Client Report Template v1 - Heartwood Investment Management › media › 1289 › sample-client-rep… · US election, while fundamental growth and emerging market equity strategies

Sample Client Report 01 October 2016 to 31 December 2016

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Contents

Head Office: No.1 Kingsway, London, WC2B 6AN Tel: 020 7045 1320 Email: [email protected]

Your Details and Portfolio Overview

Market Overview

Asset Class Review

Your Performance Summary

Your Portfolio Analysis

Consolidated Portfolio Valuation

Consolidated Underlying Holdings

Investment Transaction Report

Capital Transaction Statement

Income Transaction Statement

A Guide to Your Report

Important Information

heartwoodgroup.co.uk Page 2 of 21

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Your Details and Portfolio OverviewYour Service Details

Market Value as at 30 September 2016 £3,948,746.93

Cash Introduced / (Withdrawn) (£598.02)

Investments Introduced / (Withdrawn) £0.00

Income Received £0.00

Management Fees £0.00

Market Value as at 31 December 2016 £4,006,906.89

Gains (Losses) during period £58,757.98

Your Portfolio Capital and Income Movements

Clive Meek

Client Director

020 7045 1337

[email protected]

Luci Worbey

Assistant Client Director

020 7045 1335

[email protected]

Jaisal Pastakia

Investment Manager

020 7045 1348

[email protected]

Kevin Divall

Investment Manager

020 7045 1340

[email protected]

Your Investment Management Team

Services Provided: Managed Portfolio Service

Investment Strategy: Cautious

Model: Cautious

Reporting Frequency: Quarterly

Online Client Centre Access: No

Contract Notes: Yes

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Please tell us of any changes in your circumstances that might have a bearing on your investment strategy or model.


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Market Overviewby Noland Carter, CIO

Quite a lot has changed in the world from where we were a few months ago, when markets reeled in the immediate aftermath of Brexit. Global growth prospects look brighter and momentum is expected to continue in 2017.

Donald Trump’s US presidential election victory has accelerated a shifting economic picture of higher growth and reflation. After several years of austerity politics and central bank liquidity, there is now an evolving consensus that governments need to spend their way out of the low growth trap. The focus is on the US, where perceptions of a pro-growth agenda have ignited the ’Trump trade’. Cyclical stocks have surged ahead - industrials, financials and energy – and propelled major US equity benchmarks to record highs.

Investors are now talking about the revival of ‘animal spirits’ where confidence becomes self-fulfilling. Time will tell whether this is the case or, rather, if this new found optimism fades. Assuming Trump can implement his plans quickly for rebuilding infrastructure and cutting corporate taxes, these policies are expected to lead to stronger business investment and improving corporate profitability.

More confidence in the US outlook reverberates globally. We are already seeing improvements in business sentiment surveys in Japan and Europe. General elections in France and Germany will test the anti-establishment mood later in 2017. The hope is that concerns around the rising prominence of populist parties will force the hand of European politicians to take necessary actions and improve living standards for disaffected electorates.

All of this is probably sounding too good to be true. Expectations may well have run ahead of reality, leaving room for potential disappointment as we move through the first quarter. There is a danger that an over-exuberant US economy creates unwanted side-effects. If there is a significant upward move in US treasury yields and a stronger US dollar, these factors could curtail global growth, create stresses in emerging markets and the financial system more generally, and ultimately sow the seeds for a slowdown in US growth.

We must also consider the other less palatable side of populist policies. While lower taxes, more spending and more jobs are good for growth, these benefits are likely to come with costs of rising protectionism, the possibility of too much inflation and worries about the funding of government deficits in the longer term. As leaders of nation states assert their policy agendas, there is also an increasing risk of individual human error, whether by accident or design.

This market overview is intended to be Heartwood’s commentary on markets and on its own investment strategy. It is not investment research and you should not treat these observations as a recommendation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of investments may fall as well as rise.

