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SOURCEYOUR SINGLE SOURCE OF CIRILIUM INFORMATION

28 FEBRUARY 2018

THIS DOCUMENT IS FOR USE WITH A FINANCIAL ADVISER ONLY

Old Mutual Global Investors

CIRILIUM REVIEWFEBRUARY 2018

MARKET REVIEW

Most will remember February 2018 as a difficult month. First, almost every US inflation indicator surprised to the upside, prompting a technical sell-off in risk assets. While fourth-quarter global GDP data was positive, as the month progressed, global activity data began surprising to the downside. Then US Federal Reserve (Fed) chair Jerome Powell broke with the tradition of his two predecessors by teeing up a hawkish FOMC outcome at its meeting on 21 March, while President Donald Trump imposed his third and most significant round of trade sanctions on steel and aluminium imports.

Consequently, while global equities pared back initial losses, concerns over the sustainability of the strong growth momentum held back a more meaningful recovery. Regionally, emerging markets stalled versus their developed peers. Cyclicals stocks, which broadly move in sync with the economy, struggled versus defensives, which trade consistently under more difficult conditions, as bond yields fell back from elevated levels. The pullback was particularly noticeable in mining stocks, where sentiment was clearly knocked by US trade sanctions.

PERFORMANCE

Government bond markets in the main benefited amid mixed economic data and the announcement of import tariffs, both of which fuelled nervousness among investors. Company bond markets softened largely in sympathy with the weaker tone in stock and other risk markets.

For UK investors investing overseas, the dual threat of Trump being hawkish on trade, and the new Fed chair Powell being hawkish on monetary policy, has been supportive of recent dollar strength. This had a positive impact upon US dollar denominated assets.

The month was inevitably challenging for both the Cirilium active and passive fund ranges. However, a higher level of cash and diversification for the lower risk Cirilium active funds was largely responsible for its outperformance relative to the passive funds and the peer group average. At the other end of the risk spectrum, the passive funds held the upper hand, largely due to the benefits of currency appreciation and a higher weighting in US dollar denominated assets.

ACTIVITY

Investment activity was busier than usual during the month, although the timing of our new investments should be considered as coincidental to market weakness rather than a clever ruse to pick the market bottom. For example, the Conservative and Balanced funds added to their holdings in AEW Long Lease. Conservative and Balanced also added a new holding in HICL Infrastructure Fund. This is a large, well-managed infrastructure specialist fund that we believe is good value. However, political concerns over the nationalisation of PFI projects under a future Labour government together with exposure to Carillion have hit sentiment hard. While acutely aware of the risks, however, we believe that investors are being overly conservative, which leaves considerable value in the shares.

We have also added two new managers across much of the Cirilium active range, namely Fidelity China Consumer Fund and Usonian Japan Value. The clue is in the name for both of these funds, but importantly, we believe both offer exposure to exceptional managers and trends that are expected to prosper over the longer term. We also added to our Henderson Strategic Bond holding following a positive meeting with the manager and OM Woodford Equity Income following portfolio weakness. Neil Woodford is clearly going through a tumultuous period, but through a careful and disciplined approach, we believe the fund presents an attractive opportunity. With a clear lack of obvious opportunities, investors have to work hard and be sure to look in every corner for growth and/or value at a reasonable price.

