Download - Nma dynamic real return presentation sept 13
Threadneedle Dynamic Real Return Fund
Toby Nangle – Head of Multi-Asset
September 2013
June 2013
For institutional investors
Brighton – NMA Conference
Threadneedle Investments
Asset allocation is central to our business
Source: Threadneedle, as at 30 June 2013.
AUM includes externally managed funds under administration.
1
Assets under management
Client breakdown
An established global asset manager
Founded 1994
AUM £83.5 billion
153 investment professionals and 710 employees
£32.2 billion AUM in asset allocation fund and mandates
Sole focus is active management of client assets
Offers a broad spectrum of capabilities
Equities
Fixed Income
Commodities
Multi-asset
Property
Owned by Ameriprise Financial Inc.
Fixed
income
35.0%
Equities
55.4%
Property
6.8%Cash
2.8%
Multi-Asset
38.6%
Other
61.4%
Retail
32.6%
Institutional
67.4%
1
10
100
1,000
1870 1890 1910 1930 1950 1970 1990 2010
Real UK TRR (BarCap)
Real US Equity Prices (Shiller)
1929
Bretton
Woods/ OPEC
Crisis/ UK
Secondary
Banking Crisis
Tech
Bubble
GFCWWII
1921 UK
Depression
WWI
Why Multi-Asset?
We present a volatility-controlled approach to investing
that seeks to capture equity-like returns with less volatility
Sources: Threadneedle, Barclays Capital and Robert Shiller, (http://www.econ.yale.edu/~shiller/data/ie_data.xls), as at December 2012.
We believe that
Equities will continue to deliver attractive
long-term returns
Equities are volatile and can underperform
when investors most need good returns
Volatility is here to stay
Multi-asset investing can provide attractive
positive returns whilst helping to keep
volatility in check
40%+ equity market drawdowns
2
The World is Our Oyster! Calendar Year Returns in GBP, 2000-2012
The spread between strongest and weakest asset classes
is substantial even in ‘boring’ years
Sources: Bloomberg, December 2012.
3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Comdty UK Corp Bds Comdty EM Eq EM Eq EM Eq Euro Eq EM Eq Global Govt
Bds EM Eq Gold I/L Gilts Global HY Bds
Global Govt
Bds Gold Gold Global HY Bds Global HY Bds Japan Eq EM Eq Gold Gold Global HY Bds EM Eq Gilts UK Corp Bds
UK Corp Bds Global HY Bds UK Corp Bds Euro Eq Euro Eq Comdty UK Eq Comdty Gilts UK Eq Comdty Gold Euro Eq
Gilts Gilts Gilts Japan Eq UK Eq Gold Global HY Bds Euro Eq I/L Gilts Euro Eq Japan Eq UK Corp Bds EM Eq
I/L Gilts Global Govt
Bds I/L Gilts UK Eq I/L Gilts Euro Eq Gold
Global Govt
Bds Japan Eq UK Corp Bds US Eq
Global Govt
Bds US Eq
Gold EM Eq Global Govt
Bds US Eq Japan Eq UK Eq I/L Gilts I/L Gilts UK Corp Bds US Eq Global HY Bds Global HY Bds UK Eq
Euro Eq I/L Gilts Global HY Bds Comdty UK Corp Bds US Eq US Eq UK Eq Comdty Gold UK Eq US Eq Japan Eq
UK Eq US Eq EM Eq Gold Gilts I/L Gilts UK Corp Bds Gilts US Eq Comdty UK Corp Bds UK Eq Gilts
US Eq UK Eq Japan Eq UK Corp Bds US Eq UK Corp Bds Gilts US Eq Euro Eq I/L Gilts Global Govt
Bds Euro Eq Gold
Global HY Bds Comdty UK Eq I/L Gilts Global Govt
Bds Gilts Japan Eq Global HY Bds Global HY Bds Gilts I/L Gilts Comdty I/L Gilts
Japan Eq Euro Eq Euro Eq Global Govt
Bds Comdty Global HY Bds
Global Govt
Bds UK Corp Bds UK Eq Japan Eq Euro Eq Japan Eq
Global Govt
Bds
EM Eq Japan Eq US Eq Gilts Gold Global Govt
Bds Comdty Japan Eq EM Eq
Global Govt
Bds Gilts EM Eq Comdty
Emerging Market Equities -25% 0% -15% 41% 17% 50% 17% 38% -36% 62% 23% -18% 13%
US Equities -5% -10% -30% 16% 3% 18% 1% 5% -14% 15% 20% 2% 11%
European Equities -0% -18% -26% 25% 13% 22% 18% 13% -27% 23% 8% -10% 15%
UK Equities -4% -12% -23% 19% 11% 20% 15% 7% -30% 29% 13% -2% 10%
Japanese Equities -22% -27% -19% 23% 8% 40% -6% -5% -4% -4% 20% -14% 4%
