Monthly Factsheet

Multi Asset Dynamic Fund
DECEMBER 2014
CURRENT VIEWS
KEY POINTS
The fund was up 3.87% and outperformed the sector average IMA Flexible Investments (up 3.38%) over the month.
Whilst we were negatively impacted by the cost of our
protection strategies, our asset allocation switches added
more value.
Key positive contributions came from holdings in Legg
Mason Japan Equity (hedged) Fund, Lindsell Train UK
Equity Fund and India Capital Growth Fund.
Key negative contributions came from holdings in Boost
WTI Oil 3X Leverage Daily ETP (bought and sold in the
period), iShares MSCI Brazil UCITS ETF and Blackrock Latin
America Fund.
Most equity markets continued to rally strongly on the
back of a package of simulative measures in Japan, an interest rate cut in China and promises of further action by the
ECB.
The MSCI World Index was up 4.5% over the month,
led by gains in MSCI Europe ex UK Index (up 5.8%) and
the S&P500 Index (up 4.91%). The MSCI UK Index was up
2.95% with MSCI Japan up 2.47%. The MSCI Emerging
Markets Index lagged other markets, only rallying +1.08%
Brent crude fell for the fifth straight month as OPEC
declined to cut production. Brent ended the month down
over 18% at $70.15. The US dollar continued its strong rally,
and against sterling it moved from $1.60 to close the month
at $1.56. The combination of these two dramatic moves led
investors to gain further confidence in the lack of inflationary pressures.
US 10-year bond yields fell, ending the month at 2.17%
yield, close to the year’s lows, whilst many European bond
markets were at their year lows in yield. Credit markets
were firmer with investment-grade outperforming high
yield in the US, as the Markit iBoxx Liquid Investment Grade
was up 3.19* whilst the Markit iBoxx Liquid High Yield US
Index was up 1.15%.
We have greater clarity on the true trajectory and desynchronised nature of the improvement in economic growth.
Investors continue to wrestle with this mixed and often
confusing data as they try to price the turning point for US
interest rates. The recent dramatic falls in oil prices have
offered some comfort in this respect, and bond markets
have rallied, although we believe they are likely to be more
volatile in 2015.
Most equity markets face a relatively benign inflation
and growth environment, in which they can modestly grow
earnings. We believe high liquidity combined with a modest growth environment will represent good conditions for
further gains in a range of equity markets.
Whilst our outlook is positive, we remain committed
to protecting against significant corrections. However, we
believe markets will surprise the majority and trends will go
on longer than most investors’ expectations.
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term returns from both capital and income by dynamically
investing across a global portfolio of assets.
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merged into the Multi Asset Dynamic Fund.
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been with Mark Harris since January 2013.
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ASSET ALLOCATION
Equities
Alternative
Cash
88.3%
9.6%
2.1%
EQUITIES BY REGION (exposure as % of equities)
US
Emerging markets
UK
Japan
Europe
Asia ex Japan
Other
25.7%
20.3%
15.5%
14.3%
11.1%
8.5%
4.7%
PERFORMANCE VS IMA FLEXIBLE INVESTMENTS
50%
40%
30%
20%
10%
0%
2010
2011
2012
2013
2014
City Financial Multi Asset Dynamic Fund A Acc
IMA Flexible Investments
Calendar year
2013
2012
Fund (%)
Sector (%)
Quartile
14.34
14.81
3
10.15
10.34
3
2011
2010
2009
-9.81
-8.53
3
12.16
14.86
4
19.96
24.75
3
Note: Change of investment manager as of 1 January 2013.
Source: Morningstar, unless otherwise stated
ALL DATA AS AT 30 NOVEMBER 2014 UNLESS OTHERWISE STATED
City Financial Multi Asset Dynamic Fund | December 2014 (continued)
ENQUIRIES
We will be delighted to help you with your client service
questions.
City Financial has dedicated teams to offer comprehensive
support to investors, Independent Financial Advisers, institutional investors and discretionary managers. Customer
services are available from 9 am to 5:30 pm Monday to Friday and are able to assist with enquiries concerning dealing, valuations, commission enquiries and account maintenance.
There are a number of different ways of contacting us, all
of which aim to provide you with the most efficient service
possible.
HOLDINGS
ASSET CLASS
iShares Core S&P 500
Legg Mason Investment Funds
Ocean Dial Gateway to India
Third Point Offshore Investors
Schroder European Alpha Income
Pershing Square Holdings
Morgan Stanley China
Legg Mason Clearbridge Aggressive Growth
CF Lindsell Train UK Equity
City Financial UK Opportunities
Equity
Equity
Equity
Alternative
Equity
Equity
Equity
Equity
Equity
Equity
FINANCIAL INFORMATION
Dan Lincoln
+ 44 (0)20 7451 9605
[email protected]
NAV Class A:
NAV Class I:
NAV Class R:
NAV Class RA:
Acc: 142.50p
Acc: 148.55p
Acc: 105.12p
Acc: 105.25p
Total net assets
£24.1m
FOR CUSTOMER SERVICES, DEALING AND
ADMINISTRATION, PLEASE CONTACT
FUND FACTS
Independent Financial Advisers please contact:
e-mail: [email protected]
Tel:
Fax:
+44 (0)845 300 2107
+44 (0)113 224 6001
Our postal address:
City Financial Investment Company Limited
2 The Boulevard
City West One Office Park
Gelderd Road
Leeds LS12 6NT
Inc: 137.45p
Inc: 145.19p
Inc: 105.15p
Inc: 105.25p
ISIN – Class A
ISIN – Class I
ISIN – Class R
ISIN – Class RA
Acc: GB00BH4TWD87
Acc: GB00BH4TWG19
Acc: GB00BH4TWJ40
Acc: GB00BJ052S96
Inc: GB00BH4TWF02
Inc: GB00BH4TWH26
Inc: GB00BH4TWK54
Inc: GB00BJ052T04
Distribution
Semi-annual
31 May and 30 November
Dealing and valuation
frequency
Daily
Accounting year-end
30 September
Settlement
T+4
EU savings directive
Out of scope
Currency
GBP
Ongoing charge figures % Cl A: 2.50, Cl I: 1.59, Cl R: 1.75, Cl RA: 2.00
Much more about City Financial, its funds and other
important information you may need before deciding
to invest can be found on our website at
Minimum initial
investment
Cl A, Cl R & Cl RA: £10,000
Cl I: £1,000,000
Initial charge
0% (all share classes)
ISA wrapper
Yes
cityfinancial.co.uk
Savings plan
Yes
ISA transfer
Yes
Sector
IMA Flexible Investments
Depositary
BNY Mellon Trust & Depositary
(UK) Limited
Registrar
Capita Financial Administrators
or email [email protected]
Fund performance excludes the effect of initial charge and assumes any income reinvested net of UK tax.
Unless otherwise stated, the source of all information is City Financial Investment Company Limited. All features described in this factsheet are current at the time
of publication and may be changed in the future. Past performance is not a guide to future performance. The investment’s value and any income deriving from it
may fall as well as rise, as a result of market and currency fluctuations. You may not get back the amount originally invested. If you have any doubt about the suitability of this product, you should consult an independent financial adviser. Chart data source is Morningstar Direct.
Issued by City Financial Investment Company Limited. Registered office is 62 Queen Street, London, EC4R 1EB, registered number 189302. Authorised and regulated by the Financial Conduct Authority.

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