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A guide to Multi-Manager investing
December 2019
Marketing material for professional investors or advisers only
What is multi-manager investing?
Multi-manager funds invest in a selection of individual funds to form a complete portfolio in one package. They’re designed to take the worry out of deciding how and where to invest as the manager picks a range of funds in different regions and asset types to suit that particular climate.
Multi manager funds access a wide range of investments, including
equities, bonds and property
Diversifying your investments
�Diversification�is�based�on�the�idea�that�‘you�shouldn’t�put�all�your�eggs�in�one�basket’.�Different�types�of�investments�will�move�differently�at�different�times�of�an�economic�cycle�and�some�will�be�riskier�than�others.�The�idea�is�that�diversifying�your�investment�portfolio�can�help�spread�some�of�the�risk�across�a�number�
of�‘baskets’�–�so�when�one�investment�falls,�the�other�investments�should�stay�intact.�Diversification�cannot�guarantee�investment�returns�or�remove�the�possibility�of�loss,�but�it�is�a�widely-used�tool�that�could�be�used�to�help�manage�risk.
What is the ‘Diversity’ range?
The�Diversity�range�at�Schroders�has�been�created�to�fit�with�a�range�of�investment�goals�and�risk�profiles.�As�the�name�implies,�the�range�invests�in�a�number�of�hand-picked�funds�selected�from�across�the�entire�
market.�Each�fund�has�a�different�target�and�aims�to�deliver�returns�with�less�volatility�than�other�funds�in�the�market,�although�this�is�not�guaranteed.
What are the risks?
All�investments�contain�some�element�of�risk�and�no�investment�can�be�said�to�be�‘risk�free’�–�you�need�be�aware�of�the�potential�risks�and�rewards�before�you�invest.�Always�bear�in�mind�that�the�value�of�investments�can�go�down�as�well�as�up�and�you�may�not�get�back�the�amount�you�originally�invest.�
A�financial�adviser�can�help�you�determine�your�attitude�to�risk�by�going�through�a�risk�questionnaire.�From�there,�you�can�start�to�form�a�portfolio�of�investments�that�you’re�comfortable�with.�For�a�more�detailed�explanation�of�the�risks�associated�with�investing�in�individual�funds,�please�see�pages�4-5,�or�refer�to�the�funds’�Key�Investor�Information�Documents�(KIIDs)�and�Prospectuses.
A guide to multi-manager investing2
Past�performance�is�not�a�guide�to�future�performance�and�may�not�be�repeated.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amount�originally�invested.�
The�sectors�mentioned�are�for�illustrative�purposes�only� and�not�a�recommendation�to�buy�or�sell�shares.�
Source:�Schroders,�Datastream�as�of�31�December�2019.�Equity:�MSCI�AC�World�Total�Return�Index,�Property:�UK�IPD�Index,�Hedge�Funds:�HFRI�Funds�of�Funds�Composite�Total�Return�Index,�Cash:�3�month�Sterling�LIBOR,�Global�HY:�BofA�Merrill�Lynch�Global�High�Yield�TR�Index;�Sterling�IG:�IBoxx�UK�Sterling�Non-Gilts�All�Maturities;�Govts:�Barclays�Global�Treasury��Index;�Property:�UK�IPD�Index;�Commods:�Bloomberg�Commodity�Index;�EMD:�JPM�GBI-EM�Composite�Index;�ILS:�Swiss�Re�Cat�Bond�Index.�All�show�total�return�either�in�local�currency�or�currency�of�denomination.�
Achieving the right mix
Different�asset�classes�will�perform�differently�as�the�market�changes�—�today’s�winner�may�be�tomorrow’s�loser.�
