Platform Factsheet Nov 2012

7/30/2019 Platform Factsheet Nov 2012

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INVESTMENT MANAGERS:

Patrick Toes

Investment Director with over

20 years experience in fund

management. Previously a

member of Rensburg

Sheppards Asset Allocation and Fund

Selection Committees for over 9 years.

David Cowell

Chief Executive, possessing

over 40 years experience in

financial services, with over 25

years being investment

management focussed.

SALES:

Julie Jones

Julie has over 20 yearsexperience of working in

investment sales and

marketing, previously as Head

of UK Retail Sales for BNY Mellon

(Newton Investment Management).

MONTHLY COMMENTARY NOVEMBER 2012

On PlatformOn PlatformOn PlatformOn Platform

A quick prcis of November which was a decentmonth for equities in performance terms (up 1 -

2%); gilts and the IMA 20-60% equity sector

followed suit rallying 0.8%, whereas the 40-85%

equity sector moved higher by 1.1%. Our moderate

risk and speculative risk portfolios did modestly

better than their benchmarks, IMA 20-60% & 40-

85% equity sectors, rising 1% and1.3%. We have

maintained our slight overweight in equity but

positioned in a number of defensive areas. We

remain unrepentantly cautious investors and

consider that having seen FTSE All Share index

return in excess of 11% against a back drop of

weakening growth and with several potholes as

yet to be navigated, being cautious but not

negative is prudent.

We said in last months commentary we would

review the developing and emerging markets as

well as the last of the developed regions, Japan,

whose delayed review will become obvious as we

progress. Japan, the land of the rising Yen (excuse

the pun), has so often been the market which has

failed to deliver and has struggled against the

currency headwind in recent years. The

fundamentals point to a country whose currency

the Bank of Japan to take more aggressive andsustained policy action. Again markets have rallied

hard but this time we have decided to sell. Why?

We have seen many false dawns from Japan

trying to devalue their currency only to find other

nations to retaliate with their own action. The

currency outcome between developed countries

has therefore changed little. We are concerned that

if Abe fails, Japanese equities may lurch back into

obscurity once more.

We consider that mergers and acquisitions wil

become a growing theme as we move through

2013 and have used the proceeds from the sale of

our Japanese holding to take a position in smaller

companies.

Returning to our outlook, we view Asia in particularvery positively and it remains an area we are

overweight, as has been the case for several years

We see Asian growth and valuation, from a top-

down perspective, as very attractive and subject to

fewer issues than in developed markets. For the

l ast couple of years we h ave had som e

reservations about China and believe tha

consensus has - and continues to be - overly

bullish at the corporate level. That being said,

IMPORTANT INFORMATION

This information has been approved for

di stributi on to professional investors. The

information in this document is bel ieved to be

correct but cannot be guaranteed. Opinions and

forecasts constituteour judgment as at thedate of

issue and are subject to change without notice.

Certain investments carry a higher degree of risk

than othersand are, therefore, unsuitable forsome

investors. Past performance is nota guideto future

performance and may not be repeated. The value

of investments and the income from them maygo

downas wellas upand investorsmay not get back

the amounts originally invested. Before

contemplating any transaction, you should consult

your financial adviser. This material is notintended

as an offer or solicitation forthe purchaseor sale of

any s ecu ri ty or any oth er act ion, with ou t f irs t

seeking advice as to the suitability of it for your

needs.

* Platformperformance / allocation maydiffer from

m od el d epend in g on plat form availabi lit y of

underlying investments.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE

T: 0113 274 7700 F: 0113 274 7711 E-mail: [email protected] Website: www.myddletoncroft.co.ukMyddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088.

Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

For further information call :

0113 274 7700Email : [email protected]

Or visit us at :

www.myddletoncroft.co.uk

should be substantially weaker a falling trade

surplus; interest payments constitute 25% of

spending; weakening demographics allied to large

deficits, and national debt in excess of 200% of

GDP. Moreover, if older domestic investors draw

down their capital from the bond market, will foreign

investors make up the difference when yields areonly 0.6% on ten year paper? We saw the Yen as a

potential victim of its weakening internal economy

and as such we saw an opportunity to profit from

owning quality exporters (with the yen hedged),

albeit a very small holding. In the first quarter, with

the Yen looking as though it had finally broken that

uptrend, the Nikkei was one of the best performing

markets in the world; but no, yet again it was a

false dawn.

The likely next Prime Minister, Abe, has targeted a

3% inflation rate, as well as suggesting changes at

emerging markets do not only consist of China and

we have in mind to add to them, perhaps as

markets become more nervous in the months

ahead.

"A merry Christmas to us all, my dears. God

bless us!" Which all the Cratchit family re-echoed. "God bless us, every one!" said Tiny

Tim

A Christmas Carol (Charles Dickens)

All of us at Myddleton Croft would like to echo

that message to all those who have supported us

this year, for all clients and advisers who

continue to support us and with a fair wind, those

who are about to. We wish you and yours all the

best for the festive season.


