Premier Portfolio Management Service · 2 OTOR 1234 PRMIR RIK TART 5 PORTFOIO INTMNT RPORT Premier Portfolio Management Service Premier Risk Targeted 5 Portfolio Investment report

PREMIERFUNDS.CO.UK 1

OCTOBER 2019

Premier Portfolio Management Service Premier Risk Targeted 5 Portfolio

FOR CLIENTS OF LIGHTHOUSE GROUP ADVISERS ONLY

Investment report for:

Financial Adviser:

Date:

LIGHTHOUSEGROUP


OCTOBER 2019 PREMIER RISK TARGETED 5 PORTFOLIO | INVESTMENT REPORT


Investment report for:

Investment amount:

Contents:

3. Overview of the Premier Portfolio Management Service

4. Key benefits

6. Premier Risk Targeted 5 Portfolio - objective

8. Ongoing communication about your investment

9. About Premier Asset Management

10. What are the risks of investing?

11. Charges and fees

12. More information

Appendix 1: Portfolio information – Quarterly update

Appendix 2: Security of your investment

The Premier Portfolio Management Service can only be accessed by individuals who are advised by an authorised financial adviser who can advise on the suitability of a portfolio, based on an individual’s circumstances, including investment objectives and attitude to risk. Individuals who do not have a financial adviser will not be able to make an application to invest. The information contained and opinions expressed in this document are based on our current understanding and are subject to change. Premier Asset Management is unable to provide investment, taxation, or financial planning advice. The Premier Portfolio Management Service portfolios are intended to be long-term investments. The value of your investment, and any income from it, is not guaranteed and can go down as well as up and there is the possibility of loss to some of your investment. Some of the different risks of investing are outlined in this document with further information available in the Premier Portfolio Management Service terms and conditions document which should be read before making an application to invest.




Overview of the Premier Portfolio Management ServicePremier Asset Management’s Premier Portfolio Management Service offers a choice of managed investment solutions comprising eight growth and three income portfolios, designed to meet the different long-term investment needs of investors.

Each one of the Premier Portfolio Management Service portfolios has been designed as part of a range, so not only does each portfolio have a specific investment objective in mind, it also has an objective that is designed to fit neatly alongside all our other portfolios, with the aim of offering you a portfolio that can closely meet your investment profile and objectives.

To achieve their objective, the portfolios are expected to primarily invest in one or more Premier funds which may cover multi-asset, UK equity, global equity, absolute return and fixed income strategies. These funds form the investment building blocks of each of the portfolios and provide exposure to a variety of asset classes and markets, managed by our specialist investment managers.

Holding a diversified portfolio of different assets and investments is one of the most effective ways to manage investment risk. However, keeping track of a large number of different investments from multiple providers can require considerable time and expertise to manage effectively.

The Premier Portfolio Management Service has been designed to alleviate this burden. We create a portfolio of diversified investments on your behalf, held within a single portfolio. The individual Premier funds will typically invest in a broad range of underlying investments, and when combined, create a diversified portfolio providing exposure to a wide variety of assets, market sectors and geographic regions.




Key benefitsDiversified investment portfolios All the portfolios are invested in a diversified spread of investments. Depending on the portfolio you have chosen and its long-term objective, your portfolio is likely to have exposure to multiple assets and investment types, such as equities (company shares), bonds, commercial property, alternative assets (non-traditional investments) and cash. If your portfolio invests in a Premier multi-asset fund, the portfolio will provide additional diversification through investment in funds managed by leading fund managers from other investment companies, which in turn will also be invested in a number of different investments.

Wider choice of investments

Some types of investment may not be suitable to hold directly, due to the associated dealing costs or tax treatment for example, and are often better suited to be held within a fund. Investing in a portfolio made up of Premier funds opens the door for you to access the investment opportunities offered by a much broader mix of investments.

Active portfolio and risk management

We adopt a collaborative approach to portfolio management, pooling the specialist skills, specific expertise and combined experience of our individual fund managers with the portfolio management experience of the Premier Portfolio Management Service investment committee, which includes Premier’s Chief Investment Officer, and Chief Risk Officer. The investment committee actively monitors the performance returns and risk profile of each portfolio and will make adjustments when they believe it is right to do so to ensure each portfolio remains on track to achieve its long-term objective and meet your expectations.

Regular and open communication

We aim to communicate with our clients in an open and transparent way, and to provide information you need to help you assess the performance of, and activity within, your portfolio. This includes an online valuation service, portfolio factsheets which are available on our website, comprehensive half yearly statements, and annual tax reports for direct investors with Premier.

Available through investment platforms

Premier’s range of income and growth portfolios can also be accessed through selected investment platforms, giving you access to different investment terms and conditions, including lower minimum investment levels, analysis tools and additional reporting information. Speak to your financial adviser for more information about how you can access Premier’s portfolios through an investment platform.




