in focus - itv pensions - home page · 2017. 3. 22. · 1 year 11.6%10.7% 3 years (pa) 7.8%7.7% 5...

In focusInvestment update to 31 December 2016

This provides an overview of how the investment funds offered by the Scheme have performed. It’s produced 4 times a year to give you up-to-date

information, helping to put you in control of your pension investments.

View your fund investmentCompany bonds Property and Infrastructure

Emerging markets (index tracker) Shariah law (index tracker)

Global shares Social conscience

Global shares excluding UK (index tracker) UK government bonds (index tracker)

Global shares (index tracker) UK government inflation-linked bonds (index tracker)

Global shares (index tracker) & mixed selection UK shares

Mixed selection UK shares (index tracker)

Money markets

Find out more:Click the links below to view the quarterly performance figures for each fund.

About In focus

If you have a question or want to find out more about your investment options, visit the About > DC section > Investing section of this website

General investment update

Active vs index tracker funds

Performance of the hands off options

Help Yourself

Protection for your investments

http://www.itv-pensions.com/about/dc/investing.aspx

2

About In focus

In focus provides:

l Performance for each investment fund. To help you understand how the value of each fund changes over time, performance is given over 3 months, 1 year and, where possible, the average annual return over 3 years and 5 years (as not all of the funds have been running for this long). This will help you keep track of the performance of the different investment funds, and help you manage how your ITV pension savings are invested. Where possible, returns are shown after management charges have been deducted.

l Benchmark return. The benchmark is one way of measuring how well a fund has performed against its objectives. When the Trustees select a new fund, they agree with the investment manager the returns the fund is expected to achieve. The benchmark might be for the fund to match the returns achieved by an agreed index (for example, the FTSE All-Share Index), or to beat the returns of the index (for example, to achieve returns that are 2% above the FTSE All-Share Index). Because of this, the actual benchmark return fluctuates with market conditions and may be negative as well as positive.

The Trustees monitor how well the investment manager has performed against the benchmark return each quarter. However, when assessing their suitability as a manager, the Trustees consider a variety of measures and take a longer-term view, rather than the results of any one quarter.

Benchmark data is not shown for the index tracker funds, apart from the Shariah Law fund, due to licensing restrictions. However, the Trustees, together with their investment advisers, monitor these funds on an on-going basis and are satisfied that the funds continue to perform in line with their objectives.

l Annual provider charge. This shows the charge that the manager makes for investing each fund. The performance figures take these charges into account.

l Fund performance chart. Where possible, each chart shows how the value of your investment would have changed over a 3- or 5-year period, if you’d invested a one-off sum of £100 in that fund. Although bear in mind that, in reality, you would probably be investing contributions each month which would affect how your ITV pension savings might change in value.

The Scheme lets you choose, amongst other things, how your ITV pension savings are invested . Your savings move in line with your investment choices and, when you come to retire, you use your ITV pension savings to provide pension benefits. So how you choose to invest those savings, and how investments perform, is a critical factor in determining the actual value of your retirement benefits.

In focus provides details of the investment performance of the current fund range and is for general guidance only. The figures set out on the individual fund performance pages are sourced from Zurich. You’re responsible for carrying out your own investigations before deciding how to invest your ITV pension savings, and should take impartial financial advice if you’re not sure what to do or want specific advice about your own personal circumstances. Every effort has been made to ensure that this document is accurate. If there is any conflict between it and the Trust Deed and Rules, then the Trust Deed and Rules will take priority.

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General investment updateFor 1 October to 31 December 2016

OverviewOver the quarter to 31 December 2016 the markets recovered from the negative impact of the US presidential elections. This resulted in rising equity prices, bond yields increasing significantly and the strengthening of the dollar. European markets were affected by the Italian vote against constitutional change and the resignation of Prime Minister Renzi as well as the European Central Bank’s (ECB) amendment to its asset purchase programme. Purchases will now continue to December 2017 and the pool of purchasable bonds expanded to include bonds yielding below the ECB’s deposit rate of -0.4%.

SharesShares produced strong positive returns over the quarter to 31 December 2016, particularly North American equities (9.0%) and Japanese equities (5.1%). Emerging market equities did not perform as well as global equities but still produced a positive return (2.2%). Following President Trump’s victory, markets have reversed some of their gains but this was countered by exposure to growth areas such as the Chinese tech market. Whilst market volatility remains low it increased over the quarter.

BondsFollowing the US election, yields produced by developed market bonds increased for both long and short maturities. Driven by widening currency spreads following the US election and rising US treasury bond yields, Emerging Market debt produced negative sterling returns.

Property and Infrastructure The UK property market, in particular in London, began to rebound following the drop in prices as a result of the EU Referendum at the end of June, returning 2.6% over the quarter to 31 December 2016.

Outlook for the economyLow starting bond yields are driving historically weak expected five-year returns on bonds, but in many markets we still expect Government bonds to provide a reasonable risk premium versus cash. These falling Government bond yields have contributed to increased equity valuations, which now appear high, so low positive returns are expected for global equity indices over the next five years. We continue to recommend investments into alternative asset classes as diversification, through alternative assets, is a benefit at times of higher market volatility.

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About the funds: active vs index tracker

ActiveThe investment manager uses their expertise with the aim of choosing investments that will beat the returns of a particular index. Because of this, investment management charges may be higher than for index tracker funds. In return, funds managed in this way may do better than the index, but they can also under-perform if the manager makes the wrong choices. You can choose from 7 active funds in hands on. Funds that don’t have ‘index tracker’ in their title are actively managed:

l Company bondsl Global sharesl Mixed selectionl Money marketsl Property and Infrastructurel Social conscience

l UK shares

Index trackerThe manager chooses a market index and invests the fund in broadly the same investments that make up that index. The fund then follows (or ‘tracks’) the returns for that index which may rise or fall. You can choose from 8 index tracker funds in hands on. All funds that invest in this way have ‘index tracker’ incorporated into their name.

l Emerging markets (index tracker)l Global shares excluding UK (index tracker)l Global shares (index tracker)l Global shares (index tracker) & mixed selectionl Shariah Law (index tracker)l UK government bonds (index tracker)l UK government inflation-linked bonds (index tracker)l UK shares (index tracker)

Each fund is managed in one of 2 ways, either as an active or an index tracker fund.

You can find out more about your investment options in the About > DC section > Investing section of this website.

There are a number of indexes which are commonly used to gauge how investments are performing. An index is simply a group of investments. Some common indexes are explained below.FTSE All-Share Index: this is the Financial Times Stock Exchange (FTSE) All-Share Index. It is made up of all the shares of the companies listed on the London Stock Exchange. MSCI World Index: an index consisting of a wide selection of stocks traded in 23 developed countries. It is considered an important benchmark of the state of global stock markets.

Measuring performance


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Company bondsInvests in bonds issued by companies

Annual fund chargeFor every £100 you’ve invested in this fund, 39p will be deducted in annual fund charges. This is equivalent to a charge of 0.39% a year.