Commodities 43% -17% 14% 12% 2% 35% -10% 15% -12% 7% 21% -13% -5%
Gold 2% 5% 13% 8% -2% 31% 8% 29% 44% 12% 34% 11% 2%
Conventional Gilts 9% 3% 9% 2% 7% 8% 0% 5% 14% -1% 7% 17% 3%
Global Government Bonds 10% 2% 8% 4% 3% 4% -7% 9% 51% -7% 9% 7% -3%
I/L Gilts 4% -1% 8% 7% 8% 10% 3% 8% 4% 6% 9% 20% 1%
UK Corporate Bonds 10% 7% 10% 7% 7% 9% 1% 1% -9% 15% 9% 7% 15%
Global HY Bonds -6% 5% 0% 31% 15% 5% 11% 2% -27% 59% 15% 3% 19%
Asset Allocation Team
Drawing on the resources of our entire investment
platform via our most experienced investors
Source: Threadneedle, as at July 2013.
1 An employee of Columbia Management.
Jim Cielinski Head of Fixed Income
30 years experience
3 years at Threadneedle
William Davies Deputy Head of Equities
28 years experience
18 years at Threadneedle
Matthew Cobon Head of Government & FX
17 years experience
3 years at Threadneedle
Rajeev Kapur Portfolio Construction
& Implementation
10 years experience
4 years at Threadneedle
Portfolio Construction & Implementation Asset Allocation Strategy
Toby Nangle Asset Allocation
16 years experience
2 years at Threadneedle
Alex Lyle Asset Allocation
33 years experience
33 years at Threadneedle
Leigh Harrison Head of Equities
30 years experience
7 years at Threadneedle
Mark Burgess Chief Investment Officer
27 years experience
3 years at Threadneedle
Robert Webb Portfolio Construction
& Implementation
5 years experience
5 years at Threadneedle
4
Threadneedle Dynamic Real Return Fund
Drawing on the ideas of our entire investment platform via our most experienced investors
Full look-through to all positions better enables portfolio construction
No double charging
Effective governance
Targeting CPI+4% in line with long-run real return of equities
Aiming for equity-like returns with up to two-thirds of equity volatility
A volatility-controlled strategy that seeks to capture market upside in uncertain times
Real returns & lower
volatility
Dynamic & unconstrained
Long-only, unleveraged, risk-controlled, index-unconstrained
Dynamically managed asset allocation; there is no ‘neutral’
Uses direct holdings, derivatives, ETFs, and in-house funds
Key Characteristics
A collaborative and risk-oriented approach
5
Any target returns stated on these slides are internal fund manager targets and do not form part of the funds objectives.
Why target CPI+4%?
Targeting an equity-like return
6
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
15yr Annualised Real Return of UK Equities 30yr Annualised Real Return of UK Equities
Long-Run Equity Returns over Inflation
Source: Bank of England, Barclays Capital and Threadneedle, 31 December 2012. Any target returns stated on these slides are internal fund manager targets and do
not form part of the funds objectives
We expect equities to deliver positive and
attractive total returns over the medium-term
The GAA Fund aims to deliver 100% of equity
returns with up to two-thirds of ex post equity
risk, over a 3-5yr horizon
We aim to do this by actively managing the
portfolio’s asset allocation, and adding value
at the stock and sector level
On a monthly basis we:
Show the range of opportunities available to
investors investing in static asset allocations of US
and Global equities and bonds, making transparent
to clients our success in harvesting returns
Show portfolio exposures and changes, providing
the rationale for these changes
Example Historic Risk1 and Return – 3yrs
Threadneedle (Lux) Global Asset Allocation Fund
Source: Threadneedle, as at March 2013. Performance is shown on a gross basis, and expressed in
US$. Gross performance based on Global Close prices, unadjusted income reinvested, and the TER
(Total Expense Ratio). Past performance is not a guide to future returns.