The Premier Portfolio Management Service may be suitable for investors who:

• are using the services of a financial adviser

• are looking to invest for the long-term

• are seeking an actively managed, diversified investment portfolio

• want to outsource the management of their investment portfolio to professional investment managers

• are comfortable with investing in a portfolio which may have exposure to equities and other types of investment that could experience volatility

• understand that there is no guarantee on the income payable or the return of their original investment when they come to sell their investment

The Premier Portfolio Management Service may not be suitable for investors who:

• are unable to accept the possibility of loss to their investment

• are looking for short-term gains

• want a risk-free investment

• do not have a financial adviser

• are looking for guaranteed returns or a guaranteed level of income




Premier Risk Targeted 5 PortfolioThe Risk Targeted 5 Portfolio has been selected for you by your financial adviser as a suitable investment based on their assessment.

This portfolio is managed to be aligned with specific risk profiles provided by independent risk-profiling company, Distribution Technology. Of the ten risk profiles provided by Distribution Technology, ranging from 1, ‘lowest risk’ through to 10, ‘highest risk’, the Premier risk-targeted portfolios are expected to be aligned with risk profiles 4 through to 7; ‘lowest medium risk’ to, ‘highest medium risk’.

Portfolios at the higher risk end of the risk spectrum are more likely to include funds that invest in, or have exposure to, investments and asset classes with an expected higher risk profile such as emerging market companies or smaller companies; these types of investment can offer exciting growth potential but also have the potential for greater price fluctuations and an enhanced risk of larger losses. Portfolios at the lower end of the risk spectrum are more likely to have a greater exposure to assets and investments that are expected to fluctuate less and those with a higher focus on capital preservation but are expected to generate lower long-term growth than the higher risk profile portfolios in return for the lower risk taken.

The investment committee manage the asset allocation of the portfolios with the aim of keeping them aligned with the risk profiles provided by Distribution Technology. Each portfolio is invested in a selection of Premier funds, providing diversification across different assets, markets and underlying investments.

Portfolio investment objectiveThe aim of the Premier Risk Targeted 5 Portfolio is long-term investment growth.

The portfolio’s asset allocation is managed to Distribution Technology 5 risk profile. It is our intention over the medium to long-term to meet the risk profile requirements, as defined by Distribution Technology. However, we may not necessarily follow the asset allocations provided by Distribution Technology precisely over any specific time period, if we believe that an alternative asset allocation has the greater potential to achieve the desired outcome.

An investor who is a Risk Profile 5, as assessed by their financial adviser using Distribution Technology’s risk profiling tool, is likely to be prepared to accept small losses, particularly in the short term, to gain the potential of higher returns than simply investing in low-risk investments. An appropriate investment portfolio would typically consist of a balanced mix of lower and medium-risk investments such as bonds and property as well as some higher-risk investments such as equities.

Investment strategy

This portfolio aims to provide steady investment growth over the long-term by investing in a diversified portfolio providing exposure to a broad range of asset classes. It aims to provide greater returns than the Premier Risk-Targeted 4 Portfolio and may therefore have more exposure to investments that are considered higher risk. A typical investor may have a low to medium attitude to accepting risk, as assessed by their adviser. This strategy might appeal to an investor who would probably prefer an investment that has the potential to go up and down less and make more modest returns than risk losing money for the potential of higher returns. An investor in this strategy is therefore prepared to accept some fluctuations in the value of their investment for potential higher returns over the long-term than just investing in lower-risk investments. An investor in this strategy is therefore prepared to accept some risk for the potential of higher returns than just investing in lower-risk investments.

The portfolio is invested in a range of Premier funds to achieve its objective. Each fund is actively managed by our highly experienced, specialist fund managers and invests in a mix of assets.

Appendix 1: provides a summary of where the portfolio currently invests, including asset allocation breakdown and top 30 holdings, and how the portfolio has performed over the short and long-term




Distribution Technology Distribution Technology is a provider of risk profiling and financial planning technology for financial advisers in the UK. Distribution Technology’s risk profiling service aims to align investment funds and portfolios to their Dynamic Planner risk profiles. This means that advisers can help assess their clients’ attitudes to and capacity for risk, assign a single risk profile between 1 (lowest risk) and 10 (highest risk), recommend an asset allocation strategy, and then select funds or model portfolios that are designed to be managed in line with these profiles.

Distribution Technology is an independent company which offers risk profiling services for funds and portfolios to a wide range of portfolio and wealth managers and is appointed by Premier Fund Managers Limited (“PFM” the investment manager of the funds) and Premier Portfolio Managers Limited (“PPM” the ACD of the funds) in order to provide these services. Distribution Technology is not authorised to provide financial advice. None of PFM, PPM, nor Premier Asset Management Limited have any influence or control over the Distribution Technology risk profiles or the methodology used to create them. We are therefore unable to guarantee their accuracy or that these will not change in the future, or that Premier Asset Management will continue to use the Distribution Technology risk profiles in the future. Premier Asset Management cannot accept any liability which may arise as a result of any reliance on the Distribution Technology risk profiles. The risk profiles do not indicate a promise, forecast or illustration of future risk profiles or performance returns.

Actively managed, diversified portfoliosThe Premier Portfolio Management Service has been designed to give you the benefit of diversified investment portfolios designed to meet your long-term investment objectives combined with active, ongoing management of asset allocation and fund selection. We create a portfolio of investments on your behalf, actively managed at two levels:

• Asset allocation and investment fund selection by the Premier Portfolio Management Service investment committee

• Day to day management of each underlying investment fund by specialist investment managers.