PAUL CRAIGPORTFOLIO MANAGER

Cirilium Multi-Asset Portfolios

CIRILIUMBREAKDOWN OF HOLDINGSAs at 28 February 2018

Continued overleaf

ManagerConservative

%Balanced

%Moderate

%Dynamic

%Adventurous

%

ALTERNATIVES 11.27 12.32 13.84 17.28 11.48

HEDGE 4.88 5.97 6.82 6.16 3.76

APQ GLOBAL APQ CAPITAL -- -- 0.31 0.61 --

CZ ABSOLUTE RETURN ALPHA CZ 2.03 2.10 2.16 2.26 0.97

IPM SYSTEMATIC MACRO IPM 0.86 0.86 0.88 -- 0.94

MYGALE EVENT DRIVEN MYGALE 0.67 1.36 1.39 1.44 0.91

OLD MUTUAL UK SPECIALIST OLD MUTUAL 0.33 0.49 0.59 0.87 --

SYSTEMATICA ALTERNATIVE RISK PREMIA SYSTEMATICA 0.98 1.15 1.49 0.98 0.94

PRIVATE EQUITY -- -- 1.05 4.32 8.34 6.41

EUROVESTEC SELF-MANAGED -- -- -- 0.06 --

GRAPHITE ENTERPRISE GRAPHITE -- -- 0.63 0.59 --

HARBOURVEST GLOBAL PRIVATE EQUITY HARBOURVEST -- 1.05 2.12 2.47 1.79

INTERNATIONAL OIL & GAS -- -- -- 0.00 0.00 --

PANTHEON INTERNATIONAL PANTHEON -- -- -- 2.67 1.68

RIVERSTONE ENERGY RIVERSTONE -- -- 1.37 2.33 2.94

STANDARD LIFE EURO PRIVATE EQUITY STANDARD LIFE -- -- 0.20 0.22 --

PROPERTY 6.39 5.31 2.69 2.78 1.31

AEW UK LONG LEASE REIT AEW 0.48 0.28 -- -- --

EDISTON PROPERTY EDISTON 1.00 0.95 -- -- --

IMPACT HEALTHCARE REIT CARNE GLOBAL 0.79 0.71 0.74 -- --

INFRASTRUCTURE INDIA PLC IIP -- 0.01 0.02 0.01 --

JOHN LAING ENVIRONMENTAL ASSETS JOHN LAING CAPITAL MGMT 0.51 -- -- -- --

NEXTENERGY SOLAR NEXTENERGY CAPITAL 1.35 1.13 1.08 1.15 --

RAVEN RUSSIA SELF-MANAGED -- -- -- 0.73 1.31

RAVEN RUSSIA PRFD Stock SELF-MANAGED 0.66 0.72 0.79 0.85 --

REAL ESTATE INVESTORS SELF-MANAGED -- 0.03 0.07 0.05 --

RENEWABLES INFRASTRUCTURE GROUP INFRA-RED 0.70 0.58 -- -- --

STARWOOD EUROPEAN REAL ESTATE FINANCE STARWOOD 0.91 0.90 -- -- --

CASH & FIXED INTEREST 70.66 45.83 26.28 6.92 4.22

CASH 1.29 5.07 2.26 1.13 1.18

CASH EQUIVALENT 8.29 3.19 1.33 -- --

CADES 1.000% 07/03/18 -- 0.40 0.19 -- -- --

EIB 16/04/19 GBP -- 2.00 0.99 0.49 -- --

INTER-AMERICAN DEVELOPMENT BANK 5.500% 23/08/21 -- 0.13 0.14 -- -- --

UK TREASURY BILL 18/06/2018 -- 1.97 0.33 -- -- --

UK TREASURY BILL 21/05/2018 -- -- -- 0.84 -- --

UK TREASURY BILL 23/04/2018 -- 1.58 1.54 -- -- --

UK TREASURY BILL 23/07/2018 -- 2.21 -- -- -- --

CASH FUND 2.88 -- -- -- --

DEUTSCHE CASH FUND SELF-MANAGED 0.00 -- -- -- --

GOLDMAN SACHS STERLING LIQUID RESERVES GOLDMAN SACHS 2.88 -- -- -- --

GLOBAL FIXED INTEREST 35.42 25.41 16.13 2.25 3.04

APQ GLOBAL 3.500% 30/09/24 APQ CAPITAL 0.01 -- -- -- --

AQR GLOBAL AGGREGATE BOND AQR 2.95 1.92 -- -- --

ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE 3.44 2.90 1.94 -- --

ASHMORE EMERGING MARKETS TOTAL RETURN ASHMORE 1.82 2.27 1.85 -- --

BLACKSTONE GSO LOAN FINANCING BLACKSTONE 0.65 0.69 0.73 0.69 --



ManagerConservative

%Balanced

%Moderate

%Dynamic

%Adventurous

%

CASH & FIXED INTEREST (CONT’D)