The�table�below�shows�the�performance�of�individual�asset�classes�over�the�last�decade.�To�take�one�of�the�most�volatile�examples,�Small�Cap�offered�a�gain�of�23%�in�one�year�(2006)�and�a�loss�of�-18%�the�next.�
A�skilled�multi-manager�will�monitor�the�external�environment�and�adapt�the�portfolio�to�suit.�They�hope�to�achieve�the�optimal�mix�of�assets�for�the�economic�environment,�all�at�the�right�level�of�risk.�
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Property
18%Commods
16%Govts 10%
Global�HY 60%
Commods 16%
Property 8%
Global�HY 18%
Equities 26%
Property 19%
Property 7%
Global�HY 15%
Equities 19%
EMD 5%
Equities 28%
Equities 17%
ILS 15%
EMD 10%
Equities 30%
Global�HY 15%
Sterling�IG 7%
Equities 16%
ILS 11%
Sterling�IG 12%
ILS 4%
Commods 11%
EMD 10%
ILS 3%
Property 25%
ILS 12%
Govts 10%
Cash 5%
Commods 18%
Property 14%
EMD 6%
EMD 14%
Property 10%
Equities 9%
EMD 3%
EMD 10%
Global�HY 8%
Cash 1%
EMD 13%
Global�HY 11%
Hedge Funds 10%
ILS 2%
ILS 13%
ILS 11%
Govts 6%
Sterling�IG 13%
Hedge Funds
9%
EMD 8%
Sterling�IG 1%
Sterling�IG 10%
Govts 7%
Property 0%
Sterling�IG 9%
Hedge Funds 10%
Equities 7%
Sterling�IG -3%
Hedge Funds 11%
Equities 11%
ILS 3%
ILS 10%
Global�HY 7%
ILS 6%
Cash 1%
Equities 9%
Hedge Funds
7%
Sterling�IG -2%
Hedge Funds
8%
EMD 7%
Cash 6%
Hedge Funds -21%
Sterling�IG 11%
EMD 9%
Global�HY 3%
Hedge Funds
4%
EMD 0%
Hedge Funds
3%
Equities 0%
Property 8%
Sterling�IG 4%
Govts -2%
Commods 8%
Govts 6%
EMD 5%
Property -22%
EMD 6%
Sterling�IG 8%
Cash 1%
Property 2%
Sterling�IG 0%
Global�HY 2%
Govts -2%
ILS 6%
Commods 2%
Hedge Funds -2%
Global�HY 7%
Cash 4%
Sterling�IG 1%
Global�HY -27%
Govts 2%
Govts 5%
Hedge Funds -5%
Govts 1%
Cash 1%
Cash 1%
Global�HY -2%
Hedge Funds
1%
Cash 1%
Equities -7%
ILS 4%
Commods 2%
Global�HY 1%
Commods -35%
Property 2%
Hedge Funds
5%
Equities -6%
Cash 1%
Govts -4%
Govts -1%
Hedge Funds -2%
Cash 1%
ILS 0%
Global�HY -9%
Govts 4%
Sterling�IG 0%
Property -5%
Equities -39%
Cash 1%
Cash 1%
Commods -13%
Commods -1%
Commods -9%
Commods -17%
Commods -24%
Govts 0%
Property -2%
Commods -11%
Cash 1%
Best
Worse
A guide to multi-manager investing 3
About the fundSchroder MM Diversity Fund Schroder MM Diversity
Income FundSchroder MM Diversity Balanced Fund
The�fund�and�manager� have�been�awarded...
The�types�of�investments�the�manager�can�choose�from�are…
UK�and�overseas�shares,�government�and�corporate�bonds,�other�fixed�interest�securities�and�alternative�investments
UK�and�overseas�shares,�government�and�corporate�bonds,�other�fixed�interest�securities�and�alternative�investments
Shares,�government�and�corporate�bonds�and�cash,�both�in�the�UK�and�in�overseas�markets.�The�fund�invests�at�least�50%�in�funds�that�buy�shares
The�fund... Aims�to�deliver�a�consistent�long-term�capital�growth�in�excess�of�inflation�with�lower�risk�than�more�traditional�approaches�to�investment�management
Aims�to�provide�an�income�whilst�preserving�capital,�in�line�or�above�inflation,�from�a�portfolio�invested�across�a�wide�range�of�asset�classes
Aims�to�achieve�a�moderate�income�with�smooth�and�consistent�returns�in�all�market�conditions
Although�not�guaranteed,� the�fund�targets…
To�provide�capital�growth�in�excess� of�the�UK�Consumer�Price�Index� (after�fees�have�been�deducted)�over�a� 5�to�7�year�period.