There are up to three levels of investment management behind our portfolios. Firstly, our Portfolio Management Service investment committee will make decisions about asset allocation and allocation to different funds. Secondly, because the portfolios invest in Premier funds, each specialist fund manager will be actively managing their fund with the aim of delivering good outcomes for investors. And lastly, if your portfolio is invested in our multi-asset funds, these are invested in other carefully selected specialist fund managers from across the investment industry, so your portfolio will actually be managed by lots of different fund managers from Premier and other leading investment companies.

The Premier Portfolio Management Service investment committee, led by Premier’s Chief Investment Officer, will utilise the skills and experience of Premier’s individual fund managers to get their perspectives on the economic environment, asset classes and markets.

From analysis of the overall asset allocation through to the choice of underlying investments, the investment committee will discuss any potential changes to a portfolio prior to implementing them. This ensures that every asset allocation and investment decision is considered from a number of perspectives.

• Active management by the Portfolio Management Service investment committee

• Portfolios constructed using a blend of Premier funds

• Active management by each individual fund manager




Ongoing communication about your investment

Premier’s range of income and growth portfolios can also be accessed through selected investment platforms, giving you potential access to different investment terms and conditions, including lower minimum investment levels, as well as various tools and additional reporting information. Your financial adviser will be able to provide you with further information about what type of reporting and information your platform of choice can offer you.

Our aim is to ensure we produce clear and regular information about your investment in the Premier Portfolio Management Service, which will be sent to you via your financial adviser.

There is online access to your portfolio, so that you can access information about your investment easily and quickly, whenever you want.

We publish factsheets for each portfolio on the Premier website which include information about the performance of your portfolio and how your portfolio is invested, including a breakdown of the underlying funds you own in your portfolio.

If you have queries about your investment you should contact your financial adviser in the first instance or contact Premier Asset Management’s investor services team. If your personal circumstances change, or if you want to know if your investment is still suitable for you, you should contact your financial adviser. Premier Asset Management is not authorised to give advice about the suitability of an investment but our investor services team is on hand to take your call and answer questions you may have about your investment or to provide you with the latest valuation. We are continually looking at new ways to improve the way we look after our clients and always welcome your feedback. You can email us at [email protected].

• Online valuation service

• Portfolio factsheets

• Investor services team




About Premier Asset Management

We are an investment company that manages assets on behalf of our many investors, in our range of multi-asset, equity and fixed income investment strategies. Our clients access our investments through our range of funds, investment trusts and our Portfolio Management Service. As well as covering different assets, our investments are designed to meet the different objectives of investors, including income, growth and absolute returns.

The quality of our investment managers and the performance of our funds have been recognised by independent fund rating and grading agencies, and through a number of recent investment awards.

Our investment solutions offer our clients the building blocks to meet their different needs and objectives: for example, income, growth or a balance between the two; and absolute return funds which aim to deliver a positive return over a specific time period, regardless of stock market performance.

We aim to deliver solution-driven investments that meet or exceed our clients’ expectations through relevant products, good investment performance and good communication. To help our investment managers achieve their specific investment objectives, we aim to give them appropriate freedom to perform, without the constraint of a specific house view or house investment style, supported by a strong business risk management culture.

The methodology and calculations used by the companies that provide the fund and fund manager awards and ratings are not verified by Premier Asset Management and we therefore are unable to accept responsibility for their accuracy. Ratings and awards should not be relied upon for making an investment decision, nor are they an indication, promise or guarantee of future performance of a fund or fund manager.

WINNERMulti-Asset Group of the Year

Premier Asset Management




What are the risks of investing?

Managing and understanding investment risk

As with all types of stock market investment, there is a risk of loss to your original investment amount and it is very important that you understand the risks and take advice if you are unsure in any way. While investment risk cannot be completely removed, the investment committee will manage each portfolio with the aim of ensuring that the level of risk is appropriate for the portfolio’s risk profile.

What are the investment risks?

Some of the more general risks of investing that you should be aware of before investing are summarised below:

• Past performance is not a guide to future returns. The value of an investment and any income from it can go down as well as up and there is the possibility of loss to some of your original investment.

• There may be a variation in the performance between portfolios with similar objectives due to the different assets selected. Performance of a portfolio will be affected by the investment decisions of the fund managers of the underlying funds.

• If you withdraw part of your investment, or take an income greater than the natural income or growth of your investment, you will reduce the potential capital growth and you could end up with less than you invested when you come to sell your investment.

• Inflation could erode the value of your investment.

• There is no guarantee that the investment objective of the portfolio will be achieved.

• The levels of taxation and of relief from taxation will depend upon individual circumstances.

This portfolio may invest directly into, or be exposed to via its underlying investments, a variety of assets, sectors or regions, all of which carry specific risks which could impact returns. The main risks are summarised below, with further detail available in the Premier Portfolio Management Service Terms and Conditions.

• Concentration: Funds that have a strong focus on a particular asset, sector or region, can carry a higher risk than funds with a more diversified portfolio.

• Credit: If the issuer of a security held within the fund is unable to make income payments or repay its debt.

• Legal/Tax: Arising from a change in legal/tax regulations or the application of them.

• Liquidity: During difficult market conditions, some securities or larger holdings may become more difficult to sell quickly at a desired price.