Return over the period to 31 December 2016

Investment return

Benchmark return

3 months -2.3% -2.6%

1 year 11.6% 10.7%

3 years (pa) 7.8% 7.7%

5 years (pa) 7.7% 7.3%

Invests inBonds (loans) issued by companies in Sterling (even those issued by overseas companies).

ReturnsExpected to produce modest to good growth at a fixed rate for a set number of years.

Level of investment riskMedium.

Bonds

View fund factsheet

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How your investment would have changed in value

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Emerging markets (index tracker)Invests in shares of emerging market economies


Investment return

3 months 2.2%

1 year 35.8%

3 years (pa) 8.7%

5 years (pa) 6.6%

Invests inShares of emerging markets economies, including South America, Russia, India and China.

ReturnsExpected to produce good growth over the longer term in line with the returns of the chosen index.

Level of investment riskHigh.

Shares

View fund factsheet



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Global shares Invests mainly in shares of UK and overseas companies


Investment return

Benchmark return

3 months 4.0% 7.1%

1 year 28.9% 28.2%

3 years (pa) 14.2% 14.5%

5 years (pa) 16.9% 15.6%

Invests inShares of UK and overseas companies.

Returns Expected to produce good growth over the longer term by actively choosing which shares to buy, sell or hold onto.


Shares

View fund factsheet



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Global shares excluding UK (index tracker) Invests in shares of overseas companies

Invests inShares of overseas companies.

Returns Expected to produce good growth over the longer term in line with the returns of an index of global shares.


Shares

View fund factsheetView fund factsheet


Investment return

3 months 8.4%

1 year 30.9%

3 years (pa) 15.3%

5 years (pa) 16.1%

Annual fund chargeFor every £100 you’ve invested in this fund, 15.3p will be deducted in annual fund charges. This is equivalent to a charge of 0.153% a year.


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Global shares (index tracker) Invests in shares of UK and overseas companies

Invests inShares of UK and overseas companies.

Returns Expected to produce good growth over the longer term in line with the returns of an index of global shares.


Shares

View fund factsheet


Investment return

3 months 5.1%

1 year 14.9%

3 years (pa) 8.1%

5 years (pa) 12.0%



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Global shares (index tracker) & mixed selection Invests in a wide variety of investment


Investment return

3 months 3.9%

1 year 10.7%

3 years (pa) 6.1%

5 years (pa) –

Invests inA combination of the Global shares (index tracker) fund and the Mixed selection fund; this means it’s made up predominantly of shares of UK and overseas companies, together with a wide variety of other investments including bonds, private equity, commercial property, currency hedge funds and commodities.

ReturnsExpected to produce good growth over the longer term by investing in a number of different types of investments.Level of investment riskHigh.

Shares / Mixed

View Global shares (index tracker) fund factsheet

View Mixed selection fund factsheet

View fund factsheet



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This fund was introduced in August 2013 so performance figures for 5 years aren’t available yet. As this fund is made up of a combination of the Global shares (index tracker) fund and the Mixed selection fund, please refer to these fund factsheets for details.

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Mixed selection Invests in a wide variety of investments


Investment return

Benchmark return

3 months 2.8% 2.1%

1 year 6.5% 7.6%

3 years (pa) 4.0% 6.9%

5 years (pa) 6.1% 7.3%

Invests inA wide variety of investments including shares, bonds, private equity, commercial property, currency hedge funds and commodities. By investing in this way, it spreads the types of risk that an investor is exposed to, with the aim of reducing the size of sudden changes in the value of the fund.

Returns Expected to produce good growth by investing in a number of different types of investments.

Level of investment riskMedium to high.

Mixed

View fund factsheet



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Money markets Invests in a variety of money market instruments as well as deposit accounts

Invests inA wide range of Sterling investments including short-term bank deposits, UK government bonds, and promissory notes such as bankers’ drafts and Treasury bills which allow money to be borrowed and lent for short periods of time.

ReturnsExpected to produce low growth at a similar rate to short-term government interest rates, and a high degree of protection to the value of your ITV pension savings (although even with this fund the value could fall).

Level of investment riskLow.

Money markets

View fund factsheet


Investment return

3 months 0.0%

1 year 0.2%

3 years (pa) 0.3%

5 years (pa) 0.3%



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Property and InfrastructureInvests in commercial properties


Investment return

Benchmark return

3 months -3.3% -0.3%

1 year 6.1% 8.7%

3 years (pa) 9.1% 12.5%

5 years (pa) 6.5% 10.1%

Invests inCommercial properties including retail, office, and warehousing.

ReturnsExpected to produce good growth from rental income and any increase in commercial property values.

Level of investment riskMedium to high.

Property and Infrastructure

View fund factsheet



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Shariah law (index tracker)Invests in shares of overseas companies that comply with Islamic Shariah principles


Investment return

Benchmark return

3 months 2.9% 3.1%

1 year 25.0% 25.3%

3 years (pa) 15.2% 15.5%

5 years (pa) 14.5% 15.2%

Invests inShares of companies that comply with the principles of Islamic Shariah law.

ReturnsExpected to produce good growth over the longer term in line with the returns of the Dow Jones Islamic Titans 100 Index.


Shares

View fund factsheet



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Social conscienceInvests in shares of UK companies that pass a set of socially responsible criteria


Investment return

Benchmark return

3 months 3.2% 6.9%

1 year 21.2% 29.6%

3 years (pa) 8.9% 14.6%

5 years (pa) 14.9% 15.5%

Invests inShares of companies that have social responsibility and sustainability at the centre of their business.

ReturnsExpected to produce good growth over the longer term through active investment in socially responsible and sustainable companies.


Shares

View fund factsheet



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UK government bonds (index tracker)Invests in government bonds issued with a long-term repayment period

Invests inGovernment bonds (loans) issued by the UK government with a long-term repayment period. Bonds are loans to organisations or governments which can be issued for different lengths of time. Bonds are traded in a similar way to shares so their values rise and fall, but not usually as sharply as the value of shares. ReturnsExpected to produce modest growth for a set number of years that matches the returns of an index of government securities.

Level of investment riskMedium to low.

Bonds

View fund factsheet


Investment return

3 months -7.7%

1 year 18.4%

3 years (pa) 14.4%

5 years (pa) 7.6%



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UK government inflation-linked bonds (index tracker)Invests in government bonds issued with a medium- to long-term repayment period

Invests inGovernment bonds (loans) issued by the UK government with a long-term repayment period. Bonds are loans to organisations or governments which can be issued for different lengths of time. Bonds are traded in a similar way to shares so their values rise and fall, but not usually as sharply as the value of shares. ReturnsExpected to produce modest growth in line with inflation for a set number of years.

Level of investment riskMedium to low.

Bonds

View fund factsheet


Investment return

3 months -5.7%

1 year 27.2%

3 years (pa) 15.3%

5 years (pa) 8.9%



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18

UK sharesInvests mainly in shares of UK companies


Investment return

Benchmark return

3 months 9.4% 3.9%

1 year 20.6% 16.8%

3 years (pa) 1.7% 6.1%

5 years (pa) 6.1% 10.1%

Invests inPredominantly shares of UK companies, although it may invest a small percentage in overseas shares from time to time.

