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Marketing material for professional investors or advisers only. This material is not suitable for retail clients
Andrew Rose, Fund Manager
Schroder Tokyo FundSchroder Japan Growth plcSchroders Investment Conference 2018, Manchester
22 May 2018
#SICM18
@Schroders_UK
New team structure from October 2017Execution of long-term plans
1
Source: Schroders, as at 31 October 2017. *Schroder International Selection Fund will be referred to as Schroder ISF throughout this presentation.
Secondment to London from Tokyo
• Masaki Taketsume joined the team in London from August 2017• Masaki has been our technology analyst in Tokyo for the last 10 years but is transitioning to a Fund Management role• Now working alongside Andrew Rose to gain broad experience• Takafumi Miura joined the team in Tokyo two years ago and is now in a position to assume Masaki’s research responsibilities
Implementation of long-term succession plan in Tokyo
• Shogo Maeda will retire as Head of Japanese Equities on 1 October 2017• Kazuhiro Toyoda becomes lead Fund Manager of the Schroder ISF* Japanese Equity Fund
• Ken Maeda is appointed Head of Japanese Equities• Ken continues as Fund Manager of the Schroders ISF Japanese Opportunities Fund
• Taku Arai is appointed Deputy Head of Japanese Equities• Supporting Ken in the management of Schroders’ business and team in Japan
New team structure from October 2017Culmination of long-term succession plan
2
Source: Schroders, as at 31 March 2018, *based in London
Ken MaedaHead of Japanese Equities
Madoka SatoAkira NamegawaHiromi Mori
Tetsuo IwashitaTakafumi MiuraKazuko YabutaniJoshua Bennison
Sector Analyst Masaaki Nishikori (Head of Research)
Takuya FurutaniKota Takahashi
Small Cap Fund Manager/Analyst Ayumi Kobayashi (Team Leader)
Andrew Rose* Masaki Taketsume*
Kazuhiro ToyodaHirokazu Kawachi
Fund Manager
Nathan Gibbs*
Taku AraiDeputy Head of Japanese Equities
Product Manager
Performance
Performance – Schroder Tokyo Fund As at 30 April 2018
4
Source: Morningstar, Performance is presented for Z class Acc units, net of fees, bid to bid, GBP. *Includes a fair market value adjustment of -0.6%. Source for ratings: The Adviser Centre, Morningstar, Square Mile, City Financial, Fund Calibre, Square Mile and Rayner Spencer Mills, as at 30 April 2018.Please refer to the Morningstar disclaimer in the important information at the end of this document.
Returns in GBP
Schroder Tokyo Fund* +21.2 -7.3 +4.0 +25.0 +3.1 +16.4 +27.2 +13.6
TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6
Relative +1.7 +4.6 +1.2 +0.4 +0.4 -1.8 +3.8 -2.0
2017(%)
2016(%)
2015(%)
2010(%)
2012(%)
2013(%)
2014*(%)
2011(%)
Past performance is not a guide to future performance and may not be repeated.
Returns in GBP
Schroder Tokyo Fund -0.6 +12.0 +12.4 +11.3 +9.6
TSE 1st Section Index (TOPIX) +0.6 +13.4 +13.2 +11.2 +8.2
Relative -1.2 -1.4 -0.8 +0.1 +1.4
3 months(%)
3 year(% p.a.)
5 year(% p.a.)
10 year(% p.a.)
1 year(%)
Schroder Tokyo Fund
5
Source: Schroders
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 investors may not get back the amounts originally invested.
Funds that invest solely in the companies of one country or region can carry more risk than funds spread over a number of countries or regions.
Schroder Tokyo Fund – risk factors:
• Currency risk : The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses.
• Equity risk : Equity prices fluctuate daily, based on many factors including general, economic, industry or company news.
• Liquidity risk : In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares.
• Operational risk : Failures at service providers could lead to disruptions of fund operations or losses.
Percentile ranking
Performance relative to peer group – Schroder Tokyo Fund
As at 30 April 2018
6
Source: Morningstar, bid to bid, Acc units, GBP, Basic Rate Tax, net of fees. Universe: all UK Registered Investment Funds, Japan, Equity.
24
49
2016
24 22 2318
25
13
29
6
15
55
93
1 1 4
93
19
95
31 2823
45
32
13
40
64
25
53
26
72
58
0th
10th
20th
30th
40th
50th
60th
70th
80th
90th
100th
85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 1720
18 Y
TD
Past performance is not a guide to future performance and may not be repeated.