• Market: The risk of a fall in price of a particular asset type.

• Operational: Occasionally processes fail. This is more likely to happen with more complex products or investments in overseas markets, such as emerging market countries, which may not have the same level of safekeeping, infrastructure or controls as more developed markets.




It is important that you understand the potential risks before you make an investment decision and consult with your financial adviser if your personal circumstances, objectives, or long-term goals change. If there have been changes in your circumstances, your current portfolio may no longer be appropriate for you, which is why it is important that you keep your adviser up to date. Please note that Premier Asset Management does not offer investment advice and therefore cannot advise if a portfolio is suitable. This document should be read alongside the Premier Portfolio Management Service Terms and Conditions where the investment risks and terms of investment are detailed.

Security of your investmentPremier Portfolio Management Service is our portfolio management service which is managed by Premier Fund Managers Limited (PFM). Clients’ portfolios (“Portfolio(s)”) consist of two elements – shares and cash. Information about the security of each, and the security of client money held prior to investment, is provided in our ‘Security of your investment’ document, see Appendix 2.

Charges and fees

Annual management fee

There is an annual management charge applied to the Premier funds held in a portfolio, which for clients investing directly with Premier Asset Management, is 0.75%. If you invest through an investment platform, different charges may apply. The annual management charge applied to the Premier funds held in your portfolio may be lower than our standard 0.75% fee and therefore you could benefit from lower overall costs.

Please check with your financial adviser who can advise you on the different fees that apply for investing in a Premier portfolio through an investment platform.

Other expenses paid by the underlying Premier funds, such as, transaction fees, research fees as well as fees for the auditor, registrar, regulator, custodian, depositary or trustee, plus the annual charges for the underlying funds held in the Premier multi-asset funds, are subject to change, will fluctuate and will vary depending on the funds held in the portfolio. The total ongoing charges for each portfolio is updated annually, and is available on our website. If you invest through a platform, the relevant platform charges will also apply.

We do not charge you any additional fees for providing the Portfolio Management Service.

Your financial adviser fees: Any fees for advice that you have agreed with your financial adviser can be deducted from your investment by completing the relevant section of the application form. These fees may be subject to VAT as advised by your financial adviser.

For further details on total costs please refer to the Premier Portfolio Management Service Lighthouse Investor guide.

VAT

As our fee is taken from the underlying Premier funds held within each portfolio, this also means that typically there is no VAT to pay.




More information

If you have any other questions that have not been answered here, or would like any further information, please speak with your financial adviser, or contact our investor services team who are available Monday to Friday, excluding bank holidays, between 9am and 5.30pm. For your protection, calls are monitored and recorded for training and quality assurance purposes.

This document has been produced for information purposes only and does not constitute investment advice. It should be read in conjunction with the Premier Portfolio Management Service investor guide and terms and conditions. If any of the information contained in this document is unclear, we recommend you consult with your financial adviser. Persons who do not have professional experience in matters relating to investments should speak with a financial adviser before making an investment decision.

Past performance is not a guide to future returns. The value of your investments and any income from them may go down as well as up and you may get back less than you invested. These investments are typically intended as long term investments.

Issued by Premier Asset Management. Premier Fund Managers Limited (registered no. 02274227) and Premier Portfolio Managers Limited (registered no. 01235867) are authorised and regulated by the Financial Conduct Authority. Registered address: Eastgate Court, High Street, Guildford, GU1 3DE. Premier Asset Management is the marketing name used for the two companies. 24101916230/19.10.1636AG

Contact us

0333 456 1122

[email protected]

premierfunds.co.uk

premierassetmanagement.co.uk/lighthouse.html

PREMIERFUNDS.CO.UK



Appendix 1: Portfolio information – Quarterly update

LIGHTHOUSEGROUP

CONTACT [email protected] 0333 456 1122 PREMIERFUNDS.CO.UK

The list above shows the top holdings in the Premier fund(s) that make up the portfolio, for illustrative purposes only. This does not represent a full list of all the holdings and the actual holdings may differ from the above list at any point in time. Please note that any cash held has been excluded from the holdings.

All data as at 30 September 2019, unless otherwise stated.

TOP 30 HOLDINGS

The combination of funds held in the portfolio strategy is as at 30 September 2019. At any point in time, the funds held and the amount invested in the strategy may differ.

Quarterly update to 30 September 2019

OCTOBER 2019

PORTFOLIO STRATEGY ASSET ALLOCATION

TOTAL NUMBER OF HOLDINGS IN THE PORTFOLIO: 389

Premier Risk Targeted 5 Portfolio

PREMIER PORTFOLIO MANAGEMENT SERVICE | PREMIER RISK TARGETED 5 PORTFOLIO

The bar chart shows the asset allocation of the underlying holdings of the funds that make up the portfolio. It aims to give an overview of the range of UK and international asset classes that the underlying investments could provide exposure to. The alternative assets category may also include structured investments. At any point in time, the actual asset allocation may differ. The cash weighting includes both cash held within the underlying funds and the portfolio itself. Please note that the numbers above may have been rounded.

