4326 July, 2015

IFA of the Year 2015

£5,769.86

£11,097.63

£5,282.43

£4,647.63

£10,825.58

£9,907.39

£10,077.42

£9,964.06

£10,587.53

£5,123.73

£2,811.25

£4,987.70

£9,896.05

£5,339.11

£5,361.78

£1,677.68

5.09%9.79%4.66%4.10%9.55%8.74%8.89%8.79%9.34%4.52%2.48%4.40%8.73%4.71%4.73%1.48%

Aberdeen Japan Equity I

Artemis Global Income I Inc

Artemis UK Special Situations I

Baillie Girrord Japan Trust PLC Ord GBP0.05

Newton Global Higher Income W Acc

Newton Real Return W Net Inc

Fidelity Strategic Bond Net Y

Henderson Strategic Bond I Inc

Henderson UK Property I Net Inc

Investec UK Special Situations I Inc Net

JP Morgan American Investment Trust Ord GBP0.05

JPM Emerging Markets B Net Acc

Kames Strategic Bond B Inc

Rathbone Income I Inc

Threadneedle UK Equity Inc ZNI

Cash

Catriona works for Chase de Vere, providing independent financial advice on investments, inheritance tax, retirement planning and long-term care. She has attained the prestigious Later Life Adviser Accreditation from the Society of Later Life Advisers (SOLLA), being one of only eight independent SOLLA advisers in Scotland.

CATRIONA SMITH CHASE DE VERE PORTFOLIO VALUE £113,356 +7.96%

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Steven joined AGL Wealth Management in April 2011. He is a Chartered Financial Planner and Fellow of the Personal Finance Society (PFS). He also holds the Investment Management Certificate (IMC). With 21 years in the industry, Steven has worked in the private client/high-net-worth and corporate marketplace since 2000.

£5,546.18£6,873.18

£4,956.40£6,430.84£6,600.97£6,192.67£5,863.75£6,045.22£5,875.09£2,948.89£5,239.95£6,045.22£6,669.02£12,124.47£8,619.83£6,317.43£4,967.74£6,101.93

Artemis Global Income I IncBaillie Gifford Japanese B AccBaring Europe Select Trust I IncCF Milton UK Smaller Companies B AccCornelian Progressive D IncImpax Enviromental Markets PLC GBP0.10Invesco Income Growth Trust PLC Ord GBP0.25Invesco Monthly Income Plus Z IncJPMorgan US Equity Income C AccJupiter Strategic Bnd I IncMontanaro UK Smaller Companies GBP0.10Pacific Assets Trust Ord GBP0.125Premier Portfolio Pan European Property C DisPrimary Health Properties PLC Ord GP0.50Standard Life European Equity Income Platform 1 AccStandard Life Global Absolute Return Strat Platform 1Templeton Emerging Markets Investment Trust Ord GBP0.25Cash

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4.89%6.06%4.37%5.67%5.82%5.46%5.17%5.33%5.18%2.60%4.62%5.33%5.88%

10.69%7.60%5.57%4.38%5.38%

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allocation from latest valueallocation from latest value

STEVEN SWEENEY AGL WEALTH MANAGEMENT PORTFOLIO VALUE £113,418 +8.02%

DAVID and Fiona’s investment portfolio has performed pretty much as I expected.

It was set up to meet their financial goals, providing a balance of growth potential when markets are rising and some downside protection when they fall. This is what has been achieved.

This has been done through sensible asset allocation. I held about 50 per cent of the portfolio in shares, which have been globally diversified with a significant focus on equity income funds.

I’m a big supporter of reinvesting dividends, particularly at times when markets look quite expensive as there might be limited potential for capital growth.

I also diversified the portfolio by holding a range

of fixed interest, commercial property and absolute return funds.

In hindsight I could have achieved better returns by investing everything in shares and focusing on some high risk areas such as Japan, Europe and smaller companies funds.

However, I’m not trying to achieve the maximum return at all costs because such an approach could lead to big financial losses and then to very unhappy investors.

There are both opportunities and threats in the market place and the global economy.

David and Fiona’s portfolio remains positioned to benefit from the opportunities and to hopefully mitigate the downside risks of any threats.

THE portfolio is showing a positive return in the region of 8 per cent. From the outset, retaining 20 per cent in cash to cover potential client costs impacted growth in a rising market.

The portfolio peaked mid-April 2015, then markets experienced higher levels of volatility with resurgence of debt problems in Greece and the eurozone.

Laterally, market issues in China have impacted performance in the emerging market asset class.

On the other hand, increased exposure to Japanese and European equities late 2014 has seen positive results.

Furthermore, holding UK smaller companies, which has been a solid asset class in Q2 2015, has also yielded on the upside.

The star performer in the

portfolio is the investment trust, Primary Health Properties, which has attained +20 per cent, a position I added to over the term.

The higher yielding investments held have contributed income of £1,160 to date and helped balance the portfolio with the more volatile equity (growth) holdings.

I feel the diverse nature of the portfolio and active fund management stance has helped manage the volatility (risk), particularly over the last few difficult months for markets.

With additional quantitative easing in Japan to come and a deal on the table for Greece (Europe), I feel both asset classes are well positioned to attain further growth in the near future.

The CompetitionOver nine months, our four independent financial advisers – Nicola Ellis, David Gow, Catriona Smith and Steven Sweeney – must construct an investment portfolio for our fictitious couple, David and Fiona Mackay.

Each contestant’s portfolio will aim to achieve the Mackay’s long-term objectives and reflect their risk profile; and each will have to react appropriately to the way their life pans out over the year.

Every month, £500 will be added to the fund.

The ScenarioDavid and Fiona Mackay start with some advantages. They have a small flat in central Edinburgh and a £100,000 gift from Fiona’s father. But they have different financial objectives and different approaches to investment.

David, 28, is a cost accountant with an Edinburgh-based contract solution provider.

He prefers a defensive, income-orientated approach, reflecting his concern for capital protection from inflation, and he believes total returns are the product of steady re-investment of equity dividends over time.

Fiona, 27, is a flamboyant, entrepreneurially-minded Edinburgh socialite David’s father, who prefers investment trusts, will add £500 a month to the pot.

David has a salary of £55,000, while Fiona, who started and built her executive secretarial and corporate networking service, contributes some £20,000 a year from freelance work.

Neither is in a pension scheme and neither has an ISA. The main outgoings are interest payments on a £130,000 mortgage on a flat in the Old Town, just off Edinburgh’s Royal Mile.

David would like to refurbish the flat, convert the attic into a third bedroom and install sound-proofing. Fiona’s long-term aim is to accumulate a large sum to purchase a Highland rural estate for horse riding.

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