There continue to be many risks and for this reason we hold reasonable levels of liquidity. But accepting those risks, we also believe that the reshaping of US politics has changed the environment to one that is more constructive for risk assets.

We hold more exposure in US equities than we have held for some time, having allocated to US small-caps and industrials following Trump’s victory. We continue to hold overweight equity positions in Europe and Japan, as we believe this environment will favour cyclical markets. Longer-term structural economic improvements in emerging market (EM) economies keeps us positive on EM equity and debt, but we acknowledge vulnerabilities to US policy risks in the near term. Meanwhile, uncertainty around Brexit leads us to maintian underweight positions in both UK equities and UK commercial property, although we expect there may be tactical opportunities to repatriate assets back into sterling in the medium term.

Elsewhere, we are maintaining our long-standing short-duration exposure in fixed income markets, given developed sovereign bond yields remain historically low despite their recent rise back to levels at the start of 2016. We are less positive on the hedge fund complex in general, although we continue to seek opportunities in specialist areas, such as direct lending vehicles.

2016 was a curious year not just in terms of political outcomes, but also the reaction of financial markets to these events. In times of swift market moves, nimble and flexible investors can take advantage. We find ourselves in uncharted territory as we enter the eighth year of the extended bull market. Our sense, though, is that developments in the US could support the market further.

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Noland CarterChief Investment Officer


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Asset Class Review

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EquitiesDeveloped equity markets ended the year strongly, as the fillip of Donald Trump’s election victory drove expectations of stronger US growth, reflation, higher interest rates and a resurgent US dollar. However, these factors contributed to negative returns in emerging market equities. Japanese equities outperformed for the quarter, though lagged for the year, as the yen fell 13% against the US dollar. Major US equity benchmarks climbed to new highs on perceptions of a pro-growth agenda with the incoming Trump administration. US smaller companies outperformed, as did cyclical stocks. Financials were particularly strong, benefiting from the rise in longer-dated US treasury yields. Returns in sterling were further enhanced in US equities, although the UK currency’s appreciation versus the euro (albeit modest) and the yen tempered returns in Europe and Japan.

Commercial propertyListed UK property returns were negative for the quarter, as Brexit concerns continued to weigh on sentiment. That said, significant price falls among London-based developers since the UK referendum stimulated buying in December, as investors took advantage of perceived pricing opportunities. According to CBRE, full year investment volumes for 2016 are expected to be 30% lower than the strong activity levels seen in 2015. Brexit will continue to add a layer of uncertainty and accelerate some of the headwinds already identified at the start of 2016, given that some areas of the market in London and the south east had become over-heated.

CashReturns are negligible given very low interest rates.

BondsPerceptions of stronger US growth, reflation and higher interest rates drove developed sovereign bond yields higher, particularly longer-dated securities. While Donald Trump’s election victory was the precursor to the global bond sell off, economic data also saw gradual improvements across developed markets. Central banks stepped back from years of priming financial markets with abundant liquidity. The US Federal Reserve raised interest rates in December and delivered a slightly more hawkish assessment of the future rate path. The Bank of England also removed its easing bias, believing that interest rates could move in either direction given the potential impact of a weaker sterling on inflation. Meanwhile, the European Central Bank announced that it would reduce the size of its monthly purchase programme. Emerging market sovereign debt fared less well, given the US fiscal position.

CommoditiesOPEC’s landmark decision to cap production boosted energy prices in the fourth quarter. A more stable growth trend in China further supported commodity markets across the complex, especially copper. However, the spectre of US Federal Reserve tightening and perceptions of reflation hurt precious metals.

Hedge fundsIn US dollar terms, event-driven strategies outperformed over the quarter, including distressed securities, special situations and activist strategies. Among equity hedge strategies, fundamental value benefited from the cyclical rally post the US election, while fundamental growth and emerging market equity strategies underperformed. Global macro strategies also lagged the broader hedge fund universe against the backdrop of rising yields and a strengthening US dollar.