ReturnsExpected to produce good growth over the longer term by actively choosing which shares to buy, sell or hold onto.


Shares

View fund factsheet



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UK shares (index tracker)Invests in shares of UK companies

Invests inShares of UK companies.

Returns Expected to produce good growth over the longer term in line with the returns of an index of UK shares.


Shares

View fund factsheet


Investment return

3 months 4.8%

1 year 16.0%

3 years (pa) 6.1%

5 years (pa) 10.4%



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Performance of the hands off options

Growth phase more than 10 years from your hands off completion date

Protection phase the 10 years leading up to your hands off completion date

With the hands off options, your ITV pension savings are invested in a range of pre-selected investment funds. How your savings are invested depends on which of the 4 hands off options you choose, as well as how far you are from your hands off completion date.

For the investment performance of the funds that currently make up the hands off options, please refer to the individual factsheets:l Company bondsl Global shares (index tracker) l Global shares (index tracker) & mixed selectionl Mixed selectionl Money markets l UK government bonds (index tracker)

You can find out more about your investment options in the About > DC section > Investing section of the website.

Gradually switches to Company bonds, UK government bonds (index tracker) and Money markets

100% in Global shares (index tracker)

Hands off option

Focused

Steady

Phased

Blended

Invests in…

100% in Mixed selection

100% in Global shares (index tracker) & mixed selection

When you’re more than 20 years from your hands off completion date invests100% in Global shares (index tracker)

Gradually switches to Mixed selection 20 years from your hands off completion date




At your hands off completion date your ITV pension savings will be invested:

45% in Company bonds

30% in UK government bonds (index tracker)

25% in Money markets


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Help YourselfHelp Yourself is a simple online tool that may help you decide how to invest your ITV pension savings.

Answer a few simple, multiple choice questions and Help Yourself will make an investment suggestion based on your answers.

It’s a generic tool so it’s no substitute for impartial financial advice, but it should get you thinking about the issues that matter and help you work out what kind of investor you are.

Visit www.itv-pensions.com > Tools > DC section

What if I need financial advice?By law neither the Scheme nor anyone connected with it can give you financial advice. If you’re not sure about what pension decisions to make, you should speak to an impartial financial adviser. To find the name of one in your area, visit www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser. You may have to pay for the services of the adviser.

http://www.itv-pensions.com/tools/dc/cont-calc.aspx

http://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

22

Protection for your investmentsThe funds we offer for you to invest in are currently provided through Zurich Assurance Limited. We don’t invest in the assets directly, but Zurich arranges this for us under an insurance policy we have with them. This is a common way of investing under UK pension schemes and helps us give you easy access to a range of investment funds.The Trustees’ policy with Zurich is currently covered by the Financial Services Compensation Scheme (FSCS). The FSCS is a compensation fund of last resort for customers of financial services firms. In the unlikely event that Zurich is unable to meet its financial obligations the Trustees would be able to make a claim to the FSCS for 100% of the value of the policy with Zurich. As an alternative, we would also expect the industry Regulator to seek to find another provider to take on the policy.

In practice, the investment funds provided through Zurich include funds run by fund managers and other organisations outside the Zurich group. In the unlikely event those other fund managers or other organisations are unable to meet their financial obligations, the FSCS would not provide protection. Zurich would make a claim against the fund manager or other organisation in an attempt to recover the money. There’s a risk that some or all of your investment would not be recovered in these circumstances. However, the underlying investment funds and the arrangements to access them are structured to minimise the risk of this happening, and the funds are subject to strict financial regulation.We keep the way we provide you access to investments under the Scheme under regular review. We’re satisfied our current arrangements are in line with the industry norm at the moment and, although it’s a complicated arrangement, it’s worth it to enable us to offer you the range of funds we do, which we hope in turn encourages you to save for your benefits.

Issued by the Trustees of the ITV Pension Scheme. The information contained within this factsheet is provided by Zurich. This factsheet should not beconsidered as a financial promotion.

Company bonds

December 2016........................................................................................................................

Fund information(as at 31/12/2016)Fund launch date 04/01/2000Fund size (£m) 3871.3Risk rating Active

Benchmark†iBoxx Sterling Non-Gilts Index

†This is the benchmark that has been selected to comparethe performance of the fund.

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Fund holdingsFunds Target fund holdingsM&G PP All Stock Corporate Bond Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundUNITED KINGDOM GILT 2.94%

UNITED KINGDOM GILT 1.71%



ELECTRICITE DE FRANCE SA 1.12%


LLOYDS BANK PLC 0.92%

COOPERATIEVE RABOBANK UA 0.91%

MEXICO GOVERNMENT INTERNATIONALBOND 0.91%

EUROPEAN INVESTMENT BANK 0.87%

About the fundThis fund invests mainly in high quality sterling corporate bonds across the range ofmaturities. The fund is actively managed against its performance benchmark of the iBoxxSterling Non Gilts All Maturities Index. The fund may also hold UK government gilts andderivatives (such as options and swaps) together with limited amounts of non-sterling andhigh yield corporate bonds where this may prove beneficial in the shorter term. The fund'sobjective is to outperform the benchmark by 0.80% gross per year on a rolling 3-year basis.This fund is managed by M&G and the portfolio manager is Jamie Hamilton.

Country breakdownUnited Kingdom 51.42%Europe 26.62%North America 10.41%Asia Pacific 2.29%Other 9.26%

Fund breakdownBonds 79.77%Cash 20.23%

This data is based on available data for the underlying Zurich pension fund(s) and target fundholdings as shown.

............................................................................................................................................................................................


Company bondsDecember 2016

Things you need to knowWe’ve based this information on our currentunderstanding of law and practice. We make every effortto ensure that this information is helpful, accurate andcorrect, but it may change or may not apply to yourpersonal circumstances. All funds carry some risk and youshould consider these risks before making an investmentdecision. Investment returns are not guaranteed and thevalue can fluctuate.The main factors which may increase the risk of this fundinclude:* The amount invested in company shares* The split between government and corporate bonds* The extent to which the fund invests in high yield assets* The amount held in overseas assets* Any concentration in specific areas or sectors

Past performance data includes a period when the fundwas provided by Prudential.

All or some of the investments are made through areinsurance arrangement so if the linked life insurancecompany(ies) were to fail you may lose some or all of yourmoney and this will not be covered by the FinancialServices Compensation Scheme.

What is the dealing cycle?

The fund is forward priced, which means that the member gets the next available price afterthey invest. The fund has a dealing cycle of T + 0. This means that the money received on dayT buys units at the valuation date price applicable at close of business on the same day.

Who is this factsheet for and what does it do?

This factsheet is intended for the members of the ITV Pension Scheme. Its purpose is toprovide an insight into how investment markets and funds have performed over the periodand is provided for information only. If you are not familiar with any of the investmentterminology included on this factsheet, then please contact an adviser.