0 5 10 15 20

Sovereign bonds

International bonds

Emerging market equities

Cash

Japanese equities

High yield bonds

European equities

Asian equities

Property

Investment grade bonds

Absolute return

North American equities

UK equities 19.5%

18.7%

12.2%

11.5%

6.9%

6.0%

6.0%

5.3%

4.1%

3.8%

3.1%

1.9%

1.1%

Boussard & Gavaudan 1.3%

Highbridge Tactical Credit Fund 1.3%

Vonovia SE 1.1%

US Treasury 2.625% Feb 2029 1.0%

BH Macro 0.9%

Sanditon Investment Trust 0.9%

Tetragon Financial 0.9%

BH Global 0.9%

UBS AG 6.375% FRN Nov 2024 0.9%

Pershing Square Holdings 5.5% Jul 2022 0.9%

Man GLG Undervalued Assets 0.8%

Evenlode Income 0.8%

Spirent Communications 0.8%

Polar Capital Global Insurance 0.7%

Stryker 0.7%

Asahi 0.7%

Microsoft 0.7%

Segro 0.7%

Pollen Street Secured Lending 0.7%

RM Secured Direct Lending 0.6%

Raytheon 0.6%

AbbVie 0.6%

Motability Operations Group 6.625% Dec 2019 0.6%

Sainsbury (J) 2.875% Perp Sub Conv 0.6%

VT Teviot UK Smaller Companies 0.6%

Boohoo.Com 0.6%

Ping An Insurance 0.6%

Broadcom 0.6%

Visa 0.6%

PJSC Lukoil 0.6%

• The Premier Risk Targeted 5 Portfolio made a gain of 1.2% during the 3 months to 30 September 2019.

• US-China trade tensions continued to weigh on the global economy through the quarter, with GDP growth forecasts being reduced as a result. As economic data around the world has worsened, central banks have turned increasingly accommodative, embarking on another round of monetary easing, most notably in the US, where the Federal Reserve lowered its benchmark interest rate and in Europe, where the ECB expanded its quantitative easing programme.

• As a result of the economic backdrop and central bank rhetoric, bond prices continued to move higher. With investors seeking the perceived relative safety of government debt, bond yields reached unprecedented lows, and in some cases, negative levels. Several governments, including Germany and Japan, can effectively charge investors for the privilege of lending them money. Overall, equity markets were more muted, with Japanese and European equities being the best performers.

• Domestically, Brexit related uncertainty and high political risk continues to dampen business investment, resulting in underwhelming economic performance. The pound has been particularly volatile over the period, with fears of the UK leaving the EU without a deal sending the currency down to levels not seen since the referendum.

• Looking ahead, we do not believe bond markets offer much value at current levels. Equity markets appear to be more reasonably priced but would need an increase in economic activity to drive returns. It seems that in order to see an improvement in the macroeconomic environment there will need to be developments in either the US-China trade talks, or Brexit. In the absence of such news, it is difficult to see how the current trend of weak economic growth and deteriorating economic data can improve. If there were to be positive movement, then this should prove to be a strong catalyst for stock market returns.

• The Investment Committee made no changes to the asset allocation of the portfolio during the quarter.

• The Portfolio’s historic yield is 2.28%.

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10.0% Premier Global Alpha Growth Fund

9.5% Premier Corporate Bond Monthly Income Fund9.0% Premier Diversified Growth Fund

5.0% Premier Multi-Asset Conservative Growth Fund

3.4% Premier Pan European Property Share Fund

40.0% Premier Diversified Balanced Growth Fund

7.0% Premier UK Growth Fund

5.0% Premier Multi-Asset Growth & Income Fund

11.1% Premier Multi-Asset Global Growth Fund

PORTFOLIO PERFORMANCE TO 30 SEPTEMBER 2019 PORTFOLIO OBJECTIVE

LIGHTHOUSEGROUP

[email protected] 0333 456 1122 PREMIERFUNDS.CO.UKCONTACT

DISCRETE ANNUAL PERFORMANCE (%)

IMPORTANT INFORMATION

The Premier Portfolio Management Service is only available to investors who use the ongoing services of a financial adviser.The historic yield reflects distributions declared over the past twelve months as a percentage of the share price of the underlying fund, as at the end of the month 30.09.2019. The yield is not guaranteed and will fluctuate. Past performance of a portfolio is not a guide to future returns. The value of an investment and the income from it can go down as well as up and there is a risk of loss to capital. Exchange rates will also cause the value of underlying investments to fall or rise. Tax concessions are not guaranteed and may be changed at any time; their value will depend on individual circumstances. Details of the nature of the investments, the commitment required and the specific risk warnings are described in the Premier Portfolio Management Service Terms and Conditions. Reference to any particular stock or portfolio does not constitute a recommendation for investment purposes. Indices are used for comparative purposes only. Persons who do not have professional experience in matters relating to investments should speak with a financial adviser before making an investment decision.

Issued by Premier Asset Management. Premier Fund Managers Limited (registered no. 02274227) and Premier Portfolio Managers Limited (registered no. 01235867) are authorised and regulated by the Financial Conduct Authority. Registered address: Eastgate Court, High Street, Guildford, GU1 3DE. Premier Asset Management is the marketing name used for the two companies. For your protection, calls may be monitored and recorded for training and quality assurance purposes. 21101916209.