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Your Performance SummaryAs at 31 December 2016

Cumulative Investment Performance ( % )

Performance by Discrete Period

Current Asset Allocation

Classification Weight%

CurrentValue

Equity 33.1% £1,324,492.70

Bonds 50.5% £2,021,986.10

Property 3.9% £156,214.00

Hedge Funds 2.5% £100,778.78

Liquidity Funds 7.0% £279,522.06

Cash 3.1% £123,913.25

Performance data is calculated by FactSet based on valuation data from Invantage. Indices are also sourced from FactSet.Past performance should not be seen as a reliable indicator of future results. The value of investments may fall as well as rise. For further details please see Important Information.

Source: FactSet

Source: FactSet

Return Type Q4 Q3 Q2 Q1 2016 2015 2014 2013 2012 2011

Your Portfolio 1.5% 4.3% 1.8% 0.1% 7.9% -0.1% 3.2% 9.0% 6.5% 0.9%

MSCI United Kingdom 4.2% 7.0% 6.7% 0.2% 19.2% -2.2% 0.5% 18.5% 10.2% -1.8%

BoA Merrill Lynch UK Govt Conventional Bonds -3.6% 2.4% 6.5% 5.2% 10.6% 0.5% 14.7% -4.3% 2.8% 16.9%

MSCI The World Index GBP 7.2% 8.0% 8.8% 2.3% 29.0% 5.5% 12.1% 25.0% 11.4% -4.3%

One Month LIBOR GBP (Cash) 0.1% 0.1% 0.1% 0.1% 0.4% 0.5% 0.5% 0.5% 0.6% 0.6%

S&P GSCI GBP (Commodities) 11.2% -1.4% 21.1% 0.0% 32.8% -29.0% -28.9% -3.1% -4.3% -0.4%

HFRX Global Hedge Fund Index GBP 0.8% 2.0% 1.0% -2.2% 1.4% -3.8% -0.5% 7.0% 3.4% -8.4%


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Portfolio Asset Allocation Change Since 31 Dec 2015 (%)

Your Portfolio AnalysisAs at 31 December 2016

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Portfolio Currency Allocation (%)

Equity Component by Geography (%)

Bond Component by Type (%)

Past performance should not be seen as a reliable indicator of future results. The value of investments may fall as well as rise. For further details please see Important Information.


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Consolidated Portfolio Valuation

As at 31 December 2016Account

KeyStock Name Quantity Price Current

ValueTotal Cost Weight

%Estimated

IncomeEst. Yield

%

MULTIPLE ASSET CLASS

3 CF Hwd Cautious Multi Asset Fund B Acc

909,506.399 137.16p £1,247,478.98 £1,027,495.69 31.1% £3,723.72 0.3%

1 CF Hwd Cautious Multi Asset Fund C Acc

1,568,166.953 139.54p £2,188,220.17 £1,798,119.54 54.6% £11,735.42 0.5%


63,027.763 139.54p £87,948.94 £75,488.65 2.2% £471.67 0.5%


173,281.928 139.54p £241,797.60 £202,501.73 6.0% £1,296.76 0.5%


2,956.899 139.54p £4,126.06 £3,433.61 0.1% £22.13 0.5%


62,525.671 139.54p £87,248.32 £74,906.43 2.2% £467.91 0.5%

1 CF Hwd Cautious Multi Asset Fund I Acc

62,918.895 134.67p £84,732.88 £76,776.66 2.1% £650.32 0.8%


24,180.942 134.67p £32,564.47 £30,671.08 0.8% £249.93 0.8%


24,180.942 134.67p £32,564.47 £30,671.08 0.8% £249.93 0.8%

Asset Class Total £4,006,681.89 £3,320,064.47 100.0% £18,867.79 0.5%

CASH

1 Main Capital a/c - GBP £225.00 £225.00 0.0% £0.00 0.0%

Asset Class Total £225.00 £225.00 0.0% £0.00 0.0%

Total Portfolio Including Cash £4,006,906.89 £3,320,289.47 100.0% £18,867.79 0.5%