Ongoing performance (as at 31/12/2016)

3 months 6 months 1 year 3 years 5 years.................................................................................................................................................................................................

Fund -2.29% 4.49% 11.59% 25.13% 44.55%.................................................................................................................................................................................................

Benchmark -2.58% 2.84% 10.65% 24.82% 42.26%.................................................................................................................................................................................................

Yearly performance (as at 31/12/2016)

31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

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Fund 14.01% 1.33% 11.81% 0.28% 11.59%.................................................................................................................................................................................................

Benchmark 13.05% 0.81% 12.26% 0.49% 10.65%.................................................................................................................................................................................................

Annualised performance (as at 31/12/2016)

3 years 5 years 10 years.................................................................................................................................................................................................

Fund 7.76% 7.65% 6.65%.................................................................................................................................................................................................

Benchmark 7.67% 7.30% 5.96%.................................................................................................................................................................................................

Fund vs Benchmark

The graph below illustrates the performance of the fund from 31/12/2011 until 31/12/2016.The fund is designed to provide a return in line with the benchmark. This is expected to be thecase over the long term. However, there may be times when the fund performance does notmatch the benchmark. This may be due to a number of reasons. For example, cash flows inand out of the fund resulting in unit price movements and slight timing differences for theperiod over which performance is measured.

-10%

0%

10%

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Jan 12 Apr Jul Oct Jan 13 Apr Jul Oct Jan 14 Apr Jul Oct Jan 15 Apr Jul Oct Jan 16 Apr Jul Oct

31/12/2011 - 31/12/2016 © Financial Express Holdings 2017

FundBenchmark

Source: Financial Express as at 31/12/2016. You shouldn’t use past performance as asuggestion of future performance. It shouldn’t be the main or sole reason for making aninvestment decision. The value of investments and any income from them can fall as well asrise and will be reduced in real terms by the effects of inflation. You may not get back theamount you invested. HM Revenue and Customs (HMRC) practice and law are complex. Taxconcessions are not guaranteed, their value will depend on individual circumstances and maychange in the future.

Fund performance data is based on a unit price basis and is net of all fees and expenses whichare deducted from the fund.


Emerging markets (indextracker)

December 2016........................................................................................................................

Fund information(as at 31/12/2016)Fund launch date 01/10/2005Fund size (£m) 7583.51Risk rating Passive

Benchmark†FTSE Custom LGIM MD AWALLE


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Fund holdingsFunds Target fund holdingsLegal & General World Emerging MarketsEquity Index Fund 100.00%

‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundTAIWAN SEMICONDUCT 4.10%

TENCENT HLDGS LIMITED 4.00%

CHINA CONSTRUCTION BANK (H) 2.10%

NASPERS 1.90%

CHINA MOBILE (RED CHIP) 1.70%

INDUSTRIAL AND COMMERCIAL BANK OFCHINA (H) 1.30%

HON HAI PRECISION 1.20%

BANCO ITAU 1.00%

BANK OF CHINA (H) 1.00%

SBERBANK 0.90%

About the fundThis fund invests in the shares of companies located in developing countries experiencingrelatively rapid economic growth, including countries in Latin America (such as Brazil), AsiaPacific (such as China), Eastern Europe (such as Russia), Africa and the Middle East. The fund'sobjective is to track the performance of the FTSE AW All Emerging Markets Index (lesswitholding tax if applicable) to within +/- 1.5% p.a. for two years out of three. This fund ismanaged by LGIM and their Index Fund Management Team.

Fund breakdownFinancials 30.20%Technology 13.10%Consumer Goods 9.90%Industrials 9.90%Oil & Gas 8.50%Consumer Services 7.90%Basic Materials 6.90%Telecommunications 6.80%Utilities 3.70%Health Care 2.70%Others 0.40%


............................................................................................................................................................................................


Emerging markets (indextracker)December 2016










Fund 2.15% 15.75% 35.76% 28.56% 37.61%.................................................................................................................................................................................................

Benchmark 2.33% 15.42% 36.74% 31.12% 39.60%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 12.08% -4.50% 6.88% -11.40% 35.76%.................................................................................................................................................................................................

Benchmark 12.69% -5.52% 7.55% -10.84% 36.74%.................................................................................................................................................................................................



Fund 8.73% 6.59% -.................................................................................................................................................................................................

Benchmark 9.45% 6.90% -.................................................................................................................................................................................................

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FundBenchmark




Global shares

December 2016........................................................................................................................


Benchmark†MSCI World Index


........................................................................................................................

Fund holdingsFunds Target fund holdingsMFS Meridian Global Equity Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundTHERMO FISHER SCIENTIFIC INC 2.66%

BAYER AG 2.58%

NESTLE SA 2.57%

HONEYWELL INTERNATIONAL INC 2.46%

TIME WARNER INC 2.44%

ACCENTURE PLC 2.28%

WALT DISNEY CO 2.28%

RECKITT BENCKISER GROUP PLC 2.13%

VISA INC 2.06%

STRYKER CORP 2.03%

About the fundThis fund invests primarily (at least 70% of its total assets) in the shares of companies locatedin countries around the world and may count the value of certain derivative instrumentstoward this. The fund generally seeks to invest in companies with relatively large marketcapitalisations in relation to the market in which they are traded. The fund's objective is toprovide capital appreciation. This fund is managed by MFS Meridian and the portfoliomanager is David R Mannheim.

Asset splitUS Equities 56.90%International Equities 11.10%Swiss Equities 8.50%UK Equities 8.50%French Equities 7.50%German Equities 6.20%Money Market 1.30%

Fund breakdownHealth Care 17.80%Consumer Staples 17.20%Financial Services 14.30%Leisure 10.10%Industrials 8.30%Basic Materials 6.50%Technology 6.10%Services 5.80%Retail 5.40%Transport 4.70%Cash & Cash Equivalents 1.30%Energy 1.30%Automobiles 1.20%


............................................................................................................................................................................................


Global sharesDecember 2016









Fund 3.96% 12.90% 28.91% 48.74% 118.52%.................................................................................................................................................................................................

Benchmark 7.08% 15.55% 28.24% 49.90% 106.38%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 16.71% 25.88% 10.98% 3.97% 28.91%.................................................................................................................................................................................................

Benchmark 10.74% 24.32% 11.46% 4.87% 28.24%.................................................................................................................................................................................................



Fund 14.15% 16.92% -.................................................................................................................................................................................................

Benchmark 14.45% 15.59% 8.71%.................................................................................................................................................................................................

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FundBenchmark




Global shares excluding UK(index tracker)

December 2016........................................................................................................................


Benchmark†FTSE Custom LGIM MD WIXUKS


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General World Ex UK Equity IndexFund 100.00%


........................................................................................................................

