TAVISTOCK PROFILES
July 2016 Performance

Manager Commentary

The fallout from the EU Referendum continues to reshape the UK political landscape with the election of Theresa May as the new Leader of the Conservative Party and the country’s second female Prime Minister. An acrimonious leadership contest is also taking place in the Labour Party. The re-election of Jeremy Corbyn could lead to a divisive, long-term split in the socialist wing of the House of Commons. The initial shock of the Brexit vote has faded and financial markets have found a new equilibrium and direction much faster than originally depicted in the press. The focus of attention for UK investors has quickly turned to the benefits of an extended period of low interest rates and negotiating stronger ties with trading partners spread throughout the world. Against a backdrop of far greater certainty, the FTSE 100 rose 3.38% to close at 6,724, and the mid-cap FTSE 250 gained 6.22% to finish at 17,283. The Nikkei 225 recovered much of the prior month’s losses and climbed 6.38%. The MSCI World gained 4.15% and the S&P 500 rose 3.56% as Donald Trump and Hillary Clinton were officially nominated by their respective political parties to contest November’s US Presidential election. The Federal Reserve added some clarity to the future path of interest rates in the US with its confirmation that the door remains firmly open to further increases during the second half of the year. Currency markets appear to have found a near-term base and the US dollar index declined -0.64%. Sterling was little changed in July and fell -1.23% versus the euro to close at 1.18. Portfolio returns have been very strong over the last couple of months, but given the likely reduction in secondary market liquidity in the coming holiday weeks we remain extremely vigilant to shifts in trading sentiment.

TAVISTOCK PROFILE 3

The TAVISTOCK PROFILE 3 returned 2.56% in July and the IA Mixed Investment 0-35% Shares sector rose 2.94%. The profile has returned 7.29% year to date and 8.41% since inception on 1st October 2015.

JULY 2016 Return

2.56%

YTD

7.29%

Since Inception

8.41%

TAVISTOCK PROFILE 4

The TAVISTOCK PROFILE 4 returned 3.04% in July and the IA Mixed Investment 20-60% Shares sector rose 3.94%. The profile has returned 7.07% year to date and 8.86% since inception on 1st October 2015.

JULY 2016 Return

3.04%

YTD

7.07%

Since Inception

8.86%

TAVISTOCK PROFILE 5

The TAVISTOCK PROFILE 5 returned 3.99% in July and outperformed the IA Mixed Investment 20-60% Shares sector, which rose 3.94%. The profile has returned 7.71% year to date and 10.55% since inception on 1st October 2015.

JULY 2016 Return

3.99%

YTD

7.71%

Since Inception

10.55%

TAVISTOCK PROFILE 6

The TAVISTOCK PROFILE 6 rereturned 4.56% in July and the IA Mixed Investment 40-85% Shares sector rose 5.13%. The profile has returned 8.07% year to date and 11.68% since inception on 1st October 2015.

JULY 2016 Return

4.56%

YTD

8.07%

Since Inception

11.68%

TAVISTOCK PROFILE 7

The TAVISTOCK PROFILE 7 returned 5.29% in July and outperformed the IA Flexible Investment sector, which rose 5.24%. The profile has returned 8.16% year to date and 12.49% since inception on 1st October 2015.

JULY 2016 Return

5.29%

YTD

8.16%

Since Inception

12.49%

TAVISTOCK PROFILE 8

The TAVISTOCK PROFILE 8 returned 5.49% in July and outperformed the IA Flexible Investment sector, which rose 5.24%. The profile has returned 10.85% year to date and 15.46% since inception on 1st October 2015.

JULY 2016 Return

5.49%

YTD

10.85%

Since Inception

15.46%

The value of an investment in the Protection Portfolios, ACUMEN Portfolios or Tavistock PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. Source of data: Tavistock Asset Management Limited, Thomson Reuters and Lipper for Investment Management unless otherwise stated.