Growth�in�its�unit�price�in�line�with,�or�above,�the�UK�Consumer�Price�Index�while�also�making�an�average�income�payment�of�4%�per�annum
Outperformance�of�its�benchmark�–� a�composite�that�represents�different�benchmarks�of�stocks�and�shares,�bonds�and�alternative�investments
The�fund�is�measured�against...[Benchmark]
The�Consumer�Price�Index�(CPI)�–� a�measure�of�inflation
The�Consumer�Price�Index�(CPI)�–� a�measure�of�inflation
IA�Mixed�Investment�40-85%�shares�– A benchmark�designed�to�represent�the�performance�of�the�funds�peer�group.
Performance
Q4�2018�–�Q4�2019
Q4�2017�–�Q4�2018�
Q4�2016�–�Q4�2017
Q4�2015�–�Q4�2016�
Q4�2014�–�Q4�2015�
Past�performance�is�not�a�guide�to�future�performance.��The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amounts�originally�invested.�Source�of�performance:�FE�Analytics,�bid�to�bid�with�net�income�reinvested�to�31�December�2019, Z�Acc�share�class,�net�of�fees�in�GBP.
Risks The�fund�can�be�exposed�to�different�currencies.�Changes�in�foreign�exchange�rates�could�create�losses.High�yield�bonds�(normally�lower�rated�or�unrated)�generally�carry�greater�market,�credit�and�liquidity�risk.A�rise�in�interest�rates�generally�causes�bond�prices�to�fall.A�decline�in�the�financial�health�of�an�issuer�could�cause�the�value�of�its�bonds�to�fall�or�become�worthless.A�failure�of�a�deposit�institution�or�an�issuer�of�a�money�market�instrument�could�create�losses.Equity�prices�fluctuate�daily,�based�on�many�factors�including�general,�economic,�industry�or�company�news.In�difficult�market�conditions,�the�fund�may�not�be�able�to�sell�a�security�for�full�value�or�at�all.�This�could�affect�performance�and�could�cause�the�fund�to�defer�or�suspend�redemptions�of�its�shares.Failures�at�service�providers�could�lead�to�disruptions�of�fund�operations�or�losses.The�counterparty�to�a�derivative�or�other�contractual�agreement�or�synthetic�financial�product�could�become�unable�to�honour�its�commitments�to�the�fund,�potentially�creating�a�partial�or�total�loss�for�the�fund.�A�derivative�may�not�perform�as�expected,�and�may�create�losses�greater�than�the�cost�of�the�derivative.The�fund�uses�derivatives�for�leverage,�which�makes�it�more�sensitive�to�certain�market�or�interest�rate�movements�and�may�cause�above-average�volatility�and�risk�of�loss.��
Fund�launch�date 1�September�2005 15�December�2010 2�April�2012
Ongoing�charge�(the�amount�you’ll�pay�over�a�year�related�to�the�costs�of�running�the�fund)
1.74%�(A�units)
1.24%�(Z�units)
1.61%�(A�units)
1.11%�(Z�units)
1.82%�(A�units)
1.32%�(Z�units)
Minimum�investment� £1,000�or�monthly�instalments� of�£50�(A�units)
31–2 6-7
Lower�risk Lower�potential�reward
Higher�risk���� Higher�potential�reward
BenchmarkFund
The�asset�class� breakdown�is...�
4
5.5%1.3%
-1.2%2.1%
0%3.0%
8.2%1.6%
0.2%0.2%
5.5%1.3%
-1.2%2.1%
0%3.0%
8.2%1.6%
0.2%0.2%
5.5%1.3%
-1.2%2.1%
0%3.0%
8.2%1.6%
0.2%0.2%
5.5%1.3%
-1.2%2.1%
0%3.0%
8.2%1.6%
0.2%0.2%
5.5%1.3%
-1.2%2.1%
0%3.0%
8.2%1.6%
0.2%0.2%
5.5%1.3%
2.1%0.2%
1.7%3.0%
9.7%1.6%
0.2%-0.2%
5.5%1.3%
2.1%0.2%
1.7%3.0%
9.7%1.6%
0.2%-0.2%
5.5%1.3%
2.1%0.2%
1.7%3.0%
9.7%1.6%
0.2%-0.2%
5.5%1.3%
2.1%0.2%
1.7%3.0%
9.7%1.6%
0.2%-0.2%
5.5%1.3%
2.1%0.2%
1.7%3.0%
9.7%1.6%
0.2%-0.2%
9.5%15.9%
-6.1%-4.7%
3.7%10.2%
14.8%13.3%
2.6%3.0%
9.5%15.9%
-6.1%-4.7%
3.7%10.2%
14.8%13.3%
2.6%3.0%
9.5%15.9%
-6.1%-4.7%
3.7%10.2%
14.8%13.3%
2.6%3.0%
9.5%15.9%
-6.1%-4.7%
3.7%10.2%
14.8%13.3%
2.6%3.0%
9.5%15.9%
-6.1%-4.7%
3.7%10.2%
14.8%13.3%
2.6%3.0%
33.3%Equities
33.3%Fixed�income�&�cash
33.3%Alternatives
40%Equities
40%Fixed�income�&�cash
20%Alternatives
65%Equities
10%Fixed�income�&�cash
25%Alternatives
Neutralposition
Neutralposition
Neutralposition
A guide to multi-manager investing4
Schroder MM Diversity Tactical Fund
Schroder MM UK Growth Fund Schroder MM International Fund
The�fund�and�manager�have�been�awarded...