For more information visit our website, or contact us to have a copy of the investor guide sent to you.

Investor guide

Premier Portfolio Management Service

APRIL 16INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY

SEPTEMBER 2018

04Introduction

15Asset class descriptions

06Actively managed investment solutions

17Important investmentinformation and charges

05Investing with Premier Asset Management

16Ongoing communication aboutyour investment

08Income portfolios

18Frequently asked questions

11Growth portfolios

22How to invest

23Investment risk

25Summary

The information provided in this guide is for information purposes only and is not intended to be a recommendation for investment purposes or investment advice. The information contained and opinions expressed in this document are based on our current understanding and are subject to change. Premier Asset Management is unable to provide investment, taxation, or financial planning advice. The Premier Portfolio Management Service portfolios are intended to be long-term investments. The value of your investment, and any income from it, is not guaranteed and can go down as well as up and there is the possibility of loss to some of your investment. The different risks of investing are outlined in this guide and further information is also available in the terms and conditions document. This service is only available to investors who are advised by an authorised financial adviser. Investors who do not have a financial adviser will not be able to make an application to invest.

Contents

3PREMIER PORTFOLIO MANAGEMENT SERVICE | INVESTOR GUIDE

Performance for the period prior to 01.10.2016 has been calculated by Premier Fund Managers Limited on a total return basis using the average of a sample of actual portfolios for illustration purposes only. Exact performance will depend upon individual fund weightings and any fees agreed by the investor with their adviser. Performance after this date is based on the underlying Premier Funds held in each portfolio, which can change from time to time, as at the date shown. Data is sourced to FE Analytics, taken on a bid to bid, total return (income reinvested), UK sterling basis, class C shares where these are available (class B shares for Premier Liberation Funds and Premier Corporate Bond Monthly Income Fund, class D shares for Premier Diversified Fund). The information on this document is for illustrative purposes only and may not be representative of the returns from an individual client portfolio.

*Benchmark: 5% IA Money Market; 19% IA Sterling Corporate Bond; 3% IA UK Gilt; 11.5% IA UK All Companies; 11.5% IA UK Equity Income; 5% IA Europe ex UK; 16% IA North America; 6% IA Japan; 5% IA Pacific Ex Japan; 5% IA Global Emerging Markets; 5% IA UK Direct Property; 4% IA UK Index Linked Gilt, 4% IA Global Bonds.

Benchmark data: Morningstar, based on a bid to bid, total return, income reinvested, UK sterling basis. The portfolio benchmarks are for reference only. The portfolios do not have a specific aim to outperform these benchmarks. The benchmarks are made up of a combination of different Investment Association sectors, which can change from time to time. Benchmark returns are the average of the fund returns in each sector.

Premier Risk Targeted 5 Portfolio

3 months 6 months 1 year 3 years 5 years Since launch1

Portfolio 1.2% 4.2% 1.1% 17.4% 37.7% 111.6%

Benchmark* 2.4% 6.1% 5.3% 20.2% 44.8% 121.1%

Aim: Long-term investment growth

Investment strategy: To provide steady investment growth over the long-term by investing in a diversified portfolio providing exposure to a broad range of asset classes, It aims to provide greater returns than the Premier Risk-Targeted Portfolio 4 and may therefore have more exposure to investments that are considered higher risk.

The portfolio will mainly invest in a blend of Premier funds. The combination of funds will depend on the portfolio’s objective and prevailing market conditions.

PREMIER PORTFOLIO MANAGEMENT SERVICE | PREMIER RISK TARGETED 5 PORTFOLIO

2014 2015 2016 2017 2018

Portfolio 7.2% 4.5% 12.3% 11.3% -6.6%

Benchmark* 6.8% 3.7% 14.8% 10.9% -5.6%

1Launch date: 01.08.2008

0

1

2

3

4

5

6

7

8

1 year6 months3 months

Composite Benchmark*Premier Risk Targeted 5 Portfolio

Tota

l ret

urn

s (%

)

PREMIERFUNDS.CO.UK



Appendix 2: Security of your investment

[email protected] 0333 456 1122 PREMIERFUNDS.CO.UK

OCTOBER 2019 PREMIER RISK TARGETED 5 PORTFOLIO | INVESTMENT REPORT | SECURITY OF YOUR INVESTMENT

Security of your investment

Regulatory Regime and Statutory Compensation

The Financial Conduct Authority (FCA) PPM and PFM are authorised and regulated by the FCA of 12 Endeavour Square, London, E20 1JN and are bound by the FCA’s rules and regulations. You can find out more about the FCA and what they do by visiting www.fca.org.uk PPM and PFM provide regular statements and reports to the FCA regarding their solvency, together with their audited financial statements and other information.

The Financial Services Compensation Scheme (FSCS) Investors with Premier may be covered by the Financial Services Compensation Scheme, which has been established under the rules of the FCA as a “rescue fund” for certain clients of firms authorised and regulated by the FCA which have gone out of business. The scheme will cover an amount equal to 100% of the first £85,000 owed to you regarding your investment accounts.

You can find out more information on compensation arrangements by visiting www.fscs.org.uk, calling 0800 678 1100 & 020 7741 4100 or by writing to Financial Services Compensation Scheme, PO Box 300, Mitcheldean, GL17 1DY.

