). Periods over one year are annualised. 2 The S&W Defensive Income benchmark and Dynamic Planner 4





5













Balanced Income Portfolio Profile

30 June 2021


Portfolio objective

The portfolio objective has a focus on generating income, whilst also aiming to grow the capital value by more than inflation. The portfolio is diversified across major asset classes and may have between 55% and 70% invested in funds providing exposure to UK and International equities, subject to market conditions. The portfolio is likely to be relevant for investors looking to receive a higher proportion of their total returns as investment income and willing to accept a medium degree of investment risk.


Risk range

The manager will focus on actively managing the portfolio with the aim of keeping overall risk levels close to that of the S&W Balanced Income benchmark. The mix of asset classes in the benchmark shown overleaf is reviewed annually to ensure they remain appropriate to the objective. Any changes to the mix of assets in the benchmark will be driven by the intention to keep the expected risk and return characteristics in line with the objective and consistent over time. As a result, the allocation between defensive and growth investments within the portfolio will vary over the medium to long term.




Launch 6

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Performance 1


Asset breakdown

Cash 1.8%

Bonds 23.8%

Equities 67.0%

Alternatives 7.4%


Cash 1.8%





Equities - UK 23.3%



Alternatives 7.4%

Product mix

Cash 1.8%

Passive 8.7%


Closed Ended 15.5%



Portfolio

Benchmark2


launch ⁶

5.78 5.78 16.70 22.70 53.08 115.61

6.01 6.01 13.86 21.03 46.93 103.66

2017 2018 2019 2020 2021

16.58 7.02 5.29 -0.14 16.70

14.45 6.07 5.67 0.59 13.86

IA 40-85% shares3 6.68 6.68 17.39 21.87 48.79 94.04 16.29 4.99 3.71 0.10 17.39




Cash 1.79 5.00

Cash 1.79 CashBonds - Sovereign 0.00 3.00

Bonds - Index Linked 4.14 4.00

ASI Global Inflation-Linked Bond Fund 4.14 UKBonds - UK Corporate 14.53 15.00



SSGA SPDR Barclays Global Aggregate Bond 1.78 GlobalM&G Emerging Markets Bond 1.58 Emerging MarketsEquities - UK 23.28 22.00

Ninety One UK Alpha 5.05 UKTroy Income & Growth Trust 4.57 UKRWC Enhanced Income 3.56 UKMan GLG Undervalued Assets 3.54 UKArtemis UK Select 3.37 UKPremier Miton UK Multi-Cap Income 3.19 UKEquities - Developed 32.20 32.00

Artemis US Extended Alpha 8.01 North AmericaVanguard US Equity Index 6.88 North AmericaJPM US Equity Income 4.80 North AmericaBlackRock Gold & General 1.69 North AmericaJupiter Japan Income 2.79 JapanJPM Japan 2.32 JapanBlackRock European Dynamic 3.16 EuropeBlackRock Continental European Income 2.55 EuropeEquities - Developing 11.55 10.00

Hermes Global Emerging Markets 3.15 Emerging MarketsBlackRock Emerging Markets Equity Strategies 2.99 Emerging MarketsSchroder Asian Total Return Inv. Co. 3.14 Asia PacificSchroder Asian Income Maximiser 2.26 Asia PacificAlternatives 7.41 5.00

Picton Property Income 2.90 PropertyBH Macro 3.21 AlternativesNB Uncorrelated Strategies 1.30 Alternatives








8.2%

8.0%

7.4%

7.5%

1.87%

0.69%

0.3%


30.06.21 (unaudited). Periods over one year are annualised. 2 The S&W Balanced Income benchmark and Dynamic Planner 5





5













Balanced Growth Portfolio Profile

30 June 2021


Portfolio objective

The portfolio objective has a focus on delivering capital growth in real terms, whilst still producing some income. The portfolio invests actively across all major asset classes and may have between 65% and 85% invested in funds providing exposure to UK and International equities, with the remainder diversified across defensive asset classes. The portfolio is likely to be relevant for investors for whom ongoing investment income is less important and who are willing to accept a medium degree of investment risk.


