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Smith & Williamson Managed Portfolio Service

Core Range - Investment Review

Q1 2021

For professional advisers’ use only

Please read the important information section

2

Smith & Williamson Investment Management

MPS Q4 2020 – Investment Review

Investment outlook

Sources:

1-6 Refinitiv Datastream, data as at 31 March 2021



3



Investment outlook


MPS Q1 2021 – Investment ReviewSources:

7-11 Refinitiv Datastream, data as at 31 March 2021

12 HSBC, Tough questions on World Maths Day, data as at 3 March 2021

13 Office for Budget Responsibility, data as at 31 March 2021

4



Investment outlook



5



Source: Smith & Williamson Investment Management and Factset as at 31.03.21

David Amphlett-Lewis

Passives Research Group,

Partner

James Burns

Head of Investment

Companies Research,

Partner

Genevra Banszky

von Ambroz, CAIA

Collective Investments

Group, Partner

The MPS team

Open Ended Funds

Investment Companies

Distribution Technology

Risk Graded

Strategic Asset

Allocation

Smith & Williamson

Research

Tactical Asset

Allocation

Security

Selection

Passives

The Process

Your Smith & Williamson Portfolio

The Result

Supported by a network of over 55

investment professionals responsible for

investment research.

Investment process

Past performance is not a guide to future performance. Smith & Williamson Investment Management


6



The portfolio objective is to preserve the value of capital in real terms (i.e. so

that it is not eroded by inflation). The portfolio invests mainly in funds

providing exposure to defensive assets such as government bonds, corporate

bonds and property, but with up to 35% invested in funds providing exposure

to UK and International equities. The portfolio does not focus on income,

which will vary.

Defensive Portfolio Profile

Estimated yield** 1.94%

Estimated underlying holdings charges** 0.50%

Product mixAsset breakdownPast performance is not a guide to future performance.

Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains consistent

with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line

with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current

mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source: Smith

& Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Defensive and Dynamic Planner 3 benchmarks.

**Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment Management, Financial

Express and Morningstar. Pie chart data as at 31.03.21

% R

etu

rn

S&W 3 - Defensive portfolio profile

Asset Class Portfolio (%) Benchmark (%) Active (%)

Cash 7.2 15.0 -7.8

Sovereign 7.0 10.0 -3.0

Index Linked 10.0 8.0 2.0

UK Corporate 18.9 17.0 1.9

Global High Yield 2.0 0.0 2.0

International Bonds 14.4 18.0 -3.6

Property 3.7 5.0 -1.3

Other Alternatives 6.5 0.0 6.5

UK 14.8 12.0 2.8

North America 9.8 10.0 -0.2

Europe -- -- --

Japan 4.4 5.0 -0.6

Pacific 1.4 0.0 1.4

Emerging Markets -- -- --



7



Product mixAsset breakdown

The portfolio objective has a focus on providing higher income, whilst

preserving the value of capital in real terms. The portfolio is diversified

across funds providing exposure to relatively defensive asset classes such

as government bonds, corporate bonds and property, but with between

30% and 60% also invested in funds providing exposure to UK and

International equities.

Defensive Income Portfolio Profile



Past performance is not a guide to future performance.

Note: Investors should note that this discretionary strategy is actively managed with a view to ensuring volatility remains

consistent with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and

regions in line with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a

result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly

over time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Defensive

Income and Dynamic Planner 4 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith &

Williamson Investment Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.

% R

etu

rn

S&W 4 - Defensive Income portfolio profile


Cash 2.9 10.0 -7.1

Sovereign 2.7 5.0 -2.3





Property 3.8 5.0 -1.2


UK 18.5 16.0 2.5


Europe 5.3 5.0 0.3

Japan 4.5 5.0 -0.5

Pacific 5.5 4.0 1.5

Emerging Markets -- -- --



8



The portfolio objective has a focus on generating income, whilst also

aiming to grow the capital value by more than inflation. The portfolio is

diversified across major asset classes and may have between 55% and 70%

invested in funds providing exposure to UK and International equities,

subject to market conditions.

Balanced Income Portfolio Profile






result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly

over time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Balanced

Income and Dynamic Planner 5 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith &

Williamson Investment Management, Financial Express and Morningstar.. Pie chart data as at 31.03.21.


