Portfolio Performance Update

7th September 2011

The last month or so in investment markets has been extremely difficult, and everyone is aware that all markets have fallen over this period, some very considerably. It is not just equities that have fallen, but most asset classes.

We have previously sent out notes about our views on markets and given you information about why things have happened and what we feel will happen in the short term. We have also reacted to the situation by pro-actively making fund changes.

I thought it would be very useful to give you some perspective on our performance over this time, and specifically our Unfettered portfolio, which is our highest conviction best ideas Portfolio. I have included two graphs below, showing performance over the past one and three month periods. The portfolio over the last month has done very well and is showing growth of over 2%, at a time when most other funds and asset classes are falling. All our other portfolios are also up over the same period. Although the Unfettered portfolio is down over 3 months it is still well ahead of our benchmarks.

Unfettered Portfolio Performance over past month:

Unfettered Portfolio Performance over past three months:

In order to give you an idea of performance I have compared the Portfolio against the FTSE100, the AFI Aggressive Index and the Active Managed sector. The AFI Aggressive index is made up of the recommended portfolios of leading UK fund managers and usually outperforms most comparable benchmarks. This index is very closely correlated to the Unfettered Portfolio. The same goes for the Active Managed Sector.

We don’t like to use benchmarks as relative performance as we prefer real return. However, I hope that you would at least be comforted by our considerable out-performance of the benchmarks over these time periods. In addition, the position we have taken in the Investec Global Gold fund has started to pay off and it is up over 14% in the last month. We anticipate that this performance will remain strong.

During these turbulent times we want to keep you as informed as possible and I hope this information serves to reassure you that we are making the correct decisions with your money.

IMPORTANT: This publication has been prepared for information purposes only by Carrington Investment Consultants Ltd which is authorised and regulated by the Financial Services Authority. The value of this investment, and any income generated from it, will be affected by interest rates, exchange rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. Investors should be aware that the value of units may well fall as well as rise and is not guaranteed, and that past performance is not a guide to future performance. Different funds carry different levels of risk. Investors may not get back the full amount invested. Data Source: Financial Express.

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