The�types�of�investments�the�manager�can�choose�from�are…
A�diverse�range�of�asset�types�in�global�markets,�including�shares,�bonds,�fixed�interest,�cash�and�any�other�permitted�assets�deemed�appropriate�to�meet�the�investment�objective
Funds�invested�predominantly�in�UK�shares�across�all�economic�sectors
Funds�invested�in�any�and�all�geographic�areas�of�the�world
The�fund Aims�to�provide�capital�growth�in�its�unit�price�mainly�through�investment�in�global�markets
Aims�to�provide�capital�growth�through�investment�in�a�diversified�portfolio�of UK�shares
Aims�to�provide�capital�growth�through�investment�in�global�share�markets�and in�all�economic�sectors.�The�fund�has no�geographic�or�sector�limits
Although�not�guaranteed,� the�fund�targets…
Outperformance�of�its�benchmark�–� a�composite�that�represents�different�benchmarks�of�stocks�and�shares,�bonds�and�alternative�investments
Outperformance�of�its�benchmark,�the�FTSE�All�Share�index
Outperformance�of�its�benchmark,� the�FTSE�All�World�(ex�UK)�index�over the�medium�term
The�fund�is�measure�against...[Benchmark]
The�IA�Flexible�Investment�–�an�index�designed�to�represent�the�performance�of�the�funds�peer�group
The�FTSE�All�Share�index�–�an�index�designed�to�represent�the�performance�of�all�eligible�companies�listed�on�the�London�Stock�Exchange’s�main�market
FTSE�All�World�(ex�UK)
Performance
Q4�2018�–�Q4�2019
Q4�2017�–�Q4�2018�
Q4�2016�–�Q4�2017
Q4�2015�–�Q4�2016�
Q4�2014�–�Q4�2015�
Past�performance�is�not�a�guide�to�future�performance.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amounts�originally�invested.� Source�of�performance:�FE�Analytics,�bid�to�bid�with�net�income�reinvested�to�31�December�2019,�Z�Acc�share�class,�net�of�fees�in�GBP.��
Risks The�fund�can�be�exposed�to�different�currencies.�Changes�in�foreign�exchange�rates�could�create�losses.High�yield�bonds�(normally�lower�rated�or�unrated)�generally�carry�greater�market,�credit�and�liquidity�risk.A�rise�in�interest�rates�generally�causes�bond�prices�to�fall.A�decline�in�the�financial�health�of�an�issuer�could�cause�the�value�of�its�bonds�to�fall�or�become�worthless.A�failure�of�a�deposit�institution�or�an�issuer�of�a�money�market�instrument�could�create�losses.Equity�prices�fluctuate�daily,�based�on�many�factors�including�general,�economic,�industry�or�company�news.In�difficult�market�conditions,�the�fund�may�not�be�able�to�sell�a�security�for�full�value�or�at�all.�This�could�affect�performance�and�could�cause�the�fund�to�defer�or�suspend�redemptions�of�its�shares.Failures�at�service�providers�could�lead�to�disruptions�of�fund�operations�or�losses.The�counterparty�to�a�derivative�or�other�contractual�agreement�or�synthetic�financial�product�could�become�unable�to�honour�its�commitments�to�the�fund,�potentially�creating�a�partial�or�total�loss�for�the�fund.�A�derivative�may�not�perform�as�expected,�and�may�create�losses�greater�than�the�cost�of�the�derivative.The�fund�uses�derivatives�for�leverage,�which�makes�it�more�sensitive�to�certain�market�or�interest�rate�movements�and�may�cause�above-average�volatility�and�risk�of�loss.�
Fund�launch�date 22�May�2002 22�May�2002 22�May�2002
Ongoing�charge�(the�amount�you’ll�pay�over�a�year�related�to�the�costs�of�running�the�fund)
1.85%�(A�units)
1.35%�(Z�units)
1.88%�(A�units)
1.38%�(Z�units)
1.84%�(A�units)
1.34%�(Z�units)
Minimum�investment� £1,000�or�monthly�instalments� of�£50�(A�units)�£1,000,000�(Z�units)
41–4 6-7
Lower�risk Lower�potential�reward
Higher�risk���� Higher�potential�reward
BenchmarkFund
The�asset�class� breakdown�is...�
5
9.4%15.5%
-4.3%-6.7%
3.1%11.4%
14.3%14.4%
2.3%3.5%
9.4%15.5%
-4.3%-6.7%
3.1%11.4%
14.3%14.4%
2.3%3.5%
9.4%15.5%
-4.3%-6.7%
3.1%11.4%
14.3%14.4%
2.3%3.5%
9.4%15.5%
-4.3%-6.7%
3.1%11.4%
14.3%14.4%
2.3%3.5%
9.4%15.5%
-4.3%-6.7%
3.1%11.4%
14.3%14.4%
2.3%3.5%
16.5%19.2%
-7.3%-9.5%
5.4%13.1%
16.8%16.8%
1.0%-1.2%
16.5%19.2%
-7.3%-9.5%
5.4%13.1%
16.8%16.8%
1.0%-1.2%
16.5%19.2%
-7.3%-9.5%
5.4%13.1%
16.8%16.8%
1.0%-1.2%
16.5%19.2%
-7.3%-9.5%
5.4%13.1%
16.8%16.8%
1.0%-1.2%
16.5%19.2%
-7.3%-9.5%
5.4%13.1%
16.8%16.8%
1.0%-1.2%
17.5%21.8%
-4.9%-3.6%
8.3%13.3%
27.9%29.5%
3.8%6.0%
17.5%21.8%
-4.9%-3.6%
8.3%13.3%
27.9%29.5%
3.8%6.0%
17.5%21.8%
-4.9%-3.6%
8.3%13.3%
27.9%29.5%
3.8%6.0%
17.5%21.8%
-4.9%-3.6%
8.3%13.3%
27.9%29.5%
3.8%6.0%
17.5%21.8%
-4.9%-3.6%
8.3%13.3%
27.9%29.5%
3.8%6.0%
80%Equities
5%Fixed�income�&�cash
15%Alternatives
100%Equities
100%Equities
Neutralposition
Neutralposition
Neutralposition
A guide to multi-manager investing 5
Packaging your portfolio more efficiently
�Multi-manager�investing�could�be�more�cost�efficient�than�if�you�were�to�buy��the�same�funds�individually,�and�(depending�on�your�tax�position)�you�could�enjoy�certain�tax�benefits,�especially�if�you�use�a�tax�efficient�
wrapper�such��as�an�ISA.�Your�financial�adviser�can�go�through�your�individual�tax�implications�with�you.
The�tax�rules�for�ISAs�may�change�in�the�future.�
Why choose the Diversity team?
The�Diversity�team�has�a�long-standing�reputation�within�the�investment�community�and�collectively�bring�over�60�years�of�investment�experience.�They�have�been�with�Schroders�since�2013,�having�joined�as�part�of�the�integration�with�Cazenove�Capital�Management.�
Led�by�Robin�McDonald,�the�team�actively�manages�the�range�to�ensure�the�right�blend�of�funds�is�working�to�achieve�investor�goals.�
The�team�pays�close�attention�to�what’s�happening�in�the�market.�Their�starting�point�is�always�deciding�on�their�view�of�the�world:�where�it�is�going,�what�different�economic�outcomes�may�emerge�and�what�assets�will�work�in�different�scenarios.�Only�then�do�they�move�onto�selecting�funds.�
How to invest
The�Diversity�range�is�available�to�buy�through�a�number�of�fund�supermarkets�and�investment�platforms�but�if�you’re�unsure,�it’s�important�to�get�the�right�advice�before�you�invest.�
Are you looking for a financial adviser? Visit: www.unbiased.co.uk or www.vouchedfor.co.uk
For�further�information,�including�Key�InvestorInformation�Documents�and�Prospectuses,visit�www.schroders.co.uk/multimanager�orphone�Investor�Services�on�0800�718�777(for�your�security,�calls�will�be�recorded).