Top holdings of underlying fundAPPLE INC. 1.80%

ALPHABET 1.40%

MICROSOFT CORP 1.40%

EXXON MOBIL CORPORATION 1.10%

AMAZON.COM 0.90%

BERKSHIRE HATHAWAY 0.90%

JOHNSON & JOHNSON 0.90%

JPMORGAN CHASE & CO 0.90%

GENERAL ELECTRIC 0.80%

WELLS FARGO & COMPANY 0.80%

About the fundThis fund aims to capture global equity market returns (excluding the UK). It tracks the FTSEWorld Ex UK Index. The fund's objective is to track the total return of the FTSE World Ex UKIndex (less withholding tax) to within +/- 0.5% p.a. for two years in three. This fund ismanaged by LGIM and their Index Fund Management Team.

Fund breakdownFinancials 20.60%Consumer Goods 13.80%Industrials 13.10%Technology 12.70%Health Care 11.50%Consumer Services 11.20%Oil & Gas 6.00%Basic Materials 4.50%Telecommunications 3.30%Utilities 3.30%


............................................................................................................................................................................................


Global shares excluding UK(index tracker)December 2016










Fund 8.40% 18.82% 30.94% 53.26% 110.59%.................................................................................................................................................................................................

Benchmark 8.43% 18.89% 31.15% 54.46% 111.13%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 12.31% 22.34% 12.40% 4.14% 30.94%.................................................................................................................................................................................................

Benchmark 11.09% 23.05% 13.02% 4.21% 31.15%.................................................................................................................................................................................................



Fund 15.29% 16.06% -.................................................................................................................................................................................................

Benchmark 15.59% 16.12% -.................................................................................................................................................................................................

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FundBenchmark




Global shares (index tracker)

December 2016........................................................................................................................


Benchmark†LGIM Composite - Global Equity MW (30:70) 75% GBPHedgedPlease note that prior to 29/08/2013 the benchmark was:LGIM Global Equity MW (40:60) Custom BM


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General Global Equity MarketWeights 30/70 Index Fund 100.00%


........................................................................................................................

Top holdings of underlying fundROYAL DUTCH SHELL A 2.52%

HSBC HLDGS 1.78%

BP AMOCO 1.30%

APPLE INC. 1.21%

BRITISH AMERICAN TOBACCO 1.18%

GLAXOSMITHKLINE 1.03%


ALPHABET 0.90%

ASTRAZENECA 0.76%


About the fundThe fund invests in UK and overseas equities. The fund has approximately 30% invested in theshares of UK companies and the remaining 70% is invested in the shares of overseascompanies. The investment in overseas equities is determined by the market weights of eachregion within the FTSE World Ex UK Index. The fund's objective is to capture the total returnsof the FTSE All Share Index in the UK and the FTSE World Ex UK Index. This fund is managed byLGIM and their Index Fund Management Team.

Fund breakdownFinancials 20.30%Consumer Goods 14.00%Industrials 11.70%Consumer Services 10.90%Health Care 10.40%Technology 8.80%Oil & Gas 8.50%Basic Materials 5.90%Telecommunications 4.90%Utilities 4.60%


............................................................................................................................................................................................


Global shares (index tracker)December 2016










Fund 5.10% 13.01% 14.86% 26.46% 76.54%.................................................................................................................................................................................................

Benchmark 5.56% 13.52% 15.49% 27.53% 79.70%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 11.40% 25.32% 7.74% 2.19% 14.86%.................................................................................................................................................................................................

Benchmark 12.09% 25.72% 8.52% 1.75% 15.49%.................................................................................................................................................................................................



Fund 8.14% 12.04% -.................................................................................................................................................................................................

Benchmark 8.44% 12.44% -.................................................................................................................................................................................................

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FundBenchmark




Global shares (index tracker) &mixed selection

December 2016........................................................................................................................

Fund information(as at 31/12/2016)Fund launch date 22/07/2013Fund size (£m) 4749.25

Benchmark†50% LGIM Composite - Global Equity MW (30:70) 75%GBP Hedged50% UK Retail Price Index + 5% (Target Return)


........................................................................................................................


Schroder Intermediated Diversified GrowthFund 50.00%


........................................................................................................................

Top holdings of underlying fundSCHRODER QEP VALUE PORTFOLIO 10.10%

SCHRODER HIGH YIELD PORTFOLIO 4.60%

SCHRODER ISF EMERGING MARKETS DEBTABSOLUTE RETURN 3.60%

S&P 500 INDEX FUTURE 3.05%

NIKKEI 225 INDEX FUTURE 2.90%

DJ EURO STOXX 50 INDEX FUTURE 2.15%

SCHRODER UK REAL ESTATE FUND 2.00%

US BANKS TRS 1.90%

COMMODITIES ADVANCED BETA 1.85%

SCHRODER SECURITISED LOANS PORTFOLIO 1.80%

About the fundThe fund's objective is to provide long term returns close to those of global equities but withlower volatility.



............................................................................................................................................................................................


Global shares (index tracker) &mixed selectionDecember 2016










Fund 3.92% 9.73% 10.67% 19.36% -.................................................................................................................................................................................................

Benchmark 3.80% 8.72% 11.60% 25.19% 60.95%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund - - 6.85% 0.95% 10.67%.................................................................................................................................................................................................

Benchmark 11.12% 15.69% 7.68% 4.18% 11.60%.................................................................................................................................................................................................



Fund 6.08% - -.................................................................................................................................................................................................

Benchmark 7.78% 9.99% -.................................................................................................................................................................................................

Fund vs Benchmark

The graph below illustrates the performance of the fund from launch up until 31/12/2016.The fund is designed to provide a return in line with the benchmark. This is expected to be thecase over the long term. However, there may be times when the fund performance does notmatch the benchmark. This may be due to a number of reasons. For example, cash flows inand out of the fund resulting in unit price movements and slight timing differences for theperiod over which performance is measured.

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Jul 13 Oct Jan 14 Apr Jul Oct Jan 15 Apr Jul Oct Jan 16 Apr Jul Oct


FundBenchmark




Global shares (index tracker)

December 2016........................................................................................................................


Benchmark†LGIM Composite - Global Equity MW (30:70) 75% GBPHedgedPlease note that prior to 29/08/2013 the benchmark was:LGIM Global Equity MW (40:60) Custom BM


........................................................................................................................



........................................................................................................................


HSBC HLDGS 1.78%

BP AMOCO 1.30%

APPLE INC. 1.21%




ALPHABET 0.90%

ASTRAZENECA 0.76%


About the fundThe fund invests in UK and overseas equities. The fund has approximately 30% invested in theshares of UK companies and the remaining 70% is invested in the shares of overseascompanies. The investment in overseas equities is determined by the market weights of eachregion within the FTSE World Ex UK Index. The fund's objective is to capture the total returnsof the FTSE All Share Index in the UK and the FTSE World Ex UK Index. This fund is managed byLGIM and their Index Fund Management Team.



............................................................................................................................................................................................


Global shares (index tracker)December 2016










Fund 5.10% 13.01% 14.86% 26.46% 76.54%.................................................................................................................................................................................................

Benchmark 5.56% 13.52% 15.49% 27.53% 79.70%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 11.40% 25.32% 7.74% 2.19% 14.86%.................................................................................................................................................................................................

Benchmark 12.09% 25.72% 8.52% 1.75% 15.49%.................................................................................................................................................................................................