Largest positive contributions to performance
Largest negative contributions to performance
Stock selection attribution – Schroder Tokyo Fund3 months to 30 April 2018
7
Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: FactSet. Contributions are purely indicative as FactSet uses unaudited data. Stock weights are average weights over the period and returns are expressed in JPY.
Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact
TDK Corp 2.8 2.6 7.5 0.3 Bridgestone 3.2 2.6 -11.7 -0.2
Sankyu Inc 2.2 2.2 9.1 0.3 Sekisui Chemical 1.4 1.2 -17.1 -0.1
Shimadzu 0.9 0.8 17.2 0.2 Nintendo Co Ltd 0.3 -0.8 14.7 -0.1
Otsuka Holdings 1.5 1.0 7.7 0.1 Fujitsu Ltd 1.3 1.1 -17.7 -0.1
JGC Corp 1.3 1.2 7.4 0.1 Unipres Corp 0.8 0.8 -20.0 -0.1
Total 1.0 Total -0.8
Past performance is not a guide to future performance and may not be repeated.
Largest positive contributions to performance
Largest negative contributions to performance
Stock selection attribution – Schroder Tokyo Fund12 months to 30 April 2018
8
Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: FactSet. Contributions are purely indicative as FactSet uses unaudited data. Stock weights are average weights over the period and returns are expressed in JPY.
Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact
Sankyu Inc 2.0 2.0 58.2 0.7 SK Kaken Co 2.1 2.1 3.3 -0.4
TDK Corp 2.7 2.5 38.1 0.5 Hi-Lex Corp 1.8 1.8 -1.3 -0.4
Disco Corp 2.1 2.0 37.6 0.4 KDDI Corp 2.9 1.7 -4.0 -0.3
Shimadzu 0.8 0.7 70.6 0.3 Nintendo Co Ltd 0.3 -0.7 83.4 -0.3
Haseko Corp 1.3 1.2 38.8 0.3 Keyence Corp 0.0 -1.1 48.4 -0.3
Total 2.1 Total -1.6
Past performance is not a guide to future performance and may not be repeated.
Schroder Tokyo Fund
9
Sectors shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: FactSet. Contributions are purely indicative as FactSet uses unaudited data.
YTD attribution
-1.4
-1.2
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
Air T
ransp
orta
tion
Ba
nks
Ch
em
ica
ls
Co
nstru
ctio
n
Ele
ctric
Ap
plia
nce
s
Ele
ctric
Po
we
r & G
as
Fis
hery
, Ag
r & F
ore
stry
Foods
Gla
ss &
Ce
ram
ics P
rodu
cts
Info
rma
tion &
Co
ms
Insura
nce
Iron &
Ste
el
Land T
ransporta
tion
Ma
chin
ery
Ma
rine
Tra
nsp
orta
tion
Me
tal P
rodu
cts
Min
ing
Nonfe
rrous M
eta
ls
Oil &
Co
al P
rodu
cts
Oth
er F
inan
cin
g B
usin
ess
Oth
er P
rodu
cts
Ph
arm
aceu
tica
l
Pre
cis
ion In
stru
ments
Pu
lp &
Pa
pe
r
Re
al E
sta
te
Re
tail T
rade
Ru
bb
er P
rodu
cts
Securitie
s &
Com
Futu
res
Se
rvic
es
Textile
s &
Ap
pa
rels
Tra
nsp
orta
tion
Eq
uip
me
nt
Wa
reho
usin
g &
Ha
rbor T
ran
s…
Wh
ole
sale
Tra
de
Allocation effect Selection effect
12 months to 30 April 2018
Past performance is not a guide to future performance and may not be repeated.
Correlation with “Value” is a recent phenomenon
10
Source: Thomson Reuters Datastream, weekly data as at 30 April 2018. Securities/Index shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
1.08
1.1
1.12
1.14
1.16
1.18
1.2
0.280
0.285
0.290
0.295
0.300
0.305
0.310
0.315
Mar
13
Aug
13
Jan
14
May
14
Oct
14
Mar
15
Jul 1
5
Dec
15
Apr 1
6
Sep
16
Jan
17
Jun
17
Nov
17
Mar
18
Schroder Tokyo Fund relative to Topix Index Topix Value relative to Topix Index (rhs)
Typically style factors are outweighed by stock selection
Policy
Recent transactions (Last 3 months to 30 April 2018)
12
– Toyota Industries– Bandai Namco– Kureha Corp
– Okinawa Electric Power– Mitsubishi Corp
– IHI Corp– Nippon Soda– Murata Manufacturing– Recruit Holdings– Unipres Corp
– Honda Motor– Yamada Denki– ABC-MART– Shimadzu Corp
Newly added: Outright sales:
Additions: Reductions:
Source: Schroders. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
– Slightly pro cyclical, additions to cyclicals
– Overweight financials – slightly underweight banks but overweight insurance, adding to Nomura
– Underweight large cap consumer electronics, prefer components, SPE – but reducing latter on
strength
– Overweight autos – broadly defined
– Slightly overweight small/micro cap
– Overweight retail
– Adding to real estate
Policy
13
Source: Schroders, as at 31 March 2018. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.