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Myddleton Croft Defensive Risk Model NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

2012 PERFORMANCE



Patrick Toes




member of Rensburg Sheppards

Asset Allocation and Fund Selection

Committees for over 9 years.

David Cowell

Chief Executive, possessing over

40 years experience in financial

services, with over 25 years

being investment management

focussed.

SALES:

Julie Jones


investment sales and marketing,

previously as Head of UK Retail

Sales for BNY Mellon (Newton Investment

Management).




ASSET ALLOCATION



Or visit us at :


Platform model portfolios include the cost of

underlying investments and Myddleton Crofts

annual management fees but not the

respective platform charges.


This information has been approved for distribution

to retail and professional investors only. The

information in this document is believed to be

correct but cannot be guaranteed. Past

performance is not a guide to future performancean d ma y no t b e r epe at ed . T he v al ue of

investments and the income from them may go

down as well as up and investors may not get back



your financial adviser. This material is not intended

as an offer or solicitation for the purchase or sale of

any security or any other action, without first


needs.

* Platform performance / allocation may differ from

model depending on platform availability of



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Myddleton Croft Cautious Risk Model NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes

Investment Director with over 20

years experience in fund

management. Previously a member

of Rensburg Sheppards Asset

Allocation and Fund Selection Committees for

over 9 years.

David Cowell

Chief Executive, possessing over 40

years experience in financial

services, with over 25 years being

investment management focussed.

SALES:

Julie Jones

Juliehas over 20 years experience of workingin investment sales and marketing,

previously as Head of UK Retail Sales

for BNY Mellon (Newton Investment

Management).





ASSET ALLOCATION

Platform model portfolios include cost of underlying

investments and Myddleton Crofts annual

management fees, but not the respective platform

charges.



Or visit us at :





information in this document is believed to be correct

but cannot be guaranteed. Past performance is not a

guide to future performance and may not be

repeated. The value of investments and the income

from them may go down as well as up and investorsmay not get back the amounts originally invested.

Before contemplating any transaction, you should

consult your financial adviser. This material is not

intended as an offer or solicitation for the purchase

or sale of any security or any other action, without

first seeking advice as to the suitability of it for your

needs.





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IMPORTANT INFORMATION Myddleton Croft Moderate Risk Model NOVEMBER 2012


2012 PERFORMANCE



Patrick Toes







David Cowell





focussed.

SALES:

Julie Jones





Management).




ASSET ALLOCATION

or ur er n orma on ca :


Or visit us at :











performance is not a guide to future performance

and may not be repeated. The value of

investments and the income from them may godown as well as up and investors may not get back



your financial adviser. This material is not




needs.





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Myddleton Croft Progressive Risk Model NOVEMBER 2012


2012 PERFORMANCE


NOTE: THE ADVENTUROUS RISK MODEL HAS BEEN RENAMED THE PROGRESSIVE RISK MODEL


Patrick Toes







David Cowell





focussed.

SALES:

Julie Jones





Management).




ASSET ALLOCATION

For urt er n ormat on ca :


Or visit us at :












and may not be repeated. The value of

investments and the income from them may godown as well as up and investors may not get

back the amounts originally invested. Before


your financial adviser. This material is not




needs.





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Myddleton Croft Adventurous Risk Model NOVEMBER 2012


2012 PERFORMANCE


NOTE: THE HIGHLY ADVENTUROUS RISK MODEL HAS BEEN RENAMED THE ADVENTUROUS RISK MODEL


Patrick Toes







David Cowell





focussed.

SALES:

Julie Jones





Management).




ASSET ALLOCATION

26%

37%

8%

4%

3%

16%

6% UK Equities

International Equities

Alternatives

Commodities

UK Fixed Interest

Global Fixed Interest

Cash



Or visit us at :












a nd ma y n o t be r ep ea te d. T he v al ue of

investments and the income from them may godown as well as up and investors may not get back



your financial adviser. This material is not intended

as an offer or solicitation for the purchase or sale of

any security or any other action, without first


needs.





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Myddleton Croft Speculative Risk Model NOVEMBER 2012


2012 PERFORMANCE



Patrick Toes







David Cowell





focussed.

SALES:

Julie Jones





Management).



Registered office: 11 Clifford Avenue Ilkley LS29 0AS

ASSET ALLOCATION



Or visit us at :












and may not be repeated. The value of investments

and the income from them may go down as well asup and investors may not get back the amounts

originally invested. Before contemplating any

transaction, you should consult your financial

adviser. This material is not intended as an offer or

solicitation for the purchase or sale of any security

or any other action, without first seeking advice as

to the suitability of it for your needs.




Documents

Platform Factsheet Nov 2012