Fund 8.14% 12.04% -.................................................................................................................................................................................................

Benchmark 8.44% 12.44% -.................................................................................................................................................................................................

Fund vs Benchmark


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FundBenchmark




Mixed selection

December 2016........................................................................................................................


Benchmark†UK Retail Price Index + 5% (Target Return)


........................................................................................................................

Fund holdingsFunds Target fund holdingsSchroder Intermediated Diversified GrowthFund 100.00%


........................................................................................................................








US BANKS TRS 3.80%



About the fundThis fund invests in a broad range of asset classes including equities, bonds, money marketinstruments, property and diversifiers, such as commodities and infrastructure. The fundsupports goals where there is a desire to grow assets to a similar extent to equities, but withreduced volatility. The fund's objective is to provide a return of UK Retail Price Index + 5% peryear over a five to seven year period. This fund is managed by Schroders and the portfoliomanager is Johanna Kyrklund.

Fund breakdownInternational Equities 45.10%Hedge 16.00%Global High Yield Fixed Interest 9.20%Money Market 8.30%Property 4.00%Commodity & Energy 3.70%Global Investment Grade Fixed Interest 3.60%Convertibles 3.40%Private Equity 0.70%Others 6.00%


............................................................................................................................................................................................


Mixed selectionDecember 2016










Fund 2.75% 6.49% 6.49% 12.42% 34.50%.................................................................................................................................................................................................

Benchmark 2.06% 4.03% 7.62% 22.05% 42.40%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 6.85% 11.97% 5.95% -0.36% 6.49%.................................................................................................................................................................................................

Benchmark 8.23% 7.79% 6.73% 6.26% 7.62%.................................................................................................................................................................................................



Fund 3.98% 6.11% -.................................................................................................................................................................................................

Benchmark 6.87% 7.32% 7.94%.................................................................................................................................................................................................

Fund vs Benchmark


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FundBenchmark




Mixed selection

December 2016........................................................................................................................


Benchmark†UK Retail Price Index + 5% (Target Return)


........................................................................................................................

Fund holdingsFunds Target fund holdingsSchroder Intermediated Diversified GrowthFund 100.00%


........................................................................................................................








US BANKS TRS 3.80%



About the fundThis fund invests in a broad range of asset classes including equities, bonds, money marketinstruments, property and diversifiers, such as commodities and infrastructure. The fundsupports goals where there is a desire to grow assets to a similar extent to equities, but withreduced volatility. The fund's objective is to provide a return of UK Retail Price Index + 5% peryear over a five to seven year period. This fund is managed by Schroders and the portfoliomanager is Johanna Kyrklund.

Fund breakdownInternational Equities 45.10%Hedge 16.00%Global High Yield Fixed Interest 9.20%Money Market 8.30%Property 4.00%Commodity & Energy 3.70%Global Investment Grade Fixed Interest 3.60%Convertibles 3.40%Private Equity 0.70%Others 6.00%


............................................................................................................................................................................................


Mixed selectionDecember 2016










Fund 2.75% 6.49% 6.49% 12.42% 34.50%.................................................................................................................................................................................................

Benchmark 2.06% 4.03% 7.62% 22.05% 42.40%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 6.85% 11.97% 5.95% -0.36% 6.49%.................................................................................................................................................................................................

Benchmark 8.23% 7.79% 6.73% 6.26% 7.62%.................................................................................................................................................................................................



Fund 3.98% 6.11% -.................................................................................................................................................................................................

Benchmark 6.87% 7.32% 7.94%.................................................................................................................................................................................................

Fund vs Benchmark


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FundBenchmark




Money markets

December 2016........................................................................................................................


Benchmark†7 Day Sterling LIBID


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General Money Market Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundUK TREASURY 12.25%

SMBC EUROPE LTD 9.02%

BANK OF TOKYO-MITSUBISHI UFJ 9.01%

BANK OF CHINA LTD 9.01%

BRED BANQUE POPULAIRE 8.89%

BNP PARIBAS CAPITAL MARKETS 7.97%

NATIONAL BANK OF ABU DHABI 7.90%

GBP LOAN A/C 6.67%

AUSTRALIA & NEW ZEALAND BANKING GRP 6.13%

QATAR NATIONAL BANK 6.13%

About the fundThis fund aims to provide a return consistent with investing in interest bearing deposits and/or short-term UK government bonds. The fund is actively managed with the aim of beating itsbenchmark of the London Interbank 7 Day Deposit rate. The fund's objective is to targetcapital protection with growth at short term interest rates. This fund is managed by LGIM andthe portfolio manager is Jennifer Gillespie.

Sector splitFixed Interest Deposit 92.71%Others 7.29%


............................................................................................................................................................................................


Money marketsDecember 2016










Fund 0.00% 0.00% 0.20% 0.79% 1.39%.................................................................................................................................................................................................

Benchmark 0.03% 0.08% 0.26% 0.97% 1.77%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 0.40% 0.20% 0.30% 0.29% 0.20%.................................................................................................................................................................................................

Benchmark 0.43% 0.36% 0.35% 0.36% 0.26%.................................................................................................................................................................................................



Fund 0.26% 0.28% 1.38%.................................................................................................................................................................................................

Benchmark 0.32% 0.35% 1.34%.................................................................................................................................................................................................

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FundBenchmark




Property & Infrastructure

December 2016........................................................................................................................


Benchmark†Composite Benchmark:50% IPD UK All Property30% FTSE MFG Core Infrastructure Index20% FTSE EPRA/NAREIT Global Developed IndexPlease note prior to the 27/11/2014 the benchmark was100% IPD UK All Property.


........................................................................................................................

Fund holdingsFunds Target fund holdingsM&G PP UK Property Fund 50.00%

LGIM Magellan Infrastructure Equity Fund 30.00%

LGIM Global Real Estate Equity Index Fund 20.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundTHE BREWERY, ROMFORD 3.35%

RENAISSANCE, CROYDON 3.00%

37-44 STALL STREET, BATH 2.70%

GEMINI RETAIL PARK, WARRINGTON 2.30%

EMERSONS GREEN RETAIL PARK, BRISTOL 2.25%

NATIONAL GRID 0.93%

POWER ASSETS HOLDINGS 0.93%

SNAM 0.93%

ATLANTIA 0.87%

TRANSURBAN GROUP 0.87%

About the fundThe Fund aims to provide diversified exposure to commercial property in the UK, globaldeveloped property shares and global listed infrastructure markets through the use of threeunderlying funds. The commercial property element of this fund invests directly in property inthe UK, including retail, office and industrial properties and provides returns through acombination of rental income and capital growth. This element of the fund is activelymanaged and its objective is to outperform the benchmark by 0.50% net per year on a rolling3-year basis. The other two elements, global developed property shares and global listedinfrastructure, aim to track their respective benchmark by using passive investment.