Risk range

The manager will focus on actively managing the portfolio with the aim of keeping overall risk levels close to that of the S&W Balanced Growth benchmark. The mix of asset classes in the benchmark shown overleaf is reviewed annually to ensure they remain appropriate to the objective. Any changes to the mix of assets in the benchmark will be driven by the intention to keep the expected risk and return characteristics in line with the objective and consistent over time. As a result, the allocation between defensive and growth investments within the portfolio will vary over the medium to long term.




Launch 6

0%

5%

10%

15%

20%

Performance 1


Asset breakdown

Cash 1.9%

Bonds 13.0%

Equities 79.5%

Alternatives 5.6%


Cash 1.9%





Equities - UK 24.8%



Alternatives 5.6%

Product mix

Cash 1.9%

Passive 9.1%


Closed Ended 19.4%



Portfolio

Benchmark2


launch ⁶

7.00 7.00 21.81 26.94 68.06 142.94

7.40 7.40 17.31 22.50 53.29 112.29

2017 2018 2019 2020 2021

20.79 9.60 4.51 -0.29 21.81

17.37 6.61 5.40 -0.92 17.31

IA 40-85% shares3 6.68 6.68 17.39 21.87 48.79 94.04 16.29 4.99 3.71 0.10 17.39




Cash 1.92 4.00

Cash 1.92 CashBonds - Index Linked 1.80 0.00

ASI Global Inflation-Linked Bond Fund 1.80 UKBonds - UK Corporate 8.12 10.00

Artemis Corporate Bond 3.30 UKAXA US Short Duration High Yield (H) 2.65 UKLiontrust Monthly Income 2.17 UKBonds - High Yield 1.63 0.00


M&G Emerging Markets Bond 1.47 Emerging MarketsEquities - UK 24.77 23.00

Ninety One UK Alpha 5.04 UKTroy Income & Growth Trust 3.75 UKMan GLG Undervalued Assets 3.75 UKArtemis UK Select 3.71 UKPremier Miton UK Multi-Cap Income 3.12 UKBlackRock Smaller Companies 2.71 UKRWC Enhanced Income 2.69 UKEquities - Developed 35.11 35.00

Vanguard US Equity Index 9.07 North AmericaArtemis US Extended Alpha 7.62 North AmericaJPM US Equity Income 3.46 North AmericaBlackRock Gold & General 1.66 North AmericaJPM Japan 2.96 JapanJupiter Japan Income 2.10 JapanBaillie Gifford Japan Trust 1.53 JapanBlackRock European Dynamic 3.51 EuropeJanus Henderson European Focus 3.20 EuropeEquities - Developing 19.61 19.00

Hermes Global Emerging Markets 3.66 Emerging MarketsBlackRock Emerging Markets Equity Strategies 3.07 Emerging MarketsGoldman Sachs India Equity 1.53 Emerging MarketsPictet Russian Equities 1.21 Emerging MarketsSchroder Asian Total Return Inv. Co. 4.22 Asia PacificFidelity Asia 3.87 Asia PacificSchroder Asian Alpha Plus 2.05 Asia PacificAlternatives 5.58 5.00

Picton Property Income 2.57 PropertyBH Macro 3.01 Alternatives








9.9%

9.3%

9.0%

8.8%

1.44%

0.73%

0.3%


30.06.21 (unaudited). Periods over one year are annualised. 2 The S&W Balanced Growth benchmark and Dynamic Planner 6





5













Growth Portfolio Profile

30 June 2021

Capital at Risk. The value of investments and the income from them can fall as well as rise and you may not

receive back the original amount invested. Please read the important information overleaf.

Portfolio objective

The portfolio objective is to deliver long-term capital growth. The portfolio will

normally invest more than 90% in funds providing exposure to UK and

International equities across a wide range of geographical regions, but may

include up to 15% exposure to defensive asset classes. The portfolio is likely to

be relevant for investors willing to accept a higher degree of investment risk.