Your investment with Premier Portfolio Managers Limited PPM acts as the Authorised Corporate Director (ACD) of our Open-Ended Investment Companies (“OEICs”) and manager of our authorised unit trust (together, the “Premier Funds”).

Client money held in conjunction with an investment in a Premier Fund will be placed with the Royal Bank of Scotland plc (“RBS”) and held in accordance with the FCA client money rules. These rules require that PPM holds clients’ money under trust status to ensure that it is segregated from PPM’s own money. This means that in the unlikely event that PPM stopped trading neither Premier, nor its liquidator or creditors, would have any rights over your money to resolve the debts of PPM.

When you invest in a Premier Fund, you purchase a number of units in a unit trust scheme or shares in a sub-fund of an OEIC. These units or shares may be held in a number of ways, including within an Individual Savings Account (ISA), via a platform, or directly in your own name. We have used the term “shares” but the information also applies to units held in a unit trust scheme.

Your investment in a share is segregated from Premier’s own assets. This means that in the event that Premier stopped trading neither Premier, nor its liquidator or creditors, would have any rights over your investment to resolve the debts of Premier.

The structure of an OEIC means that there is a depositary and custodian in place. For a unit trust, there is a trustee instead of a depositary. The depositary and trustee carry out similar functions and we have therefore only referred to the depositary below, although the information applies equally to a trustee.

The depositary of our OEICs is Northern Trust Global Services SE (“Depositary”). The custodian appointed by the Depositary is The Northern Trust Company Limited (“Custodian”). These companies are both authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority and are subject to their rules and regulations.

Premier Asset Management (or “Premier”) is an asset management group which offers a broad range of investment solutions covering multi-asset, UK equity, global equity, absolute return and fixed income strategies, through a range of investment types including retail funds, closed ended investment companies and the Premier Portfolio Management Service.

Premier Asset Management is the marketing name and trading name for our two Financial Conduct Authority (FCA) regulated entities: Premier Portfolio Managers Limited (PPM) (122067) and Premier Fund Managers Limited (PFM) (143097). They are part of the group of companies whose ultimate holding company is Premier Asset Management Group plc.

In this document we have summarised the main protections available to you as an investor with either PPM or PFM.




Included in their duties and responsibilities, the Depositary ensures that the best interests of shareholders are being considered at all times. It appoints the Custodian, who is responsible for the safe-keeping of the underlying assets of the Premier Funds.

PPM, as the Authorised Corporate Director, is responsible for the day to day running of the Premier Funds, and is overseen by the Depositary and the FCA. In the unlikely event that PPM ceased trading, the Depositary would be responsible for appointing a new company to act as ACD and manager of the Premier Funds subject to the FCA’s approval.

In the event that the Depositary ceased trading, a creditor of the bank would have no rights over any fund assets and therefore no rights over your investment and the ACD would appoint a new depositary.

The investments held by the Premier Funds are held in separate accounts at the Custodian in the name of a nominee. In the event that the Custodian ceased trading, a creditor of the Custodian would have no rights over these assets. The Depositary would appoint a new company to act as custodian.

However, cash held within the Premier Funds would be treated differently. In this situation, the custodian may also act as banker and the Premier Fund’s cash may not be segregated from the custodian’s. The Premier Fund would be treated as an unsecured creditor of the custodian in respect of that cash. The custodian’s liquidator would be responsible for distributing any cash if the custodian were to fail.

The custodian for the Premier Funds is required to make regular statements to the FCA regarding its solvency.

Further information about the Depositary and Custodian is at the end of this document.

Your investment with Premier Fund Managers Limited - the Premier Portfolio Management Service The Premier Portfolio Management Service is our model portfolio management service which is managed by Premier Fund Managers Limited (PFM). Clients’ portfolios (“Portfolio(s)”) consist of two elements – shares and cash. Information about the security of each, and the security of client money held prior to investment, is given below and these apply to both direct investments and investments via an Individual Savings Account.

Client Money

In relation to PFM, client money held in conjunction with the Premier Portfolio Management Service will be deposited via SEI Investment (Europe) Limited (“SEI”) with HSBC Bank plc (“HSBC”) and may then be subsequently deposited into client money bank accounts at a range of other banks chosen by SEI. The spreading of client money across a number of banks is designed to help reduce the risk of all client money being lost in the event of any one bank failing. SEI is responsible for exercising reasonable care and due diligence in its initial selection and on-going monitoring of all banks where it places client money.

Shares within a PortfolioShares in Portfolios are administered by an independent custodian, SEI, who is responsible for the safe-keeping of investments. SEI in turn uses HSBC as the custodian and nominee company to hold all shares. Both SEI and HSBC are authorised and regulated by the FCA and are governed by its rules and regulations.

In the unlikely event that PFM were to cease trading, you would be able to transfer your Portfolio to another discretionary portfolio manager or, in certain circumstances, have the shares registered into your own name. All assets are safeguarded to reflect beneficial ownership and are therefore not included as part of PFM’s assets.

In the event of SEI or HSBC ceasing trading, neither company, nor any liquidator or creditors, would have any rights over the shares held on your behalf to resolve the debts of SEI. Premier would appoint a new custodian for your shares.