% R

etu

rn

S&W 5 – Balanced Income portfolio profile


Cash 1.9 5.0 -3.1

Sovereign 0.0 3.0 -3.0


UK Corporate 14.8 15.0 -0.2



Property 3.0 5.0 -2.0


UK 23.1 22.0 1.1


Europe 5.5 5.0 0.5

Japan 5.2 6.0 -0.8

Pacific 5.6 5.0 0.6

Emerging Markets 6.2 5.0 1.2



9



The portfolio objective has a focus on delivering capital growth in real

terms, whilst still producing some income. The portfolio invests actively

across all major asset classes and may have between 65% and 85% invested

in funds providing exposure to UK and International equities, with the

remainder diversified across defensive asset classes.

Balanced Growth Portfolio Profile




with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line with

Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current mix of

defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source: Smith &

Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Balanced Growth and Dynamic Planner 6

benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment

Management, Financial Express and Morningstar. Pie chart data as at 31.03.21.


% R

etu

rn


Cash 2.0 4.0 -2.0

Sovereign -- -- --


UK Corporate 8.3 10.0 -1.7



Property 2.6 5.0 -2.4


UK 24.6 23.0 1.6


Europe 6.4 6.0 0.4

Japan 6.8 7.0 -0.2

Pacific 10.5 9.0 1.5

Emerging Markets 9.4 10.0 -0.6



10



The portfolio objective is to deliver long-term capital growth. The portfolio

will normally invest more than 90% in funds providing exposure to UK and

International equities across a wide range of geographical regions, but may

include up to 15% exposure to defensive asset classes.

Growth Portfolio Profile






result the current mix of defensive and growth investments within the portfolio will change and therefore differ significantly over

time. *Source: Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Growth and Dynamic

Planner 7 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment



% R

etu

rn


Cash 1.1 0.0 1.1

Sovereign -- -- --

Index Linked -- -- --


Global High Yield 1.3 4.0 -2.7

International Bonds -- -- --

Property 2.7 5.0 -2.3


UK 34.1 33.0 1.1


Europe 6.2 6.0 0.2

Japan 7.3 8.0 -0.7

Pacific 13.7 12.0 1.7

Emerging Markets 13.6 14.0 -0.4



11



The portfolio objective is to deliver long-term capital growth and will

usually be fully invested in stock markets. The portfolio will usually retain a

strong emphasis on developing markets with the flexibility to be as much as

50% invested in Asia and Emerging markets.

Dynamic Growth Portfolio Profile




with the risk level. The asset allocation is likely to change in order to offer exposure to favoured asset classes and regions in line

with Smith & Williamson’s strategic views, and with the risk levels associated with the portfolio’s objective. As a result the current

mix of defensive and growth investments within the portfolio will change and therefore differ significantly over time. *Source:

Smith & Williamson Investment Management as at 31.03.21. Benchmark: Smith & Williamson Dynamic Growth and Dynamic Planner

8 benchmarks. **Estimated yield and Portfolio expense estimate (%) as at 31.03.21 Source: Smith & Williamson Investment



% R

etu

rn


Cash 1.2 0.0 1.2

Sovereign -- -- --

Index Linked -- -- --

UK Corporate -- -- --

Global High Yield 1.1 4.0 -2.9

International Bonds 1.6 0.0 1.6

Property 2.5 5.0 -2.5

Other Alternatives -- -- --

UK 21.3 18.0 3.3

North America 12.6 10.0 2.6

Europe 6.1 6.0 0.1

Japan 6.7 6.0 0.7

Pacific 19.5 24.0 -4.5

Emerging Markets 27.4 27.0 0.4



12



Risk rated models annual risk and return since inception

Source: Factset/Morningstar Direct /Smith & Williamson as at 31.03.21.

MPS inception date 30.09.12.

Discrete data can be found on slides 12 and 13.

Performance calculated net of underlying holding charges but gross of Smith & Williamson fee.

Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance. Smith & Williamson Investment Management


13



Performance - cumulative

Source: Factset as at 31.03.21

All figures total return only. *Launch date 30.09.12.

Benchmark: Smith & Williamson Multi-Asset Composite Benchmark.


Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance.

Portfolio profile

Distribution

Technology

Risk score

3 months (%)

3 months

6 months (%)

6 months

1 Year (%)

1 Year

3 Year (%)

3 Year

5 Year (%)

5 Year

Since launch

(%)

Since launch

Benchmark

(%)

Benchmark

(%)

Benchmark

(%)

Benchmark

(%)

Benchmark

(%)

Benchmark

(%)

Defensive 3 -0.91 -1.82 3.20 1.41 10.46 7.60 15.38 12.43 32.11 28.67 68.04 62.07

Defensive Income 4 0.30 -0.35 6.46 4.79 17.22 14.30 18.98 16.67 39.03 38.88 90.70 80.12

Balanced Income 5 1.94 1.18 10.39 8.11 25.02 20.93 23.00 20.25 50.47 48.89 107.79 94.37

Balanced Growth 6 2.60 2.16 13.64 10.56 33.13 25.73 27.73 21.44 65.12 55.38 132.96 101.93

Growth 7 3.50 3.30 17.80 13.43 39.86 29.42 30.76 21.11 75.80 60.37 150.36 104.19

Dynamic Growth 8 2.91 2.54 17.71 13.82 42.77 34.42 29.79 24.08 81.46 71.59 151.65 109.12



14



Performance - annual

Source: Factset as at 31.03.21

All figures total return only. *Launch date 30.09.12.