The portfolio’s holdings and asset allocations will be subject to change over

time as the managers look to reflect Smith & Williamson’s evolving views

regarding the relative attractiveness of the various asset classes.

Risk range

The manager will focus on actively managing the portfolio with the aim of

keeping overall risk levels close to that of the S&W Growth benchmark. The mix

of asset classes in the benchmark shown overleaf is reviewed annually to ensure

they remain appropriate to the objective. Any changes to the mix of assets in

the benchmark will be driven by the intention to keep the expected risk and

return characteristics in line with the objective and consistent over time. As a

result, the allocation between defensive and growth investments within the

portfolio will vary over the medium to long term.

The portfolio is aligned with Distribution Technology’s risk profiles and has been

independently given a risk score of 7.

The portfolio’s performance is shown below after the effects of all charges

made by the underlying holdings (an estimate of which is shown overleaf) but

before accounting for S&W’s investment management charge, and any platform

fees and adviser charges. The effect of these additional fees and charges would

be to reduce the returns shown.


Launch 6

0%

5%

10%

15%

20%

25%

Performance 1

Portfolio Benchmark ² IA Flexible ³

Asset breakdown

Cash 1.0%

Bonds 2.9%

Equities 91.0%

Alternatives 5.0%


Cash 1.0%



Equities - UK 34.3%



Alternatives 5.0%

Product mix

Cash 1.0%

Passive 5.6%


Closed Ended 24.6%



Portfolio

Benchmark2


launch ⁶

7.92 7.92 26.74 29.94 77.80 161.05

9.05 9.05 20.40 22.28 58.13 115.54

2017 2018 2019 2020 2021

23.94 10.40 3.82 -1.25 26.74

20.21 7.58 5.28 -3.54 20.40

IA Flexible3

7.48 7.48 19.75 23.74 53.27 98.36 17.79 5.16 2.93 0.38 19.75


This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their

accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson

Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith &

Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially

from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising

from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment

Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the

suitability of any investment profile for the particular needs of any recipient. Smith & Williamson Investment Management will not be responsible to any

other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Smith &

Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is 580531).

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a

component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or

refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any

future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use

made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the

“MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement,

merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any

liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and

representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data

included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with

respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components

thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or

recommend Smith & Williamson Services Limited and affiliates, or any of its products or services.