Started a new holding in SMC, pneumatic equipment maker
14
SMC relative to Topix1
(Rebased to 100)
SMC market share in pneumatic equipment2
1Source: Thomson Datastream, as at 30 April 2018.2Source: BoAML, as at 31 December 2017.Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
85
90
95
100
105
110
115
120
125
130
135
140
Dec
15
Feb
16
Apr 1
6
Jun
16
Aug
16
Oct
16
Dec
16
Feb
17
Apr 1
7
Jun
17
Aug
17
Oct
17
Dec
17
Feb
18
Apr 1
8
SMC relative to Topix Index
“Short sell” report issued
Japan 70%
Europe 20%
North America 23%
China 38%
Past performance is not a guide to future performance and may not be repeated.
JXTG (leading integrated oil producer)
15
JXTG relative to Topix Index Market share trends of Japanese Oil product whole
Source: Schroders, Thomson Datasteam as at 30 April 2018. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
40
50
60
70
80
90
100
110
Jan
13
Jun
13
Nov
13
Apr 1
4
Sep
14
Feb
15
Jul 1
5
Dec
15
May
16
Oct
16
Mar
17
Aug
17
Jan
18
JXTG relative to Topix Index
Added to position in anticipation of FCF improvements
Rebased to100
48%
31%
14%
2% 5%0%
JXTGIdemitsu + Showa ShellCosmo OilKignus OilTaiyo OilOthers
1996 2016
15%
8%
2%
12%
16%14%
11%
7%
5%4%
2%2% 4%
Nippon Oil Mitsubishi OilKyusyu Oil Japan EnergyIdemitsu Cosmo OilShowa Shell MobilEsso General OilKignus Oil Taiyo OilOthers
FCF improvements through consolidation & investment discipline
Added to position
Past performance is not a guide to future performance and may not be repeated.
TDK
16
TDK relative to Topix Index TDK Operating profits by business (Y bil)*
Source: Schroders, Thomson Datasteam as at 30 April 2018. *Note: FY16 figures excludes one-time gains (sales of RF business) and losses (restructuring charges). Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Forecast risk warning: Please see the information slide at the end of this presentation.
70
80
90
100
110
120
130
140
150
160
170
Jan
13
May
13
Sep
13
Jan
14
May
14
Sep
14
Jan
15
May
15
Sep
15
Jan
16
May
16
Sep
16
Jan
17
May
17
Sep
17
Jan
18
TDK relative to Topix Index
Trimmed positions as our thesis began to play out
Rebased to100
-100
-50
0
50
100
150
200
FY11 FY12 FY13 FY14 FY15 FY16 FY17e FY18e FY19e
Eliminations OthersSensors Film productsApplied Magnetics Passives componentstotal
Business transformation leading stable & sustainable earnings growthPast performance is not a guide to future performance and may not be repeated.
Started new position in Toyota Industries – trades at a discount to the market value of its shareholdings, whilst key business lines should benefit from growth in E-commerce and EVs
17
Breakdown of OP 3/17 (Daiwa estimate) Market value of Toyota Industries shareholders and enterprise value of materials handling equipment
Source: Schroders, Daiwa Securities, as at 30 April 2018. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
Past performance is not a guide to future performance and may not be repeated.
