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Adventurous Income

HL PORTFOLIO +
May 2018

PORTFOLIO OBJECTIVE THE INVESTMENT MANAGERS


Aims to maximise income and capital
growth by focusing on the stock market.
LEE GARDHOUSE ELLEN POWLEY
An adventurous portfolio designed
Chief Investment Fund Manager
to generate a rising dividend income,
Officer
alongside capital growth. The focus is
on UK shares, but it also includes some
investments overseas.
Net yield, variable, and not a reliable
3.12
indicator of future performance % ROGER CLARK
DAVID SMITH
Fund Manager Fund Manager
Portfolio Holdings (Target %)

HL Multi-Manager Income & Growth 80


Investment research is a core part of our business. We believe exceptional fund managers
HL Multi-Manager Special Situations 20
are few and far between, but can be identified using a combination of rigorous statistical
Portfolio’s Top Ten analysis and face-to-face meetings.
Underlying Holdings (%)
HOW DO WE SELECT INVESTMENTS?
Jupiter Income 13.2
Our proprietary, in-house quantitative model looks at over 2,000 funds and allows us to
JO Hambro UK Equity Income 13.0 see more than just past performance. It enables us to drill down and decipher why a fund is
at the top (or bottom) of performance tables. A key way to judge a manager is to find out
Artemis Income 12.9
if they consistently add value with their stock selection. In other words, do they do better
LF Woodford Equity Income 12.1 than we would expect when considering their investment style? That is one of the key
things we look for when we evaluate managers.
Marlborough Multi Cap Income 8.2
Threadneedle UK Equity Alpha
8.2 MORE THAN JUST NUMERICAL ANALYSIS
Income In addition to number crunching, we have unrivalled access to fund managers and
Majedie UK Income 8.1 conduct hundreds of face-to-face meetings each year. These meetings explore the
manager’s philosophy, process, team and incentivisation, among other things. We do all
Jupiter Asian Income 3.1
this because we want our clients to have exposure only to the limited pool of exceptional
Findlay Park American 1.8 talent available. Each fund goes through a rigorous selection process. We constantly
monitor funds and regularly review sectors to ensure you’re invested only in what we
Man GLG Japan CoreAlpha 1.6 believe are the very best funds.

Backtested, And Since Launch, Performance

l Portfolio +54.8% l Benchmark +50.6% l Cash* +1.9% The portfolios have been available since 03 June 2015. We have
60% added the performance since launch as indicated by the vertical
line. The Multi-Manager funds have been trading since at least 2009
and in most cases much longer, this has enabled us to backtest the
40% performance data to give an indication of the likely performance
pre-launch. We have selected a five year performance time frame
20%
which includes backtested performance up to the 03 June 2015,
and actual performance since the 03 June 2015.

0% ABOUT THE BENCHMARK


The Investment Association (IA) is the UK fund industry’s body.
This portfolio uses a benchmark made up of two IA sectors to
-20%
Apr Apr Apr Apr Apr Apr reflect the benchmark of the underlying Multi-Manager funds. The
- 13 - 14 - 15 - 16 - 17 - 18 benchmark comprises 80% IA UK Equity Income sector and 20%
* Bank of England base rate net of basic rate tax until 5th April 2016, IA Global sector.
gross thereafter. Past performance is not a guide to future returns.
Year on year performance (%)
Backtested Performance Actual Performance Rolling
Apr 13 Apr 14 Apr 15 - 3rd 3rd June 15 Apr 16 Apr 17 Performance
– Apr 14 – Apr 15 June 15 – Apr 16 – Apr 17 – Apr 18 – 5 Years
Portfolio for Growth and Income 13.2 13.6 1.7 -4.8 18.1 5.3 54.8
Benchmark 12.0 9.8 2.2 -4.4 18.6 5.8 50.6