In the event of fraud or negligence by PFM or SEI resulting in their failure, your assets may be exposed to risk. Any losses would potentially be recoverable through the FSCS mentioned previously but subject to a maximum of £85,000 per investor per firm.




Cash within a PortfolioCash held within a Portfolio is treated differently to the shares held. In this situation, while Portfolio cash will be segregated from cash belonging to SEI, it may not be segregated by HSBC or another bank from their other clients or their own money. However it will be held in accordance with FCA rules. In the event of a bank failure, cash held within your Portfolio would be treated as an unsecured creditor of HSBC or another bank, and its liquidator would be responsible for distributing any cash.

Therefore, your cash is not segregated from the bank with which it is placed (this is similar to a normal bank account). Should the bank fail and you become an unsecured creditor as part of the liquidation process, the FSCS will cover up to £85,000 per investor, per banking group (£170,000 per joint account) of any losses.

All of the Banks holding cash are authorised and regulated by the FCA or by another regulator.

Investment Trusts Each investment trust is a company in its own right and is run by an independent board of directors, who have a number of duties and responsibilities, including appointing an independent custodian to look after the trust’s investment portfolio.

The assets held in the trust’s investment portfolio are held separately to Premier’s assets. Premier has no rights over them.

If the investment trust itself becomes insolvent, it would be subject to the regulations under the company’s legislation of its home jurisdiction. The trust’s directors would have to appoint a liquidator, who would be responsible for any assets being distributed in the same way that any other company would be.

There is no automatic recourse available to investment trust shareholders from the FSCS. If you have shares in an investment trust through an Individual Savings Account, then the notes under ‘Shares within a Portfolio’ above also apply.

Keeping your investment safePremier places the highest importance on the security of your investments and your personal data and has systems, policies and procedures designed to provide protection. Further, with your assistance, we aim to reduce the risks of financial crime to your investments.

What is Premier Asset Management doing?

• Premier will not call you unless it is to verify an instruction you have made

• security measures to verify your identity are in place prior to information on your investments being released

• personal information, including bank details, will not be requested via email, although we may telephone or write to you to verify details you have provided

• an accredited electronic verification service company may be used to verify your details and to double check information provided is genuine

• personal documents, such as passports and driving licences may be requested from time to time from you in order to verify your identity. We appreciate that this may be inconvenient, but it is essential in ensuring that we do not take instructions from someone who is fraudulently using your identity. We will only make such requests if it is necessary, and as a preventative measure. As photocopies, emails and faxes can easily be altered, we may need to see original documents as they have special identifiers which are more difficult to forge. Details of the relevant documentation for your investment are provided on our website or available by post. We will not send emails which require you to contact us or click on a link

• an online valuation service is available for you, but if there is inactivity for 180 days, or the system detects malware on your PC, your account may be locked automatically and you will not be able to access your account.




What can you do to help?• If you should move or change your address, please let us know as soon as possible and provide evidence, such as

a utility bill and/or Council Tax Statement, to enable us to complete our reverification checks

• If you change or remove your financial adviser, please let us know so that we can update our records accordingly and prevent your information being sent out erroneously

• If you know or believe that your identity or your account information has been stolen, please let us know as soon as possible, so we can put in place extra measures to protect your investments and prevent any unauthorised transactions occurring

• If you receive any correspondence relating to your account, that you did not initiate (in particular changing your personal details), please contact us immediately so we can investigate this further

• If we request information from you to support our management of your investment or account, please provide it as quickly and accurately as possible to prevent any unnecessary delays in processing your instructions

Information on the Custodian, Depositary and Administration companies Northern Trust

Northern Trust Corporation is a provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and individuals worldwide. You can find more information about Northern Trust by visiting its website, www.northerntrust.com

HSBC HSBC Bank plc is part of the HSBC Group, one of the largest banking and financial services organisations in the world. You can find more information about HSBC by visiting its website, www.hsbc.co.uk

SEI SEI Investment (Europe) Ltd is part of SEI, a provider of investment management administration and fund management in North America and Europe. The parent company has headquarters in Pennsylvania, USA, where it was founded 50 years ago.

You can find more information about SEI by visiting its website, www.seic.com/enUK

Please remember that the value of investments and any income from them can go down as well as up.

If you require any advice as to whether a particular investment is suitable for you, please consult an authorised financial adviser. Neither Premier Portfolio Managers Limited nor Premier Fund Managers Limited is authorised to give you advice regarding your personal financial circumstances.

IMPORTANT INFORMATION Issued by Premier Asset Management. Premier Fund Managers Limited (registered no. 02274227) and Premier Portfolio Managers Limited (registered no. 01235867) are authorised and regulated by the Financial Conduct Authority. Registered address: Eastgate Court, High Street, Guildford, GU1 3DE. Premier Asset Management is the marketing name used for the two companies. 24101916230.Premier Asset Management Group plc Registered in England No. 06306664.Premier Asset Management Limited Registered in England No. 03104343

Documents

Premier Portfolio Management Service · 2 OTOR 1234 PRMIR RIK TART 5 PORTFOIO INTMNT RPORT Premier Portfolio Management Service Premier Risk Targeted 5 Portfolio Investment report