Benchmark: Smith & Williamson Multi-Asset Composite Benchmark.


Including the Smith & Williamson fee will reduce returns. Past performance is not a guide to future performance.

1 Year to

Portfolio profile

Distribution

Technology

Risk score

31/03/2021

31/03/2021

31/03/2020

31/03/2020

31/03/2019

31/03/2019

31/03/2018

31/03/2018

31/03/2017

31/03/2017

Benchmark (%) Benchmark (%) Benchmark (%) Benchmark (%) Benchmark (%)

Defensive 3 10.46 7.60 -0.50 -0.72 4.98 5.24 1.86 1.28 12.41 12.99

Defensive Income 4 17.22 14.30 -3.43 -3.62 5.10 5.90 3.05 2.15 13.39 16.54

Balanced Income 5 25.02 20.93 -5.74 -6.30 4.38 6.13 4.91 2.91 16.60 20.32

Balanced Growth 6 33.13 25.73 -8.04 -8.64 4.33 5.72 7.70 3.63 20.02 23.47

Growth 7 39.86 29.42 -9.72 -11.52 3.56 5.76 9.04 4.48 23.30 26.74

Dynamic Growth 8 42.77 34.42 -11.63 -11.73 2.87 4.58 10.58 6.58 26.43 29.76



15



S&W Range activity highlights – Past 12 Months

Note: The above is representative of transactions widely executed across the S&W range and should not be construed as

comprehensive of all transactions in all models. Individual holdings changes in specific S&W strategies may therefore not be detailed.

Those shown will be those which have been applied across more than one of the S&W strategies and seek to capture the direction of

travel of asset allocation of the S&W range over the period shown. Source: Smith & Williamson Investment Management as at 31.03.21

Name Reasons for trade Rationale Driver

Dec’20 Bought BlackRock Gold & General Increasing inflation protection Allocation Macro

Dec’20 Reduced Vanguard US Equity Moving to an underweight position in North America Allocation Macro

Dec’20 Reduced JPMorgan Japan Taking profits after an exceptionally strong year versus Japanese peers Allocation Manager

Dec’20 Reduced BH Macro Profit taking after strong year and shares trading at high single digit premium Allocation Manager

Dec ‘20 Reduced Fidelity China Special Situations Profit taking having risen by over 66% in 2020 Allocation Manager

Sep’20 Bought Artemis Corporate BondSwitching into preferred fund for UK Corporate Bond exposure. Access to cheap founder

share classAllocation Manager

Sep’20 Sold BlackRock Corporate Bond Switching into preferred fund for UK Corporate Bond exposure Allocation Macro

Sep’20 Increased iShares USD Corporate Bond USD corporate bonds looking attractive due to Federal Reserve bond buying programme Allocation Manager

Sep’20 Sold Liontrust Special Situations Concerns over size and liquidity of strategy Allocation Macro

Apr ‘20 Reduced AXA Sterling Index-Linked Held up well in sell-off, UK Linkers looking expensive Allocation Macro

Apr ‘20 Bought iShares USD Corporate Bond USD corporate bonds looking attractive due to Federal Reserve bond buying programme Allocation Macro

Apr ‘20 Increased BlackRock Corporate Bond Recycling proceeds from index-linked bonds, attractive income levels Allocation Macro

Apr ‘20 Sold UK Commercial Property REITOutlook for commercial property uncertain, dividend suspended and NAV growth

unlikelyAllocation Manager

Apr ‘20 Bought NB Uncorrelated Strategies Proceeds from BH Macro and part of property reallocation- bolstering hedge exposure

Apr ‘20 Reduced BH Macro Profit taking after a very strong run in the market sell-offSwitch

stylePerformance

Apr ‘20 Sold Man GLG Japan Core Alpha Exiting large cap value Japan equities- outlook better for growth style

Apr ‘20 Bought Jupiter Japan Income Proceeds from GLG Japan Core Alpha- offering a mixture of value and growth Allocation Manager



16



Stock stories


Aberdeen Standard Global

Inflation Linked

This open-ended fund invests predominantly in sovereign and corporate inflation-linked bonds, although it may also invest

in other fixed interest securities such as conventional government bonds and corporate bonds. The portfolio management

team take positions relative to the benchmark through a combination of asset allocation and stock selection to produce

incremental gains. The research-intensive process is built around identifying and understanding the most important

factors that drive the market price of an investment and the dynamics behind these drivers. All currency exposure is

hedged back to sterling.