9
21
70
Others Compressors Material Handling equipment
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
03/4 04/10 06/4 07/10 09/4 10/10 12/4 13/10 15/4 16/10 18/4
(Y bn)
Market value of Toyota Industries’ shareholdings – net interest-bearing debt + estimated EVs of material-handling equipment/compressor opsMarket value of Toyota Industries’ shareholdings – net interest-bearing debt + estimated EV of material-handling equipment ops
Market value of Toyota Industries’ shareholdings – net interest-bearing debt
Overweight/underweight positions %
Active sector positions – Schroder Tokyo FundAs at 30 April 2018
18
Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Sectors shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
3.8
3.0
2.2
2.1
-1.7
-1.8
-3.5
-3.6
Land Transportation
Insurance
Rubber Products
Retail Trade
Other Products
Information & Communication
Foods
Services
7.8
5.2
3.0
7.0
0.5
5.6
0.9
0.7
% of portfolio Underweight Overweight
Overweight positions (%) Underweight positions (%)
Active stock positions – Schroder Tokyo FundAs at 30 April 2018
19
Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
2.4
2.4
2.3
2.1
2.0
2.0
1.9
1.9
1.8
1.7
Bridgestone
TDK Corp
Sankyu Inc
SK Kaken
SMFG
Mitsui & Co
Japan Airlines
KDDI Corp
East Japan Railway
Hi-Lex Corp
-1.5
-1.4
-1.3
-1.0
-0.9
-0.8
-0.8
-0.8
-0.8
-0.8
SoftBank
Sony Corp
Keyence Corp
Mizuho Financial Gp
Fanuc Corp
Nintendo Co Ltd
Mitsubishi Corp
NTT DoCoMo
Kao Corp
Shin-Etsu Chemical
UnderweightOverweight
Style Research Skyline
Fund risk characteristics – Schroder Tokyo FundAs at 30 April 2018
20
Source: Schroders PRISM inc cash. Based on unaudited data. Figures from Style Research unless otherwise stated.
Schroder Japan Growth Fund plc
Schroder Japan Growth Fund plc - performanceAs at 30 April 2018
22
Source: Schroders, Morningstar, cum-income NAV with dividends reinvested . *Inception date 11 July 1994 . The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested. The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.Source of ratings: Morningstar, as at 30 April 2018. Please refer to the Morningstar disclaimer in the important information at the end of this document.
Fund size: £326.3m
Benchmark: Tokyo Stock Exchange 1st Section Index (TOPIX) (Total
Return)
Net gearing: 13%
Number of holdings: 87
Past performance is not a guide to future performance and may not be repeated.
Returns in GBP
Schroder Japan Growth -0.7 +13.8 +12.3 +12.5 +4.0
TSE 1st Section Index (TOPIX) +0.6 +13.4 +13.2 +11.2 +1.8
Relative -1.3 +0.4 -0.9 +1.3 +2.2
3 months
(%)
3 year
(%p.a.)
5 year
(%p.a.)
Since inception
(%p.a.)*
1 year
(%)
Schroder Japan Growth Fund plc
23
Source: Schroders, Morningstar, cum-income NAV with dividends reinvested.
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 investors may not get back the amounts originally invested.
Schroder Japan Growth Fund plc – risk factors:
• Currency risk : The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses.
• Equity risk : Equity prices fluctuate daily, based on many factors including general, economic, industry or company news.
• Liquidity risk : In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares.
• Operational risk : Failures at service providers could lead to disruptions of fund operations or losses.
Returns in GBP
Schroder Japan Growth plc +21.5 -8.2 +5.7 +32.9 +7.0 +17.9 +23.0 +16.1
TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6
Relative +2.0 +3.7 +2.9 +8.3 +4.3 -0.3 -0.4 +0.5
2017(%)
2016(%)
2015(%)
2010(%)
2012(%)
2013(%)
2014(%)
2011(%)
Fund premium/discount1 Relative performance vs. TOPIX2
Strong record of long-term outperformanceAs at 30 April 2018
24
90
100
110
120
130
140
150
160
170
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1Source: Bloomberg, Premium/discount is calculated as the fund’s share price as a percentage of NAV.2Source: Schroders, Thomson Reuters Datastream. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested.
-40-20
020406080
100120140160180200220240
Jul-1
994
Jan-
1996
Jul-1
997
Jan-
1999
Jul-2
000
Jan-
2002
Jul-2
003
Jan-
2005
Jul-2
006
Jan-
2008
Jul-2
009
Jan-
2011
Jul-2
012
Jan-
2014
Jul-2
015
Jan-
2017
% Premium/Discount Price Net Asset Value
AppendixInvestment process
Research resourceDeep knowledge and experience of sector specialist
26
Source: Schroders, as at 31 March 2018.