CARADOR BLACKSTONE -- -- 0.80 -- --

CATCO REINSURANCE OPPORTUNITIES C CATCO 1.07 1.09 0.96 0.99 1.12

CATCO REINSURANCE OPPORTUNITIES CATCO 0.45 0.44 0.54 0.57 --

CVC EUROPEAN CREDIT OPPORTUNITIES CVC 2.42 1.26 1.29 -- --

DW CREDIT CATALYSTS BREVAN HOWARD -- 0.29 -- -- --

EUROCASTLE INVESTMENT TRUST EUROCASTLE -- -- -- -- 1.92

FAIR OAKS DYNAMIC CREDIT FAIR OAKS 0.93 1.25 0.59 -- --

FAIR OAKS INCOME FUND FAIR OAKS 1.20 1.21 -- -- --

JPMORGAN CONVERTIBLES INCOME JPMORGAN 1.43 0.02 -- -- --

NB DISTRESSED DEBT NEUBERGER BERMAN 0.84 -- -- -- --

OLD MUTUAL COCOS OLD MUTUAL 1.76 1.50 1.11 -- --

OLD MUTUAL EMERGING MARKET DEBT OLD MUTUAL 2.04 1.00 1.00 -- --

OLD MUTUAL GLOBAL STRATEGIC BOND OLD MUTUAL 1.70 0.00 -- -- --

OLD MUTUAL STRATEGIC ABSOLUTE RETURN BOND OLD MUTUAL 3.23 1.85 -- -- --

OM LOCAL CURRENCY EMD OLD MUTUAL 3.00 2.47 1.98 -- --

PIMCO INCOME PIMCO 0.00 -- -- -- --

WELLS FARGO INVESTMENT GRADE CREDIT WELLS FARGO 1.78 1.68 0.69 -- --

WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO 2.99 1.84 1.33 -- --

WELLS FARGO US HIGH YIELD WELLS FARGO 1.71 1.73 1.33 -- --

UK FIXED INTEREST 22.78 12.16 6.56 3.54 --

BROOKS GROUND RENT INCOME FUND BROOKS MACDONALD 1.08 -- -- -- --

HADRIANS WALL SECURED INVESTMENTS HADRIANS WALL CAPITAL 0.23 0.23 0.27 0.29 --

HADRIANS WALL SECURED INVESTMENTS C HADRIANS WALL CAPITAL 0.11 0.12 0.13 0.13 --

HENDERSON STRATEGIC BOND HENDERSON 4.90 2.87 1.43 -- --

HONEYCOMB INVESTMENT TRUST HONEYCOMB 0.90 1.04 1.12 1.19 --

OLD MUTUAL ABSOLUTE RETURN GOVERNMENT BOND FUND

OLD MUTUAL 2.30 -- -- -- --

OLD MUTUAL CORPORATE BOND FUND (U2 INC) OLD MUTUAL 2.05 0.84 -- -- --

OM BOND 1 (TWENTY FOUR) TWENTY-FOUR 1.91 1.75 1.52 0.80 --

OM BOND 2 (FIDELITY) FIDELITY 2.67 2.23 -- -- --

OM BOND 3 (DU PONT) DU PONT 2.95 1.45 0.95 -- --

RM SECURED DIRECT LENDING PLC C RM CAPITAL -- 0.39 -- -- --

RM SECURED DIRECT LENDING PLC RM CAPITAL 0.79 -- -- -- --

SEQUOIA ECONOMIC INFRASTRUCTURE SEQUOIA 1.09 0.88 0.75 -- --

SQN ASSET FINANCE INCOME SQN 0.05 0.17 0.23 0.24 --

SQN ASSET FINANCE INCOME C SQN 0.35 0.19 0.15 0.10 --

UK MORTGAGES LTD (TWENTY FOUR) TWENTY-FOUR 1.41 -- -- -- --

VPC SPECIALTY LENDING INVESTMENTS VICTORY PARK CAPITAL -- -- -- 0.79 --

EQUITIES 16.76 41.02 60.00 75.82 84.34

ASIA 1.53 3.80 4.48 5.11 4.69

OCEAN DIAL GATEWAY TO INDIA OCEAN DIAL -- -- 0.35 0.75 --

OM ASIAN EQUITY (OMGI) OLD MUTUAL 0.74 2.43 4.12 4.36 3.74

SCHRODER ASIAN TOTAL RETURN SCHRODER 0.78 1.37 -- -- 0.95

EMERGING MARKETS 0.97 2.62 5.83 7.93 11.52

FIDELITY CHINA CONSUMER FUND FIDELITY -- -- 0.74 1.01 1.89

FIDELITY CHINA SPECIAL SITUATIONS FIDELITY -- -- -- 1.03 2.32

OLD MUTUAL GLOBAL EMERGING MARKETS OLD MUTUAL -- -- -- -- 1.70

Continued overleaf



Continued overleaf

ManagerConservative

%Balanced

%Moderate

%Dynamic

%Adventurous

%

EQUITIES (CON’T’D)