1 Risk: Annualised Standard Deviation of monthly returns.
Equity-like returns with up to two-thirds equity volatility
100% UST Index
100% Global
Equity Index
GAA Performance
Target
Performance
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Annualised Volatility of Return
Annualis
ed R
etu
rn
7
Asset Allocation Strategy output – our current views (September 2013)
Where should we be invested & how much risk should we be taking?
Source: Threadneedle, as at September 2013.
Strongly Dislike Dislike Neutral Favour Strongly Favour
Asset Allocation Government I/L Cash
Credit
Equity
Commodity
Property
Equity Region EU x UK US
UK
EM
Pac x Japan
Japan
Global Equity Sector
Energy
Utilities
Telco
Fins
Materials
Industrials
Health
Staples
Technology
Consumer Cyclicals
Bond - FX Hdgd Japan
Germany
US
UK
Nordic
Australia
EM Local
Credit Corporate IG EMD
Corporate HY
Commodity Base Metals
Softs
Grains
Livestock
Precious
Energy
FX AUD JPY
Euro
GBP
Nordics USD
X
8
Current risk appetite
Threadneedle Dynamic Real Return Portfolio
Sizing risk budgets in line with asset
allocation strategy output
Source: Threadneedle, as at 30 June 2013.
1 Uses ten years of equally-weighted monthly returns to June 2013 and assumes that no risk is added or subtracted from stock-selection.
For reference, the measure of historical volatility calculated for MSCI ACWI over the same sample window was 16.7%.
9
Dev Equity
40.0%
EM Equity
5.0%
DM Govt
22.4%
I/L Bonds
1.5%
HY Credit
7.5%
Commodity
4.7%
EM Local
7.0%
IG Credit
5.0%
Cash
7.0%
JPY
8%
EM
8%
Commodity
5%
USD
13%
GBP
68%
Portfolio disaggregation of risk1
Portfolio anticipated volatility of 6.8% p.a.
-
2%
4%
6%
8%
10%
12%
Threadneedle Dynamic Real Return Fund
Investment
Objective
To achieve a positive real rate of return from capital appreciation and income over the medium to long term, at
least above the rate of inflation (defined as the Consumer Price Index). Regardless of market conditions, it also
aims to provide a positive return over a maximum period of 3 years
Neutral Allocation Unconstrained by any index
Asset allocation
parameters
Dynamic asset allocation can vary significantly to reflect Threadneedle’s asset allocation views:
Equities range: 0-75%
Fixed income range: 0-100%
Commodities range: 0-20%
Property range: 0-20%
Alternatives range: 0-10%
Implemented via direct investments, derivatives, and internal funds.
Where internal funds are used there is no double-charging and risk management systems have full position-
level look-through
Approach Long-only, unleveraged
Legal structure NURS
Dealing Daily
Fees AMC: 75 bps (Z-class), OCF: 97bps
Base currency GBP
10
1 Any target returns stated on these slides are internal fund manager targets and do not form part of the funds objectives.
Key characteristics
Investment process in practice 3
Investment process in practice – Japanese Equities 1. Economic Research
1 Updated as at 25 April 2013.
12
Threadneedle Macro Research
Japan economic forecasts1 “After the BOJ this morning we had a meeting with
CB Richard Ellis the property guys and they are
having a great time. And all the companies I've
seen so far will need to revise up their forecasts.”