Large and Mid Cap AnalystYears of
Investment Experience
SchrodersCareer
Real Estate, Electric Power and Gas, Housing Construction, Plant Construction, Other Financials Masaaki Nishikori 20 18
Machinery, Transport Equipment, Rubber Products Tetsuo Iwashita 28 11
Telecommunication, Media, Printing, Amusement, Service, Software, Internet Akira Namegawa 26 18
Pharmaceutical, Foods, Toiletry Products Madoka Sato 25 31
Banks, Securities, Insurance Kazuko Yabutani 18 17
Air, Land and Marine Transport, Warehouse, Retail Hiromi Mori 15 11
Precision, Consumer Electronics, Electronic Components, Industrial Electronics, Semiconductor Production Equipment, Glass and Ceramics Takafumi Miura 7 2
Wholesale, Non-ferrous Metals, Oil, Chemical, Iron&Steel Joshua Bennison 3 1>
Small Cap Fund Manager/Analyst
Services, Healthcare, Housing/Real Estate, Transportation, Electronic Components, Consumer Goods, Specialty Retailer, Financials Ayumi Kobayashi 24 14
Materials, Chemicals, Capital Goods, Foods (Materials), Restaurants, Constructions, Transportation Equipment Takuya Furutani 23 14
Electrical Appliances, IT Services, Media, Internet Kota Takahashi 12 5
Research structureResource is committed to areas of greatest potential added value
Source: Schroders, as at 31 March 2018.
2,308 Company Contacts in 2017
Large and Mid Cap Stocks
– Unbiased– Cover larger size
c.400 stocks
Small Cap Stocks– Cover stocks with
market cap smaller than top c.400 stocks
– Buy list of c.200 companies
Large and Mid Cap Analyst
– 8 sector analysts– Average 18 years’
experience
Small Cap Team– 3 Specialists– Average 20 years’
experience
27
Research universedetermine fair
value and rating
Discussstock ideas and sector
views
Bottom-up approach based on in-house research
Strong valuation discipline with contrarian bias
Long-term approach with low turnover
Typically overweight in mid & small caps
Schroder Tokyo Fund Key features
Source: Schroders, as at 31 March 2018.
1
2
3
28
4
Investment process summaryIdea generation from in-house research
Source: Schroders, as at 31 March 2018.
29
Analyst researchMarket cap
Top 400 stocks+ Small cap
Research discussionStock ideas and sector
views
Portfolio construction
Fund managers meeting
exchange views
Trade execution and risk control
Stock selection Portfolio construction and risk management
Fund Manager research
Net cash adjustment
Profit cycle adjustment
Fair value
Quality ranking criteria:– Growth– Quality of earnings– Financial strength– Management– Shareholder focus
Fund managers and analysts discuss fair values and stock grading proposed by analysts
Fair value modelConsistent valuation discipline
30
Source: Schroders, as at 31 March 2018.
EPS (FY3)Analysts’ earnings forecasts
Market PER(FY3)
Qualitative analysisPremium/discount
– Research recommendations are the key input to the portfolio construction process
– The greater the level of conviction in a recommendation (grades 1 – strong buy and 4 – strong sell) the more closely this is reflectedin portfolios
Portfolio: combined active positions by stock grading
Research recommendations drive portfolio constructionPositions by stock grading
31
Source: Schroders. *Active positions for Schroder Tokyo Fund at 31 March 2018.
-50% -30% -10% 10% 30% 50%
Not graded
Grade 4
Grade 3
Grade 2
Grade 1
Overweight Underweight
Total active position*
Buy
Sell
SummarySchroder Tokyo Fund
32
Source: Schroders, as at 31 March 2018
Strong and experienced Japanese Equity Team
Long-term, bottom-up, research-driven process with consistent valuation discipline
The successful application of our process is evident in our performance record
1
2
3
Thank you
Disclaimer
34
For professional advisers only. This material is not suitable for retail clients.
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 investors may not get back the amount originally invested.
Schroders has expressed its own views and these may change. The data contained in this document has been sourced by Schroders and should be independently verified before further publication or use. This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect.
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroder Unit Trusts Limited (Schroders) does not warrant its completeness or accuracy. No responsibility can be accepted for error of fact or opinion. This does not exclude or restrict any duty or liability that Schroders has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors.
Disclaimer
35
Source for ratings: The Adviser Centre, Morningstar, City Financial, Fund Calibre, Square Mile and Rayner Spencer Mills, as at 30 April 2018.
© 2018 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf
Issued in May 2018 by Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA. Registered No. 4191730 England. Authorised and regulated by the Financial Conduct Authority. JE00198
ContactAdvisory sales desk: +44 (0) 207 658 3894
Asset Manager sales desk: +44 (0) 207 658 3210
Schroder Investment Management Limited,
31 Gresham Street, London EC2V 7QA.
schroders.com