PACIFIC NOS EM EQUITY NORTH OF SOUTH -- 1.01 1.01 1.01 3.45

TEMPLETON EMERGING TEMPLETON -- 0.68 1.71 1.93 --

WELLS FARGO EM EQUITY INCOME WELLS FARGO 0.97 0.93 2.37 2.95 2.15

EUROPE 2.29 6.86 10.92 13.02 14.39

FP CRUX EUROPEAN CRUX ASSET MANAGEMENT -- 0.78 1.23 1.72 2.38

HERMES EUROPE EX UK HERMES -- 1.41 1.44 0.98 2.41

MITON EUROPEAN OPPORTUNITIES MITON -- 1.46 1.62 2.15 2.27

MONTANARO EUROPEAN INCOME MONTANARO 0.92 1.38 1.58 1.67 --

MONTANARO EUROPEAN MID-CAP MONTANARO -- -- 1.50 2.21 1.53

OLD MUTUAL EUROPE EX UK SMALLER COMPANIES OLD MUTUAL -- 0.92 1.54 2.02 1.81

OLD MUTUAL EUROPEAN EQUITY (EX UK) OLD MUTUAL 1.38 0.92 0.98 0.80 1.84

OLD MUTUAL HENDERSON EUROPEAN FUND HENDERSON -- -- 1.03 1.47 2.15

GLOBAL 1.81 5.13 5.12 7.79 6.58

INVESTEC QUALITY GLOBAL EQUITY INCOME INVESTEC 0.83 1.27 1.08 1.63 1.76

MONKS BAILLIE GIFFORD -- 0.93 -- 1.90 --

MURRAY INTERNATIONAL ABERDEEN -- 0.85 -- -- --

POLAR AUTOMATION AND ARTIFICAL INTELLIGENCE POLAR CAPITAL -- 0.96 2.44 2.50 2.66

WELLS FARGO GLOBAL EQUITY WELLS FARGO 0.97 1.12 1.60 1.76 2.16

JAPAN 2.08 5.70 8.25 10.80 11.63

BAILLIE GIFFORD JAPANESE INCOME GROWTH BAILLIE GIFFORD 1.04 1.44 1.95 2.49 4.70

BLACKROCK JAPAN EQUITY TRACKER BLACKROCK -- -- 0.00 -- --

NEPTUNE JAPAN NEPTUNE -- 2.02 3.51 4.64 4.59

NEPTUNE JAPAN INSTITUTIONAL NEPTUNE 1.04 1.27 1.83 2.20 --

USONIAN JAPAN VALUE USONIAN -- 0.97 0.97 1.47 2.34

SPECIALIST EQUITY 0.88 2.06 3.15 3.73 7.13

BLACKROCK NEW ENERGY BLACKROCK -- -- 0.00 0.00 --

ISHARES GLOBAL ENERGY BLACKROCK -- -- -- -- 1.96

PERSHING SQUARE HOLDINGS PERSHING SQUARE -- 0.40 0.83 1.08 1.21

POLAR CAPITAL FINANCIALS INCOME POLAR CAPITAL 0.88 1.66 2.33 2.65 3.96

POLAR CAPITAL TECHNOLOGY POLAR CAPITAL -- -- 0.00 -- --

UK 5.36 10.78 17.33 22.14 23.00

CAMBRIA AUTOMOBILES SELF-MANAGED -- -- -- 0.40 --

DIVERSE INCOME TRUST MITON -- -- 0.39 0.64 0.60

FIDELITY SPECIAL VALUES FIDELITY -- -- 0.51 0.71 --

HANSA HANSA CAPITAL -- -- -- 0.50 --

HENDERSON UK EQUITY INCOME HENDERSON -- 0.00 0.00 0.00 --

MERCANTILE INVESTMENT TRUST JPMORGAN -- -- 1.04 1.20 --

MITON UK VALUE OPPORTUNITIES MITON 1.43 1.90 2.90 3.45 4.69

MONTANARO UK INCOME MONTANARO 0.94 1.56 1.42 0.97 2.29

MONTANARO UK SMALLER MONTANARO -- 0.00 0.76 1.05 --

NORTH ATLANTIC SMALLER JO HAMBRO -- -- 0.56 0.41 --

OLD MUTUAL UK ALPHA OLD MUTUAL -- 1.18 1.41 1.91 1.60

OLD MUTUAL WOODFORD EQUITY INCOME WOODFORD -- 1.49 2.25 2.75 3.43

OM EQUITY 2 (INVESTEC) INVESTEC -- 0.75 1.18 1.66 1.48

POLAR UK VALUE OPPORTUNITIES POLAR CAPITAL 1.51 1.97 2.49 3.52 4.45