E-mail from Sarah Williams,
Head of Japanese Equities,
Tokyo 4th June
47 company meetings held in May
Threadneedle Micro Research
End-2013 End-2014
2011 2012 Current (T) (cons) (T) (cons)
GDP
(year/year) -0.5 2.0 0.7 1.5 1.0 1.3 1.5 1.3
Headline inflation
(year end) -0.3 0.0 -0.7 0.0 -0.2 0.1 2.0 1.9
Investment process in practice – Japanese Equities 2. Valuation Research
Fair valuation taking consensus estimates
13
Forward Japanese Inflation Expectations
Priced into Fixed Income Markets Cross-Asset Valuation Framework
-1.0
-0.5
-
0.5
1.0
1.5
2.0
2.5
3.0
Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17
Inte
rpo
late
d 1
2m
th C
PI D
isco
un
ted
Valuation criteria met (05/06/13) Economic criteria met (22/05/13)
UK
US
Braz
France
Japan
Spain
ACWI EM
Germany
HSI
Spain
Mexico
Germany
US Agg
France
UK
US
Japan
Italy
Ireland
EMBI
GBI - EM
y = 0.3209x + 0.0312
R 2 = 0.8505
0%
2%
4%
6%
8%
10%
12%
-5% - +5% +10% +15% +20%
(Annualised Vol of 36mth Monthly Returns X Correlation to MSCI ACWI)
YT
M o
r Im
pli
ed
Co
st
of
Eq
uit
y C
ap
ital
Equity Fixed Income
Source: Bloomberg and Threadneedle, June 2013.
Investment process in practice – Japanese Equities 3. Strategy
End of deflation transforms Japan RoE
14
Australia
USSwitz
UKCanada
Germany
JapanEM
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3% 5% 7% 9% 11% 13% 15%
Return on Equity
Pri
ce/
Bo
ok
End of Deflation transforms RoE Transformed RoE gives scope for re-rating
within equity markets
Source: Threadneedle, June 2013
-40%
-20%
0%
20%
40%
60%
80%
Jun 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Feb 13 Mar 13 Apr 13 May 13 Jun 13
3m
th r
ollin
g r
etu
rn D
eco
mp
osed
by C
han
ge t
o E
PS
& C
han
ge
in M
ult
iple
10
11
12
13
14
15
16
17
18
19
20
12m
th F
orw
ard
P/E
3mth Chg in 12mth Fw d EPS 3mth Chg in 12mth Fw d PE 3mth Return 12mth fw d PE
Investment process in practice – Japanese Equities Summary
Topix 3mth rolling return decomposed by changes to 12mth forward P/E changes and 12mth forward EPS changes
15
Threadneedle Upgraded
Macro Forecasts
Abe wins opposition leadership election
PM Noda calls General Election; Short TOPIX
vs S&P cut from absolute return funds
Threadneedle overweight
Japan initiated
Threadneedle Micro
field research
Source: Bloomberg and Threadneedle, June 2013.
Investment process in practice – Japanese Equities Sizing the position
8% NAV Japanese Equity position
contributes 1% to portfolio risk
16
Highly correlated
volatile assets:
High barriers to entry
Negatively
correlated assets:
Low barriers to entry
AA - Broad Categories
NAV Risk Of Total
Equity Dev Equity 40.0% 4.72% 69.8%
EM Equity 5.0% 45.01% 0.89% 13.1% 83.0%
Comdty Commodity 4.7% 4.74% 0.27% 3.9%
Govt Govt Bonds 22.4% -0.09% -1.4%
I/L Bonds 1.5% 23.87% 0.03% 0.4% -1.0%
Credit Credit 12.5% 0.55% 8.2%
EM Local 7.0% 19.50% 0.19% 2.9% 11.0%
Cash & FX FX 0.0% 0.19% 2.9%
Cash 8.4% 8.40% 0.01% 0.1% 3.0%
Property Property 0.0% - - -
6.8%
Confidence Worst Mth
1mth Hist VaR 95% -3.55% -9.87%
1mth Para Var 95% -3.21%
Ex Ante StDev 6.76%
As % of MSCI AC 42%
Diversity Benefit 4.2%
Overall Portfolio Vol
-
5%
10%
15%
20%
25%
30%
35%
-1.0 -0.5 0.0 0.5 1.0
Correlation to Total Portfolio
Vo
lati
lity
of
Retu
rn
Total Portfolio 02:01
02:02 02:03
02:04 03:01
03:02 03:03
03:04 03:05
04:03 05:02
05:03
Bubble denotes size of position as % NAV
Australian Bonds
14% NAV
UK Equities
20% NAV
Energy
US HY
4.6% NAV
Japan Equity
8% NAV
EM Equities
5% NAV
Source: Threadneedle, June 2013.