SEE IMPORTANT INFORMATION >>


Adventurous Income
HL PORTFOLIO +
May 2018

Asset Allocation (%) Geographical equity allocation (%)

l Equity 95.2 l UK 78.1


l Cash 2.5 l Europe 6.4
l Other 2.2 l US 5.5
l Fixed 0.1 l Emerging Markets 4.1
l Asia Pacific 3.2
l Japan 2.7

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

MARKET REVIEW & OUTLOOK


Underlying holdings in focus
Speculation over the pace of interest rate
rises and the withdrawal of Quantitative
Easing hit investor confidence early in
2018. This caused volatility in global MARLBOROUGH MULTI CAP INCOME JOHCM UK EQUITY INCOME
stock markets and they delivered mixed This fund combines the potential for strong Clive Beagles and James Lowen adopt
results over the three months to 30 April capital growth traditionally associated with a contrarian investment approach and
2018. UK and Japanese markets were smaller companies, with the attraction of aim to invest in companies they believe
among the top performers for UK-based a regular income. Its bias towards higher- have been overlooked and undervalued
investors, while US, Asian and European risk small and medium-sized companies by other investors. At present they
markets lost money. differentiates the fund from many of its believe companies in the financials and
peers in the UK Equity Income sector, which energy sectors look good value and this
An investment in River & Mercantile UK tend to focus on a more limited number is where the fund is currently biased. The
Dynamic Equity was sold following the of larger, dividend-paying companies. The fund’s contrarian nature and bias towards
departure of experienced fund manager fund is managed by Siddarth Chand Lall with companies sensitive to the health of the
Philip Rodrigs. the support of Marlborough’s UK smaller UK economy differentiates it from many
companies team, who we have long held in of its peers, in our view.
The proceeds were used to make a new high regard.
investment into the Jupiter Global Value
Equity Fund. This fund gives experienced
CRUX EUROPEAN SPECIAL OLD MUTUAL UK SMALLER
investor Ben Whitmore the flexibility to
SITUATIONS COMPANIES FOCUS
invest in outstanding companies wherever
Richard Pease is one of the most- The team at Old Mutual are among the
he finds them. We think this fund has the
experienced investors in the European best smaller company fund managers, in
potential to generate strong returns
sector. He focuses on world-class our view. They have a strong long-term
over the long-term, although there are
businesses which may have originated track record, which our analysis attributes
no guarantees.
in Europe, but are internationally to their ability to select companies with
competitive and operate on a global scale. bright futures ahead of them. The team
We also added to a broad spread of
He specifically seeks companies able to aims to identify reasons why corporate
existing investments including Comgest
generate a large amount of cash with high earnings could be better than expected
Growth Emerging Markets, Man GLG
barriers to entry from competition. These which, if correct, could lead to a rising
Japan CoreAlpha, Baring Europe Select
companies have the potential to prosper share price. While they primarily focus on
and Lindsell Train Global Equity.
in both good and bad times for the wider individual company analysis, they also take
economy. The manager has an exemplary into account their views on the
long-term track record and our analysis wider economy.
attributes this to his ability to select
companies with outstanding prospects.

IMPORTANT INFORMATION markets, and smaller companies. The Hargreaves Lansdown, bid-to-bid pricing, net
Factsheet correct as at 30/4/18. All funds may also be able to use derivatives, income reinvested. This factsheet is not a
investments and any income from them and invest in a concentrated number of promotion of any funds profiled nor is
can fall and rise in value so you may get investments. Each of these factors adds risk. it personal advice. For more information
back less than you invest. Neither income For more details please see the key investor on these funds please see their key investor
nor capital are guaranteed, unlike a bank or information of the HL Multi-Manager Special information on our website. The HL Multi-
building society account. Investing is not Situations and Income & Growth funds. This Manager funds are managed by our sister
recommended for less than 5 years. This portfolio has an ongoing charge of 1.35% company Hargreaves Lansdown Fund
portfolio may invest in funds with exposure plus our platform charge of up to 0.45% Managers.
to overseas markets, including emerging per annum. Source for all figures: Lipper IM/ AI 05.18

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Authorised and regulated by the Financial Conduct Authority. Enquiries: 0117 900 9000