Cash 1.03 0.00

Cash 1.03 Cash

Bonds - UK Corporate 1.57 0.00

Artemis Corporate Bond 1.57 UK

Bonds - High Yield 1.33 4.00

Sequoia Economic Infrastructure Income 1.33 Global

Equities - UK 34.32 33.00

Ninety One UK Alpha 6.31 UK

Artemis UK Select 6.15 UK

Man GLG Undervalued Assets 5.46 UK

Premier Miton UK Multi-Cap Income 4.53 UK

RWC Enhanced Income 4.29 UK

Troy Income & Growth Trust 4.11 UK

BlackRock Smaller Companies 3.47 UK

Equities - Developed 29.93 32.00

Artemis US Extended Alpha 6.65 North America

Vanguard US Equity Index 5.65 North America

JPM US Equity Income 2.40 North America

BlackRock Gold & General 1.64 North America

JPM Japan 3.45 Japan

Jupiter Japan Income 2.06 Japan

Baillie Gifford Japan Trust 1.56 Japan

BlackRock European Dynamic 3.79 Europe

Janus Henderson European Focus 2.73 Europe

Equities - Developing 26.79 26.00

Hermes Global Emerging Markets 3.29 Emerging Markets

BlackRock Emerging Markets Equity Strategies 3.26 Emerging Markets

Fidelity China Special Situations 2.17 Emerging Markets

Pictet Russian Equities 1.81 Emerging Markets

Goldman Sachs India Equity 1.78 Emerging Markets

BlackRock Frontiers 1.18 Emerging Markets

Fidelity Asia 5.08 Asia Pacific

Schroder Asian Total Return Inv. Co. 3.30 Asia Pacific

Schroder Asian Alpha Plus 2.47 Asia Pacific

Asia Dragon Trust 2.45 Asia Pacific

Alternatives 5.04 5.00

Picton Property Income 2.64 Property

BH Macro 2.40 Alternatives








11.2%

10.7%

10.1%

10.2%

1.30%

0.82%

0.3%

Important notes: 1

Smith & Williamson Investment Management / FactSet as at

30.06.21 (unaudited). Periods over one year are annualised. 2

The S&W Growth benchmark and Dynamic Planner 7 benchmark

are composites of specified proportions of different indices for

each asset class, these indices being the relevant BofA index for

each type of bond (sovereign, index-linked, high yield, and UK

and international corporate bonds), the relevant MSCI index for

each type of equity (UK, US, European, Asian and emerging

markets equities), the MSCI UK Monthly Property / MSCI UK IMI

Liquid Real Estate for all alternative investments, and 3m

Libor / MSCI Cash Equivalent for cash. The current proportions

of each index within the composite are set out in the table on

the left. 3

IA (Investment Association) Flexible Investment. 4

The

estimated yield is shown net of charges from underlying

holdings but before taking account of the Smith & Williamson

Investment Management charge of 0.3% or any platform

charges. The effect of these additional charges would be to

reduce the total return of the portfolio. 5

Underlying holdings

charges are estimated using platform information where

possible, and represent the weighted average of historic costs

charged within the underlying collective investment scheme. 6

Launch date 30.09.12.


• The value of investments and the income from them can

fall as well as rise and you may not receive back the

original amount invested.

• Past performance is not a guide to future performance.

• There can be no assurance that any portfolio will achieve

its investment objective, the target return or any volatility

target. Any target return or volatility target shown is

neither guaranteed nor binding on the Manager.

• When investments are made in overseas securities,

movements in exchange rates may have an effect on the

value of that investment. The effect may be favourable or

unfavourable.

• Investing in alternative assets may involve higher risks than

traditional investments. They may also be highly leveraged

and engage in speculative investment techniques, which

can magnify the potential for investment loss or gain.

• Investments in emerging markets may involve a higher

element of risk due to political and economic instability

and underdeveloped markets and systems.

• Please note that bond funds may not behave like direct

investments in the underlying bonds themselves. By

investing in bond funds the certainty of a fixed income for

a fixed period with a fixed return of capital are lost.

• This profile is tailored to the output of a Distribution

Technology risk profiling process which is complex and not

for use without assistance from a financial adviser.

Performance outcomes will depend on the rebalancing and

timing of entry and exit to the strategy on the platform.

• Defaqto and Synaptic are independent financial research

and software companies specialising in rating, comparing

and analysing financial products and funds.

• RSMR is an independent financial services research

company specialising in the analysis and rating of

investment funds and services.

Dynamic Growth Portfolio Profile

30 June 2021

Capital at Risk. The value of investments and the income from them can fall as well as rise and you may not

receive back the original amount invested. Please read the important information overleaf.

Portfolio objective

The portfolio objective is to deliver long-term capital growth and will usually be

fully invested in stock markets. The portfolio will usually retain a strong

emphasis on developing markets with the flexibility to be as much as 50%

invested in Asia and Emerging markets. The portfolio is likely to be relevant for

investors willing to accept a higher degree of investment risk.

The portfolio’s holdings and asset allocations will be subject to change over

time as the managers look to reflect Smith & Williamson’s evolving views

regarding the relative attractiveness of the various asset classes.

Risk range

The manager will focus on actively managing the portfolio with the aim of

keeping overall risk levels close to that of the S&W Dynamic Growth benchmark.