-30%
-10%
10%
30%
50%
70%
2005 2006 2007 2008 2009 2010 2011 2012 2013
Contribution of mining capex to growth in GDP over 4 quarters
Example: Australian Bonds Economic Research
Ma
cro
Res
ea
rch
17
Mic
ro R
es
earc
h
Mining capex accounted c.60% of GDP growth
over the last four quarters
“The overall tone was pretty downbeat. I think some
investors went to Barcelona intending to do some
bottom fishing, but actually it is hard to find stocks
that look cheap once you put in truly conservative
commodity price forecasts.”
E-mail from Georgina Hellyer, Commodities Analyst,
Emerging Market Equities, after meeting management
from 15 companies In Barcelona, May 2013
25
30
35
40
45
50
55
60
65
70
Dec-
05
Dec-
06
Dec-
07
Dec-
08
Dec-
09
Dec-
10
Dec-
11
Dec-
12
PM
I
-25
-20
-15
-10
-5
0
5
10
15
20
Bu
sie
nss C
on
dit
ion
s
PMI - Production NAB Business Conditions
Away from mining, the economy is
weak and has been deteriorating
Source: Bloomberg and Threadneedle, June 2013
UK
US
Braz
France
Japan
Spain
ACWIEMGermany
HSI
Spain
Mexico
Germany
US Agg
Australia
UK
US
Japan
Italy
Ireland
EMBI
GBI - EM
y = 0.3107x + 0.0323
R2 = 0.8344
0%
2%
4%
6%
8%
10%
12%
-5% - +5% +10% +15% +20%
(A nnualised Vo l o f 36mth M o nthly R eturns X C o rrelat io n to M SC I A C WI)Y
TM
or
Imp
lied
Co
st
of
Eq
uit
y C
ap
ital
Equity
Fixed Income
Example: Australian Bonds Valuation Research
One cut gently being priced in, and a yieldy negative correlator vs equities
18
90 Day Australian Bank Bill Future Curve Cross-Asset Valuation Framework
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
Jul-30 2013
Jun-30 2013
Dec-31 2012
Source: Bloomberg and Threadneedle, June 2013.
Example: Australian Bonds Sizing the position in the portfolio
14% NAV Australian bond position reduces
portfolio risk by 0.15%
19
Highly correlated volatile
assets:
High barriers to entry
Negatively correlated
assets:
Low barriers to entry
AA - Broad Categories
NAV Risk Of Total
Equity Dev Equity 40.0% 4.72% 69.8%
EM Equity 5.0% 45.01% 0.89% 13.1% 83.0%
Comdty Commodity 4.7% 4.74% 0.27% 3.9%
Govt Govt Bonds 22.4% -0.09% -1.4%
I/L Bonds 1.5% 23.87% 0.03% 0.4% -1.0%
Credit Credit 12.5% 0.55% 8.2%
EM Local 7.0% 19.50% 0.19% 2.9% 11.0%
Cash & FX FX 0.0% 0.19% 2.9%
Cash 8.4% 8.40% 0.01% 0.1% 3.0%
Property Property 0.0% - - -
6.8%
Confidence Worst Mth
1mth Hist VaR 95% -3.55% -9.87%
1mth Para Var 95% -3.21%
Ex Ante StDev 6.76%
As % of MSCI AC 42%
Diversity Benefit 4.2%
Overall Portfolio Vol
-
5%
10%
15%
20%
25%
30%
35%
-1.0 -0.5 0.0 0.5 1.0
Correlation to Total Portfolio
Vo
lati
lity
of
Retu
rn
Total Portfolio 02:01
02:02 02:03
02:04 03:01
03:02 03:03
03:04 03:05
04:03 05:02
05:03
Bubble denotes size of position as % NAV
Australian Bonds
14% NAV
UK Equities
20% NAV
Energy
US HY
4.6% NAV
Japan Equity
8% NAV
EM Equities
5% NAV
Source: Threadneedle, June 2013.
Historic asset allocation by asset class Historic asset allocation by currency
Actively implementing our evolving asset allocation views
Dynamic, active, index-unconstrained
Source: Threadneedle, as at 31 May 2013.
Data is shown is for the Threadneedle (Lux) Global Asset Allocation Fund.