Account Key

Account Name CurrentValue

Total Cost Weight%

EstimatedIncome

Est. Yield %

1 Sample Client - 1001 - Main £2,273,178.05 £1,875,121.20 56.7% £12,385.74 0.5%

2 Sample Client - 1001 - ISA £120,513.41 £106,159.73 3.0% £721.60 0.6%

3 Sample Client - 1002 - Canada Life International a/c 90000 £1,489,276.58 £1,229,997.42 37.2% £5,020.48 0.3%

4 Sample Client - 1003 - Main £4,126.06 £3,433.61 0.1% £22.13 0.5%

5 Sample Client - 1003 - ISA £119,812.79 £105,577.51 3.0% £717.84 0.6%


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As at 31 December 2016Stock Price Weight

%Est. Yield

%

BONDS

EMERGING MARKETS

Ashmore Emerging Markets Soverign Debt Fund £112.29 2.7% 0.0%

Pictet Global Emerging Debt GBP Hedged Inc £216.68 1.1% 4.7%

GOVERNMENT - CONVENTIONAL

0.5% UK Treasury 22/07/2022 £0.99 5.8% 0.5%

1.25% Treasury 22/07/2018 £1.02 3.4% 1.3%

1.5% UK Treasury Stock 22/01/2021 £1.04 3.2% 1.5%

1.5% UK Treasury Stock 22/07/2026 £1.02 3.4% 1.5%

1.75% Treasury Stock 7/9/22 £1.06 3.0% 1.8%

GOVERNMENT - INDEX LINKED

0.125% Treasury I-L Stock 22/03/2024 £1.29 3.1% 0.1%

0.125% Treasury I-L Stock 22/3/2026 £1.24 6.6% 0.1%

UBS ETF (Lu) Barclays TIPS 1-10 UCITS ETF £13.03 1.2% 0.0%

US Treasury TIPS 1.125% 15/01/2021 $1.13 1.2% 1.1%

CORPORATE - INVESTMENT GRADE

iShares £ Ultrashort Bond UCITS £100.26 3.8% 0.8%

iShares Markit iBoxx Corp Bond 0-5Yr UCITS £107.05 6.3% 2.5%

Twenty Four Senior Secured Bond Fund £101.89 2.9% 0.8%

CORPORATE - HIGH YIELD

Sequoia Economic Infrastructure Income Fund Lid £1.14 0.9% 5.3%

Sqn Asset Finance Income Fund - C Share £1.04 0.6% 0.0%

Starwood European Real Estate Finance £1.08 0.7% 6.0%

UK Mortgages Limited £0.95 0.5% 6.3%

Asset Class Total 50.5% 1.3%

EQUITY

UK

db X FTSE All-Share ETF '1D' £4.01 1.3% 3.8%

iShares FTSE 100 UCITS ETF Dist £7.01 3.2% 3.8%

J O Hambro UK Equity Income Y Dis £1.29 1.8% 4.4%

JP Morgan Call Wts FTSE 100 8000 16/03/18 £0.90 0.0% 0.0%

JP Morgan Put April 2017 FTSE 100 £16.88 0.1% 0.0%

Majedie UK Equity X Acc £1.70 3.7% 2.3%

Vanguard Dublin FTSE 100 ETF £31.77 2.1% 3.8%

Vanguard FTSE 250 UCITS ETF £29.06 0.2% 3.1%

NORTH AMERICA

iShares MSCI USA Small Cap ETF £222.79 0.9% 1.2%

iShares VII Core S&P 500 UCITS ETF £173.21 3.1% 0.0%

Source US Industrials ETF £254.62 1.3% 0.0%

Vanguard Dublin S&P 500 ETF £34.80 2.1% 1.7%


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As at 31 December 2016Stock Price Weight