Liontrust Monthly Income

This open-ended fund and its experienced management team transferred to Liontrust from Alliance Trust Investments in

April 2017 as part of a broader corporate transaction. It aims to produce a high monthly income yield with the prospect of

capital growth by investing in a portfolio of primarily investment-grade sterling corporate bonds, government bonds and

non-sterling investment grade corporate bonds. The managers will also actively manage the interest rate exposure of the

portfolio to dampen volatility.

RWC Enhanced Income

This open-ended fund aims to provide a high level of income and capital returns by investing at least 80% of the portfolio

in UK equity securities. The team are focused on achieving income equivalent to 150% yield of the FTSE All Share by

selling call options as well as utilising put options. The highly experienced managers Ian Lance and Nick Purves are very

much value investors, looking for unloved companies at attractive valuations, whilst colleague John Teahan leads on the

options strategy.

Fidelity China Special

Situations

This investment trust aims to deliver long-term capital growth from a portfolio of stocks listed mainly in China and

Chinese companies listed abroad. It has been managed by Dale Nicholls out of Hong Kong since 2014 and focuses on

consumer-led sectors, which have the greatest exposure to China’s growth prospects, especially among lesser-known,

smaller-cap stocks and unlisted companies. Nicholls believes these businesses are driving innovation and change but are

often undervalued. This approach is augmented by a relatively permanent level of gearing in the vehicle.

Hermes Global Emerging

Markets

This open-ended fund has been managed by Kunjal Gala since September 2020, having been deputy to long standing

manager Gary Greenberg for a number of years. It targets gross outperformance of 2-4% over the MSCI Emerging Markets

Index Net over a rolling 3-year period, annually. The approach incorporates both top-down and bottom-up elements, and

focuses on quality companies trading at attractive valuations. An Environmental, Social and Governance (ESG) overlay is

intrinsic to the process which can mean that the fund lags in ‘junk’ rallies, but over the longer term, it has delivered

attractive returns with lower volatility than many peers.

Source: Smith and Williamson 31.03.2021



17



The value of investments can go down as well as up and investors may not receive back the original amount invested.


There can be no assurance that any portfolio will achieve its investment objective, the target return or any volatility target. Any target return or volatility

target shown is neither guaranteed nor binding on the Manager.

When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be

favourable or unfavourable.

Investing in alternative assets involves higher risks than traditional investments and may also be highly leveraged and engage in speculative investment

techniques, which can magnify the potential for investment loss or gain.

Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems.

Please note that bond funds may not behave like direct investments in the underlying bonds themselves. By investing in bond funds the certainty of a fixed

income for a fixed period with a fixed return of capital are lost.

These profiles are tailored to the output of a Distribution Technology (DT) risk profiling process which is complex and not for use without assistance from a

financial adviser. Performance outcomes will depend on the rebalancing and timing of entry and exit to the strategy on the platform.

This document contains information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or

completeness. This is neither an offer nor a solicitation to buy or sell any investment referred to in this document. Smith & Williamson Investment Management

documents may contain future statements which are based on our current opinions, expectations and projections. Smith & Williamson Investment Management

does not undertake any obligation to update or revise any future statements. Actual results could differ materially from those anticipated. Appropriate advice

should be taken before entering into transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this

publication. In relation to these Smith & Williamson’s portfolio profiles, Smith & Williamson Investment Management is unable to assess or provide advice on the

suitability of this profile for individual circumstances. No consideration has been given to the suitability of any investment profile for the particular needs of any

recipient. SWIM will not be responsible to any other person for providing the protections afforded to retail investors or for advising on any investment, as a

result of using this information. Defaqto is an independent financial research and software company specialising in rating, comparing and analysing financial

products and funds.

Smith & Williamson Investment Management LLP. Authorised and regulated by the Financial Conduct Authority (registration number is 580531).