RIVER & MERCANTILE UK LONG TERM RECOVERY FUND RIVER & MERCANTILE 1.48 1.93 2.44 2.96 4.46



ManagerConservative

%Balanced

%Moderate

%Dynamic

%Adventurous

%

EQUITIES (CON’T’D)

WOODFORD EQUITY INCOME WOODFORD 0.00 -- -- -- --

US 1.85 4.06 4.92 5.31 5.40

MITON US OPPORTUNITIES MITON 1.96 2.89 2.92 2.95 2.76

US EQUITY EXPOSURE -- -0.11 -0.30 -0.47 -0.63 0.00

WELLS FARGO US SELECT EQUITY WELLS FARGO -- 1.47 2.47 2.99 2.65

WELLS FARGO US SELECT EQUITY WELLS FARGO -- 1.45 2.44 2.99 2.68

TOTAL 100.00 100.00 100.00 100.00 100.00

Please note due to rounding of figures they might not add up to 100%.The Old Mutual Cirilium Strategic Income Fund was closed on 28 September 2016.

OLD MUTUAL CIRILIUM CONSERVATIVE PORTFOLIO

FUND FACTSHEET

R CLASS | GBP | ACCUMULATION

28 FEBRUARY 2018

.

FUND OBJECTIVE

PAUL CRAIG FUND MANAGER SINCE MAR 2012

FUND SIZE £637.9m

PERFORMANCE (FIVE YEAR)

CUMULATIVE PERFORMANCE (%) 1 month 3 month 6 month 1Y 3Y 5Y

Fund -0.7 0.1 0.4 3.2 19.7 31.2

DISCRETE PERIOD PERFORMANCE (%) 2018 YTD 2017 2016 2015 2014 2013

Fund -0.5 5.8 13.4 2.5 5.7 4.9

DISCRETE PERIOD PERFORMANCE (%) - year on year ending Feb 2018 1 yr to 28/02/18 1 yr to 28/02/17 1 yr to 29/02/16 1 yr to 27/02/15 1 yr to 28/02/14

Fund 3.2 16.3 -0.3 7.3 2.1

Past performance is not a guide to future performance. Source: Factset. © Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 28/02/2018 unless otherwise stated.

TOP FIVE HOLDINGS

EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES OLD MUTUAL EUROPEAN EQUITY (EX UK) POLAR UK VALUE OPPORTUNITIES RIVER & MERCANTILE UK LONG TERM RECOVERY FUND TOTAL HOLDINGS 16

ALTERNATIVES CZ ABSOLUTE RETURN ALPHA EDISTON PROPERTY HICL INFRASTRUCTURE NEXTENERGY SOLAR SYSTEMATICA ALTERNATIVE RISK PREMIA TOTAL HOLDINGS 13

CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION HENDERSON STRATEGIC BOND OLD MUTUAL STRATEGIC ABSOLUTE RETURN BOND OM LOCAL CURRENCY EMD WELLS FARGO SHORT-TERM HIGH YIELD TOTAL HOLDINGS 45

CURRENT ASSET ALLOCATION

EQUITIES % UK 5.34 EUROPE 2.28 JAPAN 2.06 US 1.84 GLOBAL 1.80 ASIA 1.52 EMERGING MARKETS 0.96 SPECIALIST EQUITY 0.88 TOTAL 16.68

ALTERNATIVES % PROPERTY 5.49 HEDGE 4.90 OTHER 1.50 TOTAL 11.89

CASH AND FIXED INTEREST %

SPECIALIST CREDIT 15.57 CASH 12.32 FLEXIBLE 9.82 EMDH 7.28 HIGH YIELD 5.64 UK BONDS 4.71 EMDL 3.00 GLOBAL 2.95 ABSOLUTE RETURN 2.30 OTHERS 7.93 TOTAL 71.52

Please note due to rounding of figures they may not add up to 100%. Cash may also include the derivative exposure offset.

