direct factsheet nov 12

7/30/2019 Direct Factsheet Nov 12

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MANAGERS MONTHLY COMMENTARY NOVEMBER 2012

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 ofworking in investment sales and

marketing, previously as Head of UK

Retail Sales for BNY Mellon (Newton

Investment Management).

For further information call :

0113 274 7700

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

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 severa

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 last couple of years we have had some

reservations about China and believe that

consensus has - and continues to be - overly

bullish at the corporate level. That being said

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.

Email : [email protected]

Or visit us at :www.myddletoncroft.co.uk

currency 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 whenyields are only 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.

IMPORTANT INFORMATIONThis information has been approved for distribution

to 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 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. 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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MCIM Balanced Defensive Portfolio NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

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 CowellChief Executive, possessing over 40 years

experience in financial services, with over25 years being investment management

focussed.

SALES:

Julie Jones

Julie has over 20 years experience ofworking in investment sales and

marketing, previously as Head of UK RetailSales for BNY Mellon (Newton Investment

Management).

Model portfolios include cost of underlying

investments and Myddleton Crofts annual

management fees, but not the charges for

custodian, dealing and settlement (equivalent to




ASSET ALLOCATION

p a orm c arges


0113 274 7700Email : [email protected]

Or visit us at :www.myddletoncroft.co.uk

IMPORTANT INFORMATIONThis information has been approved for distri bution 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

performance and may not be repeated. The value ofinvestments and the income from them may go downas well as up 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 solicitationfor the purchase or sale of any security or any otheraction, without first seeking advice as to the suitability

of it for your needs.*Clients portfolios may differ from model portfolios

dependent on their specific objectives.19%

19%

5%

7%

9%

25%

16%

UK Equities

International Equities

Alternatives

Commodities

UK Fixed Interest

Global Fixed Interest

Cash


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MCIM Balanced Cautious Portfolio NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes






David CowellChief Executive, possessing over 40

years experience in financial services,

with over 25 years being investment

management focussed.

SALES:

Julie JonesJulie has over 20 years experience ofworking in investment sales and






mana ement fees, but not the char es for




ASSET ALLOCATION


platform charges)



Or visit us at :

www.myddletoncroft.co.uk

IMPORTANT INFORMATION

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 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.

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.

*Clients portfolios may differ from model portfoliosdependent on their specific objectives.


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MCIM Balanced Moderate Portfolio NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes










SALES:











ASSET ALLOCATION

custodian, dealing and settlement (equivalent

to platform charges)



Or visit us at :




to retail and professional investors only. Theinformation 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






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.*Clients portfolios may differ from model portfolios

dependent on their specific objectives.


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MCIM Balanced Progressive Portfolio NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes










SALES:








***IMPORTANT NOTE : THE ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE PROGRESSIVE PORTFOLIO***




custodian, dealing and settlement (equivalent

to platform charges)



Or visit us at :


IMPORTANT INFORMATIONThis i nformation has been approved for distribution

to retail and professional investors only. Theinformation in this document is believed to be correct




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


consult your financial adviser. This material is notintended as an offer or solicitation for the purchase or

sale of any security or any other action, without firstseeking advice as to the suitability of it f or your needs.


ASSET ALLOCATION


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MCIM Balanced Adventurous Portfolio NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes










SALES:







mana ement fees but not the char es for

***IMPORTANT NOTE: THE HIGHLY ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE ADVENTUROUS PORTFOLIO***




ASSET ALLOCATION

,


platform charges)


0113 274 7700


Or visit us at :



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



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. 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.

*Clients portfolios may differ from model portfolios



7/9

MCIM Balanced Speculative Portfolio NOVEMBER 2012


2012 PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes










SALES:







mana ement fees but not the char es for




ASSET ALLOCATION

,


platform charges)


0113 274 7700


Or visit us at :





in this document is believed to be correct but cannot




go down as well as up 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.




8/9

INVESTMENT MANAGERS

Patrick Toes





Selection Committees for over 9 years and former

chairman of those committees at BWD Rensburg, he

holds a MSC in Investment Analysis and is an

Associate Member of the Society of Investment

Professionals (ASIP).


experience in financial services, with over

25 years being investment management

focussed. David formulates the macro

economic position and leads the investment process

across the portfolio range. He also has over 10 years

experience of business consultancy to small and

medium sized enterprises.



management fees, but not the charges for custodian,

dealing and settlement (equivalent to platform

charges)

MCIM Enhanced Income Portfolio NOVEMBER 2012

PERFORMANCE SINCE JAN 2008*

12 MONTH PERFORMANCE

INVESTMENT MANAGERS

Patrick Toes









focussed.

SALES:










Or visit us at :




to retail and professional investors only. The

information in this document is believed to be correct








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.



.




ASSET ALLOCATION

The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the

performance before that date (presented above) is from the back-tested portfolio and is provided for

illustration purposes only.


platform charges)



Or visit us at :





in this document is believed to be correct but cannotbe guaranteed. Past performance is not a guide to



go down as well as up and investors may not get backthe amounts originally invested. Before contemplating

any transaction, you should consult your financial

adviser. This material is not intended as an offer orsolicitation for the purchase or sale of any security or

any other action, without first seeking advice as to the



*


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MCIM Tactical Growth Portfolio NOVEMBER 2012

PERFORMANCE SINCE JAN 2011*

2012 PERFORMANCE*

INVESTMENT MANAGERS

Patrick Toes









focussed.

SALES:


marketing, previously as Head of UK Retail

Sales for BNY Mellon (Newton Investment

Management).






ASSET ALLOCATION


platform charges)



Or visit us at :




retail and professional investors only. The informationin this document is believed to be correct but cannot



value of investments and the income from them maygo down as well as up and investors may not get back

the amounts originally invested. Before contemplatingany transaction, you should consult your financial

adviser. This material is not intended as an offer orsolicitation for the purchase or sale of any security or

any other action, without first seeking advice as to the




*This has been run as a model portfolio since January 2011

direct factsheet nov 12

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