%Est. Yield

%

EQUITY

EUROPE EX-UK

Blackrock European Dynamic Fd Acc £1.36 0.8% 1.2%

iShares MSCI Europe Ex UK UCITS ETF £24.93 1.0% 2.3%

JAPAN

iShares III Core MSCI Japan IMI UCITS ETF £28.11 0.7% 0.0%

Morant Wright Nippon Yield B £3.30 0.7% 2.5%

EMERGING MARKETS

First State Stewart Asia Pacific Ldrs B Acc £6.19 0.5% 1.1%

iShares Core MSCI Emerging Mkts IMI UCITS ETF £17.94 2.8% 0.0%

GLOBAL

iShares Edge MSCI World Value Factor ETF UCITS £21.27 3.5% 0.0%

Polar Capital Global Insurance F Acc £5.86 1.2% 1.5%

Rwc Global Convertibles Fund - GBP Hedged Acc £767.08 2.0% 0.0%


PROPERTY

UK

Standard Life Property Inc Tst Ord £0.87 1.8% 5.5%

Threadneedle Property Unit Trust B £276.67 2.1% 5.4%


HEDGE FUNDS

DIVERSIFIED FUND-OF-FUNDS

Heartwood Alternatives Fund £1.01 2.5% 0.0%


LIQUIDITY FUNDS

Fidelity Instl Liquidity Fund GBP A Acc £20,667.37 2.3% 0.2%

GS Sterling Liq Reserves Fd Acc £14,152.92 2.3% 0.2%

JP Morgan Sterling Liq Fd C Acc £15,993.30 2.3% 0.0%


CASH

Cash GBP 3.1% 0.0%

Cash USD 0.0% 0.0%


Should you wish to receive a detailed MAF report, please contact your Assistant Client Director who will arrange for a copy to be sent to you.


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Investment Transaction Report (Purchases / Sales)01 October 2016 - 31 December 2016

Sample Client - 1002 - Canada Life International a/c 90000

Trade Date /Time of Deal

Stock Name /ISIN

Venue / Order Type

Quantity Price OtherCharges

Accrued Interest Commission Cost / Proceeds

Sale

24 Nov 201610:00:00 AM

CF Hwd Cautious Multi Asset Fund C AccGB00B5LJZM77

XOFFMarket

145.624 137.34p £0.00 £0.00 £0.00 £200.00

Sale Total £0.00 £0.00 £0.00 £200.00


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Capital Transaction Statement (Pounds Sterling)01 October 2016 - 31 December 2016

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Date Description Debit Credit Balance

01 Oct 2016 Opening balance 300.00

19 Oct 2016 INVESTMENT ADVICE FEE JULY TO SEPT QUARTER 62.50 237.50

19 Oct 2016 INVESTMENT ADVICE FEE VAT JULY TO SEPT QUARTER 12.50 225.00

31 Dec 2016 Closing balance 225.00


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Capital Transaction Statement (Pounds Sterling)01 October 2016 - 31 December 2016


Date Description Debit Credit Balance


24 Nov 2016 SD 145.624 CF HWD CAUT C (B5LJZM7) @ 1.3734 Order ID:261536 200.00 523.02

30 Nov 2016 SAME DAY PYMT CANADA LIFE TO COVER FEES 523.02 0.00



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Income Transaction Statement (Pounds Sterling)01 October 2016 - 31 December 2016


Transaction Date Description Debit Credit Balance


10 Oct 2016 ACC FOR 62918.895 (B4P1209) CF HWD CAUT I A 0.00 0.00

10 Oct 2016 ACC FOR 1568166.953 (B5LJZM7) CF HWD CAUT C A 0.00 0.00



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10 Oct 2016 ACC FOR 909506.399 (B4KJ112) CF HWD CAUT B A 0.00 0.00




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Wealth Advisory Fees

01 October 2016 - 31 December 2016Advice Group Description Date Debited Fee VAT Total

Sample Client Investment Advice Fee July To Sept Quarter 19 Oct 2016 £62.50 £12.50 £75.00

£62.50 £12.50 £75.00


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A Guide to Your Report

Your Details and Portfolio Overview

Your Portfolio Capital and Income Movements. This is a summary of all cash flows within the portfolio that affect the current value during the review period. Figures in brackets are withdrawals or losses.