To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be conservative in that it will be broadly diversified across asset classes, but with a maximum exposure of 30% to equities and with a maximum volatility of 7%.

OLD MUTUAL CIRILIUM BALANCED PORTFOLIO

FUND FACTSHEET


28 FEBRUARY 2018

.

FUND OBJECTIVE


FUND SIZE £2,584.0m



Fund -1.3 -0.1 0.8 5.3 24.1 42.4


Fund -0.9 9.5 15.4 2.1 5.8 12.6


Fund 5.3 21.6 -3.1 8.6 5.7


TOP FIVE HOLDINGS

EQUITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) POLAR UK VALUE OPPORTUNITIES RIVER & MERCANTILE UK LONG TERM RECOVERY FUND TOTAL HOLDINGS 34

ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN NEXTENERGY SOLAR SYSTEMATICA ALTERNATIVE RISK PREMIA TOTAL HOLDINGS 14

CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE EMERGING MARKETS TOTAL RETURN HENDERSON STRATEGIC BOND OM BOND 2 (FIDELITY) OM LOCAL CURRENCY EMD TOTAL HOLDINGS 36


EQUITIES % UK 10.79 EUROPE 6.86 JAPAN 5.67 GLOBAL 5.15 US 4.07 ASIA 3.80 EMERGING MARKETS 2.61 SPECIALIST EQUITY 2.07 PROPERTY 0.01 TOTAL 41.02

ALTERNATIVES % HEDGE 6.02 PROPERTY 4.43 PRIVATE EQUITY 1.04 OTHER 0.99 TOTAL 12.48


SPECIALIST CREDIT 9.18 CASH 8.14 EMDH 6.19 HIGH YIELD 4.84 FLEXIBLE 4.74 UK BONDS 3.08 EMDL 2.48 GLOBAL 1.93 ABS 1.76 OTHERS 4.26 TOTAL 46.58


To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be cautious in that it will be broadly diversified across asset classes, but with a maximum exposure of 60% to equities and with a maximum volatility of 10%.

OLD MUTUAL CIRILIUM MODERATE PORTFOLIO

FUND FACTSHEET


28 FEBRUARY 2018

.

FUND OBJECTIVE





Fund -1.7 -0.2 1.5 6.4 28.3 52.0


Fund -1.2 11.6 18.1 2.3 6.9 16.5


Fund 6.4 26.7 -4.8 10.3 7.4


TOP FIVE HOLDINGS

EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) POLAR UK VALUE OPPORTUNITIES TOTAL HOLDINGS 42

ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN RIVERSTONE ENERGY SYSTEMATICA ALTERNATIVE RISK PREMIA TOTAL HOLDINGS 15

CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE EMERGING MARKETS TOTAL RETURN HENDERSON STRATEGIC BOND OM BOND 1 (TWENTY FOUR) OM LOCAL CURRENCY EMD TOTAL HOLDINGS 25


EQUITIES % UK 17.32 EUROPE 10.87 JAPAN 8.19 ASIA 5.20 GLOBAL 5.14 EMERGING MARKETS 5.06 US 4.92 SPECIALIST EQUITY 3.16 PROPERTY 0.02 TOTAL 59.89

ALTERNATIVES % HEDGE 6.87 PRIVATE EQUITY 4.30 PROPERTY 2.70 GLOBAL 0.00 TOTAL 13.87


SPECIALIST CREDIT 7.94 EMDH 4.79 CASH 3.58 HIGH YIELD 3.25 EMDL 1.98 ABS 1.53 FLEXIBLE 1.44 OTHER 1.11 INVESTMENT GRADE 0.69 TOTAL 26.30


To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be moderate in that it will be broadly diversified across asset classes, but with a maximum exposure of 80% to equities and with a maximum volatility of 13%.

OLD MUTUAL CIRILIUM DYNAMIC PORTFOLIO

FUND FACTSHEET


28 FEBRUARY 2018

.