A guide to multi-manager investing6
Robin McDonald Head�of�Multi-Manager
Joe Le Jéhan Fund�Manager
Geoffrey Challinor Fund�Manager
Joe TennantInvestment�Director
Find out more
If�you�would�like�further�information, including�Key�Investor�Information� Documents�and�Prospectuses,visit�www.schroders.co.uk/multimanager�orphone�Investor�Services�on�0800�718�777(for�your�security,�calls�will�be�recorded).
For�further�information,�including�Key�Investor�Information�Documents�and�Prospectuses,� visit�www.schroders.co.uk/multimanager�or� phone�Investor�Services�on�0800�718�777� (for�your�security,�calls�will�be�recorded).
A guide to multi-manager investing 7
We�manage�£450.8�billion�(€496.6�billion/$565.5�billion)�on�behalf�of�institutional�and�retail�investors,�financial�institutions�and�high�net�worth�clients�from�around�the�world,�invested�in�a�broad�range�of�asset�classes�across�equities,�fixed�income,�multi-asset� and�alternatives.
We�employ�over�4,500�talented�people�worldwide�operating�from�32�locations�across�Europe,�the�Americas,�Asia�and�the�Middle�East,�close�to�the�markets�in�which�we�invest�and�close�to�our�clients.
Schroders�has�developed�under�stable�ownership�for�over�200�years�and�long-term�thinking�governs�our�approach�to�investing,�building�client�relationships�and�growing�our�business.
To find out more, visit www.schroders.co.uk/investor or speak to your financial adviser
Source:�Schroders�as�at�30�September�2019.
At Schroders, asset management is our business and our goals are completely aligned with those of our clients – the creation of long-term value.
A guide to multi-manager investing8
Important information.�For�professional�investors�or�advisers�only.� Past�performance�is�not�a�guide�to�future�performance�and�may�not�be�repeated.�The�value�of�investments�and�the�income�from�them�may�go�down�as�well�as�up�and�investors�may�not�get�back�the�amount�originally�invested.�Investment�in�these�funds�will�not�be�suitable�for�all�investors.�Any�investment�should�be�considered�against�an�investor’s�investment�needs�and�attitude�to�risk.�Currency�fluctuations�may�adversely�affect�the�value�of�the�funds’�investments�and�the�income�thereon.�Investing�in�emerging�markets,�which�can�be�extremely�volatile,�involves�a�higher�than�average�risk�compared�with�investing�in�established�markets.�The�levels�and�basis�of,�and�reliefs�from,�taxation�may�change.�Investors�should�obtain�professional�advice�on�taxation�
where�appropriate�before�proceeding�with�any�investment.�Details�of�the�terms�and�risk�warnings�are�contained�in�the�Prospectus�and�Key�Investor�Information�documents.�Schroders�has�expressed�its�own�views�and�these�may�change.�The�data�contained�in�this�document�has�been�sourced�by�Schroders�and�should�be�independently�verified�before�further�publication�or�use.� For�further�information,�including�the�Key�Investor�Information�Documents�and�Prospectuses�for�the�funds,�visit�www.schroders.co.uk/investor�or�phone�Investor�Services�on�0800�718�777�(for�your�security,�calls�will�be�recorded).�Issued�in�February�2020�by�Schroder�Unit�Trusts�Limited,�1�London�Wall�Place,�London�EC2Y�5AU.�Registered�No:�4191730�England.�Authorised�and�regulated�by�the�Financial�Conduct�Authority.�404835
Schroder Investment Management Limited1 London Wall Place, London EC2Y 5AU, United KingdomT +44 (0) 20 7658 6000
@schrodersschroders.com