Your Performance Summary

Cumulative Investment Performance. This chart shows the performance of the portfolio and of equity (MSCI United Kingdom) and government bond (BoA Merrill Lynch UK Govt Conventional Bonds) indices. These indices are selected because they typically represent the two largest asset classes within the portfolio. Prior to October 2012 we used the FTSE All Share Index and the FTSE All Stocks Gilt Index but we adopted the MSCI indices following a dramatic increase in fees by FTSE.

Performance by discrete period. This table shows the performance of the portfolio over discrete periods. We also include several other indices to show how various asset classes performed over the same period including LIBOR which is the London Interbank Offer Rate, the S&P GSCI which provides investors with a widely used, publicly available benchmark for investment performance in the commodity markets and the HFRX Global Hedge Fund Index which is designed to be representative of the overall composition of the hedge fund universe.

Current Asset Allocation. This shows how the portfolio is invested in various asset classes at the time of the report. It details the percentage and the monetary amount invested in each asset class.

Your Portfolio Analysis

Portfolio Asset Allocation. This shows the various asset classes that the portfolio is invested in and the percentage movement in each of them since the last report.

Portfolio Currency Allocation. This shows a breakdown of the portfolio by the currency in which the individual securities are held.

Equity Component by Geography. This is a detailed breakdown of the portfolio’s equity holdings by geographic region. They are shown as a percentage of the equity weighting, not of the whole portfolio.

Bond Component by Type. This is a detailed breakdown of the portfolio’s bond allocation by type. They are shown as a percentage of the bond weighting, not of the whole portfolio.

Consolidated Portfolio ValuationThis is a summary of the assets within your portfolio, with a breakdown of the accounts that make up the total value. Each account can be identified from the account key.


For portfolios invested in a Heartwood Multi Asset Fund (MAF), this valuation shows the underlying holdings of the MAF and, if applicable, consolidates any other holdings the portfolio may have. This is to show the MAF’s underlying holdings and how they are reflected in your own portfolio.

Investment Transaction Report

Purchases/Sales. This shows any sales and purchases and associated costs during the period. “Other Charges” could include: PTM Levy (Panel on Takeovers and Mergers); Overseas Charges; and Transfer Stamp Duty.

Stock Introduced/Withdrawn. This shows any stocks that have been added to or removed from the portfolio during the period – for example, the transfer of a certificated holding into Heartwood custody.

Corporate Actions. This shows any stocks that have been the subject of a corporate action, such as the takeover of one company by another. Capital Transaction Statement

This report shows all of the transactions that have occurred on the capital account, such as sales and purchases or money introduced or removed from the portfolio.

Income Transaction Statement

This shows all of the transactions that have occurred on the income account, such as dividends for equity holdings and interest for cash and bonds.

Safe Custody ScheduleThis is a schedule of any assets that are held in safe custody on behalf of clients but are not held within a Heartwood Nominee Account – for example, a National Savings certificate.

Investment Management FeesThis schedule details all management fees applied during the period and the account(s) they have been debited from. For clients invested solely in a Heartwood Multi Asset Fund (MAF), the charges are taken from within the MAF. So, for clients invested in a MAF, any management fees on this schedule will be for holdings outside the MAF.


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Important Information

Key Information about your report

The source for all data is Heartwood, unless otherwise stated.

Valuation and TransactionsThe valuation includes all securities held in the portfolio at the date shown, using the “trade date” basis. This may, therefore, include unsettled trades (purchases and/or sales) which you will not be able to deal on until the original transaction is completed.