FUND OBJECTIVE





Fund -2.1 -0.4 1.9 7.7 31.5 61.4


Fund -1.3 13.4 18.9 3.3 7.7 20.3


Fund 7.7 28.6 -5.0 11.8 9.8


TOP FIVE HOLDINGS

EQUITIES MITON UK VALUE OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) POLAR UK VALUE OPPORTUNITIES WELLS FARGO US SELECT EQUITY TOTAL HOLDINGS 44

ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN PANTHEON INTERNATIONAL RIVERSTONE ENERGY TOTAL HOLDINGS 15

CASH AND FIXED INTEREST BLACKSTONE GSO LOAN FINANCING CATCO REINSURANCE OPPORTUNITIES HONEYCOMB INVESTMENT TRUST OM BOND 1 (TWENTY FOUR) VPC SPECIALTY LENDING INVESTMENTS TOTAL HOLDINGS 10


EQUITIES % UK 22.18 EUROPE 12.99 JAPAN 10.74 GLOBAL 7.82 EMERGING MARKETS 6.91 ASIA 6.11 US 5.32 SPECIALIST EQUITY 3.74 PROPERTY 0.01 TOTAL 75.83

ALTERNATIVES % PRIVATE EQUITY 8.28 HEDGE 6.20 PROPERTY 2.79 GLOBAL 0.00 TOTAL 17.27


SPECIALIST CREDIT 4.99 CASH 1.10 ABS 0.81 OTHER 0.00 TOTAL 6.90


To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be diversified across asset classes, but with a maximum exposure of 90% to equities and with a maximum volatility of 16%.

OLD MUTUAL CIRILIUM ADVENTUROUS PORTFOLIO

FUND FACTSHEET


28 FEBRUARY 2018

.

FUND OBJECTIVE

PAUL CRAIG FUND MANAGER SINCE JUN 2017

FUND SIZE £30.2m

PAST PERFORMANCE

TOP FIVE HOLDINGS

EQUITIES BAILLIE GIFFORD JAPANESE INCOME GROWTH MITON UK VALUE OPPORTUNITIES NEPTUNE JAPAN POLAR UK VALUE OPPORTUNITIES RIVER & MERCANTILE UK LONG TERM RECOVERY FUND TOTAL HOLDINGS 33

ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY PANTHEON INTERNATIONAL RAVEN RUSSIA RIVERSTONE ENERGY TOTAL HOLDINGS 8

CASH AND FIXED INTEREST CATCO REINSURANCE OPPORTUNITIES EUROCASTLE INVESTMENT TRUST TOTAL HOLDINGS 2


EQUITIES % UK 23.02 EUROPE 14.39 JAPAN 11.57 EMERGING MARKETS 9.60 SPECIALIST EQUITY 7.11 GLOBAL 6.61 ASIA 6.56 US 5.41 TOTAL 84.27

ALTERNATIVES % PRIVATE EQUITY 6.40 HEDGE 3.80 PROPERTY 1.32 TOTAL 11.52


SPECIALIST CREDIT 3.04 CASH 1.19 TOTAL 4.23

Please note due to rounding of figures they may not add up to 100%.

The share class launched on 1 June 2017 and therefore will not present past performance data until the share class has been running for a full 12

month period.

To achieve long term capital growth through investment in markets both in the UK and overseas. The Fund will typically have a maximum exposure of 100% to equities with a maximum volatility of 19%.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rates may cause the value of overseas investments to rise or fall.

The Old Mutual Cirilium Multi-asset portfolios are managed by Old Mutual Investment Management Limited. Old Mutual Investment Management Limited replaced Intrinsic Cirilium Investment Company Limited as the Authorised Corporate Director of the Fund on 1 December 2014. This communication is issued by Old Mutual Global Investors (UK) Limited (trading name Old Mutual Global Investors), a member of the Old Mutual Group. Old Mutual Global Investors is registered in England and Wales under number 02949554 and its registered office is 2 Lambeth Hill London EC4P 4WR. Old Mutual Global Investors is authorised and regulated by the UK Financial Conduct Authority (“FCA”) with FCA register number 171847 and is owned by Old Mutual Plc, a public limited company limited by shares, incorporated in England and Wales under registered number 3591 559. This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the prospectus and the simplified prospectus of the Fund which can be obtained from www.cirilium.com OMGI 03_18_0069

SOURCE

WWW.CIRILIUM.COM

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