Fund performanceThe performance of this fund was affected by a price swing over the quarter. A price swing iscaused by the manager of the underlying fund using two prices to value its fund, one higherand one lower, to reflect the difference between the cost of buying and selling property. Onlyone price is used each day to value all trades and this is determined by the total cashflowsbeing positive or negative. The price used can change between the start and end of thequarter and this is what causes a price swing.

Fund breakdownFinancials 21.14%Retail 19.35%Utilities 19.29%Industrials 17.04%Offices - Property 14.80%Oil & Gas 2.31%Consumer Services 0.99%Telecommunications 0.18%Others 4.90%


............................................................................................................................................................................................


Property & InfrastructureDecember 2016




Expenses relating to the direct cost of the management,repair, maintenance, valuation and insurance of theproperties within the fund are incurred in addition to thecharges and expenses figure(s) displayed on thisfactsheet.







Fund -3.29% -1.29% 6.11% 29.80% 36.76%.................................................................................................................................................................................................

Benchmark -0.25% -1.00% 8.65% 42.47% 61.83%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund -6.17% 12.30% 12.39% 8.84% 6.11%.................................................................................................................................................................................................

Benchmark 2.31% 11.02% 18.99% 10.20% 8.65%.................................................................................................................................................................................................



Fund 9.08% 6.46% 1.84%.................................................................................................................................................................................................

Benchmark 12.52% 10.11% 4.12%.................................................................................................................................................................................................

Fund vs Benchmark


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FundBenchmark




Shariah law (index tracker)

December 2016........................................................................................................................


Benchmark†Dow Jones Islamic Titans 100


........................................................................................................................

Fund holdingsFunds Target fund holdingsHSBC Amanah Global Equity Index 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundAPPLE INC 6.31%


EXXON MOBIL CORP 3.82%

JOHNSON & JOHNSON 3.20%

FACEBOOK INC 2.75%

GOOGLE INC 2.40%

ALPHABET INC 2.34%

PROCTER & GAMBLE CO/THE 2.30%

CHEVRON CORP 2.27%

PFIZER INC 2.01%

About the fundThe fund aims to offer investors the opportunity to grow their money in line with theperformance of the Dow Jones Islamic Titans 100 Index. The fund invests in company sharesfrom around the world and is compliant with Islamic Shariah principles. The fund's objective isto track the Dow Jones Islamic Titans 100 Index. This fund is managed by HSBC and theportfolio manager is Bijan Seghatchian.

Asset splitNorth American Equities 69.94%Europe ex UK Equities 14.52%Asia Pacific ex Japan Equities 5.71%Japanese Equities 4.81%UK Equities 4.38%Money Market 0.64%

Fund breakdownTechnology 29.69%Health Care 22.68%Consumer Goods 15.17%Consumer Services 10.00%Oil & Gas 7.72%Industrials 6.98%Basic Materials 3.10%Financials 2.64%Telecommunications 1.29%Money Market 0.73%


............................................................................................................................................................................................


Shariah law (index tracker)December 2016









Fund 2.92% 10.84% 24.98% 52.71% 96.38%.................................................................................................................................................................................................

Benchmark 3.06% 11.02% 25.33% 54.04% 103.12%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 8.21% 18.84% 14.12% 7.07% 24.98%.................................................................................................................................................................................................

Benchmark 8.05% 22.04% 14.60% 7.26% 25.33%.................................................................................................................................................................................................



Fund 15.15% 14.45% 10.15%.................................................................................................................................................................................................

Benchmark 15.49% 15.23% 10.69%.................................................................................................................................................................................................

Fund vs Benchmark


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FundBenchmark




Social conscience

December 2016........................................................................................................................


Benchmark†FTSE World Index


........................................................................................................................

Fund holdingsFunds Target fund holdingsJupiter Ecology Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundLKQ 3.11%

A.O. SMITH 3.07%

CRANSWICK 3.06%

VESTAS WIND SYSTEMS 2.76%

XYLEM 2.44%

JOHNSON MATTHEY 2.39%

REPUBLIC SERVICES 2.22%

REGAL-BELOIT 2.20%

UNITED NATURAL FOODS 2.14%

AZBIL 2.02%

About the fundThe fund aims to achieve long-term capital appreciation together with a growing incomeconsistent with a policy of protecting the environment. The underlying Jupiter fundsinvestment policy is to invest worldwide in companies which demonstrate a positivecommitment to the long-term protection of the environment. The fund's objective is tooutperform the benchmark over the longer-term, consistent with the funds description. Thefund is managed by Jupiter and the portfolio manager is Charlie Thomas.

Asset splitUS Equities 34.85%UK Equities 13.82%Japanese Equities 11.92%Money Market 8.56%French Equities 4.87%Canadian Equities 4.01%Danish Equities 3.80%German Equities 3.39%Swedish Equities 2.82%Austrian Equities 2.74%Norwegian Equities 1.84%Spanish Equities 1.78%Dutch Equities 1.73%Chinese Equities 1.53%Others 2.34%

Fund breakdownSupport Services 16.36%Electronic & Electrical Equipment 12.91%Industrials 12.44%Money Market 7.52%Building & Construction 6.82%Automotive 6.21%Alternative & Renewable Energy 5.52%Travel 4.60%Chemicals 3.97%Utilities 3.90%Food & Drug Retailers 3.69%Others 16.06%


............................................................................................................................................................................................


Social conscienceDecember 2016









Fund 3.23% 13.98% 21.23% 29.27% 99.91%.................................................................................................................................................................................................

Benchmark 6.90% 15.75% 29.59% 50.49% 105.91%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 18.69% 30.29% 2.59% 3.94% 21.23%.................................................................................................................................................................................................

Benchmark 11.83% 22.36% 11.29% 4.34% 29.59%.................................................................................................................................................................................................



Fund 8.93% 14.86% 3.74%.................................................................................................................................................................................................

Benchmark 14.59% 15.54% 9.23%.................................................................................................................................................................................................

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UK government bonds (indextracker)

December 2016........................................................................................................................


Benchmark†FTSE Custom - LGIM MD A UK Gilts > 15 Years


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General Over 15 Year Gilts IndexFund 100.00%


........................................................................................................................

Top holdings of underlying fundTREASURY 4.25% 2032 7.90%

TREASURY 4.50% 2034 7.60%

TREASURY 4.25% 2055 7.50%

TREASURY 4.25% 2036 6.90%

TREASURY 4.50% 2042 6.80%

TREASURY 4.00% 2060 6.60%

TREASURY 4.75% 2038 6.30%

TREASURY 3.50% 2045 6.10%

TREASURY 4.25% 2040 6.10%

TREASURY 4.25% 2046 6.00%

About the fundThe fund aims to capture the returns of the UK gilt market. It tracks the FTSE BritishGovernment Over 15 Years Index and invests in long-term gilts. The fund's objective is to trackthe total return of the FTSE British Government Over 15 Years Index to within +/- 0.25% p.a.for two years in three. This fund is managed by LGIM and their Index Fund ManagementTeam.

Sector splitGovernment Bonds - UK 100.00%


............................................................................................................................................................................................