Ref: 54721eb

Important Information



Appendix

19



Awards


Charity Times Awards 2018 – Winner, Investment Management

Citywealth Magic Circle Awards 2017 - Winner - Best Private Wealth Manager

Citywire Wealth Manager, Investment Performance Awards 2017 - Winner - Best Overall Large Firm

Investors Chronicle, Investment & Wealth Management Awards 2016 - Winner - Best Wealth Manager for Tax Efficiency and Advice

Private Asset Managers (PAM) Awards 2018 – Winner Investment Performance, Defensive Portfolios

Portfolio Adviser Wealth Management awards 2015 (Large Firm): Platinum Winners – Best Balanced Portfolio Manager and Best Aggressive Portfolio Manager

Spear’s Wealth Management Awards 2018 – Family Office Services Provider of the Year

STEP award 2014/15: Winner of the Private Client Multi-Family Office Team of the Year

STEP awards 2013/14: Winner of Investment Team of the Year

Wealth Adviser Awards 2018 – Best High Net Worth Team

Wealth Adviser Awards 2018 – Best Wealth Manager - Charities

Wealth Adviser Awards 2015 - Winner - Best Multi-Family Office Asset Manager




20



MPS Range characteristics

3 –

Defensive

4 –

Defensive Income

5 –

Balanced Income

6 –

Balanced Growth

7 –

Growth

8 –

Dynamic Growth

S&W MAC allocation

equity weight27 45 64 77 91 91

DT long-term volatility

estimate (%) 1 5.5 7.4 9.6 11.6 13.7 15.8

Benchmark volatility -

standard deviation (since

launch) (%) 2, 3

5.0 6.1 7.5 8.9 10.3 11.0

Portfolio volatility -

standard deviation (since

launch) (%) 2, 3

4.6 6.0 7.5 9.1 10.3 11.1

Benchmark volatility -

standard deviation (ann),

5 years (%) 3

5.3 6.6 8.1 9.5 11.0 11.6

Portfolio volatility -

standard deviation (ann),

5 years (%) 34.8 6.3 8.1 9.9 11.2 12.0

Estimated yield 4 1.94 2.11 1.89 1.46 1.32 1.21

Estimated underlying

holdings charges 40.50 0.62 0.71 0.75 0.84 0.87

Portfolio security count 3 27 31 29 31 30 29

1 Distribution Technology; Q2 2016 Capital Markets Assumption Update 2 Launch date as at 30.09.2012 3 Smith & Williamson Investment Management (unaudited) and Factset as at 31.03.21. 4 Smith & Williamson Investment Management (unaudited) and Morningstar as at 31.03.21.


Past and predicted performance is not a guide to future performance.



21



Quarter DefensiveDefensive

Income

Balanced

Income

Balanced

GrowthGrowth

Dynamic

Growth

S&W Investment

Management fee0.30% 0.30% 0.30% 0.30% 0.30% 0.30%

Ongoing Charges (OCF) 0.50% 0.62% 0.71% 0.75% 0.84% 0.87%

Transaction Charges 0.37% 0.40% 0.54% 0.54% 0.54% 0.48%

Incidental Charges 0.07% 0.10% 0.12% 0.12% 0.09% 0.08%

Total Costs 1.24% 1.42% 1.67% 1.71% 1.77% 1.73%

MPS – Costs and Charges – March 2021

OCF: Total underlying annual fund costs and charges%

Transaction Costs: Projected annual transaction costs % e.g. Stamp Duty

Incidental Costs: Average expected annual performance fees and other incidental costs %

Please note all costs ex-S&W Investment Management fee are charged at underlying fund level

Sources: Data sourced from combination of Morningstar, ICE, and FE, as at 31.03.2021



22



Lucy MitchellDirector

t: 020 7131 4811

e: [email protected]

Lucy joined Smith & Williamson in April 2015 as Associate

Director primarily to develop further the Managed

Portfolio Service via platforms as well as the Bespoke

DFM offering for the intermediary market. Lucy

graduated from the University of Birmingham with a BSc

in Economics and Political Science. She has also

completed the IMC and Investment Advice Diploma (IAD).

Contact us

Mickey MorrisseyPartner, Head of Retails Sales

t: 020 7131 4693


Mickey joined Smith & Williamson in December 2012 as

Head of UK IFA Sales and was appointed Head of

Distribution in July 2014. He is responsible for growing

intermediated sales into the DFM, Managed Portfolio

Service and MultiManager business lines. Previously

Mickey was Head of Distribution at Liontrust Asset

Management for ten years and prior to that worked at

Merrill Lynch Investment Managers for 12 years.

Matthew FinchAssociate Director

t: 020 7131 8975


Matthew joined Smith & Williamson as an Associate

Director in September 2017 to develop further the

Managed Portfolio Service offered via platforms as

well as our Discretionary Fund Management (DFM)

offering. Matthew works closely with financial

intermediaries based in both London and the south

east. Previously Matthew was Associate Director at

Barings for nine years and prior to that worked at

Credit Suisse Asset Management for seven years.



23



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