20
0
10
20
30
40
50
60
70
80
90
100
Aug-
12
Sep-
12
Oct-
12
Nov-
12
Dec-
12
Jan-
13
Feb-
13
Mar-
13
Apr-
13
May-
13
USD AUD CAD Europe x UK GBP
JPY Commod EM MXN PLN
0
10
20
30
40
50
60
70
80
90
100
Aug-
12
Sep-
12
Oct-
12
Nov-
12
Dec-
12
Jan-
13
Feb-
13
Mar-
13
Apr-
13
May-
13
Dev Equity EM Equity HY Credit IG Credit
EM Local Commodities Dev Govt Cash
Appendix: Biographies AP3
Biography
TOBY NANGLE
Head of Multi-Asset
Toby Nangle joined Threadneedle as Head of Multi-Asset in 2012. In this role he is responsible for managing and
co-managing a range of multi-asset portfolios, as well as providing strategic and tactical input to the Threadneedle
asset allocation process.
Prior to joining Threadneedle Toby worked at Baring Asset Management, initially in the fixed income team and
subsequently as Director of the Multi-Asset Group. He holds degrees in History and International Relations from
the University of Cambridge.
Threadneedle start date: 2012
Industry start date: 1997
22
Key Risks of the Threadneedle Dynamic Real Return Fund
23
Investment risk – The value of investments can fall as well as rise and investors might not get back the sum originally invested.
Investment in funds – The Investment Policy allows the fund to invest principally in units of other collective investment schemes. Investors should consider the
investment policy and asset composition in the underlying funds when assessing their portfolio exposure.
Currency risk – Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the
investments.
Investor currency risk – Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your
investments.
No capital guarantee – Positive returns are not guaranteed and no form of capital protection applies.
Issuer risk – The fund invests in securities whose value would be significantly affected if the issuer either refused to pay or was unable to pay or perceived to be
unable to pay.
Inflation risk – Most bond and cash funds offer limited capital growth potential and an income that is not linked to inflation. Therefore, inflation can affect the real
value of capital and income over time.
Interest rate risk – Changes in interest rates are likely to affect the fund’s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice
versa.
Valuation risks – The fund’s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold.
Investment in derivatives – The Investment Policy of the fund allows it to invest materially in derivatives.
Volatility risk – The fund may exhibit significant price volatility.
Important information
24
Information for Investment Professionals Only. Past performance is not a guide to future performance.
The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not
get back the amount invested.
The dealing price may include a dilution adjustment where the fund experiences large inflows and outflows of investment. Further details are available in the Prospectus.
Threadneedle Opportunity Investment Funds ICVC (“TOIF”) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales,
authorised and regulated in the UK by the Financial Conduct Authority (FCA) as a Non-UCITS scheme.
This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment
advice or services.
Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports and the
applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to inves ting in any fund and specifically this Fund. The above
documents are available in English only and may be obtained free of charge on request from Threadneedle Investments at PO Box 10033, Chelmsford, Essex CM99 2AL.
Tax treatment depends on individual circumstances. Tax concessions are not guaranteed and tax legislation may change in the future.
The mention of any specific shares or bonds should not be taken as a recommendation to deal.
The mention of any specific shares or bonds should not be taken as a recommendation to deal. Threadneedle Investments does not give any investment advice. If you are in doubt
about the suitability of any investment, you should speak to your financial adviser.
The fund characteristics described above are internal guidelines (rather than limits and controls). They do not form part of the fund’s objective and policy and are subject to change
without notice in the future.
The research and analysis included in this document has been produced by Threadneedle Investments for its own investment management activities, may have been acted upon
prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be
seen as investment advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed.
This document is a marketing communication. The research and analysis included in this document have not been prepared in accordance with the legal requirements designed to
promote its independence and have been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and
is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment
advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed.
This presentation and its contents are confidential and proprietary. The information provided in this presentation is for the sole use of those attending the presentation. It may not be
reproduced in any form or passed on to any third party without the express written permission of Threadneedle Investments. This presentation is the property of Threadneedle
Investments and must be returned upon request.
Issued by Threadneedle Investment Services Limited. Registered in England and Wales, Registered No. 3701768, St Mary Axe, London EC3A 8JQ, United Kingdom. Authorised
and regulated in the UK by the Financial Conduct Authority.
Threadneedle Investments is a brand name and both the Threadneedle Investments name and logo are trademarks or registered trademarks of the Threadneedle group of
companies.