The mix of asset classes in the benchmark shown overleaf is reviewed annually

to ensure they remain appropriate to the objective. Any changes to the mix of

assets in the benchmark will be driven by the intention to keep the expected

risk and return characteristics in line with the objective and consistent over

time. As a result, the allocation between defensive and growth investments

within the portfolio will vary over the medium to long term.

The portfolio is aligned with Distribution Technology’s risk profiles and has been

independently given a risk score of 8.

The portfolio’s performance is shown below after the effects of all charges

made by the underlying holdings (an estimate of which is shown overleaf) but

before accounting for S&W’s investment management charge, and any platform

fees and adviser charges. The effect of these additional fees and charges would

be to reduce the returns shown.


Launch 6

0%

5%

10%

15%

20%

25%

30%

Performance 1

Portfolio Benchmark ² IA Global ³

Asset breakdown

Cash 1.2%

Bonds 2.7%

Equities 93.7%

Alternatives 2.4%


Cash 1.2%



Equities - UK 21.5%



Alternatives 2.4%

Product mix

Cash 1.2%

Passive 5.2%


Closed Ended 30.7%



Portfolio

Benchmark2


launch ⁶

7.35 7.35 27.67 31.20 81.20 162.51

7.77 7.77 22.31 26.64 67.88 119.79

2017 2018 2019 2020 2021

25.74 9.83 5.17 -2.28 27.67

23.08 7.71 5.39 -1.76 22.31

IA Global3

10.36 10.36 25.93 41.97 91.76 181.70 23.47 9.39 7.35 5.02 25.93


This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their

accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson

Investment Management documents may contain future statements which are based on our current opinions, expectations and projections. Smith &

Williamson Investment Management does not undertake any obligation to update or revise any future statements. Actual results could differ materially

from those anticipated. Appropriate advice should be taken before entering into transactions. No responsibility can be accepted for any loss arising

from action taken or refrained from based on this publication. In relation to this Smith & Williamson profile, Smith & Williamson Investment

Management is unable to assess or provide advice on the suitability of this profile for individual circumstances. No consideration has been given to the

suitability of any investment profile for the particular needs of any recipient. Smith & Williamson Investment Management will not be responsible to any

other person for providing the protections afforded to retail investors or for advising on any investment, as a result of using this information. Smith &

Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is 580531).

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a

component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or

refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any

future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use

made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the

“MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement,

merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any

liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and

representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data

included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with

respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components

thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or

recommend Smith & Williamson Services Limited and affiliates, or any of its products or services.