Figures for fund holdings and performance are accurate to the last pricing point, at the time of report production. Where stocks are priced monthly, we will use the latest price available to us. As fund transactions are placed on a forward pricing basis, the valuation shown is not necessarily the price you would receive if you redeemed your investment.

The prices used in the valuation are the “mid-market” price for investments quoted on a stock exchange or the “bid price” (the price at which an investor sells unit trusts and other dual priced investments).

For investments that are not quoted on a stock exchange and are, therefore, classified as not “readily realisable”, the valuation has been based on fair value. This is our best judgement of the price likely to be agreed between a willing buyer and willing seller, dealing on an arm’s length basis, where both are in possession of all freely available information concerning those investments. Where a suitable price cannot be obtained, this class of investment has been valued at their original cost, the last known price at which they changed hands or nil.

A number of securities – including, but not necessarily limited to property, private equity (including Venture Capital Trusts), managed futures and hedge funds – may have limited liquidity, including notice periods of up to several months and (in a limited number of cases) the right to delay redemption in order to preserve an orderly market. It may take time to receive funds if the holding is sold, and the price given in this valuation may not necessarily be achieved.

The value of the pension received when taking benefits from a Self-Invested Personal Pension (SIPP) will depend on various factors including, but not limited to, contributions made, charges and fees, tax treatments of SIPPs, annuity rates and investment performance.

Please note that there may be small differences in valuations and percentages included within this report, because of rounding.

Fees and ChargesHeartwood’s fees, levied on a percentage scale, are shown as a quarterly entry in the portfolio Cash History, except for holdings of Heartwood Multi Asset Funds where investment management fees are charged within the fund. If there are any invoices relating to

Heartwood charges not levied on a percentage scale, where permission has been given for payment to be made from the investment funds, details will be shown within this report. Where permitted under our agreement, we will deduct the sums due from the investment deposit account.

Under the Transaction Report (Purchases/Sales) the term ‘other charges’ includes PTM Levy, Overseas Charges and Transfer Stamp Duty.

PerformanceAll performance information is sourced from our analytical tool, FactSet, and is daily time-weighted based on holdings data from our internal accounting system. All performance is gross of fees, except where clients hold Heartwood Multi Asset Funds (when it is net of all management fees and charges).

The yield is the annual income return on an asset class or portfolio, expressed as a percentage of the money invested. The estimated yield is the weighted average of the yields of all instruments held within the asset class or portfolio. The estimated income shows the monetary value of the estimated yield. These estimates may not match the actual yield or income received.

In the Portfolio Currency Allocation, GBP stands for Sterling, USD for the US Dollar, EUR for the Euro, JPY for the Yen, RMB/HKD for the Renminbi/Hong Kong Dollar and AUD for the Australian Dollar.

Risk Warnings

Heartwood is a trading name of Heartwood Wealth Management Ltd which is authorised and regulated by the Financial Conduct Authority in the conduct of investment business, and is a wholly-owned subsidiary of Svenska Handelsbanken AB (publ).

Where we manage your portfolio on a discretionary basis, we aim to follow a disciplined model portfolio approach based around the appropriate Heartwood investment model for the agreed strategy. However, each portfolio is tailored to reflect clients’ individual circumstances, objectives and attitudes to risk. Any individual portfolio is unlikely to be identical to that of the relevant model portfolio as a result of (amongst other things) the time of commencement of the portfolio, the precise mandate or risk profile you may have given us (including any investment preferences and/or restrictions), tax constraints, the tax status of any investment vehicles used and the availability of certain funds or other investments.

Please remember that past performance is not a guide as to what might happen in the future. The value of investments and the income from them may fall as well as rise and may be affected by fluctuations in exchange rates. You may not, therefore, receive back the amount originally invested.


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Client Report Template v1 - Heartwood Investment Management › media › 1289 › sample-client-rep… · US election, while fundamental growth and emerging market equity strategies