UK government bonds (indextracker)December 2016



Benchmark performance has been sourced from FinancialExpress for quarter, annual and 3 year periods. The 5 yearperiod is not shown as the custom LGIM benchmark wasnot in existence at that point.








Fund -7.66% -0.88% 18.37% 49.68% 44.33%.................................................................................................................................................................................................

Benchmark -7.64% -0.92% 18.47% 50.17% 44.78%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 2.75% -6.16% 26.46% 0.00% 18.37%.................................................................................................................................................................................................

Benchmark 2.77% -6.19% 26.76% -0.01% 18.47%.................................................................................................................................................................................................



Fund 14.39% 7.61% -.................................................................................................................................................................................................

Benchmark 14.51% 7.68% -.................................................................................................................................................................................................

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UK government inflation-linkedbonds (index tracker)

December 2016........................................................................................................................


Benchmark†FTSE Custom - LGIM MD A Index-Linked > 5 Years


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General Over 5 Year Index-LinkedGilt Index Fund 100.00%


........................................................................................................................

Top holdings of underlying fundGILTS I-L 1.250% 2055 6.10%

GILTS I-L 0.125% 2068 5.70%

GILTS I-L 0.375% 2062 5.70%

GILTS I-L 0.50% 2050 5.00%

GILTS I-L 0.750% 2047 5.00%

GILTS I-L 1.125% 2037 5.00%

GILTS I-L 0.625% 2040 4.80%

GILTS I-L 0.125% 2044 4.70%

GILTS I-L 1.250% 2027 4.60%

GILTS I-L 1.875% 2022 4.50%

About the fundThis fund aims to capture the returns of the UK gilt market. It tracks the FTSE BritishGovernment Index-Linked Over 5 Years Index and invests in medium and long-term gilts. Thefund's objective is to track the total return of the FTSE British Government Index-Linked Over5 Years Index to within +/- 0.25% p.a. for two years in three. This fund is managed by LGIMand their Index Fund Management Team.

Sector splitGovernment Bonds - UK 100.00%


............................................................................................................................................................................................


UK government inflation-linkedbonds (index tracker)December 2016



Benchmark performance has been sourced from FinancialExpress for quarter, annual and 3 year periods. The 5 yearperiod is not shown as the custom LGIM benchmark wasnot in existence at that point.








Fund -5.70% 9.06% 27.17% 53.14% 53.39%.................................................................................................................................................................................................

Benchmark -5.76% 8.99% 27.33% 52.98% 53.11%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 0.43% -0.27% 21.55% -0.93% 27.17%.................................................................................................................................................................................................

Benchmark -0.41% 0.49% 21.04% -0.74% 27.33%.................................................................................................................................................................................................



Fund 15.27% 8.93% -.................................................................................................................................................................................................

Benchmark 15.22% 8.89% -.................................................................................................................................................................................................

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UK shares

December 2016........................................................................................................................


Benchmark†FTSE All-Share Index


........................................................................................................................

Fund holdingsFunds Target fund holdingsM&G PP Recovery Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................

Top holdings of underlying fundBP PLC USD 0.25 COM STK 8.24%

HSBC HOLDINGS PLC USD 0.5 COM STK 7.02%

GW PHARMACEUTICALS -ADR USD 1 ADR 5.11%

PRUDENTIAL PLC 5P ORD 3.23%

LLOYDS BANKING GROUP PLC 10P ORD 3.17%

CRH PLC EUR 0.32 ORD 3.05%

AVIVA PLC 25P ORD 2.92%

FIRST QUANTUM MINERALS LTD CAD 0 ORD 2.55%

CARNIVAL PLC USD 1.66 COM STK 2.36%

COATS GROUP PLC 5P ORD 2.35%

About the fundThis fund seeks to invest in companies which are out of favour, in difficulty or whoseprospects are not fully recognised by the market and where management is working to turnthe business around. The fund invests primarily in the shares of UK listed companies but canalso invest a limited amount in the shares of overseas companies and government bonds. Thefund's objective is to outperform the benchmark by 2.50% gross per year on a rolling 3-yearbasis. This fund is managed by M&G and the portfolio manager is Tom Dobell.

Country BreakdownUnited Kingdom 87.60%North America 7.70%Asia Pacific 2.30%Europe 1.70%Cash 0.70%

Fund breakdownEquities 99.30%Money Market 0.70%


............................................................................................................................................................................................


UK sharesDecember 2016










Fund 9.40% 24.00% 20.62% 5.09% 34.16%.................................................................................................................................................................................................

Benchmark 3.89% 11.97% 16.75% 19.29% 61.84%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 9.65% 16.44% -8.94% -4.33% 20.62%.................................................................................................................................................................................................

Benchmark 12.30% 20.81% 1.18% 0.98% 16.75%.................................................................................................................................................................................................



Fund 1.67% 6.05% 5.33%.................................................................................................................................................................................................

Benchmark 6.05% 10.11% 5.56%.................................................................................................................................................................................................

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UK shares (index tracker)

December 2016........................................................................................................................


Benchmark†FTSE Custom LGIM MD ASX


........................................................................................................................

Fund holdingsFunds Target fund holdingsLegal & General UK Equity Index Fund 100.00%‡Zurich is not a fund manager - the Zurich funds invest inthe underlying fund.

........................................................................................................................


HSBC HLDGS 5.90%

BP AMOCO 4.30%



ASTRAZENECA 2.50%

DIAGEO 2.40%

VODAFONE GROUP 2.40%

RECKITT BENCKISER GROUP 2.00%

SHIRE 1.90%

About the fundThis fund aims to capture the returns of the UK equity market. It tracks the FTSE All ShareIndex and invests only in UK equities. The fund's objective is to track the total return of theFTSE All Share Index to within +/- 0.25% p.a. for two years in three. This fund is managed byLGIM and their Index Fund Management Team.

Fund breakdownFinancials 23.70%Consumer Goods 17.40%Oil & Gas 11.60%Consumer Services 11.50%Industrials 10.50%Health Care 9.90%Basic Materials 6.10%Telecommunications 4.40%Utilities 4.00%Technology 0.90%


............................................................................................................................................................................................


UK shares (index tracker)December 2016










Fund 4.76% 14.52% 16.03% 19.51% 63.92%.................................................................................................................................................................................................

Benchmark 3.95% 13.64% 16.04% 18.59% 61.69%.................................................................................................................................................................................................


31/12/2011 -31/12/2012

31/12/2012 -31/12/2013

31/12/2013 -31/12/2014

31/12/2014 -31/12/2015

31/12/2015 -31/12/2016

.................................................................................................................................................................................................

Fund 14.68% 19.60% 1.86% 1.12% 16.03%.................................................................................................................................................................................................

Benchmark 12.99% 20.67% 0.93% 1.26% 16.04%.................................................................................................................................................................................................



Fund 6.12% 10.39% -.................................................................................................................................................................................................

Benchmark 5.85% 10.09% -.................................................................................................................................................................................................

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in focus - itv pensions - home page · 2017. 3. 22. · 1 year 11.6%10.7% 3 years (pa) 7.8%7.7% 5...

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