Cash 1.20 0.00

Cash 1.20 Cash

Bonds - High Yield 1.13 4.00

Sequoia Economic Infrastructure Income 1.13 Global

Bonds - Intl Corporate 1.57 0.00

M&G Emerging Markets Bond 1.57 Emerging Markets

Equities - UK 21.51 18.00

Ninety One UK Alpha 4.97 UK

Artemis UK Select 4.30 UK

Man GLG Undervalued Assets 3.56 UK

Premier Miton UK Multi-Cap Income 3.27 UK

Troy Income & Growth Trust 3.22 UK

BlackRock Smaller Companies 2.17 UK

Equities - Developed 25.78 22.00

Artemis US Extended Alpha 6.03 North America

Vanguard US Equity Index 5.23 North America

BlackRock Gold & General 1.65 North America

JPM Japan 2.69 Japan

Baillie Gifford Japan Trust 2.05 Japan

Jupiter Japan Income 1.70 Japan

BlackRock European Dynamic 3.72 Europe

Janus Henderson European Focus 2.70 Europe

Equities - Developing 46.42 51.00

Hermes Global Emerging Markets 6.06 Emerging Markets

BlackRock Emerging Markets Equity Strategies 5.23 Emerging Markets

Utilico Emerging Markets 3.39 Emerging Markets

Genesis Emerging Markets 3.39 Emerging Markets

Fidelity China Special Situations 2.55 Emerging Markets

Pictet Russian Equities 2.50 Emerging Markets

Goldman Sachs India Equity 2.42 Emerging Markets

BlackRock Frontiers 1.91 Emerging Markets

Fidelity Asia 6.57 Asia Pacific

Asia Dragon Trust 4.64 Asia Pacific

Schroder Asian Alpha Plus 3.97 Asia Pacific

Schroder Asian Total Return Inv. Co. 3.79 Asia Pacific

Alternatives 2.40 5.00

Picton Property Income 2.40 Property








12.0%

11.0%

10.9%

10.9%

1.19%

0.85%

0.3%

Important notes: 1

Smith & Williamson Investment Management / FactSet as at

30.06.21 (unaudited). Periods over one year are annualised. 2

The S&W Dynamic Growth benchmark and Dynamic Planner 8

benchmark are composites of specified proportions of different

indices for each asset class, these indices being the relevant

BofA index for each type of bond (sovereign, index-linked, high

yield, and UK and international corporate bonds), the relevant

MSCI index for each type of equity (UK, US, European, Asian and

emerging markets equities), the MSCI UK Monthly Property /

MSCI UK IMI Liquid Real Estate for all alternative investments,

and 3m Libor / MSCI Cash Equivalent for cash. The current

proportions of each index within the composite are set out in

the table on the left. 3

IA (Investment Association) Global. 4

The

estimated yield is shown net of charges from underlying

holdings but before taking account of the Smith & Williamson

Investment Management charge of 0.3% or any platform

charges. The effect of these additional charges would be to

reduce the total return of the portfolio. 5

Underlying

holdings charges are estimated using platform information

where possible, and represent the weighted average of historic

costs charged within the underlying collective investment

scheme. 6

Launch date 30.09.12.


• The value of investments and the income from them can

fall as well as rise and you may not receive back the

original amount invested.

• Past performance is not a guide to future performance.

• There can be no assurance that any portfolio will achieve

its investment objective, the target return or any volatility

target. Any target return or volatility target shown is

neither guaranteed nor binding on the Manager.

• When investments are made in overseas securities,

movements in exchange rates may have an effect on the

value of that investment. The effect may be favourable or

unfavourable.

• Investing in alternative assets may involve higher risks than

traditional investments. They may also be highly leveraged

and engage in speculative investment techniques, which

can magnify the potential for investment loss or gain.

• Investments in emerging markets may involve a higher

element of risk due to political and economic instability

and underdeveloped markets and systems.

• Please note that bond funds may not behave like direct

investments in the underlying bonds themselves. By

investing in bond funds the certainty of a fixed income for

a fixed period with a fixed return of capital are lost.

• This profile is tailored to the output of a Distribution

Technology risk profiling process which is complex and not

for use without assistance from a financial adviser.

Performance outcomes will depend on the rebalancing and

timing of entry and exit to the strategy on the platform.

• Defaqto and Synaptic are independent financial research

and software companies specialising in rating, comparing

and analysing financial products and funds.

• RSMR is an independent financial services research

company specialising in the analysis and rating of

investment funds and services.

smithandwilliamson.com

This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to

their accuracy or completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document.

Smith & Williamson Investment Management documents may contain future statements which are based on our current opinions,

expectations and projections. Smith & Williamson Investment Management does not undertake any obligation to update or revise any

future statements. Actual results could differ materially from those anticipated. Appropriate advice should be taken before entering into

transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. In relation

to this Smith & Williamson profile, Smith & Williamson Investment Management is unable to assess or provide advice on the suitability of this

profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of

any recipient. Smith & Williamson Investment Management will not be responsible to any other person for providing the protections afforded

to retail investors or for advising on any investment, as a result of using this information. Smith & Williamson Investment Management LLP

Authorised and regulated by the Financial Conduct Authority (registration number is 580531). © Tilney Smith & Williamson Limited. 91421eb.

Documents

Managed Portfolio Service Factsheets...Contact us Mickey Morrissey – Head of Distribution t: 020 7131 4693 e: [email protected] Matthew Finch – Associate